Region’s firms enter 2023 hopeful for a better year
Most East of England businesses expect 2023 to be better than last year despite a tough economic background according to a Lloyds Bank survey. More than two-thirds of firms in the region (70 per cent) were confident that they would have greater success in the coming 12 months in a survey taken in the first two weeks of December as part of the bank’s business barometer. Over half of firms in the region expected a higher turnover this year and 85 per cent of firms said they were planning an ‘investment drive’. Funding would be used to ‘develop the company’, increase wages and invest in new tech. Key new year resolutions included keeping a closer eye on costs, retaining staff and improving productivity. Other plans include investing in paying bonuses and short-term incentives for staff and a third of firms aim to target growth from their existing customer base.
Dene Jones, regional director for the East of England at Lloyds Bank, said: “It’s clear that businesses in the East have set their eyes on growth next year. Keeping a close eye on costs and investing in their development are among firms’ top priorities, and should prove to be key building blocks for growth….even in the most troubling of times, there will be opportunities for growth to identify and seize upon. This will include investing in sustainability and embracing chances to develop skills, building home-grown talent here in the region.”
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Hotel on Norfolk/Suffolk border acquired by London-based group
The Best Western Brome Grange Hotel near Eye on the Norfolk/Suffolk border has been sold by Cameron Ventures Group to London-based Instol Group which also owns and operates a country house hotel near Bristol. The 44-bedroom hotel has been refurbished and extended since it was acquired by Cameron Ventures Group in 2012 and has a 3 AA star rating. Tim Gooding, director in Christie & Co’s hospitality team, who handled the sale for Cameron Ventures, said: “This sale reinforces the ongoing demand for good quality hotel businesses in the region, which has remained robust despite a changing economic backdrop nationwide.” Cameron Ventures Group, owns and operates hotels in East Anglia and the North-West. The hotel was sold for an undisclosed price.
Hunstanton Pier sold in multi-million pound deal
Norwich-based law firm Rogers and Norton Solicitors has assisted MD Abbott Holdings with the multi-million purchase of Hunstanton Pier Family Entertainment Centre on the Norfolk coast. The deal involved the purchase of C.H.S Amusements – which is the sole shareholder of the Hunstanton Pier Company and which owns Hunstanton Pier – from Cornshire. Michael Abbott, director and shareholder of MD Abbott Holdings, said: “The professionalism, advice, and superior expertise of Alistair Ponder, Jack Crosthwaite and the team at Rogers & Norton has been superb. Working with them on our recent purchase of Hunstanton Pier has been a pleasure.” A Norfolk property developer, Michael Abbott has a background in entertainment and tourism and he bought the family attraction Pettitts Animal Adventure in Reedham in 2017 where improvements and new rides have brought a big increase in customer demand. Hunstanton Pier adds to his growing portfolio of leisure businesses in Norfolk.
Start up loans in demand in the region
Some 2,761 start up loans, worth a total of over £35.7m have been drawn down by businesses in the East of England from the government-backed British Business Bank since the pandemic began. In all, new ventures in the East of England has received over 7,000 loans worth over £67 million since 2012 and the average loan in the region is worth just over £9,500. Start-ups in Essex and Herts have received the most funding over the past decade. Steve Conibear, UK Network Director – South and East of England said: “I am particularly proud of the fact that we have been able to support such a huge volume of young aspiring business people and their start up ventures in the East, which represents 30 per cent of the total across the entire of the UK.” Young people aged 18-24 have received 14 per cent of the loans in the East since 2012.
Contractor appointed for major warehouse on A14 at Stowmarket
Winvic Construction has been appointed to build a major warehouse covering almost 1.2 million sq ft for retailer The Range at the Gateway 14 development next to the A14 at Stowmarket. Construction of the project, which is set to create 1,650 jobs in the region, will start this month and is due for completion next November. Gateway 14, which is owned by Mid Suffolk District Council, has exchanged contracts with The Range to develop the distribution unit on a freehold turnkey basis, to be led by its development partner Jaynic. Jason Newman, construction director of Jaynic, said: “We are pleased to have Northampton-based Winvic on board as contractor for the Range warehouse. The company has a strong reputation for building warehouses of this magnitude and we look forward to working with them.” Gateway 14 has outline planning consent for a 2.36m sq ft mixed-use innovation, business and warehousing scheme and construction on the site’s infrastructure is underway.
Norfolk Christmas show wins tax relief test case
Thursford Enterprises has won a test case in a dispute with HMRC over whether its Christmas Spectacular show in Norfolk was entitled to Theatre Tax Relief (TTR), helped by advice from Larking Gowen. The show is the largest of its kind in Europe and draws thousands of visitors every year. When the two parties were unable to reach a negotiated position, HMRC issued a closure notice concluding that the Christmas Spectacular was not a qualifying production for TTR. Thursford appealed and took its case to the First Tier Tribunal, where the judge ruled that the show was a qualifying production for TTR. HMRC decided not to appeal the decision. Larking Gowen corporate tax specialist Ben Greves said: “Tax relief is a form of funding for the arts sector, and this was a test case which helped us, and HMRC, determine where the line is drawn.” He said Thursford’s position has been greatly helped by Larking Gowen’s advice to establish robust documentation and a filing position that could be supported. Thursford had also subscribed to the firm’s Tax Enquiry Protection Service which protected them from substantial professional costs in defending their position.
Civil engineering firm appointed for Norfolk full-fibre broadband roll out
County Broadband has appointed civil engineering firm Highway Workforce to help extend its full-fibre broadband networks in rural Norfolk. County Broadband is designing, building and deploying fibre-to-the-premises infrastructure in over 50 rural communities across Norfolk, including the Breckland, Broadland, South Norfolk and North Norfolk areas. Last year, County Broadband secured a further £100 million from Aviva Investors – taking the total to £146 million – to extend its full-fibre rollout towards a target of 500,000 rural premises across the East of England by the end of 2027. Lloyd Felton, founder and chief executive of County Broadband, said: “The government has set a flagship target to deliver nationwide gigabit-capable speeds across the UK by 2030. It is relying on local firms like County Broadband backed by private investment to roll out the full-fibre infrastructure to achieve its target and boost economic growth. The firm has written to local MPs to share its rollout strategy and is urging the government to reconsider where it is allocating public funds to deliver value for money.
Photo(l-r): Andrew Roberts, County Broadband, Julian Fisher, County Broadband, Lloyd Felton, CEO of County Broadband, Lee Merces, founder and managing director at Highway Workforce, Sean Payne, Highway Workforce, Kane Hooper, Highway Workforce.
