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Top story
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Breaking news: Manchester votes NO to congestion charge
The people of Greater Manchester have voted overwhelmingly against benefiting from £3bn of investment in public transport. Critics of the proposals, which would have meant new buses, trains and trams for the people of the city region, were particularly vociferously opposed to the congestion charge element of the package. Nick Davenport, senior partner at Manchester law firm Turner Parkinson, said: “I am delighted to see that sense has prevailed. Like so many well-intentioned proposals from those who govern us, it was always likely the outcome would be different from that planned. I am glad Manchester business will not be part of a transport experiment that may well have failed.” All ten boroughs voted against the proposals. Manchester City Council chief executive Sir Howard Bernstein said low turnout may have been a factor in the outcome. MIDAS chief executive Colin Sinclair said: "Everyone has agreed we need better transport, so we need to work on plan B."
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Today's news
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Cleardebt does just that
Following a report by Axa yesterday that a quarter of people in the UK are struggling to stay in control of their personal finances, debt adviser Cleardebt has moved into profit for the first time since it was re-admitted to AIM in January 2006. The Timperley-based group said it had its highest monthly total of Individual Voluntary Arrangements (IVAs) in November with 40 passed. It also passed 83 IVAs between July and September 2008, compared with 36 in the same period last year. The company added that it had positive cash flows from three sources: IVAs, debt management plans and IVA referrals from third parties.
Vision recruits new FD
Vision Media Group, which raised £120,000 after a successful placing of 3.6 million shares on AIM earlier this week, has appointed Jonathan Scott as group finance director. He has more than 15 years’ experience in senior financial positions with appointments at Utilyx Holdings and TXU Europe. The signing has allowed non-executive director Eric Anstee to return to a fully independent role as a director of the Cheadle-based outdoor media business.
Rapid heads to Manchester
Rapid Addition, a provider of financial securities trading technology based in Cheltenham, has opened a software development and research and development facility in Manchester. The facility will house six software developers, each with strong backgrounds in financial markets technology. The move to Manchester was facilitated by the city’s inward investment agency MIDAS.
Edwards & Co completes Eccles deal
Property agency Edwards & Co has secured a 21,757 sq ft letting at Centenary House in Eccles on behalf of Visage Group. City West Housing Trust, a not-for-profit housing company, has taken a ten-year lease of the fourth floor of the 100,000 sq ft building. Only the third floor is still available for let. Edwards & Co’s David Laws said, in such a cost-conscious environment, the building offers exceptional value for money compared with neighbouring options in Salford Quays and Manchester city centre.
How to take your company private
It was predicted that 2008 would be the year in which a stream of quoted companies would choose to leave the stock markets and continue their corporate lives in peace and quiet as private companies. It wasn’t, but there are still plenty of companies considering leaving the markets – and plenty of acquirers and investors interested in taking businesses private. Gary Houghton, corporate finance partner at Baker Tilly, says: “We are aware of boards actively looking at the opportunity to go private, but it’s a difficult decision. It is difficult to fund, the outcome is uncertain and it’s expensive.” To read more, visit our online Deals Advice section and click on How to… Take your company private.
Losses cut at Sterling Green
Manchester-based Sterling Green Group has seen the benefits of a cost-cutting process as it published its results for the half year to September 2008. The financial services group reduced pre-tax losses by nearly 50 per cent to £365,000, with turnover up 99 per cent at £931,000 on the same period last year. The group has been hit by the problems in the mortgage industry and has had working capital problems. A new loan facility has been agreed that will be sufficient for the group’s short-term working capital requirements. While customers have been hit by the downturn, the directors expect services offered by the group to assist a growing number of additional clients in dealing with their financial problems.
Overseas expansion for Tangerine subsidiaries
Two companies owned by Lytham-based manufacturer Tangerine Group have expanded their overseas operations. Horse care company Carr & Day & Martin has secured a new distribution partner in the US after signing a deal with Pennsylvania-based Drums, while VetPlus has appointed Mats Abatzidis as its area sales manager at its South African base in Johannesburg.
Tyrrell teams up with Bell Pottinger
Macclesfield-based PR agency Bell Pottinger North has joined forces with Paul Tyrrell, the former head of communications at Manchester City Football Club, to develop a dedicated sports and sponsorship practice. The practice plans to work with small and high-profile football teams in the region. Tyrrell said: “There is a great opportunity here – no one else in the North West has a dedicated sports practice.”
