Demand for advice from insolvency specialists in the region on the rise
Demand for advice from insolvency specialists in the region is growing in the face of tough trading conditions and despite an unexpected dip in business failures. Hayley Watson, R3 Eastern chair, said: “Despite a year-on-year decline in corporate insolvency numbers, the figures for this year are still higher than in 2022 and well above pre-pandemic levels. They have been driven by another year of high costs and a series of political, economic and geopolitical events which have taken a toll on businesses here in East Anglia and nationally. R3 members have told us that the election, the budget and the conflict in the Middle East have all led to increases in enquiries and requests for advice and support.” Insolvency Service figures show that corporate insolvencies fell by 5.1per cent to 23,872 last year, down from 25,163 in 2023. But they were still almost eight per cent higher than in 2022. Insolvencies in December were 14 per cent down on the month a year earlier. Retail, hospitality and construction have all been hard-hit over the past year. “Going forward, these are the sectors likely to be most affected by the chancellor’s planned increases in minimum wage, living wage and employers’ national insurance contributions,” added Hayley Watson.
Farmland prices hold steady as ‘scarcity underpins market’
The farmland market remains stable despite the triple whammy of bad weather, cuts to subsidy payments and unfavourable changes to the inheritance tax regime. Average prices remain close to record levels despite rising supply and an ‘easing in demand’, according to agent Strutt & Parker. Prices stand at £11,100/acre for arable land and £9,000/acre for pasture although values vary widely between locations. Total supply rose in 2024 and is expected to remain at broadly similar levels during 2025, says the agent. Sam Holt, head of estates & farm agency at Strutt & Parker, said: “2024 was certainly an eventful year for the farmland market with the general election and then the budget causing uncertainty, while the wet weather put farm incomes under pressure. Despite this, the market remained active, and we saw many of the farms and estates we launched selling very well.” Scarcity still underpins the market with limited opportunities to acquire land in specific postcodes.
Print ‘very much alive’ as physical documents ‘more effective’ for some tasks
Suffolk-based printer and photocopier supplier Evolve Business Solutions has recently moved to new, larger offices after seeing a growth in print demand. Despite the spread of digital information, the firm has seen an 11 per cent increase in printer demand over the past three years with growth of 13 per cent recorded in one recent year. The business recently moved to larger premises on Masterlord Estate in Ipswich to accomodate growth. Managing director Ross Cracknell said: “There’s been a lot of focus on going paperless, and while digital solutions are valuable, printing remains essential for many companies…. Many of our customers are in sectors where print is still very much alive, such as architects, law firms and engineering firms.” He added: “The shift back to office working, even in hybrid models, could be a contributing factor to the increase in print. Businesses are finding that some tasks and processes are simply more effective with physical documents.”
Photo: Ross Cracknell in the new premises with office manager Linzy Vesey
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Varsity line completion and plans for Cambridge growth on the agenda
The completion of the ‘Varsity’ railway line linking Oxford and Cambridge and plans launched by the last government to transform Cambridge into ‘Britain’s Silicon Valley‘ with more science parks and thousands of new homes around commuter stations were expected in a major speech by the chancellor this week. Plans to approve a third runway at Heathrow and proposals to regenerate the area around Old Trafford in Manchester were also expected to feature.
Bank expects to support creation of 23,000 new jobs in the East
The government-backed British Business Bank says it expects to support the creation of 23,00 new jobs and 215,000 existing jobs in the East of England. The bank views its role as driving productivity and expansion in a region seen as a strong hub for life sciences, innovation and academia. A report, The Power of 10: 10 Year Impact Report, shows the bank has supported 18,000 businesses in the East of England over the past decade and generated £4bn in gross value added in the region since it was set up in 2014. Louis Taylor (right), CEO, British Business Bank, said: “As home to a world-leading university, innovation is at the core of this region and the bank continues to ensure that spin-outs and other business entities can access funding to start up and scale in the UK.”
New owner plans major investment in Colchester golf club
New owners at Lexden Wood Golf Club in Colchester are planning major investments across the club and its facilities following the acquistion. Upgraded greens and golf facilities, events space and leisure activities are planned. Club director Jonathan Greaves said: “We have hit the ground running and have already upgraded the range, bought a new ball picker, installed improved lighting, and taken delivery of new balls, mats, and targets.” The new owners aim to re-establish Lexden Wood as a premier golf destination while also attracting visitors of all ages for family and leisure activities. Plans include a refurbished dinosaur-themed crazy golf course, opening for February half-term, and a new fitness studio, set for completion in May.
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