Firms still recruiting despite hit to demand
Private firms in the East of England saw new business fall in August for the second month running but are still confident they will increase output over the coming year and are continuing to recruit more staff, according to a key survey of purchasing managers. The NatWest East of England PMI business activity index stayed below the no-change mark of 50.0 at 46.9 in August, down from 49.5 in July. Weaker demand was blamed on rising interest rates with manufacturers seeing a steeper drop in new orders than services firms. A fall in new business saw the steepest decline in backlogged work in over three years in August. But employment rose for the seventh month running as firms took on trainees and apprentices as well as replacement hires. Recruitment was relatively strong at services firms. Meanwhile, the rate of inflation in input prices remained strong with services firms in the region facing steeper rises in costs. Rashel Chowdhury, NatWest Midlands and East regional board, said: "It looks like high interest rates and inflation are starting to have a real impact on demand, with new business dropping sharply and firms reporting fierce competition for business. This helped to lower output price inflation during the month, but firms' input prices continued to rise sharply, especially in the service sector."
Separately, an increase in the number of start-up businesses in East Anglia and signs of improving cashflow, could give the region’s economy a boost heading into the final quarter, according to the Eastern branch of insolvency & business rescue trade body R3. Its figures show a 7 per cent increase in the number of businesses set up in East Anglia in August, compared to the month last year. Meanwhile, the quantity of debts owed by liquidated firms in the region fell by 37 per cent in August compared to the previous month. There has also been a small fall in the number of firms with late creditor payments on their books.
Cambridge company makes major investments in digital printing
Cambridge company Domino is making significant investments in its digital printing division as it broadens its range of solutions for industries using labels and corrugated packaging. The firm has set up a dedicated 12,000 sq ft state-of-the-art training centre in the Gateway Building close to its Bar Hill hq to provide courses and resources for its service engineers worldwide. The recently-refurbished unit has three fully-equipped professional labs with the latest digital printing technology to deliver theoretical and practical training, as well as classrooms, offices and a reception area. A further lab has been equipped for advanced development work. Julie Cross, technical director for Digital Printing at Domino, said: “The creation of this centre has enabled us to offer our engineers high-level technical training in a professional setting so they can return to their own locations fully equipped to deliver outstanding service to customers.” Meanwhile, Domino’s £6.6 million investment at its Liverpool Inks Plant will go live early in 2024, boosting its digital printing inks manufacturing capacity. The company has also set up a European Digital Centre of Excellence in Nieuwegein in the Netherlands, for European customers and distributors.
Photo: At the new dedicated digital printing training centre in Bar Hill, (l-r): Barry Few, James North, Julie Cross, Warren Jarvis, and Christopher Noe.
Norfolk-based firm wins multi-million pound contract on offshore windfarms
ScottishPower Renewables’ East Anglia Hub windfarm has awarded a major construction services contract to Great Yarmouth-based Stowen Group. The multi-million pound contract sees the Great Yarmouth-based company support the offshore construction for East Anglia ONE North, East Anglia TWO and East Anglia THREE. It will include the provision of key personnel, management and coordination of interim operations and maintenance during the construction programme. Stowen was previously a sub-contractor on the East Anglia ONE windfarm. East Anglia THREE will be the world’s second largest windfarm when it comes into operation in 2026, generating electricity to power more than 1.3 million homes, and supporting more than 2,300 jobs across the supply chain during its two-year construction. Ross Ovens, ScottishPower Renewables’ managing director for East Anglia Hub, said: “Working with Stowen on this contract and supporting the business to expand and build on its ambitions is a terrific example of the transformational impact of offshore wind, and ScottishPower’s projects, in this region."
Colchester-based group completes acquisition of livestock housing and comfort specialist
Colchester-based investment company, Milbank Group, has acquired a Northants-based business, Intershape, which supplies equipment to improve cow, calf, and horse comfort and performance. The business sells products, mainly sourced from North America and Europe and managed and dispatched across the UK via its warehouse and hq in Daventry. Family-owned Milbank Group has a portfolio of eight diverse businesses and has grown rapidly through acquisition. Intershape will operate as an independent business but Milbank Group sees synergies with its company Silostop Agri. Tim Brewer, managing director of Silostop Agri who takes on the running of Intershape, said: “The addition of Intershape to our team is a really exciting opportunity for us. Their range of products and expertise are well recognised in the industry, and we look forward to working together and gaining more knowledge about the offering.” The acquisition was led by Prism Corporate Broking, Birketts Solicitors and Ensors Chartered Accountants (tax due diligence). Intershape was advised by HCR Hewitsons.
See Profile Birketts and Ensors Chartered Accountants
Separately, Great Yarmouth-based CA Design Services (CADS), a leader in tech-led survey and retail planning has been acquired by Tern Capital, an investor in software and tech-enabled businesses, from its Dutch owner, Boskalis. Guy Moates, director at CADS, said: "The team at Tern share our values and commitment to excellence, and we are confident that this partnership will accelerate our growth and create new avenues for success."
