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Top story
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DTZ man pleads for calm
Hysteria over house prices is affecting the business world’s ability to see the economic downturn rationally, according to Dr Paul Sanderson, head of Europe, Middle East and Africa research at property consultancy DTZ. Speaking this morning at the DTZ Property Debate, chaired by Insider editor Michael Taylor at Manchester’s Lowry Hotel, Sanderson said: “It’s important we avoid over-pessimism and see things in context. We’ve had such benign conditions globally for so long that those who’ve not seen a downturn before tend to overreact. It’s a totally different situation to the early 1990s. It will take time for the financial markets to reorganise but it’s not the end of the world.”
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Deals
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Found in translation
Two former Stockport College business graduates, Steve Wilde and David Nichol, have acquired a £2m-turnover translation business from human resources giant Adecco and relaunched it as an independent company headquartered in Manchester. Formerly Roevin Translation Services, The Translation People provides a range of professional translating and interpreting services. The pair plan to double the size of the business in three years.
Star turn in Salford
Internet services provider Star, which has offices in Salford, Gloucester and London, has secured £4.5m from Barclays to fund a new data centre to serve its 4,000-strong client base. The company recently moved into new offices in Salford Quays and employs 14 people in the regional office. Regional director Justin Walton said: "We're confident about the future and will be using the new investment to build strong brand awareness for Star and further enhance our network infrastructure."
Funding boost for wound treatment
Manchester-based Intercytex Group, which develops regenerative medicine products to restore skin and hair, has raised £2.75m through a placing of 6,547,619 new ordinary shares. Chief executive Nick Higgins said: "These funds will enable us to take our lead treatment for chronic wounds through phase three trials and also to continue the development of the other products in the company's late-stage pipeline."
Insurance consolidation continues
Manchester-based Stanmore Insurance Brokers has acquired Beecroft Insurance services to complement its corporate insurance strength. David Turner, director of Stanmore, said: "Having known Beecroft for a number of years we knew that the business was an ideal fit for Stanmore, having a propensity for corporate insurance while offering proficiency for personal insurance where needed." Stanmore, established in 1962, is based in Radcliffe. Beecroft will continue to operate from its Pendlebury premises until the end of the year, when a move to integrate with Stanmore's infrastructure will be considered.
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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Business
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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.
Job cuts at Manchester Airport
Baggage handlers, check-in staff and ground workers at Servisair Manchester are facing an uncertain future after the ground services company announced a string of redundancies at Manchester Airport. The company said the cuts were as a result of the expected downturn in flights over the winter and that the collapse of low-cost airline Zoom, which operated flights from Manchester, added to its problems. "Redundancies at Servisair Manchester have been declared due to the expected downturn in flights for winter 2008/2009," the company said in a statement. "Airline consolidation and integrations have also impacted on our business and Zoom has ceased operations. We have commenced consultation with trade unions to try to minimise the number of redundancies."
Good times for AMS
Winsford-based Advanced Medical Solutions (AMS), which manufactures products for the global woundcare market, has boosted pre-tax profits by 80 per cent in the first half of 2008. In the six months to 30 June, AMS increased penetration in the UK, with a framework agreement with the NHS, and formed a joint venture with Belgian company Recticel. Group revenues were up 24 per cent to £9.8m and earnings per share up 60 per cent to 0.91p.
IVA hangover for Fairpoint
Consumer debt company Fairpoint Group has felt the full force of tightening fees in the IVA market with EBITDA down from £2.9m in 2007 to £1.1m for the first six months of 2008. A cost-saving exercise has reduced headcount from 479 in December 2007 to 389 at the end of June with the company's Nottingham operations being relocated to Chorley. Fairpoint has also begun to roll out alternative debt solutions to diversify and has appointed the ex-finance director of MyTravel, John Allkins, to the board.
The visitors keep coming
Hotels in Manchester continue to perform strongly against the national average with continuous growth in both room rate and occupancy for the year so far. The latest figures from PKF Hotel Consultancy Services show that average room rate is up by 2.2 per cent from £84.16 in July 2007 to £86.03 in the same period this year. Overall the rooms yield - the revenue made on each room - rose by 2.8 per cent in the year to date. Occupancy levels in July exceeded the national average at 78.2 per cent, highlighting a sustained popularity from UK and international visitors staying in the city.
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.
New deal for Porter Bros
Great Harwood-based protective clothing distributor Porter Bros will be the only supplier in East Lancashire to distribute Praybourne's range of specialist clothing. The company has been awarded sole supplier status of the Pulsar and Pulsarail ranges, a high-visibility range that includes breathable foul weather clothing and Teflon-coated work wear. The deal was secured just in time to include the new clothing ranges in the newly-launched Porter Bros catalogue.
Contract win for And Partners
Manchester-based creative agency And Partners has been hired to work on a review of brand positioning and develop a marketing strategy for UK Property Buyers (UKPB). And Partners beat three other agencies to secure the contract with UKPB, which buys houses from homeowners and then rents them back at affordable prices to avoid forcing them to move out.
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Property
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Town centres the key concern, says Sinclair
Greater Manchester's town centres create one of the biggest challenges facing MIDAS as the investment agency seeks to attract investment into Manchester. Speaking at the DTZ Property Debate this morning, chief executive Colin Sinclair said: "The regeneration of many of our town centres has been based around retail and as that market has slowed, they're all going to have to work doubly hard to make schemes work." DTZ investment director Bruce Poizer said: "In some cases there's a need for some re-education. We all like to see vision, but it has to be matched by deliverability."
Jacobs starts council work
Jacobs UK has started its contract to deliver outsourced corporate property services to Manchester City Council. Jacobs will be supported by consultancy GVA Grimley in the management of services for the council's non-operational estate. Services being outsourced include estate management, new leases, disposals, valuations and land surveying.
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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