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Top story
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Flurry of applications for £35m fund
One hundred inquiries have already been received for a £35m business loan fund set up to help North West companies. It forms part of the larger £185m North West Fund made up of a £92.4m loan from the European Investment Bank and £92.4m from the European Regional Development Fund. FW Capital's Gary Guest, who is managing the business loan fund, told Insider that a reluctance by banks to lend had led to a high number of fund applications.
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Deals
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Shortlist drawn up for £200m Tote sale
The long-awaited sale of state-owned bookmaker the Tote has moved another step closer after the government confirmed a shortlist of bidders has been drawn up to progress to the next stage of its £200m auction.
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Whiteaway Laidlaw sold to RBS fund
Manchester Building Society has sold its commercial bank Whiteaway Laidlaw to an investment fund managed by RBS Equity Finance. The sale process is believed to have been ongoing for the past eight months.
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Bibby Leasing secures £26.5m facility
Bibby Leasing, a subsidiary of Liverpool-headquartered Bibby Financial Services, has secured a three-year £26.5m funding facility from a syndicate of funders. The deal follows Bibby Financial Services’ £340m refinancing last month.
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Latitude bought by Callcredit
Warrington-based Latitude Digital Marketing has been bought by Yorkshire credit reference agency Callcredit. It is just over a year since Latitude was bought out of administration by its management team.
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Business
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Strong first-half for NWF
NWF, the Cheshire distributor of food, animal feeds and fuel, has reported a “very strong” first-half with a near 16 per cent increase in revenues. The growth was despite “significant volatility” in the food sector.
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Morson optimistic despite defence cuts
The impact of government cuts on the business of major client BAE Systems has affected the trading performance of recruitment and engineering business Morson Group. However, in a trading update to the Stock Exchange, the Salford-based recruitment and engineering company said it expected its results for the 2010 financial year to be in line with market expectations.
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Turner Parkinson hails Sheridan "coup"
Corporate lawyer James Sheridan is to join Turner Parkinson as a partner in its corporate team, just six months after joining a mini-exodus to DWF in mid-2010. He has acted for J D Sports, 20:20 Mobile and Tepnel Life Sciences.
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Property
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Himor buys Ship Canal House
North West property investor Himor has acquired Ship Canal House in Manchester from Catalyst Capital for £22.88m, reflecting a net yield of 6.7 per cent.
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PAG secures forward funding deal for Premier Inn scheme
Developer and investor Property Alliance Group (PAG) has secured a forward funding agreement with British Steel Pension Fund for its hotel scheme close to Piccadilly railway station in Manchester city centre.
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North Midland secures university contract
The University of Liverpool has awarded a £350,000 public realm contract to civil engineering and building company North Midland Construction. The business will create a thoroughfare on the university’s Chatham Street campus, including granite paved areas, tree planting and seating and drainage systems.
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Other News
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Insider zeroes in on new regions
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MBL shares plunge after profit warning
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Petty’s moves for Lancashire rival
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Next generation internet – your opinion counts
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