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Top story
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Sign of the times? Pawnbroker bought for "potential"
Cash Generator - a Bolton-based pawnbroker with 73 stores - has been acquired by two corporate financiers with backing from Barclays Bank. Stephen Altman and Nigel Berger, founders of New World Corporate Finance Limited, a London-based boutique, have bought the business from founder Brian Lewis, but aren't revealing the price. Julian Urry, managing director, said Cash Generator is "enjoying" unprecedented sustained growth. The business plans to have over 160 outlets within the next five years. Brian Lewis was advised by Robert Street of Brabners Chaffe Street in Manchester.
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Co-op closes in on Somerfields
The Co-operative Group is reported to have resumed takeover talks with Somerfield. The owners of the grocery group - Apax Partners, Barclays Capital and property investor Robert Tchenguiz - pulled the plug on auctioning the business late in 2007 and have been forced to lower their expectations of a business for which they paid £1.1bn in 2005. The Co-operative Group is currently rebranding its stores and would look to sell off Somerfield's supermarkets while investing in the convenience stores. 
Gibbins exits Flowcrete and goes Barefoot
Sandbach-based flooring manufacturer Flowcrete has been sold to US-based listed company RPM International. The sale gives founder and chairman Dawn Gibbins - who owned 54 per cent of Flowcrete - a chance to develop further business interests and she is set to invest £2m into a new business, Barefoot Living, which will provide speciality floorings for the luxury homes market. Her husband and business partner, Mark Greaves, will stay on at Flowcrete as group managing director. The price was undisclosed but is said to be in excess of the £30m asking price. Gibbins said: "Flowcrete has been a central part of my life for 25 years but I am glad it is being transferred into the ownership of such an entrepreneurial company as RPM. For several months, we have been looking at ways to raise funds for the group that would give it the financial muscle to make further acquisitions." Brabners Chaffe Street and Ernst & Young advised.
Experian swallows Corpfin
Manchester-based provider of corporate finance data and company information Corpfin has been acquired by global information services company Experian. The two firms have been working together since 2004 and Brian Rarity, founder of Corpfin, said that the deal would "come as no surprise" to industry observers. Rickitt Mitchell and DWF advised.
A glass act for CGI
Haydock glass manufacturer CGI Group has gone through a refinancing deal worth £15m with backing from Clydesdale Bank. The deal provides an exit for retiring shareholders, managing director Tom Ritchie and chairman Bruce Welton. Private equity houses NVM and Dunedin Capital Partners have a controlling stake in the business and have introduced former Pilkington director Christophe Guillot as executive chairman to drive the business further into the European market.
Drinks all round!
Blackpool-based Booth Dispensers has bought Rotherham business Brandels, which specialises in the repair, refurbishment and supply of drinks machines, for an undisclosed sum. The new company will have a turnover of £6m. Phil Elliot, managing director at Booth, said: "Since the firm restructured in 2000 following a management buyout, we have continued to develop and grow in many areas. The acquisition of Brandels allows us to widen our service provision." Brabners Chaffe Street and Moore & Smalley advised.
RJD buys into Character World
Licenced textile producer Character World, based in Cheshire, has undergone a £20m management buyout led by London-based private equity house RJD Partners and part funded by The Royal Bank of Scotland. The deal sees founder Tommy Schweiger sell his stake in the business to RJD. Tommy's sons Mark and Danny keep their stakes and will continue to run the business.
AIM drops in first quarter
The number of initial public offerings (IPOs) on AIM during the first quarter of 2008 was 65 per lower than the same period in 2007, according to research by PricewaterhouseCoopers. In the firm's latest quarterly IPO Watch Europe survey, just 14 IPOs were completed in the first three months of the year, compared to 41 in the first quarter of 2007. Commenting on the regional situation, Gary Houghton, corporate finance partner at Baker Tilly, said: "Though it's difficult to draw too many conclusions from just one quarter, there aren't many signs that things have improved here in the region in 2008. We're working on three AIM IPOs at present, but I'm not aware of much other activity outside of this."
MSIF £30k investment funds new gear for film company
Toxteth-based film company Tabacula has received a £300,000 funding package from Merseyside Special Investment Fund's Small Firms Fund to invest in new equipment. The firm is currently making a feature-length film about Everton legend Dixie Dean.
Hitchens buys Wallgate
Retail outsourcing firm Wallgate has been bought by discount retailer Hitchens for £8.76m, in a mix of cash and shares. The acquisition combines the shops and online retail distribution base of Hitchens with the retail outsourcing services of Wallgate Services, together with its wholly owned online retail subsidiary Best Price Trading. Hitchens has been a customer of Wallgate for a number of years. Howard Strowman, director of Wallgate, has joined the Hitchens board as chief executive. The company has also acquired Flarepilot, a PLUS-listed cash shell that raised an aggregate of £1.61m. Pannone acted for Hitchens, which is listed on AIM.
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Not run of the mill
Carlisle-based Carr's Milling Industries has posted a 45 per cent rise in first-half pre-tax profit and remains bullish about prospects for the full year. The agriculture and food business reported a pre-tax profit of £5.17m to 1 March 2008, compared to £3.57m for the same period in 2007. Revenue rose from £110.97m to £161.87m. The company said its agriculture division will continue to drive the group's performance.
