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Top story
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Get used to a lack of finance, businesses warned
Midlands businesses have been warned they must get used to a new world order in which finance is generally hard to come by. Speaking at Insider’s Directors’ Forum event in Birmingham, business leaders said the days of ‘easy money’ are unlikely to return. Stewart Towe, managing director of Smethwick-based manufacturer Hadley Group and chairman of the Black Country LEP, said: "We have to accept that things have changed forever. I don’t think SMEs have necessarily got that message."
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Deals
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Care UK sells children's residential services arm
Social care services provider Care UK has completed the sale of its Shropshire-based children’s residential services business to Keys Education and Care.
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RBS funds university expansion
The University of Warwick has secured a funding package from the Royal Bank of Scotland (RBS) to develop the campus and create more than 1,000 student rooms.
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Two-tiered capital system looms
Competition for capital is set to intensify with fears of a looming split creating a "two-tier economy" between larger cash-rich businesses and those in need of funding. That's the view of Deloitte, which has carried out a study entitled 'A Tale of Two Capital Markets'.
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Property
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Mall trio purchased by Hammerson in £208m deal
Three West Midlands shopping centres have been acquired by property giant Hammerson. Cathedral Lanes in Coventry; Elliot’s Field, based in Rugby; and Lichfield’s Three Spires have been bought as part of a £208m deal.
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St Mods to increase residential portfolio
Birmingham regeneration specialist St Modwen said it is “well positioned” to take advantage of increased activity in the residential land sector. In an interim statement, the company said it planned to start work on another three sites as part of its joint venture with Persimmon before the end of 2011.
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Business
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Profits boost for Midlands companies
Research commissioned by Insider into Midlands business sentiment has revealed that 55 per cent of companies are more profitable than they were a year ago. Three in four manufacturers said their profitability had increased.
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Sales grow at Portmeirion
Ceramics manufacturer Portmeirion said it has posted record revenue for the year ending 31 December 2010. The Staffordshire-based company said sales rose 18 per cent compared to its 2009 results, hitting £51.2m by the year-end.
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Henleys announces store closures
Fashion retailer Henleys has announced the closure of its Bullring and Merryhill stores as it prepares to close its subsidiary Henley’s Retail with immediate effect. The closures will result in 23 redundancies in the West Midlands.
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Public sector spending to be addressed at conference
An event to connect social enterprises with commissioners is due to take place on Friday (25 March) in Birmingham. The organisers behind Unleashing Value said it will demonstrate how the West Midlands can deliver essential services more effectively.
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Midlands Business Insider editor Andy Coyne on the necessity for pro-HS2 campaigners to make their voices heard.
