Boom in new tech companies launching in the region
The number of new tech companies which started life in the East of England rose by a quarter last year and was above the national average. Companies House figures analysed by RSM UK show a total of 2,881 tech businesses were incorporated in the East of England last year, up from 2,306 previously. Laragh Jeanroy, office managing partner in Cambridge and Bury St Edmunds at RSM UK, said: “The East of England is home to some of the largest technology businesses, and it is great to see an increase in the number of tech incorporations. The new way of working, accelerated by the Covid-19 pandemic, has only increased the appeal of the region, especially with robust transport links between Cambridge and London and its reputation to attract global talent.” She added: “…Cambridge naturally grabs a lot of attention and is often described as the ‘innovation capital of the UK’ with its place in the Golden Triangle and the Ox-Cam Arc. However, other locations like Ipswich, Colchester and Norwich, are also excellent tech ecosystems in their own right. Many of the businesses in the region have international appeal, particularly with a large number of health tech and deep tech businesses.” Nationally, 46,474 tech businesses were incorporated in 2022, up by 22 per cent on the previous year. London saw a 21 per cent rise in the number of tech incorporations to 24,783, easily the largest in the country.
Separately, Foresight Group, a regional private equity and infrastructure investment manager, has made a ‘multi-million pound equity investment’ into Cambrionix, a Cambridge-based designer of hardware and software solutions for the global mobile device management market which was founded in 2007.
M & A deal activity in the region reaches ten year peak
The number of mergers and acquisitions in the East of England rose to a new ten-year peak of 683 deals last year, despite tough economic conditions, according to Experian’s latest MarketIQ report. The increase last year- up from the 663 deals seen in the region in 2021 – came as Experian saw good growth in various sectors including tech, healthcare and hospitality. The upturn in the East was driven by more small and medium-sized deals in the second half and number of ‘infcomms’ deals in the region rose 13 per cent to 170. Larking Gowen corporate transactions partner James Lay said: “Despite challenging economic and political conditions at a UK level, we’ve continued to generate high levels of interest in the regionally based SME businesses we’re representing. I’ve been advising business sellers for over 20 years and our current workflows and future pipeline have never been stronger.” Larking Gowen Corporate Transactions secured ninth place for the number of deals they advised on in the East of England in 2022.
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Norwich business park bought by tech business in £4.8 million deal
One of the largest commercial property deals in Norwich in recent years has been completed with the sale of Sapphire Business Park to KSI Technologies for £4.8 million. The 8.4 acre development in the north of the city, which includes over 60,000 sq ft of offices and industrial buildings on a former British Gas site, was sold by Sapphire Property Services, which acquired the site in 2001. The business park will be the UK head office and distribution centre for KSI Technologies, a leader in compressed air technology. Existing tenants will remain at the site on Roundtree Way. The deal was arranged by Norfolk property services firm Arnolds Keys – whose managing partner Guy Gowing also handled the original sale 22 years ago. Guy Gowing said: “Our longstanding connection with the site enabled us to understand its real potential, and take advantage of the current strength of the Norwich commercial property market. This is a good example of how building a long-term relationship with your commercial property advisor can help you maximise value from initial purchase through ongoing management and ultimately to eventual sale.”
Photo: (from left) Martin Terry of KSI Technologies; Andrew Rackham of Sapphire Property Services; Guy Gowing of Arnolds Keys
Suffolk firms concerned that delays to rolling out 5G infrastructure could damage growth
Suffolk firms are aware of the benefits to be had from using 5G but many are worried that delays in rolling out the necessary infrastructure could damage their growth plans – and the county’s longer-term prosperity, according to a Suffolk Chamber survey. Around one-in-five firms are already using the 5G technology and 43 per cent are looking to develop future products and services requiring 5G connectivity. 5G provides advanced data and voice connectivity and is the key platform for the ‘internet of things’ and other advanced automation systems. Early 5G adopters are concentrated in the manufacturing, logistics and telecommunications sectors, but the survey showed firms in healthcare, culture & tourism and professional services are looking at investing in the technology. But the survey highlighted business worries that the case for investing in 5G infrastructure by the four operators (EE, Virgin Media O2, Three and Vodafone) needed to be stepped up and Suffolk was not fully geared-up to support the rollout of 5G infrastructure. Paul Simon, Suffolk Chamber’s head of public affairs, said: “Ultimately, Suffolk has the chance to be a 5G hub before most of the rest of the country, giving our businesses a vital competitive head start. There is no time to lose to make the case for investment in 5G infrastructure, especially along the A14 Growth Corridor.”
Accountancy firm to develop services across wider regional area
Suffolk accountancy firm Knights Lowe, which has a main base in Bury, has incorporated Ipswich-based Ballams Chartered Accountants to develop the services it provides across a wider regional area. James Knights, managing director at Knights Lowe, said: “We are excited to be taking this step…Existing Ballams clients will benefit from a wider range of services and we, in turn, will gain a footprint in Ipswich and a wider regional presence.”
Photo: James Knights, Managing Director at Knights Lowe which has incorporate with Ballams Chartered Accountants
Rankings confirm Suffolk commercial property agent’s leading position
Ipswich-based Penn Commercial has been confirmed as one of Suffolk’s leading commercial property agents in EG’s ‘On-Demand Rankings’ for 2022, covering industrial, retail and office sales and lettings. The firm transacted 544,935 sq ft across 59 deals. The rankings show which agents have been the most active across the UK. Associate Robin Cousins has also been named the seventh highest-achieving commercial property agent in the East of England in 2022, with a total of 34 deals covering 84,760 sq ft. Vanessa Penn, managing director of Penn Commercial, said: “We are delighted with our achievements in 2022, with some interesting deals across East Anglia – a great way to celebrate our fifteenth year of trading.”
Photo: The Penn Commercial team.
Law firm achieves 40 per cent female partnership
Law firm Birketts has marked International Women’s Day with the announcement that 40 per cent of its partnership are women. It follows the firm’s continued focus on supporting gender diversity. Since 2019-20, the proportion of women in its partnership has increased by 13 per cent. Initiatives have included a ‘Clearing the pathway to leadership’ programme ,for female associates to identify, discuss and overcome the practical and psychological obstacles to career progression. To date, over 60 of the firm’s female colleagues have taken part in the initiative. Birketts has also enhanced and increased its maternity and adoption pay to 24 weeks’ full pay, and introduced an enhanced shared parental pay policy to support families in balancing childcare responsibilities. Grace Kerr, partner in Birketts’ commercial property team and ESG lead, said: “To be amongst such a strong cohort of women within the partnership is a great testament to both the firm’s focus on advancing the careers of women within the legal profession, and the top-tier talent that we have within our teams.”
Housebuilder creates new senior role in sales & marketing
Suffolk housebuilder Bennett Homes has created a new senior role at its hq at Nowton near Bury with the promotion of Dawn Urry to head of sales & marketing. The move recognises her broadening remit which now includes managing all aspects of sales and marketing. Joining the company as sales manager in 2012, she has seen how the market and buyers’ requirements have changed over the years, with energy-efficiency at the top of the agenda, the need for house designs to reflect contemporary living and more recently, space to work from home. Dawn Urry (photo, right) said: “I am very much a people person and enjoy meeting our customers and helping them to find their dream home. I also love working for a family developer which values its staff and being part of such a close-knit team.”
Edward Parker, managing director of Bennett Homes, added: “…Managing our sales and marketing function in a rapidly changing market has become increasingly important to us as a business so that we not only meet but surpass buyers’ expectations in terms of quality and customer service.”
