Optimistic firms resolve to invest and hire to boost productivity in 2024
More than a third of firms in the East of England are making New Year resolutions to improve their productivity with more hires and new investment against a background of improving confidence in the economy over the year ahead, according to a Lloyds Bank survey. It suggests that 57 per cent of businesses expect turnover to increase in 2024. Meanwhile, the new year opens with two fifths of firms planning to hire more staff, a third focusing on staff training and another third looking to develop their business. But many firms also plan to keep a closer eye on costs over the next 12 months and a majority are confident that they will see their business become more profitable in 2024. Dene Jones, regional director for the East of England, said: “2024 looks to be a promising year for firms in the East of England. While this year has had its challenges, falling inflation and the stabilisation of interest rates are helping to create an environment where businesses are more confident about making plans to boost their productivity and target growth.”
Separately, chief financial officers of the UK’s largest firms are optimistic about prospects for their businesses as they enter 2024 according to survey from Deloitte. A net 11 per cent of CFOs are more optimistic about the financial prospects for their business than they were three months ago. Paul Schofield, Deloitte Cambridge senior partner, said: “Our latest CFO survey shows that as we enter a new year, CFOs are feeling renewed optimism. We are seeing this first hand in entities we work with in the East – with rising confidence across many sectors. This is in large part related to a view that there will be further downward movement in inflation and that interest rates have peaked. However, unsurprisingly, geopolitical concerns remain high, with many CFOs expecting greater diversification and near-shoring as a result.”
Cambs-based foods company acquired by Herts-based group
Cambs-based March Foods has been acquired by Herts-based Italian Beverage Company in a deal where Forward Corporate Finance advised the buyer. March Foods is one of the UK’s leading co-manufacturer and co-packers. Operating from purpose-built facilities in March, the firm specialises in filling, packing, and bottling leading household brands. IBC Simply manufactures and distributes quality food service products such as syrups and sauces (photo). It was founded by Sheldon Flax in 1993 and remains a family-run business with son Ricky Flax now at the helm. The acquisition of March Foods – IBC Simply’s contract packer – was identified as the best strategic next step due to their long-standing relationship and growth opportunities for the two companies, who now come together under a new parent, Delightful Food Group. The Forward Corporate Finance team of Rob Dukelow-Smith, Amie Goodlad and Amy Hochuli, assisted IBC Simply throughout the transaction process. Ricky Flax, IBC Simply CEO, said: “We would never have completed the acquisition without Forward. The preparation stage they took us through was extremely detailed, showing us many options for funding the deal and structuring the acquisition, and then once we were agreed on a strategy, Forward not only found the best funding structure and funding partner for us, but managed a very tight process to completion, with a lot of stakeholders to manage.”
Rob Dukelow-Smith said: “…Their vision for the merged companies is truly exciting, and we are thrilled to have played a part in launching the beginning of a promising next stage for the business.”
See Profile Forward Corporate Finance
Firms warned to watch for signs of financial distress as insolvencies climb
Firms are being warned to stay alert to signs of financial distress after national corporate insolvency figures reached a 14-year high in November. R3 Eastern chair Hayley Watson (right), associate director at McTear Williams & Wood, said: “This point of the year is a critical time for many businesses, and if it doesn’t deliver the rise in revenues many are hoping for, we could see insolvency numbers increase further next month.” Insolvency Service figures show that corporate insolvencies in England & Wales increased to 2,466 in November, up 21 per cent on the month a year earlier and six per cent higher than in October. “These latest numbers have been driven by an increase in creditors’ voluntary liquidations and compulsory liquidations, as more directors opt to close their businesses while that choice is still theirs. At the same time, creditors are pursuing debts to balance their own books,” said Hayley Watson. She added: “Given the timing and climate, it’s vital that directors and managers are alert to signs their business could be financially distressed and seek advice as soon as possible. It’s a very hard conversation to have, but speaking up when worries are new can provide more options for recovery, as well as more time to consider how to move forward.”
Norfolk law firm expands with new office in Norwich
Lucas & Wyllys Solicitors, which has been operating for over 190 years from bases in Gorleston and Great Yarmouth, is expanding into Norwich. The legal firm, which specialises in private client, family law and conveyancing, has taken office space at Blofield Business Centre, east of the city. Managing partner Amy Church said: “As we expand our footprint with the opening of our third office at Blofield Business Centre, we are thrilled about the opportunities this brings for us to better serve our clients.”
Office manager Robert Kemp added:“The new office is strategically positioned to serve the growing needs of businesses and individuals in the East Norwich area, contributing to our overarching goal of fostering legal support and expertise within the region.” The firm has 22 staff and was a recent finalist at the UK Modern Law Conveyancing Awards.
Photo (l-r): Nigel Craske, senior partner, Amy Church, managing partner and Candice Barfield, partner at Blofield Business Centre, Norwich
Law firm appoints new corporate partner in Cambridge office
Ashtons Legal has appointed Nick Palmer as a corporate partner in the firm’s Cambridge office. He is a well-known figure in the Cambridge legal market and considered a ‘Rising Star’ by the Legal 500 guide to the sector. His recruitment is part of the firm’s ambitious growth plans and further strengthens its successful corporate team. He advises businesses on corporate transactions, in particular business sales and acquisitions and is experienced working with both established companies and those in their infancy. Nick Palmer said: “I am really looking forward to working with my new colleagues at Ashtons and to extending the corporate team’s capability and reach in the greater Cambridge area. My passion is working with owner managed and family businesses and the entrepreneurs behind them and this naturally fits with the existing expertise and focus of the firm. The transparent and friendly approach of Ashtons people has been clear from day one and it’s a team that I’m very pleased to be joining”.
