Funding secured for £600m power link between Norfolk and Scotland
ScottishPower has secured £600 million in financing from the National Wealth Fund to develop the Eastern Green Link 4 project, a strategic electricity interconnector running between Fife and Norfolk. The subsea power link will help cut costs by moving energy from where it is generated in Scotland to areas of demand in England. The 530 km high-voltage cable will be able to transmit enough electricity to power the equivalent of 1.5 million UK homes. The deal follows a £600 million loan from the National Wealth Fund £600 million last May to develop seven of ScottishPower’s key network initiatives. Keith Anderson, CEO of ScottishPower, said: “By working together to support the delivery of the government’s Clean Power 2030 pathway, projects like EGL4 are meeting our shared goals of accelerating electrification, boosting the UK economy and delivering energy security.” The funding was secured through ScottishPower’s parent company Iberdrola.
Separately, work has started on a £60million-plus project on Tyneside to build the steel jacket foundation for ScottishPower’s East Anglia TWO windfarm offshore substation. The £4 billion windfarm, off the coast of Suffolk, will deliver enough energy to power around one million homes when it starts operating in 2028.
Small firms stay confident in the absence of ‘immediate change’ in demand
Business confidence in the East of England held up in the first half of March although the picture may have since changed as the war in the Middle East has intensified. A Lloyds business barometer survey of 1,200 businesses – of which 91 were in the East – between March 12-16 found that confidence amongst firms in this region had risen both in their own trading outlook and on the economy. Since then, other national surveys of purchasing managers and retailers have shown a sharp decline in business and consumer confidence. Commenting on the barometer survey, Amanda Murphy, CEO for Lloyds business and commercial banking, said: “While businesses are adept at reacting to uncertain, fast-moving conditions, this month’s results show an interesting divergence in sentiment. Smaller businesses may have remained confident because they had not yet seen an immediate change in customer demand or supply chain disruption. Larger firms, however, read global events more cautiously because of their closer exposure to global markets.” The Lloyds survey found business confidence in the East rose 21 points to 57 per cent and a net balance of 48pc of businesses in the region expect to increase staff levels over the next year, up 21 points on February.
Development land prices fall in the region but ‘oven-ready’ sites stay in demand
Prices paid by developers and housebuilders for land have fallen in the East of England over the past year but by less than the national average whilst demand has stayed strong for ‘oven-ready’ sites in Norfolk with good transport links. Savills research shows that the value of greenfield sites in the East fell by an average of one per cent over the past year (against 1.4 pc for the UK) and the value of development sites in urban locations dropped by an average of 2.6pc (vs. 4.5pc for the UK). Richard Shuldham in the development team at Savills in Norwich told a recent seminar (photo) that fewer sites came up for sale in Norfolk last year as many landowners assessed their options. He said: “Sites that are ‘oven ready’ – where planning permission is already in place and there’s a good level of local infrastructure, particularly close to arterial routes – have generated competitive bidding. However, demand for sites in secondary locations – anything perceived as slightly less than ideal in terms of planning permission and road networks – has been more challenging. This has been compounded by slower sales of new build properties and limited house price inflation.”
Cambs life sciences deal set to reinforce group’s ‘market-leading position’
The parent company of Cambridge Bioscience has acquired Ely-based Stratech Scientific, a UK life science distributor known for its research reagents and supplier partnerships. Alfa Corporate Finance advised the shareholders of Stratech Scientific on the deal, which significantly expands the UK offering of Cambridge Bioscience’s parent – Sweden-headquartered Europa Biosite – and broadens its reach across the academic and industrial research sectors. Sue Hallett, managing director of Stratech Scientific, said: “Stratech Scientific and Cambridge Bioscience have grown in parallel for decades, sharing the same commitment to enabling scientific discovery. By combining our portfolios and customer reach with Cambridge Bioscience, we will create expanded opportunities for our suppliers while providing our customers with access to a broader range of products and an even stronger level of service.
Lake Falconer, partner at Alfa Corporate Finance, said: “It was a pleasure helping Sue to
complete this transaction, it’s great to see these two local companies coming together to create a stronger larger platform for growth.”
Photo (l-r): Sharon Young (director, Stratech Scientific), Lake Falconer (partner, Alfa Corporate Finance) and Sue Hallett (founder and MD, Stratech Scientific).
Middle East crisis adds ‘urgent new layer’ to difficult landscape for travel sector
Kings Lynn-based Sunlounger Travel recently hosted Kemi Badenoch and local MP James Wild at its office in the town to highlight the challenges facing the travel sector in the wake of the Middle East war. Owner and managing director Iain Kirkbright (photo, left) said: “The sector was already grappling with rising national insurance contributions, mounting employment pressures, and escalating business rates. And then the Middle East crisis hits on top of all of that, adding a significant and urgent new layer to an already difficult landscape. Our teams have been working around the clock to manage the situation and protect our customers and our businesses. I made sure they understood that too.”
Law firm strengthens core teams with significant round of promotions
Regional law firm Barker Gotelee has made a significant round of promotions after seeing continued demand across its core practice areas, particularly its private client and property teams. Three senior lawyers, Lindsey Ottywill & Kiri Nichols (both private client) and Sam Read (property & estates), become partners of the firm. Sue Wardropper is promoted to director of family and Laura Veal, Niki Cawthorne & Penny Gordon (residential property) and Katrina Drake (private client) have all been promoted to associate roles, while Hayley Wintrup (private client) has been promoted to senior caseworker. Managing partner Andrew Nicholson said: “These promotions demonstrate the strength and depth of talent within the firm and our ongoing commitment to delivering the highest quality services to our clients.” The firm said the promotions positions it strongly for the years ahead.
Photo (l-r): Kiri Nichols, Andrew Nicholson, Sam Read and Lindsey Ottywill.
Outdoor events space opens in east Suffolk on site of former golf course
A new outdoor events venue, The Greens at Waldringfield, has opened on the site of a former golf course, providing a flexible ten acre setting for corporate and other events near Woodbridge in east Suffolk. A spokesperson said: “We wanted to bring this beautiful space back into use and give people the opportunity to create their own events in a relaxed countryside setting. It had previously operated as Waldringfield Golf Club, but was no longer viable to continue as a golf course, so part of the land was later sold and rewilded, while the upstairs of the clubhouse was converted into offices.” The long-term aim is to reinvest hire income into completing the clubhouse renovation for indoor event hire. The Greens is also available for weddings, private celebrations, festivals and camping weekends and is located 1.6 miles from the A12 and close to the River Deben.
Photo (l-r): Helen Couch, James Couch and Richard Shipp.
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