Business expectations hit as new work falls but inflation eases
Business activity and new work fell in the East of England in May and the outlook weakened although inflation eased, according to a key survey of purchasing managers. The NatWest East of England growth tracker business activity index slipped to 48.9 in May, from 52.1 in April, signalling a moderate drop in output; only the second decline in the past 13 months. The fall in new work at private firms in May reversed April’s expansion but was relatively modest. The 12 month business outlook remained positive but was the weakest since the end of 2022. Meanwhile, businesses in the region linked higher input prices to fuel, shipping, energy, labour Middle East war. Firms increased their charges at a slower rate in May to remain competitive. Lisa Phillips, regional managing director, Midlands and East, commercial mid markets at NatWest, said: “With inflationary pressures remaining high and demand weakening during the month, it is understandable that optimism regarding the 12-month outlook waned to the softest since the end of 2022. Expectations remained positive overall, however, linked to sales pipelines, investment in technology and diversification.”
Investment management group acquires Lowestoft-based firm
Bury St Edmunds-based Beckett Investment Management Group has acquired a Lowestoft-based firm in the sector, Norfolk & Suffolk Financial Services. Founded in the coastal town, Norfolk & Suffolk Financial Services is a chartered financial planning firm which provides independent financial advice and long-term financial planning to individuals, families and businesses. All members of the Norfolk & Suffolk team have joined Beckett and the firm’s Lowestoft office will continue to operate as normal. Mike Davies, managing director of Norfolk & Suffolk Financial Services, said: “This is an exciting new chapter for both our clients and our team. Since founding Norfolk & Suffolk Financial Services, our focus has always been on delivering high-quality, personal financial advice and building lasting relationships with our clients. As I look ahead to my retirement, it was important to find a partner that shares those values and could continue to support our clients and colleagues for many years to come.”
Gavin Wood , managing director of Beckett Investment Management Group, said: “Over many years they have built a respected chartered financial planning business with a loyal client base and an excellent reputation for advice. Their values closely align with our own and we are excited to support the next stage of their journey.”
Photo (l-r): Gavin Wood, Mike Davies and Chad Morris, director, Norfolk & Suffolk Financial Services
Housebuilder wins permission for nearly 300 homes near former RAF runway
Taylor Wimpey East Anglia has secured planning permission to build 272 new homes at Alconbury Weald, just north of Huntingdon, after receiving planning approval. The new homes will be close to the former runway at RAF Alconbury, which will be part of the wider open space at the site. The new homes will provide a mix of one to five-bedroom homes and more than 12pc will be affordable housing. They will form part of the wider Alconbury Weald masterplan, which is set to deliver up to 6,500 homes with local employment, education and community facilities. Andrew Wright, acting technical and planning director at Taylor Wimpey East Anglia, said: “Not only will we be building 272 new homes at Alconbury Weald, but we will also be contributing to the 700 acres of open space with our own pocket park.” Work is set to start in late summer 2026 and the first homes are set to go on sale in March 2027.
Partnership status set to strengthen Cambridge’s business visitor economy
Cambridge’s position as a leading destination for business events has received a boost with the award by VisitEngland of Local Visitor Economy Partnership (LVEP) for Cambridgeshire and Peterborough. The partnerships are part of a national framework to strengthen destination management and grow the visitor economy. Meet Cambridge, the official conference and events bureau for Cambridge, believes the designation will strengthen the region’s ability to compete for conferences, meetings and events on both the national and international stage. Andrew Bell, head of Meet Cambridge, said: “This is an important moment for the business events sector in Cambridge. LVEP status gives us a clearer, more unified regional voice, which is essential when competing in the international meetings market. It strengthens how we position Cambridge not just as a standalone destination, but as part of a wider, connected visitor economy.”
He continued: “There is real value in encouraging delegates to extend their stay, return with family, or combine business trips with leisure experiences.” For Cambridgeshire and Peterborough, LVEP status will support further growth in a sector already contributing around £2 billion annually and supporting approximately 40,000 jobs.
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New £45 million Suffolk manufacturing plant set to create over 100 jobs
More than 250 people gathered last week to mark the official opening of Assan Panel UK’s new £45 million manufacturing plant at Gateway 14 near Stowmarket in Suffolk. Part of a Turkey-based industrial group, Kibar Holding, the factory is the company’s first manufacturing operation in the UK and will create 105 skilled jobs. Located within the Freeport East low tax zone, the facility can produce up to 4.5 million square metres of insulated wall and roof panels each year. The opening involved senior representatives from the UK and Turkish governments. Daniel Zeichner MP, trade envoy to Turkey, said: “This is a significant moment, not only for the local community, but for the strength of the UK–Turkey economic partnership. Investments like this bring that relationship to life in a very tangible way.”
Steve Beel, CEO at Freeport East, said: “It is fantastic to see the facility officially open. Projects like this are helping establish the Freeport East area as a growing centre for advanced manufacturing, innovation and international trade, and we look forward to supporting Assan Panel’s future growth.”
Norwich property portfolio for sale for ‘over £5m’
A large property portfolio of residential and commercial buildings in Norwich’s so-called ‘golden triangle’ has been put up for sale for over £5 million. The properties in the NR1 and NR2 and listed through Savills in Norwich, include 10 terraced and semi-detached residential properties, a block of six residential flats in Cleveland Road and two commercial units with flats above. The buildings all have tenants in situ and generate an income of around £360,000 pa. Property agent Max Barnes at Savills in Norwich said: “With its green spaces, sense of strong community and easy access to both the city centre and the university, the Golden Triangle remains one of Norwich’s most desirable and characterful neighbourhoods.”
Separately, Norwich-based fintech unicorn Epos Now, which provides SaaS and payments services, has secured up to £90m of committed and uncommitted facilities with HSBC UK to accelerate its expansion across North America and Europe.
New AI consortium launched to accelerate biological data
The Cambridge-based Wellcome Sanger Institute and Google DeepMind, with support from Google.org are launching a new artificial intelligence consortium for genomics. Over five years, the consortium will focus on addressing data gaps through strategic data generation and building high-quality AI-ready genomic datasets. Dr Julia Wilson, chief innovation and impact officer at the Wellcome Sanger Institute, said: “By combining Sanger’s expertise in generating world-leading datasets with Google DeepMind’s leadership in artificial intelligence, we have an opportunity to accelerate the generation of biological data specifically designed to power the development of foundational AI models.”
Law firm strengthens real estate practice
Law firm Birketts has strengthened its real estate practice with the appointments of legal director David Roberts to its residential team in Cambridge and partner Edward Auger in its Sevenoaks office. David Roberts (photo, right), who takes on the role of head of living assets, has almost 30 years’ experience advising developer clients with a focus in the build to rent sector on funding and development work. Commenting on the appointments, Grace Kerr, head of real estate at Birketts, said: “…they bring exceptional experience that will both complement and expand upon our existing expertise in commercial real estate and residential development, ensuring that we continue to support our clients in achieving their goals.”
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