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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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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. Lower interest rates alone will not cure the banks’ lending hangovers that are likely to last for the next six months and in the meantime the taxpayers are paying for that bail-out ‘cure’.”
What’s in a poll? – TIF latest
The anti-Transport Innovation Fund Stop the Charge coalition has declared that a study by Populus of 5,000 Greater Manchester residents reveals 29 per cent of households say they expect they will have to pay the congestion charge, figures they say support the findings of the Ipsos MORI poll commissioned by the Greater Manchester Authorities. The Yes campaign, as one would expect, sees it differently: “The Ipsos MORI survey refers exclusively to the number of people who believed they would be charged when questioned in July before the proposals were finalised.”
CBG raises £1.65m
Manchester insurance broker CBG has raised £1.65m in a placing of new shares, which nominated adviser Zeus Capital has placed with existing institutional investors. The proceeds, along with increased banking facilities negotiated with The Royal Bank of Scotland, will be used for organic growth and to put CBG in a position to make acquisitions. Chairman Laurie Turnbull said: “It is testament to our track record that existing institutions have invested at a time of turmoil in the financial markets.”
Stake acquired in Think Print
Anderson Bevan, which owns Winnington Hall in Northwich, has acquired a stake in Think Print, a printing broker also based in Northwich, which manages printing services from one-off business card to multi-site, multi-product contracts using its network of suppliers. Manchester law firm JMW advised Anderson Bevan on the deal, which was worth more than £1m.
A lot of wind
Manchester City FC has abandoned its plans to build a massive 360 ft wind turbine that would power the City of Manchester stadium. EU regulations stipulate that a safety zone would have to be created around the turbine, making large parts of the car park and TV and radio zone out of bounds on match days.
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.”
Matthews spreads his wings
HKR Architects is the latest Manchester property firm to look to the Middle East for work as the downturn bites. Jon Matthews, who along with Phil Doyle heads the Manchester office of the Dublin-headquartered practice, will spend about 80 per cent of his time over the next 18 months in Dubai in what the firm told Insider was a “positive move” for HKR.
Baldred’s cunning plan
St Baldreds Hall on Ashley Road, Hale, otherwise known as Hale Conservative Club, has been sold to St Baldreds Estates, a vehicle set up by local developer James Shepherd. The total site area is 0.51 acres and the buyer is considering “all options” for its redevelopment. The Manchester office of Colliers CRE and Knutsford office of Meller Braggins were joint selling agents on behalf of the trustees of Hale Conservative Club.
Manchester Airport scoops award
Manchester Airport was last night crowned Airport of the Year at the British Travel Awards. The airport, which handles more than 22 million passengers a year, was voted for by consumers and travel professionals. It also won silver awards as Best UK Airport - Business Travel and Best UK Airport - Leisure Travel.
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Something for the weekend
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Deal of the week
While merger and acquisition activity in general has fallen, the market for deals in the healthcare sector is remaining relatively buoyant. And this week a Warrington care home operator expanded one of its existing homes in Woolston and acquired a new one in Surrey. Ashberry Healthcare completed the £3.85m acquisition of Moorhouse Nursing Home with funding from The Royal Bank of Scotland. The deal increases the number of homes under Ashberry’s control to eight, giving it a capacity of more than 350 beds across its properties in England and Wales.
TIF tiffs continue, no one surprised
Greedy old Stockport’s still hogging much of the limelight and Trafford leader Susan Williams had a very entertaining exchange with Sir Richard Leese at last week’s AGMA meeting. But Oldham’s having its moment. Conservative councillors in the town are miffed that emails sent automatically get an attachment reminding people to vote. Failsworth councillor Ian Barker said: “The Tories are opposed to the charge and it makes us look incredibly stupid when we have this seemingly contradictory message appearing at the bottom of our email.” Yes. Yes, it does.
Got a new motor?
Attention all property agents. Property company Western Ridge is offering three funky little Fiat 500s to anyone who can shift any of the last three office suites at 101 Princess Street. Coming next – a Ferrari for the genius that can flog ten city centre apartments by Christmas.
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.
Serial chillers
Everyone likes the Chill Factor-e at the Trafford Centre apart from its daft name, but thanks to Hazel Blears it will no longer have the daftest snow venue name in the country, following the minister’s granting of planning consent to the absurdly named SnOasis in Sussex.
Cheery quote of the week part one
“Take a look at Zurich, it’s the same size as Manchester but has one of the highest happiness levels in the world. Obviously it’s a wealthy community that has great chocolate, but even so…” Futurist Dr Chris Luebkeman of Arup tells Manchester to focus on the positives. And with a job title as cool as director of global foresight and innovation, who’s going to argue with him?
Cheery quote of the week part two
“Salvation is in sight! The seventh cavalry is riding to the rescue. We’ve only had one year of the conditions we endured for four years from the late 1980s and the US Fed has already started to offset the problems there.” An audience that feared the worst from an Atisreal seminar, given its title of “Housing & the Economy”, is given a dose of cheer by effervescent economist Professor Patrick Minford.
Canapé won’t pay
In a bumper week, hats off to the Yang Sing’s Sale Sharks bash and the Radisson Edwardian’s relaunch of Alto, both of which pulled in the punters last night. The Bridgewater Hall put in two solid displays in hosting Arup and Cityco’s events, but were beaten by the yankeedoodletastic buffet served up at the Yes campaign’s US election night party, with burgers, Bud, fries and Jack Daniel’s all over the place. We didn’t stay until the end though. Who won?
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