East Midlands business confidence rises to second highest in UK

BUSINESS confidence in the East Midlands rose 18 points during April to 41%, according to the latest Business Barometer from Lloyds Bank Commercial Banking.

Companies in the region reported higher confidence in their own business prospects month-on-month, up ten points at 46%. When taken alongside their optimism in the economy, up 27 points to 36%, this gives a headline confidence reading of 41%.

East Midlands businesses identified their top target areas for growth in the next six months as evolving their offer (42%), diversifying into new markets (42%) and introducing new technology (39%).

The Business Barometer, which surveys 1,200 businesses monthly, provides early signals about UK economic trends both regionally and nationwide.

A net balance of 28% of businesses in the region expect to increase staff levels over the next year, down five points on last month.

Overall, UK business confidence climbed one point to 33% in April. Every UK nation and region reported a positive confidence reading and six out of 11 regions recorded a higher reading than last month. London reported the highest levels of business confidence at 47% (up nine points month-on-month), followed by East Midlands (up

18 points) and North East (up three points), both at 41%.

Firms’ outlook on their own trading prospects remained strong at 39% for the second consecutive month, and a net balance of 27% of businesses reported plans to increase their staff levels, up two points from March.

Ahead of the three Bank Holidays in May, firms’ optimism in the overall economy increased five points to 28% – the highest reading since June last year.

Dave Atkinson (right), regional director for the East Midlands at Lloyds Bank Commercial Banking, said: “It’s fantastic to see the region’s businesses mark a third consecutive month of rising confidence, and to see so many firms planning to invest in new technology and explore new markets. Investments in these areas will contribute to driving growth and help give businesses the edge they need to differentiate themselves.

“For those businesses focused on growth, reviewing working capital needs, and unlocking finances tied up in inventory or stock with asset or invoice finance, can be helpful for freeing up money to invest back into the business.”

Business confidence in the service sector rose to 36% this month, the highest since May 2022, with sentiment particularly upbeat in hospitality and financial services. While the other sectors saw slight decreases, construction remained strong at 43% while manufacturing and retail remain above last year’s lowest levels.

BLUEBRICK ESTATES

LIMITED (c/o Agent: Andrew Lennard, Perfect Planning Architectural Services Ltd, Office 1F, Rugby House, Hinckley Road, Sapcote, Leicestershire LE9 4FS) –Conversion of single dwelling to 2 flats – at 58 Fosse Road South, Leicester LE3 0QD.

MR SANJIV PATEL (c/o Agent: SKM Design, Unit D, Edward House, Grange Business Park, Enderby Road, Leicester LE8 6EP) – Change of use from Class E to Class C3 on first to fifth floor and Sui Generis to Class E in the basement and fifth storey infill to create 40 flats – at Horsefair House, 3 Horsefair Street, Leicester LE1 5BP.

MR F KURTI (c/o Agent: Mr Kurosh Morod, KMC Consultancy, 60 St Annes Drive, Leicester LE2 8HT) – Change of use from five-bed house to 3 flats plus construction of a first floor extension at side and internal alterations – at 1 Shelley Street, Leicester LE2 6EF.

MR SIRRAJ KARA (c/o Agent: Bernard Taruvinga, Kunstler Designs Architect, 31 Rutland Street, Leicester LE1 1RE) – Conversion of house to 2 self-contained flats – at 16 Stoughton Drive North, Leicester LE5 5UB.

HICARE INVESTMENTS (c/o Agent: rg+p Limited, Waterloo House, 71 Princess Road West, Leicester LE1 6TR) – Development of 16 apartments with associated parking and landscaping – at land adjacent to Spencefield Grange, Davenport Road, Leicester.

IBC HEALTHCARE (c/o Agent: John Bell, ADG Architects, Ground Floor Suite, 6 Pioneer Court, Darlington DL1 4WD) – Proposed conversion of existing property to create 3 apartments for residents with complex care needs – at 3 Ballater Close, Leicester LE5 6XA.

THE ENVOY NATION LIMITED

(c/o Agent: Mr O Mosaku, Mosarch Group Architects, 18 Bedford Drive, Groby, Leicester LE6 0YB) – Change of use of part of ground floor and all of first floor from shop to place of worship, public hall and day care centre – at 66 Burleys Way, Leicester LE1 3BD.