logo
Historic library's funding 'will expand future'

Historic library's funding 'will expand future'

Yahoo5 days ago
A 200-year-old independent library has been awarded funding, which trustees hope will stop it from becoming "stagnant".
The Lit & Phil, in Newcastle, which opened in 1825, houses a collection of more than 200,000 books and artefacts.
It has received development funding of just over £274,000 from The National Lottery Heritage Fund to help broaden its audience.
Chairman Mary Durkin said it meant the Grade II* listed building, on Westgate Road, would now not be in danger of deteriorating, and the library had a history that "northerners should be proud of and other people must recognise".
The building is steeped in history and has hosted events with notable figures such as Oscar Wild and EM Forster.
The Literary & Philosophical Society of Newcastle upon Tyne, which was founded in 1793, created the library as a forum for sharing ideas in the early years of the Industrial Revolution.
Ms Durkin said the initial development grant would help to expand its outreach programme to communities and schools, as well as improve its digital presence.
Last year, the Barbour Foundation - the charitable arm of the South Shields-based fashion brand Barbour - provided £1m of funding to the society, which will see a lift installed in 2026 and accessible toilets built this summer.
The funding also means the society trustees can progress their plans to apply for a full National Lottery capital grant of £4.5m at a later date.
"The building needs work, its 200 years old and it would deteriorate, there's no question about that and our reach would narrow without funding, and there would be a fear we possibly would stay a bit stagnant."
Trustees said if a larger grant was awarded, it would allow for major renovation works to take place, including improving access and the reconfiguration of the library's ground floor.
The society said a renovated Lit & Phil could open in November 2028, if funding was approved.
Follow BBC Newcastle on X, Facebook, Nextdoor and Instagram.
More on this story
Listed library to get £1m revamp
Related internet links
Lit & Phil
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

JLR CEO Suddenly Retires Ahead of Jaguar's Big Relaunch
JLR CEO Suddenly Retires Ahead of Jaguar's Big Relaunch

Motor 1

time29 minutes ago

  • Motor 1

JLR CEO Suddenly Retires Ahead of Jaguar's Big Relaunch

Adrian Mardell, the man who turned Jaguar Land Rover into, simply, JLR, and put in place a strategy to market Range Rover, Defender, and Discovery as their own brands is retiring. Autocar reported Thursday that Mardell is stepping away after two years on the job , and JLR hasn't yet announced a successor. Mardell joined JLR in 1990 and became chief financial officer of the company in 2018. He took over the top job after his predecessor, Thierry Bolloré, resigned in 2023. As Autocar points out, Mardell helped JLR become profitable after a few rough years during the Covid-19 pandemic, but his departure comes at a critical time for the company. Jaguar unveiled a rebrand as a high-end EV maker last year with a campaign that was widely mocked. The brand has also stopped production of all previous models in anticipation of a new $100,000-plus electric cars that will arrive into a market that seems to be rejecting luxury EVs. Jaguar is moving into a bold new direction, and it's future is anything but certain. Things are better over at Land Rover thanks to the continued success and profitability of Range Rover and Defender models. But, Range Rover is set to launch its first EV , and it's already been delayed until next year over apparently weak demand. There's also tariffs to contend with. The US has 10-percent duty on the first 100,000 UK cars exported to the US in any given year, which is lower than the duties on cars from any other country. But, the Defender and Discovery are built in Slovakia, which is subject to a 15-percent tariff. In some ways, Mardell leaves JLR better than he found it. But, it faces many of the same challenges all automakers face right now and its own unique set of uncertainties. Mardell's successor will be very busy. More on JLR The New Jaguar Is 'All About Exuberance' Range Rover's New Logo Is Goofy As Hell Get the best news, reviews, columns, and more delivered straight to your inbox, daily. back Sign up For more information, read our Privacy Policy and Terms of Use . Share this Story Facebook X LinkedIn Flipboard Reddit WhatsApp E-Mail Got a tip for us? Email: tips@ Join the conversation ( )

NewPrinces' move for Carrefour's Italy stores stuns sector
NewPrinces' move for Carrefour's Italy stores stuns sector

