Farmland prices rocket
East of England farmland prices have risen by an average 48 percent year-on-year to a record high although ‘lifestyle’ buyers are retreating from the market, says the latest RICS rural market survey. Booming commercial demand and modest pick-up in supply are behind the rise as rising commodity prices encourage farm investors to expand production or enter the market. The net balance of surveyors reporting an increase in demand for non-residential farmland continued to increase rapidly, but at a slower pace than the previous half and some surveyors survey believe the market may have peaked in the first half. David Potter, RICS East operations manager, said: “Ever rising commodity prices have pushed the price of farmland to record highs as farmers and investors compete for arable land. However, the days of the lifestyle buyer are on the wane.”

MBO at KLM Engineering
A management buy-out at precision engineering company, KLM Engineering based at Earith, near Huntingdon has been led by managing director, Andrew Williamson and sales and technical director, Tom Rix. KLM Engineering was founded in 1977 and is involved in CAD/CAM design services, providing a bespoke, precision engineering solution for their production processes. Andrew Williamson said: “KLM is an established business with a great reputation in the marketplace and it is now our challenge to ensure we build upon this firm foundation.” The MBO was funded by The Royal Bank of Scotland through its structured debt solutions team with working capital facilities provided by RBS Invoice Finance.

East of England Co-op
acquires Wherstead Park
The East of England Co-operative Society has exchanged contracts to acquire Wherstead Park, the site outside Ipswich vacated by energy company E.ON at the end of June. Chief executive, Richard Samson said: “Following the merger of the former Ipswich & Norwich and Colchester & East Essex Co-operative Societies in October 2005 we have been looking for an opportunity to bring together colleagues working at various sites in Suffolk and Essex. Wherstead Park will give us considerable flexibility to accommodate our own business requirements and will enable us to gain rental income from areas of the site not required for our own use.” The society is the third largest independent consumer co-operative in the UK and the largest independent retailer in East Anglia.

Norfolk recycling acquisition
Norfolk-based Glazewing, one of the region’s largest metal recyclers, has been bought by entrepreneurs who plan to expand it significantly in the South East. Kent-based brothers Jon and Simon Miles have bought the entire share capital of Glazewing, located in West Dereham, near King’s Lynn. They have previously bought and built companies in the sector and in coming years plan to build Glazewing into a ‘significant’ independent metal recycling and ancillary services provider, stretching east from the Wash to Southampton. Glazewing founder and main shareholder Malcolm Grief is retiring, while other family members are staying with the business. Jon and Simon Miles were advised KPMG corporate finance team led by Mark Whelan and by Jonathan Grant at lawyers DMH Stallard.


EEDA has welcomed the government’s announcement setting out £2.5 billion of investment in the East of England for housing, regeneration, transport and economic development over the next three years. EEDA and the East of England Regional Assembly will be working closely over the coming months to agree a joint response to the government on the region’s priorities for this investment. The government has also set out the indicative funding for the period 2011 - 2019 for the region, which is estimated to be £7.5 billion.

True Knowledge Ltd, Cambridge-based pioneer of a new approach to Internet search, has raised more than $4m in a second round of funding and achieved significant milestones towards the internet industry goal of intelligently answering, in plain English, questions asked on any topic. The second round funding was led by existing investors Octopus Ventures and angel investors. It brings the total raised by True Knowledge in the last 12 months to $5.4m (£2.7m). The funding will allow the company to expand its management team, further develop its products and move to a roll-out in the next 12 months.

Kingsley Healthcare, has acquired The Depperhaugh in Hoxne, Suffolk, a 30 bed EMI nursing home, providing specialist care for adults of any age with dementia, or those over 60 years of age who require nursing care. Kingsley Healthcare provides residential, nursing, dementia, learning disability, day and respite care facilities and currently owns and manages 16 care homes, with a capacity of more than 500 beds throughout East Anglia, Essex and Bedfordshire.


Three weeks after commissioning its latest ship-to-shore gantry cranes the Port of Felixstowe has taken delivery of two new cranes at its Trinity Terminal. The two new, ultra post-Panamax ship-to-shore gantry cranes are amongst the largest in the world and have the ability to extend over 22 containers across. With twin-lift capability and heavy lift capacity of 85 tonnes, they take the total number of quayside cranes serving the Port to 31.

