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Top story
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Midas steady in the face of tough markets
Simon Edwards has taken over the role of chief executive of Midas Capital, the Liverpool-based fund management, wealth management and corporate services group created in March through the merger of Midas with Iimia MitonOptimal. Edwards has moved from the role of managing director to replace Iimia’s Mike Phillips. The group released its interim results for the six months to the end of June this morning, but, speaking to Insider, Edwards underlined the growth of the pre-merger Liverpool operations, where pre-tax profits grew from £3.3m to £7.4m in the full year to 31 March. “As a group there are obviously now other influences. We are in the process of continuing to focus the group and streamline it more,” he said. “These are difficult times, but the underlying business of fund management is still very profitable.”
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Business
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City hotels outperform UK rivals
Liverpool's hotels have reported an 11 per cent increase in occupancy rates during its Capital of Culture year, according to PKF Hotel Consultancy Services. Hotel occupancy rates for July 2008 rose from 74.1 per cent last year to 82.2 per cent. The average daily room rate for city hotels went from £70.28 to £83.13, an 18.3 per cent increase. Money made on rooms also increased by 31.2 per cent, from £52.06 in July 2007 to £68.33 in July 2008. Liverpool is outperforming all other UK cities - including London - with unrivalled growth in both occupancy and overall revenue from rooms. 
Profits down as Johnson battles on
Johnson Service Group, which includes the Prescot-headquartered dry cleaning business, has this morning announced a fall in first-half adjusted pre-tax profits from £2.3m down to £400,000 this year on revenues down from £158.9m to £130.1m. The troubled group spent last year embroiled in profit warnings and in attempts to sell off three non-core units. Executive chairman John Talbot, who was appointed in December 2007 to spearhead recovery, said: "We are well positioned to seize commercial opportunities but are not immune to weaknesses in the UK economy."
Faitful secures rail contract
The Liverpool office of project and cost management consultancy Faithful+Gould has been appointed to provide post contract administration to Network Rail on the redevelopment of car parks in Runcorn, Preston and Birmingham. The firm had previously been involved in the estimating process for the redevelopment work, which was handled by West Coast trains, before the work was put out to tender by Network Rail.
PwC's McKeith bows out
Insider Power 100 regular David McKeith is retiring as North West senior partner of PricewaterhouseCoopers (PwC) after 19 years with the firm and seven years in the post. McKeith, who is planning to continue his work with the Greater Manchester Chamber of Commerce and the Royal Exchange, will be replaced by Nick Boden. McKeith said: “The last seven years as senior partner has been a period of unprecedented success for our North West offices.” Boden is the assurance leader for the North West practice and has been with the firm for 20 years. PwC posted an 8 per cent increase in revenues in the year to 30 June 2008 with strong growth in corporate finance and performance improvement consulting.
Cumbria secures top renewables scientist
Sir Martin Holdgate has been appointed as chairman of the Cumbria Renewables Panel, set up by Cumbria Vision, Cumbria County Council and the Lake District National Park Authority to identify economic opportunities for renewable energy. It will advise the newly established Energy, Environment Technology and Specialist Manufacturing Industry Forum, and other stakeholders, on turning opportunities into results. Holdgate is a former chairman of the government's Renewable Energy Advisory Group and was the first chairman of the Energy Advisory Panel.
Funding for flexible materials
New funding is set to provide training for the North West's advanced flexible materials (AFM) sector. A new Northwest Regional Development Agency project, in conjunction with AFM cluster agency NW Texnet, will help the region's manufacturers gain skills in new product development and outsourcing. Meanwhile, the government has announced plans to support UK manufacturers with almost £150m for training and improving technology.
Revenue centre to create jobs
Fifty-three jobs have been secured and 350 more will be created when a new HM Revenue and Customs office is set up in West Cumbria. The staff at the Whitehaven tax office will retain their jobs when the new Contact Centre is built in Lillyhall, between Whitehaven and Workington.
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Deals
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K-Flex - the drinks are on us
Lytham St Annes-based L'Isolante K-Flex UK, which supplies equipment to the pub industry, has acquired Leicestershire-based BevEx to further its growth in the global market. BevEx manufactures products including tubing for the beverage industry and has annual sales of over £1.5m. K-Flex, which has its headquarters in Italy, has markets in India, Turkey, Russia, the US and Iran.
Is this the year for asset finance?
More companies are borrowing against their assets as dwindling credit lines are forcing them to seek alternative forms of finance, according to a report from the Asset Based Finance Association. A total of £17.3bn was lent to UK companies by asset-based lenders in the year to the end of June, against assets worth £31.2bn, which is a 15 per cent increase over the same period last year. Growth in asset-based finance exceeded the growth of total lending to firms, which grew by 13.2 per cent over the same period.
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Property
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Redrow adjusts focus as profits fall
With UK house sales at their lowest recorded level, housebuilder Redrow has secured access to new £450m three-year debt facilities until 2011 as it tries to manage its way through challenging markets by focusing on cash flow and reducing costs. The Ewloe-headquartered group's full-year results to the end of June showed pre-tax profit almost halved from £121.1m to £65.5m and revenue down from £834.3m to £650m. Chairman Alan Bowkett said: "We have prudently reviewed all our land holdings and the balance sheet and net assets per share properly reflect this reduction in market values."
Multibuild for Modwen in Widnes
Developer St Modwen Properties has chosen Stockport-based Multibuild to complete a £3.6m design-and-build project in Widnes. The contractor will undertake ground remediation works on Phase 2 of the Heron Business Park before constructing 19 industrial units housed in five new buildings. "This is our first project for a new client and being located at the heart of the Widnes Waterfront Economic Development Zone makes it a high-profile development," said Multibuild operations director Ged Nolan. Phase 2 of the Heron Business Park is due to complete in January 2009.
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