Economic conditions in Norwich
Once famous for the manufacturing of cloth, particularly worsted the business has nearly been eliminated in Norwich. The only relic of the business of cloth is the three-story tall structures, with dormer windows that were used for the storage of looms used to make the cloth. Norwich is now heavily dependent on the services economy to fill its job vacancies; it has attracted more than 50 regional or national headquarters of large UK companies and boasts four of the nation’s most rapidly growing companies based in the city.
With over 3000 employers located within Norwich and the surrounding areas, more than 75 percent of them employ 5 employees or less. Therefore, small-scale companies are crucial for local job opportunities. While agriculture, another significant activity historically in the region remains important for its contribution towards the regional economy but employs less than 8 percent of the inhabitants.
Which companies are operating in Norwich?
Norwich Union is undoubtedly the most well-known business in Norwich and is the biggest employer, with more than 8000 people living in the area. The company operates in the assurance, insurance finance, health and finance industries and is a part of the economy with assets exceeding PS300 billion. The company estimates that one-fourth of the people living in Norwich are employed in a financial or business-related setting. As the city in which Barclays bank first began doing business, it’s perhaps appropriate for the bank to have its headquarters in Norwich. Virgin Money has its registered office at Discovery House on Whiting Road in Norwich. Virgin Money, with assets over PS2.5 billion is a part of the highly successful Virgin group. It was established in 1995 by the founder, Richard Branson.
Virgin Money employs more than 400 employees at its headquarters in Norwich as well as its Virgin group employs over 35,000 people all over the world. Moneyfacts is an electronic and paper publication of independent financial data with its headquarters in Norwich that employs 120 employees. Another business in the field of finance includes Central Trust, which is situated within Austen House in Stannard Place with a workforce of around 350 people. Central Trust is a supplier of loans, financial services and holds assets in the region of PS50 million.
Automobile industry in Norwich
Today, it is owned by the Malaysian automobile manufacturing company Proton, Group Lotus has over the past 50 years been known for creating high-end sports cars with distinctiveness. The current models include the Elise, Exige, Europa and the 2-Eleven that brings back the motoring principles of the original Lotus-7. Although the glorious days of F1 motor-racing have ended for Lotus however, it’s an essential employer for Norwich. The company’s employees of around 1000 create more than 3000 vehicles every year. The prestigious status in the Lotus Engineering, another arm of Group Lotus, is held is demonstrated by how 10% of the cars that are sold in Europe were developed by Lotus
. Group Lotus is located at Potash Lane in Hethel. Lotus is not the only business operating in the motor trade close to Norwich; Racing Technology (Norfolk) Ltd employs 40 people in a specially-built factory in Hingham and produces composite bodies, mostly race cars with customers like Audi, Volkswagen and Bugatti. The company employs about 100 people, comprising designers, managers and marketing personnel. The company that is another, Triking Cycle Cars Ltd is a specialist in the production of tricycles with three wheels.
Job creating electronic industry of Norwich
It is the Norwich Research Park is typical of the positive approach that the city has taken to its future job prospects. It is a place of intensive research conducted by various companies into Health, Food and Environmental sciences and is home to approximately 9000 individuals. Other high-tech firms located at Norwich comprise Syfer Technology Ltd, located in Arminghall in state of the modern’ facilities, who are recognized as one of the world leaders in the development of multi-layer parts for electronic industry.
They produce filters and capacitors that are used in electronic circuit boards. Nearby in Diss are Hamlin Electronics, they manufacture motion and position sensors which are essential to the features of safety in cars. Adobe The Company behind several software applications is home to at least two European development centers located in Norwich.
Growth of farming industry
Although the number of people employed in agriculture has dropped however, the industry of farming offers employment opportunities for those who process local products. One of the most famous food processing companies would surely come from Bernard Matthews. It is involved in both the raising of birds as well as the processing of the birds Bernard Matthews is a house-hold name in the UK in the field of anything related to fowl.
With its headquarters and processing plant located at Great Witchingham Hall outside Norwich the company employs around 1000 people locally and 6000 across the globe. It was founded with the help of Bernard Matthews the company is today the largest supplier of turkeys throughout Europe and is able to turn over around PS400 million. The company is proud by using farms in the eastern part of England for the rearing of turkeys it processes in its 12 hectare center of operations.
Food industry- Kettle Foods
One of the recent successes in this field has been the growth of Kettle Foods. With its registered office in Bowthorpe kettle Foods is best known for their variety of potato-based snacks they make that contain “absolutely nothing artificial”. Unilever has a plant located in Carrow, Norwich, producing Colman’s Mustard, a food item that has been produced by the Carrow factory for more than 180 years. Coleman’s has been part of Unilever since 1995, and is the oldest of the established arms of the firm. Flyadeal and Egypt Air have flights to that country.