'Strong appetite' for well-managed, scale-able businesses
There is a strong demand for well-managed, scale-able businesses in the region, according to Grant Thornton UK's corporate finance team in the Central and East region. The firm has recently closed two deals in the wider region; the sales of JCW, a Herts-based technical facilities management service provider to Apleona, a German, private equity-backed group, and Herts-based JCA Engineering, which was acquired by UK-listed Mitie Group for up to £31.5m. Grant Thornton partner Mike Tillson said: "These two deals prove there is strong appetite from international, PE and UK listed buyers for strong, well-managed and scale-able mid-sized businesses. We look forward to the coming months with confidence after a very busy summer."
Freight forwarding business opens new warehouse in Freeport East zone outside Ipswich
Family-owned freight forwarding business, Buckle Shipping (Ipswich) has opened a cutting-edge warehouse at the new Port One Logistics Park at Great Blakenham outside Ipswich and inside the Freeport East Zone. With a 78,000 sq ft ground space, the new warehouse can accommodate diverse storage requirements up to at least 12,000 pallets. It has an onsite container lift and alongside HMRC accreditation as a fully bonded warehouse, the business plans to handle food with a BRC certification. Operations director Tom Maddison said: "The opening of our bespoke-designed warehouse is a testament to our unwavering commitment to innovation and customer satisfaction." Founded over 50 years ago and with an hq at the Port of Felixstowe, Buckle Shipping has 29 staff, with 17 recruited in the last three years.
Photo (l-r): Tom Buckle (director), Judith Buckle, Tom Maddison (operations director), Marion Cusworth, Andy Cusworth (MD)
Accountancy firm takes on over 30 students for professional training programme
Thirty four students include school leavers, university graduates and placement students have joined a professional accountancy training programme at East Anglian firm Larking Gowen. They will be working across the firm's offices in Norfolk, Suffolk and north Essex towards a variety of accountancy, taxation and other specialist qualifications. Managing partner Julie Grimmer said: "Our training programmes are not just about passing exams. Our employment proposition is a commitment to career-long training and development, offering a wide range of experience in the business. They will be supported and mentored by experienced professionals who will be looking out for them every step of the way." She added: "Much like my own personal journey within the firm, I aspire to see our current group of trainees to forge long-lasting careers at Larking Gowen."
Experience partner appointed at chartered accountants firm
Ensors Chartered Accountants has appointed Mark Hewitson to the firm as partner. He has over 30 years experience in financial services, specialising in property, technology, and professional services. Previously he was partner at two regional accountancy firms, working with owner-managers to support and develop their businesses through digital accounting solutions. He will be based in Ensors' Saxmundham office, overseeing its day-to-day running with fellow partner Carl Page (photo, left). He said: “We have admired Mark’s commitment to his clients for many years and we are thrilled that he has decided to join the Ensors team. Mark’s experience will be a real asset to the firm, and I am looking forward to working closely with him to support our new and long-term clients.”
Mark Hewitson (right) said: “… Building strong and resilient relationships is a value that Ensors and I share, and their reputation is a testament to the principles they have nurtured over the years.”
See Profile Ensors Chartered Accountants
Space age dawns at event in Haverhill
The opportunities created by the space sector for businesses in the region will be on the agenda at a networking event for Haverhill and the wider business community at The EpiCentre on 20th September from 9.00-10.30am. A separate address on “What Space East Can do for Business in the Eastern Region” from Stuart Catchpole, space cluster manager for Space East, will take place in the evening from 17.30-19.30. He said: “You might already be working in the space sector, you might be using space technologies or data, or you might be simply interested in finding out what the space sector can do for you and your business. Whatever your motivation, Space East aims to bring together innovative people from business and academia to share knowledge, expertise, and capabilities to explore exciting opportunities and establish the Eastern region as a leading player in the UK space sector.” Space East is co-funded by the UK Space Agency and New Anglia LEP.
Welcom for UK's return to science programme
The CBI in the region has welcomed the government’s deal to return the UK to the Horizon Europe science programme. Richard Tunnicliffe, CBI East of England director, said: “Collaboration on research and innovation with the EU is key to boosting the UK’s competitiveness, driving long-term sustainable growth and tackling global challenges such as climate change. Today’s confirmation that the UK and EU have signed a deal on the UK’s participation in Horizon Europe unlocks access to the €95.5bn programme, giving a much-needed boost to UK innovators and adding further credibility to the Government’s ambition for the UK to be a science and innovation superpower."
Suffolk-based managed print services business reaches milestone
A Suffolk-based firm specialising in managed print services, Evolve Business Solutions, is marking three years of operation. An authorised Konica Minolta managed print supplier, the business was set up in 2020 and now employs 12 people at its hq in Ransomes Europark in Ipswich. The company has grown by focusing on customer service as well as an end-to-end managed print service, covering sales, maintenance, and supplies. With over 95 years’ combined industry experience, the company is also able to provide a consultancy and advisory service to customers looking to improve the efficiency and sustainability of their print requirements. Managing director Ross Cracknell said: “As well as our commitment to customer service, we have remained ahead of the curve in the managed print industry by responding to market trends such as home working, toner recycling and AI in print."
Photo: Ross Cracknell, MD of Evolve Business Solutions
