Doing Business with the US: Inward investment in focus
AS well as being the UK’s number one export partner, the US is the leading inward investor too.
With the North West’s manufacturing heritage, it’s no surprise to see household names such as Kelloggs and Vauxhall, which is owned by US automotive giant General Motors, based here and employing thousands of people.
In line with the growth over the last two decades of the service sector, the North West has fared well in luring some big names from the US financial services sector to set up bases in the region.
Manchester scored a notable win in 2005 when it successfully wooed Bank of New York to the city.
The team has grown over the last decade, from 30 to more than 1,200 and now occupies offices in Piccadilly and Spinningfields.
Inward investment and Bank of New York Mellon’s coming of age in Manchester is featured in our free Doing Business with the US supplement in association with international law firm Squire Patton Boggs. It can be downloaded by clicking here.
Inbound investment from trade and institutional acquirers is important too.
2014 saw US private equity firm the Riverside Company took a stake in the Warrington accountancy firm Brookson, while US firm Cardtronics acquired the Co-operative Group’s cash handling business Sunwin for £41m, a year after splashing £100m out on Cheshire cash machines operator Cardpoint.
Andrew Clay, an intellectual property partner at law firm Squire PattonBoggs, believes US-based buyers will often be prepared to pay whatever price is necessary to obtain key assets.
“US funders and purchasers are quite strategic. They know what they want and they’ll buy it whatever the market conditions are. They’ve got access to more capital generally than the equivalent UK players.”
