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Top story
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Regional shares slide on volatile morning
As banking groups this morning led the downwards charge on the stock markets, and industry bodies and analysts called for immediate action from government to stem the loss of confidence, companies in the region saw their share prices suffer. Speedy Hire, the acquisitive Newton-le-Willows equipment hire company that is due to issue a trading update today, saw a 4.63 per cent fall in a share price that has been gradually falling over the last year from a peak of £13.90 in June 2007 to around £3.20 today. Price comparison website giant Moneysupermarket.com also saw 8.82 per cent wiped off its shares this morning. Meanwhile, United Utilities, the region's largest quoted company, was on the up, registering a 2.59 per cent rise in its share price since trading began this morning.
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Deals
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Landsbanki in receivership
Businesses backed by Icelandic bank Landsbanki are nervously awaiting news about the effect on their credit lines as the bank is now under control of a receivership committee. The seven-strong, Manchester-based asset finance team are trying to reassure customers and pass on the news the bank is in receivership. Media enquiries have been referred to London where the following statement has been issued: "Landsbanki would like to stress that the bank has not been put into liquidation but is in receivership, which gives it a temporary protection from payment of debts and obligations as they fall due. Work has already begun on restructuring." The bank added operations will remain "as close to business as usual with a view to protecting Landsbanki's assets in Iceland and abroad". Recent deals in the North West include a credit line to Crown Paints, a £56m asset finance package for B3 Cable Solutions and funding for manufacturer Klarius. Tony Wilson, chairman of Klarius, backed by Landsbanki, said he wasn't concerned by developments, as Klarius is "not over exposed" and the car parts manufacturer is "in good shape". But he added: "Perversely, all this could inject some reality into the banking sector." 
Slice of funding for baker
Fifty-year-old family bakery business The Dutch Bakery has received funding of £300,000 to bring in new high-tech equipment to help its expansion plans. Founded in 1959 by Amsterdam-born Nic Klaassen and his wife Vera, who was from Liverpool, the business is run by their son, Derek, in Southport. Customers include Lancaster University, the five-star Vincent Hotel in Southport and numerous hotels and shops across the region. The £700,000-turnover Dutch Bakery raised a funding package that includes a £50,000 loan from Alliance Fund Managers through the Merseyside Special Investment Fund Small Firms Fund, together with support from Barclays.
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Business
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Partnership names new board
Liverpool's Commercial District Partnership will tonight reveal changes to its board at its AGM. Neil Scales, chief executive of transport body Merseytravel, is a new public sector appointment, while new private sector board members include Debbie Thompson from Alliance & Leicester Commercial Bank, Hill Dickinson's David Swaffield and Ian Sherry of UK Land & Property. Ex-Bruntwood director David Guest has now formally replaced Lesley Chalmers as chairman.
Online retail a must, says Transaction
Liverpool-based Transaction Partnership is close to completing a project for a large UK retailer as it seeks to prove that online trading is beating the credit crunch. Transaction, formed by two former Littlewoods executives, took leisurewear group O'Neill online in four countries in 96 days and has worked on launching 14 retail websites, including Pets at Home, which now deliver annual net sales exceeding £1bn. Operations director Steve Goodheart said: "Store sales are going down, but online sales are going up. If businesses shy away from the investment now it could a case of âsorry guys, it is too late' when they do get round to it."
"Clock is ticking," says Barclays Wealth
Barclays Wealth, the private banking arm of Barclays, says that the post-crisis financial world will be more regulation-heavy and financial sector-light in its latest Signpost Quarterly Investment Strategy Report, released today. Michael Dicks, head of research and investment strategy, said it was time for policymakers to stand up and be counted. "Market participants are doubting policymakers' resolve and ability to deal with the crisis. Policymakers cannot afford any more mistakes - the clock is ticking and it is one minute to midnight," he said.
NDA completes Sellafield deal
The Nuclear Decommissioning Authority has entered into a transition agreement with Nuclear Management Partners (NMP), for the sale of the Sellafield nuclear power site in Cumbria. NMP, a joint venture between Washington Group, Areva and AMEC, will become the new parent body responsible for site manager Sellafield Ltd and will formally take over from BNFL on 24 November.
Chambers call for tax and rates cuts
The British Chambers of Commerce Quarterly Economic Survey, which received over 5,000 responses from businesses, has been released - and it's bad news. Domestic sales and orders are down, while manufacturing exports have plummeted. Investment and recruitment have fallen, while cashflow balances remain negative. Director general David Frost said: "The Government needs to say that business taxes will be cut. The Bank of England need to cut interest rates immediately and politicians need to get behind our businesses."
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Property
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Tague on Tour - TIF matters
The thorny topic of congestion charging is uniting professionals from across a range of disciplines, but the property market has a particular interest in keeping cities moving while ensuring the area remains attractive to prospective tenants. In the first of a series of monthly online columns for the regional property market, Tague on Tour, Insider assistant editor Neil Tague examines the latest news and views on both sides, as the deadline for public consultation on Greater Manchester’s Transport Innovation Fund (TIF) looms. Our new online section also features all the day’s property news.
Hospital block demolished
Manchester demolition business J Freeley has knocked down Linden House, the tower block at the heart of the Royal Liverpool University Hospital. The demolition marks an important stage of the £477m PFI redevelopment of the hospital, which will allow all patients to have private rooms, shortening the length of stays and cutting the number of beds.
Four North West buildings receive heritage honour
Four North West projects have made the top 20 conservation-led development schemes in the country, in a list released today by English Heritage. Manchester's Gorton Monastery, The Bluecoat in Liverpool, Morecambe's Midland Hotel and Blencowe Hall in Penrith all made the list. Steve Bee, director of planning and development at English Heritage, said: "The heritage and development sectors have recognised that they can be a real asset to each other."
Fund buys in Haydock and Warrington
Invista Canmoor Active Industrial Fund has bought five industrial sites, including the 333,600 sq ft Haydock Cross and Warrington's Eagle Park, for £35.5m, reflecting a yield of 8.4 per cent. The transactions have been financed by The Royal Bank of Scotland, with which the joint venture fund has also refinanced three further sites.
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