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Top story
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Ratcliffe steps in to buy Loanmakers
Bolton-based consumer debt business Loanmakers has been bought out of administration by a newco set up by former chief executive Ges Ratcliffe. Creditflex Loan and Mortgages has rescued the business, saving 33 jobs in the North West, just days after accountancy firm BDO Stoy Hayward was appointed. In January Loanmakers’ shares were suspended from AIM pending clarification of its financial position – 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. The firm had been trying to secure new funding following the withdrawal of secured lender First Plus from the market in August.
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Deals
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2ergo buys Broca for £4.9m
Mobile marketing provider 2ergo has reached an agreement to buy Rawtenstall-based mobile security business Broca for £4.9m. Barry Sharples, joint chief executive of 2ergo, said: “Broca’s technology has significant potential to generate future earnings as part of 2ergo and to provide added value to our customers by enhancing our range of products and services.” Like Broca, 2ergo is based in Lancashire, although it has plans to move to Salford Quays.
Bank announces SME funding
NatWest and The Royal Bank of Scotland (RBS) are set to make an extra £250m of funding available to small and medium-sized businesses in the North West this year, to be delivered through a locally administered package of funding choices from today. As well as providing traditional debt finance, the new funds will offer businesses the opportunity to access other avenues available to help them manage their capital and cashflow through the current economic downturn. Bill Ratcliffe, managing director of NatWest and RBS Business and Commercial Banking in the North West, said: “Small and medium-sized businesses are the driving force behind the region’s economy. The new regional fund shows our commitment to continue to support and reassure North West businesses.”
Curapel looks for partners
Curapel, a University of Manchester spin-out company, is looking for financial partners to develop a market trial of its products to treat chronic inflammatory skin conditions such as eczema and psoriasis. Aided by the university’s intellectual property company UMIP, Curapel has in the last year secured a £100,000 proof of concept package and received Biotechnology and Biological Sciences Research Council follow-on funding. Results of clinical trials are expected in mid-2009.
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Business
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Oil prices fuel NWF boom
Profits at fuel and feeds distributor NWF rocketed by 68 per cent in the six months to 30 November 2008 on the back of record oil prices. All three divisions of the Nantwich-headquartered business performed strongly. The distribution business doubled operating profit to £1m; operating profit in the feeds division climbed 16.4 per cent to $1.4m and fuel division profits went up 160 per cent. Total pre-tax profits were up 12.5 per cent, to £1.8m. Shares climbed to 89 pence this morning.
Interest rates could fall to zero
As the Bank of England today moved to reduce UK interest rates to 1 per cent from 1.5 per cent, experts in the North West were predicting that rates could reach zero this year. “Markets were expecting a 50 basis point cut, and will be relieved to have got it,” said Simon Allport, senior partner at Ernst & Young. “The economy is in a deep recession and further interest rate cuts may be on the cards. We expect interest rates have further to fall – possibly to zero.” And Patrick Loftus, practice senior partner at Deloitte in the North West, said: “The MPC needs to take unprecedented action and we could well see 0 per cent interest rates this year. At these levels, there is growing unease for savers. Whether this will encourage savers to start to invest in other assets – in particular, property – remains to be seen. Confidence is still probably too low to expect an immediate change in investment sentiment.”
We’re going to the zoo
Law firm Hill Dickinson has been appointed as the sole legal adviser for Natural Vision, the recently announced £225m project that will see the development of Chester Zoo into Europe’s largest conservation, animal and leisure attraction. A planning application for the £90m first phase is due to be submitted later this year and will include the development of a domed ecosystem, as well as a 90-bed hotel and a conservation college.
Only the strong can survive
The Northwest Regional Development Agency, Business Link Northwest, the Manufacturing Advisory Service North West and The Manufacturing Institute have joined together to launch the Manufacturers Survival Series to help the region’s manufacturers through the downturn. Free breakfast workshops will be held in March at three locations across the North West to advise businesses on accessing the business support and opportunities on offer in the region.
New digital head at Photolink
Photolink Creative Group has strengthened its digital team with the appointment of Rachel Mcquitty in the role of head of digital. She joined Photolink after taking time out to raise her son, following three years working in Australia as account lead at JWT Sydney and before that at digital specialist the White Agency.
McCann cements deal
Lafarge Cement UK, part of the world’s largest building materials brand Lafarge Group, has appointed McCann Erickson Communications House in Prestbury as its marketing agency. The team will be working with the organisation’s UK cement division to raise brand awareness by developing a creative advertising campaign integrated with direct mail, social media and digital activity.
Recruitment at DWF
Law firm DWF has appointed a new corporate partner at its Manchester office. Peter Allen has spent the past 13 years working for London law firms, initially Macfarlanes and most recently Barlow Lyde & Gilbert, where he was an equity partner. Meanwhile, the firm has also appointed debt recovery specialists Ron Lack and David Scottow to help develop its debt recovery practice to serve public and private sector clients on a national basis. Lack was formally head of Incasso, the debt recovery business owned by Cobbetts, while Scottow was operations manager.
