Jobs boost for Bury St Edmunds has major firm commits to the area
- Credit: Archant
The future of nearly 200 jobs in Bury St Edmunds has been secured with the exchange of contracts on a major property deal.
Flavours and fragrances solutions firm Treatt, currently based in Northern Way, has agreed the purchase of a 10-acre site at Moreton Hall where it plans to build a new global headquarters.
The company, which has been based in Bury since 1971, announced in December 2014 that it was planning to invest in a new state-of-the-art facility, with the redevelopment of its current base initially considered alongside the option of a greenfield site.
In March 2015 it confirmed that it was looking to relocate, but with the aim of remaining in the Bury area, and the acquisition of the new site, on the planned Suffolk Park development, means the future of its 182-strong workforce in the town is now secure – with the prospect for more jobs in the future.
Dean Taylor, director of operations at Treatt, said: “Treatt is delighted to announce the exchange of contracts at Suffolk Park.
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“This will be one of the most significant company developments in the last 50 years and will revolutionise almost every aspect of the business. It will enable Treatt to excite its customers even more, improve efficiency and further accelerate its growth.”
The new headquarters, which will include modern production and laboratory facilities, is expected to involve a total investment of £15m to £20m, net of proceeds from the eventual sale of the company’s existing site. The purchase price of the land at Suffolk Park has not been disclosed.
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The new business park is a major project on the outskirts of Bury St Edmunds, projected to bring thousands of jobs and millions of pounds to the local economy.
The New Anglia Local Enterprise Partnership (LEP) has been involved with negotiating Government funding for the “flagship” project.
Chris Starkie, managing director of the LEP, said: “Treatt’s commitment to the Suffolk Business Park is testament to the excellent infrastructure the site has to offer, and to the superb benefits of discounted business rates, simplified planning and superfast broadband offered on our ten enterprise zone sites across Suffolk and Norfolk. And of course it’s great news for the success story of economic growth here in the East.”
Treatt is a leading supplier of flavour and fragrance ingredient solutions to producers in the food, drink and personal care sectors. In November, it reported a pre-tax profit of £8.29m for the year to September 30, 2016, on revenues up 2.5% at £88.04m.
Revenues and profits at the company have been building steadily in recent years due to a strategy of working in close partnership with clients on the development of new products, so helping to add value.
The improved facilities planned at the new headquarters are intended to help the company take this strategy to the next level.