Businesses warned on potential impact of rising interest rates despite fall in insolvencies
Rising interest rates are likely to be bring another blow to struggling businesses later this year and a recent fall in corporate insolvencies does not accurately reflect current tough trading conditions, according to the Eastern branch of insolvency and restructuring trade body R3. “Despite the monthly fall in corporate insolvency figures, total numbers are still above pre-pandemic levels,” said Alistair Bacon, R3 Eastern chair and founding principal at AMB Law in the region. “The business climate is still tough. Firms right across the supply chain are trying to manage increased costs without passing this on to their customers, and with inflation remaining sticky, this is likely to become ever more challenging as the year progresses.” He added: “We are also waiting to see the real impact of rising interest rates, and may not see their cumulative impact until later in the year when fixed term credit arrangements end. Potentially, businesses could face a credit cost shock just as inflation is predicted to ease, leading to a one step forward and two steps back situation, rather than a sustained improvement in the trading climate.” Insolvency Service figures show that corporate insolvencies in England & Wales in April fell by 32 per cent to 1,685 compared to March’s total of 2,471 and were 15 per cent down on April last year. But they were still well ahead of 2021 and pre-pandemic levels.
New centre opens to deliver emission-free deliveries over last mile in Cambridge
Cambridge’s first so-called net zero urban consolidation centre which will provide emissions-free deliveries of goods over the last mile has opened in the city. Under the initiative, goods ordered in Cambridge and delivered to Welch Transport’s depot in Duxford will be consolidated for deliveries using smaller, eco-friendly vehicles. It is part of the firm’s new net zero logistics fulfilment operation that also includes one of the first fully-electric heavy goods vehicles in the country. Chris Welch, director of Welch’s Transport, said: “Our aim is that organisations in Greater Cambridge can quite literally ‘share the load’ when it comes to reducing C02 emissions…..The combination of our knowledgeable local drivers, new electric vehicle and Urban Consolidation Centre will revolutionise last mile deliveries in Greater Cambridge.” The firm says the new centre will potentially reduce the number of delivery trips by 46 per cent.
Separately, developer Chancerygate has reached practical completion on a 59,000 sq ft Grade A urban logistics and industrial scheme in Witham in Essex. Freebournes Park provides ten warehouse and industrial units ranging from 4,400 -7,050 sq ft and has a gross development value of £13.5m.
Photo (l-r) Sophie Home, Chris Welch and David Welch, Welch’s Net Zero
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Norfolk-based consultancy transitions to employee ownership
Norwich-based construction consultancy Canham Consulting has become an employee-owned business through the formation of an employee ownership trust. The business looked at various succession options, including an MBO or trade sale and the primary objective of a future ownership model was to build on the culture and provide longevity to the business. Managing director, Rob Panter said he is delighted that the employees will all share in the ownership of the business and continue to play an active part in driving Canham Consulting forward. The company is committed to continue growing, within East Anglia and beyond and Cambridge and the surrounding area is a focus area for growth. The business is also committed to training and professional development, through a ‘culture of learning’. For the transition, Canham Consulting partnered with Larking Gowen who provided governance, tax, and financial advice throughout the process and Leathes Prior Solicitors for legal advice.
Photo (l-r) Top: Duncan Saxby, Larking Gowen, James Lay, Larking Gowen, Alex Saunders, Leathes Prior Solicitors. Bottom : Karl Gessner, Canham Consulting, Chris Dewick, Canham Consulting, Rob Panter Canham Consulting, Peter French Canham Consulting, John Hutchinson, Canham Consulting.
Logistics park aims to get ahead of the game with solar panels
Port One Logistics Park, a £750 million e-commerce logistics project outside Ipswich, is planning to install 36 acres of solar panels on warehouse rooftops. Proposals at the site involve some 4.25 million sq ft of floor space and it will become a 100 per cent sustainable venture, producing over 6MW of energy if planning consent is granted. The developers say it will make Port One, which is in the Freeport East Zone, into one of the most sustainable commercial developments in Britain. The plans also involve planting 30,000 trees and regenerating Great Blakenham Riverside Park. Ben Shove, development director at Port One, said: “If policy and law-making goes the way it should, all of the green measures we are investing in will soon become legal requirements, so in many ways we’re simply getting ahead of the game and ensuring that Port One serves as an example of how a globally significant commercial venture can thrive while following principles of sustainability.”
