Finance directors turn more optimistic but retain ‘defensive’ stance
Optimism among chief financial officers at the country’s largest firms has risen for the third quarter running. But whilst corporate risk appetite has risen slightly, CFOs retain a ‘defensive’ stance, with cost-cutting and the need to increase cashflow seen as priorities. According to Deloitte’s latest CFO survey taken in mid-March, a net 17 percent of CFOs are more positive about the financial prospects of their business than they were three months earlier. The share reporting ‘high or very high levels of uncertainty’ fell to 36 per cent, down from 77 per cent in mid-2022. CFOs’ expectations for inflation have continued to fall and the share of who see this as a good time to take greater risk onto their balance sheets has risen slightly from the last quarter to 20 per cent. For the first time in three years, CFOs expect margins to increase over the next 12 months. Meanwhile, geopolitics was seen as the greatest risk to businesses over the next 12 months, particularly events which could trigger cyberattacks. Paul Schofield (photo, right), Deloitte Cambridge office senior partner, said: “Our latest Deloitte CFO survey findings confirm what many of us are seeing in the East of England – growing optimism among finance leaders. However, the challenges of the last few years have understandably invoked caution, with capex spend deprioritised and many expecting a rise in geopolitical risks to business. Pleasingly though, we see signs of a revived interest in acquisitions among many businesses in this region.”
Cooling & heating group sold to private construction group
Adcock Refrigeration, a major player in the cooling and heating sector with a head office in Cambridge, has been sold to private construction and development group Bowmer & Kirkland in a deal where PEM Corporate Finance advised the seller. Founded in 1964 by John Adcock, Adcock Refrigeration has 230 staff across multiple regional offices, including Ipswich, Colchester, Norwich, Cambridge, King’s Lynn and Peterborough. The management team made the strategic decided to sell to Bowmer & Kirklandas which was seen as the right company to continue its legacy and growth trajectory. The acquisition of Adcock’s expertise and HVAC installation and maintenance services strengthens Bowmer & Kirkland’s construction offering further. Philip Olagunju and James Lewin provided corporate finance advice, as well as Jan Fachot and Daniel Simper from the PEM business tax team. James Lewin, manager at PEM Corporate Finance, said: “The team at PEM are proud to have supported Phillip and the Adcock management team in negotiations with B&K and would like to congratulate all involved on a successful transaction. We look forward to seeing Adcock’s and B&K’s future growth together and wish them all the best for the future.”
Separately, PEM Corporate Finance has promoted two team members after a record year. James Lewin has been promoted to manager along with Cameron Rothwell to assistant manager. Since joining as executive in 2022, James Lewin has helped the team expand its service offering with his varied advisory experience and specialist knowledge of financial due diligence. Projects he has worked on include the sale of Adcock Refrigeration to Bowmer and Kirkland and the acquisition of Displaynote Technologies by Kinetic Solutions. Cameron Rothwell joined the corporate finance division from PEM where he started his career in finance.
Photo (l-r): Cameron Rothwell, Philip Olagunju and James Lewin.
See Profile PEM Corporate Finance
Briefly…
Supply of farmland on the market rises
The volume of farmland on the market in England has started to grow as vendors seek to cash in on record high values, retire or reduce debt levels, says Strutt & Parker. Some 7,400 acres have been publicly marketed in the first three months of 2024, up six per cent on the period a year ago and above the five-year average. More land has also been marketed privately. Matthew Sudlow, head of estates & farm agency for Strutt & Parker, said: “We predicted that supply would increase in 2024 and there are some early signs that this is happening. However, the number of farms put up for sale publicly is actually lower than at the same point last year, highlighting that the increase in acreage available is largely down to the launch of a handful of sizeable farms and estates…..we are probably seeing more examples where farmers are choosing to retire because they have no successor or where vendors are motivated by ‘profit-taking’ after a period of sustained growth in values.
Cambridge firm strengthens software division with acquisition
Cambridge-based professional services and consulting company Visiativ UK has acquired Solid Apps, a 3D CAD and data management solutions specialist. Founded in 1968 by managing director Chris Hill in Oldbury, near Birmingham, Solid Apps provides support across the UK with a strong client base in Birmingham, Manchester, Oxford, and London. Scott Henderson, CEO of Visiativ UK, said: “We’ve grown significantly over the past three years through our relentless focus on customer service, but our ambition has always been to extend further into the CAD market. Solid Apps is the ideal partner to do just that with; they are a customer-centric, values-driven business with a highly qualified, expert team.” Along with its innovation funding consultancy service, Visiativ provides digital engineering and manufacturing solutions to a global client base.
Raft of new internal appointments at law firm
Ashtons Legal has appointed of 13 of its staff to partners, senior associates and associates from a range of disciplines at the firm. Emma Clifton, Grace Canham, Kimberly King and Rebecca Dixon are now associates; Gino Ballestracci, Jennifer Valentine and Kate Palombo are now senior associates and Ben Hallatt, Craig Fiddaman, Joanna Baker, Luke Hurst, Rhian Brook and Tim Burrows are new partners with the firm. All have completed Ashtons’ internal leadership programmes. For the first time at the firm, three of the new partners have key roles in its management team and do not deliver legal services. Ben Hallatt is Ashtons’ chief operating officer, Luke Hurst is chief information officer and Tim Burrows is chief financial officer. CEO James Tarling said: “At Ashtons we are proud to be attracting and investing in the development of exceptional people who share our vision and values. We enjoy seeing our colleagues succeed and develop their careers with us delivering fantastic outcomes to our clients….”
Photo: Emma Clifton, Kimberly King, Rebecca Dixon, Gino Ballestracci, Jennifer Valentine, James Tarling (CEO), Craig Fiddaman, Joanna Baker, Rhian Brook and Tim Burrows.
Accountancy firm strengthens Ipswich team with promotion
Chartered accountants and business advisors Larking Gowen has appointed James Nichols (photo)
as a new director to its corporate audit and advisory team, based in the Ipswich office. James Nichols, who joined the firm in 2020 as a senior manager, said: “…The corporate audit and advisory team has witnessed remarkable growth in recent years, and I look forward to contributing to the further expansion of the firm. My passion lies in delivering proactive solutions to our clients, enhancing their experience with us beyond the compliance services we offer.”
Graham Mummery, partner overseeing the corporate audit and advisory team in Ipswich, said: “James’ promotion is well-deserved. Having collaborated with him for over nine years, I’ve witnessed his evolution into a proficient team leader. This milestone is not only a personal triumph for James but also expands our firm’s leadership group and strengthens our team for the future.”
Second award for Suffolk financial planning firm
Suffolk-based chartered financial planning firm Kingsfleet has won adviser firm of the year for Midlands and East Anglia at the PA (Professional Adviser) Awards in London, the second award it has won in the past six months. The PA awards is in its 19th year and considers over 250 advisers annually. Kingsfleet was also recently included in the top 100 in the UK for financial advice. MD and chartered financial adviser Colin Low said:”At Kingsfleet, we are all immensely proud to be recognised as the adviser firm of the year for the Midlands and East Anglia, as we are all part of the achievement.” The firm has just over £90m in funds under advice and 405 clients.
