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Top story
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Infinity completes first deal and sets up property fund
The North West's newest private equity fund has established a property investment fund to be headed by Les Lang, who has joined from ASK Developments. He will be responsible for managing the £100m fund with individual residential and commercial developments with a value between £5m and £2m. Infinity was formed by former BDO partner Daniel Finestein and has raised £20m to invest in growing companies. His first deal - announced this week - is to invest £2m in a new £27m specialist finance business called Positive Cash Flow Finance, started by David Smith, who left City Invoice Finance in August following the sale of that business to Venture Finance in 2006.
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Fashion strategy pays off at JD
JD Sports has outperformed its rival sportswear retailers and said profits for the year would beat expectations after shoppers were attracted to its upmarket trainers and clothes. Like-for-like sales increased 11.8 per cent in the 34 weeks to 22 September. JD is also to buy a stake in Focus, a marketing and sourcing company with the licence for Sergio Tacchini clothing. The price could rise to £12.4m, depending on performance, and JD has an option to buy. 
Egan quits troubled Felix
AIM-listed kiosk business Felix has suspended trading of its shares and announced the immediate resignation of its chief executive and founder Andy Egan. The Knutsford-based business is to undergo a business review, which will be announced next week.
French nukes group heads for Cumbria
Leading French nuclear engineering company Onet Technologies has announced that its UK headquarters will be based at Kelton House at Westlakes Science and Technology Park in West Cumbria. The announcement comes after a year of meetings and discussions with regeneration company West Lakes Renaissance. Part of the Onet Group, which employs 40,000 worldwide and quotes a turnover of £1bn, Onet Technologies has 1,800 employees in France and 30 years' experience in nuclear decontamination and decommissioning throughout Europe.
Chester company powering the world
Chester-based Energetix Group, the AIM-quoted developer of new and sustainable alternative energy products, has announced that its backup power subsidiary, Energetix Pnu Power, has supplied and commissioned its first compressed air backup power unit to South African electricity utility Eskom Holdings, one of the top ten largest electricity producers in the world. The company hopes this will pave the way for further market opportunities for Energetix Pnu Power systems.
Haden Freeman in Saudi chemicals contract
Manchester-based engineering company Haden Freeman is set to play a key role in a $50m project that will manufacture high-tech paper products in Saudi Arabia. The company will provide project design and engineering management services for Saudi Speciality Chemicals, a Riyadh-based company, which will manufacture and market products for use in the global paper industry. The company is a new venture between UK chemical company Pentagon Chemical Specialties and Saudi-based Global Chemtech. Construction of the new facility should start this year, with operations likely to start by 2009.
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Buyout at Arthouse
A management team has taken control of Rossendale-based wall coverings and decoration specialist Arthouse. Anita Kenyon and fellow directors Gillian Todd, Robin Bancroft and Drew Whitelaw have bought the company with the backing of Nordic investment bank Glitnir. The £16m-turnover company, founded by exiting owners Malcolm Vaughan and Tim Wilman, is the second largest supplier of wall coverings to the DIY chains. The deal was structured by BTG McInnes Corporate Finance.
N Brown sells Zendor
Manchester-based home shopping group N Brown has sold its fulfillment and delivery business Zendor to a specialist e-commerce company for £3.83m, but has also acquired Nightingales, an upmarket ladies fashion operation. Alan White, chief executive of N Brown, said: "The sale enables us to concentrate on our core strategy of growth in the catalogue and internet retail market. The acquisition of Nightingales complements our other brands."
Co-op swoops for pharmacy chain
The Co-op has announced its biggest-ever pharmacy deal with an £80m swoop for a chain of more than 50 shops across the north. Fifty-two outlets have been acquired from PCT Healthcare, which trades as Tims and Parker or Peak Healthcare.
Growth ambitions for clothing manufacturer
Manchester-based designer clothing manufacturer Henleys Clothing, which has more than doubled in size during the last two years, has secured a £1m funding package from The Royal Bank of Scotland to support its ambitious growth plans. Henleys' turnover has increased from £6.2m in 2005, to £14m last year and is projected to break the £20m barrier this year.
A cracking deal for egg suppliers
Two of the North West's leading egg suppliers have merged. J Rainford & Sons, a family business that employs 30 people near Chorley, has merged with WA McHardy & Son of Milnthorpe, Cumbria. The £4.5m Rainfords was established over 70 years ago, while McHardys, which has a turnover of £1.5m has been in operation since 1948. The merger will see weekly production at the Rainford site increase to 1.75 million.
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Bank of Scotland stiffens ASK's Central Spine
ASK Developments has arranged £20.5m of funding from Bank of Scotland Corporate to begin development work on Manchester city centre's Central Spine scheme, which forms a 20-acre site on the southern edge of the city. Plans for the site include construction of another landmark tower alongside the Beetham Tower. In total, the site will incorporate 19 new buildings, including offices, car parks, residential use, hotels and a large signature tower, providing 3.2 million sq ft of developable property.
Capital idea takes shape
North West developer Downing is planning a 20-storey extension to its Capital office building in Liverpool. The company has appointed Glenn Howells Architects to design the mixed-use tower, which is still subject to a feasibility study but could include offices, apartments and a hotel. Downing will make a full planning application in spring 2008. It acquired the 600,000 sq ft Capital building for £51m from Royal & SunAlliance in March 2006 and has been investing in a complete refurbishment and remodelling.
Into the Matrix
Almost 2,323 sq m of industrial and warehouse space has been sold at Binary Court, part of Matrix Park in Chorley. It is the latest speculative phase in the mixed-use scheme, which forms part of the 500-acre Buckshaw Village project. Units have been taken by specialist metal cutting company AK Stainless, Direct Displays and Exhibitions and garage workshops equipment supplier Craig Specialist Services.
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Cains recruits beer expert to board
Cains Beer Company has appointed former Punch Taverns executive Francis Patton to its board of non-executive directors. Patton will take the place of Simon Wood, who is stepping down from the board. Most recently Patton was customer services director at Punch, where he played a key role in driving operational performance.
Tom Russell to carry Olympic torch
New East Manchester is looking for a new chief executive as Tom Russell is to head south to join the regeneration effort around the London 2012 Olympics. Eddie Smith, the deputy chief executive, will be in charge in the meantime.
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David Conn signs for Insider
One of the UK's leading investigative journalists, David Conn, is to write a monthly feature for Insider simply called David Conn Investigates. In his first outing for the magazine, to be published this month, the Manchester-born writer turns his attention towards the performance of Manchester City Council and its regeneration efforts. The author of two books on the business of football, he also writes a weekly sports column for The Guardian.
Insider wins private equity award
Michael Taylor, editor of Insider, has won the regional correspondent award at the Private Equity and Venture Capital Media Awards held in London last week. The award was made for the coverage of the collapse of Music Zone, the Stockport-based retailer.
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