Business News Round Up (13/05/2021)
Exports to EU ‘almost back to pre-Brexit levels’
British exports to the European Union are slowly recovering, contrary to claims that Brexit has permanently damaged cross-Channel trade. Official figures for March show exports to the EU rose by 8.6% to £12.7billion – just shy of the £13.6bn recorded in December before Britain left the bloc and when there was a surge of trade as companies stocked up ahead of the Brexit deadline. The March figure is also well above the £7.9bn of exports in January when a slump was anticipated as companies struggled to adjust to the new trading rules. The latest rise was largely due to a revival in the exports of vehicles and live animals – including fish and shellfish. The Office for National Statistics, which published the figures, said exports to the EU “are now almost back to their December level”.
Praetura Group boosts Northern SMEs with £75m funding
Manchester-based Praetura Group has seen its highest quarterly lending levels having provided more than £75m of funding to SMEs in the first quarter of 2021. The group, which includes Praetura Commercial Finance, Praetura Asset Finance Group, and Praetura Ventures, said demand for its debt and equity funding remains high among SMEs, boosted by the North’s start-up culture and improving economy. Praetura Commercial Finance, which provides asset-based lending (ABL) solutions to SMEs, has enjoyed its best quarter to date, having completed transactions totalling £50.5m in Q1 2021. All of these deals were management buyouts (MBOs) and 60% were private equity sponsored. Highlights included supporting Skelmersdale-based CRP Subsea – previously named Trelleborg Offshore UK – on its MBO from parent company Trelleborg Group in March, and the MBO of Bolton-based Pearl Window Systems. Praetura Asset Finance Group, an independent asset finance funder, lent more than £18.5m through asset finance and term-loan facilities. The group saw a 20% increase in the number of deals completed compared to the same period the prior year.
Scottish tourism industry reveals reality behind anticipated staycation boom
The Scottish Tourism Alliance (STA) has revealed that 54% of rural hotels are expecting their businesses to have less than 50% occupancy in June and July. The representative body for tourism businesses released the research to highlight the reality of the speculated staycation boom in Scotland. A recent survey from Barclays suggested that as Scotland’s holiday accommodation sector reopens on 17 May, total UK spend on domestic holidays this year is anticipated to reach £31bn – with the Scottish Highlands coming seventh among the most popular ‘staycation’ destinations; set to welcome £1.13bn worth of business. However, STA research undertaken by a number of member sectoral groups within the industry, totalling 980 responses, with 271 businesses surveyed directly, found that 30% took the decision to remain closed from 26 April, while 31% not planning to reopen next week.
https://www.insider.co.uk/news/scottish-tourism-industry-reveals-reality-24090763
Bruntwood SciTech secures £95m to fund growth plans
Bruntwood SciTech has secured a three-year £95m facility to fund its growth, investment, and acquisition strategy. The sustainability-linked loan from NatWest, Lloyds Bank, Santander, and HSBC UK extends the property provider’s existing £185m loan, which it agreed with the club in 2019, to £280m. The 50:50 joint venture between Bruntwood and Legal & General will use the funding to invest into the ongoing development of Alderley Park, as well as Manchester Science Park, Platform in Leeds, and the commercial buildings at Circle Square. It will also support new acquisitions, such as the recently announced 16.4-acre Melbourn Science Park in Cambridge, as well as the development of the Innovation Birmingham Campus and Citylabs 2.0 in Manchester.
https://www.insidermedia.com/news/north-west/bruntwood-scitech-secures-95m-to-fund-growth-plans