FEATURE
Its order book includes work on ITV’s Gerry Corrigan Parliamentary Studios at Millbank, London; of Ilimex. ongoing facilities management with M&S throughout the UK; a major FF&E project at a leading English university and a range of other Framework education schemes across Ireland and Scotland. While acknowledging the many postpandemic challenges the construction industry will face over the coming years – with particular concern around skills shortages and availability of materials – Richard remains optimistic: “It’s encouraging to see predictions for a rapid uplift in construction activity as we emerge from lockdown but the industry will have challenges to face,” he says. “One of the great things about being part of McLaughlin & Harvey is the brand awareness that already exists. We can attract the best talent in our industry and benefit from established Apprenticeship and Graduate Schemes – this means that we have access to a pipeline of strong talent for many years to come. We are also privileged to have built up a robust supplier base and material sourcing model that we believe will protect us against many of the risks out there.” As Richard and his senior leadership team of Kathy Patton (Operations Director) and Richard Carron (Head of Business Development) embark on an exciting new chapter under the WorkSpace brand, the future is bright with live sites ongoing including a Ferrari Showroom. To find out more about WorkSpace log on to www.mclhworkspace.com
Some of the intricate bespoke joinery delivered by WorkSpace at the Jewish Care Centre, London.
POSITIVE BUSINESS SIGNS EMERGING... BY PAUL MCCLURG, HEAD OF BUSINESS BANKING BELFAST AT BANK OF IRELAND UK
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n the first half of 2021 we’ve moved from heightened lockdown to a gradual reopening of the economy, and in recent weeks this expansion has been accompanied by a renewal of business confidence. From recent Northern Ireland, UK & Republic of Ireland economic reports and our interactions with customers, they all support the expectation of a strong rebound over the summer and are already evidencing positive trends, accompanied by some new and interesting challenges. Many businesses are rebooting as restrictions reduce and are seeing a changed trading environment, with new competition from market diversification, increased costs of raw materials, fuel and shipping and in some sectors, a squeeze on labour which in turn has created an increased need for talent management. That said, the last couple of months have seen true progress, with recovery in sectors including retail, manufacturing and services with all reporting an increase in both activity, output and employment. Manufacturing businesses have increased their headcount, with local companies benefiting from a notable pick-up in demand, albeit against some supply chain disruption and a rise in input costs.
Hospitality and domestic tourism, where businesses have been hit hard with long periods of closure, have restocked, reopened and are experiencing a massive boost through pent up demand and a huge appetite for staycations whilst foreign travel restrictions remain. The key will be retaining these levels beyond the summer and meeting the new challenge of recruitment and retention of staff. Many are experiencing situations where their staff have retired, there is a lag in developing and training new talent and also where staff have been persuaded to move on to other occupations in the search for more secure employment. All of this is making talent acquisition, training and retention vital. Looking at the housing market we’re seeing significant changes with increases in demand, driven by the “race for space” as people upsize and /or relocate for working from home. As many companies introduce or retain new ways of working including hybrid and fulltime working from home, this is enabling people to make a larger lifestyle decision as this removes or reduces ties to a physical job location. This is creating further opportunities for house builders with this type of demand expected to continue for some time. At Bank of Ireland we are seeing these trends reflected through our business cus-
tomers’ requirements, with demand for funding shifting away from the UK Government backed COVID-19 Business Lending Schemes as they closed for applications, to a steady increase in enquiries and lending requests as SME’s look towards more normalised investment and growth opportunities. We are also seeing some larger value capital expenditure programmes and investment plans that had been put on hold now being revisited. Alongside this, there has been increased activity where investors are taking acquisition opportunities, viewing it as a good time to buy and be able to bring added value assets to their existing business. I am incredibly heartened by some of my recent customer engagements, with a more positive outlook coming through, having bravely confronted COVID-19 and ongoing Brexit disruption. It’s not by any means all “rosy” by any means, but they remain optimistic despite continued challenges. Our team at Bank of Ireland continue to support local businesses, working as a valued partner not only in providing funding support, but also in offering access to advice and support, building business confidence for growth.
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