News: Harworth Group looks for new chair

Jonson Cox, the man who lead UK Coal plc through its 2012 complex restructuring, is set to step down from his role as non-executive chairman at Harworth Group plc next year.

Cox, who has held roles at the Royal Dutch Shell Group, Kelda Group plc and Anglian Water Group plc, announced his intention to stand down in 2018 before the group's AGM. Scheduled to take place at the Advanced Manufacturing Park (AMP) in Rotherham this morning, the meeting will be last time he will stand for election.

Recovery plans for UK Coal were put in place in May 2011 after they reported a pre-tax loss of £124.6m after a "further year of poor operational performance." The restructure created two separate businesses comprising the mining division and property division.

Listed on the London Stock Exchange, the company, renamed Coalfield Resources plc, saw administrators called in for its struggling mining division, and a deal followed for it to completely acquire the property division for £150m. It is Harworth Group plc that remains trading on the stock market as one of the largest property and regeneration companies across the North of England and the Midlands.

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Lisa Clement, senior independent director at Harworth Group plc, said: "Jonson has served Harworth for seven years. These seven years have seen Harworth, or UK Coal plc as it was then known, evolve from a near-insolvent, over leveraged mining business with a capital constrained and non-performing property portfolio to a successful, ambitious and growing property company, delivering an annual double-digit return over the past four years.

"On behalf of the Board and all of our employees, I thank Jonson enormously for his significant contribution to the Company and leadership during this time."

The group, which is based close to its own flagship development at Waverley and owns and manages a portfolio of approximately 22,000 acres of land over 140 sites, said that the process to identify a suitable successor is underway. It is also expected to use the AGM to report that it continues to make strong progress in the first five months of 2017.

In March, the specialist in brownfield regeneration, raised £27.8m to accelerate growth of strategic land bank. It has created a number of joint ventures to bring forward development on its own land and is pursuing option agreements to acquire strategic land sites.

For the year ending December 31 2016, Harworth saw operating profit hit £45.8m, compared to £37.9m at the same time last year. Profit from operations was up to £2.2m from the £1.5m posted in 2015.

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News: Harworth sells plots to leading housebuilders

Rotherham-based developer Harworth Group plc, one of the largest property and regeneration companies across the North of England and the Midlands, has secured new land deals that will see housing development continue at two of its regeneration schemes.

A specialist in brownfield regeneration, Harworth recently moved to new offices adjacent to its Waverley development in Rotherham. Its extensive portfolio consists of a total of around 22,000 acres across 140 sites. The group was created through the complex restructure of what was UK Coal.

At Torne Park near Doncaster, Taylor Wimpey has purchased land for 96 plots where outline planning permission is already in place.

Outline planning consent was secured in December 2012 for a mixed use scheme on the former Rossington Colliery site including up to 1,200 new homes, commercial buildings, food retail, a school and a health centre. A planning application for a further 250 houses is intended to be submitted in early 2017.

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Harron Homes began constructing the first of new homes following the completion of the Great Yorkshire Way, the £56m link road providing a new highway from the M18 at junction 3 to Bawtry Road close to the airport, with links into Rossington village and the iPort development.

Harworth has spent the past 24 months undertaking land remediation and infrastructure works for the first phase of development on the site which will deliver up to 166 new homes over the next two years. Harron has completed the construction of the first 40 homes on the site with sales beginning at the start of this year.

In a separate transaction, Harron has exchanged contracts to purchase 89 plots at Harworth's Prince of Wales site in Pontefract. The purchase is Harron's second at the development and is conditional on the grant of a reserved matters planning consent for Harron's house types, which has already been submitted to Wakefield council with a decision expected by December.

Planning consent was secured in December 2013 to turn the former pityard into a new development comprising 917 homes an employment development, along with retail units, cafes, a medical centre, community centre, nursery and parkland. 150 homes have already been built out over the past 18 months by Harron and Avant Homes.

Owen Michaelson, CEO of Harworth Group, said: "We are pleased to complete the sale of plots to Taylor Wimpey and to exchange contracts with Harron Homes, which continues our program of phased sales from our sites. We believe these deals are a clear reflection of the continuing momentum in regional housebuilding - which has resumed in full following the short hiatus after the referendum vote in June - and underpin the fact that the UK still needs land for new housing."

It its interim results for the half year ended 30 June 2016, Harworth reported that revenue from operations rose to £17.4m compared to £4.2m in the first half of 2015. This was largely as a result of forward funding at its Logistics North development.

Profit before tax was £7.4m and the net asset value increased to £303.0m, a 10.4% increase from June 2015 (£274.5m) and a 1.8% increase since December 2015 (£297.7m).

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News: Harworth Group updates on progress

Rotherham-based Harworth Estates, one of the largest property and regeneration companies across the North of England and the Midlands, has told its Annual General Meeting that its anticipated full year results continue to be in line with the Board's expectations.

A specialist in brownfield regeneration, Harworth Estates is based at its own flagship development at Waverley. Its extensive portfolio consists of a total of 27,000 acres across 200 sites. It is wholly owned by Harworth Group plc which was created through the complex restructure of what was UK Coal.

The AIM-listed firm recently held its AGM at its Rotherham offices where an update was given on the progress made in recent months. This includes adding to its portfolio by investing in industrial projects such as regeneration at Temple Green in Leeds and the purchase of Sanderson House in Rotherham, a 20,000 sq. ft office building adjacent to Waverley, for £2.2m.

The company's portfolio now has 10,199 consented residential plots, up from 7,864 in March 2015. During 2015, further land sales were concluded with Barratt and Harron Homes at Waverley.

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The net assets at the end of the year to December, were valued at £297.7m, an increase of £47.4m on a like for like basis from the previous year. The group expects an acceleration of sales and investment in the portfolio, with further acquisitions expected from 2016 onwards.

Owen Michaelson, chief executive of Harworth Group, said: "I am pleased to report that the Company has continued to make good progress in the first four months of 2016 and that the anticipated full year result continues to be in line with the Board's expectations.

"Commercial development remains a priority, evidenced by our decision in January to build a new 75,000 sq. ft unit on our Gateway 36 development in Barnsley as part of the scheme's first phase of development. In March, Sheffield City Region provided funding to Barnsley Council for major road infrastructure works on the Dearne Valley Parkway. This will open up future phases of the development, which is estimated to provide a further 1.1m sq. ft of commercial space.