Yahoo

timean hour ago

  • Yahoo

NewPrinces' move for Carrefour's Italy stores stuns sector

The origins of Italy's NewPrinces date back little more than 20 years but, in its two decades of existence, the food and drinks group has grown mainly through M&A and its deal-making has often attracted attention. The company's moves for, say, UK food manufacturer Symington's in 2021, and the larger acquisition of Princes last year caught the eye while the business' recent decision to buy a clutch of brands in Italy from Kraft Heinz underlined its ambitions. But all of those transactions have been somewhat overshadowed by NewPrinces' surprising move to snap up Carrefour's operations in Italy. The deal, expected to close by the end of this quarter, will give NewPrinces – one of Italy's largest food manufacturers – ownership of more than 1,000 retail stores in the country. 'We are taking a decisive step towards vertical integration between production and distribution, strengthening our ability to create value along the entire supply chain,' NewPrinces chairman – and majority shareholder – Angelo Mastrolia said last Thursday when the deal was announced. 'Our ambition is clear: to build a sustainable, solid and long-term model that can offer concrete benefits to customers, employees, suppliers and shareholders.' It's uncommon for a food manufacturer to buy a retailer and the move has startled industry watchers. 'NewPrinces seems to operate from a different textbook on how to do business,' one experienced market watcher told Just Drinks. While NewPrinces' move is unusual, it's not entirely unheard of. Speaking to Il Sole 24 Ore, Mastrolia looked over the border to Switzerland where Migros and Coop 'already control the entire process from production to distribution'. As GlobalData retail analyst Neil Saunders pointed out, UK grocer Morrisons also has some vertical integration in its supply chain with manufacturing facilities. 'It is quite unusual for a food manufacturer to buy a supermarket, although it makes sense on some levels,' Saunders says. 'There are certainly some opportunities for close cooperation, especially in areas like private label and distribution. However, most supermarkets have to stock a wide variety of products, so the scope for total integration is limited. 'My sense is that NewPrinces will operate the supermarket operation fairly separately from its core business, at least in financial terms. Even so, this boosts the value of the group and gives it more muscle in the food space. There is clearly an ambition here to be a bigger player in the food ecosystem.' Carrefour's struggles in Italy NewPrinces set out a list of reasons for why it swooped for Carrefour's Italian business. They included: to 'gain direct access' to the end consumer; to 'optimise synergies' between production and distribution; and to develop 'new omnichannel platforms' to sell and deliver products. It is also planning to relaunch the GS retail banner. In its statement, the company said the deal is based on an enterprise value of €1bn ($1.18bn). As part of the transaction, Carrefour will reinvest €237.5m as a one-off contribution to the Italian unit changing hands 'to support its industrial relaunch and operational continuity', NewPrinces said. The food-and-drinks manufacturer said it is committed to investing €200m 'in development initiatives, logistics innovation and brand renewal'. Carrefour's business in Italy, centred on the north of the country. NewPrinces will take on an estate of supermarkets, convenience stores and cash-and-carry outlets and the fact both parties have set out plans to invest in Carrefour's Italian operations underlines how the business has found the going challenging in recent quarters. Carrefour's sales in Italy declined in 2024 and the business generated with a recurring operating loss of €67m and a negative 'net free cash flow of €180m'. The French retail giant said it had been doing business 'in a particularly challenging economic and competitive environment' in Italy. News of the deal came alongside the publication of Carrefour's second-quarter sales, which included a 1.6% increase in Italy on a like-for-like basis. The retailer said it 'stabilised its market share in volume' in Italy during the quarter. Nonetheless, Carrefour CEO Alexandre Bompard said the deal to sell the assets to NewPrinces 'illustrates our ability to refocus the group on its most contributive activities'. Much like another transaction NewPrinces announced this year – the acquisition of a drinks plant in Italy that Diageo had earmarked for closure – there is the feeling among some in the sector that the move for Carrefour's stores appears to be a grab for scale for its own sake. Publicly listed NewPrinces saw its share price slide in the wake of the news (the shares have since more than regained the lost ground). In an interview with Italian business daily Il Sole 24 Ore published on Saturday, Mastrolia sounded unworried. 'The market does not always understand operations immediately,' he was quoted as saying. 'It has happened to me in the past, when faced with other acquisitions made by the group and, in the end, the market had to agree with us.' It's a deal that's got the market talking. 'Because the Princes part of the business is making generic products like canned tomatoes and tuna, the bet is the distribution gained in these contracts is going to be significant. Add to that what is likely some pretty aggressive deal-making and the strategic rationale becomes clearer,' Robert Lawson of European consultancy Food Strategy Associates, says. 'But they will need to learn retailing pretty quickly.' Lawson believes there are possible benefits for NewPrinces to try to capture, although he has a note of caution. 'The clear synergy opportunity for a manufacturer buying a retailer is to capture extra listings and promote their own products at the expense of rivals' products. The clear risk is that other retailers de-list your products because you are now a competitor,' he says. 'The centre of gravity for NewPrinces has substantially moved away from Italy with the acquisition of Princes. Furthermore, Carrefour in Italy is really a north Italian brand and much of the retail world in Italy is regional, so the bet for NewPrinces is that they can win contracts and not lose too many.' Food manufacturers supplying Carrefour's stores in Italy will also be watching closely. 'We will guarantee our customers the same treatment and offer our products at the same prices as we offer them in other large-scale retail chains,' Mastrolia told Il Sole 24 Ore. The potential for private label NewPrinces may be home to brands including Princes tuna, Napolina tinned tomatoes and Delverde pasta but the company sees opportunities in private label from the Carrefour deal, Il Sole 24 Ore said. Stefano Di Napoli, the founder and CEO at UK-based CPGS Consulting, believes private label is central to the rationale for the deal and has a warning for brands. 'This is a food manufacturer buying a grocer. That's highly unusual and a warning shot for CPG manufacturers,' Di Napoli says. 'Why? Because private label is no longer a side game. It's becoming the dominant strategy in CPG retail.' For Di Napoli, private label is 'the most existential threat CPG brands are facing'. He adds: 'What used to be your distribution partner is now your direct competitor – one with more shopper insight, faster feedback loops, and growing consumer trust. The categories NewPrinces plays in – canned foods, ambient meals, dairy, pasta – are precisely those where brands are weakest and private label is strongest. The portfolio logic here is hard to ignore.' Once the deal is finalised, NewPrinces expects its pro-forma annual revenue to be around €6.9bn (which would also include a contribution from the Kraft Heinz assets the company is the process of buying). In 2024, the company's revenue – if the then Newlat and Princes were joined for the whole – would have been €2.8bn. It's certainly been a period of rapid expansion. NewPrinces says it will become 'among the leading players in the integrated food and retail sector in Europe'. On LinkedIn, Giuseppe Mastrolia, Angelo's son and the company's chief commercial officer, said the move for Carrefour's Italian business was 'not just an acquisition. It is a step towards a different idea of business'. "NewPrinces' move for Carrefour's Italy stores stuns sector" was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store