Business confidence slips as general election campaign hots up
Business confidence in the region appears to have slipped during the general election campaign, a key survey suggests. A Lloyds Bank Commercial Banking business barometer survey taken between 3-17th June - after Rishi Sunak announced launched the poll on 23rd May - showed that business confidence in the East of England fell 20 points to 35 per cent compared to the previous month. Firms’ faith in their own business prospects was down 22 points at 39pc and their optimism in the economy fell 19 points to 30pc. However, over the next six months, businesses in the East of England saw their top targets areas for growth as evolving their offering, followed by entering new markets and investing in their team. Kirsty Sadler, regional director for the East of England, Lloyds Bank Commercial Banking, said: “Businesses across the East are still working tirelessly to identify new opportunities and execute their growth plans – whether that’s launching new products or services, or breaking into new markets in the UK and overseas.“ Overall the survey of 1200 companies showed that national UK business confidence fell nine points in June to a net balance of 41 pc. Trading prospects in construction, retail and services all fell but improved in manufacturing.
Hann-Ju Ho, senior economist, Lloyds Bank Commercial Banking, said: “These results suggest a slight drop in business confidence in June as firms’ trading outlook and economic optimism fell below levels seen in recent months. However, these results are still broadly in line with the positive readings we were seeing towards the start of the year.”
Major new investment at Port of King’s Lynn set to boost trade
ABP has broken ground on its largest investment at the Port of King’s Lynn to date; a new bulk store being built for a customer, Azelis, an innovation service provider that supplies speciality chemicals and food ingredients in the UK. Following completion which is scheduled for next May, Azelis will install a cutting-edge bagging plant and relocate to the site, which it will lease. Paul Ager, divisional port manager (East Anglia) at ABP, said: “ABP is delighted to be making its largest investment in the Port of King’s Lynn to date, with the construction of this new store and for a new customer at the port. King’s Lynn is the preferred Norfolk port for forest products, agribulk, manufacturing and recyclables, and is already well-equipped to handle agribulks and aggregates.” He added: “With this new business we should see the movement of more trade through the port, which will benefit the wider economy.” At 106m long, 44m wide and 10m high, the new facility will handle both loose salt and bagged products. External works also include 5000 sq m of heavy-duty concrete paving. Design and construction will be carried out by Britcon and it will be the first bulk storage warehouse in East Anglia to be constructed under the new industrial frameworks contract.
Photo (l-r): Rob Page (ABP), Andy Constable (ABP), Alison Rumsey (ABP), Mick Raspin (Britcon) and John Whitmore (Britcon).
Hintlesham Hall Hotel & Spa up for sale at £7.5 million
One of the region’s best-known country house hotels, Hintlesham Hall Hotel & Spa near Ipswich, has been put up for sale freehold with a guide price of £7,500,000. The Grade 1-listed Elizabethan hotel has 32 ensuite bedrooms, function and spa facilities and was made famous in the 1970s when it featured in the tv shows of the then owner American chef and writer, Robert Carrier. In 1983, the hotel was sold to fellow cookery writer and tv presenter Ruth Watson who expanded and refurbished it to make a four star venue. The current owner, Has Modi has substantially upgraded the hotel facilities and expanding the range of services. Planning permission has been secured for a function suite and listed building consent has been granted for a spa development. Christie & Co. regional director, Ed Bellfield, who is handling the sale, said: “Hintlesham Hall Hotel evokes such affection from country house hotel guests and operators. The beautiful setting of the Grade I Listed building offers so much more by way of a range of asset management opportunities to extend and develop the range of services at the property."
Project manager appointed for theatre refurbishment funded by £16 million gift
The Cambridge Arts Theatre has appointed Savills building, project, and consultancy team as project manager on the first phase of a major redevelopment project. Following a £16 million gift from the Gatsby Charitable Foundation, the theatre is poised for a revamp of its historic 666-seat auditorium to improve the audience experience. The auditorium will see mechanical and electrical upgrades, the replacement of all technical theatre equipment and structural works to improve sightlines. Fundraising has started for a phase 2 involving a new 200 seat studio theatre on top of the existing Grade II listed building. James Kelway, head of building & project consultancy at Savills Cambridge, said: “This is an exciting project which will upgrade and revitalise a beautiful theatre building and facilities so that it can continue to be used by the community and enthusiasts for years to come.”
Norwich-based UEA spin-out named region’s top tech innovator
Cellexcel, a spin-out from the University of East Anglia based on Norwich Research Park, has been named KPMG’s East of England Tech Innovator, beating off competition from 10 local tech startups. The firm has developed a technology to enable net zero by enhancing the performance and increase the usage of plant-based materials in manufacturing without the use non-biodegradable materials that prevent recycling. Joe Faulkner, senior partner for KPMG’s offices in the East of England, said: “We had an outstanding response from local innovators entering the competition and a shortlist of 10 amazing businesses, stretching from semiconductors, to ed tech through to smart pressure sensing fabric. Cellexcel delivered a superb pitch which really impressed the judges with not only its technology, but its potential for growth in what is an important market as part of the global fight against climate change."
Property developer moves hq to innovation centre
Property developer Jaynic has moved its hq to The EpiCentre innovation centre in Haverhill. Working with West Suffolk Council and the Greater Cambridge LEP, Jaynic speculatively built the EpiCentre. Its team of ten staff are taking 550 sq ft of space on the third floor of the innovation centre, which is now occupied by 30 companies. “It feels like we are coming home’ says MD Nic Rumsey. ‘Haverhill features large in our history. We created Haverhill Business Park bringing Percy Dalton, Terence Barker, HID, Culina, Buildbase and Stagecoach to the town. In addition, we built, owned and operated the Days Inn Hotel before letting it to Travelodge. We subsequently created Haverhill Research Park, facilitating The Flying Shuttle pub and building the Colourbox Montessori nursery.”