Michelin men hit 50 mark
Michelin Developments, part of the tyre giant set up to fund community economic development, has passed the landmark of 50 loans made to small businesses in east Lancashire. The loans total over £1.2m and have supported 500 new jobs since opening in Burnley in 2003, making it the most successful of Michelin’s four UK areas, ahead of north Straffordshire, Dundee and Ballymena. The fund is available to all manufacturing and service businesses in Pendle, Rossendale, Hyndburn, Ribble Valley and Burnley.
Law firm on education panel
The Crescent Purchasing Consortium (CPC) – which represents more than 400 further education colleges in the UK – has appointed DWF to provide legal services to its members throughout the north and the Midlands. The CPC is managed by the directors of finance for nine further education colleges based in the Greater Manchester area and operated by the purchasing services department at the University of Salford. DWF is one of a number of law firms appointed to the panel. The firm will be providing a range of advice on everything from employment law and property issues to commercial contracts and litigation.
Public sector opportunities
Small companies in the North West are being encouraged to sign up to a government business website to take advantage of thousands of public sector contracts. More than 123,000 companies have already joined the supply2.gov.uk website, which provides details about government contracts for small businesses. On average more than 3,000 contracts are advertised on the website every month and the North West has the highest number of opportunities in England outside of London and the South East.
A fresh approach for Cole
Peppermint PR, the marketing communications agency in Hale, has expanded its professional services portfolio after banking corporate finance firm Cole Associates, based in Manchester. Peppermint will be responsible for raising the company’s profile, as well as supporting its marketing communications strategy in regional business, finance and specialist trade press.
Insolvencies set to rise
KPMG Restructuring predicts that insolvencies will rise dramatically in 2009 and reach 5,000 by the end of the year. This compares to 3,225 insolvency appointments in 2008 to 23 December and 2,230 in 2007, a 45 per cent increase in appointments from 2007 to 2008, according to KPMG’s figures. Brian Green, of KPMG Restructuring, said: “The downturn is now firmly entrenched in the real economy and there are hardly any sectors that have not been hit. Confidence is a key driver behind consumers’ and business’ willingness to spend money, and right now confidence is at a low ebb.”
Technical change at Cummins Mellor
Iain Russell has taken over the technical desk at Accrington consultancy Cummins Mellor Recruitment. He will specialise in technical recruitment in manufacturing and engineering and looks forward to drawing on his experience of production and quality management in manufacturing, which included time with Northern Foods.
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Property
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Spinningfields lands a double
Allied London’s Spinningfields has landed the temporary relocation of Manchester City Council, which is to move its staff out of the town hall complex from March 2010, when it will refurbish the premises. Ask’s First Street and Argent’s Piccadilly Place had also been fancied to land the 150,000 sq ft requirement. Earlier this week, Lambert Smith Hampton announced a 5,000 sq ft letting on a ten-year lease at £28.50 per sq ft to insurance firm Ecclesiastical in Halliwells’ 3 Hardman Square building.
Deals there to be done, says Chowdery
Deals are still being completed in the downturn, according to Nabeel Chowdery, whose Property Route (Manchester) business has sold Denzell Lodge in Bowdon to LabWare, a US laboratory software business that will use the space as its European headquarters, for £1.2m. LabWare also occupies part of neighbouring Denzell House, where the ground floor has been let to digital kiosk business Maxbox. International Co-operative and Mutual Insurance Federation occupy the first and second floors on ten-year leases. Chowdery said: “Our core business continues to perform strongly, particularly in Cheshire, which continues to offer us substantial opportunities even in the current climate. Securing buyers and high-quality tenants in such a competitive market is a real coup and a testament to the top-class accommodation we are offering.”
Consent given as Cheshire moratorium lifted
Manchester-based HOW Planning has secured outline planning consent for a residential scheme in Holmes Chapel, the first major housing development to be granted permission in Congleton Borough since the 2003 moratorium on planning permissions. Acting for landowner Castletown Investments, HOW Planning carried out public consultation in December 2007 for 160 new houses at a 10.4-acre site currently partly occupied by wallcovering company Fine Décor, which will be assisted in its relocation by Castletown.
Work to start on Enterprise Academy
Work will start this week on Manchester Enterprise Academy, a £19m facility in Wythenshawe sponsored by Manchester Airport with co-sponsorship from Willow Park Housing Trust, Manchester City Council and Manchester College. The academy, one of the first of seven planned across the city to be built, will provide 750 places for 11 to 16 year olds and post-16 provision for 120 students from 2010. It will open in September 2009 and be based in the existing Parklands High School buildings for its first year.
Two up for KBL
Bolton-based property investor and developer Townson Estates has acquired Carleton Court, Fleetwood in a £1.9m deal. The retail and office scheme is occupied by several tenants including Subway, Poundstretcher, Blackpool and Fylde College and Lancashire County Council. Chief executive Ken Townson said: “In the current economic climate there are likely to be some bargains in what has become a buyers' market.” The deal was negotiated by surveyors Fifield Glyn and completed by KBL Solicitors, which has also advised commercial developer James Industrial RBS on its acquisition of Casino Park in Wigan.
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