In Brief: Tour de France; R3; Lloyds; Hessle First

BUSINESSES are being urged to make the most of the opportunities the Tour de France will bring to the region.

At an event hosted by Barclays, companies were told to start shaping their plans for growth next year, looking at the opportunities the anticipated influx of over 3m visitors to the region will bring.

Sandra Corcoran, owner of Pennine Cycles in Bradford, said: “As someone that attends the race each year I can’t stress enough what a massive opportunity this is for all Yorkshire businesses who need to start thinking creatively of how they can use the TDF colours and bring the race into their business plans.”

Helen Clarke, Barclays business banking area manager for Leeds and Bradford, said: “Planning ahead is the key to any successful business and all Yorkshire businesses should be reviewing their plans right now for 2014. We are working hard to make sure all our customers make the most of this fantastic opportunity which will showcase Yorkshire to 190 countries around the world – we’ll never get a better opportunity to show the world just how great Yorkshire is.”

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ACCOMMODATION and food services businesses in Yorkshire and the Humber are among the region’s most improved in terms of financial security over the last year, according to new research by insolvency trade body, R3.

Seventy six per cent of local hotels, restaurants and bars have seen their risk of insolvency fall, one of the best performances of the region’s ten biggest industries (by number of employees).  By comparison, 75% of wholesale and retail businesses saw their insolvency risk fall, as did three quarters of professional, scientific and technical businesses.

William Ballmann, chair of R3 in Yorkshire and partner at national law firm Gateley, said: “These figures are very encouraging for Yorkshire which has traditionally had a vibrant hospitality sector. 

“The combination of the beginnings of a sustained economic recovery with more disposable consumer income available, together with the prospect of an added boost to tourism provided by next year’s Tour de France coming to the region, should mean a brighter future for the sector in 2014.

“With so many jobs dependent on the retail sector and the professional services sector, their improved performance is also positive news for the regional economy.”

The private sector employer with the highest proportion of ‘fast’ improvers was administrative and support services where just under  9% of businesses saw their score grow by over 20%.  

Ballmann added: “An improving economy should see these figures continue to get better, but it is important to avoid complacency. The early stages of an economic recovery can be difficult as there is the danger that a business expands faster that it can support. Business owners need to be patient make sure they walk before they try to run.”

Construction firms in the region fared the worst according to R3’s research with some 29% of companies within sector having seen their risk of insolvency grow in the last year.

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SOUTH Yorkshire’s business leaders are feeling more bullish about their future prospects and plan to invest in growth opportunities next year according to research from Lloyds Bank Commercial Banking.   

More than 90% of those surveyed said they felt more optimistic about their businesses’ future growth prospects now compared to 12 months ago, suggesting the region could benefit from an uplift in business confidence next year.   

Over 80% of respondents also said that they plan to invest in growth opportunities next year using their existing cash reserves or by securing new sources of finance.  

The results were gathered at the Lloyds Bank ‘Big Picture’ event held at Sheffield’s Cutler’s Hall, attended by more than 150 business leaders from across South Yorkshire.  The event brought together policymakers, local enterprise partners, academics and business leaders to discuss the opportunities and challenges facing Yorkshire-based companies.

The research also revealed that one of the greatest challenges facing South Yorkshire business leaders is attracting and retaining key talent.  Almost 60% of respondents said they struggled to recruit good people and three quarters said a skills shortage could hinder the economic recovery in 2014. 

Tim Pryor, area director for Lloyds Bank Commercial Banking in South Yorkshire, said: “South Yorkshire businesses have proved to be resilient during the recession and it is encouraging to see that many local business leaders are beginning to feel more confident and optimistic about their trading prospects.  Renewed confidence will be a key catalyst to help stimulate the region’s economic revival.”

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A NEW company has been formed to help make an East Yorkshire town “better to do business” in.
 
Hessle First Business Association Community Interest Company is taking an active lead in promoting Hessle and currently has over 40 members.

The aim is to promote Hessle businesses and encourage local residents to use those businesses, encourage businesses to do business with each other and spread the word outside of Hessle – encourage people from the other outlying villages and beyond to come to Hessle  to shop and do business.

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