Call for ‘radical cross-government strategy’ to sustain manufacturing
Manufacturing industry in the region has re-bounded well from the pandemic although the sector needs a radical cross-government strategy centred on tackling skills shortages, according to a new report. A Make UK/BDO annual report shows that the region is producing eight per cent more than pre-pandemic and overall output is up by 15 per cent since 2013. Chris Corkan, region director for Make UK in the East of England, said: “…The new government has made a welcome bold statement of its intent to tackle the UK’s anaemic growth at national and regional level. It should now back this with a radical, cross government, long-term industrial strategy which has the need to tackle the UK’s skills crisis at its heart. This should be allied with the local growth strategies and priorities of each region, including infrastructure and innovation, together with other measures to ensure the UK is now fully open for business.” Around 229,000 people are employed in skilled jobs, many in high-value sectors such as pharmaceuticals and precision engineering. Key manufacturing sectors in the East include food and drink (13.3pc of output), pharmaceuticals (12pc) and machinery & equipment (10.8pc). Meanwhile, the East has the largest share outside these top three sectors of any region, highlighting the diversity of manufacturers in the area. Its largest export markets are the EU (49pc) followed by the US (21pc) and Asia.
Peter Harrup, head of manufacturing at BDO in the East of England, said: “There is now an exciting opportunity for the sector to work with the new government on the development of a new long-term industrial strategy. This could unlock vital investment needed across the region to continue to bolster manufacturing output and skilled employment opportunities.”
Plans submitted for £2 million investment at Ipswich Beacon Marina
Associated British Ports has submitted plans for a £2 million investment in upgrades at Ipswich Beacon Marina which the port operator says are set to transform its facilities. ABP’s original proposals involved removing all berths at the old Neptune Marina and installing new pontoons with access from the island site but these ran into opposition from some boat owners. Following meetings, ABP has developed compromise proposals which include two purpose-built welfare buildings for boat owners. There will also be a large space for a new window museum for Ipswich Maritime Trust to tell the story of the port and town. ABP regional ports manager Paul Ager said: “We want the Beacon Marina to be welcoming for boat owners and visiting crews. We are making a major investment in Ipswich as a destination and want it to thrive. We have gone some way towards answering boat owners’ concerns. Waterfront visitors on the quayside will still be able to see a variety of craft moored here.” Subject to planning approval, the earliest possible start for the upgrades is early 2025.
Starts-ups stay low as firms plagued by late payments
A steep drop in the number of new businesses being set up in East Anglia has continued for a second month running whilst late payments remain a problem, according to insolvency and restructuring trade body R3. Its figures show that 6,538 businesses set up in East Anglia in June, a 37 percent fall on April’s 10,405 total ahead of the general election announcement. The May figure was also low at 6,440 start-ups. R3’s figures also show a high number of East Anglian companies with late payments on their books – 63,143 in June – and a growing quantity of debts owed by liquidated firms in the region. R3 Eastern chair Hayley Watson, a director at McTear Williams & Wood in East Anglia, said: “Going forward, it’s vital for start-ups to have a reliable economic platform to launch their undertakings, particularly as they are still having to navigate the longer-term economic challenges of inflation and spiralling fuel, energy and wage costs. Helping to achieve this has to be a political priority for our new politicians, law-makers and opinion formers.”
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Region outperforms on equity investment despite fewer deals
Equity investment in smaller business based in the East of England fell last year but still out-performed the rest of the UK. British Business Bank figures point to a 21 per cent fall in equity investment to £856m in the region last year and a similar-sized fall in the number of deals announced in the region to 150. Nationally, investment fell by 48 pc to £8.8 billion in 2023. Steve Conibear, UK network director at the government-owned British Business Bank, said: “Despite the 21 pc decline in equity investment, the East of England’s performance remains robust, particularly when compared to national trends.” Cambridge continues to be globally competitive in life sciences investments. In the last decade, it was home to 7pc of European venture capital investment in the sector, outperforming all UK cities except London. The so-called ‘golden triangle’ of London, Oxford and Cambridge, received £14.1bn of European life sciences VC investment over the past decade, a quarter of the total. Meanwhile, the University of Cambridge was ranked first on the most spinouts completed in 2023 (24 deals), ahead of the University of Oxford (21 deals) and the University of Bristol (17 deals).
New service launched to help exporters trading with Ireland
Cambridge-based road freight specialist Europa Road has launched what it says is a first of its kind with a new guaranteed service for local exporters on its daily routes between the Republic of Ireland and GB to remove post-Brexit challenges. The company has invested over £1m in its infrastructure in Ireland to set up a team in Dublin and a specialist customs brokerage service to support the new service. Europa Flow, a service which ships goods using DDP incoterms, is available to British businesses trading with Ireland. Exports to Ireland from East Anglia and the East of England were worth an estimated £1.6bn in 2023.
