Blackpool deal stands out in report on inward investment from abroad

The amount of investment made by overseas companies in North West assets has doubled in the past year, according to Deloitte.

Tuesday, 20th November 2018, 8:25 am
Updated Tuesday, 20th November 2018, 9:29 am
Tangerine Confectionery's Vicarage Lane premises
Tangerine Confectionery's Vicarage Lane premises

Figures from the business advisory firm’s latest Cross Border Deals Radar, conducted in partnership with Experian, reveal that £123m was invested by foreign companies in Q3 2018 – more than twice the £50m seen during the same period last year.

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This comes despite a reduction in the total number of transactions, with 11 deals completed in the last quarter compared to 17 in 2017.

The largest transaction completed in the period was the £100m sale of Blackpool-based Taurus 3, owner of the Tangerine Confectionary brand, to Valeo Foods Group of Dublin. In contrast, North West companies have refrained from investing overseas in the last quarter, with just four deals worth £302m.

Olly Tebbutt, partner at Deloitte in the North West, said: “Given current market conditions, it is understandable that companies are cautious when it comes to making overseas acquisitions. However, it is encouraging to see that appetite has not weakened from both the US and across Europe.”