Manufacturers Gear Up to Take Advantage of Enterprise Zones28 September 2011
Manufacturers in the East Midlands are gearing up to capitalise on the region's new Enterprise Zones, to ensure they make the most of any growth opportunities they might bring, according to sector experts at PwC.
While relocating whole businesses is unlikely to be feasible, some small and medium-sized manufacturers are already considering what steps they may need to take to expand their operations by locating part of their manufacturing arms or R&D facilities within the region's Enterprise Zones.
David Martin, manufacturing sector expert at PwC in the East Midlands, said: "Manufacturers are optimistic that the Enterprise Zones will act as springboards for growth and the incentives on offer in terms of simplified planning rules, tax breaks and super-fast broadband are certainly attractive. Local businesses also recognise that Enterprise Zones provide a compelling, commercial environment that could help them to draw down additional funding and attract inward investment.
"Both Enterprise Zones now confirmed in the East Midlands region have a manufacturing sector focus. The 100-acre Boots' Beeston site has already been visited by Invest in Nottingham and the planned £300 million expansion of the MIRA Technology Park in Hinckley will provide a major boost to the region.
"It is great to see that national and international manufacturers want to be part of these Enterprise Zones. They recognise that locating in these areas will enable them to leverage the knowledge and expertise of regional specialists which will then drive growth and provide an economic boost for the region."
Businesses within the Zones will be exempted from paying business rates for five years, saving them up to £275,000 each. There is an opportunity for Local Enterprise Partnerships (LEPs) to invest this money back into the region by investing in infrastructure and innovation, as well as providing additional support to help companies drive sales by increasing export activity.
David Martin added: "The Enterprise Zones offer an incredible head start for growing businesses in the region and can spark business growth across the region and the UK. Their success could enable manufacturers in the East Midlands to lead the country's economic regeneration and recovery."