THE city inventor of the cordless vacuum says he believes the economy is beginning to bounce back after the pandemic and the war in Ukraine.

Nick Grey, owner of Gtech, believes the situation is improving after a difficult time for businesses.

The 54-year-old who lives near Droitwich says the 'green shoots of economic recovery' are beginning to sprout this spring - and has put his money where his mouth is with a £6 million investment. 

Mr Grey, founder of the company based in Brindley Road, Worcester, has sold 20 million cordless power sweepers, expanded into garden power tools and featured twice on the Sunday Times Rich list with £120 million in the bank.

He said: “I think we have started to see the green shoots of economic recovery after some tough times brought on post-pandemic, which was then compounded by the outbreak of war in Ukraine.

“We had a fairly quiet January and February but as we move into spring, sales have started to pick up and there is certainly optimism in the air. I think we will have a good year ahead.”

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To support Gtech’s optimism in the economic outlook, the firm has invested £6 million in its own warehouse in Corby, Northamptonshire. The company previously used a third-party facility, also in Northamptonshire. Stock will be moved into the new warehouse over the next six months.

Mr Grey added: “The warehouse purchase not only supports my view on a positive economic outlook but continues investment in the long-term future of Gtech.”

His comments come despite the UK's inflation rate jumping unexpectedly last month with the cost of living rising faster here than in most of the world's advanced economies.

Price rises rose by 10.4 per cent in the year to February, in contrast to the US and the Eurozone where inflation has eased to 6 per cent and 8.5 per cent respectively.

The UK's inflation rate has been persistently higher on average compared to the US and other large economies in Europe over the past year.

Economists say the cost of living crisis is being driven by food price rises, wholesale gas prices with energy bills rising globally since Russia invaded Ukraine, worker shortages and wage rises.

Interest rates have been rising steadily in an attempt to tackle rising prices.