Firms set to boost staff numbers as confidence surges
More companies in the region are planning to recruit staff after business confidence in the East of England surged in July as firms grow increasingly optimistic on their own prospects and on the outlook for the economy. A net balance of 38 per cent of businesses in the region expect to increase staff levels over the next year, up 11 points on June, according to a business barometer from Lloyds Bank Commercial Banking. Overall confidence in the East rose by 26 points to 61 per cent. Firms’ optimism on their own trading prospects rose by 19 points to 58pc, while optimism in the economy climbed 34 points to 64pc. The East was amongst the most positive regions in the country and nationally, there was an upturn in all sectors, most notably retail where confidence rose by 25 points to a post-pandemic high. Manufacturing and services prospects also improved although construction saw a more modest increase. Kirsty Sadler, regional director for the East of England, Lloyds Bank Commercial Banking, said: “It’s encouraging to see more businesses hiring as they plan for future growth. This is a step that with benefits that extend far beyond one firm. It’s also good news for local communities and the regional economy as a whole.”
Sizewell C takes 1 million sq ft of logistics space outside Ipswich
One of the largest UK logistics deals this year has been agreed for the letting of nearly 1 million sq ft at Orwell Logistics Park (right), in Nacton outside Ipswich for occupation by Sizewell C. Penn Commercial was the local agent working with BGO and Equation Properties as joint agents, with M1 Agency and JLL, to let phase 1. The nuclear power project will take immediate occupation of the two phase 1 units of 301,214 sq ft and 256,255 sq ft. Meanwhile construction of phase 2 - involving units of 500,000 sq ft and 25,335 sq ft - will be completed in summer 2025 along with 5.4 acres of open storage.
Separately, Penn Commercial has sold a long leasehold investment in a 705 sq ft café premises on Ipswich Waterfront at 15a Regatta Quay to Coffeelink on behalf of a longstanding client.
Take-up of industrial & logistics space set to rise
The take-up of industrial and logistics sheds in the East of England is expected to increase over the next six months as space requirements have started to increase. Around 1.2m sq ft of space is now under offer and set to exchange, according to Savills' Big Shed Briefing. Take-up in the East of England so far this year has reached 371,511 sq ft across two deals, marginally down year-on-year. But space in the mid-box size range has outperformed expectations, reflecting sustained occupier demand. Third-party logistics firms, accounted for two thirds of all activity and food producers a third. A key recent deal involved Greene King agreeing terms with Jaynic for 7.73 acres at Suffolk Park for its new brewery in Bury. In all, supply of industrial and logistics space in the East has risen 18pc in the past 12 months to stand at 2.61m sq ft across nine units; leaving only 1.13 years’ worth of supply available. William Rose, director, Savills Peterborough, said: “Requirements within the East of England have surged in Q2 2024, particularly interesting given recent large-scale investments in the area. Consequently, all the top-tier vacant spaces are now under offer and are expected to finalise in Q3 2024. Given the region’s limited stock, the vacancy rate can vary rapidly, and we anticipate it will drop to 5.3 per cent by the end of the year.”
Call for temporary initiatives and pop-ups to revive high streets
Calls for new measures to 'transform' high streets with pop-ups and temporary initiatives for new businesses and mobile phone-based loyalty programmes feature in a new report, The Future of the High Street from the Federation of Small Businesses. It calls for local authorities to create a specialised fund to support pop-ups, markets, and temporary use initiatives for first-time businesses to encourage new ventures on the high street. It says making temporary spaces available will help fill vacant sites and provide opportunities for small firms to launch on the high street. Ann Scott, development manager for Essex at FSB, said: “It’s important that small firms across the East of England are provided with the right environment, infrastructure, and flexibility to be successful – and in turn help grow their local economy. From the core high street issues of business rates, parking, and transport to more innovative asks, this report sets out a raft of recommendations to try to revive our town and city centres and ensure our small businesses are well supported."
