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Top story
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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
dealmakers. Jonathan Boyers, head of corporate finance in the north for KPMG, told Insider: “The cleverest part of this is a government guarantee on interbank lending. This will make them more likely to trade and start to free up liquidity in the market.” But Nigel Birkett, director of Deloitte’s debt advisory practice, said the move was unlikely to have an immediate impact. “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.” So far eight lenders have signed up to the scheme: Abbey, Barclays, HBOS, HSBC, Lloyds TSB, Nationwide Building Society, The Royal Bank of Scotland and Standard Chartered. As well as the £50bn to shore up the system, £200bn will be available in short-term loans from the Bank of England and up to £250bn in loan guarantees could encourage banks to lend to each other.
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Deals
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Foundry future secured
The former Mather & Platt stainless steel foundry in Manchester has changed hands in a move that will safeguard the future of the plant and its 200 staff. The site has been bought by West Midlands-based Westley Group, which is a £40m-turnover business with headquarters in Cradley Heath, West Midlands. It has four sites nationwide, employing more than 500 people.
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.
Clearwater shifts gear
Corporate finance house Clearwater has launched a new service to help businesses struggling in the current economic conditions. Accelerate has been set up to provide advice on acquisitions and disposals along with refinancing and restructuring advice. Partner Mike Reeves said: "We have re-engineered our core M&A and financing services to deliver solutions in days and weeks rather than months and years."
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Business
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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 city eateries 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.
Dunphy does ten-year deal in China
Rochdale engineering firm Dunphy Combustion has awarded a ten-year contract to the Shanghai Thermal Engineering Company for the sale, installation and after sales servicing of its combustion equipment in China and Macao. Chairman Malcolm Dunphy, said: "We have awarded Shanghai Thermal an unusually long contract because they have a proven team of professional and competent combustion engineers and are prepared to aggressively market our burners, boosters and ancillary equipment to this very large market." Over 70 per cent of Dunphy's output is exported and, despite the current economic turmoil, there is strong demand from Asia. Last month Dunphy sealed a £250,000 contract in Indonesia.
Construction dispute group flourishes
As uncertainty in the property market grows and disputes mount over unpaid bills and incomplete work, Driver Group, the Rossendale-headquartered provider of commercial and dispute resolution services to the construction industry, is performing well. In a trading update this morning, the group, which trades as Driver Consult, Commercial Management Consultants and North Gate Executive Search, said UK sales and profits and increased in the year to the end of September. Sales in the Middle East have doubled over the year and Driver has expanded in the region with 20 appointments. On 1 October executive director Dave Webster was promoted to the new role of chief operating officer.
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
Retail woes continue
Manchester-based pram and children's furniture retailer The Baby (GB) has gone into liquidation. John Titley, director at Leonard Curtis, which has been appointed to handle the company, said: "Unfortunately the business ceased to trade on 5 October and all 20 staff were made redundant. The business will be liquidated at the end of this month and we will endeavour to recover losses for creditors. No returns are being made to shareholders. It is a tough retailing environment, and The Baby is one of a number of smaller retailers that has struggled in the wake of the credit crunch."
Superbug deal for EnviroSystems
Preston-based supplier of biological additives EnviroSystems has secured the UK distribution rights for a range of cleaning products to fight against MRSA. The company, which has previously specialised in agricultural products, will now supply Probiotic In Progress products manufactured by industry giant Chrisal. The range has so far been used in six hospitals in Belgium, which the company claims have had excellent results in containing MRSA and other bacteria.
Cheshire's destination ambitions
A band of Cheshire businesses have come together to create Destination 49, a scheme that sees 12 of the county's most popular visitor attractions work together under one banner, in a bid to bring 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.
McKeith gets the call-up
North West heavyweight David McKeith has been appointed as chairman of Britain's longest established symphony orchestra The Hallé. The outgoing senior partner of PricewaterhouseCoopers (PwC) in Manchester, who announced he was stepping down in August, will succeed Edward Pysden in the role. McKeith has led PwC's North West operations since 2001. He is a member of the North West Business Leadership Team and for the last year, has also been president of Greater Manchester Chamber of Commerce.
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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.
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.
Refurb at Old Trafford
A £500,000 refurbishment of the former John Derby House on Talbot Road, between the Old Trafford football and cricket grounds, is reaching completion this week and will be relaunched as Atherton House on the 17 October. The refurbished office development has had a name change to maintain a cricketing theme - Mike Atherton was England and Lancashire captain in the 1990s - in recognition of its location close to Old Trafford Cricket Ground. The building was acquired by owner Wilton Developments in March 2008.
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