Middle East war drives up costs and clouds outlook for region’s firms
The war in the Middle East has taken its toll on the region’s economy with the outlook weakening after new business fell for the first time this year in March, according to a key survey of purchasing managers. Rising costs, particularly for fuel and raw materials, are also being linked to the war. The NatWest East of England growth tracker business activity index fell to 50.2 in March, from 52.0 in February, although this still signalled a small rise in output. After ‘robust growth’ in January and February, firms blamed lower demand on a fall in client confidence linked to the impact of the war on inflation, the global economy and fuel supplies. Confidence fell to its weakest since April last year. But the survey said the contraction was ‘modest overall’ and firms in the region are still optimistic of growth over the next 12 months. Input price inflation in the East of England rose to a ten-month high and above its long-run trend level. Lisa Phillips, regional managing director, Midlands and East, commercial mid markets at NatWest, said: “….A good start to 2026 was undone as uncertainty regarding global supply chains and consumer confidence linked to the hostilities led to a reduction in new business. Output rose slightly and there was also a rare increase in work outstanding, but these look unlikely to be sustained in the second quarter if the geopolitical situation does not improve.”
Suffolk-based accountancy practice joins growing financial services group
Oxlade & Bond, a long-established accountancy practice in Woodbridge, has officially joined financial services firm Scrutton Bland, part of Sumer Group. The move marks a significant step in Scrutton Bland’s continued growth across East Anglia. Oxlade & Bond has built a strong reputation over many years for delivering personal advice to its clients. As part of the transition, Tim Oxlade and Sarah Wright will remain actively involved over coming months to ensure a smooth handover for clients. Jason Fayers, managing partner at Scrutton Bland, said: “… Tim and Sarah have built a great practice with strong client relationships and a reputation for quality and integrity that mirrors our own. This partnership is a natural fit for both firms, and we look forward to building on their legacy while continuing to provide a personal, high-quality service to every client.”
Tim Oxlade added: “…Scrutton Bland is a firm I know well, having started my career there, and one we have worked alongside for many years. We are confident that our clients will continue to receive the same level of care and attention, alongside access to an even broader range of expertise.”
Photo: Jason Fayers (far left) and business advisory partner Emma Clifton (far right) with Tim Oxlade and Sarah Wright at the Oxlade & Bond Melton offices.
Property firm acquires independent sales & lettings agency in Ipswich
Property firm Fenn Wright has acquired Henry Rose, an independent lettings agency in Ipswich, which will be based at its Kesgrave branch on Main Road. Established by James Cornish in 2012, Henry Rose has wide local knowledge and long-standing connections in the community. The agency will continue to service both new and existing landlords and tenants as ‘Henry Rose, part of Fenn Wright’. Ian Fry, head of estate agency at Fenn Wright, said: “James is quite simply Mr Kesgrave. His reputation, experience and connections in the local market are exceptional. Bringing James and Harry into Fenn Wright is a major step in strengthening our position and supports our ambition to establish Kesgrave as a clear market-leading location for sales and lettings.”
James Cornish, who joins as an associate partner, added: “Joining Fenn Wright brings several important benefits to our landlords, and I would like to reassure them that both Harry and I will remain fully involved in the business and day-to-day management.”
Photo (l-r): Harry Baker, property manager, Ian Fry, head of estate agency, and James Cornish, associate partner.
Essex-based wine merchant sold to Norfolk-based specialist
Grape Passions, a family-run, independent wine merchant based in Witham, Essex has been sold to Norfolk-based Peter Graham Wines in a deal where law firm Fisher Jones Greenwood advised the seller. Founded in 2005 by wine enthusiasts Mark and Kay Soudah, the business has built a reputation for sourcing exceptional wines from around the world, developing its own brands and customer service. It is also a wholesale partner for a wide range of hospitality businesses. Norfolk-based Peter Graham Wines is an independent wine specialist operating for more than 25 years. The acquisition marks a strategic opportunity to strengthen its presence in Essex, while bringing together two like-minded teams. The transaction was led by Ashton Carter (photo), head of corporate & commercial at Fisher Jones Greenwood, with support from colleagues across the firm. Ashton Carter added: “We are delighted to have advised Mark and Kay on the successful sale of Grape Passions, following many years of dedication in building the business. …we wish Mark, Kay and the Peter Graham Wines team every success in this exciting next chapter.” FJG worked with Barrons Corporate Finance on the deal.
