Surge in new jobs in region as business output picks up
New jobs in the East of England were created at the fastest rate in over a year in August as private sector output rose sharply during the month. The NatWest growth tracker index for the East of England rose to 53.9, from July's 51.0, its fastest rate in over two years. Workforce numbers across the region’s private sector rose for the third month running in August as firms stepped up recruitment to handle growing workloads. Meanwhile, the rate of charge inflation fell for the second month running easing to a 44-month low. Dipesh Mistry, chair of the NatWest Midlands and East of England regional board, said: "A sustained increase in new business drove the fastest expansion in total activity in the East of England in over two years in August, as the region caught up with the UK as a whole...Promisingly, there was further evidence of price pressures receding as charge inflation hit a near four-year low and fell in line with its long-run trend level. This, and the knock-on impact of lower interest rates, underpinned strong confidence regarding the 12-month outlook. Expectations continued to run relatively high despite easing since July."
Climate tech start up group opens in Cambridge
A group which describes itself as Europe’s leading climate tech hub, Sustainable Ventures, has officially launched in Cambridge. The new office will enable Sustainable Ventures to provide additional services to the city's climate tech startups, such as help with grant writing, R&D tax credits, product design and investment. Based off Chesterton Road, Sustainable Ventures is co-locating with Barclays Eagle Labs. Managing partner Andrew Wordsworth said: “Cambridge is a natural next step for us, especially with its university-backed startups and particularly those with hardware or advanced materials climate tech solutions. By working collaboratively with our partners, we’ll bring investment, business support and a wealth of expertise to Cambridge’s growing climate tech community.” Sustainable Ventures recently completed completed a £3million fundraise for UK epansion led by Barclays Sustainable Impact Capital. The group’s London hq in County Hall is home to over 120 climate tech businesses and it is planning to launch 11 hubs across the UK in the next five years including one in Manchester this autumn.
Pub and beer group looks to call time on taxes and costs that are ‘squashing growth’
The East of England pub and beer industry pour £2.8 billion into UK economy but urgently needs government support says the newly-formed British Beer and Pub Association. It says taxes and rising costs mean pubs make just 12p a pint and the industry may have to bear more burdens and restrictions such as packaging costs and a potential beer garden smoking ban. The association is calling on government to be “business friendly” and support beer and pubs to boost economic growth. It wants to see a cut in beer duty, business rates reform, and a pledge to keep the 75 per cet business rates relief to ensure that pubs can survive. Emma McClarkin, CEO of the association, said: “The East of England sector’s growth will underpin economic growth, which is why if the government truly is business-friendly, it must recognise that pubs and brewers are shouldering multiple taxes and costs that are squashing growth and could lead to businesses failing.”
Freeport funds to invest in green innovations and jobs
Over £980,000 is to be provided to businesses and education organisations in the region from two Freeport East funds to boost opportunities for new innovations and green jobs in sectors such as clean energy. The Freeport East Clean Growth Fund offers finance help to firms in clean energy and other target sectors, such as green hydrogen, agritech, engineering and digital. Recipients include Clacton-based MKC Rail, which is working on efficient and innovative materials for rail projects and Felixstowe-based Automotion which uses artificial intelligence to decarbonise diesel engines. Freeport East will also support businesses to expand their market opportunities and link them into wider networks of universities, funders, and supply chains. Meanwhile, the Freeport East Innovation and Skills Fund focuses on building access to innovation and skills opportunities, particularly in underserved communities and in key sectors such as clean energy, logistics and trade. Steve Beel, chief executive of Freeport East, said: “By investing in these high-impact sectors, we're not only supporting local businesses but also setting the stage for a future where our region is at the forefront of high value sectors that build on our local expertise, such as clean energy, trade, agritech and digital.”
M & A team advises on national tyre deal
Milton Keynes-based national tyre fitter and retailer Just Tyres, which has over 30 sites across the UK, has been bought by The Tyre Group in a deal where Grant Thornton’s UK M & A team advised. The deal is the latest in a series of high-profile deals for Grant Thornton in the automotive sector, including the £182 million sale of Motor Parts Direct to Motus SA and independent car dealer Glyn Hopkin's sale to an employee ownership trust. Mike Tillson, partner and corporate finance automotive lea, said: “We have several ongoing deals in the sector and expect M&A activity to increase as the industry evolves and adapts to changing market dynamics and regulations.” The Tyre Group trades under several brands including Malvern Tyres.
New corporate services partner joins accountancy firm
Mid-market accountancy practice Scrutton Bland has appointed Piers Harrison as a corporate services partner in its Colchester office. He joins the firm from BDO, bringing over 20 years extensive experience working with a diverse portfolio of clients across various sectors. His expertise spans from supporting pre-revenue startups to guiding venture and private-equity backed growth companies, as well as advising large international and public companies. “I am thrilled to be joining Scrutton Bland at such an exciting time for the firm,” said Piers Harrison (photo, right). “The opportunity to work with a dynamic team dedicated to empowering SMEs, family businesses and owner managed businesses whilst delivering exceptional client service aligns perfectly with my professional goals. I look forward to contributing to the continued success of the firm and helping our clients navigate the complexities of today’s business landscape.” The appointment is a strategic addition to Scrutton Bland’s growing team and highlights the firm’s commitment to expanding its expertise and services across the UK.
Jason Fayers, managing partner at Scrutton Bland, said: "His extensive experience and deep industry knowledge will be invaluable as we continue to enhance our services and support the growth of our clients."
