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Top story
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Healthcare group expands
While merger and acquisition activity in general has fallen, the market for deals in the healthcare sector is remaining relatively buoyant across the globe. A strong business model has allowed Ashberry Healthcare, a Warrington-based care home operator, to expand with the £3.85m acquisition of a nursing home in Surrey after securing funding from The Royal Bank of Scotland. The company has also completed a £1.5m extension at its Heathercroft Care Home in Woolston, which provides an additional 24 beds at the dementia care facility. The purchase of Moorhouse Nursing Home in Hindhead increases the number of homes under Ashberry’s control to eight, giving it a capacity of more than 350 beds across its properties in England and Wales.
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Deals
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Sports health group buys again
Mobilis, an acquisitive Oldham-based sports medicines group, has acquired Sussex-based SKF Services, its sixth acquisition in just over a year. SKF Services, founded by Simon Francis in 1988, supplies, maintains and repairs physiotherapy and other sports therapy equipment for hospitals, private practitioners, surgeries and sports clubs throughout the UK. It will bring £1.5m to the annual turnover of Mobilis, which will help the group achieve its £30m target for this financial year.
In Focus – open for business
Almost every banker questioned by journalists over the past year has claimed that their institution is “open for business”. But, as it turned out, not every bank was in such a strong position after all. In the latest of our series of online deals columns, In Focus, Insider editor Michael Taylor explains how one Manchester-headquartered bank that went against the flow is now sitting in a very comfortable position indeed. Visit the new section of our website to find out more.
Whittaker builds UK Coal stake
Goodweather Holdings, part of the Peel group, has built its stake in UK Coal to 44,058,000 ordinary shares of 1 pence, representing 28.017 per cent of the voting rights in the business, fuelling yet more talk of a takeover in the City. The UK’s largest coal producer operates four deep mines in central and northern England, employing 2,400 people, and sells to electricity generators to produce 5 per cent of the UK’s electricity. Peel is also involved in wind farms and is exploring tidal energy in the Mersey estuary.
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Business
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Pysden takes temporary Airport chair
Edward Pysden has been appointed as interim chairman for Manchester Airports Group with immediate effect, following the resignation of Alan Jones last month, until a permament appointment is made. Pysden is a senior partner at law firm Eversheds in Manchester and a non-executive director of Marketing Manchester.
Access all arias
The Manchester City South Partnership has greeted government support for the proposed Royal Opera House Manchester warmly. The facility would add to a cultural offer in the Oxford Road corridor that already includes the Cornerhouse, Royal National College of Music and the Contact Theatre. The partnership’s chief executive Jackie Potter said: “Part of the long-term strategy is to create job opportunities and the arrival of Royal Opera House Manchester will help us realise our ambition.”
Kukri lands Lancashire kit deal
Preston-based sportswear manufacturer Kukri has landed a four-year contract with Lancashire County Cricket Club as the club’s official kit supplier. It will also operate the Lancashire Cricket Store franchise. Kukri claims to be the UK’s biggest bespoke sports kit supplier, providing kit for rugby union clubs Worcester and Ulster, the Irish rugby league world cup team, the Celebrity Soccer Sixes tournament and international hockey, netball and lacrosse squads. Rugby league club Wigan Warriors has also confirmed today that it has signed a new three-year deal with kit supplier KooGa Rugby.
Insolvency increase ‘catastrophic’ says R3
North West insolvency practitioners expect the number of business insolvencies to go from 13,091 in 2007 to 15,380 this year and at least 17,600 in 2009, a 34 per cent increase over two years, according to a survey conducted by insolvency trade body R3. Regional chairman Matt Dunham said: “The predicted increase in business insolvencies from 2007 to 2009 is catastrophic - we will start to approach the numbers we saw in 1992. For the last few years businesses that perhaps were not performing well have been kept alive artificially by the easy availability of credit, which has now dried up.”
North West winners in start-up awards
Chester-based Home Instead Senior Care, which provides care and assistance to older people, was named Barclays Startups Business of the Year at last week’s Startups Awards, as well as scooping the title of team of the year. The company has 25 franchised offices across the UK. Other award winners included Sedbergh Soap Company of Cumbria in the micro business category, Frodsham Laser Clinic for the adversity award and serial award winner iTeddy from Lancashire for product of the year.
