Region’s firms braced for hit from US tariffs
Over half of East Anglia mid-market businesses expect to be significantly impacted by the new US government tariffs, according to BDO. Its survey of 500 firms taken between 24 March and 2 April – before the tariff announcement – showed 59 per cent said they expected to be directly affected ‘to a significant extent’ while 35 per cent said ‘to some extent’. Richard Watson, tax partner at BDO in East Anglia, said: ‘Mid-market businesses in East Anglia have clearly seen the writing on the wall and have braced themselves for the impact of the US administration’s tariff policies. However, this doesn’t mean that they are all prepared. Some UK companies will urgently need to take proactive measures to confirm the correctness of their goods classification and to verify the true country of origin for the goods they export into the US.”
He added: “Longer term, many businesses will need to consider supply chain and wider operational footprint changes – such as changing the territory of sourcing and/or the location of their manufacturing operations.”
Separately, nearly a third of East Anglia businesses have taken action on pay since the October Budget ahead of the rise in national insurance contributions and the national minimum wage. More than a third of regional businesses (38%) have also chosen to use contract workers instead of recruiting and the same number have imposed a full recruitment ban. Half of East Anglia businesses have introduced or enhanced salary sacrifice schemes, according to BDO’s Economic Engine survey of 500 mid-market businesses.
Diagnostic testing business secures £5.75 million investment
Functional Gut Group, a diagnostic testing business with a clinic in Cambridge, has completed a £5.75 million investment advised by Forward Corporate Finance. Founded in 2014 by Dr. Anthony Hobson, the business provides diagnostic testing for patients suffering from pervasive conditions such as IBS. As well as Cambridge, it operates permanent clinics in Manchester and London along with several collaborative clinics and employs 35 people. The investment by Foresight, a private equity and infrastructure investment manager, will provide growth capital to drive geographical expansion in the UK, introduce new innovative test and scale up the team. Foresight’s investment healthcare executive, Arif Ahmed, will join the board as chair, and Phil Clarke, formerly at Vein Centre, will join as finance director. Forward has worked with Functional Gut Group over several years. Sarah Moores, director, Forward Corporate Finance, said: “It has always been clear what a fantastic business Anthony has built, and the potential for a partnership with private equity to drive growth. Gut health is a very relevant topic today and with Foresight’s support the company is well placed to deliver more services to more patients, across more locations, improving more lives.”
Anthony Hobson said “…Forward ran a competitive process and we met with various different private equity firms before selecting Foresight….Their skill, perseverance and attention to detail were instrumental in getting this transaction completed.”
See Profile Forward Corporate Finance
Business group welcomes Luton Airport expansion
The government’s approval of Luton Airport’s expansion plans has been positively received by the largest employers body in the region. Richard Tunnicliffe, regional director for CBI in the East of England, said: “Business will welcome this expansion, which will boost capacity and reinforce our commitment to sustainable aviation.” He added: “Aviation plays a crucial role in driving economic growth, creating jobs, and facilitating international trade and tourism. It supports millions of jobs worldwide and contributes significantly to global gdp. Additionally, aviation enhances connectivity, allowing people to explore new destinations and build business relationships. The expansion of London Luton Airport is expected to have a substation positive impact on local and regional businesses and be pivotal to the growth of the OxCam growth corridor.”
Separately, London Southend Airport saw Eastern Airways’ inaugural flight to Newquay in Cornwall last week. The airline will operate up to seven weekly departures of the 90 minute flight from the Essex airport.
Photo: London Southend Airport CEO Jude Winstanley, Cornwall Airport Newquay managing director (interim) Amy Smith and Eastern Airways commercial director Roger Hage mark the start of flights between London Southend and Newquay.
