Buoyant start-ups point to ‘sizeable appetite’ for new business in region
The number of new businesses set up in East Anglia by entrepreneurs in March was the highest of any region outside London although debts owed by firms in liquidation have increased sharply. Figures from the Eastern branch of invsolvency trade body R3 show that there were 8,183 new businesses started in East Anglia in March. Although this was below the level recorded in February, R3 says it ‘still indicates a sizeable appetite for new business in the region and opportunities for growth.’ R3 Eastern chair Hayley Watson of McTear Williams & Wood said: “It’s good to see local entrepreneurs seizing opportunities to set up and trade, and the monthly fall in start-ups could indicate a sensible degree of necessary caution due to challenging economic conditions.” Levels of debts owed by East Anglian businesses in liquidation increased by 35 per cent in March and were almost double the month last year. Meanwhile, the number of local companies with late payments on their books has rose to 62,895 last month, up from 61,938 in January. Hayley Watson continued: “Business owners should remain cautious moving through 2024 as they and their supply chain continue to be under pressure from elevated Bank of England interest rates and prices for goods and services which are significantly higher than three years ago.”
More farmland comes to market in the region as farmers head for the exit
The volume of farmland sold in the East of England rose by almost a third in the first quarter as growing numbers of farmers are retiring. A total of 4,300 acres of farmland were publicly marketed in the region in the first three months of this year, up 28 per cent on the period a year earlier according to Savills’s quarterly farmland survey. Average values were little-changed at just over £10,000 an acre for prime arable land. Oliver Carr, associate director in the rural agency team at Savills, said: “The early exit scheme, introduced to encourage farmer retirements, along with the gradual tapering of the basic payment scheme, exacerbated by higher costs and a drop in commodity prices – leading to lower margins – appear to have encouraged some farmers to reassess their options. While some are changing the way they run their farms, others are using the opportunity to leave the industry.” Nationally, 24,800 acres of farmland were openly marketed between January and March, 44 per cent rise on the first quarter last year. Farms with commercial scale fields, easy access and good-quality buildings suited to modern agriculture are attracting most interest.
Photo: Clavering Hall Farm near Saffron Walden, which is being marketed by Savills in Essex.
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New landmark office and lab building topped out in Cambridge
A new landmark office building at Peterhouse Technology Park in Cambridge, The Optic, has been topped out by property group British Land. Due to complete in February 2025, the building (right) will provide over 95,000 sq ft of high-spec office and lab-enabled space. The site, south east of Cambridge, aims to become a hub for science and tech businesses with flexible floorplate layouts to accommodate growing businesses. Gareth Roberts, head of development for innovation and life science at British Land, said: “Our topping out ceremony at The Optic marks a significant milestone in the development of what will be an important centre for innovation and forward-thinking in Cambridge.” The building will have 94 EV charging hubs and solar power. Other occupants at Peterhouse Technology Park include semiconductor leader, ARM plc.
Separately, the new Cambs hq of technology consultancy TTP was named best corporate workplace at the British Council of Offices’ Midlands and central England regional awards. Set in Melbourn, the 110,000 sq ft campus involves three distinct, single-storey buildings shaped around collaborative working.
New Covent Garden flower wholesaler launches regional hub in Norwich
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Stall holder, Freddie Heathcote with Dahlias at New Covent Garden Market in London, as the market’s British Flower Week begins. Issue date: Monday June 14, 2021. PA Photo. Photo credit should read: Matt Alexander/PA Wire
A New Covent Garden Flower Market wholesaler, Green & Bloom, has formed partnerships which will expand its cut flowers and plants offer to two regional hubs, including one in Norwich. The first new branch will open at Whittingtons’ Norwich branch on April 29 and a second will open in Birmingham soon. The hubs will be sub-branded Green & Bloom Local and will be set up as collection points for online webshop orders as well as offering local delivery. Freddie Heathcote (right), Green & Bloom managing director, said: “We’ll be looking to onboard as many new B2B customers as we can in the initial months. From our London base, we have seen a significant uptake in new account applications in the past two years due to our attractive new online offering and we’re very confident that we’ll have a similar level of interest in Norwich and Stourbridge, especially considering the existing customer networks of our partners.” Product from abroad for Norwich will be consolidated at New Covent Garden Market overnight and delivered to Norfolk each morning.
