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Top story
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Alumet plots expansion course
Southam-based construction company Alumet is planning a rapid expansion across the Midlands to achieve a £50m turnover by 2013. Speaking to Insider, founder and managing director Gary Summers said the company planned to create 50 jobs in the next year and revealed it was looking to expand into an additional 40,000 sq ft site in the Midlands.
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Deals
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JLR supplier nets £110m investment
IAC group, which supplies automotive components to Jaguar Land Rover (JLR), has secured a £110m lending facility from GE Capital. The manufacturer, which has sites in Solihull and Coleshill, said the pan-European package would support the production of the new Land Rover Evoque model.
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Wynnstay swoops for Wrekin Grain
Wrekin Grain, based in Telford, has been acquired by Welsh agricultural and retail group Wynnstay. The business was purchased for an anticipated consideration of £4m.
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GVA acquires Humberts in leisure drive
Property consultancy GVA, which has offices in Birmingham, has exchanged contracts with leisure specialist Humberts Leisure. The company said it will complete the acquisition of the business later this month.
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Largest ever UK flotation details emerge
The price range for the largest ever stock flotation in the UK will be between 480p and 580p per share, it has been revealed. Commodities trading giant Glencore has valued itself at £36.5bn ahead of the move.
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Property
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Fastenal ties up Coventry move
An expanding multibillion-dollar American company has chosen to set up its UK base in Coventry. Fastenal has moved onto the Little Heath Industrial Estate in Old Church Road, Foleshill.
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Telemarketer sets up shop in Hagley Road
Birmingham-based telemarketing agency Business Intelligence Direct (BID) has relocated to 127 Hagley Road in Edgbaston. The company has signed a ten-year lease on a unit in the building, which has undergone a £1.6m refurbishment.
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Business
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Revenue up at National Express
Bus and coach operator National Express has increased group revenue by 5 per cent in the first quarter of 2011. Amidst reports of a bidding war over the company's rail division, Birmingham-based National Express said it was on course to "significantly improve" its financial performance in 2011.
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Alucast gathers pace with Norton contract
Wednesbury manufacturer Alucast has secured a contract worth £200,000 to supply five engine parts to a range of Norton Motorcycles based in Derby.
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Hold interest rates, cautions chamber
Interest rates should remain on hold, despite growth figures for the first quarter of 2011. That’s the view of the Coventry and Warwickshire Chamber of Commerce, which said it is still too early for a rates hike.
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Community
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In Focus: Funding fault
Andy Coyne calls on banks to help businesses by being more transparent about their lending criteria.
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Talking Point: Keeping it in the family
Smith Cooper’s Chris Taylor guides us through the tax implications of succession planning for family businesses.
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