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Exclusive - Secure Trust prunes branch network in sale to Swinton
Secure Trust, the Midlands bank, has sold most of its branch network to insurance giant Swinton. The Solihull bank has sold 15 of its 19 branches, which operate under the Moneyway brand and deal mainly with traditional working class customers, to the Manchester group. Thirteen of the branches, formerly known as Secure Direct, will be rebranded as Swinton and two merged with existing Swinton branches. Secure Trust will retain four branches, in Kings Heath, Cannock, Manchester and Coventry, focusing on its remaining core products. The deal follows 18 months of planning by Secure Trust's chief executive Gary Jennison and his team, and is part of a decision to withdraw from the insurance market to concentrate on banking and debt management.
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Rock rocked by theft
Theft by a former employee has forced a computer manufacturer and retailer into administration. Warwick-based Rock Group, a quoted company that specialises in high-performance laptops aimed at the gaming sector, has called in administrators from Deloitte. It said the failure was partly as a result of cash flow difficulties due to stock misappropriation by a former employee. This led to suppliers reducing credit limits, which affected cash flows. 
Close down for Down & Francis
Engineering group Metalrax is to shut Down & Francis, its structural steel products arm after failing to find a buyer for the business. Chief executive Andrew Richardson said the Kings Norton-based business had been losing money every month for three years, and attempts to turn it around this year with management and systems changes had not succeeded. Down & Francis lost £2.4m during 2007. The closure would free up 23,495 sq ft at Metalrax's 39,000 sq ft property on Ardath Road, Birmingham, which also houses the group's head office. The directors intended to sell the property, valued at £1.7m, following the closure, and re-locate the head office. Richardson added: "The proposed closure of Down & Francis will, if implemented, be another step forward in the strategic and structural turnaround of Metalrax following the review of the business announced in January. The directors believe that the elimination of the losses from this business will significantly strengthen Metalrax's financial outlook."
Bosses migrate to the Midlands
Bosses migrate to the Midlands
More company directors are choosing to live in the Midlands as part of a nationwide migration from the south. According to the KDB annual survey of UK company directors, the percentage of the adult population in the Midlands who are company directors rose from 5 per cent to 5.2 per cent. In Redditch, Solihull, Sutton Coldfield and Alcester, more than 15 per cent of the adult population are now company directors.
Pinsent breaks the £200m barrier
Birmingham law firm Pinsent Masons has smashed through the £200m barrier after recording double-digit growth in turnover for the third consecutive year. Fee income at the firm was up 11 per cent over the previous 12 months to £213m. The firm indicated average profits per equity partner were expected to be close to £500,000, equating to an improvement of about 6 per cent from last year's figure of £471,000.
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PWC creates right environment for 3i deal
Birmingham dealmakers have advised a private equity house on its investment in a £100m environmental consultancy. Corporate finance advisers at PricewaterhouseCoopers advised 3i on its £32.5m investment in international environmental consultancy SLR Holdings. The deal values the company at £100m. The investment will fund the next phase in SLR's international expansion.
US group snaps up Etrinsic
Etrinsic, the print management business, has been bought by an American group. The Shirley-based business, one of Britain's biggest print managers with a turnover of £22m, has been acquired by Chicago-based Inner Workings. "This is an exciting partnership," said Etrinsic managing director Matt Bird, who will continue to manage the business. "Our partnership with Inner Workings will strengthen our technology capabilities and enable us to accelerate our expansion plans."
Deal handmade for Broxap
Broxap, the north Staffordshire maker of street furniture, has bought Hand Made Places (HMP), which manufactures hand-crafted timber playground products such as outdoor classroom, bridges, climbing frames and sculptures. Hampshire-based HMP employs about 200 people and has a turnover of £3.5m. Broxap said the deal would help boost its sales to £40m by the end of 2008.
Synex makes strategic move with Chess
Synex Network Services has been bought out by its rival Chess. Hall Green-based Synex has been sold by owner Ann Taylor to Cheshire-based Chess, an acquisitive group that specialises in fixed lines, calls, mobile, PDA and business class broadband. Taylor, who acquired the business three years ago from Ashtenne, was advised by Clement Keys.
Bright future for Paintbox
Directors of Birmingham's Paintbox have led a management buyout (MBO) of the automotive painting company from its American parent. The team, led by managing director James Sharp, has paid an undisclosed sum for the business from ADAC. Paintbox employs 300 people at sites including Kings Norton, Banbury, and Brackley in Northamptonshire with an annual turnover of about £33m.
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New Living Space for Wates
Segro has agreed its largest letting in two years at Kings Norton Business Centre with Wates Living Space, which is set to create 50 jobs. In a deal brokered by joint agents DTZ and Harris Lamb, Wates has taken a five-year lease on 40,000 sq ft of warehouse and offices to support its growing contract funded by Birmingham City Council in delivering the Decent Homes Programme. Wates says up to 80 people will work from the Sovereign Road premises by autumn 2008.
Topping out at Brindleyplace
Argent and HBG Construction have hosted a topping out ceremony at Eleven Brindleyplace in Birmingham. The ceremony was attended by representatives from companies delivering the 110,000 sq ft of grade A office development in Brunswick Square. The 12-storey building is the latest phase of the Brindleyplace development and is set to be completed in February 2009.
DBK launches development consultancy
DBK Group has launched a development consultancy division giving developers and landowners an alternative to delivering schemes with in-house resources. Birmingham-based DBK Development Consultancy will be headed by former Calthorpe Estates associate director Richard Dickson. Target clients will include landowners, occupiers, developers and property funders together with local authorities and government bodies.
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