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Top story
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Tim Knowles - down but not out
Tim Knowles, managing director of property management and investment company First Investments, has been disqualified from holding a company directorship for four years. The disqualification relates to the voluntary liquidation of a Knowles company, Baysouth, in 2002. Although unable to launch new ventures, Knowles has been granted exemptions to continue to run 26 businesses, with the judge accepting mitigating circumstances. Former finance director Edward Paul Westhead was earlier disqualified for five years. Knowles said: "In the eyes of corporate law, the buck stops here and I acknowledge that. I am only grateful for the discretion and wisdom of the judge, which means I can take my business interests forward, albeit a much chastened individual."
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EXCLUSIVE: Tarimo to lead new Investec debt team
Phil Tarimo is leaving Deloitte's debt advisory team to join Investec. He will set up a new business across the north structuring lending to businesses with mezzanine finance and senior debt packages. A three-times winner at Insider's Dealmakers Awards when he was with The Royal Bank of Scotland, Tarimo told Insider he was "keen to write cheques again" after a successful spell at Deloitte: "We did £3.5bn worth of deals in two years at Deloitte, but the opportunity to set up a unique funding proposition at Investec was just too exciting to miss." 
Manchester smiles on Giles
A team of Manchester advisers has acted on the buyout of commercial insurance broker Giles Insurance, which has been sold by the Manchester-based team at private equity house Gresham to Charterhouse for about £200m. The Manchester office of Altium acted for Giles management, one year after it advised on the acquisition of Wigan-based Kerwin Smith. DLA Piper Manchester partner Neal Shepherd provided legal advice to the vendors.
Bredbury Hall sold
Bredbury Hall Hotel & Country Club in Stockport has been sold by First House Leisure Group in a £17.5m deal. The new owner, Bredbury Hall Ltd, which includes shareholders Kenneth Abbott, Andrew Runnacles Chadwick and David Schofield, was backed by funding from Lloyds TSB. Blackburn-based accountancy Pierce and law firm Shammah Nicholls advised on the transaction.
The best of Britton
Winsford-based extrusion and plastic packaging manufacturer Britton Group has undergone a £77m secondary buyout backed by HSBC Private Equity and the leveraged finance division of HSBC Bank. The deal, supporting existing management, provides for future expansion through organic and capital expenditure-led growth. Clearwater Corporate Finance advised on the transaction, which sees the exit of LDC, which backed a £42m management buyout in 2004.
24-hour garage people
Darwen-based Euro Garages, which was due to sell off its chain of petrol stations in a deal worth £100m, has reversed its decision and undergone a Lloyds TSB-backed refinancing deal worth over £50m, Insider understands. The company was founded in 2001 by Asian entrepreneur Zuber Issa, who has grown the business from three petrol stations to 70 across the North West and Midlands. It is thought that the business will now look to grow by acquisition.
Top marks for spin-out with £250,000 investment
University of Manchester spin-out company Assessment21 has received £250,000 funding from South Yorkshire Investment Fund and three business angels to take its exam-marking product to market. The technology uses artificial intelligence to handle aspects of the assessment process, including setting exam questions, administration and marking. It has been used for four years at the University of Manchester on assessments including final year exams and course work.
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Mortgage market turmoil hits Freedom Finance
Wilmslow-based Freedom Finance is to make 14 redundancies in its sales team, as its "sub-prime" mortgage business has collapsed. Richard Beaumont, managing director at Freedom Finance, said: "The proposed restructure is a response to the current UK mortgage market. We are working in a challenging market but believe the changes we are proposing will put us in a stronger position in the future." Freedom's sub-prime business has fallen and the business is only dealing with "prime" and "near prime" borrowers.
Heathcote aims for fine dining crown
Restaurant entrepreneur Paul Heathcote is to try and reclaim Manchester's fine dining crown by refurbishing his Manchester city centre restaurant on Deansgate and renaming it The Elliot. The 70-seat restaurant will open in October and will be aimed at the top end of the market, which has been vacant since the closure last year of Establishment and Le Mont. Heathcote told Insider: "I want this to be a restaurant which all of Manchester can be proud of. I am aiming to create the best restaurant in the city. We hope this is an opportunity to really raise the bar in terms of quality."
Tote back on the market
State-owned betting organisation The Tote is to be offered to the open market following the collapse of talks to sell it off to a consortium including owners, racecourses and the current Tote management. With Ladbrokes and William Hill ruled out of bidding for the Tote's shops by competition law, Gala Coral and Betfred could be potential suitors. Paul Dixon, chairman of the Racehorse Owners' Association, has warned that a sale to a bookmaker would jeopardise the Tote's Wigan head office and 1,600 jobs.
City drives south with partnership plan
Last night saw the launch of Manchester City South Partnership, an agency comprising Manchester City Council, the University of Manchester, Manchester Metropolitan University and the Central Manchester and Manchester Children's University Hospitals NHS Trust that will look to give clarity of purpose to the area clustered around the Oxford Road corridor that it calls the gateway to the knowledge economy. Council chief executive Sir Howard Bernstein said: "We're looking to maximise this hugely important area's ability to contribute to the city region's economy. In the short to medium term, improving transport and public realm are the main items on the agenda." The agency's chief executive will be announced imminently.
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Arora springs a surprise at Granada
Hotel magnate Surinder Arora has been named as preferred developer for the 24-acre Granada office and studio site in Manchester. The decision was delayed in summer 2007 to allow Arora and BNS Properties to join the original shortlist of Ask Crosby Lend Lease, Allied London and London & Regional. ITV is yet to decide whether to join the BBC at Salford Quays' MediaCity or to remain in Manchester, where it would require up to 350,000 sq ft of office and studio space.
RK scores a century
Recruitment company RK Group is to move from Bowdon's Denzell House into Century House in Altrincham town centre. It will take 6,119 sq ft at Century House, sub-let from EMCOR, in a deal led by CB Richard Ellis.
Brabners doubles up at 55
Law firm Brabners Chaffe Street has let the 10,728 sq ft fourth floor of Orbit Developments' 55 King Street in central Manchester in a deal led by GVA Grimley. The firm already occupies the 70,000 sq ft building's fifth floor and was allowed to expand without moving off site once neighbour People's Choice reached a break in its lease.
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