Separately, Ipswich-based Maintech Power, a specialist electrical infrastructure company, is creating six new jobs to meet increasing demand. The company works in the renewable energy sector and in the construction and maintenance of solar farms, onshore wind farms and high voltage battery storage facilities.
New ventures joint early-stage Cambridge life sciences initiative
Six new early stage life sciences ventures have joined Babraham Research Campus’s Accelerate@Babraham 2023 initiative which supports the development of science concepts and the creation of new companies The ventures gain 10-months free laboratory space to stress-test their science at the site near Cambridge, plus £10,000 funding to support their activities. The six are Aila Biotech, Bugbiome, CytoCalx, Gigabiome , Matrix Bio and Neurothread. Kathryn Chapman, director, science & entrepreneurship, Babraham Research Campus, said: “Our 2023 cohort are a passionate group of new life science innovators and entrepreneurs, all of whom have the motivation to push themselves and their science as they engage throughout the programme.” The initiative is supported by strategic partners, AstraZeneca, Eisai and Biomed Realty, among others.
Photo: Accelerate@Babraham Cohort 2023 with Kathryn Chapman, director science & entrepreneurship, Babraham Research Campus (standing far left).
Famers and landowners urged to secure funding for improved water management
Rural businesses are being urged to apply for funding to help pay for projects that will improve water security and irrigation. A second round of funding for the Water Management Grant – part of the wider Farming Transformation Fund – has opened and could benefit farmers and landowners. The scheme covers 40 per cent of capital costs up to £500,000 to help pay for large-scale projects such as building new reservoirs, improving irrigation equipment and controls and installing new abstraction points. Dan Murphy at Savills’ food and farming team in Norfolk and Suffolk said: “ The Environment Agency has already warned that Norfolk farmers could face potential restrictions on their summer irrigation because of one of the driest starts to the year on record, while changes to surface water and borehole licensing are also on the horizon which could see permanent abstraction licences varied or revoked – without payment or compensation – from January 2028.” Being able to access water on-farm, can increase productivity, enhancing business resilience and potentially lift land values, according to Savills.” The minimum grant rural businesses can claim is £35,000 (40 per cent of £87,500), while the maximum is £500,000 (40 per cent of £1,250,000).
Separately, the NHBC, the new home warranty and insurance provider, has opened a new hub to train more than 100 bricklaying apprentices each year next to the Histon Football Club in Cambridge. The facility has been built in partnership with housebuilder The Hill Group and includes classrooms, welfare and catering facilities to provide a realistic working environment.
Creative businesses urged to sign up for investment programme
Suffolk-based creative companies are being encouraged to sign-up to a new free investment-readiness programme organised by Creative East to help develop high-growth potential in the sector. Support for companies across Suffolk will start from mid-September 2023 and the deadline for applications is 7 July. Chris Starkie, chief executive of New Anglia LEP who leads the programme, said: “Suffolk is home to a thriving tech and film sector, there’s a lot of opportunity for businesses in the creative industries to grow at great pace in this region. We’re here to help businesses meet their ambitions for growth and help create high value jobs, whilst retaining and attracting more top talent to the area.” Creative East is open to eligible businesses from all creative industries, including sectors such as digital creative tech as well as film, TV, radio and photography sector. www.creativeeast.org.uk.
‘Generous’ business owners in region step in to support employees
Generous business owners in the region have been stepping in to support their employees with the cost of living, according to research from wealth managers Rathbones. It shows that three quarters of business owners in the East of England have provided their employees with regular financial support in the past six months, while a further 30% have given a one-off lump sum to their staff to help with rising costs. Nationally, 43 per cent of business owners have offered regular financial support to their employees. Mark Winchester, regional director at Rathbones said: “It is in challenging times where you feel the benefits of having your community the most. With times tough for many individuals, it’s encouraging to see so many business owners stepping in to support their employees.”
Business breakfast speaker to talk on performing ‘under-fire’
An experienced RAF helicopter pilot turned executive coach will be speaking at Larking Gowen’s summer business breakfast in Ipswich on 13th June. The second in the firm’s 2023 ‘future-proofing your business’ series sees Sarah Furness (MA Cantab RAF) talk on how you can build resilience and develop the courage and skills needed to perform ‘under-fire’. She is a best-selling author and works as a coach in mindfulness and cognitive therapy and will be providing tips and tricks to help you be the best version of yourself. “Fear is contagious, but so is courage, ” she says. The event takes place at Tuesday 13 June, 7:15am registration – 10:00am close at Milsoms Kesgrave Hall, Ipswich and you can book here.
