Manufacturers confident political stability will bring growth dividend
Confidence amongst manufacturers in the East of England is climbing as many firms believe greater political stability will improve economic prospects although recruitment intentions and investment have dipped, according to a third quarter manufacturing outlook survey from Make UK and BDO. Some 58 per cent of firms believe that the recent change in government will lead to better economic growth in the next 12 months. Confidence has reached levels last seen at the beginning of Covid recovery. The balance on output in the East was +12 per cent and is forecast to jump to +47 pc in the next quarter whilst orders are set to increase from +18pc to +53pc over the same period. But a mixed picture for the region is reflected in a dip in both recruitment intentions (-24pc) and investment (-12pc). Peter Harrup, tax partner at BDO in the East of England, said: “Manufacturers across the East of England are hopeful that a period of greater political stability will provide a better economic outlook ahead, and that in turn is boosting business confidence. Time will tell if that confidence can translate to investment and recruitment intentions where the region relies heavily on skilled workers taking up manufacturing positions.”
Chris Corkan, region director at Make UK in the East of England, said: “With an Autumn Budget and Spending Review fast approaching, now is the time for government to pick up the pace and deliver on pre-election promises, most notably the publication of a long-term robust industrial strategy.”
Norfolk boat hire firm triples size of fleet with heritage boat building acquisition
A Norfolk-based boat hire business, Horning Pleasurecraft, is tripling the size of its operations after acquiring one of the area’s long-established boat yards, Brundall-based Broom Boats. Founded in 2020 by husband-and-wife team Clive and Victoria Richardson, Horning Pleasurecraft provides boat hires and private moorings on the Norfolk Broads and has grown as staycations have become more popular. They used a £2 million loan from Lloyds Bank to acquire Broom Boats, which was founded in 1898 as a manufacturer, before later hiring out its vessels for day trips and holidays. It has a fleet of 31 boats – ranging from small vessels to larger luxury cruisers – and made more than 600 hires last year. Horning Pleasurecraft now has a fleet of 36 cruisers for hire and six fishing boats and has boosted its mooring capacity by nearly 40 per cent. The new owner is also looking to invest in Broom’s boat building operation to produce new vessels for its own fleet and to sell to customers. Clive Richardson, said: “Opportunities like this don’t come very often along the Broads, so when it did, we knew it was one we couldn’t let pass by. Not only will it help us grow our business, it also means we can play a role in keeping a historic business, and its boat building knowledge, alive so it can continue to be a part of the local community.”
Colchester Garrison put up for sale to pave way for 70 new homes
A plan to transform the former Colchester Garrison into new homes has moved closer after land on the former Ministry of Defence site has been put up for sale. Property agent Savills is currently inviting offers for the site in Butt Road which involves nine buildings and sits within a former new development built in 2012. Planning permission has been approved for the conversion of the buildings to provide 70 homes and two commercial units. Rebecca Kirwan at Savills in Essex said the site was in a key position and the agent was expecting strong interest. “Appetite for development land in the East of England has proved resilient and there has been an uptick in both national and regional housebuilders seeking opportunities across a range of sites.” Savills is inviting offers for the former site until 12 noon on 27 September.
Briefly…
Rising late payments point to ‘toughening’ local economy
A rise in companies with late payments on their books in the region and a steep fall in the number of new businesses being set up points a toughening local economy, says the Eastern branch of R3. The number of East Anglian companies with invoices overdue for payment increased from a sizeable 61,938 at the start of the year to 64,064 last month. Meanwhile, the number of East Anglian start-ups fell from from 9,463 in January to 6,760 in August. R3 Eastern chair Hayley Watson, a director at McTear Williams & Wood in the region, said: “While we have seen some economic improvements in recent months, driven mainly by a successful summer of sport and increased political stability following the General Election, doing business remains tough.”
Agent appointed to attract new retailers to Ipswich shopping centre
Penn Commercial has been appointed as the local agent to market Ipswich’s Sailmakers Shopping Centre to potential national and local occupiers, partnering with new managing agent, Landswood de Coy and working with national retail property specialist, FHP. Built in 1986 and refurbished in 2017, Sailmakers provides over 112,084 sq ft of covered retail and leisure space on a 1.74 acre site in the town’s Tavern Street. Tenants include Pandora, Boots, New Look, and Poundland and as well as shopping, the centre hosts occasional events and activities. Vanessa Penn, managing director of Penn Commercial, said: “We are excited to be chosen to let the flexible, multi-purpose units in Sailmakers Shopping Centre, located in the heart of Ipswich’s busiest shopping thoroughfare. This popular retail destination will be reinvigorated under Landswood de Coy LLP’s new management, and we are looking forward to attracting new national and local retailers to our Premier League town.”
Twenty new trainees start at chartered accountants’ firm
Chartered accountants Lovewell Blake has taken on 20 new trainees across its offices in Norfolk and Suffolk. The firm recruits school and college leavers and graduates annually with all embarking on professional qualifications. The firm is one of 17 in the Eastern region which is recognised as a ‘gold best employer’ in the Best Employers survey. The new entrants are working in the firm’s offices in Norwich, Great Yarmouth, Thetford, Halesworth and Bury St Edmunds. Lovewell Blake training partner Mark Proctor said: “As a firm we are committed to training the next generation of professionals. We work very closely with schools and colleges in the region to encourage young people to enter the profession, and to ensure that we attract the pick of the crop each year.”
Insurance group recognised with award for protection policies
The employee benefits team at Norwich-based insurance broker Alan Boswell Group has been awarded the Dr Marius Barnard Recognition Award in recognition of its commitment to making protection policies a cornerstone of its client offering. The award is named after Dr Marius Barnard, who pioneered the concept of critical illness insurance, leading to the first such policy in 1983 to provide financial support to patients diagnosed with severe illnesses, such as cancer and heart disease. Dee Myhill (photo), senior employee benefits consultant and Will Gaines (photo), protection specialist, accepted the awared at a Scottish Widows event in London. Dee Myhill said: “We’re proud to receive this award, which is a testament to our team’s dedication to ensuring our clients have financial protection when they need it most.”
See Profile Alan Boswell Group
Resort nominated in awards for as one of ‘best conference venues in the country
Wyboston Lakes Resort, west of Cambridge, has been recognised as one of the best conference venues in the country by being nominated as a finalist for three awards at the event industry’s Famtastic Awards. It has been shortlisted as a finalist for Conference Centre/Hotel of the Year and for Independent Venue of the Year, also for Green Initiative of the Year for its Green Energy project. Louisa Watson, marketing director and sustainability lead, said: “It’s particularly exciting to be recognised in these awards because they are voted for by many events professionals across our industry including many of our customers and competitors. It’s a great honour and superb compliment to the team and the venue.” The resort’s Woodlands Event Centre has won many awards since it was transformed to meet the needs of the latest generation of delegates and event organisers. Meanwhile, more than 3200 solar panels have recently been installed to make the site increasingly self-sufficient with green energy. The results of the Fabulous Famtastic Awards 2024 will be announced at a gala event on 1 November.
