Region’s firms stay in expansion mode despite supply chain challenges
Nearly half of businesses in the region plan to expand or upgrade their premises to meet growth ambitions and many are planning to hire new staff despite challenges with supply chains and skills shortages, according to a new survey. BDO’s bi-monthly Economic Engine survey of 500 mid-market businesses shows some 47 per cent of mid-market businesses in the region are looking to upgrade their premises for larger space, or move to a better location to help facilitate growth plans. Firms in the region are also taking a proactive approach to recruitment over the next six months with nearly half hiring more people overall and almost a third taking on more graduates and apprentices. More diverse hiring is also planned. Peter Harrup, head of BDO in East Anglia, said: “Time and again we see so many examples of businesses across the region refusing to lie down and be beaten by the bruising economic headwinds. Unsurprisingly, nearly a third of East Anglia companies feel optimistic about the current business and economic environment and feel prepared and confident in their ability to adapt.” The survey also showed that nearly a quarter of East Anglia businesses intend to take on new equity investment while 28 per cent are planning price rises. Almost a fifth of firms ranked supply chain pressures as one of their top challenges, with issues such as folding suppliers, stock shortages, and rising costs topping the list.
Warning on ‘false dawn’ in corporate insolvencies
A surprise fall in the number of insolvent businesses in England and Wales should be viewed with caution and is far more likely to be a ‘false dawn’ than an indication of economic recovery, according to the Eastern branch of R3. Insolvency Service figures show that corporate insolvencies fell by 15 per cent in September to 1,967 compared to August's total of 2,319, but still stand 16 per cent higher than in September last year. They are also over a third higher than in September 2021. R3 Eastern chair Hayley Watson (photo, right) associate director at McTear Williams & Wood, said: “Despite the monthly fall in insolvencies, businesses are still struggling. The September 2023 numbers are the highest we’ve seen for this month in four years as a combination of economic issues, director fatigue and the post-Covid insolvency lag see a rising amount of firms turn to corporate insolvency processes to resolve their financial issues." She added: “Our message to company directors is simple: if you’re worried about your business, seek advice…”
Travel firm takes space at Norwich business park
St Andrews Business Park in Norwich has had a boost with the letting of Lancaster House, a recently-renovated office building, to Travel Chapter, a leading UK holiday lettings company. Travel Chapter has acquired Norfolk-based Original Cottage Company - including brands Norfolk Cottages and Suffolk Secrets - and plans to consolidate various local offices into a regional hub at the park. The 13,500 sq ft building (right) has 65 on-site parking spaces and was formerly occupied by NPS Group. Guy Gowing, managing partner at the negotiating agent Arnolds Keys, said: "This letting reinforces St Andrews Business Park's standing... bringing another nationally-important company to the campus." Businesses based on the park include Price Bailey, Perenco, Oxbury & Co, HM Revenue & Customs, Cape Plc, NFU Mutual, External Services and Williams Lea.
Separately, a national company, Evolve Estates, part of M Core, has acquired a major 160,000 sq ft retail and office site in Norwich city centre at 9-73 St Stephens Street involving shops across three streets and an office block in Surrey Street. The 30 retailers include Sainsbury’s, WHSmith and Specsavers. Talks are underway to fill more than 65,000 sq ft of vacant space.
Key role for Port of Ipswich in heavy lift
The Port of Ipswich has played a key role in the completion of a heavy lift operation for a new energy project in East Anglia. The components, which include a generator, turbine and transformer, for a new power station arrived into the Port of Ipswich from Rotterdam aboard the general cargo ship, Wilson Flex III, and were discharged by Allelys, a heavy lift and transport specialist. The components are so large they will need at least three successive Sundays, which began on 22 October, to complete the transport from the Port of Ipswich where the new energy project is being constructed. Each load will be about 80m long and weigh 500 tonnes; making it the biggest abnormal load ever transported in Suffolk. Paul Ager, ABP divisional port manager, said: “We were pleased to work closely with Allelys to ensure that the project has gone smoothly to date, and our support for this operation exemplifies our commitment to facilitating key infrastructure projects for the region and nation."
