Law firm signals clients are scaling back recruitment and cutting costs
A leading law firm in the region has signalled that its business clients are scaling back recruitment and cutting costs in response to recent wage and tax increases. Nicholas West, senior associate in the employment team at Birketts, said: “Today’s report that employers are cutting hiring plans certainty aligns with the trends we are observing among our clients and across our specialist sectors. The combined impact of the recent rise in the national minimum wage and living wage rates, coupled with increased national insurance contributions, has placed significant financial pressure on businesses.
He added: “On the ground, we have found that our clients are addressing this challenging environment through more cautious and targeted recruitment exercises and identifying cost-cutting opportunities which inevitably means more redundancies. Additionally, the proposed changes under the Employment Rights Bill, particularly relating to removing the two-year qualifying period to be eligible to bring an unfair dismissal claim, are contributing to employers’ nervousness about expanding their workforce at this time.” The comments follow a survey from the Chartered Institute of Personnel Development showing its measure of employment intentions for the three months ahead fell in the latest quarter from +13 to +8; a record low over the past decade, outside the pandemic.
Ground broken on new £45 million Freeport East manufacturing site
Work has started on a new £45 million manufacturing plant for Turkish-owned building materials producer Assan Panel at Gateway 14 in Stowmarket. The new facility will produce insulation and façade systems for the UK and Europe and marks a milestone for Freeport East and green industrial growth in the wider region. The site is set to create local jobs and strengthen regional and international supply chains when it becomes operational from next February. It also follows recent progress on government talks to increase bilateral trade between the UK and Turkey. Ihsan Tolga Akar, managing director of Assan Panel, said: “Breaking ground on our new facility at Gateway 14 is an exciting moment for Assan Panel and our future in the UK. This investment reflects our long-term commitment to sustainable manufacturing and to supporting the UK’s green industrial transition. The region offers a strong strategic fit for our business – combining clean energy potential, export access, and a skilled local workforce.” The project will make wide use of solar power and is in keeping with a new campaign to be launched this month to encourage solar adoption on unused roof space on industrial and commercial buildings.
Logistics firms retain appetite for deals despite ‘uncertainty and volatility’
Deal activity amongst logistics and supply chain management companies– a key part of the East of England economy – slowed slightly in the first quarter but firms in the sector retain an appetite for mergers and acquisitions. In all, 18 logistics/supply chain deals were completed in the first quarter compared to 19 in the previous three months, according to the latest ‘UK M&A Update – Q1 2025’ from BDO. The majority – some 94 per cent – of deals in the sector were trade-related and undertaken by independent or private equity-backed businesses and with a focus on strategic consolidation. High profile deals included: FreightForce Distribution’s acquisition of Norfolk-based MA & HV Medler. Jason Whitworth, deal advisory partner, M&A, at BDO, said: “Alongside depressed activity, the uncertainty and volatility is making it difficult to forecast and value opportunities. For many in the sector it will mean that transacting at an acceptable valuation is difficult until we have more clarity….However, despite all the challenges, deals are happening with the focus on strategic consolidation to drive growth and efficiencies in expansion of operations and service offerings. This is evident in continued interest from international investors and investment in tech-enablement.” The report also showed that more than a quarter of deals were cross-border in the first quarter, with 17 per cent of deals tech-related.
Business start ups jump in the region
Business start ups in East Anglia rose to 7,579 in April, up 37 per cent on the end of last year and the highest total for the month for any UK region outside London, says R3. Meanwhile, corporate insolvencies fell to 1,992 in March, down two per cent on the previous month, according to Insolvency Service figures for England & Wales. R3 Eastern chair Hayley Watson said: “It’s good to see some positive figures beginning to emerge for our region, but it is important to consider this data in the context of an economy buffeted by a multitude of national and global issues.”
Separately, firms in the region are being urged to take reassess their financial strategies in the wake of last week’s fall in interest rates to 4.25 per cent. Shane Julian, director of Norwich-based Brancaster House Financial Planning, said : “….we’re advising clients to take a proactive approach. Business owners should review their savings and consider fixed-term options as well as longer-term investing. Investors should be mindful that while lower rates can offer market support, maintaining a diversified, long-term investment strategy is essential. Lower borrowing costs may present new opportunities, but financial resilience remains key in today’s uncertain climate. And finally, don’t lose sight of inflation – ensuring your money retains its real value over time should remain a core focus for the business sector.”
Insurance broker relocates branch to new office on Cambridge Business Park
After nearly 40 years at its current site, insurance broker Alan Boswell Group has relocated its Cambridge branch to a new state-of-the-art office at Cambridge Business Park. The new location is adjacent to Cambridge Science Park, a key factor for the group’s specialist advisers in insurance for start-ups and science and tech firms. “We’re excited to be moving to the business park. The new premises’ environment, facilities, and transport connections will support our ongoing expansion, improve collaboration across teams, and provide a more flexible workspace,” said Steve Seekings, regional manager at Alan Boswell Group. “It provides our team with everything needed to improve our offering to clients and work even closer with the Cambridge business, science, and tech community.” As part of thes move, the group is actively recruiting for roles including account executives and account handlers.
See Profile Alan Boswell Group
Business opportunities and an audience of 80,000 on offer at Suffolk Show
The Suffolk Show is expecting to attract around 80,000 people to Trinity Park outside Ipswich on 28/29 May. It will include some 800 tradestands from the wider region and over 80 sponsors across the 300-acre site. Alongside sponsorship, the show offers a range of memberships which allow entry for one person to both show days with forward parking. Vice-president membership also offers entry for one person plus guest, premium car parking inside the main gate Showground entrance, hot drinks and other benefits. Greene & Greene Solicitors partner Greg Jones said: “Greene & Greene has been a proud sponsor of the Suffolk Show for many years. …We recognise the unique networking opportunities the Show provides, allowing us to connect with not only our agricultural clients but also a diverse range of other regional businesses and stakeholders.” Details can be found at www.suffolkshow.co.uk/membership
Photo: The Ringside Club at the Suffolk Show
Law firm creates permanent charitable fund
Law firm Thompson Smith and Puxon has created a permanent charitable fund, strengthening its support for good causes in Colchester and Clacton where the firm has offices. The Thompson Smith and Puxon Foundation will be managed by an independent charitable trust, Essex Community Foundation. TSP has a record of raising funds for charities, including St Helena Hospice and Brantham Church and sponsoring community initiatives such as the Colchester WheelPower Sports Festival. Fiona Ashworth, director at TSP, said: “The Thompson Smith and Puxon Foundation is an extension of our charitable giving. Over the years, we’ve aimed to give back to local communities and celebrate local heroes. The foundation allows us to continue this work on a long-term basis and establish a legacy in its own right.”
Photo (l-r): TSP’s CEO Sean Stuttaford, director Fiona Ashworth, Essex Community Foundation’s Perry Norton and senior associate Ann Coutts.
See Profile Thompson Smith and Puxon
Refurbished Cambridge telephone exchange building wins outstanding workplace award
A British Council for Offices award to identify the most outstanding workplaces in the Midlands and Central England region has seen the Refurbished/Recycled Workplace award go to The Entopia Building in Cambridge. The former 1930s telephone exchange, home to the Cambridge Institute for Sustainability Leadership, has been revived as a sustainable, collaborative office space spanning more than 32,000 sq ft. The building meets ambitious environmental standards and the judges praised the project team for taking a new approach to refurbishment that raises industry standards.
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