Property firm’s cycle challenge beats fundraising target for charity
A team of Fenn Wright employees recently completed a 180km cycle challenge for charity in the region which involved visiting all eleven of the property firm’s offices. Starting from Fenn Wright’s southerly office in Chelmsford to its flagship office in Woodbridge, they were supported by colleagues who took part in various legs of the journey and were joined by employees of Fitch & Fitch and East of England Co-op. The team also stopped at three Co-op stores en route, with East of England Co-op donating lunch and supplies. With an average speed of 13.06mph, it took a just over 8 ½ hours to cross the finish line where they were greeted by fundraising manager Alice Stebbings and Kimya Piper from Cancer Support Suffolk and partners and staff of Fenn Wright in the Woodbridge office. Donald Barber, who organised the event alongside fellow building surveyor, Nigel Berry, added: “Originally we had set a target of £1,000, but with the fantastic support from our colleagues, clients, friends and families, I am delighted that we have been able to more than double that.” Donations can be made here: https://www.justgiving.com/page/fenn-wright-cycle-challenge-2024
Law firm’s CEO named as finalist in National Business Women’s Awards
Paula Fowler, CEO of law firm Fisher Jones Greenwood, has been named as a finalist in the 2024 National Business Women’s Awards in the £10-£25m turnover category. She joined FJG – which has nine offices in Essex, Suffolk and London – as practice manager in 2010, becoming managing partner (equity) the following year and in 2021 she was promoted to chief operating officer and to chief executive officer earlier this year. She has helped oversee the firm’s transformation, growing its annual turnover from £2m to £10m and her strategic leadership has been pivotal in navigating the firm through a private equity acquisition by Lawfront Group in 2021. Paula Fowler said: “I’m humbled to be recognised among such accomplished women in business. I strive to inspire and mentor aspiring entrepreneurs, particularly women from underprivileged backgrounds, to achieve their full potential, so being shortlisted for this award is a real honour.” Her initiatives have including flexible working patterns for working parents, menopause and first aid training and fostering a more inclusive, caring environment that promotes diversity and innovation. FJG has earnt accolades including The Sunday Times’ ‘best places to work’ and the ‘best health and wellbeing initiative (under 750)’ by People in Law. The awards ceremony will take place in London in October.
Tourism survey launched alongside polar bears in Suffolk
Accountants and business advisory firm Larking Gowen launched its 2024 Tourism, Leisure and Hospitality Business Survey results at Suffolk tourist attraction Jimmy’s Farm & Wildlife Park last week. Guests were given a tour of The Lost Lands of the Tundra reserve at the farm, where polar bears Ewa, Flocke and Tala now live. Venue host Jimmy Doherty highlighted the importance of the tourist industry for the region beyond the £10bn income it generates. He said: “Tourism isn’t just another industry. It provides amazing jobs and makes the most of our landscape and wonderful towns and beaches….”. A podcast of a conversation between Jimmy Doherty and Chris Scargill, tourism partner at Larking Gowen, Tourism Business Chat can be seen here.
Chris Scargill said that although there was more negativity in the sector in comparison to the results of the 2023 survey, there were signs of light on the horizon. The full Tourism Business Survey 2024 results brochure can be seen here.
Conference & events bureau wins accolades for green initiatives
Meet Cambridge, the official conference and events bureau for the city and the surrounding area, has won two awards for its achievements in progressing the sustainability agenda at Cambridge University’s recent annual Green Impact Awards ceremony. It was singled out for an Excellence Award for its engagement with the events community through the ‘Meet Up & Make A Difference’ positive impact campaign, involving a ‘Shaping Sustainable Events’ summit held in Cambridge in April. The team also maintained its Silver level award for ongoing initiatives bringing environmental and sustainable changes in the office. These included promoting greater use of responsible travel, reducing waste and an energy audit. For the Excellence Award, three detailed submissions focused on ideas and inspiration on how to host more sustainable events. Judith Sloane, head of Meet Cambridge, said: “I am incredibly proud of our team and these achievements. Everyone has worked so hard to embed sustainability into our day-to-day activities, as well as make it the theme for our major event earlier this year culminating in the promotion of the ‘Meet Up & Make A Difference’ campaign to the wider events community.” Green Impact is an award-winning United Nations programme, led by the National Union of Students’ SOS-UK team and is open to colleges, departments and associated institutions looking to reduce their environmental impact.
Photo: With the Green Impact Awards (l-r) Judith Sloane and Sarah Maycock, both from Meet Cambridge.
