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Top story
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A Wolff in JMW clothing
Ambitious Manchester law firm JMW has made another high-profile signing. Insolvency lawyer Richard Wolff is leaving Halliwells to spearhead a new corporate recovery department at the firm, Insider understands. The move is one of a string of key appointments expected at the Spinningfields-based firm, which has also recently appointed Chris King from Heatons. JMW plans to grow its corporate team to 20 in the next two years, including five or six insolvency professionals. It says its strength is down to the spread of markets it covers, including claims, sport, money laundering and intellectual property. The company employs 160 staff and is planning to grow that number to 250 in the next four years.
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Today's news
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A concrete relationship
Construction services firm The Vinden Partnership (TVP) has merged with insurance and risk management business Watson Laurie Group, a group of companies controlled by Andrew Crompton. Established in 1994 by two brothers, Peter and David Vinden, TVP, based in Bolton, provides a range of services including dispute resolution and financial management to the construction sector. Consolidation in this sector is helping companies through the downturn but TVP claims it services are still very much in demand.
Play time for Robinwood
Lancashire-based Robinwood Activity Centres, which enables young people to experience outward bound activities and team building on residential courses, has announced the acquisition of a 19th century castle in Todmorden to expand its existing estate. The £2.1m deal makes Robinwood owner of Dobroyd Castle, which is set in 17 acres of countryside.
Pinsents swoops for Hammonds man
Law firm Pinsent Masons has hired Gregg Davison, who resigned his post as head of corporate finance and strategy at Hammonds earlier this week. Davison, corporate lawyer of the year at the Insider Dealmakers Awards 2007, joins ex-Hammonds partner Stephen Levy in Pinsents’ corporate team.
Roberts leaves Kenmore
Ben Roberts has left his post as head of investor and developer Kenmore's Manchester office after six and a half years. Roberts said that he expects to make an announcement on a new venture within a few weeks. The Edinburgh-headquartered Kenmore has this week been the subject of reports regarding a restructuring by Bank of Scotland.
Even Fergie's fund feels the pinch
The Bank of Scotland is to withdraw its £200m funding facility from a joint venture it has with fund manager AAIM, which invests on behalf of high-net worth individuals including Manchester United manager Sir Alex Ferguson. Although the withdrawal is expected to affect funds currently being built by AAIM, its debt position will not be affected.
A matter of Trust
Trevor Hemmings' Northern Trust has completed a deal with Breasley Pillows, which will take 55,000 sq ft across three units at the £10m East Tame business park in Hyde. The scheme forms part of a wider mixed-use regeneration zone, which also includes a 235-unit residential scheme sold by Northern Trust to Barratt Homes.
Walking on Air, for now
Leyland-based Air Music and Media Group, which distributes home entertainment products to retail outlets, will announce a robust performance at its AGM today. In a statement chairman Peter Cowgill said: "I am pleased to announce that group sales for the financial year to date are ahead of last year and, despite margin pressure, the management team is pleased with the company performance." Air Group remains mindful, however, of current consumer confidence as it heads towards the Christmas period, its most significant trading phase. The company will post its interim results on 8 December 2008.
Winning Winsford
Work has started on the £10m Winsford Learning Zone, a project to devise a new educational centre led by Mid-Cheshire College which has secured funding from a range of partners including the Learning & Skills Council, the Northwest Regional Development Agency and Cheshire County Council. The development is expected to be completed by March 2010, providing education and training for 250 full-time students from local Winsford schools.
Another credit warning
In a further sign that companies need to get their finances in order, the latest Credit Conditions report from The Bank of England confirms that credit lines have tightened more than expected in the third quarter of 2008 with a further squeeze to come. Nigel Birkett, head of debt advisory at Deloitte in the North West, said: "The scarcity and expense of credit could see UK businesses paying an additional £13bn a year just to meet the cost of increased interest payments. In this environment, businesses need to manage their balance sheets and liabilities very carefully just to keep their heads above water."
Businesses go green
A new survey of over 3,000 firms, released today by the British Chambers of Commerce, says that UK businesses have made £1.1bn in energy efficiency savings over the last 12 months. The report, Business and the Environment: Challenges Ahead, surveyed companies nationwide to ascertain current opinion on climate change and the environment. Nearly nine out of ten companies reported that they recycle while just over half use energy-efficient products. A third of businesses provide training to their employees to reduce emissions while a quarter have developed energy management policies. Only a third of businesses said climate change is low on their priorities.
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Something for the weekend
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Deal of the week
If you haven't yet guessed where all the buyers are coming from at the moment, here's another clue. In the latest Middle Eastern takeover in the North West, specialty chemicals business BWA Water Additives has been acquired by United International Bank, an investment bank based in Bahrain. Cash-rich buyers in the Gulf are causing quite a stir in the North West corporate finance community and further deals of this kind are expected to fill the news before the end of the year.
Got the horn?
Worried by the economic tornado ripping through the world? Fear not, because Wilmslow-based sales recruitment agency Pareto Law has the answer. It's "Boosting team morale on a budget" programme suggests we follow Pareto's lead in introducing an air horn to celebrate new business wins. Apparently, "the horn is very loud, attracting attention and applause from the rest of the team and management". We thought this sort of thing only happened in bad Hollywood films and hellish call centres.
Refreshingly honest quote of the week
Let's be honest. There is an awful lot of speculative nonsense spouted about the credit crunch, the economy and the future. When asked his view at The Liverpool Summit on Wednesday morning, Professor Phil Redmond, quoting Hollywood legend William Goldman, said: "No one knows nothing." If only every other so-called expert deployed such common sense.
A select gathering
Get you, Select Property. The Cheshire-based punter of overseas property attracted some top-notch celebs to the London launch (our invitation must have got lost) of its £1.1bn Aquitainia scheme at the bonkers The World project off Dubai. Orlando Bloom, Hilary Swank, Girls Aloud’s Sarah Harding and Kelly Rowland were among the guests. Surely this is just rubbing the more homely developers’ noses in it in these torrid times – what’s wrong with a little bash in town with Dev from Corrie and some kids from Hollyoaks?
Thai me up, thai me down
If you've got a spanking new east Manchester pad that garners widespread praise but often has too many empty seats, why not team up with another venue with exactly the same problem? The ever-resourceful hospitality team at Manchester City has teamed up with cavernous local Thai restaurant Vermilion to give guests at its sold-out packages a taste bonanza at the match against Liverpool on Sunday. Will the chillies be dyed from red to blue, as happened with the ketchup at the Manchester derby a few years back?
Canapé won't pay
Full marks for quality go to the fancy canapés delivered by the Chester Grosvenor Hotel for the grand opening of Grosvenor’s Liverpool One on Wednesday night as the rain beat down ferociously on the rather substantial marquee sheltering under One Park West on Chavasse Park. Insider’s favourites were the mini Eccles cakes. But zero marks for quantity when the fizzy pop was flowing so freely. The canapés were so tiny that at least one guest had to miss the fireworks as they went in search of some greasy chips.
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