Job losses start to bite as orders fall but sentiment picks up
Private firms in the region saw new business volumes fall for the third month running in September and jobs were shed at the fastest rate in over a decade but sentiment on the year ahead improved, according to a key survey of purchasing managers. The NatWest East of England PMI business activity index dipped to 46.4 in September, down from 46.9 in August and below the 50.0 mark which signals lower output. New orders, output and jobs fell together for the first time since January and the level of work-in-hand fell sharply. Manufacturers saw a steeper decline in new orders than service providers, where new work only fell slightly. Encouraged by a brighter economic outlook, private firms in the East were more confident of raising output over the next 12 months for the first time in five months; a future activity index rose to 70.4 in September, up from 67.5 in August. But private sector employment in the East fell in September, ending a run of seven months of job creation. The rate of job shedding was the fastest since January 2021 and (excluding the pandemic) since September 2012. Private firms still faced sharp increases in costs linked to fuel, salaries, energy and interest rates although the rate of inflation eased to a three-month low and was well down on the 2021-22 trend. Rashel Chowdhury, NatWest Midlands and East regional board, said: “With output and new business both completing a full quarter of decline in September, the latest East of England PMI data raise the risk of a recession in the region over the second half of 2023. Moreover, a drop in private sector employment for the first time in eight months will weigh on local consumer spending…”
Work completes at Port of Felixstowe to handle ultra-large vessels
The main approach channel and two berths at the Port of Felixstowe have been deepened in a £130 million project to improve access for the world’s largest container ships. Robert Ashton, chief operating officer of the port, said: “The completion of this major dredging project reinforces Felixstowe’s position as one of Europe’s leading ports for the latest generation of mega vessels…The dredge increases the maximum size of vessel we can handle, the berthing windows for the biggest vessels and the number of ultra-large vessels that can enter or leave the port on each high tide. Most importantly, it provides more flexibility and certainty of service for our customers in an industry where delays can be costly.” The depth of the approach channel has been increased from 14.5 metres to 16 metres and Berths 8&9 increased from 16 to 18 metres. Harwich Haven Authority appointed a jv of Dutch dredging contractors Royal Boskalis Westminster and Van Oord for the project.
Photo: Mega-vessel, the OOCL Felixstowe used the newly-deepened channel when it made its maiden call at the Suffolk port earlier this month.
Major conference wins set to boost Cambridge economy
Meet Cambridge, the conference and events bureau, has secured nine international and national association events over the next three years, bringing around 2,700 delegates to the city and boosting the local economy by an estimated £2.3 million. The meetings – which span medical, scientific and law – are run by professional trade and membership bodies which rotate the destinations for their events, often following a competitive bidding process. Confirmed meetings for 2024 and 2025 include the British Neuro-oncology Society Meeting, LEAN HE Global Conference, Synuclein 2025, and the World Congress on Family Law & Children’s Rights, among others. Seven further conferences totaling 1,550 delegates are currently under embargo. Judith Sloane, head of Meet Cambridge, said: “It is great news that Cambridge has been selected as a location for these prestigious congresses and for Meet Cambridge to have played a part in the process.”
She added: “For some of these events we had strong competition from other destinations both in the UK and overseas; these results underline that Cambridge presents associations with a host of distinctive advantages, which can greatly influence their choice of location. This includes the opportunity to tap into local expertise at our universities and the knowledge clusters at our science and technology parks, Addenbrooke’s Hospital and the new Biomedical Campus.”
Ipswich-based consulting firm sold to employees
The share capital of Ipswich-based engineering consultancy Haydn Evans Consulting has recently been sold to its employees through an employee ownership trust, advised by law firm Prettys and Scrutton Bland’s corporate finance team. Founded in 2000, Haydn Evans Consulting has seen strong growth in recent years. Recent projects have included engineering consultancy on West Horndon Train Station, Felixstowe Pier and Ipswich Hospital. The new ownership structure will safeguard the firm’s independence, provide security to employees and give clients a continued assurance of high-quality service. Dan Billson, corporate and commercial partner at Prettys, said: “Given the ethos and culture of Haydn Evans Consulting, the transfer of the business to its employees by way of employee ownership trust is a natural fit…”
Luke Morris, corporate finance partner at Scrutton Bland, said: “We are seeing employee ownership as an increasingly common means of securing the long-term future of a business and of retaining all of the things that make it special.”
