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Castleward goes to Europe
Derby Cityscape this morning announced the development of the Castleward urban village area is to go to the Official Journal of the European Union (OJEU), the public sector procurement process. The city council's 200,000 sq ft office requirement is in the OJEU process and a shortlist is expected soon. Marketing Derby chief executive John Forkin told Insider at the MIPIM property conference in Cannes: “The city council requirement could be a huge boost to the market. The Westfield shopping centre was a 'shock and awe' starting point and we're levering in other opportunities on the back of it.” The long-awaited Riverlights scheme, where phase one is to open in May, has secured two hotel operators in Hampton by Hilton and Holiday Inn.
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Meridian in MBO
Meridian Legal Systems, the Stamford-based supplier to the legal sector, has undergone a management buyout (MBO). Directors Steve Greenfield and Jane Cooling led the MBO and will stay with the business. They acquired the firm for an undisclosed sum from Graham Currie, the founder of Meridian, who has resigned as a director but will continue as a consultant to current clients. The MBO was partly financed by the Derby Corporate Banking Centre of The Co-operative Bank. The team was advised by law firm Hegartys and accountancy firm Callow & Holmes. The Co-operative was advised by law firm Freeth Cartwright and accountancy firm Smith Cooper. 
Nottingham lawyers advise on construction takeover
A team of Nottingham lawyers has completed the acquisition of TPT Construction, a Pembrokeshire-based contractor. Duncan James, corporate partner at Nottingham law firm Berryman, led the acquisition team – which included associate and commercial property lawyer Nick Wilson and Richard Brackenbury, head of Berryman’s property and construction team – that advised the purchasers Darbyshire Holdings on the deal.
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Baugur files for bankruptcy
High-street investor Baugur has filed for bankruptcy after Iceland’s ruling court threw out its plans to salvage the business and refused to extend a moratorium, which offers protection in a similar fashion to Chapter 11 bankruptcy procedures in the US. The move comes after Icelandic bank Landsbanki called in the group's £1bn debts. The group's UK arm, BG Holdings – which owns stakes in UK retailers such as Hamleys, Iceland and House of Fraser – is already in administration. Baugur's chairman Kristin Johannesdottir said: “The court's ruling is a disappointment to everyone at Baugur. We believe the company fulfils all the conditions for the extension and that the restructuring plan was viable. However, we have no choice but to file for bankruptcy.”
Wrekin goes into administration
Wrekin Construction Group, which has offices in Northampton, is in administration after The Royal Bank of Scotland (RBS) refused to extend its credit to cover cash-flow problems. RBS said Wrekin was unsustainable because of “creditor pressure”. Wrekin, at which 600 jobs are at stake, said it had an overdraft facility of £4.25m and was overdrawn by £2.8m. But winding up petitions meant the account was frozen. “The current order book up to the beginning of March 2009 was £40m for the calendar year,"” said Wrekin in a statement. “As a result of this administration, the taxpayer may have to make redundancy payments of £2.5m. All Wrekin needed to keep going in a very competitive market was £2m to £3m.” An RBS spokesman said: “We have given very careful consideration to the company's situation and regrettably concluded the business was unsustainable because of the extent of creditor pressure.”
Chamber calls for help for manufacturers
Business leaders have renewed their call for support for Derbyshire manufacturers after the release of the latest figures for industrial output, which indicate another fall. The Office for National Statistics said that in the three months to January, the seasonally adjusted index decreased by 5.6 per cent compared with the previous three months and was 9.6 per cent lower than in the same three months the year before. Derbyshire and Nottinghamshire Chamber president Phil Stanyer said: “The government has made warm noises about manufacturing but we want to see that translated into action with more help announced in the coming Budget.”
Milestone for Corporate College
A new residential home in Derby is the 1,000th employer in the East Midlands to sign up for employee training with Corporate College, the business arm of Derby College. Care home group Live Life UK have has £50,000 refurbishing a house on Burton Road into Littleover Manor – a six-bed residential home for people with physical, sensory and learning disabilities, which is expected to open mid-March. The 15 staff at the home will be doing training with Corporate College, including NVQ Health and Social Care Level 3, team leading and management qualifications, then short courses ranging from first aid, health and safety, food safety and infection control.
Willoughby launches virtual press office
Willoughby Public Relations has become the first agency of its kind in the region to set up an online press centre service for its clients. Willoughby has invested more than £70,000 over the past 12 months after a record-breaking financial year ending April 2008. The spend includes an office move within Nottingham’s Lace Market, new marketing material, new website and the online press centre facility, which is linked to the agency's website.
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Eco excellence the future for Northants
Northamptonshire Enterprise (NEL) is confident its Sustainable Construction iHub will be a focal point as the county looks to establish itself as a leading area in sustainability. Speaking at an NEL event yesterday at the MIPIM property exhibition in Cannes, TV property guru Kevin McCloud said: “Because there is such a high volume of houses scheduled to be built in Northamptonshire, it has a real opportunity to rethink and do things differently as the world adjusts to the need to develop sustainably. The iHub is a great example of its intentions.”
Developer has designs on shoe factory
A Leicester property developer has announced a £20m plan to convert a historic shoe factory in the city into flats. Jamie Lewis Residential Lettings bought the Equity Shoes site, in Western Road in Leicester’s West End, late last year and now wants to create hundreds of flats, which it will rent out. The company is in talks with Leicester City Council about its plans for the building, which dates back more than 120 years.
Nottingham launches Urban Design Guide
Nottingham City Council has launched its City Centre Urban Design Guide at MIPIM today. Developed over the past four years by the council’s urban design team, the guide has been published by the city council and Nottingham Regeneration Limited to promote high standards of sustainable urban design and architecture in Nottingham city centre. Nigel Turpin, team leader of urban design for the council, said: “MIPIM is a prime launch pad for the guide so interested parties, including developers, architects and designers, can share our vision of the city.”
Five more in at Brook Park
Acting on behalf of owners Rental UK, LSH has confirmed five lettings at Brook Park Offices in Rearsby totalling 7,000 sq ft and bringing its occupancy level to 50 per cent within its first year. Andrew Gamble at Rental UK said: “We are overwhelmed by the level of success at Brook Park so far and pleased to continue to work with LSH in securing further tenants. We envisage the development playing an integral role in helping small businesses thrive in the area, providing the flexibility they need during these challenging times.”
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Mich Stevenson to head Nottingham EDC
Mich Stevenson, the chairman of Nottingham Regeneration Limited, has told Insider he will head Nottingham’s Economic Development Company. Speaking at the MIPIM property show in Cannes, Stevenson revealed he had been nominated to form the new organisation and take charge. He said: “I’ve received great support so far and I’ve got the buy-in from the city council and most of the regional organisations. My aim is to put together an entity that can deliver services for the city. We’re getting a team together and we’re all really up for it.”
Berryman promotes Delaney
Berryman, the Nottingham law firm, has promoted insolvency lawyer Barry Delaney to associate in its reorganisation and recovery team. Delaney joined the firm eight months ago, in which time the team has reported a significant increase in the number of new instructions for insolvency and recovery cases. “The reorganisation and recovery team is extremely well placed to react to the current market,” said team head and partner Patrick Billyeald. “Barry has made a significant contribution already and his promotion is in recognition of this.”
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