The US government is laying out around $1/2 billion in new funding for a rapidly advanced antibody drug combination from Cambridge UK Big Bio business AstraZeneca.

This deal for AstraZeneca’s COVID-19 Long-Acting AntiBody (LAAB) combination AZD7442 follows the treatment’s surge into Phase III clinical trials.

It is worth around $486 million but, as Business Weekly previously reported, the Cambridge company had previously earned $25m from US government agencies BARDA and the Defense Advanced Research Projects Agency for the discovery and evaluation of the monoclonal antibodies, as well as the Phase I clinical trial started in August to assess safety, tolerability and pharmacokinetics of AZD7442 in healthy individuals. That takes the US government haul for AZ to $511m.

AstraZeneca reveals that two Phase III clinical trials of AZD7442 will start in the next few weeks. One will enrol over 6,000 adults for the prevention of COVID-19 with additional trials enrolling around 4,000 adults for the treatment of SARS-CoV-2 infections.

The LAABs have been engineered with AstraZeneca’s proprietary half-life extension technology to increase the durability of the therapy for six to 12 months following a single dose. 

The combination of two LAABs is also designed to reduce the risk of resistance developed by the SARS-CoV-2 virus.

AstraZeneca plans to supply up to 100,000 doses starting towards the end of 2020 and the US Government can acquire up to an additional one million doses in 2021 under a separate agreement.

Pascal Soriot, AstraZeneca’s chief executive officer, said: “This agreement with the US Government will help accelerate the development of our long-acting antibody combination which has the potential to provide immediate and long-lasting effect in both preventing and treating COVID-19 infections. 

“We will be evaluating the LAAB combination in different settings from prophylaxis, to outpatient treatment to hospitalisation, with a focus on helping the most vulnerable people.”

LAABs mimic natural antibodies and have the potential to treat and prevent disease progression in patients already infected with the virus, as well as to be given as a preventative intervention prior to exposure to the virus. 

A LAAB combination could be complementary to vaccines as a prophylactic agent, e.g. for people for whom a vaccine may not be appropriate or to provide added protection for high-risk populations. It could also be used to treat people who have been infected.

The fresh US government agreement is not anticipated to impact AstraZeneca’s financial guidance for 2020 as the US Government funding is being offset by expenses to progress the clinical trials of AZD7442 as well as manufacturing process and upscaling costs. 

Should the Phase III trials prove successful and AZD7442 become an approved medicine the company anticipates providing doses at commercial terms during and after the current coronavirus pandemic.

AZD7442 is a combination of two LAABs derived from convalescent patients after SARS-CoV-2 infection. Discovered by Vanderbilt University Medical Center and licensed to AstraZeneca in June, the LAABs were optimised by AstraZeneca with half-life extension and reduced Fc receptor binding.
The half-life extended LAABs should afford six to 12 months of protection from COVID-19.

The reduced Fc receptor binding aims to minimise the risk of antibody-dependent enhancement of disease – a phenomenon in which virus-specific antibodies promote, rather than inhibit, infection and/or disease.

In a recent Nature publication, the LAABs were shown in pre-clinical experiments to block the binding of the SARS-CoV-2 virus to host cells and protect against infection in cell and animal models of disease.

Cash rich Cambridge UK life science business Abzena has invested $60 million into a new manufacturing nervecentre at its site in San Diego in the US. The move has already created 125 additional jobs.

Business Weekly recently announced that the company had received $10m growth capital from New York investment firm Biospring Partners to accelerate its worldwide expansion plans.

Babraham-based Abzena is a leading contract provider of integrated discovery, development and manufacturing services for biologics and bioconjugates. It says the new facility is designated for late phase and commercial cGMP manufacturing. cGMP refers to the Current Good Manufacturing Practice regulations enforced by the US FDA.

The new circa 50,000 sq ft facility houses a process development laboratory and two new cGMP manufacturing cleanrooms for 500L and 2,000L scale in Sartorius single use bioreactors. 

The facility also houses a GMP warehouse and analytical development and quality control laboratories.

Matt LeClair, senior VP and site head of Abzena’s San Diego operations said: “Until now our other San Diego site has been focused primarily on development and manufacture of Phase I and II clinical trial materials. 

“This expansion will allow us to provide seamless project integration for our customers as they move into Phase III and ultimately commercial manufacture.

