62 roundtable: investment ... continued from previous page
Wilson: “For the Thames Valley Berkshire LEP the geographic definition is very important and clear – it is exactly what it says on the tin. The Government has made it very clear they are aiming to create competitive tension between LEPs for the huge sums they intend to allocate to LEPs throughout the country in due course. So, we need to be clear on our territory in order to pull together the right people to support our LEP and get our fair share of this vital funding which is so critical for the growth of the wider Thames Valley. Those people are likely to have a clear interest in our area by virtue of living and working here.”
Wilson disagreed: “ At the LEP we want Thames Valley Berkshire Local Enterprise Partnership to be THE brand encompassing everything that is good about our area including of course technology. We don’t want to water down our brand value and too much focus away from the prime brand runs the risk of doing just that.”
Warwick: “In many ways the Thames Valley can be seen as the IBM product that you don’t get fired for buying. It is the safe harbour for investment in the UK, for those who ask ‘Where can I go for the best business fit?’”
Britton: “The UK is not without its challenges, but if the UK does well, then the Thames Valley will do well. Similarly, if Tech City does well, and we are positioned correctly, we will do well.”
Where do you hang
your hat? Murray asked if SEGRO in the Thames Valley found itself competing with Tech City over clients and business space.
Andy Brattesani
Britton: “That’s fine for the allocation of funding, but in terms of educating companies about what we have to offer in the Thames Valley, sometimes our government agenda doesn’t marry up with the expectations of a company looking to come into the country.”
Is Tech City a threat?
Britton said he understood the current focus around the East London legacy but Tech City was a different offering to the Thames Valley. “It’s more about start-ups and social media development, and it’s not the only digital hub in the UK.” He suggested that in marketing terms the difference could be expressed as: “When you have finished in the kindergarten, come and play with the big boys in the Thames Valley.”
He didn’t necessarily see Tech City as a threat. “Given the directive comes from No.10 it will continue to be promoted and so should the Thames Valley, but differently. Tech City may develop new IP, but the Thames Valley is where you customise and commercialise it; this is where you grow the business and make money.”
Pointing out that Tech City has limited business space and the Thames Valley does not, Warwick agreed that Tech City could actually help promote the Thames Valley.
“There seems to be a conspiracy not to mention Tech City, but that’s entirely wrong. Talk about it, but in its proper context, because in doing so it clarifies the nature and benefits of the Thames Valley.”
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Lewis: “For companies already based here, the competition is generally from overseas locations. Frankly, you are taking your eye off the ball if you think you are competing with the guys down the road. Most companies looking to invest in the UK will do a small fledgling start-up, which can be in all manner of
places, but the real win is when they decide to get established here. That’s when you want them to select the Thames Valley.” Hytera, number two in the world to Motorola, started in Burton-on-Trent before settling in Slough, he pointed out.
Pitmans’ Roger Gregory exampled an Indian company setting up in the UK. It had developed technology in India, was testing it through universities in Leeds and London, and yet wanted to set up commercialisation of it in Reading. “It’s an easier location to work, but has good access to top universities and London.”
Devall noted that first office locations were generally set up “almost next door to where the senior management live.” Strategic business locations came much later when the company had grown to a significant size.
headquarters in a flagship business area. “The real win there is that they stayed in the Thames Valley,” said Lewis.
Home sweet home
Peddie: “My decision to move out of urban London was driven by my family and where we wanted to live, and I think that will be a significant decider for senior management thinking about setting up in the UK.”
Wilson agreed: “I’ve lived and worked in the Thames Valley since 1976 – it’s a great place to be.”
What’s missing in the region to make it more attractive?
‘Better infrastructure’ came the Roundtable answer.
Devall: “Our infrastructure is an advantage, but also a weakness.” He listed traffic jams in and out of Reading, Heathrow at capacity, Reading station development not being linked to Crossrail, lack of Thames bridges and a rail station at Green Park.
Britton agreed that such gateway infrastructure was often the poor first impression that visitors got on visiting the region. “Investment decisions can be based upon those first impressions, and remember we are being measured against European locations not just other UK regions.”
Paul Britton
Murray asked if the regional availability of office and commercial stock was adequate?
Lewis said that despite the austerity economy, “the interesting phenomenon now is that good quality new stock or high standard refurbishment is the space that companies are taking. There is still a restrained supply of that, driven by lack of capital availability to property companies and developers, but demand is not yet at a level where supply is critical.”
The Roundtable noted how Huawei had recently moved from Basingstoke to Reading’s Green Park, which could be perceived as a statement of intent with the creation of prestigious UK
Wilson stressed that infrastructure along with other major issues were very much on the LEP agenda which also included improving broadband speed and connectivity throughout the Thames Valley with all the benefits that would accrue from this.
Lewis highlighted the connectivity problems of SMEs. “They are being by-passed by the broadband provider in favour of home installations.”
Warwick: “That’s literally true. Highways of data are winging their way to homes, straight past small business clusters.”
Britton stated that broadband improvement was “a drum that we have to keep on beating”.
THE BUSINESS MAGAZINE – THAMES VALLEY – MAY 2013
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