Funding boost for environment team
Enworks, the North West environmental business support service, has received approval for a £2.55m investment from the Northwest European Regional Development Fund Programme, matched with £6.1m funding from the Northwest Regional Development Agency, to continue its work with the region’s businesses until 2010. The not-for-profit organisation helps businesses reduce their energy use, make cost savings and reduce their impact on the environment. With the additional investment, Enworks says it will be able to help a further 1,500 businesses, achieve another £31m in cost savings for regional companies and save 125,000 tonnes of carbon.
Personal insolvencies likely to rise
With the Department for Business, Enterprise & Regulatory Reform set to reveal third quarter personal insolvency statistics this week, Paul Bateman, personal insolvency director at KPMG in the north, isn’t optimistic. He said: “We believe the bankruptcy statistics will increase by a small amount and that, by the end of 2008, personal insolvencies will reach up to 110,000. During 2009 we think this figure is likely to increase to 150,000 as factors such as rising unemployment also start to take hold.”
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Property
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Whelan goes back to the high street
Dave Whelan, owner of Wigan Athletic and the founder of JJB Sports, has teamed up with Barry Dunn to create Wheldone Investments, an investment fund to buy high street retail properties. Until September Dunn was property director at JJB, where he worked for about 20 years. JJB chief executive Chris Ronnie told Insider last month: “Barry’s been a fantastic asset to JJB but it’s his decision to move on.”
In House still in the market
In House Group, which buys up portfolios of residential property for break-up and resale, said in its annual report today that it is in the market for a lettings business or portfolios from distressed sellers. Although its stated intention of selling on properties from the portfolios already acquired, mostly in Greater Manchester, has not been achievable in the current market, it said that it has focused on lettings. As of April 2008 the group owned properties worth £15m.
Manbat buys in east Manchester
Stored energy products importer and distributor Manbat has bought a 7,185 sq ft warehouse at Hyde Point, east Manchester, from Kilmartin Property Group. It is in the process of moving into the building, which will be used as a depot for the storage and distribution of batteries. Three units, ranging from 13,715 to 4,807 sq ft remain at the speculatively developed scheme located less than half a mile north of junction 3 of the M67.
Demand down, incentives up, says RICS
Demand for commercial property in the third quarter of 2008 fell at the fastest pace in a decade, according to a Royal Institute of Chartered Surveyors survey released today. But North West surveyors claim that demand and confidence in retail, the hardest hit sector UK-wide, had improved. Regional spokesman Nick Davies said: “There has been marginal improvement in retail. But the market is still suffering and we don’t expect a full recovery before 2010. This will hit the North West's industrial and distribution sector particularly hard.” The value of inducements in both retail and office sectors rose at the fastest pace in the survey’s history as landlords tried to counter falling demand with incentives.
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Events
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Dates for your diary this week
Tomorrow morning Manchester city centre management company CityCo will hold its latest Cityconversations event, called ‘Driving forces of change in the modern city’. The British Council for Offices is conducting a tour of Halliwells’ Spinningfields building, while the TIF Yes campaign is holding a US election night party at the Northern – go Team Barack. On Thursday night the Radisson Edwardian is to unveil its relaunched Alto restaurant.
An audience with Michael Oglesby
Tough times require wise heads. And Bruntwood boss Michael Oglesby is to speak at a special business event next month at which he will impart his thoughts on dealing with the ups and downs in a long career in business. The event is being held to promote the Many Hands Campaign in support of the Manchester New Children’s Hospital Appeal. The evening at Manchester Town Hall on Wednesday will start with a drinks reception at 6.30pm and will be hosted by Michael Taylor, editor of Insider.
Cumbria’s Olympic chance
Cumbria Vision and the Northwest Business Network are to hold a free event in December to inform Cumbrian businesses of the opportunities arising from the London 2012 Olympic and Paralympic Games. The seminar will be held at Rheged, Penrith, on 9 December. London 2012 expects to have about 7,000 direct contracts which, together with its suppliers, will form supply chains of about 75,000 opportunities in areas such as construction, engineering, merchandising and retail.
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