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Top story
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Economic boost from ACC Liverpool hits £200m
Liverpool’s Arena and Convention Centre has contributed £200m to the city region economy in its first year, double what was originally predicted. The venue, which comprises the 11,000-seater Echo Arena and the BT Convention Centre, has seen almost 700,000 people pass through its doors over the first 12 months. Highlights of the 2008 programme included the MTV Europe Music Awards in November – which was watched by an estimated global audience of 1.5 billion people – and the BBC Sports Personality of the Year awards in December. “We originally estimated that the venue would deliver £100m to the local economy – for everyone from hoteliers, restaurateurs and cab drivers – but we have more than doubled that,” said chief executive Bob Prattey. “This is testament to the tremendous effort from everyone involved in the project, who have made this first year such a huge success.” Confirmed artists to play the venue during 2009 include Lionel Richie, Pink, Bob Dylan and Eric Clapton.
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Deals
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IGC heads south
Telecommunications provider Inter Group Communications (IGC), which is based in Southport, has expanded its operations into southern England with the acquisition of a Bristol-based rival in a deal funded by The Royal Bank of Scotland. The acquisition of Budd Communications provides the company with a national presence and is part of its strategy to establish the UK’s largest Panasonic telecoms equipment dealer in the UK. IGC was formed in 1976. It specialises in fixed-line telecommunications solutions for business customers across the North West and Midlands. 
Are banks the reluctant private equity?
What does 2009 hold for the region’s banks and for the businesses on their balance sheets? How will state-owned banks operate and who is in control? In the first of his online columns for 2009, Insider editor Michael Taylor examines what needs to happen next if the banks are to start lending again. “The blockage in the financial system needs something even more incendiary than strategic stakes,” he says. “The banks are unwilling and unable to lend at anything like the ‘normal’ levels that Alistair Darling hoped for.” To read more visit the In Focus section on our website.
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Business
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Boardroom changes trigger JJB revival
Shares in JJB Sports continued their recovery this morning as investors responded to the confirmation of Sir David Jones as executive chairman and appointment of former Selfridges man Peter Williams as executive director in charge of strategy. Chris Ronnie continues as chief executive of the Wigan retailer. Shares this morning were up 68 per cent, at 8.85 pence. Jones, the man credited with establishing Next as a high street giant in the 1990s, was knighted in the New Year Honours list.
Shieldtech continues talks with bankers
Shieldtech announced on 31 December that it is talks with its bankers and has suspended trading in its shares. The company based in Warrington, which is a specialist provider of products and services to the Homeland security market, was unable to sign off its accounts for the year to 30 June while the talks are in progress. Its board of directors remains confident announcing that expected sales in its current financial year would be substantially greater than last year.
Pensions slide
The credit crunch has wiped £65bn off assets in the pension schemes of the UK’s largest 100 companies, according to research from Deloitte. This is equivalent to five years’ worth of current pension contributions from these companies. David Robbins, pensions partner at Deloitte, says: “In the current environment it is crucial that companies look to proactively manage their pension schemes, just like the other aspects of their business operations.” Deloitte estimates that the FTSE 100 pension schemes are in deficit by £130bn. Using companies’ disclosed long-term expectations of expected asset returns, pension deficits would fall to £120bn over 2009.
Risk-averse CFOs prepare for tough 2009
The shortage of credit and a contracting economy remain the greatest concerns for chief financial officers, according to the latest Deloitte CFO survey, which looks back on the fourth quarter of 2008. Other priorities include strengthening balance sheets by maximising cash flow, bolstering investor confidence and curbing costs. Richard Bell, head of transaction services for the north at Deloitte, said: “Faced with an unprecedented speed of economic downturn in recent months, a further deterioration in credit conditions and exceptional uncertainties, CFOs have become significantly more risk averse and many are simply focused on survival for their companies.”
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Property
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Mayfield ends 2008 with £1.9m boost
Liverpool-based Mayfield Construction has won £1.9m of new contracts for its parent company, Scottish property group McKean. Mayfield, which operates in civil engineering, building, landscaping and concrete flooring, has won jobs including: a £750,000 streetscape scheme for Urmston town centre; a £420,000 project in Kirkdale for Liverpool 2020 to build a new community playing surface; and a £350,000 civil engineering package for a new hotel in Seel Street, Liverpool.
Barnetts survey looks for the positives
A survey from Southport law firm Barnetts Solicitors indicates strong public confidence in a 2009 housing market revival. Fifty-two per cent of people polled in the last month expect a turnaround within the year, while 30 per cent said they thought the market would bottom out by summer. Senior partner Richard Barnett said: “People expect the markets to pick up once the current correction completes. Tycoons such as John Caudwell are already starting to invest. I’ve always said that such investors returning to the markets will be our clearest indicator that prices are bottoming out.”
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