Business News Round Up (20/07/2021)
New study suggests smaller Scottish firms will struggle to access funding
Many smaller businesses around Scotland may struggle to access funding and investment to support their growth, according to new survey findings from the British Business Bank. The bank’s latest research – conducted by Ipsos Mori – found the vast majority (84%) of Scottish accountants, lawyers and business finance advisors surveyed believe there are gaps in the supply of finance throughout all stages of company growth and development. Nearly three-quarters (71%) said the demand for finance outweighed the level of supply. Survey respondents also said small businesses, in general, would require additional finance over the next 12-18 months due to the Covid-19 pandemic. Of those questioned, 86% in Scotland said smaller businesses would require additional debt finance and 79% said the same about growth stage equity or venture capital. Anticipated demand for additional early-stage equity investment over the next 12-18 months was found to be significantly higher in Scotland (81%) than in the rest of the UK.
Nine in ten Greater Manchester firms diversified during pandemic, TalkTalk research reveals
More than 90% of businesses in Greater Manchester diversified their products and services as a result of the Covid-19 pandemic, according to new research released by TalkTalk. The Salford-headquartered telecoms giant said 93% of firms made the move while 73% of owners in the region believe their companies wouldn’t have survived the pandemic if they had not reviewed their business model and diversified. To keep their business afloat and survive the pandemic, 75% of owners increased their business’ online presence during the past year, with 30% saying they have done so significantly. TalkTalk added that from increasing social media presence (33%) to creating a new click and collect service (28%), as well as a transactional website (25%), or working virtually with clients (27%) broadband has been “instrumental” to Greater Manchester businesses over the past 18 months.
https://www.business-live.co.uk/enterprise/nine-ten-greater-manchester-firms-21088618
Events industry experts’ plans for safe return of struggling sector
Scottish events industry experts are appealing to the Scottish government to provide a further financial boost and additional support to secure a safe and sustainable return of the sector devastated by the coronavirus pandemic. Scotland’s Event Industry Advisory Group (EIAG) is recommending an extra £40m in re-start funding be made available along with a raft of other initiatives including the continuation of the Job Retention Scheme on a flexible basis from this September to March next year. The group warns that failure to act could cost the country its status as a world-class event destination and the sector’s associated £6billion annual visitor spend within the Scottish economy. The EIAG, which represents the events and festivals sector, serves as a co-ordinated voice for the industry and aims to lead the way during the national response and recovery planning for events. It has been lobbying Holyrood through pandemic and earlier this year presented Scottish Government ministers with a submission detailing A Route Back to Scotland the Perfect Stage.
Manchester office take-up stabilises – MOAF
Manchester recorded 220,183 sq ft of lease transactions in the second quarter of 2021, according to new data, taking the year-to-date figure to 454,441 sq ft. Key city centre transactions during the period included Instant Group taking 33,374 sq ft at 58 Mosely Street, Castore signing up to 22,085 sq ft at One Central, Whispering Smith taking 23,702 sq ft at 274 Deansgate and AutoTrader taking 16,824 sq ft at One Tony Wilson Place. Manchester Office Agents Forum (MOAF) has found that the quarterly figures remain significantly lower than those from before to the Covid-19 pandemic, which sat at 370,000 sq ft in the three years prior to 2020. However, there has been a notable return of larger deals with six completions above 20,000 sq ft in the first half of 2021, compared with seven in the previous full year. South Manchester’s office market continued to show resilience with take-up climbing to 117,535 sq ft from 92,797 sq ft.
https://www.insidermedia.com/news/north-west/manchester-office-take-up-stabilises-moaf