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Top story
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Retailers to lean on landlords
With 2.5 million sq ft of new UK shopping centre space opening in 2009, landlords need to offer more breathing space to struggling retailers, according to property consultancy King Sturge. The firm’s research indicates that retail rents fell by 0.4 per cent in 2008, the first fall since 1993, and are not expected to return to growth until 2013. Jonathan Newns, retail partner for the north at the firm, told Insider: “Retailers are definitely in a more powerful bargaining position as no one wants vacant units. More and more retailers are now changing to monthly payments rather than quarterly.” Matt Illingworth, partner at Cushman & Wakefield, said: “Discussions between occupational retailers and landlords are certainly set to increase with landlords having to adopt a more flexible approach in order to keep tenants.”
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Deals
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Paver Smith makes Manchester move
Liverpool-based PR consultancy Paver Smith has acquired Manchester rival Stripe Communications and revealed that a search is on for new offices in the city. The move gives Paver Smith a physical presence in the Manchester market, where it advises Grant Thornton, DLA Piper, Muse Developments and Greater Manchester Public Health Network. Stripe is headed by former Harrison Cowley UK head of business development, Denise Mullen and boasts IKEA and Manchester Greyhound Stadium Belle Vue. The acquisition boosts total agency headcount to 36, with managing director Dougal Paver predicting “closer to 50” by the end of 2009. Six staff will initially be based in the agency’s new offices, which Paver says he expects to be “in or around” Spinningfields.
BIMBO for Flextex
Preston-based packaging business Flextex has undergone a management buyout/buy-in, led by new managing director Mark Davenport. The deal follows a decision by co-founding director Mike Martin to retire after 30 years in the industry. Fellow founder Bill Bird will remain with the company and build on its annual turnover of £6m. Funding for the deal was provided by private equity business Infinity and The Royal Bank of Scotland.
Gravatom swallowed
Cumbria-based nuclear engineering company Gravatom has been acquired by French outfit ONET Group. Under the terms of the deal, Gravatom will become part of ONET Technologies, the specialist nuclear and engineering division of ONET Group. The division is the leader in France in the decommissioning market and number two after AREVA in reactor maintenance. Gravatom Engineering Systems employs 130 people at sites in Workington, West Cumbria and Bishops Waltham, Hampshire. It clocked revenues of £9.7m in the period ending 31 May 2008.
Cattles to shed 1,000 jobs
Sub-prime lender Cattles is set to slash 1,000 jobs, or 20 per cent of its workforce, and dramatically cut back lending as it struggles to survive the financial crisis. The company, which owns Manchester-based Cattles Invoice Finance, said 400 jobs would be lost through the closure of a call centre in Hull, with a further 600 to go across the rest of its UK branch network. Lending will be cut by 75 per cent on 2008 levels. The group, which has been frustrated in its attempts to secure a banking licence from the Financial Services Authority, said the staff cuts and reduction in lending will save £40m in annual costs. Shares in the company today fell 20.3 per cent to 23.5p.
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Business
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Order books suffer
Businesses are seeing their order books collapse and now expect the downturn to be worse than in the early 1990s. That’s according to new figures from accountancy firm BDO Stoy Hayward’s Business Trends report. The Output Index, which is a measure of order book strength and short-run turnover expectations, has fallen from 91.3 in November to 89.0 in December. Julien Rye, partner at BDO Stoy Hayward in Manchester, said: “The key focus of public policy now has to be to improve substantially the flow of credit to UK businesses by whatever means are available.”
Appointment at hospitals consortium
Catalyst Healthcare has appointed Marion Sheridan as deputy general manager in Manchester. The private finance consortium is managing the redevelopment of central Manchester and Manchester children’s university hospitals. Sheridan, who was head of UK estates for the British Council for ten years, will be responsible for the smooth transition of the facilities management services between the hospitals and Catalyst.
Chapman close-up
Tony Chapman has been appointed as partner to lead the forensic accounting team in the north for Baker Tilly. The move is part of a push by the firm into the forensic, investigatory and dispute advisory arenas. Chapman joins from law firm Pinsent Masons where he was responsible for building and leading a team of forensic accountants advising on the financial and commercial aspects of disputes handled by the firm.
Ethnic business awards launched
The second North West ethnic minority business awards have been launched today by the Northwest Regional Development Agency. The awards, which aim to inspire and encourage more members of the ethnic community to start-up or expand their businesses in the North West, will culminate in a ceremony at Manchester United on 9 March. Amongst the awards at the ceremony are the rising star award, young entrepreneur of the year, achievement in international business, social enterprise of the year, entrepreneur of the year and North West business of the year.
HMG heads to India
Manchester-based HMG Paints has formed a joint venture with an Indian paint manufacturer as it looks to extend its international reach. The agreement with Titan Paints, part of the Lakshmi Group, has resulted in the formation of Titan HMG Paints in which the Indian partner owns 51 per cent. HGM has provided expertise on upgrading raw materials, paint formulations and production methods, while Titan has set up the manufacturing plant and is handling sales. John Fenton, operations board manager at HMG, said he expects the new business to become profitable in the first year.
New commissions for design consultancy
Studio North, a brand design consultancy in Manchester, has been commissioned to design brand identities, websites and develop marketing communications for sexual health campaigns to be launched by the primary care trusts (PCT) of Chester and Coventry. The company will also work with local teams in each area to develop a range of promotional materials. The two briefs were awarded after the success of the company’s ‘R U Clear’ campaign, which was launched by the Greater Manchester PCT 18 months ago.
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Property
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Arley Homes presses on
Warrington housebuilder Arley Homes has unveiled plans for a new housing scheme in Harwood, near Bolton. The Churchfields scheme comprises 17 homes in a private cul-de-sac. Alison Holton, sales and marketing director, said: “While we are conscious of the property market forecasts, Arley Homes believes in building beautiful family homes and we are committed to bringing these properties to the market for 2009. I am confident the quality of the properties will attract buyers.”
Warrington refurb funded by RBS
Warrington Business Park has undergone a £200,000 refurbishment programme funded by The Royal Bank of Scotland’s commercial banking team. The park comprises 165 offices for start-up companies available on flexible and long-term leases and is owned by Warrington Training Trust, which bought it in 1990, when it was the Beaumont School. It houses 60 businesses, employing over 300 people. The project took nine months to complete.
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