Busy start to autumn for region’s manufacturers as investment picks up
Manufacturers in the East of England have seen a sharp rebound in activity over recent months as pent up investment demand have been turned on whilst recruitment plans have picked up. Output rose strongly to a balance of + 24 per cent and orders to +14 per cent according to a Make UK/BDO Q3 manufacturing outlook survey. Chris Corkan, region director of Make UK in the East of England, said: “After a period of considerable uncertainty in global markets, these figures are an encouraging sign that East of England manufacturers’ confidence is improving and, more importantly, being translated into growth and investment. However, one swallow doesn’t make a summer, and with UK and European markets in particular remaining anaemic it wouldn’t take much to knock prospects for further growth.” The survey showed that the US has recovered its position as the second most favoured market for growth prospects. Meanwhile, investment intentions jumped sharply to a balance of +33 per cent and recruitment intentions improved to a balance of +19 per cent. The improvements comes despite reports of continued job-shedding at firms across the region and some high profile retreats at major businesses. These include Norfolk-based Lotus, which is cutting around 550 UK jobs, and AstraZeneca, which has paused a planned £200 million expansion at its Cambridge research site.
Ukranian drone company to invest £200 million in Suffolk plant
A Ukrainian drone company is investing £200 million in a new 11,000m sq m factory at Mildenhall in Suffolk together with a testing and training centre in Elmsett near Ipswich, which will together create around 500 jobs. Ukrspecsystems is the leading Ukranian developer and manufacturer of long-range unmanned aerial systems and supplies the country’s armed forces. It also works applications ranging from wildfire management to remote monitoring. Freeport East, the industrial strategy zone, has been working with Ukrspecsystems to explore sites and partnerships in the East over the past six months and helping the company build links with local partners. The aim has been to bolster local supply chains so that both Ukraine and the UK can access the latest technologies in the sector. Steve Beel, CEO at Freeport East, said: “This is a major investment for the East of England and a real vote of confidence in our region as a place to do business and participate in unique economic clusters. Ukrspecsystems brings market-leading innovation to the UK that will create new opportunities and partnerships for local supply chains and job-seekers.”
Photo: Rory Chamberlain, managing director UK Ukrspecsystems with Steven Wilson, head of innovation, business engagement and inward investment at Freeport East.
Norfolk Broads boating deal ‘preserves legacy’ of historic local business
The parent company of Wroxham-based Norfolk Broads Direct, one of the largest boating holiday firms in the national park, has been sold to a business formed by Greg Munford and Paul Richardson, who previously ran local boating holiday company Richardsons Leisure. Norfolk Broads Direct manages a fleet of over 100 boats from passenger ferries and dayboats to holiday cruisers. The business also has waterside holiday properties and attracts over 115,000 guests annually to the Broads. The deal involves the sale of Norfolk Broads Holdings – which is the parent company of Norfolk Broads Direct and Broads Tours – to Broads Ventures. The leisure and tourism team of law firm Howes Percival advised the selling family owner, Craft Leisure, on all legal aspects of the deal. Howes Percival’s Richard Turner said: “This deal is so important to the region and its visitor economy as it will help to preserve the legacy of such an historic local business.”
Len Funnell of Craft Leisure said: “Although stepping away from the helm, we are still involved and look forward to continuing to be a part of this next phase of growth with Craft Leisure’s investment in Broads Ventures and with Ruth Knight’s role on the board.”
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Improvement in cashflow could give autumn boost for region’s economy
A late summer fall in the number of firms with overdue creditor payments and a fall in insolvency-related activity could be a boost to the local economy, says the Eastern branch of R3. The number of East Anglian businesses with invoices overdue for payment fell to 63,530 in August from 66,929 in July while debts owed by liquidated firms in the region fell by almost 11 per cent over the same period. R3 Eastern chair Hayley Watson said: “It’s encouraging to see the local economy tightening up on the all-important business cashflow, particularly as there is much speculation about tax rises in the Autumn Budget and how the government will counter increased spending and a widening fiscal ‘black hole’.”
Ipswich-based financial planning firm acquired
Bury-based Beckett Investment Management Group has acquired Ipswich-based Swallow Financial Planning – which has been operating for more than 30 years – on the retirement of owner Andrew Swallow. Joshua Lamb (photo, right), a chartered financial planner, and a team from Swallow are transferring to Becketts to ensure continuity and a smooth transition. Andrew Swallow said: “After many successful years running Swallow Financial Planning, I wanted to ensure our clients and team would continue to thrive. Becketts shares our commitment to putting clients first, and I am confident this step will bring new opportunities for both clients and staff.”
Gavin Wood (photo, left) managing director of Becketts, said: “Their values and approach to financial planning match our own. This acquisition strengthens our ability to deliver expert advice and a personal service.”
Norfolk-based pump manufacturer lands order from Brazil
A Great Yarmouth-based pump manufacturer, Prior Power Solutions, has broken into the growing South American oil and gas market with an order from Brazil. The Norfolk-based company, which was formed over 40 year ago, has exported one of its 180k nitrogen pumps to Rio de Janeiro. “Brazil has been on our radar for some time,” said global sales manager Adrian Sharman (photo right). “It is an area experiencing significant growth with regards to oil and gas. Production is projected to increase by over 30 percent by 2030, and we are seeing a lot of demand for our products – not just nitrogen pumps – in the region.” Following a £2 million investment over the past two years, Prior Power has been increasing its fleet of nitrogen pumps for medium and long-term rental.
Suffolk-based leasing business expands into Norfolk
Suffolk-based Evolve Business Solutions, which leases printers, photocopiers and scanners, has expanded into Norfolk with the acquisition of Protocopy, the managed print division of Rightprint. Evolve managing director Ross Cracknell (photo, left, with Nicholas Woodward of Protocopy), said: “Buying Protocopy allows us to reach more customers, grow our customer base and serve the existing Norfolk market even better than before.” Since launching five years ago Evolve has averaged annual turnover growth of 48 per cent.
New warehouses near Ipswich let to e-commerce business
Two new warehouses near Ipswich have been let to a Southampton-based e-commerce business. Penn Commercial has arranged the letting of Units 109 and 109A at Claydon Business Park to E Commerce Supply Chain for client Edward Le Bas Properties on a 15-year term. Ecommerce Supply Chain specialises in the unloading and delivery of freight containers from dockyards to fulfilment centres. The two units provide nearly 67,000 sq ft of distribution/warehouse space, with 48 car parking spaces and a yard. Shaun Collins, associate surveyor at Penn Commercial, said: “Claydon Business Park is home to a dynamic business community, and we are sure that Ecommerce Supply Chain Limited will find it the ideal location in which to continue to grow their company.”
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