Business in East Anglia

Investment bank acquires Cambridge Science Park building for £50.1 million

US investment bank Morgan Stanley has acquired a prominent office building at 101 Cambridge Science Park for £50.1 million after a competitive process which attracted strong interest. Savills completed the deal above the guide price for a client of LaSalle Investment Management. Current tenants at the near-80,000 sq ft Grade A office building include Citrix, Huawei and Grant Thornton.

James Vivian, director in the office investment team at Savills, said: “This was an attractive investment opportunity situated on one of Europe’s most established and successful science parks. The lif...

Business under pressure urged to take ‘swift action’ after jump in corporate insolvencies

Business in the East are being urged to take swift action if their finances are under pressure after government figures show corporate insolvencies in June hit their third highest monthly total since the pandemic started.

Corporate insolvencies in England and Wales increased by 19 per cent to 1,207 in June up from 1,014 in May and 63 per cent higher than in the month last year. Eastern chair of insolvency and restructuring trade body R3, Alistair Bacon (photo, right), of AMB Law in the region, said: "The surge in corporate insolvencies between May and June has been driven by a rise in c...

M & A and business spending set to rise as firms prioritise growth

Expansion through mergers and acquisitions is a higher priority for large companies than at any time in the past 11 years and spending by businesses is set to surge according to a national survey of chief financial officers from Deloitte .

Expectations for an increase in hiring and investment are at their highest levels in almost seven years as growth emerges as the top priority. Some 71 per cent of  firms expect rises in capital expenditure and over three quarters anticipate increases in hiring over the year ahead, according to the survey of over 100 CFOs which included many FT...

Farmland market hots up as lifestyle and 'green' buyers bid for estates

The farmland market in England is busier than at any point in the past four years with demand outstripping supply and with many farms and estates attracting multiple bids and selling above the guide price . Over 70 per cent of farms and estates that have sold in recent months have exchanged hands for more than their guide as farmers, private investors, lifestyle buyers and green investors compete for land.

Matthew Sudlow, head of estates and farm agency at land and property specialists Strutt & Parker, said: “It is not only the housing market that is busier than it has been for years, o...

New Norwich-Exeter air route launched

Loganair has launched a new direct air service between Norwich and Exeter to run four times weekly and has restarted its services to Edinburgh from the region.

The new route to Exeter will operate using a 49-seat Embraer 145 regional jet with flights serving business and leisure travellers on Mondays, Wednesday, Fridays and Sundays. Fares will start at £58 one-way. The regional airline is seeing growing demand from Norwich Airport for its domestic routes as Covid restrictions are eased. The Edinburgh service will operate up to four times per week from Norwich.

Kay Ryan, Loganair chief c...