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Top Story
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Provexis signs commercial agreement as losses narrow
Life-science business Provexis, which is developing medical food and dietary supplements, has taken another step towards the commercialisation of its flagship product Fruitflow. The company has signed a long-term alliance agreement with Swiss multinational DSM Nutritional Products to give it the exclusive rights to develop, market and sell the product. Fruitflow is a patented bioactive tomato extract that thins the blood. The agreement comes as Provexis today revealed it has narrowed full-year losses after what chief executive Stephen Moon described as a “strong” year for the company. The business posted a loss before tax of £1.7m for the 12 months to 31 March, compared with £4.6m a year earlier. Revenue increased to £14,767 from £5,400 previously. Moon added that the business, which has its research and development operations based in Liverpool, is now looking for acquisition opportunities to increase its market share.
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Deals
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3i sees opportunities in regions
3i is back in the game and ready to fund deals - in full if necessary - and has €2bn of funds to invest through its Buyout and Growth Capital funds. David Colclough from the Manchester office of the UK's oldest venture capital investor told Insider: “Now is the time to be opportunistic. My own view of the economy is that there are still some challenges, but we feel we’re through the worst. There are definite signs of momentum coming back which has given us the confidence to invest.” Insider editor Michael Taylor discusses 3i in his Deals in Focus blog.
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Stobart secures £100m ten-year loan
North West logistics giant Stobart Group has secured a £100m loan from a new fund set up to support medium-sized businesses. The ten-year loan has been provided by M&G Investments through its UK Companies Financing Fund. It is the first investment that the investment arm of Prudential has made through the fund. Stobart will use the cash to repay existing bank debt and to finance further development at Southend Airport. Panmure Gordon advised M&G, while BDO acted as financial adviser to Stobart.
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Business
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Dobbies unveils Speke plans
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Countdown to Big Chip – get your tickets
This year’s Big Chip Awards is now little over a week away and tickets are selling fast. The 2010 awards have attracted record number of entries from companies across the North West, with 62 entries from more than 40 businesses shortlisted. Winners will be announced at a ceremony on 10 June at the Palace Hotel in Manchester. To order your tickets for the awards contact Dara O’Hanlon on 0161 214 5200 or visit the Big Chip Awards website.
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Think adds four clients
Liverpool PR agency Think Publicity has won four new clients in the past two weeks. The agency has added restaurant and bar Zeligs of Little Italy, fashion distributor Red Alert, denim brand Robin’s Jean, and staff industry night out scheme Liverpool Sinners Club to its portfolio of clients. Director Phil Nixon said the agency, which recently celebrated its firth birthday, was reaping the rewards of moving to bigger and more visible office at Liverpool One.
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Stiebel Eltron makes government call
Renewable energy business Stiebel Eltron has called on the government to clarify its policy on green energy after it was confirmed that the Low Carbon Building Programme (LCBP) will be scrapped. The Wirral-based company said that the £85m cuts at the Department of Energy and Climate Change could have “severe detrimental effects” on the renewable industry. Director John Felgate added: “The lack of either certainty or a clear government policy can only hamper the good work currently being undertaken across the sector.”
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Property
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Smith & Sons celebrate Riverside success
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Bardsley starts work for Eldonians
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RIBA launches architecture festival
The Royal Institute of British Architects (RIBA) is today launching the North West Architecture Festival 2010 at the Port of Liverpool Building. The festival is a celebration of the best architecture from across the region. Shortlisted entries for the festival’s 350 Award, which rewards architecture projects under £350,000, includes Liverpool architects firm Studio Three; Manchester’s OMI Architects and Aidan Simpson Architect; Honey Architects in Barrow; and Lancaster-based Harrison Pitt Architects; and Stanton Andrews Architects in Clitheroe.
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City Gate space up for grabs
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Events
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Dates for your diary this week
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