Firms planning more sustainable investments despite dip in confidence
Business confidence amongst firms in the East dipped slightly in May although more companies are planning to take on staff and more see ‘sustainability’ as a key area for growth, according to a business barometer from Lloyds Bank Commercial Banking. Whilst remaining positive, firms in the East reported slightly lower confidence in their own business prospects, down two points at 32 per centin May. Firms in the region were less optimistic on the outlook for the economy – down 16 points to 20 per cent – giving an overall confidence reading of 26 per cent, down nine points. However, a net balance of 27 per cent of businesses in the region expect to increase staff levels over the next year, an increase on April’s figure. Nationally, the number of firms identifying sustainability as a top area for growth rose 11 points to 35 per cent. Dene Jones, regional director for the East of England at Lloyds Bank Commercial Banking, said: “Despite a small dip in confidence, the East’s businesses remain positive and resilient about the future. The increase in firms seeing sustainability as an area they need to invest in to boost growth is particularly encouraging. Businesses that act now will be more likely to meet net zero targets.” Overall UK business confidence dropped five points to 28 per cent in May. Despite the dip, every UK nation and region reported a positive confidence reading.
Separately, Hutchison Ports, which operates the ports of Felixstowe, Harwich International and London Thamesport, has set a target of 2035 for its three UK ports to achieve net-zero for scope 1 and scope 2 emissions. The Port of Felixstowe commissioned two new 11Kv high voltage substations for its conventional electric tractor fleet in May. Each substation will enable 20 vehicles to be charged at any one time at the port’s Trinity Terminal. The port will take delivery of its next batch of 22 electric tractors in July with a further 24 arriving in November.
New East West Rail route welcomed by business group
The announcement of the government’s preferred route for a key part of the £5bn East-West Rail line between Oxford and Cambridge has been welcomed by a business group in the region. The section between Bedford and Cambridge will include new stations at Tempsford and Cambourne and enter Cambridge from the south. Cambridge Ahead, the business and academic group, said that as well as forging new connections with other fast-growing areas across the Cambridge to Oxford region, East West Rail will connect world-leading life sciences, technology, and advanced manufacturing clusters in the Cambridge economy to other regions of the UK. Jane Paterson-Todd, CEO at Cambridge Ahead said: “The East West Rail announcement from government, as part of a wider set of measures to support life science in the UK, reaffirms the vital importance of investment in transport infrastructure, not only for Cambridge but for the entire region and the country as a whole.”
Transport secretary Mark Harper has said the two university cities could “thrive for generations”. The plans, which include relocating Bedford St Johns railway station closer to the hospital and demolishing 65 new homes near Bedford’s main railway station, have drawn criticism however.
Development activity ‘picking up’ after fall in site values
The value of greenfield development sites in the Eastern region fell by 1.7 per cent in the first quarter to stand 1.9 per cent down on the period a year earlier although activity is now picking up, according to Savills. Urban land values fell 1.4 per cent in the early part of this year – but were up 3.3 per cent on a year ago. Richard Janes at Savills in Cambridge said: “There is quite a bit of variation across the region, but generally speaking the market has adjusted to reflect the wider economic outlook and the shift in the housing market.” He added: “Despite this challenging backdrop there are signs that activity is picking up. The market is more competitive in locations that are heavily constrained by lack of supply, while those sites which are ‘oven ready’ – with no significant upfront infrastructure costs and planning permission for between 50 to 150 homes – are still attracting strong interest.”
Holly Woolley at Savills in Norfolk said: “The regional picture is largely in line with what’s happening nationally. In Norfolk we’ve also had to contend with issues around nutrient neutrality, which has led to several planning applications being put on hold and many housebuilders pausing activity.”
Photo: British Land has recently purchased a 74.26 acre block of strategic land at South Trumpington near Cambridge, next to the Trumpington Meadows housing development.
Mixed picture emerges on impact of tax rise on business investment
The rise in corporation tax will force many East Anglia companies to delay business investment although the new capital allowance rules may prompt them to spend more on new equipment. According to BDO’s latest economic engine survey, some 63 per cent of businesses in the region say they will pause future investment, after the headline rate of corporation tax rose to 25 per cent from 19 per cent at the beginning of April. But it also noted that 60 per cent of East Anglia businesses say that the new capital allowances rules – which give firms a 25 per cent subsidy to buy new plant and machinery – would lead to them to invest more in equipment. Peter Harrup, partner and Head of BDO in East Anglia, said: “Our survey indicates that the recent rise in the headline corporation tax rate will dampen current business investment plans and potentially hamper growth in the region as businesses pull back on spending. It has also highlighted a high degree of concern about the international competitiveness of the UK’s corporate tax regime. However, the new ‘full expensing’ capital allowances regime has been positively welcomed, suggesting the knock-on effect of the tax hike may only be short-term.”
