Firms set to recruit amidst growing confidence in their own prospects
Firms in the region have become significantly more confident in the prospects for their own businesses and more are planning to hire staff although their optimism on the overall economy has waned. Lloyds Bank’s latest business barometer survey showed companies’ confidence in their own trading prospects in the East rose by six points to 61 per cent in May, the second highest of any UK region after the South East. Meanwhile, a net balance of 42 per cent of firms in the region expect to increase staff levels over the next year, up nine points from April. The top target areas for growth at businesses in the East over the next six months are ‘evolving their offering’ (nearly half of firms), introducing new tech and moving into new markets. But the survey – taken before the announcement of the General Election – showed that optimism on the economy amongst firms in the region fell nine points to 49 per cent. This gave an ‘overall headline confidence’ reading of 55 per cent, little-changed on April’s 56 per cent. Nationally, prospects showed a marked improvements in the construction and services sectors. Paul Evans, regional director for the East of England at Lloyds Bank, said: “Our region continues to be one of the most optimistic in the UK, well ahead of the national average, particularly when it comes to how firms view their own prospects. This self-confidence is a reflection of the hard work that our region’s businesses have done to build their resilience and seek out new opportunities…”
Stansted Airport-based engine services business sold to US group
Stansted Airport-based GT Engine Services, a leading aircraft engine repair and maintenance provider, has been sold to STS Aviation Services, a US-based global provider in the sector. Forward Corporate Finance advised Greg Macleod on his sale of GTES, which was founded in 2010 and is based in 100,000 sq ft at the Essex airport. GTES specialises in the repair and maintenance of a wide range of engines and has a strong reputation for its people-centric approach and technical expertise. The business has over 120 customers worldwide and delivers over 300 jet engine repair solutions per year as well as storage for over 150 engines. Greg Macleod will join as managing director, engine services for STS, with opportunities to leverage the scale and reach of the wider STS Aviation Group. The Forward team consisted of Rob Dukelow-Smith and Amie Goodlad who assisted Greg Macleod with his buyout of a former shareholder in 2021. Greg Macleod said: “Having previously worked with Rob at Forward, I knew I was going to be in safe hands, but whilst Rob and Amie prepared me for the process I was going to undertake, I hadn’t appreciated until the end how intense a sale of GTES was going to be.”
Rob Dukelow-Smith, director Forward Corporate Finance, said: “The positive outcome all round is a testament to Greg, his senior leadership team and all their hard work over many years, and we wish STS every success with their continued global growth”. Legal advice for Greg Macleod was provided by Tees Law, with tax support provided by Jan Fachot and Daniel Simper at PEM.
See Profile Forward Corporate Finance
King’s Lynn-based waste management services firm acquired by international group
King’s Lynn-based Circle Waste, which provides waste management services to businesses, has been acquired by Reconomy, a London-based international circular economy specialist. Circle Waste focuses on the construction and associated sectors where its digital-first model is attractive to SMEs and it employs around 90 staff. As well as waste management, the firm offers digitally provided removal & disposal services. Michael Benton, managing director of Reconomy’s Recycle loop, said: “Circle Waste enhances our waste management capabilities and creates a platform for Reconomy to grow further within the SME segment, especially in the construction market.” Reconomy increased annual revenues by 24 per cent to £1.23 billion last year as the business expanded to operate in more than 80 countries and employ over 4,000 people. Circle Waste is its second deal this year following the acquisition of a German-based metal recovery specialist, Sudamin Rohstoff.
Pressure on margins mounts in region’s logistics sector
Profit margins remain under pressure at logistics and supply chain management firms in the region, it emerged at a recent event in East Anglia on the challenges and opportunities facing the sector hosted by BDO and Barclays Corporate. John Gethen, M&A director at BDO, said: “The geo-political issues that have been impacting the sector in recent years appear to have largely settled down, as businesses incorporate new ways of managing supply chain challenges to give them more flex when it comes to transporting cargo around the world.” He added: “However, the biggest theme that came out of the event, which featured some of the most prominent players in the regional logistics market, is certainly the pressure being placed on profit margins. The task of trying to make the numbers work in an economic environment where cost pressures are still acute, is extremely difficult and navigating those financial challenges will remain a key focus throughout the rest of 2024 and beyond.” Meanwhile, the UK remains a ‘prime’ destination for global investment, as deal appetite returns for logistics and supply chain management businesses according to BDO. In the first quarter of 2024, 38 per cent of deals in the sector were cross-border, highlighting growing interest from international investors.
