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Top story
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KLM to put Liverpool on world stage
Rod Holmes, chairman of The Mersey Partnership, has hailed airline KLM’s decision to launch a new route from Liverpool to Amsterdam’s Schiphol Airport as “one of the most significant developments” in the history of Liverpool John Lennon Airport. Speaking at a launch event for the new air link, held at the city’s town hall last night, Holmes said the route will boost Liverpool’s profile on a global scale. “The Liverpool to Amsterdam route will connect us with the rest of the world,” he said. “It will link the city with hundreds of cities across the world for the first time. It also shows the confidence that a company like KLM has in the city, adding to last week’s announcement that shipping line Maersk is to relocate its head offices from London to Liverpool.” Christine Ourmières, the general manager Air France KLM UK & Ireland, added that take-up for the new route, which begins operation in March, is in line with expectations.
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Deals
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Survey maps new reality
The debt-equity ratio on leveraged buyouts is expected to shift dramatically as the region’s private equity community embraces the changing landscape of the banking market. According to Deloitte’s annual Northern Private Equity Survey, which canvasses professional and funding communities on both sides of the Pennines, 63 per cent of respondents expect the equity elements of deals to exceed 55 per cent in 2009, with one quarter predicting even more cautious gearing levels of 65 per cent equity or more. The survey also found that, while deal volumes are expected to fall compared to 2008, the most active sectors will be manufacturing, healthcare and technology, media and communications (TMT). “We expect to see the strong get stronger and the weak weaker," said Paul Lupton, head of corporate finance in the North West at Deloitte. 
Order your North West Dealmakers Guide 2009
Insider’s new North West Dealmakers Guide 2009 will be available from 27 February and is the authoritative benchmark to the region’s leading advisers, quoted companies and deals activity. If your company is involved in a sale, acquisition or merger; looking to raise finance, changing professional advisers or simply searching for competitor intelligence, this is the essential guide for you. As a valued reader of Insider Daily, you can receive a 20 per cent discount if you pre-order online and this discount also applies if you order our complete set of regional guides (saving £79 on the cover price). Simply insert promotional code DMG-01 to be eligible for your discount. Offer available until 27 February 2009.
Volex sells wiring harness arm
Electrical cable maker Volex Group is to sell its loss-making wiring harness business for the nominal sum of £1 to focus on its other two profitable divisions. The Warrington-based manufacturer has agreed a deal with Ionix Holdings, a management buyout vehicle led by vice-president of global operations Bill Taylor. Under the terms of the deal, Volex will also pay Ionix £608,000 for developing the business, and an additional payment of up to £250,000 in the seven-month period following completion. The wiring harness business, which makes harnesses used in commercial vehicles, aerospace and industrial engines, reported an operating loss of £2m for the 27 weeks to 5 October 2008. Volex also said it has ended previous plans to dispose of its power products division.
Inclusive snaps up Don Johnston
Oldham-based Inclusive Technology, a supplier of hardware and software that helps people with special educational needs to use a computer, has acquired Warrington company Don Johnston Special Needs for an undisclosed sum. The business has also entered into an agreement with Don Johnston’s American parent company to continue to publish and promote its existing range of products in the UK.
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Business
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Shoppers hit the streets of Liverpool
Liverpool saw a dramatic increase in the number of people visiting the city centre in the run-up to Christmas, according to analysis released by the Liverpool City Central Business Improvement District. There was a 17.1 per cent increase in pedestrians in the city centre in December compared with 2007, against a national decline of 8 per cent. The total number of visitors to the city centre was over 7.4 million, an increase of over 1 million on the previous year. In the Church Street and Whitechapel area there was a 51.8 per cent increase. Gary Millar, the council’s executive member for enterprise and tourism, said: “These are remarkable figures by any standard. The city is, of course, reaping the benefit of Liverpool One being recently open, but that has to be set against the current recession which has badly affected every city. While footfall does not automatically translate into people spending it is highly encouraging that we are attracting so many more people back into the city centre.”
Expansion at Brown Turner Ross
Liverpool and Southport law firm Brown Turner Ross is expanding its employment department with the recruitment of Liz Hall. She lends her expertise to Brown Turner Ross on a consultancy basis, providing ongoing advice and assistance to clients in relation to employment and health and safety law. The firm was launched in 2008 after a merger between Liverpool firm Malcolm J Ross and Southport firm Brown Turner.
JJB looks to cut loose lifestyle stores
Wigan retailer JJB Sports has told the stock market that it intends to appoint administrators from KPMG for its lifestyle division, which comprises the Original Shoe Company and Qube chains, which trade from 64 and 13 stores respectively. The division continues to trade at a “substantial” loss and has failed to attract a buyer since being put up for sale last autumn. JJB also confirmed that discussions are ongoing over the sale of its fitness clubs division following a number of indications of interest.
Search for inspiring women
Nominations are open for the 2009 Inspiring Women Awards, now in their 18th year. The awards aim to recognise the flair, commitment, hard work and courage of the women in the North West and look for inspirational women in business, community, the public sector and, in a new category for 2009, social entrepreneur. Nominations can be made at www.inspiringawards.co.uk and the closing date is 3 April. The winners will be announced at a lunch at the Midland Hotel, Manchester, on 15 May.
Trust funds nuclear scholarships
A team of Lancaster University engineers are exploring the use of robots in Cumbria’s nuclear decommissioning process thanks to funding from a charitable trust. The Sir John Fisher Foundation, which supports causes throughout the UK, but with special regard to Barrow-in-Furness, has provided £97,000 to support four postgraduate engineering students on the joint research project.
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Property
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Money from the land
Bare land prices are holding firm in the weakening economic market but the price of equipped farms fell in the fourth quarter of 2008 according to the latest research by property advisory firm Smiths Gore. There was a significant increase in the number of equipped farms marketed between July and September 2008, which partially contributed to the drop in price. But the outlook remains optimistic, especially for further rises in bare land values. “The asking price of bare farmland rose to an average of £5,700 per acre in the fourth quarter, up an incredible 8 per cent since the start of the year,” said Mark Fogden, partner at Smiths Gore in Preston. “Banks and other lenders still view farming as a secure, well-capitalised sector and agricultural land is still seen as the preferred safe investment when money on deposit is providing such small returns.”
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