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Top story
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Plans for Longbridge future submitted
St Modwen and Advantage West Midlands have launched the biggest urban regeneration project in Birmingham with planning applications to redevelop the former MG Rover site. The applications, representing £750m of mixed-use development, including a £82m college, have been submitted to Birmingham and Bromsgrove councils. The 15 year project could create a new town centre, some 10,000 jobs and almost 2,000 homes. Bill Oliver, chief executive of St Modwen, said: "Longbridge is a site with a world-renowned heritage and we have moved this area of the Midlands into a new and incredibly exciting era. The potential Longbridge has to become a thriving economic hub and a sustainable residential community is now apparent. It is more than matched by the vision and confidence St Modwen and Advantage West Midlands have in Longbridge."
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Credit Suisse opens private account in Birmingham
Credit Suisse has opened an office in Birmingham - the latest in a string of private banks to do so. The office, on Edmund Street, will be run by Amrit Uppal and supported by four relations managers who have been in the region for two years, working from home. The office will cover the East and West Midlands. Richard Algar, director of Credit Suisse's private banking division UK regional team, said: "We're excited about the opening of the office, which demonstrates a long-term commitment to the Midlands." 
Wizz grounds Gdansk flights
Airline Wizz Air has scrapped its service between Coventry Airport and Gdansk in Poland after just two months. Wizz Air launched the service on the back of popularity of city breaks and the large number of Poles living in Coventry. Spokesperson Mariann Koszegi said: "The downturn in the industry has forced us to adjust our schedule. All affected passengers have been contacted and offered alternative flights, credit or a refund." Wizz Air will continue flights from Coventry to Katowice in southern Poland.
BCI paints gloomy picture
Birmingham Chamber of Commerce and Industry (BCI) has described the Monetary Policy Committee's verdict on the economy as "grim reading". The Bank of England's interest rate setting body voted eight to one in favour of keeping rates at five per cent, with only one calling for a quarter point cut. The MPC also made it clear a cut would be unlikely for "a few months". BCI policy adviser Katie Teasdale said: "The MPC minutes make pretty grim reading. The economy is slowing, house prices are falling and inflation is on the rise."
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Crushed Rock turns to Stone
Rock Group, the computer manufacturer and retailer that crashed after alleged theft by a former employee, has been bought by Stone Group. Warwick-based Rock, which went into administration on 8 May, specialised in high-performance laptops aimed at the gaming sector. It collapsed partly as a result of cashflow difficulties caused by "stock misappropriation" by a former employee, which caused suppliers to cut credit. This came as Rock also hit problems getting regular supplies of key components. Administrators from Deloitte, led by Dominic Wong and David Langton, have been working with staff at Rock to conclude an early sale of the business.
Orbis advise on Microlise MBO
The senior management team of Microlise, the IT provider to the transport and logistics industry, has acquired the company. The deal was led by managing director Nadeem Raza. Birmingham corporate finance adviser Orbis Partners advised the management of Microlise, and the firm's Steve Lamb will join as non-executive chairman.
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Carlyle calls off Wragge move
Carlyle Group has called off its purchase of Wragge & Co's Birmingham headquarters after the law firm pulled out of its proposed relocation to Colmore Plaza.
The private equity group had the 135,000 sq ft 55 Colmore Row office under offer at £55m and hoped the purchase would help it to net Wragge's 250,000 sq ft office requirement. Wragge has stated it wants out of Colmore Row before its lease expires in 2017. However, Carlyle's plans have been hit after it was announced that last month that Wragge was relocating to Ballymore's No 2 Snow Hill.
Move to Paradise for Sir Robert McAlpine
One of Britain's biggest construction companies, Sir Robert McAlpine, it to move its Midlands operations to Birmingham city centre. The builder is moving from Birmingham Business Park to Latham House on Paradise Street, close to New Street Station. It has acquired the fourth floor, 4,031 sq ft, on a ten-year lease. The grade A building, which has six floors, underwent a £1.8m refurbishment in 2006.
Rhubarb with Custard
Developer Blok Properties, which has offices in Stratford-upon-Avon, has started work on a £2.4m scheme on Heath Mill Lane in Digbeth, next to The Old Crown pub and opposite the Custard Factory. Called Rhubarb, the building, which has been designed by Birmingham architects Bryant Priest Newman, will comprise 18 self-contained office studios, ranging from 360 sq ft to 860 sq ft, over five floors.
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Stapleton takes the helm at PxP
PxP West Midlands, the public-private partnership formed by Advantage West Midlands, developer Langtree and the Bank of Scotland, has appointed Mark Stapleton as managing director to lead its key projects and spearhead the acquisition of new land. Stapleton was formerly director of commercial development at Arcadis AYH, based in Birmingham, and will be responsible for growing PxP West Midlands' in-house team and project portfolio.
DLA solicitor joins Weightmans
Law firm Weightmans has appointed specialist solicitor Sonja Dale to its commercial dispute resolution and insolvency team. Dale joins from DLA Piper Birmingham and will be based at the firm's Birmingham and Leicester offices.
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Insider hosts sustainability seminar
On 10 June Insider is hosting a breakfast seminar entitled The Business of Sustainability. Sponsored by Berryman, this panel-led debate will look at sustainability and the development of this concept regionally and across the EU. We will address the implications for all businesses and how companies can cultivate their knowledge to help their business develop. The panel will take a close look at the opportunities and challenges for all, for example the effect of competition nationally and internationally. We expect demand to be high and as such will take acceptances on a strictly first come, first served basis. If you would like to attend, please contact Insider's events team on 0161 907 9704.
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