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Top story
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Medical company raises £2m
Daresbury-based medical screening company Medalytix, the brainchild of venture capitalists at Preston-based EV, has closed a £2m funding round and attracted new investors in the process. The company, which is a portfolio business of the RisingStars Growth Fund, was launched in 2005 and is led by chief executive Robert Thompson. The latest funding boost, which has attracted new investment from Hotspur Capital Partners and Corporación Empresarial ONCE, the business and venture arm of the Spanish National Organisation for the Blind, will enable Medalytix to develop overseas interest for and intellectual property for its iGrading product, which can detect diabetic eye disease. Julian Viggars, head of technology investment at EV, said: “Many technology companies show early growth, then wither on the vine due to lack of support. The only way of enabling the best innovative concepts to flourish is by ensuring that they not only have significant funding support but also, crucially, have experienced help on board in the very early stages.”
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Deals
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Insulation expansion
A Salford-based home insulation business is expanding into Birmingham with the support of Lombard, the asset finance arm of The Royal Bank of Scotland. The fledgling Greenman Insulation, which launched in October 2007, operates in a high-growth sector, that has benefited from government policy on emissions. In September 2007 the government announced a £910m package to help householders reduce their fuel bills, which included a 50 per cent discount on the cost of insulating their homes. Following the Midlands move, Greenman is planning to open further bases across the country in its bid to achieve a turnover of £10m in the next two years.
Downturn brings expansion
A Lancashire-based pub management company is moving into new premises after just eight months. Cleveleys-based Publicana has witnessed the growth in business following a downturn in the market, which has left many pubs without a tenant or facing insolvency. As a result, large pub chains are turning to management companies to keep businesses running and retain jobs. Publicana, which employs 20 full-time staff with a pool of more than 450 across the country, is expecting to increase turnover from £7m to £18m in its second year of operation.
Market pushes out the speculators
Activity on AIM flat-lined in the fourth quarter of 2008, with the total amount of new money raised hitting its lowest level for ten years, according to research released today by Deloitte. But Richard Bell, head of transaction services, believes the market will strengthen in 2009 as speculative propositions fall by the wayside. He said: “Despite the negative sentiment surrounding the market there are undoubtedly good companies on AIM that can be held up as success stories – it is a fallacy to suggest that all AIM companies are poor propositions.” Bell added that AIM had been particularly hard hit in 2008 due to its exposure to mining, gas and natural resources and property but had become more diversified as a result.
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Business
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Opal triggers broadband price war
Warrington-based Opal Telecom has triggered a price war in business-to-business broadband with a new £10 per month offer for 24Mbps. Opal’s managing director Paul Lawton told Insider: “This move is intended to dominate the business broadband market and could force out less competitive operators.” BT has responded with a new price structure for business customers.
Allen quits Barclays
John Allen is stepping down as non-executive chairman of Barclays in the North West after just 18 months in the role. Allen has been with the bank for 38 years, and previously worked as regional director, but he is keen to look for opportunities in other sectors. Michael Hartig, commercial director at Barclays in Manchester, said: “It has been invaluable having John around over the last 18 months to take advantage of his experience and knowledge of the local market. We are sorry to see him go, but appreciate his desire to look for a fresh challenge outside banking.”
Manchester secures rugby international
The Northwest Regional Development Agency (NWDA) and Manchester City Council have persuaded the Rugby Football Union to bring an international match against Argentina to Old Trafford on 6 June, the first time the team has played a home game away from Twickenham. Peter Mearns, executive director of marketing and communications at the NWDA, added: “Securing this match between two world-class teams is a fantastic coup for Manchester. Sport makes a huge contribution to our regional economy and we expect tens of thousands of fans to head to Manchester in June. We are pleased to have been involved in bringing such a high-profile event to the region.”
Mobile launch from Mediaburst
Alderley Edge text messaging company Mediaburst has launched a new online service called Promobi, aimed at helping small and medium-sized businesses to cut the cost of communications and improve the flow of information with staff and customers. The new service can be used by companies for a range of activities, including managing promotions, sending special offers, reminding people about appointments and for internal communications.