"Good progress continued to be made at our flagship developments at Waverley in Rotherham and Logistics North in Bolton. Detailed planning consent was secured in April for the next phase of development on the Advanced Manufacturing Park [AMP] at Waverley, totalling 73,000 sq. ft, on land towards the west of the site. Further infrastructure works have also been completed at Logistics North in readiness for further occupiers to take up the remaining 2.5m sq. ft of consented employment space that remains at the development.

"Demand for new housing and commercial space, particularly for units under 100,000 sq. ft, is steady within the regions in which we operate. Capital investment will continue to be concentrated on our brownfield sites with the greatest enhancement potential."

The group's business model has evolved from that used originally to develop the internationally recognised AMP in Rotherham. The group states in its Annual Report: "As this remains our flagship commercial site, we have continued to make ready further parcels of land for development to meet the demand generated by the considerable success of the location, in addition to providing direct commercial development.

"We are also working closely with a range of private and public stakeholders in developing the UK’s first Advanced Manufacturing Innovation District, with the Advanced Manufacturing Park at its core, in order to encourage further public and private investment in infrastructure, land and property."

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News: Profits up at Harworth Group

Rotherham-based developer Harworth Group plc has delivered a good performance in the first nine months of trading as a standalone business, with increases in the value of its portfolio and in profits.

The group was created in the complex restructure of UK Coal and is listed on the London Stock Exchange. It wholly owns Harworth Estates – one of the UK's largest regeneration companies. Harworth Estates owns and manages 27,000 acres across 200 sites in the North of England and the Midlands. It specialises in transforming brownfield land into residential and commercial developments and low carbon energy projects, in addition to managing a substantial agricultural portfolio.

Coalfield Resources was until December 2012 the parent company of the UK's largest coal miner, UK Coal. In one of the most complex restructurings in UK corporate history, Coalfield Resources, which was previously known as UK Coal plc, split its operating businesses into two separate units - property and mining. A £150m deal took place in 2015 that saw Harworth Estates become completely owned by Coalfield Resources plc, which was subsequently renamed Harworth Group plc.

With a focus on property, the deal and listing on the LSE enabled debt to be refinanced and a new £65m, five year bank facility was secured. Since then, momentum gathered in 2015 and is expected to be maintained through 2016.

Over £20m of acquisitions were made in 2015, which have already increased in value. The focus is on a select number of brownfield sites with higher value enhancement potential and the group expects an acceleration of sales and investment in the portfolio, with further acquisitions expected from 2016 onwards.

For the year to the end of December, Harworth Group posted pre-tax profits of £77.6m - up from £3.5m in the previous year. The figure includes the £44.2m gain arising from the successful acquisition of the remaining 75.1% of Harworth Estates Property Group Limited.

On an underlying basis, operating profit increased to £2.1m from £0.8m in 2014. The group said that the gains in value from disposals and revaluation significantly exceeded expectations with total value gains from disposals of £40.4m, nearly double the £23.6m of the previous year. This resulted in an operating profit, before exceptional items, of £42.6m (2014: £24.4m).

The net assets at the year-end were valued at £297.7m, an increase of £47.4m on a like for like basis from the previous year.

Owen Michaelson, chief executive at Harworth, said: "Building on the success of the first half of the year, I am pleased to report that the first nine months of trading as a standalone business have delivered a good performance, resulting in strong growth in net asset value. Both the Capital Growth and Income Generation segments continued to build on the inherent value in the property portfolio reflecting the strength and experience of the in-house teams.

"The Group is positioned for further growth in net asset value, through the exploitation of portfolio opportunities by optimising land use and securing planning consents on key sites, and with a renewed focus on a smaller number of brownfield sites with greater enhancement potential. With the growth momentum already established in the business, we anticipate a larger number of sales, increased development spend and further acquisitions in 2016. We have entered the new year with confidence, which is demonstrated by the proposed initiation of our dividend policy."

The company, which is based on its flagship Waverley development (pictured) and has 50 staff, added that: "In response to improving sales prospects, capital investment at Logistics North and at the Advanced Manufacturing Park in Rotherham has been brought forward, ensuring that there is land available for immediate occupation on the next phases of these developments."

At Waverley, plans are being developed for a local centre and potential offices, a hotel, conference centre, gym, retail units and community facilities to compliment the growing AMP and housing developments. Plans for an additional 3.6 hectares (8.9 acres) of land for employment on the AMP have recently been approved and detailed plans have been submitted for the next 73,000 sq ft of space at the R-evolution development.

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News: Harworth restructure validated in early results

Rotherham-based Harworth Group, one of the largest property and regeneration companies across the North of England and the Midlands, continues to make good progress, validating the complex restructure of the group and the focus on property.

The company, which is based on its own flagship Waverley development, manages around 31,370 acres across some 200 projects, with consent for 8,000 new homes. It was created through the complex restructure of what was UK Coal.

In its financial report for the six months to June 30 2015, the group saw a profit before tax of £51.3m, skewed by the £44.2m gain as part of the £150m takeover deal that was concluded in March. Underlying performance included profit from operations, before valuation gains and profits on disposals, of £1.1m, up from £0.8m in the same period in 2014. Operating profit was £14.8m, up on the £14.3m reported in the same period last year.

Jonson Cox, chairman of Harworth Group, said: "With three months' trading after the acquisition, which brought all of the ownership interests in Harworth Estates together under Harworth Group plc, these results are in line with our expectations and validate the strategic logic of the transaction."

During the period, the group secured planning consent on 230 residential plots and new rental streams from its investment portfolio which saw a revaluation gain of £8.2m and net asset values increase to £274.5m.

Selling off assets brought in £21.0m, with £5.5m profit coming from disposals.

Planning applications for a further 1,305 residential plots across the portfolio are being progressed. These include further phases at the planned 3,890 home community at Waverley from Barratt and Wimpey where the next stage of development is set to include the "local centre" which could bring a food store, retail units, medical centre, cafes, and a hotel to the former Orgreave Colliery site.

On the adjacent Advanced Manufacturing Park, capital investment has been brought forward, ensuring that there is land available for immediate occupation in the next phase of development.