“This investment has been driven by both existing customer requirements and by wider market demand for our services. The facility will enable the company to deliver Phase I to commercial manufacturing services for biologic projects.

“At Abzena we’re dedicated to delivering an end-to-end service offering that supports our customers from concept to clinic and beyond. This latest investment is testament to our commitment to developing our offering in line with the needs of our current customers and the rest of the market.”

To date the San Diego facility has completed hundreds of projects and has had more than 40 successful audits carried out by key customers. The new facility has also received its manufacturing licence from the California Food and Drug Branch.

• Photograph courtesy of Abzena

Marshall of Cambridge has signed a long-term option on land at Cranfield University’s massive site in the event of moving its Aerospace and Defence business there.

But the company insists it does not mean that a move to RAF Wyton – the only other option now Duxford has been ruled out – has been erased from the relocation equation.

The official line is that Marshall is thinking long-term in securing Cranfield space while it makes a final decision on whether to stay in Cambridge or move thousands of jobs and a world-leading ADG group 40 miles down the road to Bedfordshire.

Marshall confirms that it has signed an Option Agreement for a 150-year lease on a parcel of land on Cranfield University’s proposed Air Park development.

ADG interim chief executive Gary Moynehan, said: “Whilst it is important to note that the signing of the Option Agreement does not represent a final decision to relocate Marshall Aerospace and Defence Group to Cranfield, we are pleased to have reached an agreement which provides us with a credible relocation option.

“We are very excited by Cranfield’s ambitions to create a Global Research Airport and are already collaborating closely with them on a number of R & D projects. 

“As such, the signing of this Option Agreement represents a further strengthening of a valuable relationship that I am sure will deliver significant benefits to all parties over the years ahead, irrespective of where we ultimately make our new home.

“However, there are still a wide number of factors that we need to take into account before making any definitive decision about the best location or locations for the MADG business when we ultimately relocate by 2030.”

Professor Sir Peter Gregson, vice-chancellor and chief executive at Cranfield University added:“We are delighted to be progressing our talks with Marshall through the signing of this Option Agreement.

“Located at the heart of the Oxford-Cambridge Arc, Cranfield with its Global Research Airport and MADG would provide a vibrant ecosystem of research, technology demonstration and innovation in aerospace that is unrivalled in the UK.

“We believe the relocation of MADG to Cranfield would further strengthen the partnership between one of the UK’s leading privately-owned aerospace and defence companies and one of the UK’s leading aerospace and defence universities.”

A new state-of-the-art lab, a major recruitment drive and further R & D for quantum photonics technologies have been triggered by a £2.1 million seed funding round by Cambridge University spin-out Nu Quantum.

Amadeus Capital Partners led the round while Ahren Innovation Capital, IQ Capital, Cambridge Enterprise and Martlet Capital also followed on from the pre-seed investment round last September. Seraphim Capital has joined as a new investor. 

The funding will go towards a state-of-the-art photonics lab in Cambridge and a strong recruitment push for scientists, product team members and business functions as the company approaches the launch of its first commercial technology demonstration.

Nu Quantum brings together a portfolio of intellectual property combining quantum optics, semiconductor photonics and information theory, spun out of the University of Cambridge after eight years of research at the Cavendish Laboratory. 

The business is developing high-performance light-emitting and light-detecting components, which operate at the single-photon level and at ambient temperature. 

Nu Quantum is one of a handful of companies in the world developing this kind of technology. The components could become an integral part of larger quantum photonics systems – which will employ this kind of technology in the thousands – enabling applications such as quantum cryptography and simulation. 

The startup’s first commercial deliverable will use quantum photonic technology and proprietary algorithms to generate random numbers extracted from quantum-level effects, giving the highest confidence in the quality of these numbers which are ubiquitously used as cryptographic keys to secure data. 

Nu Quantum is a partner in the consortium led by the National Physical Laboratory, developing the UK standard for quantum random number generation, a project which was awarded £2.8m from the Government’s Industrial Strategy Challenge Fund. 

Dr Carmen Palacios-Berraquero, CEO of Nu Quantum, said: “Our aim is to enable the potential of quantum mechanics using quantum photonics hardware. 