Norfolk venue named top resort in East of England for golf
The golf team at Barnham Broom near Norwich has been ranked the No. 1 Golf Resort in East of England, by National Club Golfer. The magazineranked resorts on factors such as the golf course, accommodation, facilities, and setting. Set in 250 acres of Norfolk countryside on the banks of the River Yare, Barnham Broom Luxury Resort offers a 46-bedroom hotel, two championship 18-hole golf courses, a driving range, a three-hole academy course, clay tennis courts outside and squash courts inside. Barnham Broom recently secured a Resort and Members’ Club Silver Flag at the 13th Annual 59club Service Excellence Awards and was placed at the 80th spot in the ‘Today’s Golfer Top 100 Golf Resorts in UK & Ireland’. It also came in at 63 in the Top 100 Golf Resorts in Great Britain and Ireland 2023. Shaun Van Looy, chief operating officer at Barnham Broom Luxury Resort, said: “This is a brilliant achievement to add to our Silver Flag award and Top 100 resort ranking, making Barnham Broom, as a golf resort, truly “multi-award winning”. The golf team at Barnham Broom has recently been bolstered by new hires PGA golf coach Darren Scholes and golf retail manager Joe Blackaby.
Photo: The golf team at Barnham Broom celebrates after being named the top golf resort in the East of England
Cambridge accountants mark Mental Health Awareness Week
Cambridge accountants, tax and business advisers PEM hosted a series of internal events and speakers for Mental Health Awareness Week. To raise awareness of the importance of mental wellbeing and destigmatise the topic, PEM staff joined meditation sessions run by Sarah Fitzgerald from local Cambridge charity Inner Space, heard from Gunilla de Robeck from Floatwell on how to create a positive mindset and enjoyed massages by Mark Swann from Forte Wellbeing throughout the week. PEM shared resources from the Mental Health Foundation and highlighted the support it provides for staff, including mental health first aiders, more of whom are being trained. Staff were also given an extra “wellbeing hour” over the week where they could do something that made them feel good. Managing partner Warren Tilbury said: “We’re delighted to have been involved in so many positive conversations and activities in the Mental Health Awareness Week. We recognise how important it is to focus on everyone’s wellbeing all year round.”
Resort shortlisted for three prizes at Conference & Events Awards
Conference, training and leisure venue Wyboston Lakes Resort, west of Cambridge, has been recognised as one of the best conference venues in the country and among the most sustainable. It has been shortlisted as a finalist for three awards – Best Conference Venue (over 500 theatre style), Best Event Venue Customer Service (over 500 theatre style) and the Sustainability Award. Louisa Watson, director of marketing, said: “This is superb testimony to our first-class facilities and customer service and to the continuing commitment of our team to finding new ways to make our venues every more sustainable.” The resort’s Woodlands Event Centre (photo) was transformed in 2019 to meet the needs of the latest generation of delegates and event organisers. From sales declining at 20 per cent year on year in 2018, it has resulted in business in 2022 being up 79 per cent on 2018. Meanwhile, the resort’s commitment to sustainability has been accredited by earning gold awards from the Green Tourism Awards and the IACC, and EcoSmart Platinum Venue Award from Greengage Solutions. The results of the Conference & Events Awards 2023will be announced at a ceremony on 30 June in London.
Delegates to anniversary event donate generously to Cambridge foodbank
The 100 delegates attending a recent symposium to mark the 25th anniversary of Meet Cambridge, the official conference and events bureau, responded generously to a request to bring a donation for the city’s foodbank. Invitees to the ‘Events: Matters Arising’ meeting at King’s College were asked to make a donation to highlight the importance of corporate social responsibility at business events. It resulted in hundreds of items being given which were later taken to Cambridge City Foodbank’s Cowley Road warehouse. Judith Sloane, head of Meet Cambridge, said: “We were overwhelmed by the generosity of the delegates at our anniversary event, ensuring we had a substantial amount to take to the Foodbank. This was just part of our focus on demonstrating the importance of making business events more sustainable and we will certainly do all we can to encourage other event organisers to add a collection to their conferences and meetings going forwards.”
