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Top story
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Midas joins AIM in £100m takeover
Liverpool has a new quoted company following the reverse takeover by investment management firm Midas Capital of Exeter-based Iimia MitonOptomal, an AIM-quoted fund and wealth management group. The deal, which involved the issue of £10m of shares in the new company, values Midas at £100m and creates a firm with £3bn of funds under management. Midas founder Simon Edwards and his team remain with the firm and are reinvesting over £20m of the cash raised back into the funds they manage. Edwards, who retains 17 per cent of the business, told Insider: "In hugely challenging conditions we have been able to complete this deal, which included borrowing £40m from Bank of Scotland. It's a powerful indication of how strong the business is." Midas shareholders include Alchemy Partners founder Jon Moulton and North West multimillionaire Trevor Hemmings. Liverpool lawyer Mark O'Connor and accountancy firm Baker Tilly advised.
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Private equity fights back
Private equity-backed companies create jobs at a faster rate than other private sector companies, according to research published today by The British Private Equity and Venture Capital Association. Over the five years to 2006/7, the number of people employed worldwide by UK private equity-backed companies increased by an average of 8 per cent per annum, against 0.4 per cent and 3 per cent at FTSE 100 and FTSE Mid-250 companies respectively. In 2006/07, private equity generated sales of £26bn and employed 252,842 people in the North West. Steve Tudge, partner at ECI in Manchester, said: "This is a bit of a fightback but really just states the case about how important private equity is." 
Top Cumbrian IFA snapped up
Cumbrian financial advisory firm Independent Investment Associates (IIA) has been sold to London-based fund management group Arc Fund Management Holdings for £2.3m. Formed in 2002, IIA specialises in bespoke financial planning advice to business owners and high net worth individuals and advises on an estimated £150m of funds for over 1,000 clients. John Daly of Tenon Corporate Finance, who was named corporate finance adviser of the year at last month's Insider Lancashire Dealmakers Awards, identified the buyer and negotiated the deal on behalf of IIA.
In the mix
Garston-based Nurock, which has developed an innovative hydraulic concrete mixing system, is expanding with a £368,000 funding package, including support from Merseyside Special Investment Fund's Liverpool Seed Fund, its Small Firms Fund, a grant from the Northwest Regional Development Agency and directors' own investment. Royan Anthony, former managing director of Rolls-Royce's Compressor Systems, has been appointed as a non-executive director.
Greystone in US hands
Greystone Financial Services in Altrincham, one of the North West's largest privately-owned independent financial adviser practices, has agreed a partnership with New York-based Focus Financial Partners, the first international acquisition by the US firm. The partnership, which will give Greystone access to the resources of the larger group, will take effect from 1 April 2008, subject to approvals. The Greystone name remains and the management of the business continues with the existing directors, who have all committed to the new partnership for a minimum six-year period.
The truck stops here
Heywood-based haulage firm North West Logistics has invested £600,000 in new trucks to cope with increased demand. The eight Mercedes Actros vehicles, worth £75,000 each, were bought with funding from Lombard, the asset finance arm of The Royal Bank of Scotland. The fleet expansion was prompted by a 33 per cent increase in sales in the last year, which has seen turnover increase to £3.4m. North West Logistics was established in 2002 and specialises in the warehousing and distribution of chemicals.
LVW swallows rival
Birkenhead engineering components supplier LVW Senar has bought Wrexham-based rival WM Rollings for £2m. The deal, funded by The Royal Bank of Scotland, will boost the company's turnover from £4m to £6.7m per year. Peter Walsh, managing director of LVW Senar, said: "WM Rollings is a strong business with good products and an excellent reputation. This acquisition will increase the size of our customer base and extend our geographic reach."
Telecoms start-up backed by equity fund
The North West Equity Fund has invested £300,000 into Segmentation, a Manchester-based telecoms company alongside £100,000 from private investors including Mike Brooke, who will also take on the role of non-executive chairman. The £300,000-turnover company was founded in 2005.
