New air cargo service from Stansted takes off to boost region’s trade with China
Chinese carrier Hong Kong Air Cargo has launched a new service connecting London Stansted with Hong Kong aiming to bolster trade between the UK and China. Operating twice-weekly initially using an Airbus A330-200, the route targets the surging demand in online shopping and trade between the UK and China. Stansted Airport aviation director Simon Gorrighan said: “The decision demonstrates the confidence both countries have in their trade relationship, which is great news for businesses across the UK, and particularly those seeking to enter the Chinese market from London and the East of England.”
Captain Clifford Hung, president of Hong Kong Air Cargo, added: “This route will provide our customers with more choices and flexibility for their air cargo logistics needs and create more value and opportunities for our stakeholders and partners.” London Stansted is a major UK cargo hub providing access to the capital and other major cities, making it an attractive route for freight forwarders. Hong Kong Air Cargo’s fleet of six all-cargo aircraft connects destinations across Asia, Europe, and the Middle East.
Australian hydrogen group looking at manufacturing investment at Freeport East
Freeport East has signed a collaboration agreement with an Australian-based green hydrogen storage firm, Rux Energy, during a visit to the University of Suffolk’s Innovation Labs in Ipswich. The memorandum of understanding underlines their commitment to safe hydrogen storage and distribution and raises the prospect of an investment in manufacturing in the area. Dr Jehan Kanga, founder and CEO of Rux Energy, said: “Rux has spent the last year working closely on planning for industrial trials which commence this year for our novel hydrogen storage systems which utilize our patented advanced nanoporous materials, and pre-feasibility for scale manufacturing here in the Freeport.” The signing took place as part of a UK visit by Rux Energy that involved meeting local stakeholders including included prospective supply chain partners around Harwich, where the firm registered a UK subsidiary in 2023.
Steve Beel, CEO of Freeport East, said: “This latest agreement underscores our commitment to becoming the greenest freeport in the country. Rux Energy chose to establish its first European base in the East of England due to our support and we will continue to work closely with the team in order to meet our mutual goals.”
Photo: Dr Jehan Kanga and Steve Beel at the signing.
Record high for new business formations across Cambs, Norfolk and Suffolk
More new businesses were set up in Cambs, Norfolk and Suffolk during 2023 than in any previous year according to recent figures from the Inform Direct Review of Company Formations, using data from Companies House and the ONS. The three counties also recorded all-time highs for the total number of companies during the last 12 months. In Cambs, new formations rose 12.1% to 8,677 on the previous year taking the total number of registered companies to 60,023; Norfolk saw 5,723 new formations, a rise of 6.3%, taking the number of registered companies in the county to 48,437 whilst Suffolk saw 8,934 new formations rise 32.4% to 8,934, taking the total to 51,083. John Korchak (photo, right) managing director at Inform Direct, said: “It is excellent news that Cambridgeshire, Norfolk and Suffolk can celebrate a record year for new company formations during 2023. The year undoubtedly presented a range of challenges for business including tepid predictions of economic growth, volatility in energy prices and uncertainty from world events. However, the formation figures demonstrate very clearly that East Anglian entrepreneurs remained undeterred and pursued their ambitions to establish new ventures.”
Businesses optimism grows for next 12 years despite mounting cost pressures
Business optimism in the region for the next 12 months strengthened in January driving a renewed increase in employment despite rising cost pressures, according to a key survey of purchasing managers. It showed that companies were increasingly positive in their expectations for growth and confidence was the strongest since last June. The NatWest East of England PMI business activity index – covering both manufacturing and services sectors – posted 50.7, little-changed from 50.9 in December but only the second, albeit marginal, expansion (above 50.0) over the past seven months. Private sector employment in the East rose for the first time in three months in January. Companies supported output by completing outstanding business, as new orders continued to fall. But average input prices continued to rise strongly in January with cost pressures greater at services firms. Rashel Chowdhury, NatWest Midlands and East regional board, said: “The East of England eked out another rise in output in January, but remained among the weakest-performing UK nations and regions….Companies are, however, increasingly upbeat around the 12-month outlook and added to workforces for the first time in three months. This confidence may yet be undermined by the recent rise in cost pressures:, with input price inflation accelerating for the third month running in January, and output price inflation remaining well above the long-run average.”
