Business sentiment holds up as inflation eases
Business sentiment remains stronger in the East than in most other regions and cost inflation has eased to its slowest level in two years, according to a key survey of purchasing managers. The NatWest East of England PMI business activity index posted 51.8 in June, little-changed from 51.7 in May, but pointing to a continuing rise in private sector output. Business volumes rose for the sixth month running in June with a rise in manufacturing new orders for the first time in over a year. Private firms in the East of England remained confident of rising output over the next 12 months and the region posted the fourth-strongest sentiment among the 12 UK regions. Costs rose sharply again in June, driven partly by wage pressures in the service sector but the overall rate of inflation was the weakest in 29 months. Rashel Chowdhury, NatWest Midlands and East regional board, said: “PMI data are clearly showing that inflation peaked some time ago and eased further in June, but also that cost pressures remain stubbornly high in the dominant services sector. Companies remain upbeat about the 12-month growth outlook, but it is looking like it will take some time for lower inflation to translate into a revival in demand.”
Separately, BDO’s optimism index reached a ten month high of 100.4 in June and its employment index pointed to stronger hiring intentions as firms – particularly in the services sector – have been encouraged by early signs of inflation falling. Peter Harrup, head of BDO in East Anglia, said: “It’s encouraging to see business confidence and hiring intentions reflect the resilience we’re seeing and hearing from firms, in the face of ongoing supply side challenges. Whilst there’s hope that the new Ofgem price cap will drive down household energy prices and in turn ease inflation, the recent rise in interest rates and stagnating price growth indicate that this may still be a long way off.” He added: “Firms will need a helping hand from Government with targeted policies or we risk business growth stagnating and plans for expansion falling through.”
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Freeport launches funding programme to help young into green energy jobs
Freeport East is launching an £800,000 programme of support for small businesses and to help get young people into green energy jobs. A clean growth fund will provide financial help to local businesses working in clean energy and target sectors such as green hydrogen, advanced logistics, digital and agritech. Meanwhile, an innovation and skills fund will focus on communities that lack support and will enhance existing facilities and services provided by innovation centres, universities, colleges and local training centres and their connections to businesses. Steve Beel (photo right), chief executive of Freeport East, said: “A core element of what we have been set up to do is to boost skills and innovation particularly in supporting emerging clean energy sectors such as green hydrogen. By supporting local talent through our new growth funds, we hope to build on an already vibrant ecosystem that fosters local and national economic growth, and long-term success.” The Freeport East area covers around 45 km including the ports of Felixstowe and Harwich and stretching from Woodbridge to Stowmarket and Sudbury and Colchester, Jaywick and Clacton in the south.
Pre-sale at Gateway 14 development in Stowmarket wins ‘deal of the year’ award
Jaynic and Gateway 14 has won the ‘deal of the year award’ at The UK Property Forum’s Eastern Echo Awards. The award is for the pre-sale of a new 1.17m sq ft warehouse to retailer The Range at the Gateway 14 new mixed-use development next to jct 50 of the A14 at Stowmarket. Development director, Ben Oughton, said: “It is an honour to win the deal of the year award for what is the largest warehouse being developed in the region for many years. The whole team is working extremely hard to complete the building in the Autumn for The Range.” Gateway 14 and development partner, Jaynic, is providing a new base for manufacturing, logistics and R&D businesses with a focus on innovation and sustainability as well as providing innovation space for smaller and start-up businesses. Gateway 14 is also part of Freeport East. An event at Homerton College, Cambridge involved eleven awards and the ‘deal of the year’award was sponsored by DevComms. The evening also raised just under £3,000 for LandAid.
Photo (l-r): Paul Vicary of DevComms (award sponsor), Sir Christopher Haworth Bt, chairman Gateway 14, Emily Atack, managing director Gateway 14, Greg Searle.
Promotion after successful start at corporate finance firm
James Lewin has been promoted to assistant manager at PEM Corporate Finance following a successful start to his career with the firm. Since joining PEMCF in August 2022, he hashelped to deepen and diversify its service offering and worked on several quality projects including the sale of Supply Plus to Lagercrantz Plc, buy-side diligence on Kinetic’s acquisition of Displaynote, and several valuation and exit review assignments. Philip Olagunju, partner at PEMCF, said: “James is a great example of an external hire complementing the home-grown talent within PEM Corporate Finance, having joined us in 2022 from a reputable UK top 40 accountancy firm. I congratulate him on reaching this milestone of his career and look forward to working with him towards achieving our growth aspirations.”
James Lewin said: “It’s great to be part of such a dedicated team and be able to support clients in achieving their goals. I look forward to continuing to develop our offering and delivering expert advice to our clients.
New business network launches at innovation centre
The EpiCentre innovation centre has launched the Haverhill Business Network as part of a programme to engage with businesses and the local community. At an inaugural May event 27 businesses heard David Jackson from New Anglia LEP kick the meeting off with advice on growing businesses. Centre manager Andrew Bell said: “It doesn’t matter whether the participants are already occupiers of The EpiCentre or are based in Haverhill or the surrounding region, the idea is that we all learn from each other’s experiences.” The next Haverhill Business Networking event is on 19 July. The network meets on the third Thursday of every month, from 9-10.30am. To book visit: Upcoming Events – The Epicentre (epicentrehaverhill.co.uk)
Venue wins award for sustainability initiative
Conference, training and leisure venue Wyboston Lakes Resort, west of Cambridge, has won the Sustainability Award at the Conference & Events Awards for an innovative initiative, Room2Grow. Since the scheme was launched a year ago, 26,000 eco-conscious guests staying more than one night at Wyboston Lakes Resort have chosen to have a tree planted on the resort instead of having their room cleaned. The Wyboston Lakes Resort team have been planting them on the 380-acre site. The judges comments included: “A vast, robust and impressive sustainability programme – this to me is the standout in the category in terms of doing the most to genuinely transform.”
Louisa Watson, director of marketing, said: “This is superb testimony to the continuing innovation of our ‘Green Team’ and our philosophy of ‘More Sustainable No Apology’. With the shortlist including so many major organisations with impressive sustainability schemes, we’re very proud and excited to have won.”
Photo: Simon McMahon, director of operations at Wyboston Lakes Resort (second from left) and Louisa Watson, director of marketing (second from right) were presented with the Sustainability Award at the Conference & Events Awards
See Profile Wyboston Lakes Resort
Cambridge company partners with pupils on ‘greenpower’ project
Cambridge company Domino Printing has recently been collaborating with a local primary school to enhance the teaching of STEM subjects leading to the building of a Kit Kart to race at Goodwood later this summer. Domino Printing volunteered a team of eight technical specialists from its R&D team to run the Greenpower Project at Newton Primary School in Eltisley with practical sessions for 9-11 year old pupils. These included basic engineering principles, as well as the environmental impact of engineering. One involved electrical motors where children built small cars using recycled plastic bottles and bottle tops and another was based on strong shapes where they built bridges out of straws to support a specified weight. Bradley Moore, mechanical engineer at Domino, said: “We are keen to help educate and inspire potential engineers of the future, giving them basic knowledge on engineering to broaden their thoughts on the world around them, by making activities fun and engaging. Importantly, we hope it starts the young people thinking about pursuing an engineering or science-based subject as a career.”
Photo: The Domino Printing team with teachers and pupils from Newton Primary School with their Greenpower Kit Karts.
