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Top story
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Ethical policy turns away £1bn of business
The Co-operative Bank has turned away over £1bn of business since launching its ethical policy in 1992. The bank’s position has been revealed following its fifth ethical consultation with customers. The Co-op will now decline business in connection with biofuels with a high global warming potential; organisations that advocate discrimination and incitement to hatred; and any exploitation of great apes. The bank has also reiterated its commitment to lend responsibly, with 28 per cent of its business supporting social and environmental organisations. It also confirmed its current lending was more than 100 per cent covered by customer deposits. Director of corporate banking Keith Alderson told Insider this morning: “We always have an eye on liquidity and right now it shows The Co-op Bank way of doing things is a success.” Alderson confirmed that the ethical policy will be extended to include the merged Britannia Building Society and Co-operative Financial Services business, once the deal is completed.
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Deals
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In Focus - Lessons from Lancashire
In this week’s edition of his online deals column In Focus, Insider editor Michael Taylor reports from the Lancashire Dealmakers Awards, where he found an enterprising dealmaking community ready to take on the worst the recession has to offer. “Lancashire businesses have never had it easy,” he says. “And yet they’ve created businesses with value that have been attractive to trade buyers, rather than triggering a merry-go-round of private equity auctions.” To find out what more he has to say, click here.
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Business
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NWDA signs JESSICA agreement
The Northwest Regional Development Agency (NWDA) is to set up a £46m holding fund, in co-operation with the European Investment Bank (EIB), to support regeneration projects and small businesses in the region’s urban areas. The Joint European Support for Sustainable Investment in City Areas initiative (JESSICA) is a joint European Commission and EIB initiative, supported by the Council of Europe Development Bank. Steven Broomhead, chief executive of the NWDA, said: “This is an opportunity to put a mechanism in place that will ensure we can prolong the benefit of our ERDF programme.”
JV for recycling project
Warrington-based European Metals Recycling has formed a joint venture with US firm MBA Polymers to develop a £17.1m plastics recycling plant. The project, funded by The Royal Bank of Scotland, is being developed in Worksop, Nottinghamshire and is expected to process 80,000 tones of waste per year. A new joint venture company – MBA Polymers UK – has been established to run the operation. Michael Biddle, founder and president at MBA, said: “With this expansion we are furthering our company’s goal of providing high-performance sustainable plastics on a global scale.”
Internal fraud on the up
The level of internal corporate fraud is increasing as company directors and employees come under increasing financial pressure. According to KPMG Forensic’s Fraud Barometer, there was a five-fold increase in losses in 2008 to £125m, against £24m a year earlier. Managers accounted for £128m (£54m in 2007) and employees for £100m, compared to £27m in 2007. Brian Green, head of restructuring at KPMG in the North West, said: “With falling revenues and often high levels of debt, managers of businesses may be tempted to massage figures to paper over the cracks. Unfortunately ‘tweaking’ the figures can spiral out of control.”
Hill Dicks hires again
Michael Kenyon, former managing partner of Cooper Kenyon Burrows, is to join the regulatory team at North West law firm Hill Dickinson. He will take with him a three-strong team of regulatory experts that will add to the firm’s existing regulatory and environmental team headed by Richard Green, working closely with white collar crime expert Edward de la Billiere and health and safety specialists Denise Dowen and Paul Robinson.
Parkwood warns of lower results
Reduced demand for golf management and horticulture services has prompted Parkwood Holdings to warn that its results for the year to 31 December 2008 will be below market expectations when they are released on 9 March. The Bamber Bridge-based company said trading in its Glendale Division has been particularly tough, although it expects a recent reorganisation, which has created five separate trading businesses, should provide an “improved focus on performance”. Chairman Tony Hewitt said: “The difficulties within the Glendale Division have overshadowed the strong performance within the Leisure Division during the year. The restructuring of the Glendale Division has been completed and I remain confident that profitability will improve within the division in 2009.”
Atlantic sure thing for Hi-Tech
Pub and club advertising company Hi-Tech Media has moved back to Altrincham into managed workspace provider Bizspace’s Atlantic Business Centre. Hi-Tech, which places advertising panels in toilets and washrooms targeting 18-35 years olds, was based at the site for seven years up until 2004. The company recently launched Get Noticed Golf, to allow advertisers to reach golfers at driving ranges and golf clubs.
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Property
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Knight Frank appointed in Rochdale
Following Zen Internet’s acquisition of Sandbrook House at Sandbrook Park in Rochdale, Knight Frank has been appointed as sole agent to dispose of up to 55,000 sq ft of office space in the building. Located at the end of the A627, just off junction 20 of the M62 motorway and adjacent to Sandbrook retail and leisure park, the available space is split into wings ranging from 9,982 sq ft up to a single floor of 18,667 sq ft. There is space for more than 1,000 staff and 700 car parking spaces.
On the Terrace
Work to restore the original character of the historic St George’s Terrace in Bolton has begun as part of the £1.6m Little Bolton Townscape Heritage Initiative. The £723,000 scheme, to reinstate the Georgian architectural features and carry out repairs to 19 listed properties, is being jointly financed by the Heritage Lottery Fund, Bolton Council and individual property owners. Work is scheduled to be completed by September.
Quorum sells in Heywood
Quorum Estates has sold part of Quest Park, next to Heywood Distribution Park, to Peakway Construction Group. Quorum acquired Quest Park at the end of 2007 and has refurbished ten units. Currently based in Manchester, Peakway operates nationally through its four subsidiary businesses Speakmans Construction; Banson Electric Co; Bolton Scaffolding and Holts Decorators. Between them the four companies employ 250 tradespeople, staff and apprentices.
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Events
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Dates for your diary this week
Pro.Manchester is holding a private client discussion group at the St James ‘s Club in Manchester on Thursday. Speaking on wealth protection from trust and family law perspective are Alison Bull and Deborah Clark from Mills and Reeve at this free-to-attend event. On the same day, the Prince’s Trust will recognise the efforts of businesses involved in the Million Makers initiative. Teams from Accenture, George Davies, Daisy Communications, North Lancs Primary Care Trust, Office Depot and RBS will be presented by awards at Revolution in Manchester from 6pm.
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Telephone: +44 (0)161 907 9711
Email: nw@insiderdaily.co.uk |
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