A string of high-level investments in property, engineering and staff numbers has expanded the portfolio of one of the region's biggest firms.

EDP Top100 firm Saint Vincent Holdings, owned by Norfolk businessman Peter Colby, has snapped up the former AKD Engineering site in Lowestoft, and a 133,000sq ft site in Sweet Briar Industrial Estate in a year which saw the firm invest £10m in its future.

Employee numbers grew 5pc to 250, and there are plans to continue engineering work on the former AKD site in Horn Hill, where 10 people are currently employed.

Group turnover for the firm, which owns smaller companies specialising in commercial property, engineering and vehicle sales, was £39.6m for the year ending September 30, down from £41.9m the year before.

Pre-tax profits were £1m for the same period, down from £4.5m a year earlier. Finance director Simon Beckett said it had been a 'reasonably steady' year, but said there had been 'one or two' items of income the previous year which had not been repeated.

Founded in 1974, the firm, formerly known as the Peter Colby Commercials Group, built its roots in haulage and vehicle hire, but has gradually diversified into property and has tenants ranging from start-ups to global firms such as Carlsberg.

It took on the former Start-rite factory site in Mousehold Lane, where Mr Colby hopes to create an 'employment hub' and build 15 houses.

And he added he continued to look for fresh opportunities for further acquisitions.

'We believe in employing people, and we believe if we create buildings and premises we can help people start up businesses that will create jobs and businesses which will grow,' he said. However maintaining a skilled workforce remained challenging, said Mr Colby, who added staff 'poaching' was a problem for the business.

'We train people by the traditional style of apprenticeships, where it takes four or five years to be trained in engineering,' he said.

'But the way people work has changed. There isn't the same loyalty now.'

Is your firm planning a major investment? Call business writer Sabah Meddings on 01603 772879 or email sabah.meddings@archant. co.uk