Football’s rich strugglers fuel spending boom
The Premier League has again outspent its European rivals heavily in the January transfer window. Although some clubs are facing issues with refinancing loans, the league as a whole committed to spending £160m in this window, up from the record £150m of 2008, according to Deloitte’s Manchester-based sports business group. Director Dan Jones said: “The record level of gross spending has largely been driven by transfers between Premier League clubs, around £105m, in particular fuelled by the activity of Manchester City and Tottenham Hotspur.” A North West beneficiary of this largesse has been law firm Brabners Chaffe Street, which has advised both City and Manchester United on deals as well as acting for Major League Soccer on David Beckham’s loan to AC Milan.
Brownfield land turning green
Work is underway on a land reclamation project at the old Bewsey tip site in Warrington. The Northwest Regional Development Agency, in partnership with Cheshire County Council and Warrington Borough Council, is providing £543,000 towards a £750,000 pound scheme to transform the derelict, brownfield land into a new public open green space. The rest of the funding is from Warrington Borough Council. Taking two years to complete, the scheme will include new sports pitches, children’s play area, a network of surfaced pathways and improved access links to Sankey Valley Park.
TDA jobs boost to Manchester
A teacher and school staff training body is creating 250 jobs in Manchester as it moves its base from London to the North West. The Training and Development Agency for Schools (TDA) has begun recruiting staff in the city as part of its phased move and initially plan to recruit staff into middle to senior management policy posts to fill those that are becoming vacant in London. The TDA is relocating to Manchester under terms of the Lyons review, which seeks to boost regional economies by relocating key government functions away from London and the South East.
Training deal signed
Law firm Pinsent Masons has signed a deal with The College of Law to provide legal training to its new staff. Under the five-year agreement, which starts in September, all of the firm’s trainees will study the Legal Practice Course at the college’s Manchester base in New York Street or at its centres in York, London and Birmingham. Head of the Manchester office Helen Ridge said: “Moving to a single provider will bring a greater level of consistency but there will also be a bespoke element to the course. Trainees will gain a deep understanding of one of Pinsent Masons’ core sectors, along with learning about the firm’s client base and legal issues.”
Biss Lancaster finds Mecca
Communications agency Biss Lancaster has been appointed to promote Meccabingo.com’s sponsorship of Wigan Warriors for the forthcoming Super League season. The agency will handle Meccabingo.com branding on the players’ shirts, hospitality packages and complimentary tickets, and player appearances at Mecca clubs and in the local community.
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Property
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Tague on Tour - the next level
What now for Manchester? Having been forced to abandon ambitious transport investment plans and still smarting from losing out on the supercasino and the BBC move, the city of Manchester is in need of a major investment win. Or is it? In this month’s edition of Tague on Tour, Neil Tague says: “Manchester has got more than its fair share. It’s done this through working with some talented and resourceful developers, using funding well, having a largely malleable council chamber and not a little political ability.” So what’s cooking that could take the city to the next level? Find out what else Neil has to say by clicking here.
Bruntwood signs three
Bruntwood’s redevelopment of 61 Oxford Street, at the junction with Portland Street in Manchester city centre, has attracted three new tenants. Media buying agency PHD North has taken 3,000 sq ft, joining economic consultancy Roger Tym & Partners and Seven Architecture, which have taken 2,500 sq ft and 1,000 sq ft respectively. The property offers five floors of office space.
Suite deal for Freemont
Freemont Construction, the recently launched contracting arm of the Salford-based Freemont Group, has won its first major contract. The company has been tasked by Thornfield Properties to build an onsite marketing suite and show apartments for Thornfield’s £300m mixed-use The Rock project in Bury town centre.
Pub talk for Pochin
Cheshire builder Pochin Construction has completed its latest project for Stockport brewery and pub operator Robinsons. The Grapes in Gee Cross, Hyde, has been handed over to Robinsons following a £583,783 refurbishment. Antony Pochin said: “Pochin was the original contractor to have built the Frederic Robinsons bottling centre in Stockport when production began in 1975, so it is great to be able to continue that legacy.”
Funding line gives creatives a chance
Salford’s Pendleton College has expanded its campus following a £750,000 funding boost from Yorkshire Bank. Work has just been completed on the three-storey building, which will extend the college’s performing arts facilities. Pendleton College was established in 1973 from the sixth forms of Salford Grammar School for Boys and Pendleton High School for Girls. In 1997 it merged with nearby De La Salle Sixth Form College and has since received the Learning and Skills Council’s Beacon Status Award.
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