Lancashire Growth Hub Pulse | March 2026

10 reasons for business optimism in Lancashire

As Lancashire’s Growth Hub, Boost works closely every month with the county’s business support providers, private sector leaders, trade bodies and local authorities to gather intelligence on economic conditions, emerging trends and business needs across Lancashire. 

Alongside 40 other Growth Hubs across the UK, these insights are compiled into a national picture that is shared with government to help shape business policy and future support. 

The Lancashire Growth Hub Pulse, written by Andrew Leeming, programme manager at Boost, distils these findings into a monthly snapshot, celebrating successes, flagging concerns and highlighting the opportunities and challenges that matter the post to Lancashire businesses. 

March’s intelligence tells a familiar story. Many businesses are operating cautiously, decision-making is slower and wider geopolitical uncertainty is impacting confidence. Yet, beneath that, there are clear signs of optimism. Across the county, we are seeing investment, innovation, regeneration and forward momentum. 

Ten positive highlights from March 

1. Ashley Engineering invests in growth

East Lancashire-based Ashley Engineering has acquired the historic Stonebridge Mill in a deal worth over £1 million. The expansion will increase manufacturing capacity and create skilled jobs, reinforcing confidence in the region’s advanced engineering base. 

2. BAE Systems breeding long-term confidence

The UK’s agreement with Turkey to supply Eurofighter Typhoon aircraft continues to reinforce Lancashire’s strategic importance in aerospace. With around 6,000 jobs supported in Warton and Samlesbury, and new contracts covering training, simulation and support services, this is a powerful signal of long-term stability and global relevance. 

3. Preston chosen for new mutual bank

Plans for a North West Mutual Bank, backed by £1million from Preston City Council, position the city as a future hub for ethical finance. The initiative is expected to lead to the creation of 200 jobs and will support access to finance for SMEs across the region. 

4. Burnley secures £4.8m regeneration boost

A major National Lottery Heritage Fund award will support a five-year programme to revitalise Burnley town centre. Investment in historic buildings and public spaces is expected to boost confidence, attract more visitors and create better conditions for local businesses. 

5. Westinghouse Springfields marks 80 years of innovation

The Springfields nuclear fuel facility near Preston continues to play a critical role in UK energy security, employing around 1,000 people and exporting internationally. Its ongoing work on advanced fuels also highlights Lancashire’s strength in high-value manufacturing. 

6. Lancashire’s colleges are delivering for employers

East Lancashire Learning Group has achieved the highest national achievement rates among large further education colleges in England. This is a major vote of confidence in the county’s skills pipeline and its ability to support long-term economic growth. 

7. Global recognition for Lancashire entrepreneurs

Sales Geek has been shortlisted for International Business of the Year at the British Business Awards 2026, reflecting the success of its global expansion. Its franchise model is now supporting SMEs worldwide, showcasing Lancashire’s ability to build exportable expertise. 

8. Advanced manufacturing delivering at pace

Preston-based NPD Studio has delivered avionics hardware for the Typhoon programme in just three months, significantly faster than typical industry norms. The project has helped secure a long-term presence at BAE Systems’ Warton site, underliving Lancashire’s capability in high-precision engineering.  

9. Lancashire firms driving UK-wide regeneration

Chorley-based Inscape Interiors is contributing to major regeneration projects in Newcastle, Sheffield, Manchester and Scotland, with contracts linked to developments worth more than £90 million. It’s a strong example of a Lancashire business playing a national role in economic renewal.

10. Innovation and inclusion gaining national recognition  

Burnley-based NeuroSparks has won multiple national awards for its work supporting neurodivergent individuals and businesses. Its growth reflects both innovation in business support and Lancashire’s increasing influence in inclusive enterprise. 

Pulse notes | Innovation momentum 

Beyond these individual stories, March highlights that Lancashire’s innovation ecosystem is strengthening. The Local Innovation Partnership Fund (LIPF) process has brought together partners across defence, security and advanced manufacturing, demonstrating a new level of collaboration and shared ambition. 

At the same time, investor interest is growing, with London-based funds increasingly looking to Lancashire for early-stage opportunities. Digital transformation is also accelerating with AI becoming more embedded in day-to-day SME operations, while programmes such as Made Smarter continue to equip manufacturers with the leadership, insight and tools needed to remain competitive.  

Pulse notes | Confidence vs caution 

Optimism may be the theme of this month’s Pulse but it sits alongside a more cautious trading situation. March intelligence shows many businesses are still operating defensively, protecting cashflow and margins while taking a measured approach to investment.

Sales pipelines remain positive in some sectors, but conversion is slower and decision-making timeframes continue to stretch. Energy costs, global uncertainty and delayed investment signals are all adding pressure for Lancashire’s SMEs. In that context, the positive stories in this month’s Pulse matter because they show where confidence is still there. 

Pulse notes | Business support in demand

Demand for support remains high. The Boost Business Support Helpdesk handled over 100 enquiries in March, with 83% coming from new clients. Businesses are seeking support on funding, premises, digital adoption and starting up. 

Programmes such as the Boost Retail Renaissance continue to gain traction, with dozens of businesses engaging in practical workshops on resilience, digital marketing and growth. This is a useful reminder that even in tough conditions, businesses are still looking for ways to adapt and move forward. 

Boost is Lancashire’s business support service. We’re here to help. 

While businesses remain under pressure, the fundamentals of Lancashire’s economy remain strong; world-class manufacturing, innovative capability, a skilled talent base and a collaborative support ecosystem. What stands out in March is disciplined progress. Businesses are adapting, investing selectively and finding new ways to remain competitive.

Through Boost and our partners, we will continue to focus on practical, high-impact support that helps businesses protect margins, adopt new technologies, access talent and build confidence for the future. 

Each month’s Growth Hub Pulse highlights both the challenges and the opportunities. Above all, it celebrates Lancashire businesses that continue to innovate, invest and move forward.

Even in cautious and challenging times, finding reasons for optimism can be hard which is why business support is essential. 

At the same time, the business support landscape can be difficult to navigate. From private sector advisers and university programmes to local authority initiatives and national schemes, the range of support available is extensive and growing. This is where Boost can help.  

Our funded service is designed to help Lancashire businesses find and access the right support.  Our website features a comprehensive Business Support Finder, a dedicated Business Support Help Desk, the latest events from across Lancashire, as well as useful insights. 

If you are new to Boost, visit our website to find out more. If you’re already a Boost’s evangelist, keeping checking our website for fresh content and information on new support.  

👉 www.boostbusinesslancashire.co.uk