New lettings made at popular Ipswich shopping centre
Penn Commercial client Tramco Cambridge has made three new lettings at its 50,000 sq ft neighbourhood shopping centre, at Ravenswood, on the south side of Ipswich. Gridserve has installed eight ultra-high speed EV charging points; Day Lewis, a multiple chemist, has opened a new shop and PureGym is open in a new 13,000 sq ft unit on the site. Bill Bartram of Tramco said: “…Ravenswood has always been popular locally, and with these new facilities we have diversified and increased the appeal locally, and from the A14. We have already seen pedestrian traffic increase across the site.”
Robin Cousins, associate at Penn Commercial, added: “The evolution of Ravenswood continues. This is a highly-visible and busy destination on one of the main roads into Ipswich and, following the relocation of Day Lewis, we are offering a 2,600 sq ft Unit B, with scope for an additional mezzanine floor, as a new retail or coffee shop.”
New awards to be launched at Royal Norfolk Show
The Royal Norfolk Agricultural Association and Norfolk County Council are launching the new Norfolk Rural Business Awards to recognise excellence and innovation in the agricultural sector. They will be presented at the Royal Norfolk Show on 27th June. Mark Nicholas, managing director of the RNAA, said: “Each category will have a specialist judging panel that will visit shortlisted businesses before making their final decision. Some categories lend themselves to direct applications while others focus on nominations or a combination of both.” As the largest two-day county show in the UK, the Royal Norfolk Show attracts over 80,000 visitors.
Photo: a scene from the 2023 Royal Norfolk Show
Separately, a free workshop on employing neurodiverse people in Norfolk is being run by MAD-HR as part of the Norfolk Business Festival on Thursday 25th April at The NEST in Norwich.An estimated one in seven people in the UK is neurodivergent with, for example, ADHD or autism. Over two hours MAD-HR will look at: distinguishing the neurodiversity types; recognising the skills and talents of those with neurodiversity; your legal position; what reasonable adjustments might be needed and ensuring a culture of diversity through a recruitment and retention strategy. See here for details and tickets.
Over 800 businesses to feature at The Suffolk Show
Over 800 tradestands will feature businesses large and small from all sectors at The Suffolk Show at Trinity Park outside Ipswich on 29 and 30 May. The event also provides an opportunity to network and make new connections. The show’s organiser, The Suffolk Agricultural Association, offers a range of membership options where businesses can host clients or colleagues or arrange meetings alongside the Collins Grand Ring. Both members and VPs have access to the show’s Ringside Club, sponsored by Birketts and Brewin Dolphin. As part of the club, businesses can book a table for formal dining under a marquee, informal food options including ‘grab and go’ food, and exclusive access to bars, member toilets, and competition ring grandstand seating. Show director John Taylor said: “From finance, food, fashion, and much more, the diversity and expertise on offer are simply remarkable. The Suffolk Show provides such a unique experience for businesses through networking with tradestands and through our exclusive membership options.” https://suffolkshow.co.uk/membership
Exhibition launched to mark 140 years of business at Suffolk Chamber
Suffolk Chamber of Commerce has launched an event to mark its 140th year of business, the C140 Exhibition, at The Hold in Ipswich. The exhibition explores the county’s business landscape through four key themes: diversity, trade and infrastructure, history and heritage, and the future. A launch event last week provided guests with a preview of the immersive experience. Exhibits include the story of Suffolk business leaders, including names like Ransome, Grimwade, Jefferies, and Packard and the key role of the Ipswich Dock Commission, known today as ABP Ports, who laid the groundwork for Suffolk Chamber’s inception. John Dugmore, Suffolk Chamber chief executive, said: “We are delighted by the turnout and enthusiasm at the launch event for the C140 Exhibition. It was inspiring to see businesses and members of the community come together to celebrate Suffolk’s rich business legacy and the chamber’s contributions to its diversity and evolution.” The C140 exhibition runs from 18th April to the 1st May 2024. Details at c140.suffolkchamber.co.uk/