“This funding will allow us to do just that – a world-class multidisciplinary team and our new laboratories will give Nu Quantum the ability to deliver meaningful demonstrations of our technology into the hands of customers and partners for the first time.”

Professor Sir Peter Knight, chair of the UK Quantum Technology Initiative Strategy Advisory Board and former chief scientific adviser at the UK National Physical Laboratory is excited by the company’s potential.

He said: “I’m delighted to see Nu Quantum, one of the UK’s leading quantum photonics companies, achieve this investment milestone to enable the translation of its founders’ world-class academic research into the commercial world. This is further validation of the quality of the UK capability in this critical area of technological innovation.”

Cambridge based extreme data analyser GeoSpock has taken its funding to date to $32 million following a new $5.4m Series A round which underpins further global expansion for the business.

GeoSpock, which has just won the Business Weekly Disruptive Technology Award, is making huge strides in Asia and elsewhere on the global map.

The latest funding round was led by nChain and Cambridge Innovation Capital and joined by NTT DoCoMo Ventures – the investment arm of Japan’s premier provider of telecoms and ICT services – plus existing investors Global Brain, Parkwalk, KDDI Innovation Fund, 31 Ventures and Meltwind.

GeoSpock is using the new money to invest in its product and technical capabilities and accelerate the development and adoption of the fastest, most scalable database on the market. 

A world of opportunity is opening up for GeoSpock. With the emergence of connected vehicles, smart cities, and the deployment of IoT sensors, the amount of data produced globally has exploded. 

Traditional databases have proven too slow and cumbersome to provide genuine, real-time insights or be the basis for next-generation artificial intelligence and machine learning use cases. 

GeoSpock is disrupting the big data analytics market by producing a uniquely cost-efficient, scalable, and fast database that takes advantage of parallelism and distributed compute architectures.  

Dr Steve Marsh, founder and CTO said: “Businesses have realised that advanced analytics and rapid innovation is the key to building competitive advantage in a data-driven world, so where billion row queries that took hours were once acceptable, the market now demands trillions of rows and speed-of-thought results. 

“Aside from performance and scale, database technology needs to be built with the future of the connected world in mind – providing flexibility and cost predictability, even as the demands for big data continues to grow.

“Through the combination of connected-device data and advanced analytics we believe that planetary optimisation is possible. 

“We are excited to welcome our new strategic investors, and look forward to establishing key partnerships with global industry leaders in order to help improve the way we live, the way we move, and the way we consume.

“Over the past 12 months we have seen a lot of momentum picking up in the telco IoT space, with a growing emphasis on device intelligence and analytics combined with 5G connectivity in order to power next-generation use cases such as Smart Cities, Asset & Supply Chains, Connected & Autonomous Vehicles and long-term, to help measure and correct the root causes of climate change. 

“We believe that carrier service providers are the natural providers of connectivity for IoT. Having KDDI, and now NTT Docomo, two of Asia’s biggest telcos, backing the strategic value of GeoSpock’s analytics technology is a great validation point. 

“Adding to this is nChain – a world leader in distributed ledger technology, which could be a critical component in the cross-vendor monetisation of IoT, shows the strength of the partner ecosystem GeoSpock is assembling.

“Businesses have realised that advanced analytics and rapid innovation is the key to building competitive advantage in a data-driven world, so we know for certain that the demand for contextual intelligence is only going to increase over time. 

“Handling the scales of data that are now being generated is a huge problem for many industries, but one which we believe GeoSpock is in a very strong position to solve.

“The key takeaway is that GeoSpock DB is a cost-efficient, hyper performance analytics database solution which uses unique technology to overcome the speed, scale and siloing restrictions of existing databases.”

GeoSpock CEO Richard Baker added: “Our database is able to disrupt the $386 billion IoT Big Data Analytics market. We expect to become central to the companies and nations across the globe, transforming their legacy data infrastructures and building agile logical data warehouses. 

“Versus existing competitors our platform is the best performing solution on the market – it is faster, more flexible, and drives cost predictability for connected everything workloads where location, time, and device analytics underpins autonomous decision making.”

NASDAQ-listed Altair has acquired Cambridge UK software firm Ellexus for an undisclosed sum.

Michigan-headquartered Altair is a global technology company providing solutions in data analytics, product development, and high-performance computing (HPC). Its acquisition of Ellexus will provide the company with additional storage functionality for high-performing computer solutions.

