Jump in job applications as workers ‘worry about their finances’
Almost half of workers in the region are actively looking or considering new job opportunities as the cost of living takes its toll whilst a quarter believe they could get paid more elsewhere, according to a survey from recruitment firm Reed. Matt White, regional managing director for the East of England at Reed, said: “In the local labour market, there’s a level of uncertainty and growing financial concerns – more so among jobseekers than employers. On the whole in the East of England, the jobs market is largely active, and there’s certainly a jump in the number of applications we’re getting for all roles across every sector we recruit in. People are worrying about their finances, survival instinct has kicked in, and many are open to jumping ship to secure a higher wage.” He added: “Financial remuneration remains a really important tool when attracting skilled workers, however, smaller companies can’t often compete against their larger competitors, and in this case, they need to offer better benefits – really think about what people want and how you can tailor what you offer to the unique needs of each worker – there shouldn’t be a one-size-fits-all approach.” The survey also highlighted salary ‘expectation gaps’ across the country; workers in the East felt 49,000 was a ‘comfortable’ salary to live on whereas the average wage in the region is currently £35,000. As part of its annual salary guides, Reed analysed more than 17 million job adverts and questioned 5,000 UK workers.
Significant opportunities for deals in the region but ‘patience and flexibility’ needed
There are significant opportunities for dealmaking this year despite a more challenging investment climate but a more “patient and flexible approach” will be needed, according to merger & acquisition specialists at BDO. Vinod Patel, transaction services partner at BDO, said: “Despite advising on 26 deals with a value of over £800m in the region, 2023 has, overall, been a challenging year for dealmaking, given the macro-economic headwinds and the increasing cost of capital, which has driven increasing caution from buyers.” He added: “Although M&A deal volume, both regionally and nationally, was down in 2023, significant opportunities remain and there are still deals to be done with excellent and exciting businesses in the region that continue to attract the attention of investors.”
John Gethen, M&A director at BDO, added: “The key to success in 2024 will be taking a more patient and flexible approach to fulfilling the potential that exists. With the investment climate proving more challenging, innovative and entrepreneurial businesses must be well prepared regardless of their market segment.” Last year more than a third of BDO’s advisory activity in the region involved private equity.
Separately, the logistics sector – a key area for the East of England linked to the region’s ports and shipping industries – may be well-placed to see a further boost to merger and acquisition activity in 2024. BDO says global companies across the sector are focusing on UK opportunities, with a resurgence of international investor appetite.
Photo: John Gethen and Vinod Patel.
In brief…
New business and innovation hub reaches practical completion at University of Essex
The latest phase of Parkside – the University of Essex’s new hub for business and innovation – has reached practical completion. Described as the largest new office facility of its kind in the region and sited on the Knowledge Gateway Research and Technology Park outside Colchester, the Parkside 3A office complex covers 41,571 sq ft and is 25 per cent let. Ewan Dodds of Whybrow, joint agent for the Parkside project with Carter Jonas, said: “Parkside represents the pinnacle of modern architecture and business innovation, offering a range of flexible spaces to suit diverse business needs, from single suites from 2,000 sq ft to single floors of just under 11,000 sq ft”
University registrar Bryn Morris said: “This is a stunning landmark building which will provide a fantastic base for companies keen to move onto our Knowledge Gateway research and technology park and join our thriving business community.
New Cambridge programme launched to tackle innovation challenges
PwC is launch a new Cambridge-based programme to tackle innovation challenges through mentoring, coaching and collaboration with multinational companies and startups. Its new digital accelerator – a 12-week innovation programme will use the professional services firm’s global network, to provide skills, knowledge, and digital technology as part of its drive to foster innovation and provide solutions to complex business issues. Abhi Naha, who recently joined the firm as digital accelerator director, said: “With significant advancements in Gen AI, digital sustainability, healthcare, and cloud computing, this innovative digital accelerator will combine world-class techno-economic thinking with strategic scale-up partnerships. Our goal is to deliver value and impact at scale and speed, particularly in high-growth markets.”
Sharp increase in start-ups but cashflow ‘red flags’ on the rise
The number of start-ups in East Anglia rose sharply in January although there were also significantly more cashflow ‘red flags’ at businesses in the region, according insolvency trade body R3. Start ups in the region rose to 9,463 in January, up 45 per cent on December and 26 per cent higher than in the month a year ago. However levels of debts owed by East Anglian businesses in liquidation in the region increased by 61 per cent in January and were almost a third higher than a year ago. The number of local firms with late payments on their books also started to rise for the first time in recent months. R3 Eastern chair Hayley Watson (right) of McTear Williams and Wood, said: “Significant increases in the number of local businesses, along with substantial rises in late payments and monies owed by firms in liquidation could create a perfect economic storm if the region’s new entrepreneurs fail to cushion cashflow and keep the sharpest eye on costs.”