Stake in huge wind farm off Suffolk coast changes hands
Octopus Energy’s generation arm is acquiring a 10 per cent stake in the East Anglia One wind farm 27 miles off the coast of Suffolk. One of the world’s largest operational wind farms, the 714 MW facility has been operating since 2021 and has 102 turbines, enough to power around around 700,000 homes a year. Octopus Energy Generation – one of Europe’s largest renewables-only investors – has exceeded $2 billion in offshore wind deals in two years. East Anglia One is its fourth investment in a British offshore wind farm and its seventh in Europe. It builds on its stakes in Hornsea One, Lincs and Walney Extension in Britain, Butendiek in Germany, and Borssele V and Borssele III & IV in the Netherlands. It is also planning a move into France. Octopus acquired this latest wind farm stake from Macquarie Asset Management on behalf of Vector, Octopus’ innovative offshore wind fund. Zoisa North-Bond, CEO of Octopus Energy Generation, said: “Britain is blessed with strong winds and long coastlines – perfect conditions for offshore wind. The sector has become a vital pillar of our energy system over the past years, and this investment will help to turbocharge this clean technology further, bringing cheaper, greener power to people across the country.”
Separately, The Crown Estate, has launched £15m of funding to accelerate the development of offshore wind infrastructure nationally and is open for projects at ports and involving wider manufacturing facilities.
Leadership change and acquisition at investment management firm
Gavin Wood (photo, left) has been promoted to managing director at Bury St Edmunds-based Beckett Investment Management and the group has acquired Green Rose, a local financial planning firm. Ian White (right), who has led Becketts as CEO and will remain involved in the business as executive chair, said: “Over the past 10 years since Gavin joined Becketts, the business has grown significantly. It’s important to acknowledge his contribution to that growth and to support him as he takes on increased responsibility for guiding the company into its next chapter.”
Gavin Wood added: “Ian and I will continue to work closely together, and the whole team is excited about what lies ahead as we build on the momentum of this record-breaking year.” As part of the transition at Green Rose, previously based in nearby Wickhambrooks, Jason Green will be retiring from financial services but working alongside the team to ensure a smooth handover.
New partner appointed to business tax advisory team
Advisory firm Larking Gowen has expanded its business tax advisory team with the appointment of partner Andrew Robinson (photo, right). He will work alongside partner, Dominic Carter, in leading the team and working with businesses across the region. He has over 25 years’ experience providing tax advice to entrepreneurial, owner-managed businesses, charities and not-for-profit organisations and wide experience providing taxation services in national firms. Andrew Robinson said: “Having spent my entire career to date with national firms, I’m really excited to have this opportunity to focus on supporting our thriving East Anglian business community over the coming years at Larking Gowen. It genuinely feels like this is what the last 25-plus years have been leading towards.” His arrival follows Dawn Lay-Flurrie’s late-2024 appointment as partner in the firm’s Colchester office as part of the firm’s expansion across Essex, Norfolk, and Suffolk.
Partnership formed to boost affordable homes in Essex
NewArch Homes, a registered provider of social housing has bought 220 homes from an Essex-based housing association CHP under a new long term partnership. Some 59 of the homes are from its development pipeline and the other 161 are already tenanted. Housing management services will be provided by CHP and the two plan to deliver more affordable homes together to help tackle the shortfall in Essex. Despite tough market conditions, CHP has a strategy to deliver 500 homes a year.
New global role at Cambridge company strengthens food sector support
Cambridge company Domino has appointed Rachael Satchwell as global food sector manager, a new role overseeing all the company’s food sector business, covering a wide range of its coding and labelling applications. The worldwide remit involves working with Domino’s country and regional markets, all with different challenges and legislative demands. She comes to the role with 20 years’ experience of working with packaging and manufacturing businesses with the last 12 years spent in Domino’s UK channel, most recently leading the field sales team. Rachael Satchwell (photo) said: “I want to take the knowledge and experience I have previously gained to ensure that Domino can not only provide solutions for a customer’s needs today, but also be futureproofing them for what is anticipated moving forward.”
- Discover more insights in Brown Shipley’s latest market and investment update: Navigating tariffs and volatility – Counterpoint April 2025
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