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Top story
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Government must revive property industry, hears Insider forum
The government needs to be taking equity stakes in property companies or major schemes to revive a moribund industry. That was the resounding message this morning from Insider’s UK Investment Forum in London, which brought together leading property players from UK cities to debate key issues affecting regional investment. Although welcoming yesterday’s cut in interest rates to 3 per cent, developers said innovative solutions were urgently needed to safeguard the future of countless regeneration schemes that were under threat. Nick Ebbs, chief executive of Blueprint, said: “There is very little cash, equity or debt. It has all dried up. We have to look at how we get equity back into property companies whose balance sheets have been decimated. There is definitely a place for the government now to look at ideas such as taking stakes in developers or major projects.” The Investment Forum at the Hotel Andaz also heard a keynote presentation from Professor Michael Parkinson from the European Institute for Urban Affairs on the impact of the credit crunch on regeneration schemes across UK cities.
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Today's news
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Taylor Young appointed in Widnes
Widnes Waterfront Regeneration has appointed Taylor Young to update the masterplan and delivery strategy for the 200-acre former industrial area that will create more than 2,700 jobs on completion. The revised masterplan will look at ways to utilise the remaining undeveloped sites, taking the programme up to 2012/13. Taylor Young will be advised by the BE Group on economic development and Faber Maunsell on ground conditions, transportation and flood risk. 
Euro boost for Merseyside
Merseyside’s regeneration projects have passed muster in an audit carried out by the European Commission that will result in £190m of funding granted to UK authorities by the European Regional Development Fund being taken back by Brussels due to errors in tendering and documentation. Greater Manchester projects could be subject to Brussels claiming back grants worth £31.5m.
Atlantic dreams
Royal London Asset Management is to officially launch No 1 Atlantic Park at the eponymous business park in north Liverpool on 20 November. The 45,000 sq ft building, marketed by GVA Grimley and CB Richard Ellis, will be the only speculatively built space at the park in the current climate.
Pass on those rate cuts
Professionals in the region were today calling on banks to ensure they pass on yesterday’s 1.5 per cent cut in base rate to businesses and consumers. “With the threat of a deep and prolonged recession and continued falling output in manufacturing, the interest rate cut will alleviate some pressure on manufacturers,” said Mark Stephenson, head of North West manufacturing at Deloitte. “The generous cut provides welcome news for manufacturers, because the health of the sector is clearly dependant on the recovery of demand and consumer confidence.” But many advisers warned that the effects would not be felt for a while in the real economy. John Daly, Tenon’s head of corporate finance in the North West, said: “It is great news if you are already borrowing and your lender passes this reduction on to you, but otherwise the benefits are few, and will do little to relieve the credit crunch.”
RSA buoyant with premiums up
Insurance group RSA, which employs about 2,000 people in Liverpool, said yesterday that its net written premiums for the first nine months of the year were up 11 per cent to £4.9bn – or 4 per cent at constant exchange rates. Amid economic fears of the insurance industry, group chief executive Andy Haste said: “The group’s financial position is strong, reflecting our high-quality, low-risk investment strategy and resilient capital position. We continue to exercise tight operational and financial management and remain confident of delivering a strong result in 2008 and beyond.” The interim management statement predicted a combined operating ratio of better than 95 per cent for 2008.
Insolvency stats give a dose a reality
The government’s newly released insolvency statistics have tempered a week where the feelgood factor has been apparent. UK-wide there were nearly 16 per cent more receiverships and administrations in the third quarter than the second and a leap of 65 per cent from 2007’s equivalent figure. Research by PricewaterhouseCoopers (PwC) has indicated that third-quarter corporate insolvencies in the North West are up by 25 per cent from the second quarter and by 32 per cent year on year. David Kelly, director in PwC’s business recovery services practice, said: “A 32 per cent increase shows that the lack of confidence and capital is now impacting a much broader range of the economy.”
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Something for the weekend
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Deal of the week
Showing that all is alive and well in the world of footie websites, Liverpool-based pools operator Sportech this week paid £600,000 for the football website 4thegame.com created by Manchester-based Fast Web Media. Sportech wants 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, attracts 700,000 unique monthly users.
Trend it like Beckham
Manchester trendies’ hangout Ithaca likes a bit of PR, so the MTV team choosing it over the best Liverpool had to offer the night before the MTV Europe awards bash was an open goal. A press release gushed: “Already a favourite with global stars such as Jay Z and Victoria Beckham, Ithaca will provide a lavish playground for the MTV awards crew and sponsors…” Hold on a minute. We’re taking food recommendations from Victoria Beckham now? Give me strength.
Lost in translation
The Dutch aren’t renowned for their sense of humour but that didn’t stop KLM’s Pieter Elbers trying his hand when announcing that the airline is to fly to Liverpool three times a day from next March. “I am delighted we can offer this service three days a week,” he said. “Erm, don’t you mean three times a day?” interrupted an anxious Neil Pakey, deputy chief executive of John Lennon Airport owner Peel Airports Group. “No, three days a week,” replied the KLM man nonchalantly. An awkward silence and nervous glances ensued before the sniggering Elbers admitted he was joking. What a card.
“Has it been that noticeable?”
To the Northwest Climate Change Conference at Liverpool’s BT Convention Centre and a speech by Professor Michael Kelly, chief scientific adviser to the Department for Communities and Local Government. Everything started well enough but a mild throat tickle soon escalated into a coughing fit comparable with anything produced by “Coughing” Bob Fleming of The Fast Show. Not a glass of water in sight either, it was just cruel.
Honest quote of the week
Still at the Northwest Climate Change Conference and it’s that man Kelly again. “We talk about doing things in London but then you come to other parts of the country and you realise people are already doing what we’ve been talking about,” he said. “But that’s Whitehall for you - always two years behind the times.”
Scot no chance
Commiserations to Simon Parker, UK Land & Property managing director, who fell just short of winning a £10m interest-free loan in the Scotland and North England final of the Bank of Scotland Corporate Search for Property Entrepreneurs. The only finalist from the North West, Parker lost out to a Scottish business at the whim of a judging panel featuring both the sponsoring Scottish bank and Scottish property group Stewart Milne.
Canapé won’t pay
Bacon butties and pastries were in plentiful supply at the Tate Liverpool for the announcement that KLM is to start flights to the city, but top marks have to go to Heathcotes for its “guilt free” catering at the Northwest Climate Change Conference. Not only was there a mouth-watering array of treats on offer, but it was all made using fresh local produce to reduce transportation and keep food miles to a minimum. Bravo! We’re sure the nibbles at the MTV Awards were pretty good last night, too, but then we didn’t get an invite, so can’t report on that...
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Contact Us
Insider
8th Floor, Boulton House
17-21 Chorlton Street
Manchester
M1 3HY
Telephone: +44 (0)161 907 9711
Email:
nw@insiderdaily.co.uk
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