It’s been an incredibly tough year for everyone in business. High inflation, political uncertainty, and consecutive interest rate rises (which have now, hopefully, reached a peak) have created an economic climate of stagnation and instability.
We have finished the expansion of our Stockton House headquarters, creating a genuinely incredible space and a home we can be proud of whilst achieving triple ISO certification, adding ISO 14001 to deliver on our commitment to the environment – an area hugely important to all parts of the company.
We have recruited strongly to add new layers of expertise to an already-outstanding team. This has created a group which has not only helped us through this year but will drive forward our continued growth for years to come.
We have developed our portfolio and have some exciting opportunities in the pipeline. In all, we have completed £25.5m property investment transactions this year through The Wigley Group and Waterloo Capital Ltd including new opportunities such as the joint venture at Naunton Downs Estate which, among other things, will see the creation of a state-of-the-art wedding and events space, which we will be on site to develop in 2024.
Two key strategic sites in Coventry – Rowley Drive and Endemere Road – have achieved planning permission, and we are looking to mobilise both sites in the new year to provide much-needed industrial space to meet market demand across a combined 90,000 sq. ft. of space.
We have also ended December with the news that we have been shortlisted for two awards in the West Midlands Business of the Year Awards.
When we return in 2024, there is expected to be UK low growth/productivity in the first quarter of the year, but – between the continued global volatility and the UK elections in November – I am optimistic the second half of 2024 should find some momentum.
There is a clear lack of supply of new small to medium-sized industrial units on the market, not just regionally, but right across the UK. While that is causing problems, it also represents an opportunity for us, and we are on track to deliver new prime assets in 2024 to meet market demand.
With the fantastic construction team we now have in place, we start January on the front foot as we work on three sites in Wolverhampton, Edgbaston, and Coventry.
We should also note that next year is a very special one for The Wigley Group as we celebrate the 60th anniversary of a company which has evolved and adapted from humble beginnings, and we continue to operate with the same agility and entrepreneurial spirit on which the company was founded.
The planning we have put in place to date has ensured we can mark our 60th year in a strong position, continuing to put in the hard work, but with some incredibly exciting things taking place throughout the year.
To all our staff, partners/suppliers, and clients, I wish you a Merry Christmas and a happy and prosperous new year. We have all put a lot into this year, and are all in need of a break with family, friends, and loved ones.
- James Davies, Chief Executive Officer