![]() ![]() ![]() Rising input costs are affecting manufacturing businesses the most and rising transportation costs are impacting wholesale and retail businesses. Delays in goods reaching them (for 61% of businesses) amplify the concerns. Rising energy costs (56%), alongside labour (47%) and transportation costs (43%), are also concerns. Three-quarters of businesses say the costs of goods and materials have increased in the past month and the same expect these costs to rise next year. Rising energy costs are now a concern for over half (57%) of businesses and 52% of businesses worry an economic slowdown in the UK will cause them problems, with fears for the global economic climate (42%) growing too.Ī common response to these negative impacts is for businesses to increase the price of their products and services (49%). Going together with this, concerns about interest rate rises have grown sharply, hitting 35%, compared to just 26% six months ago. Businesses respond to rising costsĭespite confidence and resilient investment plans, inflation fears have moved to centre stage, with another sharp spike in concern, up to 62% (from 43% in spring this year). Investment plans remain resilient for now, with almost half (47%) of businesses planning to hire new staff, 43% investing in staff training, almost a third (31%) planning to invest in R&D, and over a quarter (26%) focusing on digital transformation – all up on spring 2022 Trade Barometer figures. 86% of businesses say they are well placed, or at least coping, in the current economic environment, however, seven percent have said that they are now starting to struggle. The South-West and Wales saw the biggest fall, down 16% since Spring 2022 to 63%.īusinesses surveyed have largely recovered from the pandemic – adapting to operate successfully amid its lingering effects – with more than half (54%) saying that performance had accelerated over the last 12 months. Confidence among regional businesses has fallen in all regions except Scotland, which has risen almost 10% from 69% to 78%. ![]() Falling confidence has impacted UK-only businesses more, with only 64% of these companies expecting growth versus 72% of international businesses. However, confidence has fallen for the first time since it hit a low of 59% in autumn 2020, with fears around high-interest rates, inflation, energy costs, and UK economic conditions starting to materialise. Kirkland & Ellis acted as legal advisor to THL.Despite the current economic conditions, over two-thirds (70%) of UK businesses are confident about growth over the next three years, according to the latest Santander Trade Barometer published recently. William Blair and Weil, Gotshal & Manges acted as financial and legal advisors to AbacusNext in connection with the transaction. We’re grateful to have had the opportunity to partner with AbacusNext and would like to thank their entire team, particularly CEO Scott Johnson, COO Rob Ellis and CFO Mike Skelly, for their dedication and hard work over our partnership together, and we’re excited to see what they will accomplish next.” “Throughout our partnership together, AbacusNext has firmly established its position as a leading software solutions provider in the legal, accounting and compliance-focused professionals’ services market. Matt Stone, managing director at PSG, said: We are excited to see AbacusNext continue to develop best-in-class technology and pursue strategic acquisitions that will further enhance their product offering.” Scott and the management team at AbacusNext are leaders in capitalizing on this growth opportunity. “The shift to cloud-based software is well underway and has accelerated in the current ‘work from home’ environment. ![]() Mark Bean, director at THL and Ganesh Rao, managing director and head of financial services at THL, also commented: Thank you to PSG for their support as we grew to become a leader in the legal and accounting markets.” This partnership with THL will enable us to accelerate our investment in innovative SaaS products with integrated payment processing, allowing us to continue to offer a market-leading software suite. “We are excited to partner with THL, who offers deep expertise in practice management software and payment processing and shares our commitment to driving AbacusNext’s next chapter of growth. ![]()
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