Firms’ faith in their own prospects strengthens despite concerns on economy
Business confidence in the region fell in August as doubts mounted over the economic outlook but firms are increasingly hopeful on their own prospects. Overall confidence in the East of England fell by nine points to 52 per cent but remained well above the long term average according to a business barometer from Lloyds Bank Commercial Banking. The fall reflected a sharp downturn in optimism on the economy, which slid by 20 points to 44 pc. Firms’ confidence in their own prospects actually increased by two points to 60pc. Kirsty Sadler, regional director for the East of England, Lloyds Bank Commercial Banking, said: “It’s great to see businesses in the East remaining confident in their own prospects – a strong foundation on which to build future growth.” Over the next six months, businesses in the region see the top growth target areas as entering new markets – cited by 44pc – followed by evolving their offering and investing in teams. Nationally, UK business confidence in August was unchanged from July at 50pc. Across sectors construction saw a steep increase in expectations, while manufacturing, retail and services all saw small declines.
Separately, small businesses in the East of England are still seeing falling revenues but 39 per cent of firms expect to increase turnover in the third quarter, according to a Federation of Small Businesses report. Although the region’s businesses are less pessimistic than those elsewhere in the country, the report highlights the impact of prolonged financial pressures.
Growing demand for non-executive directors to boost business performance
Demand is growing for non-executive directors in the region with varied skills and backgrounds that complement the make-up of the overall composition of boards, according to a new report from recruitment group Pure Executive. It says non-executives are having a positive impact on business performance in the region and more appointments to boards reflects a growing recognition of their strategic value in governance and oversight and adding value to the bottom line. The report looks at remuneration and best practice for non-executive directors and chair and points to a narrowing of the gap between private and listed companies. Pure Executive founder Lynn Walters said: “…The East of England’s business community is dominated by privately owned organisations and accessing relevant data and insight into board structures can be hard to come by. This report provides an insight into the latest reward and remuneration trends for NEDs and illustrates the value that effective NEDs contribute to their organisations.’ The report shows that the average non-executive director at a private business in the Eastern region earns £41,686 for an average of 26 days per year. The report includes comments from non-executives in the region including Bronagh Kennedy of Treatt plc, Sarah Evans of East Anglia Air Ambulance, Nick Culley of TMJ Interiors and Paul Hooper of Alumasc plc. The report can be downloaded at: https://pureexecutive.com/non-executive-director-report
Photo: Lynn Walters (left), founder and Jodie Woodrow director, Pure Executive
Business rescues on the rise as insolvencies fall
A fall in the number of monthly company insolvencies points to an improvement in local trading conditions with more struggling businesses being rescued rather than closed down, says the Eastern branch of insolvency and restructuring body R3. Insolvency Service figures show that corporate insolvencies in England & Wales fell by seven per cent in July 2024 to 2,191 compared to June. R3 Eastern chair Hayley Watson (right), a director at McTear Williams & Wood in East Anglia, said: “With the monthly decrease in business insolvencies there has been a rise in administration numbers, which is potentially positive for business rescue prospects. Increasing numbers of businesses have been able to take early advice for exploring and activating rescue plans, enabling them to continue to trade rather than be wound up.”
Construction starts on distribution centre on freeport site at Stowmarket
Construction work has started on a 44,000 sq ft distribution centre on a freeport site at Gateway 14 at Stowmarket for Bauder, a leading manufacturer of flat roof building materials. Bauder managing directors Yvonne Higgins and John Llewellyn, plus logistics manager Ian Madgwick (photo, centre) led a ground-breaking ceremony at the business, innovation and logistics park with representatives from Gateway 14, Mid Suffolk DC, Jaynic, Freeport East and Wilten Construction. Bauder’s UK operational hq will remain in Ipswich – with plans to revamp their existing facility on Landseer Road – while the new centre at Gateway 14 will become its biggest distribution location in the UK. Yvonne Higgins said: “This a landmark day for Bauder. Our investment plan, to grow and strengthen our presence in the UK market, welcomes the new distribution centre to meet increasing demand, and is in line with our sustainability programme. This is the first part of a larger plan that will also see us expand our operational base in Ipswich and create further job opportunities at both our sites.”
Jaynic development director Ben Oughton said: “We are pleased to be making strong headway at Gateway 14 where potential occupiers see the benefits that the park provides with its freeport status as well as underlining its locational advantages sitting next to Junction 50 of the A14….”
Photo (holding the spades, l-r): Cllr Andrew Mellen, leader, Mid-Suffolk DC; Yvonne Higgins, Bauder; Ian Madgwick, Bauder; John Llewellyn, Bauder; Justin Watts, Wilten Construction
New board appointment at conference and meetings bureau
Meet Cambridge, the conference and meetings bureau for the city and the surrounding area, has appointed Fiona Simon, director of conference and catering at Trinity Hall, as a new member to its board. She joins a team of experienced professionals at The Cambridge Venue Company Ltd, which trades as Meet Cambridge. Fiona Simon (photo, right) brings nearly three decades of international experience in event management and operations, for the last eight in a director-level role at Trinity Hall where she is responsible for overseeing both internal and external event operations. Previously, she spent 20 years in the global events industry, managing large-scale, high-profile events across various sectors, including finance, law, government and the UN. Gavin Flynn, chair, said: “… Her extensive experience gained in a range of sectors, in addition to her current role within a Cambridge college, will be invaluable in ensuring we continue to support and meet the rapidly changing needs of all the 50-plus venues in our portfolio.” She joins existing board members Rebecca Barnes, events & hospitality manager at St John’s College, Martin Spooner, director of college services at Christ’s College and Rob Preston, domestic bursar at St Edmund’s College.
Seminar to encourage more females into angel investing
Anglia Capital Group is holding a female angel investing seminar and pitching day at The EpiCentre in Haverhill near Cambridge on Friday 27th September sponsored by the British Business Bank. The Female Angel Investor Series – Becoming an Angel Investor event will take prospective angel investors through the why’s and how’s of angel investing in the morning and will be followed by a live pitching event for female-founded businesses seeking angel funding in the afternoon. Anglia Capital Group managing director Hannah Brynn (photo, right) said: “Across the country just 14 per cent of angel investors are female. A statistic which shows just how much work there is to do in this space. We know that 25-50pc of a female angel’s portfolio is made up of female founded companies. If we want to see more female founded companies get funding then we need to encourage more females into angel investing.”
Law firm takes part in urban art project
Law firm Ashtons Legal in Ipswich has become involved in Wild Walls, a vibrant urban art project that has brought a new mural by urban artist, WOSkerski, to one of its external walls facing Portman Road and Ipswich Town FC. The four-week Wild Walls Festival launches on Friday 6 September and includes a programme of largely free events for the public, free bus travel and more mural painting. It follows a series of summer community art workshops with local, national and internationally-known urban artists. Ashtons Ipswich office partner, Janette Wand said: “Being part of this progressive endeavour has been incredibly rewarding. Not only has it enhanced our company’s reputation as an employer and engaged corporate citizen, but it also showcases the fantastic community-focused creativity that Ipswich is known for. In fact, the town is now being compared to Brighton thanks to its independent creative scene – and we’re delighted to be part of it.”
