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Top story
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Rural economy upbeat
Confidence in the rural economy is higher than in the economy as a whole, according to the quarterly CLA Rural Economy Index. The CLA surveyed a cross section of the rural economy across England and Wales and found that only 5 per cent had no confidence in the rural economy over the next three to six months – compared with 42 per cent with the economy in general. An encouraging 50 per cent expected their firms to be able to perform according to their business plans and 16 per cent even expected their rural business to perform well with potential for growth over the next three to six months. Douglas Chalmers, director at CLA North, said: “The rural economy in the North West punches above its weight. Forty per cent of the region’s businesses are in rural areas, where there is only about 20 per cent of the population.”
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Today's news
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Bullish JD Sports defies retail gloom
JD Sports, the Bury-based sports and fashion chain, has continued to defy the gloom of the high street after it reported a bumper Christmas trading period and said it expects to exceed profit expectations for the year. Like-for-like sales at the group over the five weeks to 3 January rose 2.8 per cent on the previous year, despite the group holding off its Christmas sale until Boxing Day to maintain margins. Fashion stores Scotts and Bank were strong performers, reporting a 12.5 per cent hike in sales, while sales at its sports shops nudged up by 1 per cent. Over the 48 weeks to 3 January, the company said sales have risen by 3.8 per cent and now expects pre-tax profits to be “marginally” better than forecasts, which stood at about £47m before today’s news. Its share price leapt 19.5 per cent to 245p this morning.
Wanderers report £8.1m loss
Burnden Leisure, the parent group of Bolton Wanderers FC controlled by Manx-based kettle magnate Eddie Davies, has reported losses of £8.1m for its latest financial year. Although turnover rose 15.7 per cent to £59.1m on the back of the Premier League’s record-breaking TV deal, and hospitality and sponsorship also grew, the cost of managerial changes and boosting playing resources to stave off relegation ensured the club lost money over the season, while overall net debt increased from £43m to £53.5m.
TEG hits expectations and starts PFI project
AIM-listed green technology business TEG Group has confirmed that revenues in 2008 were in line with expectations after second-half trading matched growth achieved in the first six months of the year. The Preston-based company, which provides composting vessels for the treatment of green and organic waste, added that it remains confident that further growth will be forthcoming in 2009 despite anticipated delays for two private sector projects. The group also announced that work has begun on the Greater Manchester Waste PFI project, one of Europe’s largest waste projects. Work started on the Rochdale composting facility in June 2008, while it has also been commissioned to design a second facility at Bredbury in Stockport.
Morton and Dunham moving on
A couple of high-profile professionals are on the move. Corporate financier Paul Morton, who set up the Manchester office of Leeds-based boutique McInnes Corporate Finance, prior to it being taken over by Begbies Traynor, is leaving BTG McInnes. He said: “After ten years at McInnes I have decided to leave and focus on my property interests, and perhaps look for a new challenge in the future. Over the next few months I have agreed to continue to progress my current commitments until a convenient point to exit from the group is reached.” Matt Dunham is also leaving BDO Stoy Hayward where he is a partner in the insolvency and business recovery team. Dunham is also the chairman of R3, the trade association for turnaround and recovery practitioners.
Wealthy expansion
Cumbrian accountancy firm Armstrong Watson has expanded its financial planning and wealth management team with the appointment of Phil Jackson and Colin Robson. Jackson joins from Bolton-based firm Proact as a financial adviser and Robson moves following 15 years’ experience at Bank of Scotland and Norwich Union.
Three sign at Radius
Agency Edwards & Co has secured three new tenants for the 25,000 sq ft Radius scheme in Prestwich, Manchester. Mediterranean restaurant chain Ego and coffee seller Costa Coffee have already started trading, while state-owned betting organisation The Tote has exchanged contracts on a 1,004 sq ft unit. All three tenants have agreed lease terms of 15 years and will join existing occupiers including Croma and Barracuda. Only two units remain at Radius, which is owned by Irish investor Hugh Mohan.
Cater to lead climate change project
The University of Manchester’s Dr Jeremy Carter has been appointed to provide academic leadership for an ambitious collaboration between eight European Union member states that will aim to help cities adapt to the effects of climate change. Managed by the Town and Country Planning Association (TCPA), the project will raise awareness among local and regional authorities about which areas are most vulnerable to the impact of climate change and devise approaches to help them respond. Carter will also work on a related project called Eco Cities to develop Greater Manchester’s first integrated climate change adaptation strategy.
Rate cut won’t touch housing market
Yesterday’s cut in interest rates will have no effect on the North West housing market, according to the chairman of the Royal institute of chartered surveyors (RICS) North West board Richard Kingsley. He said: “The decision to lower interest rates to just 1.5 per cent, while welcome, is unlikely to provide any meaningful encouragement for banks to increase the availability of finance to either households or businesses.” The gap between new buyer enquiries and the number of mortgage approvals is increasing, according to RICS, and Kingsley added that lenders are set to become even more restrictive over the coming months in the face of the worsening economic climate.
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Something for the weekend
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Farmer in Obama llama drama
Great to see some entrepreneurial flair for PR from David Mort, owner of Cockfields Farm and Aquarium in Ashton-under-Lyne. Mort and his general manager Mark Navin have seized the political zeitgeist in naming their latest addition Obama. As Navin told the Oldham Evening Chronicle: “The name could not have been more apt for the llama. Like the president, he was the new kid on the block and the name has a real rhyming ring to it. Obama - much like the real-life president - has become a big hit with families.”
Having a paintball
Everyone likes corporate entertaining with a difference and now you can shoot your banker while keeping warm. Three entrepreneurs from Stockport have clubbed together to bring an end to your winter woes with the launch of a paintball arena in the town. Asylum has brought the usually woodland-based pursuit indoors to a 31,000 sq ft space in Pear Mill in the town. Raynie Thomson, one of three founding directors, said: “The mill has provided us with a huge blank canvas on which we have created incredibly realistic games zones, which are similar to that of a film set.” Lovely.
It’s all happening in Haverigg
“If the economic development group make as good a job of that site as they have the Palladium nothing will ever be done,” said Haverigg Residents Association member and Millom town councillor Audrey Gabbert on Cumbria’s disused Haverigg Tannery site, where the landowner and the council are involved in an impasse over regeneration plans. Said Palladium site is currently amid a tug of love battle between Lidl and Netto. Lidl acquisitions manager Gary Rafferty seemingly provided an insight into building materials with a local press interview: “It is very early days at this stage. I had a visit round but there is nothing concrete.”
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