Law firm relaunches family team and offering
TSP Legal has relaunched its family team, with head of department Louise Margiotta adding new recruits and introducing new flexible out-of-hours appointments. The firm is also offering its Resolution Together approach which allows a single legal professional to provide advice to a separating couple who want to manage their separation together. Senior solicitor Louise Margiotta (photo), who has over 26 years’ experience and ranks as a leading individual in Legal 500 directories, joined TSP legal in May 2022 to rebuild the family department and the services it offers. Stuart Tyler (photo) joined earlier this year with experience in dealing with a wide range of family and matrimonial matters including pre and post nuptial agreements and financial arrangements. The team – which was also recently joined by experienced legal administrator Beccy Evans -offers a full spectrum of family and divorce services and has a pragmatic approach to couples wishing to separate. Louise Margiotta said: “Divorce can have a huge impact upon a family and so getting advice at an early stage can help couples take control of their divorce or separation. This is often a time of high emotion and frequently couples end up in Family court in expensive and lengthy litigation because they do not know that there are other alternatives.” TSP’s Resolution Together approach is suitable for those whose joint aim is to reach an outcome that meets their needs and if they are parents, the needs of their children.
New partner appointed at chartered accountants
Chartered accountants Lovewell Blake have appointed Ed Passmore (photo, left) as a partner. He joined in 2020 when the Norwich tax and audit practice of Grant Thornton joined the firm. He is a qualified chartered tax adviser and a chartered accountant, providing a range of tax advice services to individuals and businesses in the firm’s Norwich and Bury St Edmunds offices. Mark Proctor (photo, right), senior partner at Lovewell Blake, said: “…He was one of the team of 36 former Grant Thornton people who joined us three years ago, a move which has strengthened our offer in tax and audit, and which has offered those staff enhanced career prospects in a leading regional firm.”
Ed Passmore said: “…We have a truly amazing team who always strive for excellence, and I am proud to be a part of this.”
Ipswich MP visits commercial property agent
Ipswich MP Tom Hunt visited commercial property agent Penn Commercial at its offices at Fox’s Marina offices this week. Topics covered included the ongoing improvements and development of Ipswich town centre, local infrastructure plans and upgrades, and feedback from landlords and tenants in the town on the challenges they face with the cost of living crisis. Vanessa Penn, managing director of Penn Commercial, said: “As one of Suffolk’s leading commercial property agents, it is important that we keep a close eye on developments in and around Ipswich. Tom was able to share with us some of the latest news and upgrade plans for the town, and we all came away with a greater sense of how we can continue to work together to bring future economic benefits and prosperity to Suffolk’s county town.”
Photo (l-r): Penn Commercial’s Robin Cousins (far left) and Vanessa Penn, with Rachael Jackson (far right) and Ipswich MP Tom Hunt
Ipswich-based software company passes customer milestone
Ipswich-based company secretarial software specialist Inform Direct has passed a major business milestone – with more than 300,000 companies now in its portfolio. Since it first launched in 2013, the number of users of its innovative software has grown year-on-year, with many highlighting the reassurance and time-saving benefits it brings. Growth has been mirrored by an expanding team which now totals 19 specialists who offer technical support to new and existing customers. Inform Direct CEO Henry Catchpole said: “Achieving 300,000 companies on the platform is a major milestone and clearly shows that our software is benefitting a growing number of accountants and business owners. As we continue to enhance the features and functionality of our product to meet new requirements, we look forward to welcoming more new users.” Inform Direct recently achieved its fourth platinum rating by Feefo, the ratings, reviews and customer analytics platform.
Photo: Staff at Inform Direct celebrate passing milestone of 300,000 companies using its award-winning company secretarial software.
New appointment at network provider to support growth
Rural alternative network provider County Broadband has expanded its team with the appointment of a new chief information officer, Chris Davies, as it accelerates its full fibre rollout across the region. He has over ten years’ experience across in IT and telecoms and previously worked with Virgin Media where he developed new tech solutions to support business growth and competitiveness. In his new role, Chris Davies will oversee County Broadband’s customer engagement and drive the development of new products and services. County Broadband CEO and founder Lloyd Felton said: “Chris joins with a fresh perspective to support our growth ambitions….We’re living through a period of rapid technological developments from virtual reality, AI to more advanced connected devices. The direction of travel is clear and it’s vital homes and businesses can rely on their broadband as the foundation to make this all possible as the way we live and work continues to evolve.” County Broadband continues to expand its full fibre network across the East of England following a combined £146 million private investment from Aviva Investors.
Appointment at Cambridge company to help customers achieve sustainability goals
Cambridge company Domino Printing has appointed Thomas Guerriero (photo, right) in a new position as group customer CSR manager to develop relationships and help achieve sustainability goals. As part of a newly-created CSR team, he will work alongside Domino’s customer base to identify corporate social responsibility targets and work towards reducing production waste and improving their environmental performance. He will also manage Domino’s Ecovadis and Sedex accreditation roadmap and work with the company’s sales channels to identify and develop sustainable growth opportunities. Thomas Guerriero previously worked as an account manager in Domino Benelux, where he supported customers and gained experience of CSR projects. He said: “This is an exciting time to be working on supporting customers and through our initiatives, helping them to achieve their sustainability goals. Initially I will concentrate on mapping our customer and competitor landscape, identifying needs, requests and priorities and working alongside the commercial teams as they develop solutions.”