Owen Michaelson, chief executive at Harworth, said: "Over the reporting period, Harworth has continued to make good progress in the regeneration and sale of brownfield land for residential, commercial and low carbon energy purposes. Trading remains in-line with expectations and we expect residential and commercial land sales to maintain momentum into the second half of the year."

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News: Harworth continues to make good progress

Rotherham-based Harworth Group, one of the largest property and regeneration companies across the North of England and the Midlands, has made good progress across its portfolio of sites and is set to bring forward capital investment at the Advanced Manufacturing Park (AMP) in Rotherham.

The company, which is based on its own flagship Waverley development, manages around 31,370 acres across some 200 projects, with consent for 8,000 new homes. It was created through the complex restructure of what was UK Coal.

Today the listed company holds its Annual General Meeting and will report on current trading, financial performance and the outlook for the current financial year.

Progress has been made during the first four months of the year with house building underway at the Prince of Wales site in Pontefract and the Torne Park development at the site of the former Rossington Colliery in Doncaster, where more plots of land for sale to additional housebuilders are available.

Industrial development continues at the Logistics North site in Bolton and at Rockingham in Barnsley, where the three units, together totaling 65,000 square feet, are under construction and all of which are pre-let.

Owen Michaelson, chief executive of Harworth Group, said: "Activity in the housing market in the regions in which we operate remains strong.

"Given the strength of the group's balance sheet, and following careful consideration by the Board, we have brought forward capital investment at Logistics North in Greater Manchester and the Advanced Manufacturing Park in Rotherham to ensure we have land available for immediate occupation on the next phases of these developments to take advantage of positive market conditions, which we believe will create long-term value for shareholders.

"As usual, we expect residential and commercial sales for the year to be weighted towards the second half and our performance continues to be in line with management's expectations."

The recent restructure enabled the group to secure a new £65m, five year bank facility (£60m revolving credit facility and £5m bond facility) with Royal Bank of Scotland which paid off existing bank facilities and should allow more financing flexibility.

The directors believe that the new structure will allow the group to access capital on better terms than it has in the past, accelerating existing investment opportunities and increasing the potential to acquire new land for redevelopment.

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News: New structure at Harworth expected to accelerate development at Waverley

A restructured Harworth Estates is expected to apply for detailed planning consent for the new district centre at its Waverley development in Rotherham in 2015, with construction expected to start in 2016.

One of the largest property and regeneration companies across the North of England and the Midlands, Harworth Estates is set to be completely owned by Coalfield Resources plc as terms have been agreed for a £150m deal.

Based on its flagship development at Waverley in Rotherham, Harworth manages around 31,370 acres across some 200 projects, with consent for 8,000 new homes. By regenerating former coalfields and brownfield land, net assets have increased to £249m from £235m in 2013, on a property portfolio value of £290m, up from £277m in 2013. Net profit before tax for the year ended December 31 2014 was approximately £3.5m.

Coalfield Resources proposes to raise approximately £115m which will be used to fund the purchase of the remaining 75.1% of Harworth and provide additional investment capital. The £150m deal represents an approximate 20% discount to the net asset value of Harworth Estates and the placing and offer are being fully underwritten by bank and asset manager, Investec.

Harworth's debt has been refinanced, on substantially improved terms. A new £65m, five year bank facility (£60m revolving credit facility and £5m bond facility) was secured with Royal Bank of Scotland recently which paid off existing bank facilities and should allow more financing flexibility.

The directors believe that the new structure will allow the group to access capital on better terms than it has in the past, accelerating existing investment opportunities and increasing the potential to acquire new land for redevelopment.

The site of the former Orgreave coking works, Waverley is currently South Yorkshire's largest mixed-use brownfield development at 740 acres (of which 430 acres relate to development acres). Outline planning consent is in place for 3,890 homes to be built across 225 acres, and 241 new homes have already been built and occupied since December 2012. 300 acres have also been allocated for high quality public open space.

It is also home to the Advanced Manufacturing Park (AMP) and the council's local plan estimates that Waverley could provide employment development in the region of 1.65 million sq ft, 711,252 sq ft of which is already home to employers such as Boeing and Rolls-Royce.

The progress in 2014 has brought the total sales since 2010 to approximately £46.1m, with a current valuation of the residual holding by the Harworth Estates Group of approximately £40.8m.

As houses and commercial premises continue to be built at pace, the next important phase is for the district centre. Outline approval includes plans for a hotel and wide range of shops, cafés, health, leisure and educational facilities. There is around 187 acres remaining for development with approximately 143 acres for residential, the balance set for employment, retail, commercial and community.

Outline plans for a large office campus on the site, with enough space for 2,000 staff, were approved but changes in government and large scale cuts meant that the plans were shelved. Harworth Estates has had discussions with senior officers at Rotherham Council regarding the potential for the site, known as Highfield Commercial, to come forward for non-employment uses (including housing, retail and hotel uses).

Also at Waverley, the proposed HS2 line would impact an area which is designated for housing plots in the later stages of the development plan. If the national infrastructure project goes ahead the masterplan would be redesigned to mitigate impacts and Harworth would be due compensation.

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News: Harworth Group plc created in £150m deal

Rotherham-based Harworth Estates, one of the largest property and regeneration companies across the North of England and the Midlands, is closing in on being completely owned by Coalfield Resources plc as terms have been agreed for a £150m deal.

Listed on the London Stock Exchange, Coalfield Resources was until December 2012 the parent company of the UK's largest coal miner, UK Coal. In one of the most complex restructurings in UK corporate history, Coalfield Resources, which was previously known as UK Coal plc, split its operating businesses into two separate units - property and mining.

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Harworth Estates, which is based on its flagship development at Waverley in Rotherham, manages around 31,370 acres across some 200 projects, with consent for 8,000 new homes. By regenerating former coalfields and brownfield land, net assets have increased to £249m from £235m in 2013, on a property portfolio value of £290m, up from £277m in 2013. Net profit before tax for the year ended December 31 2014 was approximately £3.5m.

The restructure saw Coalfield Resources own 24.9% of Harworth Estates, with 75.1% having passed to the Pension Funds in return for a £30m cash injection and their support to the mining division. A year later, administrators were called in for its struggling mining division.

