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Top story
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Morphet takes to the green
John Morphet, the farmer turned leisure entrepreneur who sold South Lakeland Caravans for £100m in 2005, is storming ahead with plans to acquire golf courses to build modular homes around the UK. Speaking to Insider, he said: "We've got the first scheme off the ground in Cambridgeshire and it's gone down a treat. We've sold the first 200 units in less than six months." Morphet, whose Pure Leisure group also owns the Royal Westmoreland âgolf resort to the stars' in Barbados, said the credit crunch hasn't impacted his abilities: "I generally finance any development myself. We're looking at golf courses within commuter distance of large catchment areas across the UK." Morphet also plans to enter the affordable housing market with modular terraced housing.
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Co-op boosts its business travel offer
The business travel arm of the Co-operative Group has acquired London-based Parador Travel Management. At a time when businesses are examining the financial and environmental impact of their travel requirements, the Co-op is well placed to capitalise on its reputation for ethical trading and responsible business practices. The acquisition will boost annual sales at Co-operative Travel Management to over £100m. 
RBS backs debt manager
North West debt management business Fairpoint has received ongoing support from The Royal Bank of Scotland with a £16m debt facility. The group plans to offer more products to people in financial trouble. In a trading statement the company said that "economic conditions remain favourable to the group" as a result of the credit crunch and falling house prices. Fairpoint Group, formerly Debt Free Direct, expects to make £4.3m this year but has admitted that banks are less willing to agree to Individual Voluntary Arrangements, with numbers down 22 per cent year on year.
Prepare to be Amazed
The North West is set to be home to one of the top ten UK digital agencies with the announcement that marketing and communications group Hasgrove is merging its three digital businesses to form a single company with pan-European ambitions. Cheshire-based Pavilion and Amaze will merge with Manchester's Connectpoint to create Amaze, which will bring over 170 staff into new offices in Manchester and Liverpool in September 2008. Further organic and acquisitive growth over the next two years will see Amaze focus initially on opportunities in London, France and Germany. Hasgrove acquired Pavilion and Amaze in late 2007, while Connectpoint has been part of the group since 2005.
Funding for Cottrills
Wilmslow and Bolton-based jeweller Cottrills has secured £4m from Bank of Scotland Corporate, enabling the company to invest in Prestons of Bolton, a business it acquired in 2005. Since then the store has undergone a £1m refurbishment, which includes the only in-store Rolex Room in the north.
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Smart retailers triumph at E&Y Entrepreneur Awards
Two North West retailers scooped awards last night at the Ernst & Young Entrepreneur of the Year North Region Awards held at the Manchester Hilton. Peter Cowgill, executive chairman of JD Sports, who returned to the business in 2004 and has refocused the company on the high-end sportswear market, won the quoted companies category. On Monday Cowgill announced sales were up in the ten weeks to 12 April. Blackburn-based Zuber Issa of Euro Garages was named Young Entrepreneur Of The Year. His family-owned business has a turnover of £230m, employs 500 people and operates 70 petrol stations across the north and Midlands. Other North West winners were Peter Done of Peninsula, David Richardson of Driving Edge, Mark Watkin Jones of construction company Watkin Jones and Dr Alan Ryder of RSK.
Johnson battles on under Talbot
On its second day on AIM, Johnson Service Group (JSG), the troubled dry-cleaning and workwear group, has announced a conditional placing of shares valued at 20p to raise £30m to help reduce its debt burden. Another £10m will be raised shortly through an open offer to existing shareholders. JSG's chief executive, Charles Skinner, resigned in December 2007 after only eight months in the post, at the same time as the group secured a waiver to its year-end banking covenants. John Talbot, a turnaround expert from Kroll, took the reins and has so far succeeded in keeping the company afloat. His appointment has now been extended until January 2009. At the end of February JSG's net debt was £181m - £65m was repaid at the end of April through the disposal of the corporate clothing business to management and private equity firm Gresham. The group, whose registered office is in Runcorn, moved onto AIM yesterday from the main market.
Time to stop the posturing, says Leese
With the 12-week consultation over Greater Manchester's Transport Innovation Fund bid set to start on 7 July, city council leader Sir Richard Leese has told Insider the door is open to the scheme's most vocal critics. "We're always happy to sit down and talk with any business, including Peel. They are an important player. The undignified posturing we've seen isn't fitting for a major company," he said. Outside Monday's press conference, Peel managing director Andrew Simpson told Insider: "We want the release of all the information and economic analysis, for a fully open debate leading to a referendum."
Falling pound to help North West exporters
Businesses in the North West export more than the UK average to emerging markets, according to research from investment bank Credit Suisse, another factor that will protect the region from economic calamity. Michael O'Sullivan, head of UK research, told Insider: "North West exporters will be positively exposed to weaker sterling". He said the UK will avoid going into "an official recession" but some parts of the UK would suffer "mini-recessions".
Brokers trim Printing.com forecasts
Analysts have downgraded profit forecasts for Manchester-based Printing.com and predicted share buybacks this year. However, brokers at Hardman & Co believe the business is sound. A research note said: "In light of current economic uncertainties we are lowering our 2009 estimates, reducing revenues from £1 5.8m to £1 5.2m and pre-tax profits from £2.93m to £2.78m." Total retail sales announced on Monday showed an increase of 15.5 per cent to £24.6m.
Lads games for Nuts TV
Lancaster-based interactive gaming company NetPlay TV is to create roulette and black jack games for the Nuts TV Channel aimed at lads. AIM-quoted NetPlay TV was formed by entrepreneur Martin Higginson, former boss and founder of Monstermob.
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3 Hardman Street bags another
Baker Tilly has joined the flood of professional services firms heading to Spinningfields. The accountancy firm has signed a lease with developer Allied London to move its Manchester office to 17,000 sq ft on the ninth floor of 3 Hardman Street, the speculatively developed 350,000 sq ft building that has already secured deals with Pinsent Masons, Regus and Bank of New York Mellon. BDO Stoy Hayward and PricewaterhouseCoopers are expected to sign this year. Baker Tilly employs 130 people in Lincoln Square and will relocate towards the end of 2008.
McLean looks to housing as Dean goes solo
Richard Dean has left his position as managing director of David McLean Developments and is to work independently. His responsibilities will be covered by development director Sean Finlay. But with Savills and NTC Research's Commercial Development Activity Index reporting today that development activity across the UK is still falling, David McLean Group is to focus primarily on its housing division in the short term.
Quality the key, says Bloxham
Tom Bloxham, the Urban Splash chairman who was last week named chancellor of the University of Manchester, says the woes of the residential market reflect the flight to quality. Speaking last night at KPMG's annual property and construction dinner, Bloxham said: "Our residential arm has never been busier. The flight to quality we're seeing in the office market is being replicated in housing. The best quality product will always let, but perhaps there's been too much mediocrity in recent years."
Straight to the Mann
Bank of Scotland Corporate has agreed to fund the £128m residential phase of the Mann Island scheme in Liverpool by joint venture developer Countryside Neptune. The 3.3-acre site will house two ten-storey residential blocks comprising 376 apartments and a 141,000 sq ft commercial building. Work has started on site and the first residential block will reach completion in June 2009, a year before the second. Investment group Dylan Harvey has bought all 376 apartments off plan.
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