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Gadsby and Barrett float new Ark fund
Derbyshire entrepreneur Peter Gadsby has launched a private equity fund providing support to businesses seeking growth finance. Through Ark Capital, Gadsby and fellow director Colin Garrett are looking for Midlands businesses finding it difficult to raise funds through traditional avenues. Gadsby said: “Despite the challenging economic conditions, there are plenty of solid, well-performing businesses out there looking to make progress. Garrett, a former corporate finance director who has completed more than 100 deals in 20 years, said: “We are not seeking to take controlling interests in businesses – we want to develop open and mutually dependable relationships with management teams and add value as we take their businesses forward.” It is thought that the fund will be available to businesses looking for between £2m and £5m of investment.
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Deals
Frank rescues Parker from administration
Frank Key, the Nottingham builders’ merchant, has acquired Parker Severn Builders’ Merchants out of administration. Parker Severn, which has branches in Bulwell and Somercotes, was placed into administration on 13 October. Frank Key has bought the company from administrators at PKF. Frank Key director James Norton, who led the acquisition, said: “Parker Severn represents a fantastic opportunity to develop during these harsh economic times. We’ve known the company for years and have been impressed with its trading record.” graphic
Business
Virgin Media cut 2,200 jobs

Virgin Media is axing 2,200 UK jobs by 2012 under a sweeping restructure, which could hit posts in Nottingham. The company, which employs 600 people at its Daleside Road offices, has said it will not start cutting jobs until the fourth quarter of next year, with the majority of cuts taking place before the end of 2010. Neil Berkett, chief executive, said: “We recognise this brings uncertainty for our people and the communities where they work. Throughout the process we will be communicating as early and openly as we can.” The news comes after years of smaller-scale redundancies at the Nottingham site. One worker at the Daleside Road office told Insider: “I’ve never worked anywhere with such low staff morale.”

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Krantech engineers expansion
Engineering services business Chesterfield-based Krantech Holdings has acquired Rotary Machining and Bessemer Precision Engineering of Sheffield, increasing its workforce from 26 to 49. graphic
Network boosts East Midlands sales
A Telford-based telecommunications company is expanding its operations into the East Midlands. Network Telecom has recruited five sales consultants who will operate throughout Nottinghamshire, Derbyshire and Leicestershire. graphic
Octavian on track with new contract
East Midlands security company Octavian has been appointed as the official manned security supplier to three stations on the Southern railway network. A team will provide security services at East Croydon, East Grinstead and Oxted stations. graphic
Dream ending for nightmare restaurant

Restaurant entrepreneur Arfan Razak of Nottingham’s Curry Lounge is to roll out his brand in a franchise venture. The roll-out will kick off with a restaurant at 22a Station Parade in Willesden Green, London, before Christmas. Venues in Manchester, Glasgow and Birmingham are being considered for next year. An opening in the Ocean Point area of Los Angeles is also under way, with a view to launching in autumn 2009, as well as a hotel site in Dubai. Razak, whose Nottingham restaurant  appeared on celebrity chef Gordon Ramsay’s Kitchen Nightmares TV show last year, will be investing £70,000 into the initial set-up and operation of the franchise business, and is in search of a franchise agent to locate possible venues.

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Property
LSH boxing clever with new instruction
Lambert Smith Hampton has been appointed by Howard Tenens to market a 150,000 sq ft warehouse facility it has bough at Dents Road, Ashby de la Zouch. The property is on a 15-acre site near to junction 13 of the A42(M). The property, previously owned by Grenada, was last occupied by Box Clever. graphic
People
Kaleidoscope opts for Burton
Kaleidoscope Travel Group, the parent company of the UK’s largest escorted tours operator, which includes Market Harborough-based Travelsphere, Page & Moy and Just You, has appointed William Burton as its group chief executive. Burton joins from the Rural Payments Agency where he was interim chief operating officer, leading 4,000 officers and inspectors graphic
Pinkney picks up new role
Laura Pinkney, a business defence solicitor from Nottingham criminal and business defence firm Cartwright King, has been elected on to the committee of a new legal group, the Junior Lawyers Division (JLD). The JLD replaces the Nottinghamshire Trainee Solicitors and Young Solicitors Groups. graphic
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