The Aspen Building, developed by The Oxford Trust, was officially opened on Friday, July 17, as part of the Wood Centre for Innovation in Headington’s science and technology cluster.

Dame Anneliese Dodds MP for Oxford East, who formally opened the building during a ceremony attended by civic leaders and members of the science and business community, said: “I’m proud that Oxford East has long been a place where innovation, enterprise and opportunity come together.

“The Oxford Trust’s Aspen Building at the Wood Centre for Innovation is a great example of how investment in local facilities can support growing businesses, create high-quality jobs and keep Oxford at the forefront of scientific discovery.”

The 17,000 sq ft facility provides state-of-the-art CL2 laboratory and office space across two floors, designed to support science and technology start-ups, SMEs, and scale-ups in the life sciences sector.

Dame Dodds also praised The Oxford Trust’s work with schools and communities, saying: “Equally important is The Oxford Trust’s work with schools and local communities, helping ensure that young people from across our constituency can see a future for themselves in science, technology and innovation.”

The Aspen Building is part of The Oxford Trust’s charitable business model, which reinvests income from its innovation centres into STEM education and engagement activities, delivered by its Science Oxford team.

John Boyle, chair of trustees at The Oxford Trust, said: “The opening of this new facility is a proud moment for the Trust.

“By creating additional laboratory and office space for growing science and technology businesses, while expanding our STEM education facilities to expand delivery through Science Oxford, this new building perfectly reflects our charitable mission to encourage the pursuit of science.”

Designed with sustainability in mind, the building has achieved BREEAM Excellent certification and will deliver at least 10 per cent Biodiversity Net Gain across its surrounding woodland site.

The project supported approximately 600 jobs during construction, including 80 local jobs.

Once fully occupied, the Aspen Building is expected to generate up to 80 additional jobs.

Steve Burgess, CEO of The Oxford Trust, said: “The opening of the Aspen Building is a landmark moment for The Oxford Trust and a significant investment in Oxford’s innovation future.

“This facility provides the specialist laboratory and workspace that science and technology companies need to scale successfully, while strengthening the capacity of the Headington Science Cluster and Oxford’s wider innovation ecosystem.”

The building sits alongside the fully occupied Linden Building and will further enhance The Oxford Trust’s support for high-growth science and technology businesses.

KAREN JOY BACUDO

Finance Editor

The Association of Financial Mutuals has called on the Government and regulators to reform public interest entity audit rules, arguing that smaller mutuals face disproportionate compliance costs under the current regime.

It made the case as part of a broader policy agenda aimed at removing barriers to growth for member-owned financial firms while maintaining governance and consumer protection. The group argues that some smaller mutual organisations are treated the same as much larger financial institutions, despite their very different scales and systemic importance.

Public interest entity (PIE) status imposes stricter audit and reporting requirements on organisations considered significant to the public. According to the Association of Financial Mutuals, the current framework captures mutuals that are not systemically significant, creating costs that could otherwise be spent on member services, product development or expansion.

The organisation represents mutual and not-for-profit insurers, friendly societies and other financial mutuals across the UK. It argues that a more proportionate approach to audit regulation would support a more diverse financial services market and align with the Government’s stated aim of expanding the mutual sector.

Andrew Whyte, Chief Executive Officer of the Association of Financial Mutuals, set out the group’s position.

“The current Public Interest Entity regime captures smaller mutuals that are not systemically significant and places a disproportionate burden on organisations whose primary focus is delivering value to their members. We support strong audit and governance, but the framework must be proportionate and targeted at those firms that truly warrant this level of scrutiny. Reforming the regime would free up mutuals to invest more in innovation, customer service and growth, helping to build a more diverse, resilient and inclusive financial services sector,” said Whyte.

Wider agenda

Audit reform is one part of a wider package of changes the trade body wants. Another priority is changing capital rules so mutuals can raise external funds without jeopardising their mutual tax status.

This has long constrained some member-owned firms, which cannot rely on equity markets in the same way as listed companies. The group argues that access to suitable external capital would enable firms in the sector to invest in new products, technology, and distribution channels while retaining their ownership model.

