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Top story
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Liverpool to reap MTV rewards
As the stars of the music world gather in Liverpool for tonight’s MTV Europe Music Awards, the city is set to benefit from an unprecedented economic boost, with estimates suggesting the media coverage alone will be worth £50m. The last time the event was held in the UK five years ago, Edinburgh generated £8.9m in direct economic benefits, while Copenhagen saw a similar impact in 2006. “It’s difficult to put a figure on the economic impact of the awards until after the event, but the media coverage is estimated to be worth £50m,” said Tim Banfield, general manager of the Echo Arena. “To put it in context, in the arena business this is as big as it gets - there isn’t a bigger event anywhere else in the whole of Europe. It has taken ten days to put the production together which in terms of scale is unheard of.” Mike Taylor, director of investment and enterprise at Liverpool Vision, added that the impact for local businesses, particularly hotels, restaurants and bars, will be “considerable”. “Attracting events of this calibre is hugely important to the city’s profile and economy,” he said.
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Deals
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Massive appetite for acquisitions
Businesses in the north of England are still hungry for acquisitions, even in the current downturn. According to research by Investec’s growth and acquisition finance division, businesses with a turnover over £10m in the north are more likely to make acquisitions, with nearly a third of companies saying it was likely, compared to just 21 per cent in the south. Services companies are more likely to make acquisitions in the next 12 to 24 months, followed by distribution companies and manufacturing companies. The most popular source of funding is private equity. John Clifford of Investec, said: “A reduced appetite for lending amongst traditional banks is likely to have a profound effect on the ability of UK corporates to achieve their growth strategies over the next six months to a year; and possibly longer. Yet for good businesses, there will still be funding options available, particularly amongst the more niche mid-market lenders.” 
More moves in IRC shares
Paul Dawes has increased his stake in Individual Restaurant Company (IRC), the parent group of Piccolino and Restaurant Bar & Grill, for the second time in a month. Dawes now holds just over 11 per cent of the business. Malcolm Walker, the founder of retailer Iceland, also upped his stake last week in the group to just over 3 per cent. IRC has expanded into new territories this year amid tough market conditions.
Sportech boosts online strength
Liverpool-based pools operator Sportech has paid £600,000 for the football website 4thegame.com as it looks to build on an increased online profile resulting from its launch of The New Football Pools in August. 4thegame.com, a general website for football supporters acquired from Manchester-based Fast Web Media, attracts 700,000 unique monthly users. Sportech chief executive Ian Penrose said: “This is an important part of our strategy to increase the online visibility of the New Football Pools and engage with football fans from around the world.”
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Business
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Interest rates cut by 1.5 per cent
The Bank of England has cut interest rates by 1.5 percentage points to 3 per cent, its lowest level since 1955. In October it cut rates from 5 per cent to 4.5 per cent in an emergency move coordinated with other central banks. There has been widespread calls from North West business for a bold cut, although few expected more than 1 per cent. On Monday economist Professor Patrick Minford spoke in Manchester on the need for the UK to follow the lead of the US lead, saying: “The Fed has played a blinder”. John Daly, Tenon’s regional head of corporate finance, sounded a note of caution: “Today’s much needed reduction will help by easing pressure on existing borrowers rather than stimulating new lending. But new lending is the key that encourages the recovery of personal and business confidence but this is unlikely to get back into growth mode until mid 2009. Lower interest rates alone will not cure the banks’ lending hangovers that are likely to last for the next six months."
HRS appoints airport security expert
Liverpool-based biometric and identity management consultancy Human Recognition Systems (HRS) has appointed ex-BAA risk and identity director Jim Slevin as its new aviation business development consultant. Slevin, a 20-year aviation veteran, will help HRS grow in the aviation sector and navigate the industry’s increasingly complex regulatory framework.
Chambers call for more business help
Ahead of next week’s first meeting of the new Small Business Finance Forum, which will address the financial issues affecting small businesses, the British Chambers of Commerce (BCC) has released some of the key points it plans to bring to the table. BCC director-general David Frost, said. “The BCC has serious concerns about the availability of credit and the tightening of credit conditions for small businesses - if things carry on like this, many sound UK businesses will be bust by Christmas. The government has just spent billions bailing the banks out using taxpayers’ money. Surely it's not too much for small businesses to expect the right financial support.”
Be big and bold on climate change, urges Gray
Bryan Gray, chairman of the Northwest Regional Development Agency, this morning said the North West needs to think bigger to gain an edge in addressing climate change. Speaking at the North West Climate Change conference at Liverpool’s BT Convention Centre, Gray said: “We need bigger and bolder plans than we’ve seen before and need to overcome the perception issue – businesses need to see the opportunities created by a low-carbon economy. The current downturn is a chance to refocus on less consumption, less waste and more investment in quality of life.” The conference will inform the region’s action plan for climate change beyond 2010. Other speakers included: Michael Kelly, chief scientific adviser in the Department for Communities and Local Government; Andy Togher, director of business relations at the Carbon Trust; and Paul Kelly, corporate affairs director at Asda.
It’s Hall or nothing
The government has approved the £20m Hall Lane road project, which will improve acces to Liverpool city centre from the M62. The scheme, funded by the European Regional Development Fund and the Department for Transport, will divert traffic from residential routes with a new stretch of road and increase the length of dual carriageway areas. The project should take less than two years from early 2009.
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Property
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Everton’s lips are sealed on Kirkby
Opponents of Everton FC’s proposed move to Kirkby in a large-scale development project anchored by Tesco have expressed their surprise at the club’s failure to reveal financial details of the plan. At a meeting yesterday ahead of the public inquiry into the Destination Kirkby project, legal representatives of Everton and Tesco said the information was “commercially sensitive”, leading a barrister representing the protesting Sefton council to say he may seek an adjournment. The inquiry is set to start on 18 November.
PAG sells site to Zuber Issa
Property Alliance Group (PAG) has sold a site in Deeside, Flintshire, to Euro Garages, the ambitious Darwen-based service station group. The 2.5-acre site fronts Deeside Industrial Park and was sold for £1.275m following planning consent being granted to develop the site for a service station. PAG director Jonathan Mather said: “The site lends itself well to this use.” Euro Garages managing director Zuber Issa is the current Ernst & Young entrepreneur of the year for the northern region.
In House in the news
Warrington-based In House group has completed the acquisition of Avanti Properties, a business with a portfolio valued at £1,365,000. The group, which is active in lettings, broking and the break-up of portfolios for sale, also this week signed an agreement with Primegold Properties to manage 12 residential properties in Lancashire
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And finally
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New Insider out this week
The November issue of Insider features The Great Transport Debate, including a fiercely contested discussion between both sides of the Transport Innovation Fund fence and an exclusive interview with Sir Howard Bernstein, the scheme’s architect. There’s also an exclusive interview with JJB Sports chief executive Chris Ronnie and an insight into the future of manufacturing, while we examine where next for Liverpool after its Capital of Culture year. To subscribe to Insider, visit our online Shop.
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