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Ener-g takes green power to the capital
Salford-based Ener-g is installing its combined heat and power (CHP) technology in the UK's tallest residential building, the £27m Pan Peninsula development, next to London's Canary Wharf. The technology will allow the generation of heat and electricity on site. The CHP system, which is expected to cut emissions by 207 tonnes per year - equivalent to the environmental benefits of a 79 hectare forest - is part of a mechanical and electrical installation programme being carried out by Haydon Mechanical & Electrical for Ballymore Properties.
We love our canny Mancs, says Hogg Robinson boss
What do Mancunians bring to an international travel consultancy represented in over 100 countries? The ability to do the best deal. Hogg Robinson has moved its Manchester operation into a new King Street base, where it can expand to employ 200 people. Managing director Peter Kite told Insider: "Our global pricing desk is here in Manchester. We know we can recruit canny people here who know the value of a pound. There's a strong service culture and a forward-thinking airport. Our team get a real buzz from finding the best deals on complex travel arrangements, whether for local firms or US merchant banks."
Full steam ahead for Stobart
Stobart Group has this morning received a Harbour Revision Order from the Department for Transport for the Port of Weston, which allows it to develop the port into a fully functioning bulk shipping and coastal feeder port. The port is close to the group's existing O'Connor facility in Widnes, enabling full rail integration with the West Coast Main Line as well as the M62 and M56 motorways. Andrew Tinkler, chief executive, said: "Today marks an exciting new start. By returning the Port of Weston to a fully functioning port, we will further enhance our range of cost-effective logistics solutions for our customers."
Give us control over strategic rail for the north
The Northwest Regional Development Agency is to campaign for a role in driving a pan-northern rail strategy. Chairman Bryan Gray is meeting the chairmen of Yorkshire Forward and One North East today. Gray told Insider the agency considers transport improvements, especially rail, to be a high priority.
Norcros takes a shower but directors show faith
Norcros, the Cheshire company that makes Triton showers, saw its share price dip by around 20 per cent yesterday after admitting that profits this financial year would not meet market expectations due to the slowdown in consumer spending. The group's re-entry to the stock market in July 2007 was one of the North West's largest ever flotations, giving the company a market capitalisation of £116m, a figure that has now shrunk to £63.6m. This morning, chief executive Joe Matthews and director David Hamilton bought 200,000 and 400,000 shares respectively at 42p.
US the key to Renold's growth
Manchester engineering company Renold has announced third quarter trading in line with expectations as sales and orders improved year-on-year. Renold's order book continued to strengthen, in particular its US chain business, which should increase further in the final quarter. In November 2007 the company was awarded a $14m contract extension to supply couplings and gearboxes to Alstom for the New York Mass Transit Authority, and expects to hear the outcome of its bids for similar contracts before the financial year ends.
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HKR wins Boddies site
HKR Architects has been appointed by Ask Developments and Realty Estates for first phase redevelopment of Manchester's 7.4-acre Boddingtons Brewery site into a mixed-use destination with offices, a hotel, micro brewery and retail focused around a new square. HKR beat off competition from Glenn Howells Architects, HOK and Sheppard Robson to win its second brewery contract in six months, following the contest to mastermind the design for Artisan's Brown Brothers site in Salford.
Regus and Deloitte fly the Flag
Serviced office provider Regus and accountancy Deloitte have signed up for 23.528 sq ft and 6,230 sq ft respectively at Liverpool's Exchange Flags. Both will move into the refurbished Horton House, already home to Brabners Chaffe Street, Knight Frank and Strategic Back Office Solutions. Developers UK Land & Property and Pochin are now on site with the £15m refurbishment of sister building Walker House, which will be anchored by the Ministry of Defence's 70,000 sq ft pre-let.
Modus - you got the look
New Look has signed up for a store in the Houndshill shopping centre in Blackpool, which is being extended and redeveloped by Modus Properties. The retailer has agreed a pre-let on a 23,200 sq ft store on a 15-year lease and will join tenants including Debenhams, River Island, Next, Clarks, H&M, Jane Norman and Barratts.
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