Ashtons CEO James Tarling CEO added: “…Nick shares our values and passion for helping businesses to thrive and reach their potential at every step of their journey and will be a valuable addition to our partnership.”
Photo: Nick Palmer with Cambridge office partner, Claire Sleep.
Brown Shipley highlights core dynamics that will drive the global economy, financial markets and key asset classes in 2024 and beyond
Following a 12-month period last year marked by numerous interest-rate hikes and sustained high inflation, global economic growth will decelerate in the first half of this year. By mid-year, amidst slower growth and reduced inflationary pressure, central banks will seize the opportunity to begin cutting interest rates, supporting the start of a recovery over the second half of 2024 and beyond.
Those are the views of Simon Smith, Head of Eastern Region, Brown Shipley (photo, right) and of Daniele Antonucci, Chief Investment Officer at Quintet Private Bank, parent of Brown Shipley.
Over the course of what is expected to be a year of two halves, Smith notes that investors will need to cut through significant “noise,” including major elections, continued geopolitical uncertainty and regional tensions. “The shift towards a more multi-polar world that began with the pandemic continues to be evidenced by the fragmentation of supply chains, trade and finance,” he said. “This year, investors will need to adapt to this uncertain landscape, including by considering exposure to assets that may provide defensive benefits, reducing portfolio risk.” To continue reading full version of this article see here.
You can find further information including accompanying graphs on the Brown Shipley investment outlook at this website.
High-spec industrial unit launched in hi-tech business park in Great Yarmouth
A new high spec light industrial unit on Cobholm Business Park in Great Yarmouth has been launched onto the market – part of a high-tech business park with views over the River Yare. The New Boatyard Building covers 9,905 sq ft and is for let at an annual rent of £95,000. Nick O’Leary of agent Arnolds Keys said: “This is an extremely high specification industrial building in an easily accessible location close to the town centre in Great Yarmouth. Cobholm Business Park is a new ‘high tech’ business park which has been sympathetically designed to reflect the area’s rich quayside heritage, and will be a welcome addition to the commercial property estate in the town, where high quality units of this type are in very short supply.”
Roof repairs completed at seaside shopping centre in time for Christmas
Market Gates shopping centre in Great Yarmouth undertook key roofing repairs to stop leaks and get the centre ready for Christmas. Home to high street names such as Boots, EE, Starbucks and New Look, the 230,000 sq ft shopping centre was built during 1970s and extended in 2007. Following years of exposure to sunshine and sea air, the roof covering and glazed rooflights on the main entrance had begun to deteriorate, with splits and cracks across allowing water ingress, Market Gates appointed Roche Chartered Surveyors to undertake the repair project. In all, 100 glazed rooflights and 1800 sq ft of roof covering were replaced over nine weeks with the works completed on time and under budget. Sam Freakley, building surveyor at Roche, said: “This was a complex and challenging project due to the need to ensure the safety of people in the shopping mall whilst replacing glazing and roof coverings overhead. However, it was completed efficiently and to a high standard – largely down to well-planned and detailed works specifications and effective management of the project team.”
Marketing company to partner with IT group to support growth plans
An East of England marketing company is partnering with a regional award-winning IT company to support its growth plans in 2024 and beyond. Nurture Marketing is to work with the team at Breakwater IT to support its tech requirements and multi-branch development plan. Rechenda Smith (photo, left), MD at Nurture Marketing, said:”It’s great to be working with Breakwater IT. As a marketing company, the security of our clients’ data is paramount, as is having the latest tech stack for our team to use to deliver quality marketing work. We are also in growth mode – planning out our next two offices for East Anglia and Breakwater IT are well-placed to support us with that goal.”
Jordan Lamb (photo, right) business services director at Breakwater IT, added: “Our mantra is ‘a platform to power your business’. … The team will be able to get on with their day-to-day with the confidence that our team will provide expert IT advice and support when they need it.” Nurture Marketing joins clients such as the East Anglian Air Ambulance, The Forum and Blue Sky Leisure on Breakwater IT’s client roster.
Norfolk golf day raises over £32,000 for charity
A golf day in October which saw 26 teams compete on the Barnham Broom Valley Course in the annual charity golf day for Macmillan Cancer Support in Norfolk raised £32,305 for the charity. Organised by Graham Knights (photo, left, Macmillan volunteer) and Mark Burton (right, MCB Financial Services), the monies raised was presented to the charity in a large cheque. Graham Knights said: “It’s wonderful that even in difficult times, businesses are prepared to share their wealth for charity. We have so many unsung heroes, we can’t thank them all enough. We would, however, like to extend our special thanks to MCB Financial Services, Artisan, Daly Group, DMD and Porsche Norwich for their support and to all our incredible helpers for their generosity.” Barnham Broom has supported the event over the past 10 years. Graham Knights has raised more than £295,000 to support Macmillan in Norfolk over the past 25 years.