Now terms have been agreed for Coalfield Resources to acquire the remaining 75.1% for £97m in cash and through the issuing of new shares. The company proposes to raise approximately £115m which will be used to fund the purchase and provide additional investment capital.

The £150m deal represents an approximate 20% discount to the net asset value of Harworth Estates and the placing and offer are being fully underwritten by bank and asset manager, Investec.

The directors believe that the new structure will allow the group to access capital on better terms than it has in the past, accelerating existing investment opportunities and increasing the potential to acquire new land for redevelopment.

On completion of the transaction, Coalfield Resources plc is set to change its name to Harworth Group plc to reflect that it is now a property company.

Jonson Cox, chairman of Coalfield Resources, said: "Coalfield Resources is delighted to announce this transaction with the Pension Protection Fund. It re-establishes under single ownership the property business of Harworth Estates and we welcome the PPF as a 25% investor. It will complete the transformation of the company to a specialist brownfield property developer.

"We will be in a strong position to take full advantage of our proven skills in the property and regeneration markets and to deliver value. I would like to thank our existing and new shareholders for their support in achieving an important milestone for the business."

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News: Harworth Estates performs well in second year

Rotherham-based Harworth Estates, one of the largest property and regeneration companies across the North of England and the Midlands, continued to trade well in its second year of trading as an independent property development company.

Reporting its financial results for the year ended December 31, the company, which is based on its own flagship Waverley development, enjoyed a profit before tax of £20.9m, mainly due to asset sales. By regenerating former coalfields and brownfield land, net assets increased to £249m from £235m in 2013, on a property portfolio value of £290m, up from £277m in 2013.

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Recovery plans for Doncaster-based UK Coal were put in place in May 2011 when the group reported a £124.6m loss and had a £450m pension deficit. The subsequent restructure in 2012 saw the new company, Coalfield Resources, focus on targeting the realisation of its property assets through the Harworth Estates Property Group Limited.

The restructure saw Coalfield Resources own 24.9% of Harworth Estates, with 75.1% having passed to the Pension Funds in return for a £30m cash injection and their support to the mining division. A year later, administrators were called in for its struggling mining division.

Now heads of terms have been agreed for Coalfield Resources to acquire the remaining 75.1% shareholding in Harworth Estates from the Pension Protection Fund (PPF). The deal, worth around £150m, was announced in November.

The report said that Harworth Estates has benefited from improved confidence in the housing market across the North and the Midlands. Highlights include the deals at Waverley for further housing and commercial development, commercial sales at its Logistics North development near Bolton, and residential sales at its Prince of Wales and Rossington sites. Preparations are also being made to realise the assets at the Harworth Colliery site and a recently purchased site at Skelton Grange power station site in Leeds.

The board of Coalfield Resources believes that Harworth Estates has significant opportunities to create further value from its land portfolio of approximately 27,000 acres and specialist brownfield remediation and development skills. Its strength in the regions of in Yorkshire, the North East and the East Midlands also provides scope for further growth as these regional economies strengthen.

Jonson Cox, chairman of Coalfield Resources, said: "We have made good progress in growing the asset value of Harworth Estates, which continued to perform well in its second year of trading as a specialist brownfield investment property development company.

"We have also announced the proposed acquisition for a total consideration of approximately £150m. This acquisition would give a strong platform for growing Harworth. We will continue to work with the PPF to deliver the transaction which is proceeding to plan.

"We continue to see good interest in the property sector. Harworth Estates is a beneficiary of this through the increased demand and improved prices for commercial and residential land. This can be seen in both the valuation gains achieved and also the disposals made.

"The board is confident of the ability of our underlying asset, Harworth Estates, to deliver and grow shareholder value from the redevelopment of the former coalfields and other former industrial sites."

Since the year end, Harworth's debt has been refinanced, on substantially improved terms. A new £65m, five year bank facility (£60m revolving credit facility and £5m bond facility) was secured with Royal Bank of Scotland last week which paid off existing bank facilities and should allow more financing flexibility to Harworth Estates.

A number of board changes are also set to be made. On completion of the proposed acquisition, Owen Michaelson, the chief executive and Michael Richardson, the finance director of Harworth Estates are set to join the board of Coalfield Resources.

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News: Harworth's first sale at Prince of Wales development

Harworth Estates, the company created to realise the property assets of what was UK Coal, has completed its first residential land sale at the 77-acre Prince of Wales development in Pontefract to Ben Bailey Homes.

Based at its own £100m Waverley development in Rotherham, Harworth Estates manages around 31,370 acres across some 200 projects, with consent for 8,000 new homes. By regenerating former coalfields and brownfield land the AIM-listed firm valued its investment properties in June 2014 at £283.7m, up from £278.5m in the previous year.

The 31 hectare former Prince of Wales colliery site, adjoining the M62 at Junction 32 in West Yorkshire, was producing 1.5 million tonnes of coal a year until 2002. Harworth secured outline planning consent in December 2013 for 917 homes and 265,000 sq ft of employment space, as well as a range of community facilities, including retail units, cafés and medical & community centres. Completion of the entire development is expected to take between eight and ten years.

The first transaction, for an 11 acre parcel of land, will enable Ben Bailey Homes to build 131 three and four-bedroom homes on the site of the pit yard. Construction of the first homes is expected to begin in January, which should allow the first residents to move in by the Autumn of this year.

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The land sale follows a significant amount of work undertaken by Harworth to prepare the 77-acre site for development, including the removal of all colliery buildings and mining infrastructure and the installation of new highways and drainage infrastructure. The sites development also includes the former spoil heap, next to the pit yard, which will be transformed into a country park which will combine with Pontefract Park and Pontefract Racecourse.

Chris Davidson, development manager for Harworth Estates, said: "This is an important first transaction in the regeneration of the former colliery, demonstrating our ability to create homes on brownfield land. Ben Bailey Homes is a high-quality housebuilder, with whom we have built up a strong relationship.

Mark Mitchell, managing director at Ben Bailey Homes, added: "The purchase of land at the former Prince of Wales colliery represents a significant investment for Ben Bailey Homes. This £28m development of 131 new homes will be the very first for us in Pontefract and forms part of the businesses ongoing strategy for a major roll out of new developments across Yorkshire in 2015."

So far, housebuilding at Waverley has been undertaken successfully by Harron Homes, Taylor Wimpey and Barratt, with more than 250 houses built and occupied over the past two years.

