Milestone reached on major wind farm project off Suffolk coast
The Planning Inspectorate has formally accepted an application for the Five Estuaries Offshore Wind Farm project off the south Suffolk coast for examination. It marks a key stage for the project – an extension of the Galloper Offshore Wind Farm – which would be split across two seabed areas over 128 sq km and create energy for hundreds of thousands of homes. It involves up to 79 turbines, up to a height of 399 metres located around 37 km off the coast. Coming ashore at Sandy Point in Tendring, underground cables would link to a new substation near Little Bromley as part of National Grid’s Norwich to Tilbury Project. The examination phase of the project, which is being developed by RWE for the project’s partners, is expected to begin later in the summer and last six months. “This is a major milestone for an important project that will generate renewable energy for the equivalent of hundreds of thousands of homes, support the UK government’s net zero targets, and create job and supply chain opportunities in the local area” said Diane Mailer, project lead. A final decision is expected in summer 2025.
Strong start to year for venture capital investment in East of England
The region is attracting healthy interest from venture capital investors with 24 deals completed and nearly £335 million of VC financing invested in businesses across East Anglia in the first quarter, according to KPMG’s venture pulse report. As VC investors pull back from later stage deals, investment into early-stage businesses remains resilient. Joe Faulkner, senior partner for KPMG’s two offices in East Anglia, said:“These are strong figures to start the new financial year and a real fillip for the East of England when compared to the rest of the UK where VC investment has been subdued….Despite the global economic challenges, the diversity of fast growth businesses in East Anglia continues to appeal to investors across the globe who are looking for well managed businesses with sustainability and a robust path to growth.” First quarter deals completed included businesses across Cambridge, Essex, Suffolk and Norfolk. The largest raise came from Cambridge-based drug discovery company Apollo Therapeutics ($260 million), which was ranked one of the top 10 largest financing in Europe during the quarter. Other stand-out deals included Cambridge Mechatronics ($40 million), £25.2 million for Mission Therapeutics and a £6.7 million raise for Tagomics, the first company to occupy the new Illumina Ventures’ Labs space in Cambridge. Five companies saw seed stage funding including Colchester-based games developer Cathedral Studios ($6.66 million) and Norwich-based digital health startup Evaro (€1.4 million). Year-on-year deal volume remained flat in the region at 24 deals.
Recovery signs emerge in commercial property but more office space being ‘repurposed’
The commercial property market is showing signs of recovery although most chartered surveyors are seeing more ‘repurposing’ of office space. Meanwhile, a gap is emerging between London and a ‘subdued picture’ for the rest of the country according to the first quarter RICS UK commercial property monitor. Tenant demand rose in the first quarter ( to + 4 per cent from a – 7 per cent net balance at the end of 2023), with industrial and office demand rising for the first time since 2022. In all, 89 per cent of agents saw some repurposing of office space for other uses and over half saw more downsizing in clients’ office space requirements. Rents are expected to rise over the next 12 months for both primary and secondary industrial sites and for prime office sites. RICS senior economist, Tarrant Parsons, said: “Although sentiment remains relatively cautious regarding the near-term outlook across the UK commercial property market, the latest survey results do show some signs of recovery coming through.”
In Norwich, Sam Kingston of Roche Chartered Surveyors noted that the office and industrial market has been relatively subdued at the start of 2024. There is activity at the smaller end of the market, but larger requirements are limited and occupiers more cautious.
Stephen Scott-Fawcett of Martin & Mortimer in Ely pointed to a steady recovery in most sectors with light industrial still strongest. The office sector was static with slight growth noted in prime retail.
Business confidence in the East rises to highest level of any UK region
Business confidence in the East of England is higher than in any other UK region according to a ‘business barometer’ survey from Lloyds Bank Commercial Banking. It shows that confidence in the region rose by eight points in April to 56 per cent, largely due to growing optimism on the economy amongst firms. It is the third month running that the survey has shown confidence rising and comes as more businesses are planning to recruit. A net balance of 33 per cent of businesses in the region expect to increase staff levels over the next year, up one point on March. Paul Evans, regional director for the East at Lloyds Bank, said: “We always talk about starting off the year on the right foot and the East’s businesses are showing us how it’s done. The region has notched up three consecutive months of growth already to become the UK’s most confident – no other region or nation has achieved that feat this year.” Nationally, the survey showed confidence unchanged at 42 per cent in April, unchagned on March and February. Confidence among manufacturers rose four points to 45 per cent the highest level for three months and also amongst services firms (42 per cent) and construction (41 per cent).
