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Top story
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Elysian looks north to compete
Fledgling private equity outfit Elysian Capital has stormed into the northern market following the appointment of Manchester heavyweight Phil Greves to run its regional office out of Leeds. Elysian, which also has an office in London, made its first investment in March 2008 and is planning to hit the region hard. Chief executive Ken Terry told Insider: “There is increasing regional competition in the lower mid-market but there are fewer operators chasing these deals compared with the upper end, and it is a lot easier to double the size of a company in this space.” Greves, who will take up the position of investment director and partner, has moved from 3i where he was a director in the firm’s European buyout business. Terry added that a key aspect of Elysian’s offering would be a mix of private equity and operational experience with Priory and Westminster Healthcare entrepreneur Chai Patel on the management team.
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Deals
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Harman hunts acquisitions
Cheshire-based manufacturer of photographic products Harman Technology has lined up its next acquisition target following the purchase of UK firm Kentmere last year. Chairman Howard Hopwood told Insider: “We have identified at least one other company in the digital imaging sector that we are interested in starting a relationship with and would probably plan to move into a due diligence stage in early 2009.” Harman is continuing efforts to diversify its product range following a management buyout in 2005. Declining volumes in the photographic film sector have led to an increased focus on the digital imaging and medical diagnostics sectors to secure future growth. The management team has a spreadsheet of potential targets and Hopwood added that “it would be nice to do one a year” depending on the size and ease of integration.
Funding slice for Mellors
Southport bakery Mellors has secured a £500,000 working capital facility from RBS Invoice Finance to help it meet growing demand. The business, which was established in 1840 by Amelia Jane Mellor, specialises in the use of traditional recipes to supply a range of crafted bakery products to national supermarket chains. The company is owned and managed by husband and wife team Chris and Dawn McLintic, who bought the business in 2004. They have subsequently relocated to a new manufacturing facility in Southport and have grown turnover to £3.4m.
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Business
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North West improves competitiveness
The North West is the "most improved" region in the country, according to the latest UK Competitiveness Index published by the Cardiff School of Management out today. The study, which was last published in 2006, aims to assess the "capability of an economy to attract and maintain firms with stable or rising market shares in an activity, while maintaining stable or increasing standards of living for those who participate in it". While the regional list is dominated by London and the South East, the North West moved from eighth to sixth place, reflecting improvements made to the economic environment, and remains ahead of the North East and Yorkshire.
McLaughlin joins Boylan at HACA
As exclusively revealed by Insider Daily on 20 August, Eamonn Boylan, the deputy chief executive of Manchester City Council, is to leave to join housing and regeneration body Homes and Communities Agency (HACA) as director for new ventures and partnerships. And now Deborah McLaughlin, currently director of housing at the council, has been named as one of nine new regional directors at HACA. HACA, headed by ex-Sheffield City Council chief executive Sir Bob Kerslake, is taking over the functions of the Housing Corporation and regeneration body English Partnerships (EP).
Paul Spooner, North West and Midlands director at EP, has been named as HACA’s regional director for the West
Midlands.
Manchester researchers challenge G8 climate claims
The pledge from G8 countries to cut global emissions by 50 per cent by 2050 in an effort to limit global warming to 2ºC, could lead to "dangerously misguided" policies, according to scientists at the Tyndall Centre for Climate Change Research in Manchester. In a paper published online this week, the researchers say that focusing on long-term targets has ignored the importance of current trends and their impact on cumulative emissions. They say policy must focus on climate change impacts associated with 4ºC or more.
Awards for green business in Lancashire
The Lancashire Business Environment Association has launched its 15th annual awards for companies that have taken positive steps to become more environmentally conscious. The awards are free to enter and include categories for: start-up businesses; companies that have worked in the local community; water management; waste minimisation; and energy efficiency.
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Property
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EP sets up brownfield forum
English Partnerships is setting up a series of seminars to encourage the development of brownfield sites in the North West. The national regeneration agency will head the North West Brownfield Regeneration Forum, which will also include Envirolink Northwest, Manchester City Council, Arup, Macclesfield Borough Council and the National Housebuilding Council. Topics that will be considered include site investigation, risk assessment and remediation, waste, contaminated land and stakeholder involvement.
Vine Mill welcomes new traders
A refurbished factory mill in East Lancashire is opening its doors to new traders, despite ongoing gloom in the retail market. Vine Mill in Oswaldtwistle, formerly trading as BM Furniture, has over 88,000 sq ft of space available to let. Property consultancy Robert Pinkus is offering an adaptable space with flexible lease terms. Concessions already trading from Vine Mill include Marinelli, Home Furniture, Vine Mill Carpets, La Masion, A & S Pine and Furniture To Go.
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