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Top story
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Daisy chalks up second deal in a week
Nelson telecommunications business Daisy Group has completed its second multimillion-pound deal in a week after agreeing terms to buy the assets of the Telinet and Ipitomi businesses. The deal is worth a combined £15.4m in cash. The latest move follows last week’s £12m acquisition of the Vodafone mobile service business of Manchester-based Outsourcery.
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Deals
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Deal of the month: Sale of Fourth Hospitality to ECI
Insider's deal of the month for March is the sale of software as a service company Fourth Hospitality to ECI in a deal that values the business at £50m.
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Morris Homes completes £200m refinancing
Wilmslow housebuilder Morris Homes has completed a refinancing deal with its principal lenders Royal Bank of Scotland and Bank of Ireland. The new banking facility is in excess of £200m.
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London calling for School of Sound
School of Sound Recording (SSR), the Manchester music college, has opened a site in London after securing funding from Lombard, the asset finance arm of NatWest. SSR has invested more than £400,000 in the project.
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Business
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Piccolino owner confident despite widening losses
The owner of restaurant chains Piccolino and Restaurant Bar & Grill has said it is confident of the brands' trading potential despite posting widened pre-tax losses of £1.8m. In its results for the year to 31 December 2010, the Individual Restaurant Company, which made a pre-tax loss of £872,000 last year, also reported reduced revenue of £51.3m, down from £53.3m in 2009.
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Losses widen at Nanoco
Nanoco Group, the Manchester developer of quantum dots and other nanomaterials, this morning reported widening half-year losses. But it said the company planned to accelerate the development of its technology after raising £15m through a share placing earlier this year.
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Sport Media set for administration
Sport Media Group, the Manchester-based publisher of the Daily Sport and Sunday Sport, has ceased trading and is set to go into administration.
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OFT takes action against Webuyanycar.com
The Office of Fair Trading (OFT) has taken enforcement action against used car buying company Webuyanycar.com, owned by Rochdale-headquartered UK Car Group, over concerns that its online valuations were “misleading”.
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Gain new business contacts…
Insider’s North West Top 500 2011 database is our accurate and comprehensive business marketing list, providing you with the strongest contacts for the region’s biggest companies. Order now and receive a 30 per cent discount or request a free sample now (offer expires 30 June).
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Property
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Driver steers African JV
Driver Group Africa has signed a joint venture agreement with Australian business Evans & Peck. Under the agreement, the companies will work together on energy, resource and infrastructure projects in Africa.
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Iliad wins approval for Liverpool scheme
Iliad's plans for a 262-bedroom student accommodation scheme in the Ropewalks area of Liverpool have been granted planning consent.
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Other News
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Board members in place for Greater Manchester LEP
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Cargill completes Royal Nedalco deal
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Manufacturing activity growth slows
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Khan finalises Accrington takeover
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Did you spot it?
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With towns across the UK vying for investment capital, what does the future hold for Burnley and how can it present a coherent case for cash? Neil Tague reports.