MBO at Suffolk-based haulage business
A management buy-out has been completed at Suffolk-based Maze Logistic Solutions. Ryan Jiggens, the newly-appointed managing director, has wide experience and has been a member of the Maze team for numerous years. He said: “Our steadfast dedication to delivering exceptional customer service coupled with our unwavering pursuit of innovation and development will support our ambitions to become the first choice for our customers both within the region and across the entirety of the UK.” The company is introducing general haulage, LCL and specialist services, to cater to clients with varied shipping requirements and setting up a new truck park in a prime port location in Ipswich. Ryan Jiggens has also been appointed to the South Eastern Regional Council of the Road Haulage Association.
Digital learning provider sold to vocational training group
Prism Corporate Broking, based near Cambridge, has advised Scott Bradbury, a digital learning content and platform provider, on its sale to Be-A Education, a leading provider of certified online vocational training. Scott Bradbury provides bite-sized multimedia resources for workplace soft skills development and practice and is based in Cambridgeshire and Norfolk. The Prism team supported the two owners of Scott Bradbury throughout the sale process from pre-sale preparation and identifying potential acquirers, through negotiations and due diligence, to completion. Catherine de Salvo, co-founder of Scott Bradbury, said: “We are looking forward to enabling our respective clients to take advantage of the new opportunities afforded by this acquisition and to continuing to provide high quality learning for all.” Sell-side legal advice was provided by Craig Fiddaman at Ashtons Legal (Ipswich).
IFA firm acquired by investment management group
Bury-based Beckett Investment Management Group has acquired Waveney Valley Independent Financial Advisers. Formed in 2018, Waveney Valley IFA has advised around 500 clients across East Anglia. Principal David Bullard and director Lee Disney will both join Becketts as senior financial planners whilst director Paul Burnham is retiring. David Bullard said: “Becketts was the obvious home for Waveney because it shares the same values of integrity, professionalism and operational excellence as we do. We are excited to be part of a larger company that can help us deliver exceptional client outcomes whilst benefitting from operational efficiencies.”
Becketts CEO Ian White said: “There was a clear synergy between Waveney and Becketts that made them an attractive acquisition for us.”
Record year at Cambridge-based corporate finance firm
Cambridge-based PEM Corporate Finance has reported a record financial year with exceptional deal volume driving a 30 per cent increase in fee income in the year to March. Despite reduced UK merger & acquisition activity, PEMCF worked on over £350m worth of projects in the year, advising over 40 clients on company transactions, financial due diligence reports, valuations, capital fundraisings and strategic reviews The team advised clients from across a range of sectors including specialist engineering, manufacturing, facilities management, IT services, life sciences, and professional services. Completed deals include the sale of Papworth-based specialist manufacturer Supply Plus to Swedish consolidator Lagercrantz Group AB and the acquisition of SaaS provider DisplayNote Technologies by Constellation Group’s subsidiary Kinetic. Partner and head of PEMCF Philip Olagunju said: ”Despite the economic challenges of the past year, our performance underpins our strong positioning in our chosen markets. We remain committed to delivering exceptional results for our clients, and have continued to build a strong pipeline of projects for the rest of 2024 and beyond.”
Photo (l-r) : Jan Ansari, Joshua Adu, Cameron Rothwell, Philip Olagunju, Ellie Rochira, James Lewin.
Royal opening for bricklaying training hub in Cambs
The Princess Royal officially opened the National House Building Council’s new apprenticeship training hub in Impington in Cambridge last week. The facility can train 80 apprentices all year round enabling them to qualify in 14 months and is equipped with classrooms, welfare and catering facilities. The Princess Royal met with apprentices who demonstrated the various stages needed to build a house and emphasised the need to encourage more people into house building.
The Home Builders Federation estimates that around 75,000 bricklayers -up from 42,000 currently – are needed to hit the government’s target of building 300,000 new homes every year by 2025.