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‘Transport masterplan’ launched to boost investment and jobs in the region
Proposals for a series of 14 road and rail investments including improvements to the A120 corridor, Ely rail junction and the Orwell Crossing have been made in a ‘transport masterplan’ launched by Freeport East, the low tax economic zone. The organisation says the investments will maintain ‘world-class connectivity’ unlocking up to £5.5bn in value-added economic activity and over 10,000 new jobs in the freeport region. This is centred on the ports of Felixstowe (photo) and Harwich and various inland sites in Suffolk and Essex. The projects include rail upgrades to the Ely and Haughley junctions and electrification of the Ipswich line to the Port of Felixstowe with better passenger services on the Colchester-Clacton and Ipswich-Cambridge lines. Road improvements are proposed to the A120 corridor from Harwich to Stansted Airport, the Orwell Crossing and the A14 Copdock Interchange and along with better transport links between Felixstowe, Harwich and Shotley. Steve Beel, CEO at Freeport East, said: “…With the government’s Industrial Strategy placing us at the heart of the UK’s economic ambitions, now is the right time to clearly set out our transport priorities. This masterplan gives government, local authorities, and industry a clear plan of where investment will make the greatest difference for communities, supply chains, and the UK’s position as a trading nation.”
Wealthy families ‘store up larger problems’ by avoiding crucial conversations
Nine out of ten ultra-high-net-worth families in the UK are facing ‘active disagreements over wealth’, yet only 30 per cent have put in place succession plans to manage these conflicts, says research* from BDO. The survey of 200 UHNWs (individuals with £20 million in investible assets or £50 million in total assets, or the spouse or child of such individuals), says crucial conversations about succession, governance and long-term planning are frequently avoided to minimise friction, storing up potentially larger problems for the future. Wealthy families are often reactive rather than strategic when it comes to implementing succession planning, with business sales and tax changes (both cited by 52pc) serving as the primary triggers, alongside divorce and relocation. Peter Harrup, partner at BDO in East Anglia, said: “Many wealth holders in East Anglia think they have prepared for the worst, but this research highlights that, in an effort to avoid difficult conversations and protect relationships today, many are missing key steps and unintentionally creating further sources of tension and confusion in the future.”
* ‘WealthAnalysis: A psychosocial study of trust in the lives of the wealthy’
Cambridge clinical stage company raises $56 Million
Cambridge-based Storm Therapeutics, a clinical stage company targeting modifications to reprogram cells and develop novel cancer therapies, has raised $56 million in a Series C financing.The proceeds will support the advancement of STC-15, a first in class, oral small-molecule inhibitor of METTL3, including funding the company’s Phase 2 monotherapy study in selected sarcoma indications, in which the first patient has now been successfully dosed. Chief executive Jerry McMahon said: “As we begin our Phase 2 trial, our focus remains on addressing critical unmet needs in sarcoma for the benefit of patients.”
Double promotion at corporate finance firm
Forward Corporate Finance had made two promotions: Amie Goodlad to senior manager and Ollie Geddes-Smith to associate. Amie Goodlad joined in 2019 and in November led on the sale of Claret to Network Plus as well as playing a key role in an investment from Lagan Construction into Trimline. Through tailored coaching sessions this year she has also developed her leadership skills which will benefit the team over coming months. Ollie Geddes-Smith joined in 2024 and has since started his ACCA qualification alongside working on a variety of projects across the team. He led the marketing on the sale of Portsmouth Harbour Ferry Company and also played an active role in the sale of Landguard Engineering to Northern Industries. Sarah Moores, director Forward Corporate Finance, said: “We are delighted to have Amie and Ollie as part of our team, and it is a pleasure to watch them develop and take on more senior roles on our projects.”
Photo: Amie Goodlad and Ollie Geddes-Smith.
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- Markets swing between rallies and sell-offs as Middle East talks remain uncertain
- Discover more insights in Brown Shipley’s latest market and investment update: Market Overview – Our investment strategy as Middle Eastern tensions continue
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