o Establishing an inward investment service for Bromley (Adam Breeze, Breeze
Strategy) – Presentation followed by Q&A/Discussion
Minutes:
Daniel Murray introduced the “deep-dive” topic – inward investment. He had arranged a forum of commercial agents and developers on Tuesday 4th March, from which two key points had emerged. The first was that the borough was almost invisible to West End agents, not on their radar, and the second was the need for a strong supply of commercial space to offer the market. Another workshop was planned on 7th May to address this key issue.
Adam Breeze – Breeze Strategy Ltd, joined the meeting online to deliver a presentation on establishing an inward investment service for Bromley. Adam had 30 years’ experience and had advised on over 100 locations. Nearly every location was promoting itself to attract jobs and investment.
He clarified that inward investment included foreign-owned firms but also local companies needing to expand and UK companies coming to the area. It was important to look after existing companies in the area. Being close to London was an advantage and an opportunity for Bromley. It was important to also focus on attracting funding to support regeneration and to attract and retain talent and high skilled employees.
The landscape of inward investment was changing – Brexit, Covid, war, and various economic challenges all had a direct impact. There had not been a time when so many companies were considering re-locating. Companies still needed offices, but their needs had changed, and re-furbishing offices into hotels had become common. Hybrid working and working from home had changed perceptions of commuting distances, while the desire for shorter supply-chains was leading to re-shoring of production – a recent survey had revealed that 58% of UK manufacturers were considering this. AI and other technological advances were also having an impact on recruitment. Global politics and macro trends were having a domino effect reaching down to local high streets.
The market place for locations was hugely competitive. Inward investment was not a magic tap – it needed work. Although Bromley was, perhaps, behind the wave, it could jump to the front of the queue by promoting its positive benefits. The “shop window” / “front door” was important, as was the idea of a concierge approach to nurture potential investors and stay with them.
An online search had only found information from around ten years ago. Bromley was the largest and greenest boroughs, one of the wealthiest, best connected and best educated, yet it received less than half a percent of London’s inward investment projects.
Bromley had to decide what in particular it wanted and why – what did the borough want to look like in 5, 10 or 15 years? What did companies want and need that Bromley could offer, and how did that compare with other locations?
How could the Council identify targets and engage with them? Massive expenditure was not necessarily the key – there were already too many organisations making noise; a small, well-trained and proactive team was needed to focus on the right markets and intermediaries. This knowledge and the resources required then needed to be built into an action plan.
The Chairman thanked Adam for his presentation, and conceded that Bromley had not put much effort into promoting and marketing itself. She invited comments and questions.
Katy Woolcott stated that, from the perspective of Biggin Hill Airport, the world was becoming smaller and more connected and markets more global. Bombardier had come to Biggin Hill due to the proximity to London, and this brought related smaller companies to the airport. Biggin Hill was the only business airport within London – a unique and high value asset. It was important to invest in training and education for local people as otherwise these companies could just bring in employees from elsewhere in the world. The potential to capitalise on the airport was phenomenal – but a progressive planning policy was needed to facilitate this.
Lee Thomas added that it was necessary to provide the funding for a small team and promote itself properly.
Bruce Walker supported more development at or near Biggin Hill Airport and asked whether there was any possibility of limited commercial flights into the airport to take advantage of its unique position and the borough’s transport links to central London. The Chairman responded that, despite the commercial and employment benefits, there was substantial pushback from residents about noise issues and the perceived risk of the airport turning into another Luton or Stanstead. However, there had been no objections to Bombardier and some developments would be welcomed. Work was going on to develop the next iteration of the Local Plan, and this would focus on opportunities to develop in the Cray Valley, at Biggin Hill Airport and in town centres, particularly Bromley.
Zoe Carr asked whether the Borough’s strategy could potentially develop using the airport as a key focus for investment and development. Adam Breeze responded that it was still possible to attract inward investment just based on a small number of locations, such as the airport. What was needed was not a broad advertising or branding strategy, but a dedicated team who could target the right markets. The Chairman stated that a strong business case was needed to justify the expenditure within the Council, which was stretched just to deliver statutory services.
Michael Humphries commented that the Cray Valley and town centres should offer some quick wins; bringing in the right businesses would bring in others in a self-perpetuating cycle. It was important that all partners worked together to follow through on all opportunities. Lee Thomas added that a small team to generate and coordinate inward investment was necessary, and pulling in the larger global businesses would attract other organisations.