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Top story
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Jam sandwich wins for Hope Street's Manning
Liverpool restaurateur Gary Manning won the public vote at Insider’s 42 Under 42 event in Manchester last night with the aid of a deep-fried jam sandwich. Manning, one of the founders of 60 Hope Street and The Quarter, took part in a competition to pitch his business (and his food) to three judges – Ali Sharifi from Grant Thornton, Henna Riaz from Hill Dickinson and Jonathan Sherlock from UBS. He saw off competition from rivals, business communication expert Andy Bounds and construction services professional Brendan Dooley. Over 130 people attended the event, which celebrates young entrepreneurial talent across the North West. Amid the current economic turmoil, Insider editor Michael Taylor called on the class of 2008 to remember how much they had achieved in such a short time and to stay focused on surviving into the future.
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Deals
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Cautious welcome for bailout as rates cut
As the Bank of England moved to cut interest rates today by 50 basis points, the £50bn decision to recapitalise British banks using taxpayers’ money has been welcomed with cautious optimism by North West advisers and dealmakers. Carl Cross, investment director at Rensburg Sheppards in Liverpool, told Insider: “This hopefully will help get wholesale money markets moving again. Banks now have access to funding, albeit at a price, whilst customers should feel reassured that the government is prepared to effectively underwrite the banking system”. But Nigel Birkett, director of Deloitte’s debt advisory practice in the North West, said the move was unlikely to have an immediate impact in the region. “New lending has been pretty scarce, even before today, with most banks looking towards 2009. This morning is not going to change this and new debt will be difficult to get over the next three months.”
Online deals advice from Insider
These are uncertain times in the deals market and buying and selling businesses has become an even trickier task. Insider’s new online Deals Advice section offers some top tips on buying a distressed business, as well as a step-by-step guide to how to sell your business. Insider’s unique access to the North West’s top dealmakers has allowed us to compile a range of articles that offer business owners and directors guidance on topics such as floating on AIM, completing a management buyout and how to track down a business angel. Check back regularly for new topics and email your suggestions for subjects you’d like us to cover to insider@newsco.com.
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Business
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City region growth slows
Growth in the Merseyside economy has slowed dramatically in quarter three although employers are continuing to recruit and export levels are coping well, according to the British Chambers of Commerce's Quarterly Economic Survey. The slowdown has been less dramatic than for the UK overall, but Liverpool Chamber of Commerce concedes that the trend appears to be towards negative growth in quarter four and the start of 2009. Businesses in the city region are downbeat, with around 80 per cent of manufacturing businesses and 70 per cent of service businesses operating below capacity. While employment levels have held up, more companies now expect to reduce staffing over the next quarter.
Speedy Hire under pressure
Shares in tool and equipment hire group Speedy were down this morning as the Newton-le-Willows company admitted in a trading update that economic uncertainty had hit its activity and reduced confidence in the construction market. Government and regulated projects continue to provide good levels of business - helping to boost revenues from the top 50 construction and industrial clients by 43 per cent in the five months to August - and the company described current trading as "satisfactory". Overall revenue for the first half of the year to the end of September is expected to be up 22 per cent on the same period last year, with pre-tax profit staying broadly the same. Cost-cutting measures have included a 4 per cent cut in staff and a reduction in capital expenditure. Net debt is £280m, a £14m improvement on the position at the end of June.
Stem cell company set for expansion
Liverpool-based CryoGENESIS, which specialises in the storage of stem cells extracted from umbilical cords, has commissioned Newton-le-Willows-based Business Doctors to develop a business strategy that should lead to an expansion of the business. The company's combined laboratory facilities have so far released more potentially life-saving stem cell samples than any other individual company and it now hopes the new strategy will translate that into a growth in turnover and profitability.
Rail investment at Edge Hill
Network Rail has invested £15m in new facilities at its Traincare Centre in Edge Hill. Work has started on a new shed on redundant sidings within the depot that Alstom uses to maintain Virgin's Pendolino fleet. Route director Peter Strachan said: "The £15m we are spending is just part of an overall package to upgrade five Alstom Traincare Centres, which provide a full service provision for Virgin's Pendolino trains on the west coast route. The start of the Virgin High Frequency timetable in December means this depot will handle seven Pendolino trains each night and will be long enough to take the 11-carriage Pendolino trains in the future."
Businesses urged to vote for BID extension
Business leaders in Liverpool are urging their peers to support the continuation of the city centre's Business Improvement District (BID) as 600 businesses in the retail and leisure sector are prepare to vote by 16 October on whether to extend BID's term until 2013 and ensure £6m of investment. Phil Stephens, general manager of Boots in Clayton Square, said: "Since BID became active in 2005, the extra street cleaners which they have provided has resulted in a transformation of our city centre." BID members make contributions to fund improvements in cleaning and crime prevention, as well as promoting the city centre.
Go with the flow in Bucharest
Flowcrete, the Sandbach-based flooring company, has made a move into Eastern Europe with its Flowfast Terrosso finish. The innovative system, ready for use just hours after installation, has been applied at The Fratelli Club in Romania, a popular haunt of Bucharest's celebrity and party set. This is one of the first projects carried out by Flowcrete's office in Romania, which recently opened in Bucharest as it takes on the Eastern European and Russian markets
Cheshire's destination ambitions
A band of Cheshire businesses have come together to create Destination 49a scheme that sees 12 of the county's most popular visitor attractions work together under one banner, in a bid to bring thousands of extra visitors to the region. Backed by Vale Royal Borough Council, Destination 49 is made up of a string of businesses running along a seven-mile stretch of the A49, including Blakemere Craft Centre, the award-winning Hollies Farm Shop and Cheshire Polo Club.
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Property
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Whittaker ups stake in LandSecs
Peel Holdings executive chairman John Whittaker has increased his stake in Land Securities, the UK's largest property company. Acting through the off-shore registered Albright Investments, Whittaker built his stake in LandSecs to just over 4 per cent in June this year in a £260m deal and has now passed 5.5 per cent, having bought a further 23,200,000 shares.
Refurb at The Parks
Bilsdale Properties is in the process of carrying out a comprehensive refurbishment of No 1 The Parks in Haydock. Work on the two-storey building on junction 23 of the M6 is expected to complete in November and will offer office accommodation ranging in size from 597 to 1,233 sq m. "The Parks proximity to Manchester and Liverpool gives it a distinct advantage in terms of location," said Richard Wharton of King Sturge, joint agent on the scheme with Bailey Deakin Hamiltons. The Parks provides over 11,148 sq m of prime office accommodation across 15 buildings.
We rule the school
Planning permission has been granted for a £1m showcase extension to Our Lady & St Edwards Catholic Primary School in Birkenhead, designed by King Street practice Race Cottam Associates. Race Cottam was appointed to deliver full design services by Davis Langdon, which is project managing the scheme on behalf of the Diocese of Shrewsbury.
Official opening at Maple Court
Maple Court, the latest phase of Whitemoss Business Park at junction 4 of the M58, was officially opened yesterday. Extending to 25,000 sq ft, the Skelmersdale scheme developed by Métier was designed by architects at Leach Rhodes Walker and constructed by Skelmersdale-based CPUK. Over 70 per cent of the development has already been sold prior to completion. The second phase of Maple Court has planning consent for 25,000 sq ft of office development.
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Contact Us
Insider
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17-21 Chorlton Street
Manchester
M1 3HY
Telephone: +44 (0)161 907 9711
Email:
nw@insiderdaily.co.uk
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