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News: Harworth in major Leeds land deal

Harworth Estates, one of the largest property and regeneration companies across the North of England and the Midlands, has acquired the site of the former Skelton Grange power station near Leeds from RWE Generation, its first major non-coalfield acquisition.

Based on its flagship development at Waverley in Rotherham, the developer manages around 31,370 acres across some 200 projects, with consent for 8,000 new homes. It is set to be completely acquired in a £150m deal by Coalfield Resources, the stock market-listed company created during a complex restructure of UK Coal.

The 162-acre site, which provided power to the city until 1995, offers the potential for development for distribution, open storage and energy generation uses. It already has outline planning consent for a range of commercial uses, including a 26MW, 300,000 tonne waste-to-energy facility.

The site will be branded as "Logistics Leeds" following on from "Logistics North" in Bolton where Harworth is developing 4m sq ft of distribution space over 250 acres.

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By regenerating former coalfields and brownfield land Harowrth valued its investment properties in June at £283.7m, up from £278.5m, and net assets at £247.3m, up from £234.7m. Key sites include Rotherham (Waverley), Bolton (Logistics North), Nottinghamshire (Harworth) and Pontefract (Prince of Wales). Earlier this year a strategic marketing alliance with The Peel Group was agreed with the aim of Peel Logistics becoming a key player in the logistics market.

Owen Michaelson, chief executive of Harworth Estates, said: "Skelton Grange fits very well with the rest of our property portfolio, given the number of commercial developments we are already bringing forward across Yorkshire. As we take the site forward to the occupier market we will be emphasising its range of assets and benefits, including its strategic location and high power connectivity.

"Our specialist team has significant experience developing large-scale brownfield sites and transforming them into places of lasting economic and social regeneration. We believe this is a key development site for the Leeds City Region and we look forward to bringing it to fruition."

Steve Boughton, head of business development at RWE Generation UK Plc, added: "We are delighted to have agreed the land sale to Harworth Estates, who are acknowledged experts in regenerating brownfield sites, creating high quality developments with corresponding employment opportunities. They have been a pleasure to do business with and I wish them success in bringing the scheme to market."

Mike Baugh of CBRE, who acted on behalf of RWE Generation UK Plc, added: "This sale represents one of the most significant site disposals in the Leeds area for many years. CBRE worked closely with RWE to ensure a smooth marketing campaign and successful completion of this transaction and we believe it represents an exciting prospect for Harworth Estates to bring forward what is a unique opportunity for the area."

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News: From UK Coal to Harworth Estates

Harworth Estates, one of the largest property and regeneration companies across the North of England and the Midlands, is set to be completely acquired by Coalfield Resources, the stock market-listed company created during a complex restructure of UK Coal.

Recovery plans for Doncaster-based UK Coal were put in place in May 2011 when the group reported a £124.6m loss and had a £450m pension deficit. The subsequent restructure in 2012 saw the new company, Coalfield Resources, focus on targeting the realisation of its property assets through the Harworth Estates Property Group Limited.

The restructure saw Coalfield Resources own 24.9% of Harworth Estates, with 75.1% having passed to the Pension Funds in return for a £30m cash injection and their support to the mining division. A year later, administrators were called in for its struggling mining division.

In an effort to "optimise the model for the business and drive growth for the benefit of all shareholders," a heads of terms agreement as now been reached to acquire the 75.1% of Harworth Estates Property Group Ltd held by the Board of the Pension Protection Fund, for £150m.

Harworth Estates, which is based on its flagship development at Waverley in Rotherham, manages around 31,370 acres across some 200 projects, with consent for 8,000 new homes. By regenerating former coalfields and brownfield land it valued its investment properties in June at £283.7m, up from £278.5m, and net assets at £247.3m, up from £234.7m.

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The deal is expected to be realised through cash raised by an equity offering of new ordinary shares in the first quarter of 2015 and by the Pension Fund holding between 25% and 29.9% of the share capital of the company.

Following the successful completion of the acquisition, which is considered as a reverse takeover, the company intends to change its name to Harworth Estates Group plc.

In a statement to the stock exchange, the group said: "Harworth Estates (HEL) continues to perform well and in line with management expectations. HEL continues to make progress across its portfolio of sites in terms of income generation, valuation growth and realisation through disposals. The property market in the regions in which HEL operates continues to show signs of improvement, and, as a result, Harworth Estates is seeing stronger demand across all of its activities."

Jonson Cox, chairman of Coalfield Resources, said: "In the two years since our December 2012 solvent restructuring and separation from the mining businesses of UK Coal, we have made good progress in growing the asset value of HEL and delivering the management team's five year plan. The proposed transaction will give a strong platform from which to grow HEL as a developer of brownfield property and to realise value for all its stakeholders. We look forward to continuing to work with the Pension Protection Fund to deliver the transaction."

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News: Harworth seal deal with Peel

Harworth Estates, the company created to realise the property assets of what was UK Coal, has entered into a strategic marketing alliance with The Peel Group with the aim of becoming a key player in the logistics market.

Based on the Advanced Manufacturing Park (AMP) in Rotherham, Harworth Estates is one of the largest landowners in the UK with access to over 30,000 acres of land. Key sites include Rotherham (Waverley), Bolton (Logistics North), Nottinghamshire (Harworth) and Pontefract (Prince of Wales).

Leading infrastructure, transport and real estate investment company, Peel, has a 32.82% share in Coalfield Resources plc, which in turn owns 24.9% of Harworth Estates Property Group Limited.

The newly created Peel Logistics brings together 66 sites across almost 6,000 acres of land. 17 sites are brought to market through Peel's strategic alliance with Harworth Estates. The companies will continue to market their own sites individually, with Peel Logistics providing a marketing umbrella for the UK-wide portfolio.

Local sites that come under the Peel Logistics portfolio include AMP Waverley in Rotherham (pictured), Sheffield Business Park and Doncaster Sheffield Airport.

Phil Wilson, executive director at Harworth Estates (pictured, centre), said: "We are delighted to be in this strategic alliance with The Peel Group and Peel Ports. Our combined logistics offer is unparalleled, offering quality space for small businesses all the way through to multinational distributors. With more than half of UK third party logistics companies expected to invest more in equipment, people and premises in 2014 than 2013, Peel Logistics directly supports the UK's ambitious plans for growth."

