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Top story
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Barratt in the red after huge losses
Leicestershire housebuilder Barratt Developments has revealed losses of nearly £600m after write-downs in land values. The company’s pre-tax loss of £592.4m in the six months to December 31 compared with a £196.4m profit in 2007. Mark Clare, group chief executive, said: “This remains an intensely difficult market with little forward visibility. During the past six months we’ve driven sales, removed costs and cut debt. We’ve reduced prices and we’re seeing some signs of increased activity levels in visitor numbers and sales. However, there’ll be no recovery in the housing market until the availability of mortgage finance improves.”
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Deals
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Denby sold in £30m MBO
Denby Pottery, the 200-year-old tablewear manufacturer, has been sold to a management buyout (MBO) team in a £30m deal that will save the jobs of all 465 staff. Garry Biggs, managing director, is leading the MBO of its UK and US businesses, which was funded by Valco, the private equity arm of Hilco. Denby said more than half of its £72m debt would be written off as part of the transaction and Valco has provided a working capital facility. Biggs said: “With Denby's financial position now secure we’re looking to make a number of quality strategic acquisitions in the sector.”
Freedom to expand
French Freedom Holidays, the Lincolnshire specialist tour operator, is aiming to increase sales in the UK, Irish and Dutch markets after a £600,000 investment from Partnership Investment Finance (PIF). Andrew Wright of PIF said: “Demand for cost- effective family holidays is expected to increase because of economic uncertainty, and prices are often lower than a similar holiday in the UK. We’re backing an experienced management team to grow an established brand.”
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Business
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Jobs go as Northcliffe wields editorial axe
Jobs could be axed at East Midlands newspapers. Northcliffe wants to merge editorial roles at the Leicester Mercury, Derby Telegraph and Nottingham Evening Post, resulting 30 job losses. A similar structure will be created in Hull for the Scunthorpe Telegraph and Lincolnshire Echo. Twenty jobs are at risk. Chris Morley, National Union of Journalists organiser, said: “The establishment of a news factory in Nottingham demonstrates a total lack of commitment to local journalism. The area to be covered is enormous. Local knowledge will go out of the window.”
John Smedley scoops Coutts prize
John Smedley, the knitwear manufacturer from Matlock, has been named Best Family Business in the Midlands in the £5m to £25m-turnover category of the Coutts Prize for Family Business 2008/09. The company will now compete at national finals to be held in London on 23 June.
The Cartwright stuff
Nottingham PR firm Cartwright Communications has been appointed to the roster for government campaigns in the East Midlands. The agency, which has signed a four-year deal, is one of three PR firms working with the Central Office of Information in the region.
Business Link backs Heart bid
Business Link is backing the new Heart 106 campaign to boost jobs in the East Midlands. Stephen Smith, chief executive of EMB, the organisation that delivers the regional Business Link, said: “Campaigns such as this create a positive outlook in trying to stimulate local economic growth. With organisations working together to boost the economy, it can only be good for the region.”
Rolls-Royce hits right note
Rolls-Royce and the Sinfonia Viva orchestra have announced a community project involving graduates and apprentice trainees based in Derby. Trainees will work with Viva to develop a marketing tool for its business training programmes in the three-year project.
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Property
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Oldest railway hotel relaunched
Derby’s oldest hotel has been relaunched on the back of a £1m refurbishment by its new owners. The Midland, the oldest railway hotel in the world, was bought by the Hallmark Hotel Group in May 2008 from private owners. All 102 bedrooms have been revamped.
Ardagh Glass site sold
The 19-acre former Ardagh Glass site in Worksop has been sold to MBA Polymers. The company is a joint venture between MBA Polymers and EMR, one of the world’s largest metal recyclers. The site will deal with automotive plastic recycling across the UK.
Clegg goes green in Leeds
East Midlands’ Clegg Construction has started on transforming a former hostel for the homeless into an eco-friendly apartment complex close to Leeds city centre. The Greenhouse project will include more than 170 residential apartments incorporating energy-saving technology.
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People
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One more for Encore
Leicestershire marketing and PR firm The Encore Organisation has appointed a hospitality market consultant to its team. Stephen Hughes has worked for three and four-star hotels, budget hotels, gastro pubs, restaurants and night clubs in the UK and Australia. His 30-year career includes industrial catering facilities management.
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Events
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Call for international digital innovations
Insider is set to partner the Big Chip Awards 2009, the biggest digital awards outside London. Now in their 11th year, the awards are organised by Manchester Digital, the independent trade association, and Insider is acting as media partner with trade publication New Media Age. The awards include the International Award for Innovation, a truly global affair, open to any project from anywhere in the world. The category is open to projects that demonstrate exceptional innovation in digital media or digital technology. Example projects might be a new online service, a new use of digital technology in a product or service, or a new internet business model. The closing date for entries is 16 March. For full details visit the Big Chip website.
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