Business in East Anglia

Surge in lending to tv and film producers lights up prospects for SMEs

The tv and film production sector is enjoying dramatic growth driven by demand for British content from the likes of Netflix and Amazon Prime, according to Barclays Business Banking. As production companies expand, the number of loans taken by SMEs to fund new tv series such as The Crown has increased by 93 per cent and funding for new films by 37 per cent compared to 2018. Meanwhile revenues at SMEs in the media sector have grown by 11 per cent, well above other sectors. Research for Barclays shows half the population plans to watch Netflix next year and a third plan to watch Amazon Prime...

More firms planning to recruit despite knock to confidence

Business confidence in the East of England fell in October but a growing number of firms in the region plan to hire more staff over the coming year, according to a ‘business barometer’ survey from Lloyds Bank Commercial Banking. Overall confidence amongst firms in the East fell two points in October to two per cent and firm’s confidence in their own business prospects fell ten points to seven per cent.

#But hiring intentions showed that a net balance of 8 per cent of businesses in the region expect to hire more staff during the next year, up eight points on September. Across the co...

Administrations rise after upturn in building & property sector failures

A surge in building and construction business failures was partly behind a 35 per cent increase in the number of companies going into administration in the third quarter of the year, according to KPMG.

A total of 417 companies went into administration between July and September, up from 310 in the previous quarter and 322 in the period last year. High profile administrations included Late Rooms and Super Break, Ferguson Marine Engineering and Eversmart Energy although the number of retailers going into administration actually fell from 26 in the second quarter to 18 in the third.

The num...

Firms still worried on impact of Brexit on supply chain

More than a quarter (27 per cent) of East of England businesses are concerned about the potential impact Brexit will have on suppliers and customers, according to research for involvency trade body R3.

Mark Upton, Eastern chair of R3 and a partner at Ensors Chartered Accountants in East Anglia, said: “It’s a serious worry that so many local businesses may feel exposed to a supply chain risk as a result of Brexit. The proportion of local businesses who may be sticking their head in the sand over Brexit is also sizeable. Businesses which fail to understand how Brexit may affec...

Surge in R&D tax relief claims in the region bodes well for investment

Figures pointing to an encouraging rise in research and development in the region have emerged in statistics showing a 22 per cent rise in claims for R&D tax credits in the East of England over 2017/18. HMRC statistics show firms in the region submitted 4,710 claims for tax credits, up from 3,870 previously.

Meanwhile, the level of support rose by 41 per cent. The improvement was in line the national trend; across the UK, the amount of R&D support claimed rose to £4.3bn, a rise of £1bn from the previous year. First introduced in 2000, R&D tax credits act to encourage greater R&D spendi...