Ellexus, based at St John’s Innovation Centre in Cambridge, created a leading input/output (I/O) analysis tool, which helps customers find and address issues quickly, improving speed accuracy and cloud readiness. 

Its software products, Mistral and Breeze, are used for I/O diagnostics, optimisation, and dependency detection by HPC administrators of large enterprises. Altair plans to integrate them into the storage aware scheduling functionality of Altair PBS Works™.

“Altair continues to expand its reach and capabilities for HPC environments to support important modern workloads including for data analytics, AI and ADAS,” said James Scapa, Altair’s chief executive officer and founder. “The acquisition of Ellexus is particularly relevant in these domains as storage aware scheduling for big data applications is critical.”

Ellexus founder Dr Rosemary Francis said: “There is no better place for Ellexus’ products to get into the hands of global customers who can immediately benefit. Altair’s growing leadership in HPC is exciting and exactly where I want to be to help grow the business and stretch technology to its limits.”

Cambridge Science Park server architecture specialist Bamboo Systems has closed a $7 million funding round to take its Arm-based technology proposition to greater global heights in an $80 billion global market.

The new money will drive expansion in Research & Development and the company’s go-to-market strategy.

The round has been led by existing investors Seraphim Capital and Opea Holding with support from the UK’s £1.25 billion Future Fund – a UK government funding package designed to support startups driving innovation and development through the coronavirus outbreak. 

Cambridge is home to Bamboo’s European office while its US operations are anchored in San Jose, California.

Arm-based compute platforms have been gaining traction, from AWS expanding its Graviton offerings to Apple’s announcement to switch from Intel to Arm chips for all its Macs. The world’s fastest supercomputer, Fugaku, is also based on Arm. 

Now, with NVIDIA’s recent announcement that it plans to acquire the company, Arm architecture is poised to further and massively disrupt the status quo in compute.

Bamboo Systems chief executive Tony Craythorne believes the fiunding and the growth strategy will help Arm revolutionise the world of compute. He said: “We are so pleased that Seraphim Capital and Opea Holdings are continuing to invest in Bamboo with another strong show of support for our unique server architecture. 

“We’re also delighted that the UK Future Fund has invested in us as well. These investments underscore the value of our technology that is about to fundamentally change the concept of compute in the data centre.”

Earlier this year, Bamboo announced  its ground breaking B1000N Series of servers. A fully configured B1008N consists of eight servers providing 128 cores, 16 DDR4 memory channels to 512GB DRAM, 24GB/s to 64TB of NVMe storage, fed through 160Gb/s network bandwidth. 

This is delivered in a single rack unit (1U) at approximately 50 per cent of the cost of a legacy Intel-based server, 25 per cent of the energy consumption and 20 per cent of the rack space.

James Bruegger, managing partner of Seraphim Capital said: “We are delighted to continue to support Bamboo Systems at a time when interest in Arm servers has never been higher. 

“With the likes of AWS, Apple and now NVIDIA betting big on Arm, we believe now is the moment for Arm servers to make a major impact on the $80 billion server market.

“Bamboo’s revolutionary server architecture holds the key to delivering the massive space, cost and energy savings that the server market desperately needs.”

Cambridge Cluster and East Anglian law firms cover themselves in glory in the new edition of the profession’s ‘bible’ – The Legal 500 clients guide –published online today by Legalease.

Particularly strong are local firms’ performances in the areas of Corporate Law, Real Estate, technology and the life sciences.

The Legal 500 prides itself on being even-handed and the all-round excellence of this region’s practices across all legal disciplines bears that out. 

More importantly for this region’s companies across a range of industries desperate for the best legal advice in these trying times the guide underlines that top lawyers and carefully sculpted teams can offer best-in-class advice whether clients trade nationally or globally. This quality is reflected in The Legal 500’s recommendations for leading individuals, Hall of Fame supernovas, next generation lawyers and rising stars – more of which in follow-up features.

Business Weekly will be highlighting different sectors over the coming week, leading to a special feature in print and online. Today we focus on practices which star in the fields of corporate law and Technology Media & Telecoms.
The Legal 500 analyses this region’s strength in Corporate & Commercial Law without fear or favour and in compiling its general reviews, names firms alphabetically within tiers.

