Skills shortages put delivery of future infrastructure projects in region 'at risk'
More than nine in ten SMEs in the East of England face ‘concerning‘ skills shortages in project management which risk the delivery of future infrastructure projects in the region, according to a survey by the Association for Project Management (APM). The association polled over 500 project professionals in SMEs and some 93 per cent based in the East said their employer needs to improve project skills across the workforce. The most popular solution was ‘recruiting more widely across different professions’ (almost half of respondents in the East) followed by ‘training and upskilling existing employees’ and apprenticeships. The skills gap was also cited amongst the biggest challenges facing project growth. Professor Adam Boddison, chief executive of APM, the chartered membership body for the sector, said: “…While it is somewhat encouraging that employers appear to understand the unique value of project professionals, it is concerning that 93pc of respondents believe their SME needs to improve project skills at such a critical time with net zero, technology and global events disrupting business activity across the region….By taking action now to invest in project skills, employers can better streamline their operations and help ensure projects are delivered to budget, timescales and quality.” Soft skills were highlighted as the most important attribute for successful project delivery, particularly adaptability/flexibility and planning followed by team management.
Business activity dips around election but expectations stay healthy
Private business growth in the East of England continued to slow in June as projects were put on hold ahead of the general election although business expectations for the next 12 months remain strong. The NatWest East of England growth tracker business activity index fell to 50.6 from May’s 51.6 but stayed above the no-change mark of 50.0, signalling output growth in the region for the seventh month running. The volume of new business at firms in the East of England fell for the third month running in June and at the fastest rate since last November. Input cost inflation stayed close to May's recent low. Dipesh Mistry, chair of the NatWest Midlands and East of England regional board, said: "Although new business continued to fall in June, there is anecdotal evidence that demand will recover somewhat after the election. Overall activity continued to rise and business expectations towards the 12-month outlook remained stronger than the long-run trend, as firms expect a fall in interest rates soon. Input price inflation was little-changed from May's three-and-a-half year low."
Cambridge rows ahead in varsity office race
Average office rents in Cambridge have grown by 15 per cent since 2021 while rents in Oxford have barely moved as take-up of space in the Eastern city has been almost a third higher than in its rival university city. According to a report from Reed, economic output in Cambridge since the pandemic has grown five times quicker than in Oxford and has been by driven by a near-doubling in the size of Cambridge’s financial and insurance sector since 2019. Office rents in Cambridge at £30.61 per sq ft were well above Oxford at £23.69 per sq ft. Job creation has also been stronger in Cambridge. The report says that Oxford has seen less diversification into high-growth tech industries. While large-unit leasing in Oxford has been focused on life sciences firms, ‘Silicon Fen’ has attracted a mix of life sciences and global tech companies, including Samsung, Siemens, and Roku.
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Colchester-based investment company attaches wigmaker to portfolio
Colchester-based investment company Milbank Group has expanded its diversified portfolio of businesses with the acquisition of Browns More Hair Now, a long-established wigmaker based in Devon. Browns will be a sister company for an existing Milbank Group company, Nicola Jane, which specialises in post-surgery bras, swimwear and breast forms. Claire-Marie Farrar and Melissa Muvuti, joint managing directors of Nicola Jane, said: “We have collaborated with Browns for many years and are excited to work with their talented team. Together, we aim to implement positive changes that will advance service levels, systems, and product ranges, all while maintaining our commitment to first-class service and sustainable alternatives…..Both companies will benefit and learn from each other through this partnership.” Milbank Group includes Milbank Concrete Products, Sui Generis International, Cadman Cranes, Silostop Agri, Orion Future Technology, Nicola Jane, Xanthos Digital, and Intershape. The acquisition of Browns was led by Prism Corporate Broking, Birketts Solicitors, and Scrutton Bland LLP Accountants.
Garden centre acquisition completes in Norwich
A value garden centre group owned by QD Group, Cherry Lane, has acquired Salhouse Garden Centre in Salhouse, Norwich. Nick Rubins, chief executive of QD Group, said: “The latest acquisition of Salhouse Garden Centre is another step forward in the growth and success of Cherry Lane. We have some improvements and developments planned for Salhouse Garden Centre by Cherry Lane over the upcoming months, and it will remain open while we do this work.” Salhouse is the 18th garden centre owned by the QD Group and will be known as Salhouse Garden Centre by Cherry Lane.
