Business News Round Up (07/11/2023)
UK businesses ‘bullish’ over international growth ambitions, according to HSBC
HSBC UK’s annual Going Global for Growth Report on international businesses in the UK finds they are significantly more optimistic about their growth prospects over the next 12 months than their domestic only competitors. The research found 87% of international businesses are looking to grow over the next year, with 33% looking to grow significantly. This compares with 66% of domestic-only businesses, where just 16% of domestic businesses report looking to grow significantly. The Report shows size isn’t a factor when it comes to international growth expectations, with 85% of SMEs and 90% of corporates who trade internationally expecting to grow over the next year. The Going Global for Growth Report survey discovered manufacturing companies are most likely to operate in international markets, with 79% currently doing so.
Sustainable Ventures gets £3m from Barclays for Manchester expansion
Investment firm Sustainable Ventures has secured £3m to expand its footprint across the country from London to Manchester next year. Barclays Sustainable Impact Capital led the first external raise into the investor. In addition to the northern city, Sustainable Ventures said it has plans for a “number of sites in the UK”. A spokesperson for Sustainable Ventures told UKTN that it is not yet able to disclose those locations. “After specialising in the sector for more than 20 years, climate tech is now the sector of choice for entrepreneurs and it’s imperative that local initiatives, entrepreneurs and capital meet,” said Andrew Wordsworth, co-founder and managing partner of Sustainable Ventures. Founded in 2011, Sustainable Ventures has backed more than 40 companies, including transport poverty-tackling startup RideTandem, smart air brick creator Airex and battery firm Brill Power.
https://www.uktech.news/tech-hubs/north-west/manchester/sustainable-ventures-manchester-20231106
UK retail spending growth drops in run-up to Christmas
Growth in UK retail and consumer spending slowed last month to rates well below inflation, according to sector data that points to households cutting purchases ahead of the busiest shopping season of the year. The value of retail sales rose by an annual rate of 2.5 per cent in October, down from 2.7 per cent in September and well below the 12-month average of 4.2 per cent, the British Retail Consortium said on Tuesday. The figure from the trade body compares with September’s headline consumer price inflation reading of 6.7 per cent, indicating households are buying lower volumes of goods even if they are spending more, a pattern seen since the second half of 2021. Weak spending does not bode well for economic growth, of which it is a large component, or for retailers, who are hoping for a boost in the run-up to the festive period.
https://www.ft.com/content/a278bc52-2a7e-49ae-aef7-7f73f425a241
Met Tower digital hub closer as plan approved
Plans to transform Glasgow’s vacant Met Tower into a digital hub have been approved by Glasgow City Council and coincide with the release of the first interior images of its reimagined new role. The Grade B-listed building, formerly occupied by City of Glasgow College, will be brought back into use ready to open in Winter 2025 after standing empty for ten years. Bruntwood SciTech will lead a £60m investment that will also see a new 10-storey tower connect with the 14-storey Met Tower via a plaza space. Combined, the two towers, on the doorstep of Queen Street Station, will offer more than 200,000 sq ft of serviced and leased office space. Enabling works on the site are underway and will continue for the remainder of this year, with construction work expected to commence on Met Tower from spring next year.
https://dailybusinessgroup.co.uk/2023/11/met-tower-hub-closer-as-plan-approved/