MBO at Suffolk-based tech-led consultancy
An MBO has been completed at Suffolk-based, risk management and training consultancy Praxis42 by its management team advised by Forward Corporate Finance. The management team of CEO Julian Roberts, MD of digital Tom Paxman, MD of consulting Adam Clarke and commercial director Shane McAllister acquired the business from its founders Keith Paxman and Mike Stevens. Forward acted as lead advisor to the management team. Praxis42 is a technology-led consultancy, providing compliance support for large corporates and SMEs for over 20 years. Its proprietary e-learning platform SHINE is tailored to clients’ specific needs and has driven renewable subscription-based revenues. In recent years, Praxis42 attracted Julian Roberts and Shane McAllister to the team, through a joint venture ComplyNet. The MBO provides the founders time to take a step back and will enable management to drive growth for the next stage of development. Funding for the transaction, including additional capital to invest in SHINE, was provided by Triple Point. Tom Paxman said: “Rob and Will at Forward assisted us to agree the headline deal, ran an extremely impressive process to attract the right funding partner in Triple Point, kept us all on track through a few bumps in the road and got the deal done we have had in the pipeline for some time now.”
Will Neill, manager Forward Corporate Finance, said: “We are delighted to have helped them become business owners, and can’t wait to see the next growth stage for Praxis42.”
See Profile Forward Corporate Finance
In brief…
Anglian Water to recruit 800 apprentices
Anglian Water is set to recruit more than 800 new apprentices by 2030 and create 7,000 jobs in the region as the company gears up to deliver a proposed £9 billion investment programme between 2025 and 2030. The water utility offers two-year practical apprenticeships in its water and wastewater treatment teams where candidates will spend 24 months training through a mix of classroom study and on-the-job training. It also offers a range of higher level and degree apprenticeships in disciplines across the business, from electrical or civil engineering to digital transformation and IT.
Cambridge biotech funding round raises £310k
BugBiome, a Cambridge biotech business working on microbial defences for pest protection, has closed a pre-seed funding round securing £310, 000 from Cambridge Angels and Discovery Park Ventures. It also provides matched funding for a £330,000 engineering biology grant from Innovate UK, to identify new methods to control aphids in crop protection. Co-founder and CEO Dr Alicia Showering said: “...This investment enables our non-dilutive Innovate UK grant and will help us to advance our pipeline of innovative microbial solutions for pest protection, offering an effective alternative to chemicals. With this new funding, we are expanding our team, accelerating the development of our microbial products against pests.”
Photo (l-r): Chris Mosedale, co-founder & CCO, Alicia Showering, co-founder & CEO, Bob Jones, microbiologist
Newmarket speculative development planned
Developer Chancerygate has bought a 2.5 acre former manufacturing site in Newmarket to speculatively build 51,000 sq ft of Grade A urban logistics space. Ten units – ranging from 3,595-6,685 sq ft – are planned, available on both a freehold and leasehold basis and the scheme will have a gross development value of around £11.5m. Nearby neighbours on the site on Exning Road, two miles south of the A14, include Screwfix, Toolstation, Travis Perkins and Evri.
New Norwich retail store to open
A contemporary Scandinavian retailer is set to open a new store in Norwich this spring after Roche Chartered Surveyors secured Søstrene Grene as a tenant for premises at 15-17 London Street. Established in Denmark in 1973, Søstrene Grene is a home retailer, selling furniture, interior decor, kitchenware, party supplies, stationery and toys and has 15 stores across the UK. Roche has let the London Street 5,612 sq ft unit, next to Jarrold’s department store on a ten year lease. Adrian Fennell, partner at Roche, said: “The location is within one of Norwich’s principal retail thoroughfares, which link the professional business district, the Cathedral and railway station to the city centre. This will be the retailer’s first store in the region and we are pleased to have found them ideal premises here in Norwich.”
Strong prospects at resort after record 2023 revenues
Wyboston Lakes Resort, west of Cambridge, is anticipating a strong year ahead after a successful 2023, marked by strong revenue growth and strategic achievements. The company beat all previous years’ figures achieving turnover of £20.9 million whilst gross margin and net profit also grew. The venue saw record-breaking revenue in both September and November 2023, followed by results beyond expectations in December. Richard Smith (photo, right), chief commercial officer at Wyboston Lakes Resort, said: “Despite a dynamic economic landscape with inflationary pressures, the company demonstrated resilience through proactive sales strategies and cost management. Together with effective strategic planning that helped to navigate challenges and seize opportunities, we achieved outstanding results.” He added:“The company has already secured substantial contracts for 2024, positioning itself for continued success in the coming year. Prospects are exciting.”
