In Brief: Grant Thornton; HBP; Santander
THE latest figures from business and financial adviser Grant Thornton’s Agents of Growth series suggest that the UK’s mid-sized businesses (MSBs) will continue to drive the country’s’ R&D agenda in the year ahead and be the largest investor in new technologies.
In Yorkshire and the Humber there were estimated to be 2,835 MSBs in last year, employing 332,000 people and with a turnover of £49,742m. The latest research from Grant Thornton finds that over the past 12 months, MSB expenditure on R&D has grown by 2.7%; marginally (0.3pp) ahead of the 2.4% growth reported by their larger and smaller counterparts. Over the next year, nearly a quarter (23%) of UK MSBs are expected to increase their investment in R&D.
Although improving, the figures still suggest that the UK remains far behind other developed economies in terms of its R&D expenditure. With some reports ranking the UK as low as 19th amongst peer economies in the OECD, many will wonder whether the impact of the current R&D tax credit regimes will be sufficient in helping the country meet EU R&D intensity targets of 3% of GDP by 2020.
Ian Rowland, head of innovation for Grant Thornton in Yorkshire, commented: “In order for the UK to remain a relevant contender amongst global business hubs, more needs to be done to support its critical mass of MSBs in developing the processes and technologies which strengthen the competitiveness of British businesses.”
:::
IT company HBP Systems is expanding its business with new premises and more staff.
The company, which has been supporting businesses in the Hull area with accountancy software and IT support since 1991, set up a base in the city’s Priory Park East a year ago – but growth in the client base means those premises are already getting too small.
“With new premises and two more members of staff, who we’re searching for at the moment, we shall be able to do even more for the city I grew up in, and which is still dear to my heart,” said HBP Systems MD Joanne Dixon.
“Establishing a permanent base in Hull has been a great move for us. The response to our presence in the city from its dynamic business community has been really encouraging, and we’ve now reached the position where clients are recommending our services to others.”
:::
SANTANDER Corporate & Commercial has opened a new Corporate Business Centre in Barnsley.
Relationship bankers at the new Corporate Business Centre, which is located at 3 Queen Street, Barnsley, will provide a relationship banking service to corporate and commercial customers with a turnover above £250,000. Customers will be offered a full range of banking services, including asset finance, invoice finance, deposits, treasury, merchant recruitment, cash management and supplier payments.
The team for the new Barnsley branch will be led by Jonathan Thompson, regional director for South Yorkshire and the Humber, and includes relationship directors Jane Illingworth and Keith Smith.
