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Bmi sold to Lufthansa in £318m deal
Castle Donington airline bmi has been taken over by German rival Lufthansa in a £318m deal. Lufthansa, which already owned 30 per cent of the carrier, has bought bmi chairman Sir Michael Bishop’s 50 per cent stake. The deal ends the long-running saga over the future of bmi and quashes speculation about a possible takeover or merger involving Virgin Atlantic and Abu Dhabi-based Etihad. An agreement was signed in 1989 that would give Lufthansa first refusal if Bishop ever wanted to sell his stake. The deal means Lufthansa will the second-biggest carrier behind British Airways at Heathrow and paves the way for it to make a bid for the remaining 20 per cent of bmi, owned by Scandinavian Airlines, based in Sweden.
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Tenon launches fund management business
Tenon Group, which has offices in Nottingham, has announced it is launching Tenon Capital Management (TenonCap), a fund management business that intends to raise a new fund, T-Fund, to invest in distressed businesses with turnaround potential and a turnover of between £5m and £30m. Tenon will be a cornerstone investor in the T-Fund, with an expected commitment of up to £1.5m, and the directors of TenonCap will invest up to a further £250,000. TenonCap is seeking aggregate commitments of £15m to £20m for the T-Fund. 
Nottingham has designs on becoming capital
Nottingham is applying to be the World Design Capital for 2012 in a bid to be recognised for its use of design to further the social, economic and cultural development of the city. Organised by the International Design Alliance (IDA), which is a collaboration between the International Council of Societies of Industrial Design (ICSID) and the International Council of Graphic Design Associations (ICOGRADA), the World Design Capital project promotes cities that use design to revitalise their urban environment. Graham Chapman, Nottingham City Council's deputy leader, said: “Applying to be World Design Capital would not only provide Nottingham with a platform for promoting its design strengths but also further economic development through one of its key sectors.”
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Capital One to sell Loxley House
Capital One has revealed it is looking to offload Loxley House offices in Nottingham. The news comes after the company's announcement earlier this year that it is to axe 700 jobs. Loxley House, in Station Street, was completed in 2001 and built as an extension of Trent House, the original Nottingham premises. The 190,000 sq ft building was valued at £60m when it was completed. Capital One said it was in the process of appointing an agent for the sale.
Gladman brings in the big guns
Gladman Developments has appointed new joint agents as it steps up its campaign for a 215,000 sq ft industrial and distribution development next to the A1 near Grantham in Lincolnshire. The Cheshire-based industrial and office developer has appointed the London and Nottingham offices of King Sturge to work with joint agent Burbage Realty as it searches for a pre-sale or pre-let for its G-Space 215 warehouse complex, on a ten-acre site at Gonerby Moor.
Grant Thornton moves to Regent House
Grant Thornton has taken a ten-year lease of 11,644 sq ft of part of the ground and the whole of the first floor at Regent House, Leicester. About 100 employees are scheduled to move into Regent House at the end of November after relocating from 8 West Walk, where the firm has been based for more than 50 years. Lambert Smith Hampton acted for landlord WS Yeats on the deal.
Industrial Ancillaries banks on Markham Vale
Industrial Ancillaries, which distributes hydraulic, pneumatic, instrumentation and process products, has bought a 33,600 sq ft premises at Markham Vale Business Park after gaining backing from the Chesterfield team at Yorkshire Bank’s South Yorkshire Financial Solutions Centre. The family business, founded in 1969, will move into its new home, which will have 30,000 sq ft of warehousing and 3,600 sq ft of two-storey office space, in December to mark the start of its 40th anniversary.
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Lord leaves NDC
The interim chief executive of a crisis-hit New Deal for Communities (NDC) partnership in Nottingham has left his post, paving the way for a permanent replacement to be found. Stephen Lord was appointed in May to take over from Sam Tarff, who was suspended by the NDC board in 2007 pending an investigation by the partnership. Tarff's suspension was later lifted but he did not return to his post. Joan Toovey, former chief executive of South Kilburn New Deal for Communities (SKNDC) in London, will take over Lord's post in an interim capacity.
Peter plans the Midlands
Peter Spencer has been appointed as Halcrow’s regional director for transport planning. He will be responsible for the management and development of the transport planning business in the East and West Midlands. Spencer has more than 18 years' experience in transport planning and was previously head of the Derby office’s transport planning team.
Ashgates score with Selby
Ashgates, the Derby-based accountancy and business advisory practice known for its work in the sports sector, has appointed Mark Selby as an associate director to its corporate finance team. Selby returns to the East Midlands after five years in Grant Thornton’s corporate finance team, most recently in the Birmingham office.
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