Norfolk-based insurance firm acquired by larger brokerage
Priory Insurance Brokers, a Norfolk-based commercial and personal lines insurance broker established in 1973, is joining Alan Boswell Group. It follows the company’s purchase of The Insurance Centre, a Norwich-based brokerage, earlier this year. The Wymondham-based business will continue to trade as Priory Insurance Brokers and its staff and premises will be retained, while clients will benefit from the additional support and services of the 420-strong financial services group. Mark Whitmore, managing director of Priory Insurance Brokers, said: “We are excited to join Alan Boswell Group and continue delivering the same level of care and dedication our clients expect. As part of a larger brokerage, we can leverage their extensive resources and expertise to enhance the value we offer our clients.”
Alan Boswell, executive chairman of Alan Boswell Group, said: “... As soon as we met Mark, we knew the team would be an excellent fit for us. Their years of expertise and shared values align perfectly with ours and we are excited about the opportunities this will bring for our clients."
See Profile Alan Boswell Group
Corporate finance team confident of 'continued strong performance' in second half
Grant Thornton UK's Central and East of England corporate finance team has seen a strong first half, advising on deals worth more than £230 million and including shareholder exits, acquisitions, employee ownerships trust (EOT) sales and corporate carve outs. Corporate finance partner Mike Tillson (right) said: “Despite the macroeconomic headwinds and political uncertainty, we’ve completed a variety of deals already in 2024. Notwithstanding recent market conditions, the deals we have completed demonstrate there is plenty of confidence in the market from buyers, investors and debt providers to get deals done, as well as highlighting that owners can achieve their objectives through considering varying transaction strucutures. With improved economic indicators in the UK and global markets, we are confident of continued strong performance in H2, and into 2025.” Transactions by the team included the sale of independent car dealer group, Glyn Hopkin to an EOT, the acquisition of eight Mick George sites for Peterborough-based PJ Thory, and the carve out of Strata Products for Berry Global in a sale to Chiltern Capital. It also advised Bury-based, specialist geotechnical engineering business Geosense on its sale to Swedish group, Indutrade. Promotions have included Staurt Davies to partner, Toby Hare to director and Huyen Nong and Zach Rose to manager and the 15-strong team now includes three partners and two directors.
Diverse farm estate put up for sale on banks of River Colne
An environmentally-rich farm estate on the banks of the River Colne, east of Fingringhoe near Colchester, is being offered for sale freehold with wide potential for various investment and amenity uses. Priors Farm is a a ring-fenced property of 153 acres providing amenity woodland, grassland, water bodies, storage facilities and a former quarry office with planning permission for a three-bedroom dwelling. The estate is offered for sale as a whole, but bids for individual lots or specific parts of the property will be considered. Owned by the current vendors for decades, Priors Farm was previously a site for sand and gravel extraction, with materials transported by barge to London via a private quay on the River Colne. The land has been restored to amenity grassland, offering potential for biodiversity net gain, woodland planting and carbon offset projects. The sale involves lot 1 (guide price: £950,000) suitable for equestrian and leisure uses and lot 2 (guide price: £650,000) with 79.6 acres of natural regeneration, reeds, wet woodland, grassland and tracks. It also includes three other lots, each with a guide price of £250,000 and including broadleaf woodland, with a phone mast with income, a carp lake and grassland.
Family law expert re-accredited for Children’s Panel
Rachel Earnshaw, a partner in Fisher Jones Greenwood’s family law team, has achieved Children's Panel re-accreditation for the 16th year running. The milestone allows her to represent children in legal proceedings, particularly in complex cases involving social care and court decisions about their welfare. Accreditation is awarded every three years by the Law Society to solicitors who can demonstrate a high level of expertise and knowledge in children’s law. Rachel Earnshaw (photo, right) manages the family law team at FJG’s Clacton office on Station Road, advising clients there as well as at the firm’s Colchester office and is the only Children's Panel accredited member in the Tendring area. She said: “Without accreditation, I couldn’t achieve the best outcomes for children and that’s what motivates me.”
Charlotte Knappett, head of family law at FJG, said: “I have worked alongside Rachel in the family team for almost 20 years, and in that time, she has established a great reputation for ensuring that children’s best interests are highlighted in court proceedings."
See Profile Fisher Jones Greenwood
|