Photo (l-r): Luke Morris, Scrutton Bland, James Calvert, Haydn Evans Consulting and Dan Billson, Prettys Solicitors
See Profile Prettys Solicitors and Scrutton Bland
Norfolk manufacturer invests in renewable energy
Norfolk-based manufacturer Warings Furniture is generating up to 90 per cent of its energy from renewable sources after installing 76 solar panels for its warehouse. The firm used £550,000 in funding from Lloyds Bank and Bank of Scotland for the investment, which produces an average of 12MW of energy per month. It has also acquired a biomass boiler. Thetford-based Warings Furniture supplies indoor and outdoor furniture to large café and restaurant chains, making around 66,000 items each year. It plans to build a new 20,000 sq ft warehouse facility in Norfolk to expand its in-house operations. Managing director Rachael Waring (photo, right) said:“The UK hospitality industry is committed to removing all avoidable emissions across its supply chains by 2040, so it’s vital that we provide solutions for our customers to help them operate sustainably.“ The support from Bank of Scotland included £190,000 through its Clean Growth Finance Initiative.
Norwich-based distribution company invests in its first all-electric van
Norwich-based distribution company Fitzmaurice Carriers has invested its first all-electric vehicle and is looking to electric and other more sustainable alternatives for its fleet of over 30 commercial vehicles. The first addition is a Ford e-Transit which produces zero carbon emissions and acquired from Busseys, the main Ford dealer in Norfolk. “It’s strange to think that when Fitzmaurice Carriers started, petrol and diesel vehicles were considered new technology. We’ve thrived for over 100 years by understanding the importance of moving with the times and embracing innovation, ” said Matt Richards, operations director at Fitzmaurice Carriers. The company’s fleet includes a variety of commercial vehicles which enable them to transport and deliver a wide variety of goods throughout the region and beyond.
Sam Thetford, sales manager at Busseys Norwich, said: “It’s great to be continuing our long-standing relationship with Fitzmaurice Carriers and sharing a hundred years together as proud Norfolk-based businesses. What better way to kick off the next 100 years for both companies than with the state-of-the-art e-Transit”
Law firm appoints new senior associates
Law firm Ashtons Legal has appointed three new senior associates. Zara Bracegirdle and Gemma Helsdon have joined the firm’s lifetime planning team and Ruth Burrell its commercial property side. They all work across the firm’s regional offices in Bury St Edmunds, Cambridge, Diss, Ipswich and Norwich. Zara Bracegirdle and Gemma Helsdon are members of the Society of Trusts and Estates Practitioners (STEP), with Gemma having an advanced certificate in will drafting and experience working with high net-worth clients whilst Zara has worked with many business owners and agricultural businesses. Ruth Burrell specialises in commercial property work, often large estates involving agricultural land and industrial premises to enable diversification. She also has an interest and expertise in leasehold enfranchisement work. Ashtons CEO, James Tarling said: “We are a growing firm and these senior appointments will bolster our already top-class legal teams”.
Photo:(l-r) Zara Bracegirdle, Gemma Helsdon and Ruth Burrell.
Protein research company takes space in innovation centre
BraveleyCultured, a biotech company aiming to use marine micro-organisms in the foodtech sector, is to take lab desk space at The EpiCentre innovation centre in Haverhill. Founded last year, the firm collects seaweed and other types of sediment from across the UK analyses how they can be applied in the bio-manufacturing. Chief operating officer Federica Pesce said: “At BravelyCultured we are harnessing the untapped potential of the earth’s ocean to develop innovative solutions for the bioeconomy.”
Andrew Bell, centre manager at The EpiCentre, said: “We now have a very broad range of biotech and life science companies occupying our laboratory space. Our offer that appeals to young start-up companies is more price competitive than the equivalent space in Cambridge, yet still within the Cambridge orbit, and provides flexible occupational terms with business support…” BravelyCultured has applied for an Innovate UK grant and is seeking pre-seed funding to raise £500k, to scale up more quickly. It recently won the BAITE Innovation Award Contest at the innovation festival NanoValbruna and is shortlisted as a sustainability award finalist for the Barclays Entrepreneur Awards 2023.
Photo (l-r): James Dunce, Natalija Stepurko, Federica Pesce
International recognition for resort director
Simon McMahon, director of operations at Wyboston Lakes Resort, west of Cambridge, has been recognised as the European Regional Ambassador by the International Association of Conference Centres. Mark Cooper of IACC said: “Simon has been unwavering in his commitment to bringing the IACC UK community together and I appreciate how central he has been to the organisation of the meetings and content delivered at these events. He never says no to a request that will strengthen the IACC community in the UK.” The announcement was made at an award ceremony at the IACC European Conference last week where Simon McMahon was acknowledged for his commitment to fostering professional relationships and bringing the UK’s IACC community closer together.
Steve Jones, managing director of Wyboston Lakes Resort, said: “This is well-deserved recognition for Simon’s tireless support for IACC on top of his hugely important role with us here at Wyboston Lakes Resort, but he does so as he believes in what IACC stands for and all that it has achieved.