'Busy' corporate finance team celebrates 20th anniversary
Cambridge-based PEM Corporate Finance recently celebrated its 20th anniversary at the Graduate Hotel in Cambridge and has made three new appointments to its team. Partner and head of PEMCF, Philip Olagunju said: "PEMCF was initially established by Lake Falconer in 2004, and we are incredibly proud of the subsequent journey we've taken over the past 20 years. Our success is a testament to the hard work and dedication of our talented team, as well as the trust and confidence our clients, colleagues, and professional contacts have placed in us…." PEMCF has received accolades and industry recognition for its client-centric solutions and successful deal closures, including winning several Insider Dealmakers awards. High profile regional deals included the sale of Chell Instruments, the MBO at Titan Motorsport and the sale of Adcock Refrigeration. With six years of experience, Darren Hagan has joined as a manager, having previously worked at Grant Thornton and Bishopsgate and bringing a depth of knowledge of mid-market private company transactions. Ben Anstee has joined as an assistant manager, with a strong background in mid-market M&A initially developed during his time at Lovewell Blake and FRP and after a university placement year with PEMCF, Marvel Okosun has since graduated in accounting and finance from the University of Warwick and has re-joined the team as an analyst, Philip Olagunju added: "We remain busy with a full pipeline, so, I’m genuinely excited to welcome these talented individuals to the team.”
Photo (l-r): Joshua Adu, Ellie Rochira, Darren Hagan, Philip Olagunju, Ben Anstee, Marvel Okosun and James Lewin.
New cohort of trainees joins accountancy practice
A new cohort of 10 trainees has arrived at the Ipswich and Colchester offices of accountancy practice Scrutton Bland. The trainees will be joining their business advisory, corporate services, and tax teams as they work towards Association of Accounting Technicians (AAT) and Association of Tax Technicians (ATT) qualifications. “We are pleased to welcome our 2024 apprentices to the Scrutton Bland family,” said Jason Fayers, managing partner at Scrutton Bland. “These trainees were selected from a large number of applications, and we are excited to see them develop and explore the numerous opportunities available. Our commitment to nurturing new talent is central to our success, and we are proud to be investing in the future of our industry.” The trainees will benefit from Scrutton Bland’s comprehensive training programmes, designed to provide them with practical experience, soft skills and professional development opportunities.
Diverse group of 29 students start training at accountancy firm
A diverse group of 29 students has started their professional accountancy training with East Anglian firm Larking Gowen. The students includes school leavers, university graduates and placement year undergraduates who will join the firm’s offices in Norfolk, Suffolk and north Essex, working towards a variety of qualifications in accountancy and taxation, as well as other specialised qualifications. Managing partner Julie Grimmer said: “Our commitment to our students goes beyond their initial training. We offer a career-long development path, providing a wide range of experiences within the business. Our experienced professionals will mentor and support them at every stage of their journey."
New Essex area director at construction group
Morgan Sindall Construction has appointed Ryan Liversage, who has almost 20 years experience in the sector, as the new area director of its Essex business. Prior to joining Morgan Sindall, he was a regional commercial director at Wates Construction and started his career in the industry as an apprentice while studying at Anglia Ruskin University. Ryan Liversage (right) said: “Essex is a dynamic market right now, with many amazing projects in the pipeline that will deliver significant value for local communities….The close, collaborative relationship between Morgan Sindall and key stakeholders, such as local authorities, NHS Trusts, framework partners, and developers, means there’s so much scope to deliver highly positive impacts from our work.” Morgan Sindall’s regional team is currently onsite at projects at the Mid and South Essex NHS Foundation Trust, the specialist educational needs Castledon School in Wickford and replacing RAAC panelling at Broomfield Hospital. The business has also recently been reappointed by Essex County Council to its construction framework for another four years.
Separately, Morgan Sindall Construction has been chosen to construct Harlow’s new multimillion pound Sustainable Transport Hub and Interchange, part of a programme of large-scale, town centre regeneration and funded by the Government’s Towns Deal.
Medical conference brings over £920k of business to Cambridge
Meet Cambridge, the official bureau for conferences and events in the city surrounding area, is seeing the culmination of five years’ preparation as partner to the organising committee for one of the world’s largest medical conferences in its field. Meet Cambridge has worked alongside The International Neurotrauma Society, a body of globally-renowned scientists and clinicians tackling brain and spinal cord injuries, helping the organisers to win the bid and bring the 2024 conference to Cambridge for the first time. Attended by 670 delegates from 2nd to 5th September, the conference attracted 12 sponsors and 17 exhibitors as well as more than 60 keynote speakers from Africa, Asia, Australasia, Europe, North America and South America. NeuroTrauma 2024 required a multi-site approach to hosting the event, with a total of 13 different Meet Cambridge venues used across the four days. Judith Sloane, head of Meet Cambridge said: “NeuroTrauma 2024 really did showcase all that Cambridge has to offer including complimentary walking tours and we hope that delegates will have gone away with great memories of their time in our wonderful city. Their attendance has also resulted in an estimated £922K worth of economic impact* to the city and its businesses.”
Photo: In the Sunken Garden at Clare College (l-r) : Judith Sloane, head of Meet Cambridge; Peter Hutchinson, professor of neurosurgery, incoming president of the INTS; Rose Padmore, director, Opening Doors & Venues and Celia Lloyd, Opening Doors and Venues.
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