Tier 1 rated for Corporate & Commercial Law work in Cambridge are Birketts, Goodwin, Mills & Reeve and Taylor Vinters.

The Legal 500 reports: “Birketts LLP has a three-partner team in Cambridge that works as part of a cross-office practice across 50 lawyers East Anglia and in Essex. 

“The firm has specialist skills in data protection, public sector procurement, franchising, intellectual property, share options and tax, as well as an extensive roster of corporate and M & A transactions. 

“As well as local and national work, the practice led by James Allen handles an increasing volume of cross-border advisory and transactional matters. Quentin Golder, who focuses on early-stage funding and venture capital matters, M & A partner Adrian Seagers and rising star associate Nick Burt are recommended.

“Goodwin hired a team of corporate and venture capital lawyers from Taylor Wessing LLP in early 2020 to launch its Cambridge office. The office is a key hub for the firm’s UK technology and life sciences practice, which acts for both corporates and investors. 

“It already has a substantial client base in the local area, among which are innovative life sciences and most disruptive technology companies. Among the key hires are partners Adrian Rainey, David Mardle and Malcolm Bates, counsel Elizabeth Rhodes and associate Adam Thatcher. 

“Clients describe the practice as ‘one of the “go-to” teams in Cambridge for spin-outs and start-ups – responsive, pragmatic and commercial’.

“Mills & Reeve LLP has a leading regional and national M & A practice and many of its transactions also have an international element. Its recent work includes several IPOs, high-value matters for private equity investors, venture capital transactions and key deals in the technology, education and healthcare sectors. 

“M & A and cross-border transaction specialist Tom Pickthorn and head of the technology and life sciences group Kevin Calder are the lead partners in Cambridge. 

“Firm managing partner Claire Clarke has particular expertise in education work and formation of investment funds. Anthony McGurk is recommended for private equity, food and agribusiness, and life sciences matters. Up-and-coming partner Jonathan Greenwood is recommended for education M & A and mid-market corporate work.

“Taylor Vinters has a ‘strategic and proactive approach to its clients rather than the transactional approach many firms employ’, according to one client. 

“The firm acts for high potential IP-rich emerging companies, venture capital funds and serial acquirers on inbound and outbound national and international transactions. Innovation economy and venture capital partner Charles Fletcher leads a six-partner practice that works seamlessly between the Cambridge and London offices.

“Head of corporate and insolvency Adam Bradley focuses on M & A, early-stage investments and joint ventures. Sian Scanlon has a strong focus on transactions in the technology and life sciences sectors. ‘Methodical and logical’ senior associate Nick Palmer focuses on private company and partnership transactions. Senior associate Sarah Ilic joined from Tees Law.”

The guide says of Tier 2 ranked BDB Pitmans: ‘All team members are technically knowledgeable, proactive and personable,’ according to one client of BDB Pitmans.

“James Stephen and Duncan Walker are the lead partners and they handle substantial transactions, frequently involving complex and novel issues, for a diverse portfolio of clients in East Anglia and further afield. 

“Their sector experience includes the full spectrum of technology companies in East Anglia, particularly around Cambridge, with many clients based in the city’s science and technology parks and innovation centres. They range from entrepreneurs and SMEs to larger corporates with in-house legal teams.

Also in Tier 2 are Hewitsons and Penningtons Manches Cooper. The guide reports: “Clients praise the ‘excellent client service, responsiveness, appreciation for business considerations and cost-effectiveness’, of the team at Hewitsons. 

‘The team finds an excellent balance between paying good attention to detail while keeping a sensible commercial view of any points at issue’, remarks another. 

“Corporate partner James Lawrence, technology specialist Andrew Priest and business services head Emma Shipp lead the five-partner practice, which handles a broad range of corporate work for the larger corporations and businesses including acquisitions, disposals, reorganisations and financing. 

“It has particular expertise in the technology, life sciences, property development and agribusiness sectors. Up-and-coming partner Laurence Evans is also recommended.

“The corporate practice at Penningtons Manches Cooper LLP is led from Guildford and London but the Cambridge office plays a key role in the firm’s national offering. Helen Drayton handles all aspects of company law, including mergers and acquisitions, and has a particular focus on MBOs and acquisitions for owner-managed businesses.”

