East Midlands Economic Growth Report: Nottingham – the complete city

TheBusinessDesk.com and Barclays have produced an exclusive report and survey on the state of the East Midlands economy, assessing the challenges and opportunities facing the area as it continues to outperform its regional rivals. Read the full report here.

Lorraine Baggs of Marketing Nottingham and Nottinghamshire says that the city and wider region has the full package when it comes to attracting inward investment. She spoke to some of the key players.

IN RECENT years Nottingham has quietly been pulling significantly more than its own weight in its contributions to business, science, and the arts. The city suffered as much as any following the 2008 recession and the Queen of the East Midlands seemed to lose her shine, but clever economic management and well-placed investment have driven Nottingham forward into a positive and lucrative future.

The city has much to boast about. First up is the Nottingham Creative Quarter – an area where life sciences, creative and digital industries, social enterprise and independent retail and leisure thrive. Known as Nottingham’s ‘incubator without walls’, the CQ initiative has transformed the area that was formerly home to the world’s largest lace industry into a catalyst for the city’s economic recovery and growth.

Since the Creative Quarter’s conception in 2013, it has placed Nottingham among the UK’s top ten best cities to start a business and happiest places to work. In fact, 10% of Creative England’s top companies are in the Creative Quarter.

Paul Southby, chairman of Marketing Nottingham and Nottinghamshire (MN&N), the new place marketing organisation, says that the Creative Quarter has undoubtedly boosted the city’s confidence – and it is undoubtedly the best place to start a business.

“We are seeing businesses set up here, and those businesses attract others, or businesses in the supply chain within those sectors such as digital and creative for example. There is a virtuous circle in which you have a chain of businesses all thriving from one another’s success,” he says.

“Another key driver behind Nottingham’s burgeoning success story is that there is a good working atmosphere between local authorities and business, helped by the universities. This atmosphere is probably better than it has ever been before.

“Both our universities are playing their part in terms of contributing to the city’s success.”

Coming out of the Creative Quarter is Nottingham’s greatest contribution to the science community. BioCity, established in Nottingham in 2003, was one of the first bioscience incubators in the UK, and remains the largest. It offers state-of-the-art laboratories, commercial office space to let or rent, and business support and services to early stage companies in the life sciences sector.

BioCity has collaborated with the Walgreen Boots Alliance to form the company’s Medical counterpart, MediCity. The first MediCity facility opened in early 2014 and already has more than 38 companies within its community.

BioCity and MediCity garner international credibility and prestige, putting Nottingham on the map as a global centre for cutting-edge scientific research, says Tim Garratt, MD of leading regional property agents Innes England.

“In terms of its talent, Nottingham’s key sectors are undoubtedly biosciences, med-tech, health and wellbeing. The Boots Enterprise Zone will focus on this,” he added.

“We are looking at a speculative building programme with work to the infrastructure of the site completing in Spring 2017,” he said.

“Medicity has been a project with massive success with many of the occupiers providing goods to the Walgreen Boots Alliance retail chain. Across the city, the cranes were seen over the biosciences building – the Biocity extension, which is a cast iron measure of the success of this sector in Nottingham.”

Nottingham has a quality of life to rival any city in the UK, hosting low travel-to-work times, low living costs and affordable housing, he says.

Brexit may or may not have an impact on greater Nottingham – but whatever happens, we are well serviced by great transport.

“East Midlands Airport, Midland Mainline, the M1 – are all vital to ensure we keep close to Europe. Whether we get HS2, or an upgrade of the current line is something that will reveal itself over the next few years,” adds Tim.

It’s also clear, says David Ralph of D2N2, the local enterprise partnership, is that the A453 and the tram have had a hugely positive effect on bringing businesses – and people – to Nottingham.

Having just completed its strategic economic plan called A Road Map for Growth, it’s evident that Greater Nottingham is the fastest growing city region LEP in the country.
“The story is that Nottinghamshire is going way above its targets. For example, we said we create 55,000 more jobs in the county over ten years – and we have gone way above that,” says David.

“Nottinghamshire is ‘smart and savvy’ and it’s attracting those people who want that offer and the greater urban area is looking strong.”

One of these companies is financial services heavyweight NOW: Pensions. The business had looked nationally and internationally at suitable cities to take their next office. NOW: Pensions drew up a list of countries, and then narrowed its choice to the UK.
NOW: Pensions then devised a score chart which looked at aspects of each city – from commercial decision, through to resources and staffing. Nottingham pipped Bristol at the post in the final two – and in November 2015, the company opened its offices in Park Row. There are now 100 staff there, including contact centre and technical roles, with another 30 new recruits starting soon. 95% of those people are Nottingham people, and the rest coming from the UK HQ in London.

“We wanted to make sure the location fitted us as a business. The cultural fit was really important,” says Neil Briddock, director of client services.

Strong economic growth and quantifiable pleasures such as house prices and travel times are reason enough to come; the overflowing tides of culture and sheer friendliness of its people are reason enough to stay.