Budget draws cool response from region’s business groups
The Budget has drawn a cool response from business groups in the region. Toby Warren, Suffolk Chamber’s head of policy, said: “Suffolk businesses had braced themselves for tax rises but they will still be hit hard. It is disappointing that the bad news was not balanced with more good news for the Suffolk economy. The chancellor announced that the government will be investing £100 billion in capital projects over the next five years. We must make sure the government realises the benefits to the UK as a whole of investing some of those billions in Suffolk.” The chamber noted that an increase in employers’ national insurance contributions will hit Suffolk businesses hard and pointed to the absence of ‘long overdue’ improvements to key rail junctions at Haughley and Ely. Good news included confirmation that on a new West Suffolk Hospital and lower duty on draught beers and ciders; a measure that will be welcomed by Suffolk’s breweries and cidermakers.
Nova Fairbank, chief executive of Norfolk Chambers of Commerce, said: “Whilst the chancellor has provided clarity on the government’s manifesto, from an average business perspective, the significant increase in employers national insurance contributions, combined with the reduction on the employers secondary threshold from £9,000 to £5,000 will be challenging for many firms to be able to absorb the additional costs.”
Separately, the corporate team at law firm Howes Percival – which has offices in Norwich and Cambridge amongst its seven locations – completed 37 deals in the run-up to the Budget. They included deals where a pre-Budget completion was requested by the client, including MBOs, business and share acquisitions and sales, share buybacks, exercise of options, and solvent corporate group reorganisations. Businesses across a wide range of sectors were involved.
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Norwich-based distributor acquired by Midlands-based group
Norwich-based materials distributor Resins R Us has been acquired by a Midlands-based group, Derbyshire Specialist Aggregates, in a multi-million pound deal. The acquisition combines two leading resin-bound companies and will strengthen their joint market position. Unlike traditional concrete or asphalt, resin-bound materials allow water to drain through the surface, reducing puddles and helping prevent flooding. Resins R Us will continue to operate and be run as an independent division, led by managing director Daniel Lake (photo, right). Sam Buckley, managing director of Derbyshire Specialist Aggregates, said: “Combining the resources and expertise of both companies will enable us to further improve resin bound products and services and ensure all customers receive the very best – from state-of-the-art manufacturing to exceptional customer service and delivery standards. Of course, this also strengthens our national coverage with a site in East Anglia.”
Daniel Lake said: “We are so proud of our reputation for excellence in care and delivery and now, backed by the experience, resources and shared values of Derbyshire Specialist Aggregates, we have a fantastic opportunity to improve and expand that even further.” The Norwich acquisition adds to eight current Derbyshire Aggregates sites across the UK.
Suffolk-based advisory firm wins ‘groundbreaking’ R &T tax credit case against HMRC
An advisory firm based at The EpiCentre innovation centre in Haverhill has won a groundbreaking decision which could end years of disagreement over the treatment of SMEs claiming under the R&D tax credit regime. Fiscale, an R&D tax adviser won the case for its client, Collins Construction. HMRC had refused two of the company’s SME R&D tax credit claims on the grounds that the R&D was both subsidised and sub-contracted, in contravention of the legislation. Originally, HMRC had also challenged the existence of eligible R&D activity, but this was approved through the normal enquiry process. Eve Hopley, CTA, technical director of Fiscale, said: “This tribunal result confirms that HMRC’s interpretation of the legislation was incorrect and we welcome this decision. Like many advisors, Fiscale felt HMRC had altered its interpretation on subsidised and sub-contracted R&D compared to its position in previous years, and this recent approach has subjected SME businesses to lengthy and costly defences. Many gave up because the cost of defending could dwarf the value of the claim to the business. Only the companies with sufficient reserves could afford to take HMRC on. That was unfair.”
Separately, Helen Earl has been appointed the new centre manager of The EpiCentre taking over from Andrew Bell who is leaving to take up the reins as head of Meet Cambridge. Helen Earl has many years experience in the business centre sector having previously been operations director with Mantle Space.
Joint marketing agent appointed at major Ipswich industrial scheme
Property agent Penn Commercial has been appointed as the joint marketing agent – with Lambert Smith Hampton and Savills – by Trebor Developments to promote a major industrial scheme in Ipswich, ‘Access @ Eastern Gateway’. The development (photo, right) is set on eight acres on the town’s Sproughton Road next to the A14 and involves five units with almost 161,000 of new build space. It is part of the wider ‘Eastern Gateway’ development where Amazon and La Doria have existing units. One unit at Access @ Eastern Gateway has recently been let to a major international occupier and four remaining units are ready for occupation. Managing director Vanessa Penn said: “Penn is delighted to have been appointed local agents on this prestigious scheme, which brings new product to the market in a strategic location.”
Separately, Birmingham-based Trebor Developments’ team and project portfolio is being ‘integrated’ with Hillwood, a US industrial property developer based in Dallas. The two have worked in partnership since 2018.
Subsidiary of Cambridge-based group changes its name on 30th anniversary
After 30 years of trading in Portugal, Marque TDI, a subsidiary of Cambridge-based Domino since 2009, has officially change its name to Domino Portugal. Founded in 1994, Marque TDI leads the distribution, sales and service of Domino’s market-leading technologies and solutions in Portugal. The management team, led by brothers Henrique and Ricardo Gonçalves, has succeeded in Europe as part of Domino, taking over management of Domino Spain in 2019. The two general managers said: “We believe our 30th anniversary is a fantastic opportunity to align ourselves fully as part of the Domino brand and to reflect the company’s expertise, and commitment to help customers reduce downtime and operational waste, adopt new more sustainable materials and processes and prepare for industry-changing technology shifts.” The company, which employs around 80 people and specialises in coding and marking, has a market share of around 65 per cent in Portugal.
Photo: Members of the Domino Portugal team mark the name change and 30th anniversary.
Renewable energy company relocates in Colchester
Renewable energy asset management company Bridge Wind Management, which works with some of the world’s leading operators and investors in the sector, has relocated its hq to the Lodge Park Business Centre in Colchester. “The facilities at Lodge Park are ideally suited to the way we work, offering a flexible high-quality base for our financial and commercial team, within easy reach of London and other main centres in the UK and further afield. It has been a seamless move thanks to the onsite team, and we are sure it will be t