Ready Eddie go?
Political negotiations are continuing in Cumbria between Carlisle City Council leader Mike Mitchelson and Stobart Group over the latter's plans to develop Carlisle Airport into a major freight and passenger hub. Stobart chief executive Andrew Tinkler threatened to move the company's operations to its Widnes base following a stormy planning meeting last Friday, where the council attached 63 conditions to its outline approval for the scheme. A meeting on Monday was described as very positive, with further talks to take place later this week.
Metquarter bucks retail trend
Liverpool's Metquarter, the designer shopping mall, has revealed record sales and record numbers of customers. Figures show a 26 per cent increase in like-for-like sales during February 2008 compared to the same period last year and the number of customers visiting the Metquarter in Whitechapel has also increased on average by 10 per cent, while footfall trends nationally have decreased.
Slow but steady for Energetix
AIM-quoted Energetix, the energy products developer based at Capenhurst Technology Park, has released preliminary results for 2007, its first full year as a publicly quoted company. The group delivered an income of £1.16m, up from £250,000 in 2006, but expansion activity over the year increased overheads and generated a loss of £1.85m. In August 2007 the company raised £12m through a share placement and in November reported the first sales of its Genlec units, micro combined heat and power technology, which have been launched first in the Dutch market.
Cussons stays on track
PZ Cussons, the Stockport-based maker of Imperial Leather and Carex soap, says that it remains on track to deliver annual profits of £75m in a trading update on the first three months of 2007. It says that it had managed to offset rising commodity costs by increasing prices and that its Nigerian operations remain strong, while trading in Australia is improving. Preliminary results will be announced in July.
"Ambush gap" by-pass now open
Businesses in Barrow and West Cumbria have welcomed yesterday's opening of the £35.3m by-pass on the A590, which marks the end of a 17-year campaign to improve the most dangerous, most sub-standard stretch of the A590 Trunk Road between Barrow and the M6, which was known as "ambush gap" following a remark by an Irish MEP. Contractors on the project were Laing O'Rourke. Furness Enterprise's Stuart Klosinski said: "This new investment will boost the regeneration of south Cumbria."
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Deals 4 u in Crewe
Patrick Properties, the property arm of Brian Kennedy's empire, has secured a 50,000 sq ft pre-let in one of Cheshire's biggest office deals for years. Policy Administration Services and Lifestyle Services Group, both part of the 4u Group that owns mobile phone retailer Phones 4u, have agreed a 15-year lease at £15 per sq ft at Patrick's speculatively built grade A office scheme Emerald, within Crewe Business Park.
Rochdale award challenged by Sultan
Rochdale Council's town centre redevelopment plans have been thrown into doubt by Sultan Properties, the owner of the Wheatsheaf shopping centre and a defeated bidder when Wilson Bowden was chosen for the scheme last month. Sultan has threatened an injunction in a formal legal letter of claim to the council, which has agreed a âstandstill period' until 30 April. Eamonn McCann, Sultan chief executive, said: "Rochdale Council has failed to comply with important EU rules requiring a fair, open and transparent competition, errors that became clear after the de-brief meeting we had with the council."
Peel gets a LIFT in Liverpool
Peel Holdings has been given planning permission by Sefton Borough Council to develop its Liverpool Intermodal Freeport Terminal (LIFT) to over 4 million sq ft. Peel has let over 600,000 sq ft to logistics firms including RH and Christian Salvesen and will start work on the 400,000 sq ft phase two later this year.
Glossop plans move ahead
Sainsbury's has formally entered into a development agreement with Glossop Land, the development vehicle headed by property developer Mike Ryan. The partners will now work on a planning application to be submitted to High Peak Borough Council over the coming months. The four-phase proposed scheme could include a residential scheme, leisure and retail alongside a Sainsbury store and will look to build on the Howard Town Mill scheme developed by Ryan's B&R Developments.
Grantmaster gets to the Point
Retail and leisure property specialist Tushingham Moore has acted as agent in the exchange of contracts for a 64-bedroom hotel and 25,000 sq ft ten-pin bowling centre at Grantmaster Developments' West Point, a £30m mixed-use scheme in St Helens that will also include three restaurant units and up to five shops. Detailed planning has also been obtained for a residential scheme comprising 111 new apartments.
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Business of Sport Summit
Insider is hosting a Business of Sport Summit on 14 May, the day the UEFA Cup Final is held in Manchester. Our morning and lunchtime event at the Bridgewater Hall will feature an array of speakers from the sporting world including JJB's Chris Ronnie, Alistair Mackintosh from Manchester City FC, James Jennings of Sale Sharks and Phil Townsend of Manchester United. Sponsors are the Northwest Regional Development Agency, Deloitte and Halliwells. Matt Appleby, sponsorship director of Barclays, has also agreed to speak on how his business has maximised the sponsorship of the Premier League. Tickets are £75 - register at www.newsco.com/sportsummit
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New Insider out this week
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Walker Family Trust cuts off funding to Blackburn Rovers
The trustees of the estate of the late Jack Walker have ended the £3m-a-year funding of Premier League football club Blackburn Rovers and are looking to sell the club. The full story by business investigations journalist David Conn is in the latest issue of Insider, out this week.
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