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Enterprise Zone hits targets for job creation and private investment

SPACE TO INNOVATE IS TWO YEARS OLD

The New Anglia Space to Innovate Enterprise Zone is two years old in April, and so far the zone is hitting its targets for job creation and private sector capital investment.

10 sites across Norfolk and Suffolk form the Space to Innovate EZ, offering new and expanding businesses a range of benefits including discounted business rates, simplified planning and access to Superfast broadband.

Individual sites are already gaining a reputation as specialist clusters for the life sciences, energy and digital tech sectors. In two years, Space to Innovate sites have already become home to 56 companies, delivering 247 new jobs and attracting more than £9m of private sector capital investment. In addition, 1,015 construction jobs have been created across the ten sites.

In the 25 year lifetime of the zone, The LEP, working closely with its local authority and government partners, aims to create 18,500 jobs, including 5,000 by 2021.

Doug Field, Chair of New Anglia Local Enterprise Partnership, said: “Inward investment plays a key part in Norfolk and Suffolk’s Offer to the World, one of the themes of our Economic Strategy. Our Enterprise Zones are a vital part of that offer. Each site offers a range of benefits to new and expanding businesses, but also opportunities to take advantage of high quality infrastructure and clusters of industry sector expertise.

“I’m delighted to see these sites allowing local businesses to grow. These sites have already delivered excellent results for job creation and private investment, with the promise of much more to come.”

Chris Pont and John Nicholson are joint-founders and Directors at digital consultants IJYI. The company moved into the new Connexions building in Ipswich’s Princes Street Office District in November. Chris said: “Initially we didn’t think we could afford to move – this is grade A office space – but the Enterprise Zone benefits really helped. We’ve got some ambitious growth plans over the next 18 months - now we have the space to grow our business”.

Jason Thorarinsson is Founder of Sidekick Digital, which moved into the King’s Lynn Innovation Centre (KLIC) on the Nar Ouse Business Park in July 2017: “Moving into KLIC made our day-to-day running of the business so much easier. We could move straight in, get set up and working straight away. It’s also raised our profile with potential clients and improved our network with other digital businesses here at KLIC.”

Treatt plc, the leading beverage ingredient solutions manufacturer, has just been granted planning permission to relocate and expand its global headquarters to a new 10-acre site at Suffolk Park in Bury St Edmunds. Daemmon Reeve, Chief Executive Officer at Treatt, said: “As one of the biggest employers in the area and a significant contributor to the region’s economy, we were keen to remain in Bury St Edmunds, having operated from here for nearly 50 years, particularly in view of the commitment to business growth by St Edmundsbury Borough Council, the New Anglia LEP and other stakeholders. 

“The new site will enable us to showcase science at the front end of the business and attract the sort of customers and staff we need to drive our business forward in the future.”

To find out more about opportunities on all ten sites on the Space to Innovate Enterprise Zone, visit https://newanglia.co.uk/enterprise-zones/

Sue Wilcock