Tier 3 firms are Ashtons Legal, Dixon Phillips, Greenwoods and Howes Percival. 

The Legal 500 says: “The four-partner corporate practice at Ashtons Legal is led from Ipswich by Geoff Hazlewood and although none of the partners are in Cambridge full-time, the office is key to the firm’s service offering. 

“The firm is active in the local marketplace in its key sectors and it handles substantial Cambridge-based transactions involving veterinary practices, franchising, technology, care homes and regional banks.

“Dixon Phillips is a small firm focused purely on corporate, commercial and property law. For the last 11 years it has grown its SME client base in the region, focusing on businesses with turnover of up to £25 million, through its commitment to strong client relationships. 

“The practice led by Oliver Phillips joins the ranking this year and is praised for its ‘extremely personalised service with easy contact to partners’ and its ‘willingness to be agile, responsive and proportionate to the level of risks’. ‘It would be great if every firm of solicitors was as responsive and caring,’ remarks one client.

“At Greenwoods GRM, practice head David Woods is based mainly in Peterborough but works across both of the firm’s Cambridgeshire offices. He has more than 20 years’ experience in the region and brings to bear the firm’s extensive expertise in the technology, business services and manufacturing sectors. 

“Partner Alastair Gunn and associate Claire Banks, who are also based in Peterborough, also handle a significant flow of work through the Cambridge office. Gunn has notable expertise in share, trade and asset disposals, MBOs, MBIs and acquisitions.

“Howes Percival LLP continues to build the profile of its Cambridge office, with corporate and commercial work a growing feature of its work. Practice head Oliver Pritchard, who works between the Norwich and Cambridge offices and joined in 2020 from Browne Jacobson LLP, brought with him a long track record in the health sector. 

“The firm also hired director Brigitta Naunton in Cambridge from Thomson Webb & Corfield LLP to handle private company M & A, equity investments, corporate reorganisations, joint venture and shareholder arrangements. Nathan Horton, who previously led the practice, left the firm to pursue a career outside the law.

Elsewhere in East Anglia, Birketts and Greenwoods are bracketed in Tier 1 while Ashtons Legal and Buckles Solicitors in Peterborough srae a Tier 2 ranking.

The guide reports:  “Birketts has a five-partner corporate group in Ipswich that is a key hub for the firm’s cross-office corporate finance, transactional and commercial work. Acting for both local and national businesses, the firm handles a growing volume of cross-border matters, alongside major domestic M & A transactions. 

“James Austin, Mark Henry and Mark Gipson are the lead partners for corporate finance, commercial advice and transactional matters. Alexandra Nelson, who has experience in cross-border M & A transactions, and Andrew Tubb are other partners to note. Associate Emma Bysouth is one to watch. 

“Greenwoods GRM is a prominent regional firm with its headquarters in Peterborough, where the core of its corporate and commercial practice is based. 

“It acts for businesses of all size from start-ups to listed companies, among which are local, regional, national and international enterprises. 

“The team works in close co-operation with other key practices such as property, employment, pensions and regulatory, and with the firms’ other offices in Cambridge and London. Practice head David Woods, key partner Alastair Gunn and associate Claire Banks are the names to note.

“Ashtons Legal focuses on core sectors such as technology, veterinary practices and care homes. It also has the region’s leading franchising practice. 

“It has a strong client base among the region’s SMEs, which call on it for advice on commercial matters and corporate transactions. Geoff Hazlewood leads the Ipswich practice. 

“He and Paul Whittingham, who handles corporate matters for clients in the veterinary sector, are ‘standout partners with excellent reputations across the region’.

“Buckles Solicitors LLP in Peterborough has a ‘professional, knowledgable and very responsive team’ that handles complex regional and cross-border corporate matters. 

“The firm has an established reputation for assisting family-owned generational companies, working closely with the wealth management practice team on corporate restructurings. 

“Through its affiliate offices in Paris and Milan, the firm also handles deals with international elements. Practice head Nigel Moore and associate Nadine Duncan are the key contacts.”

Birketts and Mills & Reeve share top spot for Corporate & Commercial work in Norwich with Ashtons Legal and Howes Percival nudging into Tier 2 rankings.

The Legal 500 reports: “Birketts LLP has an outstanding reputation for corporate and transactional work, particularly in the Norwich market, though it also handles national and, increasingly, cross-border matters. 

