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Top story
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London Scottish suffers as bad debt mounts
Shares in Manchester-based London Scottish Bank have plummeted by around a fifth, to less than 63p per share, after the lender announced that bad debt would cost it around £22m more than expected over the last financial year. With new banking rules coming into force from 1 January, the bank may be restricted on lending as it's regulatory capital - money it has to have in reserve - is £13m short. The bank is due to move from Mount Street to Deansgate early in 2008.
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Fraud still on the up, says KPMG
The fraud barometer compiled by the forensic department of accountancy firm KPMG, which analyses fraud going back 20 years, says that two-thirds of UK fraud cases valued at over £100,000 now take place in the regions, with the North West particularly prominent. The last four years in the region have seen 103 frauds worth over £100,000 reach court, a sharp increase on the preceding 16 years, which saw 86 cases. KPMG said that the government has become the predominant fraud target, as financial institutions have improved their effectiveness at combating major fraud. 
CLB goes international
North West accountancy firm CLB Coopers has joined Leading Edge Alliance, an international association of independently-owned accounting and consulting firms founded in the US in 1999. The firm has also been voted North West accountancy firm of the year for 2007 by the North West Society of Chartered Accountants.
Strength in troubled times
AIM-quoted WH Ireland, the investment banking group headquartered in Manchester, released a trading update at the end of December that reported continuing strong performance in the second half of 2007. Its financial service and stockbroking businesses have been hit by the volatility of the global stock markets, but these difficulties were mitigated by profits on investments. The group is continuing to consider bid approaches, which were first revealed in October, ahead of preliminary results due on 25 February.
New arrival at NetServices
Salford-based NetServices, provider of converged business communications, today sees the arrival of Alan Jarvis as chief technical officer. Jarvis has spent over 20 years in the IT industry, most recently as chief information officer for Rotary International in Chicago.
Cameron in Manchester to unveil Tory defector
Conservative Party leader David Cameron is in Manchester this afternoon to reveal that Councillor Faraz Bhatti has defected from the Liberal Democrats to be the first Conservative councillor on Manchester City Council since 1996. Earlier today Cameron delivered a speech at Trafford Hospital on his vision for the National Health Service.
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DTZ says rents to fall
Businesses rather than landlords now hold the whip hand in negotiating rental terms, according to consultancy DTZ, which predicts a fall of between 15 and 20 per cent in office demand in 2008. With the banks and financial institutions that have been so lucrative as a source of deals looking to reduce overheads, DTZ told the Daily Telegraph that: "The pricing power has moved to the corporate occupier. This will provide a major source of opportunity for those occupiers able to take advantage of their market position."
Spencer's Olympic spirit
Acquisitive industrial developer and investor Spencer Holdings has paid Ellesmere Port and Neston Council £1.25m for the freehold of the Olympic Park industrial estate. The park is almost fully let and sits opposite Rosemound's Pioneer Point at junction 7 of the M53. Late in 2007 Spencer secured a £200m funding package from Bank of Scotland to back its ambitions of building its portfolio by 1 million sq ft a year.
EP goes public
English Partnerships (EP) has submitted its planning application for the Lime Street Gateway site in Liverpool city centre. As expected, the residential tower that had been part of the plans until a lengthy compulsory purchase order programme, towering build costs and the market's slowdown, has been axed, but it will not be replaced by commercial buildings. Rather, EP will concentrate on building public realm that brings out the station frontage and provides better links to the adjacent cultural quarter.
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Latitude for growth
Internet search engine marketer Latitude has undergone a management buyout backed by private equity group Vitruvian Partners. Latitude chief executive and serial award winner Dylan Thwaites said: "This is a fantastic development for Latitude and its clients. We will be looking at new geographic markets and diversification into other digital marketing products." The Warrington and London-based company has seen turnover rise from £500,000 in 2002 to more than £30m in 2006.
Verna sell-off continues
Bolton-based healthcare business Verna Group has sold Care Shop, which supplies medical, dental and mobility aids to care homes, to international distribution and outsourcing group Bunzl for an undisclosed sum. Verna, which posted revenues of £19m for the year to 31 March 2007 and has gross assets worth £5.1m, was advised by PricewaterhouseCoopers' corporate finance team in Manchester. Verna's parent group, the private equity house Legal & General Ventures, has sold off other parts of the business since 2005 and is said to be ready to sell the core business for around £50m.
Octopus wraps Kaiku
Manchester Science Park-based food and drink safety company Kaiku has been bought by private equity group Octopus Ventures. The firm is now being bolted together by Octopus with Essex-based GB Environmental, which operates in the same sector. Kaiku's i-Pipe, a sensor that monitors changes in food or drink during processing, will complement GB's air and liquid disinfection products, expanding the new company's market share while also developing its interest in the health, leisure and pharmaceutical industries.
AXA buys Ignition
Lancashire-based Ignition NBS, which provides marketing and business development services to insurance brokers and the wider professional services market, has been acquired by AXA Services. Managing director Andy Heap will remain. Ignition was advised by law firm Taylors.
ScreenFX looks to the future
Digital advertising company ScreenFX has received approval from its shareholders to acquire outdoor advertising contractor Screen Media Networks (SMN) in a shares-only deal that executive chairman Mike Cottman says could make the Cheadle business profitable within a year. ScreenFX has struggled to win national business, but believes SMN's position in the niche theme park and convenience store markets will provide a basis for growth. The new business will be called Vision Media Group.
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