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Top story
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Conference feather in Manchester’s cap
Manchester has been named the third-best conference destination in a reader poll conducted by Conference & Incentive Travel - Europe magazine. The city, now firmly on the political party circuit was only beaten by London and Barcelona and was praised for the continued investment in its conference infrastructure. Andrew Stokes, chief executive of Marketing Manchester, said: “These two awards show the great strength that Manchester has in the field of business tourism and incentive travel. It is particularly pleasing to see the hard work surrounding such events as the Labour Party conference beginning to pay dividends.” The Lowry Hotel won the best service standards category.
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Deals
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MBO rescues two Manchester hotels
More than 100 jobs at two Manchester hotels have been saved after their owner was rescued from administration. Etrop Grange, near Manchester Airport, and the Princess on Portland in the city centre, are among 18 Folio hotels bought back from the administrator by the previous operator’s management team. A new company has been formed called Mulbourn which will continue to trade under the Folio Hotels banner. Funding has been provided by the hotel’s landlords, the management team and private equity. The hotel chain had blamed its downfall on a badly timed programme of refurbishments, together with the burden of big rents negotiated at the height of the market.
Hill Dicks goes to Iceland
North West law firm Hill Dickinson has advised Iceland Foods on the exchange of contracts to purchase 51 Woolworths stores. Michael Stephens, partner at Hill Dickinson, said: “This deal is highly significant in the current economic climate. Iceland Foods is working to an ambitious expansion strategy and this acquisition will help it achieve its business objective and increase its market share." Hill Dickinson worked on the acquisitions in England and Wales, while Elliott Duffy Garrett advised in Belfast and Anderson Strathern in Glasgow.
In Focus
Research by Icon Corporate Finance has concluded with an upbeat note for deals activity in the technology sector. Insider editor Michael Taylor's online column In Focus this week looks into the trends that fuel such optimism. He says: “Sterling has been very weak against most major currencies and was down 27 per cent against the dollar in 2008. Overseas buyers thus can buy UK assets on the cheap. The technology sector got its recession and downturn out of the way 6 years ago and is now in pretty good shape: there’s very little leverage (apart from the private equity owned ones). Most tech businesses are now cashflow positive and profitable."
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Business
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Boost for Booths over Christmas
North West grocer Booths has reported a year-on-year increase of 3.9 per cent for the 12 trading days of Christmas and New Year. Booths, which has 26 stores across the north of England, said 23 December was the busiest trading day in its 160-year history. Chairman Edwin Booth said: “We are pleased with the results. 2009 will be a difficult year for a lot of businesses and we are committed to being competitive on price, whilst maintaining the quality of our offer.”
Professionals' confidence hit as work dries up
Income and profitability levels in the UK financial services sector fell at record rates as the recession deepens and the credit crunch continues to bite, a survey released today by PricewaterhouseCoopers (PWC) and the CBI said. In a clear sign that tightened credit markets are hitting the wider economy, the amount of business conducted with manufacturers, retailers and other commercial firms shrank at a record rate, while job losses mounted and investment plans were cut. Fifty nine per cent of respondents said business volumes fell in the three months to December, with only 17 per cent reporting a rise in activity. A quarter of respondents expect volumes to fall further over the next three months.
Confidence falls but inflation eases
While confidence continues to fall among North West business, inflationary pressure has eased, according to the latest Quarterly Economic Survey from the Greater Manchester Chamber of Commerce. Manufacturers are expected to reduce headcount as downwards trends continue but exporting businesses continue to perform better than average. While inflation concerns have dropped for both manufacturers and service providers, the chief area of concern is now exchange rates, cited by 62 per cent of the survey’s respondents.
Brammer stays on track
Brammer, the Wythenshawe-headquartered industrial parts distributor, has said it expects its sales, operating profit and cash flow for the year to 31 December 2008 to be in line with expectations, but hinted that the economic slowdown has started to affect performance. In a statement to the stock exchange, the group said that trading for the final weeks of 2008 was “satisfactory” after good growth for the first ten months of the year. In November, the company announced that revenues had grown 22 per cent in the four months to 31 October.
Out There lands events
Manchester events company Out There Events has announced a cluster of business wins. It has been appointed to run this year’s Infratech Conference and Traffic Management and Parking Conference, to be held at the Bridgewater Hall in June; a Finance Director of the Year awards at the Lowry Hotel; and the UK Science Park Association and Manchester Science Park's two-day 25th Anniversary conference, to be held across Manchester Town Hall, the Museum of Science & Industry and the University of Manchester’s SCAN building in September.
Hughes to launch Skillcentre
Bev Hughes, the Minister for Children, Young People and Families and the M.P. for Stretford and Urmston will on Friday formally open a new SkillCentre in Trafford Park. The centre is backed by Greater Manchester Chamber of Commerce and business support body Manchester Solutions to help meet the training needs of employers and the community. It will run courses in areas including engineering, gas services, joinery, plastering, scaffolding, tiling and motor vehicle training.
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Property
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Pochin lands Stobart work
Cheshire contractor Pochin Construction has won a £22m contract with Cumbrian freight group Stobart to build a 350,000 sq ft chilled distribution store and a 134,000 sq ft recycling services centre in Widnes. Jonathan Pochin, managing director of Pochin Construction, said: “This will be the first contract we have undertaken for Stobart and to win a contract of this scale in the current climate is a fantastic coup for us.”
We shall not be moved, says Smith
East Manchester’s schedule of regeneration will not be thrown off course by the recession, said Edduie Smith, chief executive of urban regeneration company New East Manchester. Smith said: “This year will see the start of some major projects. Work on building the £31.5m East Manchester Academy, specialising in construction, is just starting in Beswick. More than £200m will be invested in two new Metrolink lines through east Manchester, including key sites like Sportcity. Greggs will have their new £16m North West headquarters fully operational by March and work will also be starting in early summer on the new £40m Openshaw district centre, anchored by Morrisons.”
Nolan Redshaw at the double
Agency Nolan Redshaw has completed two deals in north Manchester. It has pre-sold two design and build units at Seddon Developments’ Axis Point in Heywood to commercial kitchen supplier Vision, while at Bury’s Pilsworth Industrial Estate it has let a unit on behalf of Asjh Investments to denture maker Dentacraft.
Tesco continues Crumpsall regeneration
A 50,000 sq ft Tesco supermarket, the anchor tenant of the new Cheetham Hill Shopping Centre in Crumpsall, has opened today and will provide employment for 230 people. More than half of those jobs will go to local people who have been out of work for six months or more. The new store is one of 26 retail units that will occupy the recently rebuilt shopping centre and is thought to be the supermarket giant’s greenest ever store, with a carbon footprint 70 per cent smaller than a standard store of similar size.
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