New government’s policies ‘should be neutral’ for long term growth
Labour’s policies should be neutral for the UK’s long-term economic growth and - whilst there is a wide range of scenarios on possible effects - in the near term, there is expected to be firmer support for consumer spending, according to Daniele Antonucci, chief investment officer at Quintet Private Bank (parent of Brown Shipley). Taken at face value, this would imply modest upside pressure on wage growth and, therefore, inflation. Labour’s pledge to introduce a “genuine living wage” potentially points to further hikes in the National Living Wage. Labour’s fiscal policies would likely have an impact on inflation via the proposed introduction of VAT on private school fees. Meanwhile, the government might require further modest tax increases, with media reports suggesting that capital gains and inheritance taxes could go up. A possible strengthening of unions’ bargaining power could impact business activity and confidence, and reduce economic flexibility in some sectors. However, it could also modestly boost buying power for certain household categories. Reforms to the planning system could boost housebuilding and productivity; higher public-sector investment is likely to support productivity too, and overall economic growth. Closer trade ties with the EU could mitigate some of the Brexit costs by lowering the administrative costs and keeping UK regulations more aligned with those of the EU. Conversely, higher taxes could reduce incentives to invest. Meanwhile, Labour’s pledge to cut net migration could negatively affect the supply of labour in some sectors that are already being impacted by shortages.
Developer secures planning consent for warehouse site in Bury
Property developer Jaynic has one 5.32-acre site remaining at its two million sq ft Suffolk Park in Bury St Edmunds with planning permission for a 78,100 sq ft warehouse building. Development director Ben Oughton said: “Because the site has reserved matters planning consent, an occupier can have the warehouse developed and ready for fit out within nine months of start on site. We had expected Suffolk Park to take 10 years to develop out when we obtained outline planning consent and started construction of the park’s road infrastructure in 2017, but because of its prime location adjacent to the A14, the lack of supply and strong demand we could achieve it well within that time frame.” As well as Greene King, occupiers at the park include Bleckmann, Skechers, M H Star UK Ltd, Unipart, Sealey, Treatt, and the East of England Ambulance Trust.
Solicitors move to new offices in Ipswich
Gotelee Solicitors is moving to new, modern office space in Franciscan House, Ipswich, following its recent acquisition by Mezzle Group. The new office, a short walk from the firm’s previous location, provides a vibrant and open environment designed to foster innovation and collaboration. CEO Mel Kang said: “The new space at Franciscan House reflects Mezzle’s forward-thinking approach, featuring a clean, open layout that encourages productivity and teamwork. The design includes ample room for future growth, allowing the firm to expand its headcount while maintaining an inviting and efficient workspace”. In line with Mezzle’s dedication to flexible working arrangements, the new office integrates facilities for both remote and in-person collaboration. It also provides convenient parking for visitors and secure access for employees outside regular business hours.
Photo: Mel Kang presenting on Gotelee Solicitors' new offices.
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Law firm sponsors cycle ride in memory of air disaster
Law firm Greene & Greene is sponsoring the 2024 Memorial Cycle Ride from Paris to Suffolk in memory of the Bury St Edmunds Rugby Club players killed in the 3rd March 1974 air disaster. The ride between 10-15 September will cover over 354 miles from Ermenonville (site of the crash, north of Paris) via the Hook of Holland and Harwich, back to Bury. Cyclists of all levels will take part in the event which aims to foster community spirit and suppor the rugby club and St Nicholas Hospice. Two Greene & Greene partners, Hugo Greer-Walker (photo, left) and Jonathan Mathers (right), will take part in the ride. Managing partner Simon Ratcliffe said: “We are honoured to sponsor the Memorial Cycle Ride 2024. This event not only pays tribute to those tragically killed 50 years ago but also brings together individuals for a cause that unites us all. We are also proud to support Hugo and Jonathan as they take on this epic challenge.” The ride is open to participants of all ages and skill levels, and there are numerous ways to get involved, from cycling to volunteering or cheering on the riders. For more information visit Cycle Ride 2024 - Memorial Cycle Ride.
Resort wins silver award for sustainability
Wyboston Lakes Resort, west of Cambridge, has been recognised among the most sustainable venues in the country. The conference, training and leisure resort has won silver in the sustainability category for venues at the Conference & Events Awards. Chief commercial officer Richard Smith said: “It is a tremendous achievement to win such a prestigious award and well-deserved recognition for the continuing commitment of all our team to our mantra of ‘More Sustainable, No Apology’.” The resort’s commitment to sustainability has been independently accredited by earning gold awards from the Green Tourism Awards and the IACC, and EcoSmart Platinum Venue Award from Greengage Solutions. All electric energy on-site comes from renewable resources, reducing the resort’s carbon footprint by 65 per cent and a total of 3,065 solar panels are currently being installed across the site.
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