The launch of Peel Logistics is timed to meet the accelerating demand for quality space. The portfolio will offer over 100 million sq. ft. of bespoke distribution warehousing, together with funding and outline planning consent for many of the sites. 1,900 acres have all infrastructure in place and are ready for occupation.

John Whittaker, chairman of The Peel Group (pictured, far right), added: "We believe now is the right time to launch Peel Logistics; we are seeing unprecedented demand for "oven-ready" logistics space, driven by both the growth in e-commerce activity and the move towards re-shoring manufacturing supply chains. Peel Logistics is ideally positioned to help occupiers find the perfect space to locate their logistics' operations."

Another Peel operation, Peel Environmental has been working with Harworth Estates on plans for waste infrastructure developments at eleven sites across the North of England and the Midlands.

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News: Rotherham Council in £7m AMP development deal

Rotherham Council has concluded a multimillion pound deal that will enable development to begin at the R-evolution @ The AMP scheme.

Landowner and developer, Harworth Estates has secured outline planning permission for 100,000 sq ft of industrial units on seven acres of land on the Advanced Manufacturing Park (AMP) in Rotherham, which is set to provide further high quality business and manufacturing floorspace.

In two separate transactions Harworth has completed a forward-purchase agreement for the first phase of the development with Rotherham Metropolitan Borough Council for £4.3m and secured a £2.7m loan from the Sheffield City Region Joint European Support for Sustainable Investment in City Areas (JESSICA) Fund.

The forward-purchasing agreement will involve Rotherham Metropolitan Borough Council taking ownership of R-evolution's first phase when it is completed in October 2014. Harworth will be responsible for the delivery and the leasing of the development.

The money from Sheffield City Region's JESSICA Fund, which was set up to support infrastructure and real estate investment opportunities across the region, will pay for infrastructure works and the construction of new manufacturing units at R-evolution.

Owen Michaelson, chief executive of Harworth Estates, said: "We will deliver a first-class development for Rotherham Council. In a region where the availability of equivalent-quality stock is reducing, we expect to attract top-quality tenants, which will allow Rotherham to benefit from secure, long-term rental income from the development."

Paul Woodcock, director of Planning, Regeneration & Culture, at Rotherham Council, added: "The Advanced Manufacturing Park is synonymous globally with cutting edge expertise in advanced manufacturing technology, and as a result there is strong demand from high quality manufacturing businesses, who want to join the world-class companies already located here in Rotherham.

"The R-evolution project will provide opportunities for these businesses to grow at the AMP, both further enhancing the reputation of the Park and benefitting Rotherham through the creation of more high quality jobs and investment into the borough."

The developers expect the employment growth to go from 500 to 1,500 employees following Rolls-Royce's commitment to the AMP.

The deal unlocks the JESSICA funding by providing a certain financial exit, created by an agreement to purchase the development on completion of construction in return for receiving the revenue generated from rent.

Rotherham Council is borrowing the money to fund the purchase as it can borrow capital at low levels of interest from the Public Works Loan Board. It expects that the whole project will be cost neutral or generate an overall surplus to the council on realisation of the asset.

In 2012, Harworth Estates, the company created to realise the property assets of what was UK Coal, sold the fully-let, 87,500 sq ft Evolution development on the AMP for £7.2m.

The AMP is the UK's premier advanced manufacturing technology park and is located at Harworth's Waverley site, which is being transformed into Yorkshire's largest-ever mixed-use development.

Construction has recently begun on a 7,700 sq ft new build pub and restaurant for Marston's on land between the first phase of housing (completed by Harron Homes, Taylor Wimpey and Barratts) and the AMP.

Set to be called "The Winter Green", the pub is the second piece of community infrastructure to be constructed after the completion of a local play area last year and should be completed by the Summer. Construction is running in parallel to the building at Waverley of the second phase of new homes on-site and the R-evolution development.

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News: Harworth Estates commences Prince of Wales regeneration project

Harworth Estates, the company created to realise the property assets of what was UK Coal, has begun development work at the former Prince of Wales Colliery site in Pontefract, West Yorkshire, having received detailed planning consent from Wakefield Council to create a sustainable mixed-use community.

Based on the Advanced Manufacturing Park (AMP) in Rotherham, Harworth Estates is one of the largest landowners in the UK with access to over 30,000 acres of land. The 77-acre site, that covers both the former pit yard and the former spoil heap, is just one of its major schemes.

Harworth has been given consent for 917 homes and 230,000 sq ft of employment space, along with shops, cafes, a medical centre, a community centre, a nursery and parkland. At the spoil heap up to 2 million tonnes of coal is being extracted from the slurry lagoon, after which Harworth will create a new country park, access ways and footpaths.

Harworth is also collaborating at the site with Alkane Energy, the independent power generators, that is also generating energy from methane at Maltby in Rotherham.

The Prince of Wales site provides the road corridor for the proposed Northern Link Road, which will provide a gateway into Pontefract from the M62 and open up further space for residential and commercial development.

Owen Michaelson, Chief Executive at Harworth Estates, said: "We have extensive experience in delivering complex sustainable regeneration projects such as this and look forward to continuing our close working relationship with Wakefield Council to deliver a scheme which will be transformational for Pontefract.

"Providing almost 1000 homes and enabling further development of the Northern Link Road, the scheme will help stimulate further residential and commercial development, ensuring future economic growth in the area."

Harworth has also recently had plans approved for its Logistics North development located at the former Cutacre opencast coal mine site, which will provide 4 million sq ft of distribution and manufacturing space and a new country park on a 250-acre site at junction 4 of the M61 near Bolton. Infrastructure works are expected to commence in spring 2014.

At its Waverley site in Rotherham, plans for 85,000 sq ft of the R-evolution development are set for approval this week. The development includes high quality new business and manufacturing floorspace incorporating warehouse units and offices on the AMP.

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News: Harworth Estates powers ahead at North Notts. colliery site

Harworth Estates, the company created to realise the property assets of what was UK Coal, has sold land at Harworth Colliery to Jones Homes and let a 50,000 sq ft manufacturing unit at Harworth Business Park to RS Motorhomes.

