Confidence dips in the region but firms optimistic amidst signs of wage pressure ‘easing’
Business confidence in the East dipped in March although signs have emerged of wage pressure ‘easing’ and optimism on the wider economy remained resilient in the region. Hann-Ju Ho, senior economist for Lloyds Bank Commercial Banking said: “Tentative signs of easing wage pressures suggest that businesses’ difficulties in finding staff may have started to ease.” Meanwhile, a Lloyds Bank’s business barometer, showed confidence amongst businesses in their own prospects in the East dipped nine points to 19 per cent. The survey – taken ahead of the Spring Budget – showed optimism in the economy, slipped four points to 15 per cent. This meant overall business confidence in the East dipped seven points to 17 per cent. But a net balance of 8 per cent of businesses in the region expect to increase staff levels over the next year. Priorities at businesses in the region in the next six months include evolving offers, investing in teams and introducing new tech. Every UK region and nation had a positive confidence reading in March, with eight out of 11 regions recording a monthly increase. Dene Jones, regional director for the East of England at Lloyds Bank Commercial Banking, said: “Despite the dip in overall confidence, it’s great to see that the region’s business confidence remains strong and that firms are optimistic about their trading prospects.”
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Cambridge-based accountants acquired by wealth management group
Ashcroft Partnership, a growing firm of chartered accountants and tax specialists in the region based in Cambridge, has been acquired by Evelyn Partners, a national wealth management and professional services group which has an existing office in Cambridge. Ashcroft Partnership employs 40 and offers assurance, corporate finance, business and personal tax services with specialisms in landed estates, farming, real-estate, leisure and hospitality and technology entrepreneurs. Senior partner and founder Adrian Wilson said: “Ashcroft has been on an amazing journey since 2020. We always had a fast-paced growth strategy and when we were approached by Evelyn Partners it was clear that their commitment to developing the professional services offering in the East of England aligned with our own ambitions.”
Andrew Wilkes, chief professional services director of Evelyn Partners, said: “ Strategically this acquisition will further develop our professional services presence in the East of England, supporting our ambition of being able to provide our range of professional services to businesses and private clients right across the UK.”
Photo (l-r): Tom Gallop (Ashcroft), Adrian Wilson (Ashcroft), Tom Shave (Evelyn Partners), Giles Murphy (Evelyn Partners) and Dominic Anthony (Ashcroft)
Manufacturers retain appetite for deals despite economic headwinds
Deal activity amongst manufacturers remains resilient despite economic headwinds, according to research from BDO. It says firms in the sector are continuing to progress merger & acquisition (M&A) strategies, having recorded 793 deals involving a UK manufacturer in 2022, up from 779 in the previous year. Private equity maintained strong interest in the market, with buy-outs accounting for 1 in 5 deals. Engineering services accounting for the largest share of deals and manufactured materials, saw increased deal activity. Building products and life sciences remained among the top five sectors with the highest deals activity although the share of food & drink related deals fell slightly to 10 per cent. John Gethen, corporate finance director, M&A at BDO, said: “The UK manufacturing M&A market has been surprisingly resilient despite considerable headwinds. Investors, corporates and entrepreneurs are still active, making the most of strategic M&A opportunities to safeguard the future and position for growth. Major themes facing the market include cost pressures, supply chain resilience, the drive to net zero, innovation, and sustainability, alongside a wide range of political and economic macro factors.” He added: “There is high scrutiny by investors across the board, but we see plenty of opportunities in the M&A mid-market, attracting high levels of interest, investment and value, particularly where there is a technology or sustainability play adding value.” The review can be seen here.
Separately, BGF, a growth capital investors group, is making a £3.75 million follow-on investment into Cambridge-based Forefront RF, a fabless semiconductor company set up to make multi-band smartphones, wearables and IoT devices simpler and more accessible. The investment is part of a £6.7 million round alongside existing investors Science Creates Ventures and Foresight Group. The latest funding is aimed at driving further growth.
‘Hundreds more’ HGV drivers set to be trained in region after bootcamp scheme extended
Hundreds more lorry drivers are set to be trained across the East after the Department for Education extended a ‘skills bootcamps’ initiative in HGV driving by a further year. More funded places will be available on courses at dozens of locations in the region in the year up to end-March 2024. The bootcamps are flexible courses of up to 16 weeks, giving people the chance to build up sector-specific skills. A consortium, the Driver Academy Group, has retained the lead role on the scheme. James Clifford, CEO of HGVC, a training specialist leading the consortium, said: “… while the immediate short-term driver shortage has abated, the long-term chronic shortage persists. As we’ve seen, thousands of people in the UK want to become lorry drivers. With further funding, we’re confident we can train even more people in the UK, close the longer-term shortfall of drivers and keep Britain moving.” Nationally, the scheme aims to train a further 2,160 candidates. For details go to www.hgv.academy
Royal visit to Port of Ipwich as training vessel prepares to set sail
The Princess Royal visited ABP’s Port of Ipswich last week for the commissioning ofa sail-training vessel, Horace & Hannah, a 1906 Great Yarmouth Shrimper, which has recently been rescued and refurbished by Lowestoft-based Excelsior Trust. The princess is the trust’s centenary patron, having commissioned a 1921-built Lowestoft sailing smack Excelsior in 1988 as a sail-training vessel. It has since taken more than 10,000 young people to sea. Horace & Hannah will join Excelsior, an approved Duke of Edinburgh gold residential award provider, in teaching young people traditional skills and broadening their horizons. Andrew Harston, regional director, ABP, said: “It’s a great privilege to be able to host HRH The Princess Royal at our port in Ipswich, and on the site where Her Majesty Queen Elizabeth officially opened Ipswich Waterfront just over two decades ago on 17 July 2002. The Port of Ipswich boasts a rich maritime history, and is proud to play a key role in supporting local community.”
Housebuilder gives students insight into construction industry
Housebuilder Bennett Homes recently hosted a group of students to a development in Hunstanton to see at first-hand what it would be like to work on a building site. Twelve students and their teachers from Springwood High School in King’s Lynn visited St Edmund’s Park to meet the on-site team, have a tour of the development and hear what the job entails. Students who are studying construction trades at GCSE level and will be applying to do bricklaying in the 6th form joined the Year 12 students who are currently on the bricklaying course. Bennett Homes’ site manager David Williams gave a talk on his own career path, starting as an electrician before moving into carpentry and joinery and then progressing into site management. Edward Parker, managing director at Bennett Homes, said: “As a housebuilder we are keen to encourage young people to join our industry and holding events like this is a good way for them to get an inside view of what it would be like.”
Resort launches sustainability initiative to cut food waste
Wyboston Lakes Resort on the Beds/Cambs border has launched a new sustainability initiative to reduce food waste across the venue. ‘The People’s Pantry’ will ensure that unsold or unused food from the resort will be available for colleagues to take home to share with their families. Chefs will package meals in a range of portion sizes, which will be stored in fridges for employees. The scheme will be available at the resort’s two conference, training, and events venues – The Woodlands Event Centre and The Willows Training Centre – helping to minimise food waste. It will also operate from The Waterfront Hotel’s Brasserie, The Gravel Pit. Glenn Corby, resort executive head chef (photo, right), said: “We are delighted to be able to support our food waste reduction plan and at the same time help our team members with easy, healthy meals for all the family.” The scheme is part of a long-term, comprehensive sustainability policy at Wyboston Lakes Resort which recently won the Sustainability Award in the Meetings Industry Association’s miaList 2022.