“The firm has specialists in public company work, mergers and acquisitions, corporate reorganisations, restructuring and employee ownership trusts. Adrian Possener, Greg Allan and Ed Savory are the three partners in the practice. Possener is known for public company work, IPOs and bond issues; Allan handles complex reorganisations and M & A; and Savory frequently acts for SMEs in East Anglia and further afield. ‘The team at Birketts is responsive, commercial and knowledgeable,’ remarks one client.

“Mills & Reeve LLP has a strong regional and national presence for corporate and M & A work, and many of its transactions have an international element.
 
“Among its clients are private equity and venture capital investors, SMEs and large listed companies. In the Norwich office, Craig Hodgson is head of corporate and Greg Gibson leads on commercial matters. 

“Head of the Norwich office James Hunter has more than 25 years’ transactional experience, notably for owners and acquirers of mid-market businesses. 

“Natalie Wade is recommended for work in the independent health sector acting for private equity buyers and large consolidators of dental practices and health providers. Senior associate Christina O’Brien is also recommended.”

The guide says of Ashtons Legal: “Geoff Hazlewood in Ipswich leads the corporate and commercial practice at Ashtons Legal, which has strong practitioners in Norwich. It has particular expertise in work for veterinary practices, technology companies, care homes and regional banks. 

“James Tarling advises a broad range of local businesses on corporate transactions, as well as assisting high-growth technology companies. John Chambers and Damian Humphrey are nationally recognised for their niche franchising expertise. 

“Senior associate Mark Watson is also recommended. Clients praise the firm’s ‘quick and intelligent advice’, noting that it has ‘a good blend of skills that complement each other in getting the job done’.

“Howes Percival LLP has a new lead partner in Oliver Pritchard, who is practice head for both the Norwich and Cambridge offices. He joined from Browne Jacobson LLP in early 2020 and has specialist expertise in the healthcare sector, in which he acts for a national client base. 

“The firm is also heavily involved in transactions in the leisure and tourism sector, in which it has recently completed high-profile deals for clients such as Craft Leisure Limited. The firm principally acts for owner-managed businesses, high-net-worth family estates and agriculture businesses.

• For more visit legal500.com

It could be easy to forget about positive developments taking place, particularly in relation to the built environment and how we go about our lives, writes Greg Hilton, a Partner in Carter Jonas’s Energy team, Cambridge. 

But progress is being made, with some of these advancements presenting landowners, developers and the community at large with new opportunities and benefits. 

The world concerning electric vehicles (EVs) is a case in point. The advantages of EVs over conventional petrol/diesel cars has long been discussed, including improvements to air quality and the health benefits that come with this. 

To mark their importance, September saw the first World EV Day – billed as a simple yet effective concept, to celebrate EV ownership worldwide. 

Observing the occasion, Transport Secretary Grant Shapps announced £12 million in funding to propel ground-breaking EV research. Later in the month, official figures released by the Department for Transport (DfT) showed that 33,000 pure electric and hybrid vehicles were registered between April and June, compared with 29,900 diesel vehicles. 

According to the DfT, this was the first time that more alternative fuels cars than diesel cars were registered in three months. This comes at a time when the Government is looking to boost measures to ensure that all new cars and vans are ultra-low emission. 

In February 2020, it released plans to bring forward the end to the sale of new petrol, diesel and hybrid cars and vans from 2040 to 2035, or earlier if feasible. A consultation that launched on the matter finished on 31 July. Many MPs are now applying significant pressure for this target to be changed to as early as 2030, for the UK to align with other countries within Europe. 

To serve the increasing numbers of EVs already on the road, and future targets, a step-change in the availability of charging infrastructure is required, presenting a range of opportunities for landowners and developers. 

Dwell time is key to identifying the right charger capacity for any site. The range of charging technology infrastructure available varies from 3kW to 350kW. 

These can charge vehicles from empty to full between 30 minutes and 12 hours depending on the battery size. Lower capacity infrastructure charges over a longer period. 

Higher capacity infrastructure that provides a speedier way to top up is typically found on motorways and A-roads – though the cost of the charge point is much greater than those producing charge over a longer period. 

Faster charging stations also require additional grid infrastructure and this is often competing with other sources of demand or generation on the network. 