Based on the Advanced Manufacturing Park (AMP) in Rotherham, Harworth Estates is one of the largest landowners in the UK with access to over 30,000 acres of land. The former colliery in Bassetlaw is just one of its regeneration schemes.

The new Jones Homes development forms part of a wider programme by Harworth Estates of opening up land for employment and residential use on the former colliery. The first phase involved the development of an Asda superstore in October 2012, creating 80 new local jobs. Future phases will see a further 878 new homes built.

The consented master plan for the site allows for the re-opening of Harworth Colliery or the development of 800,000 sq ft of new employment space if new investors for the colliery cannot be found.

Tim Love, director of strategic land at Harworth Estates, said: "We are delighted that Jones Homes are investing in the site and providing a range of quality homes, signalling another important step in realising the wider masterplan.

"This is the eighth housing outlet to be opened up on land within our wider portfolio in the past three years, showing our determination and commitment to help regenerate the communities in which we operate."

At Harworth Business Park, letting agents Lambert Smith Hampton have agreed a letting to RS Motorhomes. The deal on the 50,000 sq ft unit is to assist its expansion at the firm which is a market leader in the luxury motor homes market. The Park's close proximity to the A1 will support its future plans, including expansion into the Leisure sector and the Equestrian transport sector.

Administrators were called in to save the mining division of UK Coal, with the remaining focus of the new company, Coalfield Resources plc, targeting the realisation of its property assets through the Harworth Estates Property Group Limited. Harworth Estates achieved a profit for the first half of 2013 of £1.4m.

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News: Harworth Estates continues to perform well

Further progress at the £100m Waverley community development in Rotherham is helping profits at Harworth Estates and Coalfield Resources plc, the company created in the restructure of UK Coal last year.

Recovery plans for Doncaster-based UK Coal were put in place in May 2011 following big losses and a large pension deficit. Following a serious fire at one of its mines, administrators were called in to save the mining division, with the remaining focus of the new company targeting the realisation of its property assets through the Harworth Estates Property Group Limited.

Based on the Advanced Manufacturing Park (AMP) in Rotherham, Harworth Estates is one of the largest landowners in the UK with access to over 30,000 acres of land.

In its latest half yearly report, Coalfield Resources, which owns 24.9 per cent of Harworth Estates, stated that the property group continues to perform in line with expectations and that it expects to be able to report further progress during the second half of 2013.

Harworth Estates continues to perform well and achieved a profit for the first half of 2013 of £1.4m. The net asset value of the group is still estimated to be £221.7m, including the Waverley development in Rotherham. The biggest brownfield site development in South Yorkshire covers 741 acres, an area bigger than Sheffield city centre.

Over a development phase of 20 years, the site will see the establishment of a new community of around 4,000 homes, shops, restaurants, schools, leisure facilities, health and community centres and parks. It is also home to the AMP, the UK's premier advanced manufacturing technology park.

The latest results stated that, with one of two new Rolls Royce facilities, and two new University of Sheffield buildings, under construction, Harworth Estates expects these to be a further catalyst for interest from other companies wishing to locate on this prestigious advanced manufacturing development.

It added: "On the residential part of the site further interest is being shown from house builders after good sale rates on Phase 1 and further land sales to house builders are expected later this year."

Plans have also recently been submitted for a new access road to the R-evolution @ the AMP development, that plans to provide new, high quality development, providing a range of industrial units, sized from 10,000 sq ft to 50,000 sq ft.

Recent research from commercial agents, Knight Frank, highlighted the success of the AMP in strengthening South Yorkshire's profile, with more advanced manufacturers opting to locate in the region.

Rebecca Schofield, partner with the Sheffield office of Knight Frank, said: "The AMP have plans for a small unit development called Re-volution, and, while asking rents will be a premium, the quality and location are likely to prove attractive."

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News: Focus on property as Coalfield Resources appoint administrators

Coalfield Resources plc, the company created in the restructure of UK Coal last year, is to focus solely on property after appointing BDO Administrators for its mining division.

Recovery plans for Doncaster-based UK Coal were put in place in May 2011 after they reported a pre-tax loss of £124.6m after a "further year of poor operational performance." The firm also had a £450m pension deficit.

It created UK Coal Mine Holdings Ltd and UK Coal Operations Ltd ("Mine Holdings") and following the devastating fire that closed the Daw Mill deep mine in March 2013, it has announced a way forward for the remaining mines and 2,000 employees.

The administrators have separated out the viable operations of the group and agreed a compromise with major creditors, including the Industry Wide Pension Funds, which will see the pension schemes transfer to the Pension Protection Fund. The viable mining operations have been successfully restructured and their assets will now be held in individual companies owned by a new business which will operate as UK Coal Production Ltd.

As part of last year's restructure, Harworth Estates became Harworth Estates Property Group Limited. The deal included Coalfield Resources owning 24.9 per cent of Harworth Estates, with 75.1 per cent having passed to the Pension Funds in return for a £30m cash injection and their support to the mining division.

The Pension Funds' shareholding will now transfer to the Pension Protection Fund which provides compensation to members of eligible defined benefit pension schemes. Harworth will also have to meet the running costs of Coalfield Resources to 2016.

Based on the Advanced Manufacturing Park in Rotherham, it is one of the largest landowners in the UK with access to over 30,000 acres of land. One key regeneration project is the £100m Waverley community development in Rotherham.

In a statement, Coalfield Resources, stated that "following today's further restructuring of the mining business, CfR plc will have no equity interest in, nor any responsibility for, on-going mining operations." Instead, the focus will be on realising the gross property assets of Harworth Estates, that at December 2012 were valued at £261.9m.

Coalfield Resources added that it expects to undertake equity fundraising in the next few months to help repay a £5m banking facility. One of the company's leading shareholders remains the Peel Group, the massive private real estate, transport and infrastructure investment company.

Jonson Cox, chairman of Coalfield Resources, said: "The 2012 restructuring of UK Coal separated the property and mining interests. While the catastrophic fire at Daw Mill could not be foreseen, the 2012 restructuring has justified the precautions taken to ensure that such an event would not bring down all parts of the former group. CfR plc has played an active part in finding a solution for the mines and preserving 2,000 jobs.

"The Company's role in the mining business is now at an end and the current economic value is in its shareholding in Harworth Estates. The Company will continue to be an active investor seeking long-term value for both its own shareholders and the PPF.

