Bidwells enjoyed the biggest jump in profits in its 179-year history last year - it was announced today - fuelled by the continued flow of capital to the UK’s high-growth regional economies.
The leading property consultancy delivered £8.2 million of operating profit - up 46 per cent on 2016 - and fee income of £48 million. It’s the biggest year-on-year increase in profits Bidwells has ever reported.
Bidwells said the profit hike reflected investors’ increasing willingness to divert funds from London to regions seeing expansion of high growth businesses, such as Oxford, Cambridge and Milton Keynes.
Cambridge had the fastest-growing city economy in the UK across the third quarter of 2017 (year-on-year growth of 2.2 per cent), according to the latest UK Powerhouse study produced by the Centre for Economics and Business Research (Cebr). Oxford and Milton Keynes each grew 1.9 per cent in the same period. The same analysis projects the region will maintain its strong performance in 2018, driven by the high-growth science & technology sector.
Bidwells’ Senior Partner, Patrick McMahon, said:
Bidwells’ record profit figures are a ringing endorsement of our Golden Triangle strategy. More than 80 per cent of our work is now concentrated in Oxford, Cambridge and London and this financial success is testament to our teams’ sector-leading work in our chosen markets.”
Investors are increasingly looking outside the capital, following a ‘new economy’ driven by science and technology, and located around clusters of innovation in the UK’s best-performing cities.
Bidwells is the only multidisciplinary property consultancy with offices in each of the key locations in the Cambridge-Milton Keynes-Oxford Corridor. Strong government support for the reopening of the Varsity Line railway between Cambridge and Oxford and an expressway road between the two university cities, via Milton Keynes, could enable one million new homes to be built in this new transport corridor by 2050.
The wider goal is for our region’s many stakeholders to work together to maximise the potential of the Cambridge – Milton Keynes – Oxford Corridor as a single, knowledge-intensive cluster. It’s a long-term objective but its full execution would ensure our region continues to compete on a global stage.
More than 30 per cent of Bidwells’ time is dedicated to supporting Oxford and Cambridge Colleges, the top two universities in the world according to Times Higher Education World University Rankings 2017.