New supermarket opens at Stowmarket business park
A Budgens supermarket is to open in Suffolk Central Business Park in Stowmarket after Penn Commercial arranged the freehold sale of retail premises on Sorley Road to Popular Ltd, acting for client RLMH Commercial. The newly-built retail premises cover 372 sq m. Suffolk Central is a new business park to the west of Stowmarket, close to the A14 with a total of 20 offices units, plus the retail premises, across three phases and with on-site parking and landscaping. Other occupiers include Aaron Services and Farmers Guide. Robin Cousins, associate at Penn Commercial, said: “The addition of the Budgens brand offers a strong community retail provision. The 4,000-square-foot premises has been split to provide 3,000 sq ft of convenience store and a further 1,000 sq ft that is available to let. The vacant space would suit a number of occupiers or local businesses to further serve the community, and is available immediately on new lease terms.”
Offshore wind cluster formalizes as limited company
EastWind, an offshore wind cluster in the region, has set up a formal company limited by guarantee and backed by major industry players. Established in 2021, it has over 150 members from various sectors to advocate for offshore wind. With a board and governance structure, EastWind aims to boost its industry presence and promote collaborative initiatives. Spearheaded by Alexis Brackpool, the cluster plans to work in areas such as hydrogen and nuclear. Vice chair Denise Hone said:”We have an ambition to be an exemplar for other clusters, demonstrating how collaborative working can create effective and positive change in our industry and beyond.” Initiatives such as Freeport East, the Lowestoft PowerPark and the Great Yarmouth O&M Campus are set to bolster the region’s offshore wind capabilities.
Separately, offshore industry trade body OEUK warned recently that 42,000 jobs could be lost in the sector if Labour’s proposals to extend the windfall tax on UK oil and gas production are implemented. It said job losses would be felt before an election is even called.
Photo: Denise Hone, EastWind vice chair, Andrew Harston, EastWind chair, Alexis Brackpool, EastWind project manager
New partners appointed at Suffolk-based solicitors
Suffolk-based Atkins Dellow Solicitors has appointed two new partners; its long-term employment law specialist, Adrian Green alongside Lorna Denton-Cardew, a newly-appointed private client expert. Adrian Green (photo, right) has been head of the employment law department at Atkins Dellow since its inception 3 years ago. His expertise extends to both employees and employers, having acted for both sides of the employment relationship. Lorna Denton-Cardew (far right) has wide experience in her field, having qualified in 2009 and specialising in wills, lasting powers of attorney and probate matters. Robert Dellow, long time partner at Atkins Dellow, said: “Adrian has been a brilliant member on the Atkins Dellow family since joining three years ago. He has helped so many clients during his time with us and has helped us to grow our reputation as being service quality leaders in the area…..Our private client team has gone from strength to strength in recent years and Lorna brings a further layer of experience to enhance the delivery of our services across the region.”
Director appointed at insurance provider
East Anglia-based Longfields Insurance has appointed Mark Whyman as its new rural and agricultural director. Longfields is an insurance broker specialising in agriculture, commercial, and high net worth houses. Managing director Luke Broadley said: “Mark has played a key role in Longfields’ success for many years and has been a dedicated advocate for the rural community. His appointment not only reflects positively on Longfields but also stands as a testament to his unwavering commitment to serving the needs of the rural community. Mark’s continued commitment to Longfields strengthens the company’s foundation, and together, we look forward to advancing even further in 2024 and beyond.”
Photo (l-r): Mark Whyman and Luke Broadley
‘Big Cuppa’ event raises for cancer charity
Nearly £400 has been raised for cancer charity Big C to help them with support and scientific developments in the fight against cancer. Norwich-based marketing agency Nurture Marketing held a ‘Big Cuppa’ event bringing together businesses to share cake, tea and coffee for a good cause. Organisations such as Resins ‘R’ Us, Brancaster House, Lucas & Wyllys and Lamberts came together to network and share business ideas over a slice of Victoria Sponge. Managing director Rechenda Smith said: “I feel extremely passionate as a business owner about supporting charitable organisations. Being able to bring together business friends, suppliers, clients, and associates to raise vital funds for a worthwhile charity is an amazing thing to do.”