Norwich-based logistics company drives sustainability with new green initiatives
Norwich-based logistics and distribution company Fitzmaurice Carriers is investing in a series of initiatives to reduce energy use, fuel consumption and carbon emissions. The East Anglian haulage company is investing in super-efficient LED lighting as part of its efforts to reduce energy consumption across its warehousing site. The new lighting system is split into zones and sensor-activated, so that only areas in use are illuminated. Coupled with the latest generation of technology, this upgrade uses significantly less energy than the previous system. Fitzmaurice has also instigated a full recycling programme for paper, card, plastic, wood and metals, which includes an on-site baler. “Sustainability is a challenge which the logistics industry has an obligation to help meet. At Fitzmaurice, we are constantly thinking of new ways to become more efficient in our day-to-day warehouse activities, as well as on the road with our delivery vehicles,” said operations director Matt Richards. Fitzmaurice introduced its first fully electric van in August 2023, allowing it deliver locally with zero carbon emissions.
See Profile Fitzmaurice Carriers
Ipswich law firm appoints commercial property lawyer
Ipswich law firm Prettys Solicitors has appointed an experienced commercial property lawyer, Julie Hoy. She previously worked for another leading firm in Suffolk before moving to a City firm in 2022. Julie Hoy (right) has extensive knowledge and technical expertise on all aspects of residential and mixed-use development schemes. She has acted for national and regional developers, registered providers and local authorities. Meanwhile, the Legal 500 directory describes Julie Hoy as having ‘good assertive skills protecting the clients’ position, good customer care and quick to understand the clients’ objectives.’ Senior partner Ian Waine said: “Julie comes to Prettys as a legal director at an exciting time. We are working through a five year strategic plan which includes recruitment into our commercial teams and improvements to our working practices through tech. Our focus, however, remains on client service and delivering commercial solutions that fit with the business needs of our clients.”
Julie Hoy said: “I am delighted to be returning to an East Anglian based firm and reconnecting with the region’s commercial property network. The sector continues to thrive and Prettys has some great clients that I am looking forward to working with.”
See Profile Prettys Solicitors
Cambridge company helps protect patients from counterfeit health products
A Cambridge company is helping to protect patients and consumers from harm by counterfeit health products; a growing problem in the global medical device industry. Domino is working with manufacturers in the sector to deliver a range of coding solutions – including 2D Data Matrix and QR codes – which can improve traceability in the supply chain and enable futureproofing of production lines ahead of new regulations. Over the next four years, all medical devices will require a unique device identification code registered in EUDAMED, the Central European Database for Medical Devices. Bart Vansteenkiste, global life sciences sector manager at Domino, said: “The addition of serialisation via 2D codes for medical devices is only a small step beyond what is already required under existing EU MDR compliance – but one that can help to reduce the risk of counterfeit medical device products further and bring many untold benefits to both end-users and manufacturers.”
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Cambridge Science Centre, an independent education charity, is moving to a new home on Cambridge Science Park, following a partnership with the park and its owner, Trinity College. John Bull, CEO, Cambridge Science Centre, said: “This new location feels like our spiritual home; it further strengthens our connections with the STEM ecosystem and brings communities to the very heart of science and technology in Cambridge.”
A new cafe, The Hub at The EpiCentre, is set to open at the innovation centre in Haverhill from 17th June to be run by a newly-formed catering company looking to grow across the region. PINCH, owned by four partners who collectively have over 100 years’ experience in catering, will be operating the new cafe. Andrew Bell, centre manager, said:“The EpiCentre offers a great base to start a business, with the café it’s an added bonus as much of the infrastructure is already in place giving a great atmosphere for both professional and recreational use.”