It also wants the Law Commission’s recommendations on friendly society legislation to be implemented in full, saying a modernised legal framework would remove outdated restrictions and make it easier for such organisations to operate and develop.

The trade body is also seeking a more rigorous method of assessing how regulatory changes affect mutuals. It argues that rules are often designed with larger shareholder-owned institutions in mind, even though mutuals have different structures, incentives and capital models.

It is also calling for greater clarity on product bundling and cross-selling within the mutual sector, saying clearer rules would help firms broaden their offer to members without creating uncertainty over compliance expectations.

Sector role

Mutuals occupy a distinct place in the UK financial system because customers or members, rather than shareholders, own them. That structure means profits are generally retained for the benefit of members through pricing, service levels or reinvestment in the business.

The group argues that this model can support financial resilience and inclusion, particularly if firms can expand without unnecessary regulatory obstacles. Its latest strategy says the sector could play a larger role in the market if policy settings better reflected the nature of mutual organisations.

It linked its proposals to the Government’s commitment to double the size of the mutual and co-operative sector, arguing that this ambition will be difficult to achieve unless regulation, tax treatment and legal structures are adjusted to reflect the differences between mutuals and larger listed financial groups.

For policymakers, the key question is whether any relaxation of PIE rules for smaller mutuals can be designed without weakening audit oversight. The Association of Financial Mutuals argues that strong scrutiny should remain, but that thresholds and applications should better reflect the actual public risk posed by the institutions concerned.

The debate also raises a wider issue in financial regulation: how to apply common standards across institutions with sharply different ownership structures and business models. For mutuals, the concern is that a framework intended for large public-interest firms imposes a heavier burden on smaller member-owned organisations.

Sixes, which used to run 16 cricket-themed entertainment venues across England including one in Oxford’s Westgate Shopping Centre, entered administration in December last year.

The hospitality business immediately closed its site in Southampton and there was a great deal of speculation about its other venues which largely remained open as a rescue-deal was sought.

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However, after months, an administrator’s progress report – published this month – has confirmed that a full rescue could not be achieved and a number of sites were closed with over 100 employees made redundant.

Sixes was founded in 2020 by Calum Mackinnon and Andy Waugh.

In 2023, the business secured funding from 4Cast Investment Group, the brainchild of England internationals Ben Stokes, Jofra Archer and Stuart Broad.

Sixes Social did have a venue at the Westgate Oxford (Image: Newsquest)

It is among chains to have grown in recent years as part of a boom in so-called competitive socialising, competing with brands such as Flight Club and Junkyard Golf.

The group said in December that it has a core of strongly performing sites but has seen others struggle in the face of fierce competition and “reduced consumer spending”.

A statement of affairs revealed debts to unsecured creditors of £3,447,197, including to the tax man.

Unsecured creditors are businesses, authorities or anybody who is owed money by Sixes but are at the back of the queue in getting their full money back.

After the Southampton site was shut, the decision was taken to close the Birmingham, Guilford, Fulham and Westfield venues in December as well.

In the administrator’s report by FRP Advisory, it was revealed that despite negotiations with several businesses a deal to secure the future of its Fitzrovia, Manchester and Oxford sites could not be completed and all three closed permanently on April 22.

Sixes Social Cricket (Image: Sixes Social Cricket)

Vantage Capital Partners Limited initially agreed to take over all four sites in a deal worth over £4 million but negotiations over a cash consideration requirement – an obligation to make a cash payment not using stock or debt – stalled the process.

As such the business made a new offer, by which it would only buy the London Bridge venue and certain of the business’ assets in a deal worth £3.5 million, citing the “sizable investment required” if it were to take over all four.

A separate agreement was initially negotiated for the Fitzrovia, Manchester and Oxford sites for £500,000 but the party behind the offer pulled out.

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In total, 102 employees were made redundant in the period.

The administrators said: “Achieving a sale of the business and assets of the group within a sector in which acquisitions have stalled, as well as within a wider economy with poor acquisition rates, is seen as positive.

“The sale preserved 21 jobs.”

On its website, Sixes currently advertises eight venues although a number of these are ‘franchise locations’ – meaning it has an independent owner – and only the London Bridge site was included in the deal with Vantage.