There are three distinct categories: Roadside (Electric Forecourt); Workplace and Visitor Attractions and Residential/Commercial Development. 

Electric Forecourt is essentially a 21st-century filling station, offering ultra-rapid charging, with an ability to charge a full vehicle battery from empty within 30 minutes.

Suitable sites are between 0.5 and 2.5 acres, require road frontage adjacent to the strategic highway, with over 20,000 vehicle movements, have an appropriate grid connection and limited planning constraints on or adjacent to the site. 

There are often renewables, including solar PV and battery storage, on-site or adjacent, to reduce the site’s reliance on the National Grid at peak times and to ensure the security of supply. 

Landowners could expect to receive up to £100,000/annum to lease the land to a developer over a 20-30-year term, whilst also contributing to Corporate Social Responsibility (CSR) goals and future-proofing the road network for a dramatic increase in EVs year on year. 

Visitor attraction sites relate to dedicated parking spaces for staff or customers, offering fast or rapid charging, with an ability to charge a full vehicle battery in one to four hours. 

Suitable sites are those with parking for staff, fleet vehicles or visitors. Examples include fast food and coffee outlets, leisure, retail parks, theme parks, supermarkets, offices, and commercial buildings.

Landowners could expect to receive an income whilst futureproofing / diversifying their business potentially helping them to stay ahead of the competition and attract a greater number of visitors. 

Residential and commercial development sites offer slower chargers. Fitted on driveways, residential streets and within commercial property developments, they are typically used for home charging overnight, or whilst at work. Slow chargers can charge a battery from empty in around 12 hours. 

Most residential or commercial property development is viable provided there is sufficient grid capacity on-site, including large employers, companies with large EV fleets, hotel chains and multi-storey car parks. 

Landowners can expect to achieve charging at a reduced rate, paying more like 14p/kWh versus up to 35p/kWh charging en-route. Grants are available to encourage the implementation of charging, especially on new housing and commercial developments, and it is becoming increasingly common for conditions to be imposed on new planning consents to demand that EV charging infrastructure is installed. 

As well as presenting an opportunity for income generation, other benefits for reducing reliance on fossil fuels are well-established. However, competition for grid connection is common, as more decentralised generation connects to the network across the UK. 

Couple this with there being a finite number of opportunities in strategic locations means that those acting on the opportunity now will gain a ‘first-mover advantage’.

carterjonas.co.uk

Cambridge coding and marking technology specialist Xaar plc gave shareholders a welcome boost as its interim results to June 30 painted a brighter picture of the future and predicted a return to profitability in the medium term.

The stock rose almost nine per cent in the UK to within striking distance of the 52-week high as shareholders looked beyond the figures to a strategy they believe will fuel ongoing growth.

First half revenue of £23.7 million was in line with management expectations and consistent with H2 2019, down seven per cent year-on-year while the pre-tax loss was £1.1m compared to £1.29m at this stage last year – a steady performance considering how COVID-19 has blitzed so many global industrial markets.

Xaar reported a strong balance sheet with net cash of £23.9m with working capital reduced by a modest £2.7m in the first half of 2020.

CEO John Mills said solid progress had been made in implementing a new strategy across the business. Specifically, a change in go-to-market strategy for the Printhead business has seen new accounts won and customers re-engaging. 

Mills said the revamped business, backed by a more upbeat brand, meant that the restructured business was well positioned to navigate the current economic climate with a clear product roadmap.

He said: “We are very pleased with these results; they demonstrate the business is on track and our new strategy is working despite the unprecedented economic backdrop. It is particularly gratifying to see us win new business as we re-engage with customers in our core markets.

“There has been a positive reaction by customers and employees alike to our new commercial model. In addition, with the next generation of products in our roadmap and the rollout of our new corporate brand, we believe Xaar has an exciting future.

“The continued short-term impact of the COVID-19 pandemic makes it difficult to assess the performance for the remainder of the year with any certainty. 

“The short-term outlook is positive; with our order book remaining strong across the business coupled with a strong balance sheet and cash position for the group, we are well placed to withstand volatility in the market.

“The success we have had in the first half of the year leaves the business well-positioned. The foundations being laid at present will provide a springboard for future growth and a return to profitability in the medium term.”