Norfolk Showground expansion completed
Norfolk’s largest indoor events venue, Norfolk Events Centre (NEC) at the Norfolk Showground, has completed a 375,000 sq m expansion project involving new offerings and upgraded facilities. The £750,000 upgrade got the go-ahead after major grants completed the fundraising efforts and the exhibition hall now provides additional space for break-out rooms, kitchens, bars, toilets, and equipment storage.
Corporate insolvency warning
A rising tide of insolvent businesses in England and Wales could swell further and lead to a significant hike in corporate insolvency levels across East Anglia for 2024, according to the Eastern branch of R3. Insolvency Service figures show that there were 25,158 seasonally adjusted corporate insolvencies in 2023, up 14 per cent on 2022. R3 Eastern chair Hayley Watson said: “The upsurge in consumer spending that many businesses had been hoping for since the end of lockdown hasn’t happened or, at least, hasn’t been sustained, and the firms who were hanging on and hoping for it have simply run out of time and money. The current business climate is undeniably harsh.”
New senior partner appointed at accountants
Chartered accountants Lovewell Blake has appointed Simon Watson as senior partner, replacing Mark Proctor who is stepping down after three years in the role. Simon Watson joined the firm in 1995 and was appointed a partner in the firm in 2004. He is currently a corporate services partner, acting for a wide range of corporate clients as well as the UK representative member of the audit committee of HLB International, a global advisory and accounting network. He said: “It is a huge honour to be chosen by my fellow partners to take on the senior partner role. My business ethos has always been based on client service, and as senior partner I will be focussing on ensuring that we maintain and improve the high levels of service we offer our clients. As part of this, I will continue to support my own portfolio of clients…” He will work alongside managing partner Kevin Bunting, who took on that role in 2021. Mark Proctor will continue as a partner, leading the firm’s charities and schools team.
Photo: Senior partner Simon Watson (right) with managing partner Kevin Bunting.
Pledge to push UK up global rankings for broadband speed
East of England rural provider County Broadband has pledged to help push the UK up the global rankings for broadband speed performance with its gigabit-speed full fibre infrastructure rollout across the region. Data from Ookla shows the UK stayed in 56th place for fixed line broadband performance between 2022 and 2023. The UK’s average fixed line download speeds rose from 69 Mbps to 84 Mbps in 2023 and upload speeds rose from 18 Mbps to 24 Mbps. A County Broadband spokesperson said: “The figures suggest the UK is starting to catch up with the rest of the world, with slighter higher percentages on download and upload average speed increase for fixed lines, but it is no secret that the only way for the UK to get closer to the likes of France and USA and reap all the benefits of much faster and far more reliable broadband is through full fibre connections.” County Broadband is designing, building and deploying full fibre broadband in villages and market towns across the East of England, backed by a combined £146 million of private investment from Aviva Investors.
Attleborough is growing….and so is the town’s branch of legal firm Rogers & Norton Solicitors.
Law firm Rogers & Norton expects its client base to increase over the next few years with Attleborough’s population set to double once 4,000 new homes are built on land south of the town centre. Managing director Bruce Faulkner said: ‘‘With this scale of housing development, we expect to see employment growth, start-ups and new businesses opening in and around the Attleborough area and we are perfectly positioned to offer new and established businesses a full range of legal services.”
Molly Daynes, who has previously been based at the firm’s Norwich office, qualified as a solicitor this month in the commercial property team and has started her dual role working across both branches, alongside corporate solicitor Jack Crosthwaite who already spends a significant amount of time at the firm’s Attleborough branch. Her move will help Rogers & Norton to serve its growing commercial client base. As well as offering a wide range of commercial services, the Attleborough branch of Rogers & Norton has established residential conveyancing, private client and personal injury teams, dealing with residential property sales and purchases, later life services such as wills, trusts and probate and personal injury claims.
Bruce Faulkner continued: ‘‘The value of having a local expert, an accessible office and a familiar face equipped with in-depth knowledge of the roads you travel, the paths you walk, your workplace and the community you belong to cannot be underestimated. We take pride in providing a full range of legal services tailored to businesses, individuals, and families within the Attleborough area and its surroundings.’’
