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Regional investment house Infinity Asset Management has opened an office in London. The firm, which was set up in January 2007, operates a private equity and property fund and employs 16 staff in Manchester. Partner Daniel Finestein told Insider: “It’s ambitious but we felt that business in the UK is really dominated by London. In our industry, if you move off patch then London is the place to be.” Following four private equity investments since its launch, Infinity is set to close its first property deal in the next two months – the £15m acquisition of a semi-industrial site in Cheshire, which will be demolished to make way for offices. “It is carnage in the property industry at the moment, but we are able to pick up sites at less than they were going for at their peak – and there are not too many people with cash to invest,” said Finestein. 
Hotel sale in Borrowdale AIM-listed investment vehicle Crucial Plan is selling off its only asset - The Borrowdale Gates Hotel in Cumbria - for £1.7m to Colin and Joy Yvonne Harrison. The hotel has 29 rooms and is set within three acres of grounds. In the year to 30 April 2007 it recorded an audited turnover of £938,000 with a loss before interest and tax of £46,000. Crucial Plan will use the money to pay down existing bank debts and settle with creditors. The firm will then look to acquire interests in the mining sector, which it believes to be capable of significant organic growth.
They can do it Lancashire-based television company Community Communication Network (CCN) has been bought out of administration by captive audience network business The Can Media Group. CCN provides community television on a national basis by installing plasma screens in public venues to broadcast messages, including those relating to public safety. "The acquisition of CCN is a major strategic win," said Phil Austin, group managing director of Can Media. "The addition of The CCN network to the current life channel network expands our community reach significantly."
The Bank of England has kept interest rates on hold at 5 per cent as it battles against the credit crunch and spiralling inflation. Some analysts had forecast rate rises this month, but Richard Lambert, CBI Director-General, said: "The latest data show the slowdown in UK economic activity gathering pace, and business and consumer confidence falling further. However, with inflation heading higher in the next couple of months, the Bank is right to leave rates on hold for the time being."
Green power from Ener-g while you work out Leisure group Next Generation, which includes David Lloyd Leisure, has sealed a major green energy deal with Salford-based power specialist Ener-g that will save the group £900,000 and cut carbon emissions by 16,060 tonnes annually. Ener-g will install and maintain all the group's combined heat and power requirements over an initial five-year period as part of a 20-year, energy-efficiency programme.
Healthy, wealthy and wise The economic health of the North West is being damaged by the physical and mental wellbeing of the region’s workforce, according to a new report from the NHS. Healthier Horizons for the North West calls on the NHS to focus more on promoting good health and the prevention of ill-health, as latest figures estimate that the £3bn economic gap between the North West and the rest of England is caused by worklessness. Steven Broomhead, chief executive of the Northwest Regional Development Agency, said: “By providing a coordinated response to health and social conditions, especially in deprived areas, we will enable all sections of the community to benefit from further economic growth.”
New claims firm promises full compensation Government and financial services lobbyist Anthony Sultan has launched a new claims advisory business in Cheshire. The Financial Claims Service, which is based in Altrincham, has chosen not to operate a 'no win, no fee' policy - revenue streams will come solely through legal referral fees. Sultan said: "For far too long, customers have been placed on a high-volume, low-customer service conveyor belt. We intend to offer personal and customer-focused advice to a select number of clients, where the customer walks away with 100 per cent of compensation."
The Northwest Regional Development Agency has approved a £4.9m grant for site remediation around the development of a new stadium for St Helens RLFC. The plans for a mixed-use scheme led by developer Langtree to redevelop the mostly derelict former United Glass site were approved earlier this summer. Other partners in the scheme are St Helens Council, Tesco and housebuilder Taylor Wimpey.
Hooray Henry Henry Boot Developments has acquired the former County Court Buildings on Deansgate in Manchester city centre. The Grade II-listed buildings, which became vacant upon the opening of the nearby Civil Justice Centre, extend to 31,584 sq ft over three storeys and fall within the Deansgate and Peter Street conservation area, bordering Spinningfields. The refurbishment will create a mixed-use scheme incorporating office and leisure uses, subject to planning.
That's me in the corner Property Alliance Group has let a self-contained office totalling 2,850 sq ft at Corner House in Sale to Shred-it, a provider of on-site document destruction services. The rapidly expanding business will operate a new UK shared services centre from the site, at the junction of Dane Road and Cross Street.
Inner City heads across town Regeneration consultancy Inner City Solutions has moved its Manchester operation from Castlefield to Town Centre Securities' Piccadilly Basin scheme. The consultancy, started in Liverpool ten years ago and opened in Manchester by ex-English Partnerships special projects director Marie Hodgson, has taken a five-year lease at the listed 75 Dale Street, the 1,350 sq ft former Rochdale Canal Company building at the entrance to the 12.8-acre mixed-use scheme.
The August issue of Insider is out this week with a special focus on the world’s next superpower. As all eyes are on China with the Olympic Games starting tomorrow in Beijing, we look at the increasing business activity between the North West and China and find out how regional businesses can take advantage of the inward investment and expansion opportunities. There’s also an interview with Manchester entrepreneur Gerry Yeung and analysis of how the property and corporate finance industry is dealing with China. David Conn looks ahead to the 2012 Olympics in London and asks whether North West businesses will get their slice of the pie. Plus we also publish our annual PR report.
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