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Top story
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Liverpool considers cultural future
Liverpool City Council has begun the process of consulting with staff over the future of the Culture Company's 100 staff once the city's year in the cultural spotlight draws to a close. The organisation will be wound up and replaced with a new council cultural unit covering tourism, events and liaison with cultural organisations. The team will be much larger than the department that was in place before the Capital of Culture bid in 2003 and will capitalise on the expertise built up through the 08 programme. The city has also made a bid for £3m from the Northwest Regional Development Agency and European Regional Development Fund money for 2009-2012. The funding would help support a cultural legacy programme that builds on 2008. "It is absolutely crucial that we build upon the amazing achievements of 2008 and securing additional funding will enable us to build a programme worthy of a major European city like Liverpool," said council leader Warren Bradley.
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Deals
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A Mexican wave across the region
Restaurant chain Barburrito is set to open a new venue at the end of the month in retail development Liverpool One and the business has secured expansion investment by Cenkos Securities’ Rapid Realisations fund. The management team of Morgan Davies and Peter Kilpatrick retain a minority stake in the business but will be at the forefront of the expansion of the Mexican fast-food operation. “We have the first burrito bar in the UK, which is a new concept,” Davies told Insider. “And our price point is cheaper than our competitors, which makes us recession proof.” The new funding will enable Barburrito to expand on its two Manchester outlets – at Piccadilly Gardens and The Trafford Centre – taking the total to ten by the end of 2010. 
What future for AIM?
North West capital markets heavyweight Andrew Wright, partner at law firm Cobbetts, has dismissed the negativity surrounding AIM and called on companies to look closely at the reasons they joined the market in the first place. Speaking to Insider, Wright said: “To say AIM is finished is rubbish. If a company is there for the right reasons then they should be able to ride this out.” Companies on AIM have seen their share prices plummet this year amid falling investor confidence with many directors reportedly considering take-privates. “There are a lot of companies vying for attention but there are a lot of analysts out there now. If you want to get liquid then start doing things and get some good financial PR,” he said.
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Business
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Liverpool urged to think big
Liverpool should combine the best of Beijing and Barcelona as it seeks to build a legacy from 2008. Jack Pringle, partner at architecture and consultancy firm Pringle Brandon and former RIBA president, told the Liverpool & Manchester Property Forum this morning: "The strength of the legacy will be dependent on the city's overall strategy and it has to focus on its knowledge economy capital. It needs the courage of Beijing and the clarity of Barcelona's vision."
City must collaborate to survive
Liverpool needs to work more closely with Manchester to compete on a global scale, according to a think tank report. The UK Cities in the Global Economy report from centre-left think tank Centre for Cities calls on government to double its efforts to help UK cities adjust to globalisation by making better use of wider brands. It urges authorities to collaborate more and to be more realistic about their global ambitions. Liverpool’s success could lie in its proximity to Manchester and Leeds. Dermot Finch, director of the Centre for Cities said: “Globalisation does not benefit everyone in every city, but it does benefit the UK as a whole. Politicians cannot and should not reverse this tide of global economic change, but they can be more honest about it - and do more to support the people and places hit hardest by globalisation.”
Rates hike to hit retailers
Retailers across the region will face a 16 per cent increase in their rates bills from April 2010, according to research from GL Hearn and Investment Property Databank. Stephen Robertson, director general of the British Retail Consortium, said: "Extra costs inevitably filter through to higher prices. Retailers, already suffering the economic slowdown and increases in property costs, have worse to come." Business rates are based on an assessment of the rent a property would fetch on the open market. That assessment is redone every five years. Rentable values of retail properties increased by more than 20 per cent between 2003 and 2008.
New team at Cybertill
Knowsley-based electronic point of sale and e-commerce technology company Cybertill has introduced a new specialist web services team to its business. Cybertill, which works with over 500 ecommerce businesses, is offering to set up websites for clients, removing the need for them to find their own web designers.
Cuts will be made
Employers in the North West are braced to make a string of redundancies, according to research from Manchester-based employment law and HR consultancy TP People. The property industry fared worst, with 62 per cent of estate agents planning to make redundancies in the next six months and 71 per cent freezing recruitment. Estate agents were followed by financial services, where 60 per cent are expected to make cuts, with construction, the leisure sector and PR and marketing making up the rest of the top five.
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Property
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Peel plans the key, says Forum
Liverpool City Council leader Warren Bradley was urged to do all he can to support Peel's Liverpool Waters plans at this morning's Liverpool & Manchester Property Forum. Mark Chadwick, chief executive of professional services organisation Professional Liverpool, said: "I don't know of any other investor prepared to make this big a commitment over the next 30 years. The private sector wants to see it happen." Bradley replied: "We will be visiting Shanghai with Peel next week and will continue to work with them. I hope to see the Liverpool Shanghai Tower happen at Princes Dock. Unfortunately, I don't control the planning process." The so-called Shanghai Tower is the landmark centrepiece for Peel's proposed Liverpool Waters scheme.
Bring back the Baltic
Liverpool's Baltic Triangle has received a boost following a £22.5m funding package from Lloyds TSB Corporate Markets. The £47m Kings Dock Mill Development is a mixed-use scheme consisting of a 150-bed hotel, 3,600 sq ft of office space and apartments and Lloyds has backed local architect and developer LAG Prichard to build the scheme. The project, which has already received £5m of mezzanine funding from Investec Private Bank and £19.5m from the developer, is due to be completed in January 2010.
Deals signed at Vesty
Vesty Business Park in Bootle has secured deals on over 40,000 sq ft of its space. The £14m site was completed just over two months ago and was built on the grounds of the former Vesty factory. Four industrial units have now been sold and one unit let on the 159,000 sq ft, wind-powered development. Developer Priority Sites also plans to bring forward another £11m project, Senate Business Park. Like Vesty, the 80,000 sq ft office development will be based on Bridle Road and will boast a planet-friendly design including 10 per cent on-site renewable energy.
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New Insider out this week
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Not so rich now
The September issue of Insider is out this week with our annual Rich 100 – an assessment of the wealthiest individuals in the region – and for the first time in more than a decade, North West wealth has decreased. We also interview the man in charge of drinks brand Vimto, John Nichols, and David Conn investigates the future of Salford City Reds’ bid for a new stadium. A special feature on masterplans looks at how the discipline will survive the property downturn and the deals section explores how to buy a business out of administration and what really is going on at Bank of Scotland. Insider also canvasses regional big hitters to find out whether the Northwest Regional Development Agency has proved good value for the region.
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Contact Us
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Telephone: +44 (0)161 907 9711
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