Seven new appointments at law firm
Following its best-ever rankings by legal commentators Chambers and Partners and The Legal 500, Ashtons Legal has appointed three new partners, one senior associate and a further three new associates from within the firm. Promoted to partner are Joanna Cotgrove who works in Ashtons’ family team, Debbie Holmes in Court of Protection and Greg McCurday in commercial property. Chambers and Ptns. recognised Joanna Cotgrove as an associate to watch and Greg McCurday was noted as a practice head for commercial property in Norwich. New senior associate Tracy Williamson is a member of the firm’s niche franchising team and is also recognised by Chambers and Ptns. as an associate to watch. New associates Jennifer Beal and Emma Nye are group support co-ordinators at Ashtons and manage the firm’s legal PAs. Hannah Jones works in commercial property and assists in banking and finance matters. On route to their new appointments, all seven completed the firm’s internal leadership programmes. Ashtons CEO James Tarling said: “These appointments demonstrate the commitment we have to investing in the professional development of our staff and I would like to personally congratulate every one of them on this huge achievement.”
Photo (l-r): partners - Greg McCurday, Debbie Holmes, Joanna Cotgrove; senior associate - Tracy Williamson; associates – Emma Nye, Jennifer Beal, Hannah Jones.
Growing private client team strengthened
Gotelee Solicitors has appointed associate solicitor Laura Parker to its growing private client team in the firm's Woodbridge office. As part of the full service legal offering at the firm, she further strengthens the team with years of experience having worked in other Suffolk law firms and in the private client teams. Laura Parker (right) specialises in wills, powers of attorney, administration of estates and probate, working mainly with clients from the Woodbridge area and surrounding villages. She said: “My focus is on providing clients with clear, concise advice and making the difficult processes of succession planning or probate as straight-forward as possible.”
Head of the private client team in Woodbridge, Richard Guy, said: “She brings a wealth of experience and service to the team so we can give the best legal knowledge and service to our clients”.
See Profile Gotelee Solicitors
Events industry ‘green champion’ recognised
Louisa Watson, director of marketing at Wyboston Lakes Resort, west of Cambridge and ESG director of beam has been recognised as a Power 50 Green Champion by micebook, a digital hub for the events industry worldwide. Steve Jones, managing director of Wyboston Lakes Resort, said: “Louisa thoroughly deserves this important award for her hard work and commitment to pioneering initiatives and continually driving progress both here and throughout the industry; more so though, as this is an area that she isn’t just passionate about but believes in right through to her core.”
Louisa Watson (photo, right) said: “This is a wonderful honour for me and for Wyboston Lakes Resort. I’d like to thank all my colleagues and the beam action group who have supported me in my work.” Initiatives at the resort include its energy saving Room2Grow scheme, whereby 26,500 trees will be planted on the site as eco-conscious guests who stay more than one night choose to have a tree planted instead of having their room cleaned. Wyboston also has a four-year roadmap as foundation for a plan to become self-sufficient by producing its own green energy using natural resources available at the resort.
See Profile Wyboston Lakes Resort
New removals manager appointed with proven track record
Glasswells in Bury St Edmunds has appointed a new removals manager. Andrew Johnson; a seasoned professional in the housing market with a proven track record of service has wide experience in estate agency, spanning over 20 years. He brings a fresh perspective and understanding of customers’ desires when moving home. Since 1946, Glasswells Removals in Bury St Edmunds has helped move thousands of customers throughout Suffolk, East Anglia and the UK. Managing director Paul Glasswell said: “Over the years, we have built up a strong name and reputation across the removals sector, and we were even one of the first to join the British Association of Removers. Customers prefer the personal service that we can offer; it gives them confidence to see a removals crew be punctual, looking smart, with the knowledge of how the removal process works and the experience of how to handle your possessions carefully”.
