Royal Navy charts a course for ‘resilience’ from Harwich
The Royal Navy set out its vision for a ‘hybrid navy’ at an event to showcase the future of regional resilience and security in Harwich last week. Resilience in Harwich with the Royal Navy, saw a presentation on how a ‘hybrid navy’, would blend crewed platforms, autonomous systems and data and digital tech to deliver operational effect around the UK coastline. Organised by Freeport East, the low tax zone and Harwich Haven Authority, the event also saw the docking of a Royal Navy River Class offshore patrol vessel, HMS Severn (photo) at the Essex port. Local business people and officials also heard about the county’s affiliation with the RN’s new Type 31 frigate HMS Venturer, formalised in 2024. Currently under construction in Scotland and due to enter service later this decade, the vessel will be the first such link between Essex and a warship in 30 years. Steve Beel, CEO at Freeport East, said: “Harwich has always punched above its weight when it comes to maritime activity, from the days of Christopher Jones, the Harwich-born captain and part-owner of the Mayflower, through to the Kindertransport in the Second World War and on to being a prime link for millions of passengers to the European continent. Days like this are a reminder that this coastline still matters both strategically and economically to the whole United Kingdom.”
AI ‘creating new jobs’ as firms step up investment in skills
Nearly two thirds (62 per cent) of East of England businesses which are already using artificial intelligence (AI) say it has created new jobs at their firm, while half of all firms in the region plan to increase investment in AI to boost skills in the coming year. Research from Lloyds also says that of those increasing investment, almost half expect to spend between £25 -100,000 and 40pc expect to spend between £100 -250,000. Overall 71pc of the region’s firms say they currently use AI and many see it as essential for competitiveness. Barriers to AI adoption include access to skills, data quality and cost. Kirsty Sadler, regional director for the East of England at Lloyds, said: “Across the East of England the commercial benefits of AI are becoming clear, with a majority of firms now seeing it as a necessity to stay competitive in their respective markets. That’s why it’s encouraging that adoption is so widespread, but even more so is the number of businesses who’ve reported that it’s already creating new job opportunities.”
Bank relocates hq to prime retail pitch in Ipswich
Barclays is relocating its Ipswich hq from Princes Street and moving its retail and corporate banking services to the ground and first floors of 29-31 Westgate Street – the former Tessuti luxury store – in the town’s prime retail pitch. Penn Commercial negotiated a ten year lease on the Grade II-listed building (photo) which extends to over 14,000 sq ft and which will see an extensive fit-out. Adjacent occupiers include Primark, M&S, Clarks, JD Sports, Starbucks, Caffè Nero and Lovisa and Crema Coffee Shop, also let by Penn Commercial for the same client. Rachael Jackson of Penn Commercial said: “Barclays’ move to Ipswich’s main retail thoroughfare will have significant benefits for its customers, being close to parking and public transport connections, and will give the bank access to an even higher footfall area.” Penn Commercial is also marketing 12 Westgate Street – the former WH Smith / TG Jones – to let for the same client.
Private equity firm takes majority stake in Bury-based financial planning firm
A private equity firm, WestBridge, is to make a majority investment in Bury St Edmunds-based Beckett Investment Management Group, a major financial planning business in the region.The deal involves a majority exit for Foresight Group, which will partially reinvest to continue its support through Beckett’s next phase of growth. Foresight invested in Beckett in 2021 and since then it has grown from £0.8bn to £2.1bn assets under management and the number of clients has risen to over 5,000. Founded in 1988, Beckett now has 120 employees in offices in Bury , Norwich, Ipswich and Lowestoft as well as B Corp accreditation. Gavin Wood, CEO of Beckett (photo), said: “The Beckett team has had a great time working in partnership with Foresight over the last five years. Over that period, we have been joined by top-quality financial planners and support staff who share our team-based focus and the culture that we have worked hard to foster, as well as business owners who want to retire and see us as the ideal trusted partner for their clients. … I am incredibly excited about the opportunities that we will have with WestBridge in the next phase of our team’s development.”
Margins at manufacturers in the East amongst best of any UK region
Small and medium sized manufacturers in East of England make some of the highest margins of firms in the sector of any UK region. It shows companies in the East make an average margin of 37 per cent , well above the national average of 33pc and behind only firms in the South East, which report 38pc. But despite ranking second for profitability in the UK, manufacturers in the East of England generated below-average sales revenue and struggled to manage their stock. Overall, SMEs in the East ranked ninth among the 12 UK regions for manufacturing performance. The figures come from Unleashed as part of its Regional Manufacturing Growth Powerhouse Report and involved data from 1,322 SME manufacturers using its inventory management software.