Economic growth in both the UK and the eurozone is deteriorating rapidly, according to a report from BDO Stoy Hayward. In July, the firm’s UK output index recorded a score of 97.2, down from 99.8 in April ; the lowest level since the third quarter of 1992. The firm’s eurozone output index fell from 97.7 in April to 95.7 in July. Despite more reliance on the financial sector and higher levels of consumer spending on credit, the firm says the outlook for the UK economy remains marginally better than that of the eurozone.

A new Enterprise Club partnership has been signed between Colbea – the local provider of business advice to start up and existing businesses – the Essex Chambers of Commerce and the Professional Training Centre at Colchester Institute, to provide a comprehensive range of services for local businesses. Denise Rossiter, operations director at Essex Chambers of Commerce said: “There is a great deal of synergy between our organisations and by pooling resources we can publicise and deliver these services to a great number of local businesses.”

Manufacturers have welcomed the Environment Agency’s ten year ‘spotlight’ report highlighting the increasingly positive approach of business towards addressing environmental issues and a more constructive approach by the Environment Agency towards relations with business and a move away from previous efforts to ‘name and shame’. EEF East Anglia director Caroline Gumble said: “Relations between industry and the Environment Agency have come a long way over the last ten years. There is now a mutual recognition that a positive attitude towards environmental issues benefits both business and the environment.”

Jewson, the building materials supplier, has chosen Kilmartin and Canmoor's Buckingway Business Park to house its new storage/distribution and trade counter facility in Cambridge. In a letting agreed by Bidwells, Jewson has taken 12,600 sq ft of space at the new development for their heating and plumbing subsidiary, D&T Holmes. Currently trading in Histon, fit out of the new units at Buckingway Business Park is underway and the new premises will open for business later this year.

Professor Michael Sherer has been appointed as the new director of the Essex Business School at the University of Essex. Prof. Sherer, who is professor of accounting and auditing, said: “Our industry links across the public and private sectors and our international focus mean Essex Business School is able to offer distinctive learning and research opportunities.” A range of MBAs is being developed which will build on Essex's long history of critical and innovative research in this area.

Cambridge Regional College has taken 6,868 sq ft of space in Blocks A and B at Brookmount Court, Kings Hedges Road. The college took a three year lease from landlord Padmanor Estates, in a deal negotiated jointly by Colliers CRE and Bidwells. “This space is perfect for CRC as it gives them an opportunity to expand their accommodation in a building just across the road from their main campus,” explains Dafydd Lewis of Colliers CRE.

Lowestoft-based Park View Financial Planning, which provides private client services for wealthy individuals, is launching a niche sister firm which will forge close links with top law firms down the East coast. Park View Private Clients will focus on complex matters - such as the division of pensions within divorce settlements - in which the respective skills of the independent financial adviser and the solicitor should ideally be brought together to complement and reinforce one another.
Photo: Jeremy Woodruff (left), MD of Park View Financial Planning, welcomes George Utting, who will lead Park View Private Clients.

New faces are joining the board of Greenvale AP, a major UK potato supplier which has a large operation in Cambs. Financial director Brian Macdonald, joins having spent the last 25 years working for Scottish and Newcastle plc; David Rankin, general manager of seed at Greenvale in Burrelton, near Perth, has been promoted to procurement and seed director. In an internal move, Trevor Dear becomes operations director whilst continuing with his existing commercial responsibilities. Tony Bambridge, a potato grower from Norfolk and a long-standing director of Greenvale AP, has resumed the position of non-executive chairman.


National Express has launched a new mini bus service integrating its rail and airport shuttle businesses from Central London to Heathrow. Passengers travelling into Liverpool Street station can pre-book on the National Express Dot2Dot (www.dot2.com) airport shuttle service, for a direct transfer.


Savills has appointed Ben Runciman as head of office in Bury St Edmunds He has been with Savills for three years as head of agency for the company’s Wapping and Canary Wharf operations.

Joe Halls and Neil Dodd, employees at Cambs-based manufacturer, Shearline, have become the company’s latest apprentices to pick up awards for their achievements at this year’s final of the Engineering Employers Federation (EEF) Apprentice of the Year Competition. The event finale, held at the EEF East Midlands and Mid Anglia’s headquarters in Oakham, Leicester, saw Joe, a third year apprentice at Shearline go up against 90 other entries to pick up the third place award within the SME category.
 
Andy Bray has been appointed as contracts manager for Ipswich-based mechanical and electrical contractor Bower Fuller. He has over 21 years of experience industry and an HNC in building services and an ONC in manufacturing, production and engineering. He will be responsible for overseeing new contracts up to a value of £2 million.