Manchester firms in the mix
ID:SR, the interior design arm of Manchester architect Sheppard Robson, has won the Commercial Interiors Project of the Year award at the Mixology North Awards 2008, for the Halliwells headquarters at 3 Hardman Square, Spinningfields. Another local winner was Salford Quays-based TSK Group, which won Company of the Year, while its design director Martin Barber-Redmore won Designer of the Year.
Three-way battle on the menu
A trio of restaurants in the North West have been shortlisted for the title of Best Overall Restaurant at the Hi-Life Dining Awards 2009, which is taking place at the Hilton Hotel in Manchester on 30 January. Sam’s Chop House, Stock and the Harvey Nichols Restaurant, all based in Manchester, will battle it out against two Leeds-based restaurants for the title. It is the 25th anniversary of the ceremony, which is organised by Blackpool-based dining club Hi-Life.
Beck cleared by BHA
A long-running enquiry by the British Horseracing Authority (BHA) into suspicious betting patterns, which included well-known North West businessman Paul Beck, has been concluded after the BHA’s legal advisers said there was insufficient evidence to bring charges. Beck, owner of a hurdler named Sobers, was told on Monday there would be no further action. He said: “The investigation was very thorough and no stone was left unturned. I believe British racing is in very good hands. The sport is very, very clean.”
Success for Renovo
Manchester’s Renovo Group has announced that its scar tissue drug Juvista has passed its phase two programme of European trials. The drug, which reduces patients' scarring after varicose vein surgery, has commenced its phase three licence. The announcement comes on the same day that the group released its results for the year to September 2008, which show turnover up to £7.6m from £500,000 in 2007, which was generated through a licensing agreement. The group will continue to make losses for the next few years as it continues clinical development and other research and development activities.
Ensor records loss
The relocation of timber and fencing company Hawkins-Salmon to Cheshire has put the half-year results of parent company Ensor into the red. The Wythenshawe-based company announced losses before tax of £260,000 for the six months to September 2008 compared with a profit this time last year of £943,000. Chairman Ken Harrison said Hawkins-Salmon was the only unprofitable company in the group, but also blamed the losses on the economic environment and the weakness of the pound. He added that the markets in which the company operates are 30 per cent down on last year. The group is confident the issues at the Cheshire company have been addressed.
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Something for the weekend
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Deal of the week
There’s not really been much in the way of deals to celebrate this week. Everyone must be too busy visiting the Christmas markets. So we’ll just say hats off to Steve Tudge and his team at ECI for raising a £430m fund – £30m above target with more than 90 per cent of the money coming from existing ECI investors. That’s a tough call in times like these.
More tea, vicar?
MEPC’s Birchwood Park really is the business park that’s got the lot. Not satisfied with having transport links and somewhere to eat – two factors utterly neglected by most business parks – Birchwood’s 4,200 workers now have an on-site chaplaincy. Church of England parish priest Reverend Dave Prescott offers a listening ear to those who wish to talk about work or personal matters, regardless of faith or beliefs. Which is generally more than you get from the bloke at the burger van.
Snooker loopy
David Cameron may have schmoozed North West business, but the Tories may struggle more than they think in winnable Bolton. Astley Bridge Conservative Club last week stopped Paula Rawsthorn from playing a frame of snooker for the heinous crime of being a woman, reported the Bolton News. She said: “When I tried to protest one man shouted that I could play if I came back in suspenders. We are living in the 21st century. I’ll stick to playing pool at my local pub and will not be voting Conservative again.” It’s hard to argue with that.
Football’s staying home
What is it with the Tories? Former Conservative chairman Lord Brian Mawhinney has this week come under fire for suggesting in Parliament that the National Football Museum be moved from Preston’s Deepdale stadium to Wembley. The League, although headquartered in Preston, has thus far failed to join the FA Premier League, PFA and world governing body FIFA in supporting the museum. Fair enough, it probably would get more visitors, but Insider can’t recall anyone in London giving the blood, sweat and tears it took Bryan Gray and his team to make the museum happen. So, no thanks.
Canapé won’t pay
With the chill winds biting, Insider’s been chowing down on the heftier sustenance provided by Manchester’s Christmas markets this week rather than the canapés. Hats off to the Museum of Science & Industry, however, which put on an excellent bash last night, thoughtfully deigning to switch on loads of old engines, pistons and what not, which kept the place warm for the huddled punters.
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