The EpiCentre is now a well-established part of the Haverhill economy says Jaynic’s office and marketing manager, Nicola Barber. “We are very much looking forward to being part of it and getting to know the other companies in the building,” she adds.
New president appointed at Suffolk Chamber
Suffolk Chamber of Commerce has appointed Nick Evans, UK site & sales director at the Bury-based flavourings ingredients group Treatt, as its new president. He succeeds Catherine Johnson, a partner at law firm Birketts whose tenure has seen a strengthening of the chamber’s advocacy efforts and the launch of key initiatives to support local businesses. Chamber chief executive John Dugmore said: “Catherine’s leadership has been instrumental in advancing the Chamber’s goals and supporting our members through challenging times. We are excited to welcome Nick, whose vision and expertise will undoubtedly benefit the chamber and its members. We look forward to a new chapter under his leadership.”
Photo(l-r): Matt Moss, SMART Modular Buildings and chamber vice president, Catherine Johnson and Nick Evans.
New businesses set up shop in Norwich
Drive Lounge, a new ‘motorsport simulator experience’, has opened its first UK centre in Norwich’s Castle Quarter. The owner plans to open venues across the UK and chose Castle Quarter to launch as the former shopping centre changes into a social, leisure and lifestyle destination. Half of the units in the centre now involve leisure, dining and social experiences.
Separately, an eyewear company Pop Specs, which says it can make prescription glasses in 20 minutes and recently secured a £75,000 investment on Dragons’ Den, has opened at Chantry Place, Norwich. Paul McCarthy, general manager at Chantry Place, said: “We’re sure our visitors will love the eyewear on offer where fashion meets function. This follows on from other good news for the centre, with Ben & Jerry’s set to join the centre soon and Mango recently opening.”
Solicitor in family law team gains new accreditation
Joel Tyson, a solicitor in the family law team at Fisher Jones Greenwood, has been awarded the Higher Rights of Audience (Civil) accreditation by the Solicitors Regulation Authority. The endorsement enables him to provide clients with a more holistic service; in addition to providing legal counsel, he can now also represent them in higher courts, including the High Court, Court of Appeal, and Supreme Court. Based at the Essex and Suffolk law firm’s Chelmsford office, Joel Tyson (photo, right) is now referred to as a Solicitor Advocate. He specialises in all areas of family law including children disputes, divorce, financial matters, nuptial agreements, and domestic abuse, and has been part of the FJG team since August 2019. He said: "Family law can involve a lot of sensitivities and emotions, so it’s comforting for clients to feel supported by someone they know and trust throughout the entire legal process."
Charlotte Knappett, partner and head of family law at FJG, said: "This accreditation not only highlights Joel’s dedication and skill but also augments our firm's ability to provide top-tier legal services to our family law clients.”
See Profile Fisher Jones Greenwood
National care provider moves to offices in Ipswich
Penn Commercial has arranged the letting of 2 Crown & Anchor Mews, Ipswich to Prestige Nursing & Care, for a long-standing client and for a five-year term. The Grade II Listed property – which offers almost 100 sq m across two floors – will serve as the national care provider’s new office hq in Ipswich, following a move from Silent Street. The Class E property is at Tower Ramparts, in a small courtyard development known as ‘Crown & Anchor Mews’ (photo). Rachael Jackson of Penn Commercial said: “We are delighted to have succeeded in relocating national care provider Prestige Nursing & Care to these desirable new office premises in the heart of Ipswich, which will give them the potential for future growth and convenience that they have been seeking. We wish them every success in their new headquarters.”
Award for science and tech campus
Regional property developer Howard Group has been awarded ‘commercial project of the year’ for its flagship science and technology hub, Unity Campus, at the recent Eastern Echo Awards. It was also highly commended in the ‘deal of the year’ category for the letting of the Orion Building to Welbeck Health Partners. The judges recognised Unity Campus’ personal and collegiate approach, which sets it apart from larger science parks. The pace of uptake across the new buildings at Unity Campus highlights the significant demand for high-quality, purpose-built laboratory and office spaces in Cambridge. Across the campus, 86 per cent of the space is now occupied.
2024 Midyear Investment Commentary
As we approach the pivotal elections of 2024, Colin Manktelow (below right), Executive Director at Brown Shipley in Cambridge comments on the macro dynamics poised to shape the global economy and financial markets.
In the face of subsiding global inflation and unexpectedly robust growth, there are contrasting economic trends. The eurozone and the UK are on an upward trajectory with an anticipated expansion of about 1% this year, a figure that surpasses earlier forecasts. In contrast, the US economy is experiencing a deceleration, with the full-year growth forecast revised downwards to 2%.
The investment landscape is far from symmetrical. We maintain a slightly overweight position on equities overall, with US equities representing the largest exposure, reflecting long-term megatrends such as artificial intelligence. However, despite the improving fundamentals in Europe, we remain slightly underweight on European equities. This cautious approach is driven by the potential regional political uncertainty and is a nuanced and strategic approach to equity exposure.
Geopolitical tensions, including Russia’s invasion of Ukraine, Middle East conflicts, and the upcoming US presidential elections, could impact the global economy and financial markets. Additionally, currency and inflation risks are emerging. If eurozone or UK interest rates fall significantly below US rates, the euro and pound may depreciate against the US dollar, potentially accelerating import-price inflation and challenging the inflation objectives of the European Central Bank and the Bank of England.
In this dynamic economic landscape, adapting to geopolitical and market changes is crucial for robust investment strategies. As we navigate the rest of this year – having a diversified portfolio, balancing growth with geopolitical risks will be key to successful investment strategies in this complex global economy. Read more...
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