"We look forward to working closely with the PPF to realise the value inherent in Harworth Estates, and we wish former colleagues in mining well in their new structure."

Kevin McCullough, chief executive of UK Coal, added: "Today is very much a day of mixed emotions, but this is the best outcome that it was possible to achieve."

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News: Good progress for Harworth Estates

Property developer, Harworth Estates, is making good progress and instilling confidence in the board of directors.

A restructure of UK Coal in 2012 saw Harworth Estates became Harworth Estates Property Group Limited with the new company, Coalfield Resources plc, owning 24.9 per cent and 75.1 per cent having passed to the pension funds in return for a £30m cash injection.

Recovery plans for UK Coal were put in place in May 2011 after they reported a pre-tax loss of £124.6m after a "further year of poor operational performance" and a deficit due to the pension fund of around £450m.

Based on the Advanced Manufacturing Park (AMP) in Rotherham, Harworth owns or manages 30,000 acres across 160 sites. One key regeneration project is the £100m Waverley community development in Rotherham.

The biggest brownfield site development in South Yorkshire covers 741 acres, an area bigger than Sheffield city centre.

Over a development phase of 20 years, the site will see the establishment of a new community of around 4,000 homes, shops, restaurants, schools, leisure facilities, health and community centres and parks.

It is next to the Advanced Manufacturing Park (AMP), the UK's premier advanced manufacturing technology park, that has been driven forward by the landowner.

Speaking at this week's Annual General Meeting, Jonson Cox, chairman of Coalfield Resources, said that the group continued to perform well.

He said: "Harworth Estates was making good progress across all business divisions in line with the strategy approved at the time of the restructuring. Harworth Estates had continued its success in selling land for housing at its Waverley site, between Sheffield and Rotherham, for the next phase of what will eventually be around 3,600 new homes.

"At the adjacent Advanced Manufacturing Park, Rolls-Royce, Boeing and the University of Sheffield all currently have buildings under construction under the current phase development. Opportunities were being progressed at many of the other sites in the portfolio, and in improving rental returns, and the board of Harworth Estates were confident of delivering against their business plan."

Earlier this month, Harworth stated that it had provisionally been awarded over £10m from the government and plans to use it to provide essential utility infrastructure such as new roads and a water and waste water pipe network.

The boost to the infrastructure of the site would enable around 1.2m sq ft of employment floorspace. The developers hope that Waverley will create around 7,000 new jobs and contribute over £1 billion to the local economy as it is built out.

Away from Waverley, Harworth announced that Aldi is to relocate its regional distribution centre from Middleton to it's Logistics North development near Bolton. In addition, the former open cast mine site at St Aidan's, located between Leeds and Castleford in West Yorkshire, has officially opened as the RSPB St Aidan's Nature Park.

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News: New R-evolution @ The AMP

Landowner and developer, Harworth Estates, has launched the next phase of development at the Advanced Manufacturing Park (AMP) in Rotherham as they expect the employment growth to go from 500 to 1,500 employees following Rolls-Royce's commitment to the site.

R-evolution @ the AMP will be a new, high quality development, providing a range of industrial units, sized from 10,000 sq ft to 50,000 sq ft on the Waverley site.

Plans were approved last year for earthworks that will allow further development of around 21.5 hectares (53 acres) of land. 5.23 hectares (12.94 acres) of this could provide around 200,000 sq ft of high quality, modern, flexible industrial units.

With demand expected to be high, Lambert Smith Hampton and Colliers International have been appointed as joint agents on the scheme.

Duncan Armstrong-Payne, development manager at Harworth Estates, said: "The next phase is targeted at the local, national and international manufacturing sector. We want to continue the success of the AMP brand by providing business space for local companies to expand and to attract national and international companies to work alongside the existing businesses on the park.

"We are working with a range of manufacturing companies to meet market demand from people who want to be at the "Mayfair address" for advanced manufacturing. There is a real buzz around the park at the moment and to see cranes across the Waverley skyline shows confidence in the site and the growth of the Sheffield City Region as a whole. The AMP is part of the wider Waverley development that is creating skilled jobs and new quality homes. With over 30 families now moved in on the site and many more to come together with continued expansion of the AMP, Waverley is fast becoming the most important regeneration site in the area."

Duncan also revealed that around 80 acres is available across the remainder of the park and that Harworth are already in discussions with businesses that are looking for much larger premises.

Chris Scholey, board member of the Sheffield City Region Local Enterprise Partnership, said: "This new R-evolution development will help us to build on the success of the Sheffield City Region Enterprise Zone - which in its first year attracted 15 new occupiers, created 228 new jobs and was picked out as the number 1 UK free zone by the Financial Times.

"It is understandable that international business leaders want to be able to join our growing Modern Manufacturing and Technology community as quickly as possible - and ready-to-use industrial premises make the transition easy for them.

"Industrial units on the Sheffield City Region Enterprise Zone are in extremely high demand. I'd recommend that Modern Manufacturing and Technology businesses move quickly if they want to be part of the Advanced Manufacturing Park, which is already home to world-class organisations including Boeing and Rolls-Royce."

Plots within the enterprise zone offer a business rate discount worth up to £275,000 per eligible business over a five year period.

Companies within the zone could also take advantage of enhanced capital allowances (instead of business rate discounts) in the form of up-front tax relief for major capital investments.

Earlier this year, Harworth Estates, the property division of Coalfield Resources plc, sold the fully-let, 87,500 sq ft Evolution development for £7.2m. Current construction work on the AMP includes the new Rolls-Royce advanced blade casting facility and the University of Sheffield's AMRC Training Centre and the Design & Prototyping Centre.

Simon Spode, marketing manager at the AMP, said: "The announcement of the R-evolution development is great news for the AMP. At a time when interest in the Park is at its highest ever level it is important that we're providing a wide variety of property options for the businesses that wish to benefit from being located at the centre of the UK's advanced manufacturing heartland.

"There's a real buzz around the Park, both with the new facilities under construction and the game-changing new technologies and products that are being developed here. Whether it's from the large research organisations or smaller SME firms, the spirit of innovation and collaboration in our businesses is great to see."

Along with the adjoining commercial developments and the AMP, the developers hope that Waverley will create around 7,000 new jobs.

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