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Recruitment pauses and pay freezes on cards for Thames Valley businesses

Guest Contributor by Guest Contributor
Monday, September 25, 2023 7:01 am
in Business
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Business isn't necessarily booming as inflationary pressures bite Picture: Pexels/Pixabay.

Business isn't necessarily booming as inflationary pressures bite Picture: Pexels/Pixabay.

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A PAY rise freeze and a halt on recruitment are just two of the casualties of rising rates for businesses in the Thames Valley.

A shock report also warns restructure operations are on hold while more than half of employers have reduced their headcount.

But the survey by Grant Thornton UK LLP’s Business Outlook Tracker says the future is not entirely bleak with many Thames Valley businesses looking for solutions in a bid to improve performance amid a tightening on spending.

Almost half (46%) have invested in productivity, efficiency and automation and a further 50% have plans to explore options in this area.

In addition, almost all (92%) have either already restructured their operations or have plans to do so. The research shows that spending is being closely monitored within the market, with over a third (40%) having reviewed their non-essential spending and a further 50% are planning to do so.

Alistair Wardell, partner at Grant Thornton UK LLP and head of its restructuring team in the South of England and Wales, said: “While inflation is slowly starting to fall, it’s clear that firms are remaining prudent and closely monitoring their spend across all areas from wages to recruitment and operations.

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“Ensuring they keep a close eye on their financing position and rein in unnecessary spending where possible will help many to remain in a robust position despite the cost pressures they may be facing.

“We have also seen an increase in optimism about business’ future revenue growth expectations, which suggests that many are confident that the actions they’re taking now, or have planned, are sufficient to work through this period.

“Particularly as we have seen slight real wage growth for the first time in over a year which, when combined with the fall in energy costs and usage over the summer, means that consumers will have more disposable income to spend.”

Almost three quarters (72%) of the Thames Valley business leaders surveyed anticipate that they will need to raise additional funds over the next year. Of these, 83% say that the current terms agreed with their lender are under pressure, whilst a quarter of all respondents said that accessing finance has become more challenging over the last 12 months.

That means an increasing number of mid-market borrowers finding themselves in need of further capital but unable to achieve the necessary funding or terms with their existing bank lenders.

Norman Armstrong, practice leader for Grant Thornton in the Thames Valley and Southampton, said: “Right now, high street banks are finding it difficult to lend to mid-sized businesses thanks to a combination of economic pressures including increased borrowing costs, high interest rates, wage inflation and more.

“This is particularly true for companies in sectors that are more challenged, such as manufacturing, hospitality, retail, construction and real estate. This poses a problem for businesses that need to extend their existing borrowing arrangements or raise new capital when they no longer fit what their traditional lenders are looking for.”

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