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Top story
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JD Sports to beat profit forecasts
Strong Christmas trading has continued into January for sports and fashion chain JD Sports as the retailer today revealed that it expects to exceed profit expectations for the year. The Bury-based company had thought that the gloomy high street climate would drag sales into negative territory, but it now anticipates pre-tax profits for the year to 31 January will be marginally ahead of market expectations. In January the business reported that like-for-like sales over Christmas had jumped 2.8 per cent on the previous year, despite the group holding off its Christmas sale until Boxing Day to maintain margins. Analyst Kate Heseltine from Seymour Pierce said: “JD Sports has succeeded in differentiating itself amongst the sports retailers, carving out a robust, defensive target market. Today’s trading statement indicates that sales have remained robust in the weeks since Christmas, evidence of the more defensive teen market they cater for.” The group’s share price rose 4.7 per cent to 224p this morning.
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Deals
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The deal is sealed for PTM
Garlock, a sealing technology business with its UK base in Yorkshire, has acquired Stockport-based, PTM (UK), a manufacturer and distributor of sealing solutions. The deal strengthens Garlock’s position as an industry leader and complements its acquisition of Leeds-based Northern Gaskets and Mouldings in December 2008. PTM is a rubber moulding and gasket fabrication company dealing specifically in custom sealing solutions, gaskets and insulation materials. It employs 40 people over two sites in Stockport and Wrexham.
MBO for MLR
MLR Networks, a network infrastructure company based in Widnes, has been acquired in a management buyout led by managing director Ian Morris, alongside Steve Woods, who becomes operations director. The company employs 35 staff and has teams of electrical engineers operating nationwide, working with blue-chip clients on network infrastructure projects. Manchester corporate finance boutique Stewart Price Associates advised the management team and the transaction was financed by Skipton Business Finance.
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Business
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Loanmakers placed into administration
Stricken consumer debt company Loanmakers, whose shares were suspended from AIM in mid-January pending clarification of its financial position, has gone into administration. The Bolton-based loan broker said that “having carefully considered the financial position and prospects of the company” it has appointed BDO Stoy Hayward to act as administrators. Although demand for loans is increasing, completion rates are declining because of difficulties in finding suitable lending products. In December the business announced a pre-tax loss of £1.6m for the six months to 30 September. Its board of directors also expressed disappointment that a recently proposed £1.86m underwritten open offer was rejected by shareholders as this represented an opportunity to inject capital into the business.
Umbro to expand its North West base
Football kit manufacturer Umbro has announced plans to expand its North West operations and create around 220 jobs over the next few years. The company, owned by US sportswear giant Nike after a £285m buyout in 2007, will double the size of its headquarters at the Cheadle Royal business park, where it already employs 230 people in sales, design and marketing. The company was persuaded to maintain its presence in the region following assistance from the Northwest Regional Development Agency, inward investment agency MIDAS and Stockport Metropolitan Borough Council.
Theme park calls in the receivers
A troubled Lancashire theme park and hotel has been placed into receivership, putting more than 100 jobs at risk. The Camelot Theme Park and Park Hall Hotel, based in Charnock Richard near Chorley, called in the administrators after owner Prime Resorts admitted it has struggled to compete with attractions such as Blackpool Pleasure Beach and Alton Towers in recent years. Administrator from Grant Thornton said 29 staff have been made redundant yesterday, adding to the 18 who lost their jobs last month. The 140-room Park Hall Hotel, which employs 80 full-time staff, will continue to trade as normal while a buyer is sought. However, it is unclear whether the theme park will open as planned in April.
Ecclesiastical moves to Hardman Square
Specialist insurer Ecclesiastical has expanded its Manchester base after agreeing a deal to take 5,000 sq ft of the first floor at 3 Hardman Square at the city’s Spinningfields development. As a result of the move the business has recruited around 25 additional staff, including new regional director Paul Lee. He moves from Fusion Insurance to take up the role.
Barwell strikes new Rapport
Fiona Barwell has joined communications agency Rapport Events as client services director. She was responsible for setting up the events division of Manchester creative agency Photolink in 2006 and moves from healthcare communications agency Fishawack Communications to take up the role.
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Property
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Alliance puts the pieces together
Property Alliance Group has let 2,900 sq ft at 1 Central Street in Manchester city centre to travel and car hire company Travel Jigsaw, which will locate its call centre at the space. PAG director Dominic Pozzoni said: “Owing to Travel Jigsaw’s continued expansion they have chosen 1 Central Street. The central location and quality of space was a major attraction.”
Amaze deal could be a hit
Marketing business Amaze has taken a new lease on the former Chapel Studios building in Castlefield. Amaze, part of the Hasgrove group, will occupy the whole of the 12,000 sq ft building. Chapel Studios was acquired by developer Bluetree Estates from producer Pete Waterman in 2006 and was used to record many of Stock Aitken & Waterman’s 1980s hits. Edwards & Co advised Amaze, while WHR Property Consultants and TFC represented Hasgrove.
Construction prepares for contraction
Construction bosses in the North West are being urged to maintain a commitment to staff training to preserve the industry’s workforce during the recession, as new figures from the Construction Skills Network report are published today. The annual report, produced by ConstructionSkills, the sector skills council for the construction industry, reveals two distinct periods for the industry. The year-on-year data indicates there will be a 3 per cent contraction in 2009, followed by nil growth in output nationally in 2010, followed by a gradual return to growth of 1 per cent in 2011, 2 per cent in 2012 and 3 per cent in 2013. The figures for the North West are slightly below the UK average, with output growth falling to 0.2 per cent over the next five year.
Hilton comes to Stockport
Hotel group Hilton is to bring its business brand Hilton Garden Inn to Stockport. Manchester-based Grapevine Developments has taken a long leasehold on Seddon Developments’ Kings Reach scheme close to the town centre and the landmark pyramid building. The 165-bedroom hotel will be Stockport’s first three-plus star branded hotel. A detailed planning application is being considered by Stockport Borough Council, with a decision expected in March.
Housing contract for Jackson Lloyd
Contour Housing Group, the housing and regeneration company, has awarded a £4.7m repairs and maintenance contract to Lancashire company Jackson Lloyd. The contract covers properties managed by group member Contour Homes, which has 10,000 properties in its portfolio across 27 North West local authority areas. This major contract has been divided into six individual contracts spanning Contour Homes management areas. It is a five-year contract with an option to extend for a further five and will start on 1 April.
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