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Lancashire-based cold storage company Yearsley Group has bought the frozen foods division of Nottingham-based Innovate Logistics out of administration. Managing director Harry Yearsley said: "Adding the business and the strategically located sites increases our client base and doubles our storage capability to over 330,000 pallets nationwide." The deal follows the acquisition of Celsius Distribution two years ago. George Davies advised. 
Jackson invests for recycling boom Preston entrepreneur Steve Jackson has increased his stake in local business Recycling.co.uk following the exit of two shareholders. In a deal funded by The Royal Bank of Scotland, Jackson and his senior management have completed a share restructuring in a £4m transaction. Originally established in the 1960s as a scrap metal business, Recycling.co.uk collects, segregates and recycles metals, plastics and glass from its base at Red Scar Business Park. The company has also pioneered Recycling Lives, a Preston-based charity that aims to provide relief from financial hardship, homelessness and poverty.
Penta supports IDSS Private equity house Penta Capital has acquired a 60 per cent stake in Manchester-based support services group IDSS Holdings with backing from Yorkshire Bank. The deal allows Aberdeen Asset Managers, which backed a £3m management buyout of IDSS in early 2007, to realise most of its shares in the business but retain a small stake. IDSS operates through two trading groups: ID Technology Group employs 100 staff in Middleton and provides electronic security solutions and GK Industrial, which is based in Doncaster, employs 72 staff and designs and installs energy-efficient, climate control solutions. DLA Piper advised.
Outgoing business seeks fun-loving students Didsbury-based travel and events company Outgoing has invested in Student Seed, a student festival company featured on the BBC’s Dragons’ Den. Student Seed’s directors, Celia Norowzian and Ian Forshaw, appeared on the show in December 2007 looking for a £50,000 investment in their fledging business, which operates the summer student beach festival, Beach Break Live in Polzeath, Cornwall. Peter Jones and three other dragons offered them the investment in return for a 20 per cent stake in the company but Norowzian and Forshaw declined and instead found investment with Outgoing.
In case anyone needed reminding that businesses are facing tough times ahead, two reports out today paint a gloomy picture for North West plc. The impact of the credit crunch, high fuel and commodity prices and uncertainty in the housing market have taken their toll on small and medium-sized business, according GE Commercial Finance's Outlook for Growth study. Companies in the North West expected to grow overall but were less optimistic than last year and the need to address potential falling demand is focusing firms on finding new sales. And the latest Forecasting Eye report from the Centre for Economics and Business Research suggests the economy is set for at least two years of slow growth. However, the analysts added that the economy should actually avoid recession.
The next book US digital publishing company Nxtbook Media has opened its European headquarters in Manchester. Nxtbook has launched its new office in the Digital World Centre in Salford Quays to serve its growing number of European customers, citing Manchester's location and growing digital and business sectors among the reasons for choosing to locate to the city. The new office will provide sales and services to its rapidly expanding British base and operational support to European clients.
Future of Jodrell Bank secured The future of Jodrell Bank Observatory in Cheshire has been secured for the short term at least after the University of Manchester reached a funding agreement with the Science and Technology Facilities Council (STFC). The deal guarantees full funding at current levels for the next two years, during which time the development phase of the institution's flagship eMerlin project will be completed. It was feared that the STFC could pull the observatory's funding altogether to plug an £80m shortfall in its budget.
Shearings picks up Citypress for growth journey Wigan-based coach operator Shearings plans to accelerate its growth by targeting revenues of £225m and profits of £9m by 2011. The business has hired Citypress to do its public relations as part of this push. The account was won by Citypress on the strength of the agency's corporate and travel teams, which represent clients including The Co-operative Travel and designer outlet McArthurGlen.
Stobart to try again in Cumbria - for now Could Cumbrian transport business Stobart Group be on the move? The planning application by subsidiary Stobart Air to expand Carlisle Airport has now been withdrawn, following the calling in of the plans by the Government Office for the North West (GONW) last month. As this could delay the process by a year, the group will submit altered plans. Although chief executive Andrew Tinkler is keen to work with the GONW, the group already has substantial holdings in Widnes and Runcorn, while its central administration functions are based in Warrington.
Loan market players worried by withdrawal Two quoted North West businesses expect to feel the pinch following Barclays' decision to withdraw its secured loan brand First Plus from the market. In trading statements released this morning troubled debt solutions provider Loanmakers said that First Plus' "withdrawal from the market will adversely affect the company business", and Moneysupermarket.com indicated that the move would have a direct impact on 2008 revenues and "depending on mitigating actions, a reduction of £5m in EBITDA". Both firms are looking to source additional capacity elsewhere in the market.
Begbies grows in insolvency boom Manchester-based Begbies Traynor continues to ride the insolvency wave after posting revenues of £48.1m for the 12 months to 30 April 2008, up from £41.9m a year earlier. Despite a dip in pre-tax profits to £7m from £9.2m in 2007, Begbies made £4.3m of acquisitions in 2008 and grew organically by 11 per cent in the second six months of the year. Executive chairman Ric Traynor said: "Following one of the quietest periods for corporate insolvency in nearly 20 years, the advent of the credit crunch through the autumn of 2007 resulted in a significant change in activity levels. We start the new financial year with an enhanced insolvency platform, a replenished insolvency case load and market indicators, which continue to predict stronger demand in this, our counter-cyclical core business."
Making sweet music Leyland-based Air Music and Media Group, the distributor of home entertainment products of which JD chairman and Bolton entrepreneur Peter Cowgill is non-executive chairman, today announced a 31.5 per cent increase in turnover to £80.9m in the year to the end of March. Pre-tax profits increased to £5.7m, up from £5.4m. Cowgill said: "Our distribution business strengthened its market position in the UK and, against a challenging market backdrop, I look forward to continuing with the progress achieved to date." Sales in the Music Box Leisure distribution business, whose customers include supermarkets, discount retailers and service stations, grew sales by 49.3 per cent from £48.5m to £72.4m, of which £8.3m came from new customers.
Ewloe-headquartered housebuilder Redrow this morning released a trading update that underlined "an unprecedented decline in the fortunes of the UK housing market in a very short period of time". The group is in consultation to reduce its headcount by around 40 per cent, which will involve the closure of two offices - Warrington and Basingstoke. Cancellation rates from potential buyers in the last six months were just under 30 per cent, up from 18 per cent, and Redrow said cancellations have increased further, "in particular in recent weeks as customers have not been able to secure mortgage offers". The group completed 3,925 new homes in the year to 30 June, down on 4,823 in the previous year.
Canal knowledge in Lancaster Centros has resubmitted its plans for the Canal Corridor North scheme in Lancaster, a £150m scheme to be anchored by a 97,500 sq ft Debenhams store. Having gone back to the drawing board, the regeneration vehicle has made more provision for independent stores, taken the number of houses from 150 to 179 and moved the Debenhams location from the south of the scheme to the north. Centros is a fund-backed regeneration vehicle advised by Jamie Ritblat's investment specialist, Delancey.
St Modwen boxes clever Prompted by the success of its deal with Adidas for a 360,000 sq ft distribution centre in 2007, St Modwen is to market the adjoining ten-acre Avro Park site at Trafford Park as a site for another big box distribution hub. Paul Batho of St Modwen said: "The Avro Park site has been cleared and is ready for large- scale development, subject to planning consent."
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