New company hq building in Bury passes milestone
A new multi-million company hq for Avant Tecno UK being built at Suffolk Park in Bury has been topped out ahead of the opening of the 32,200 sq ft facility in the autumn. Avant Tecno UK supplies articulated loaders and is set to relocate from its base near Thetford. Representatives from Avant Tecno and Churchmanor Estates, recently gathered with the team at contractor SEH French to mark the occasion. Managing director Raimo Ala-Korpi (photo, right) said: “Thanks to our robust growth in recent years, our headquarters will relocate to these new premises in autumn 2024. It will boast a dedicated dealer training facility, a showroom for showcasing our latest innovations, flexible workspaces for collaboration, efficient warehouse technology, and a technical workshop. This project signifies a significant investment for our UK operations.”
Matt Cloke, development director at Churchmanor Estates, added: “With the project more than halfway complete, we are very pleased it has reached this very important milestone, and look forward to its final completion and handover to Avant Tecno on time and on budget by the end of the summer.”
Over 100 attend sustainable events summit in Cambridge
A total of 114 event professionals attended a summit to help businesses and organisations make their conferences and meetings more sustainable held last week by Meet Cambridge, the official convention bureau for the city and the surrounding area. The ‘Shaping Sustainable Events’ symposium at Jesus College was attended by both event organisers and venues. The agenda looked at ways to embed environmental and social sustainability into events, how to communicate their importance to stakeholders and where to find the resources and support to help. Marina Bradford, an international cross-industry expert in environmental sustainability, covered the importance of driving behavioural change which can itself lead to changing attitudes towards sustainability. She was followed by Anji Miller, co-founder of Global Equality, Diversity and Equality in Technology Transfer (GEDITT), who outlined the importance of equity, diversity and inclusion when planning events, as well as accessibility for all at both in-person and hybrid events. Speakers joined a panel session which also included: Stuart Websdale, fellow and domestic bursar, Jesus College; Madalina Marincas, director, Opening Doors & Venues; and Benjamin Buttery, head of commercial, Downing College. The programme also launched a new positive impact campaign from Meet Cambridge entitled ‘Meet Up & Make A Difference’ , designed to encourage venues in its portfolio and client event organisers to take an action at future events…Read more
Photo: Speakers and panel members at Shaping Sustainable Events (l-r): Stuart Websdale, fellow and domestic bursar, Jesus College; Madalina Marincas, Director, Opening Doors & Venues; Judith Sloane, Head of Meet Cambridge; Anji Miller, co-founder of GEDITT; Marina Bradford, co-founder of TerraVerde and founder of Bemari; and Benjamin Buttery, head of commercial, Downing College;
Briefly…
Biotech firm raises $21 million
Cambridge-based CN Bio has raised a $21 million investment in the first close of its Series B fundraising round. The funding has been secured from several new investors; including $10 million from Bayland Capital, and $5.5 million from founding shareholder, CN Innovations Holdings. The investment will be used to accelerate the company’s expanding product portfolio and for expansion across key global markets.
Property firm combines planning teams
Savills says it is strengthening its planning capabilities by officially combining its planning teams across the East of England The firm’s planning departments in Cambridge and Chelmsford will join together to create a 15-strong discipline spanning Cambs , Essex, Suffolk, Norfolk, Hertfordshire, Bedfordshire and Lincolnshire. The team will also work closely with colleagues in London to serve the A12 corridor.
Award for residential project of the year
Lovell has won the residential project of the year for its Bowlers Green development at Hopton-on-Sea, built in partnership with Repton Property Developments, in the Norfolk Constructing Excellence Awards. Simon Medler, regional managing director at Lovell in East Anglia, said: “At Lovell, we aim to deliver excellence in every project we undertake, so it is fantastic to be recognised for the incredible work that Lovell and Repton have achieved at Bowlers Green.”
Law firm expands real estate team in Bury
Ellisons Solicitors has boosted its real estate team in Bury St. Edmunds with three new experienced hires. Marc Robson has been appointed as paralegal, Mark Beaton as senior associate, while Jonathan Greenhalgh joins as partner. The specialist team now has eight members to help clients across all aspects of residential and commercial property work.
Solicitors’ firm expands wills and estate planning team
Solicitors Fraser Dawbarns has expanded its specialist wills and estate planning team with the recruitment of three new solicitors into its King’s Lynn and Wisbech offices. The new joiners are Danielle Dennis-Betts, Rachel Parker – who both join as associates – and Debora Candeias. They bring to 12 the number of lawyers in the firm providing specialist advice in the area. Sarah Lamb, head of the firm’s wills and estates department, said: “Our team has been incredibly busy for the past couple of years and expanding it by a third will enable us to ensure that we continue to be able to offer timely services to our many clients across our five offices.”
