Each inward investment project is unique and individually tailored to the specific characteristics and nuances of the client’s requirement. For example, CH Robinson, a $9.3BN turnover US logistics business, decided to have a UK, South East presence. Over a period of 4 months of their own internal research, viewing potential property in Milton Keynes and Watford, CH Robinson chose to opt for a Clarendon Road, Watford location. Their choice for a Watford investment was influenced by the availability of skilled labour and our transport infrastructure as well as access to London, Europe and major UK cities.
Sanjay Purohit who manages the Inward Investment strategy said:
“Inward investment is not some magical tap that can be turned on and off. To be successful in encouraging businesses to relocate to Watford we need to constantly work to promote the benefits of our town. Once they commit to coming here, we need to ensure we have the right support systems in place to help them to get established.
“Our support to CH Robinson was tailored to meet their information needs - we provided introductions to our local supply chain – e.g. IT expertise. And every company, including in this case CH Robinson, has access to trusted advisors. These advisors are the people that work with potential inward investors on a daily basis. Our investment team and partners have worked together from enquiry to landed success in this case.”
This is the reason why Private Sector Partnership Development is at the heart of our inward investment strategy. Watford Borough Council and Watford Chamber Of Commerce work closely with local accountants, Baker Tilly, Alliotts and Hillier Hopkins, Banks HSBC and Clydesdale, Solicitors Matthew Arnold Baldwin and SA Law, IT Professionals JFLS and Twin Technology and commercial property agents Brasier Freeth, Stimpsons and Perry Holt . These companies are all available to potential inward investors, and these early introductions are vital.
Sanjay added:
“We believe, moving forward, that a more sustainable and effective way of targeting potential investors is to identify the people that are likely to come into contact with them at an early stage in the decision-making process.”
The Inward Investment team reports that this work helps not only to generate enquires for new investments, but to share knowledge and ensure that Watford remains a vibrant, business friendly town.
This strategy has delivered £4M of inward investment to Watford in the months April – Jun 2011. This comprised of 6 companies, including a training centre for accountancy professionals – GKF, and a major UK commercial laundry business. The vision is to continue working with partners locally, nationally and internationally to deliver continued business investment to Watford – it is vital to the continued economic development and well being of the town.
For more details and information please visit www.watfordforyourbusiness.org or contact Sanjay Purohit, Watford’s Inward Investment Manager, on 01923 442442.