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Spend now to future-proof business

Current market conditions are creating a real headache for business owners who are seeing costs increase as demand starts to stagnate, according to Cornwall Group’s Chair Mark Mitchell.

Mark explained: “We are feeling all the pain of a recession, even if it isn’t labelled a recession. I am very concerned and anxious about 2023, especially the start of Q2 where we have five specific concerns: the energy price cap mechanism unravelling; minimum wage pressures; a 20% increase in industrial business rates; rising interest rates; and corporation tax going back to 25%.

“Just one of those on its own would be a challenge, but together they could cause considerable distress for some companies.

“We have come out of two very successful, strong, trading years which has given us much-needed reserves. Every penny that we made in profit over the last three years has gone back into the business.

“It is essential that we continue to invest in new technology, new robotic sealed unit lines, and furnaces that are more environmentally friendly. We have to plan ahead because the order you place may not be commissioned for 12 months – so you cannot afford to leave it until the last minute. By continuing to plough our profits back into the business, we can continue to give our customers good quality products backed by good service. That means looking beyond the current gloomy forecast, and always with an eye on the five-year horizon.”


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