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Manufacturing sentiment improves
- Business sentiment rose in the quarter to April, having been broadly unchanged in the three months to January (balance of +9%, from -3% in January). Export optimism for the year ahead also rose moderately (+6%, from -20%). Both sentiment indicators had shown declining optimism in all but one quarter throughout 2022-23.
- Output volumes were broadly unchanged in the quarter to April, after falling in March (balance of +3%, from -10% in the three months to March). Firms expect volumes to grow in the next three months (+11%).
- Total new orders fell in April, but at a slower pace than in the previous quarter (balance of -6%, from -13% in January). Manufacturers expect orders to return to growth over the next three months (+8%).
- Growth in average costs per unit of output rose strongly but at a slightly slower pace in the quarter to April (balance of +39%, from +43% in January; long run average of +18%). Cost growth is expected to remain elevated in the quarter to July (+42%).
- Domestic selling prices increased over the three months to April (+10%, from +2% in January). Export price inflation decelerated from January (+9% from +14%, and now the weakest since January 2021). Both domestic and export price growth is expected to pick up in the next three months (+27% and +22%, respectively).
- Investment intentions for the year ahead improved relative to January. Manufacturers expect to raise investment in product & process innovation (+15% from -5% in January, the strongest since the quarter to January 2022). Investment in training & retraining is expected to be broadly unchanged (+1% from +6%). Investment in tangibles is expected to be unchanged, including buildings (-3% from -29%) and plant & machinery (+2% from -15%), with the balances having recovered from three-year lows in January.
- The main constraint on investment was uncertainty about demand (cited by 49% of manufacturers), followed by inadequate net return (36%), and a shortage of labour (+15%, the lowest in three years). Concerns around the cost of finance have retreated from a 33-year high (excluding the pandemic period) but remain double the long run average (11% from 22%).
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Private equity firm invests in replacement vehicle parts supplier
Radial Equity Partners has invested in Rimmer Bros, a Lincolnshire-based supplier of replacement parts for UK marque vehicles, including Jaguar, Land Rover, MG, Mini, Rover and Triumph.
Founded in 1982, Rimmer Bros maintains a comprehensive product library of over 50,000 SKUs sold primarily on a direct-to-consumer basis. The company has approximately 80 employees working out of its operation in Lincoln.
Radial has simultaneously invested in Moss Motors, a U.S.-headquartered aftermarket supplier of parts for British cars, to form “a leading, global specialty supplier of restoration & replacement parts focused on British vehicle brands.”Bill and Graham Rimmer, founders of Rimmer Bros, said: “The merger of these highly complementary businesses creates a global business with immense R&D, sourcing, marketing and distribution capabilities to better serve our loyal customers.”
“We are excited by the opportunity to carry on the great legacies of these two family-owned businesses,” said Jim McDonough, partner of Radial. “We are committed to continuing to provide leading service to customers as well as expanding the offering of parts solutions across existing British brands as well as new vehicle marques.”