Business News Round Up (17/06/2024)
Britain’s manufacturers seeing a boost in growth prospects as output and orders pick up
Britain’s manufacturers are seeing a boost in growth prospects as output and orders pick up, with the sector forecast to outpace the economy overall this year. According to Make UK’s Q2 Manufacturing Outlook survey, business confidence has risen to equal its highest level in the last decade, as companies look to finally emerge from a two year slump following the post-COVID rebound. Export orders exceeded UK orders, highlighting how the UK continues to depend on global value chains for its success, but the pattern since the pandemic, when UK orders have consistently exceeded export orders, is forecast to resume in the next quarter at +25% and +24% respectively. The scramble to attract and retain talent also shows no signs of abating, with recruitment intentions increasing from as companies take on staff to meet the expected increase in demand and better economic outlook.
North West manufacturers report boost in growth
North West manufacturers are seeing a much stronger picture as they enter the second half of the year with business confidence increasing and the sector forecast to outpace the economy overall in 2024, according to a new survey. The findings come in the Q2 Manufacturing Outlook survey published by Make UK. The survey said that both output and orders have picked up substantially compared to the first quarter and are set to strengthen in the next three months in line with the national picture. It said the North West in particular is set to benefit from increased production in the automotive sector and aerospace sectors, while the pharmaceutical sector which also has a strong presence in the North West continues to be strong. According to the survey, this better picture is translating into increased recruitment intentions with job prospects especially strong compared to historical levels.
https://www.insidermedia.com/news/north-west/north-west-manufacturers-report-boost-in-growth-survey
New Freeport could attract £7 billion in investment
The Forth Green Freeport (FGF) is officially “open for business” as of June 12, 2024, following the approval of its Outline Business Case by the Scottish and UK Governments. This approval designates three tax sites in Grangemouth, Rosyth, and Mid-Forth (Leith and Burntisland), unlocking investment incentives to realize the green freeport vision. This significant milestone for the public/private consortium, chaired by Dame Susan Rice DBE, aims to attract new businesses and jobs to the FGF area. The initiative is supported by financial incentives designed to deliver significant economic and net-zero benefits for Scotland and local communities in Fife, Falkirk, Leith, and beyond. FGF will focus on key sectors such as offshore wind, hydrogen, sustainable fuels, modular manufacturing, and logistics. These efforts are expected to support the re-industrialization of Central Scotland and drive large-scale economic regeneration over the next decade.
Foresight to invest £100m in North West firms
Regional private equity and infrastructure investment manager Foresight Group is ready to invest more than £100m in the North West. It is the firm’s second fund dedicated to the region and previous investments include Mowgli Street Food, ONFAB, ABL and DA Languages. Foresight invests in regional growth and buyout deals and supports founders and management teams looking to responsibly grow their businesses or release equity and de-risk. It also invests venture capital funds into fast-growing companies looking to grow sustainably, at pace. Other recent investments include a £9.97m deal to support the growth of Trak Global Security Solutions, a technology business based in Crewe focused on stolen vehicle recovery; tech manufacturer Assembly Contracts Limited; boutique financial planning company Five Wealth; and business intelligence platform Red Flag Alert. Foresight’s first fund dedicated to the North West invested in 17 companies, including Mowgli Street Food, Clubhouse Golf and DA Languages.
https://www.insidermedia.com/news/north-west/foresight-to-invest-100m-in-north-west-firms