It has been a bone of contention that the Regional Venture Capital Funds have taken a long time to get approval, and today more evidence emerges as to why that is the case. But a report from a cross-party group of MPs says the funds have been a "risky and experimental initiative". They also question the measurement of the funds and the impact they have had, attacking the poor co-ordination between the regional funds and the national venture funds, some of which have a London and South East bias. In this week’s In Focus blog, Insider editor Michael Taylor takes a look at the new Venture Capital Support to Small Businesses report in more depth. To read more, click here.

Crewe-based analytical instruments provider Farfield Group has been acquired by Swedish business Biolin Scientific for an undisclosed sum. Biolin said the deal will complement its product portfolio and provide new application opportunities in bioscience. Farfield’s products are scientific instruments based on its patented technology known as Dual Polarization Interferometry. This is a highly-sensitive technique to detect and monitor molecular changes occurring on a surface. The company’s chief executive Jerry Ronan said: “We believe there is significant further potential still to be explored particularly in the fields of protein research and are delighted to become a product company within the Biolin Scientific group.” Click here for Insider comment.

Wigan-based Mortgages Pensions & Investments has been sold to Buckles, one of the largest independent financial advisers in Wales, for an undisclosed sum. Buckles, which is based in Rhyl and owned by South African financial services group Sanlam, acquired the business from David Brown, who now plans to retire. The deal extends Buckles’ reach into the North West and will add around 300 clients to its portfolio. It is also expected to increase the group’s funds under management by around £20m.

In a letter to Conservative MPs aimed at clarifying the party’s position on regional development agencies (RDAs), shadow business secretary Ken Clarke and shadow communities secretary Caroline Spelman said the organisations were “the remains of John Prescott’s failed experiment of regional government”. While Clarke and Spelman did not commit to the wholesale scrapping of RDAs, they said they expect councils to “come forward with proposals for new local enterprise partnerships to replace the regional bodies”. According to the letter, RDAs will be stripped of housing and planning powers in order to focus on “delivering economic growth”. In an interview with Insider last month, Tory leader David Cameron said there was no policy to scrap RDAs.

Advanced Medical Solutions (AMS), the Winsford-based developer of wound care products, said today it has taken “major steps” to exploit its growth opportunities despite posting lower full-year profits. The company, which last week rejected an offer for the business from Consort Medical, reported a pre-tax profit of £2.4m for the year to 31 December, down from £2.9m a year earlier. However, its profit before exceptional costs, which included its new premises and an aborted acquisition, was £4m. Turnover increased from £20.3m to £24.1m. Chairman Geoffrey Vernon said: “The board remains very optimistic about the prospects for the business in 2010 and beyond and, accordingly, intends to introduce a maiden dividend for the full year 2010.”

Epistem, the biotechnology and research company based in Manchester, has posted a 90 per cent rise in like-for-like sales for the six months to 31 December, boosted by a research and development contract it signed with pharmaceutical giant Novartis last April. The company posted a turnover of £2.8m for the period, up from £1.5m a year earlier. Pre-tax profit was £5,000, compared with a loss last time of £615,000. As the year end, Epistem had cash reserves of £5.6m, compared to £1.2m a year earlier. Higher staff numbers in its novel therapies division, which supports the Novartis collaboration, represented the company’s largest year-on-year cost increase. The company added it would consider “complementary acquisitions of technology and new business” in order to continue its growth.

Dry-cleaner and workwear provider Johnson Service Group this morning said it was “very positive” about its future prospects after returning to full-year profit. The company, which is based in Preston Brook and operates its dry-cleaning business from Prescot, reported a pre-tax profit of £20.6m for the year to 31 December, up from a loss of £6.8m a year earlier. The results were boosted by a £12m pension credit arising from a reduction in its defined benefit pension scheme liabilities. Revenue fell to £236.4m from £252.3m a year earlier. In a statement to the Stock Exchange, the group said its textile rental division fared well, with the Stalbridge brand returning to profit.

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