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Top story
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We’ve got nothing to hide, says private equity
The North West private equity industry this morning defended its position following a report stating that some of the firms which had signed up to a voluntary code of industry transparency were not complying. The Guidelines Monitoring Group, set up in 2007 to monitor industry alignment to the Walker Report, found that some of the 32 firms that had signed up had “more to do” to meet requirements. But as the guidelines only affect portfolio companies with an enterprise value of £500m and above, the report will have a limited impact on the region. Keven Parker, partner at 3i in Manchester told Insider: “We’ve got nothing to hide and, as an industry, have a good message to put across about the employment we create and what we bring to our investments. Even those unaffected by the Walker Report have all seen the importance of transparency. This is work in progress but the industry has moved forward.” John Cridland, deputy director-general of the CBI, said: “By voluntarily opening the sector to more public scrutiny the private equity industry is in a better position to show how it can help UK companies succeed.”
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Deals
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Wolff at the door of JMW
Manchester law firm JMW has announced the launch of its new corporate recovery and insolvency department with the appointment of Richard Wolff to head up the team. Insider revealed in October that Wolff would be joining JMW following a five-year stint as partner at local rival Halliwells. He said: “Being able to provide key corporate recovery and insolvency advice to both corporate and private clients is essential at any time in the economic cycle but particularly in the current business climate.”
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Business
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JJB gets down with the kids
Having found success with its first foray into character clothing, Wigan retailer JJB Sports is to expand its range of licensed products in 2009. The group introduced Hello Kitty and High School Musical clothing, bags and shoes into stores in late 2008 and reported sales doubling by the week. Phil Swaine, associate director of retail operations, said: “It is important to react to customer trends and constantly look for new sales opportunities. The success of these brands proves that this is a good direction for us.”
Hill Dickinson to open in Singapore
Hill Dickinson is to open an office in Singapore in a move the North West law firm said would underpin its existing and increasing activities throughout the Asia Pacific region and will build upon the firm’s reputation for marine work, in particular. The expansion will be led by partner Tony Goldsmith, with further appointments of experienced lawyers to be made locally. Managing partner Peter Jackson said: “It is a bold step to open a new office in the current market and this demonstrates our commitment to invest in the firm’s future. Our presence in Singapore further reinforces the firm’s international connections.”
Lowry Outlet Mall defies retail gloom
Although figures released by the British Retail Consortium this morning reveal that like-for-like retail sales fell for a seventh consecutive month during December, The Lowry Outlet Mall at Salford Quays has bucked the gloomy high street trend by posting record sales and increased visitor numbers across the Christmas and New Year period. In the last two weeks of December, like for like sales were up by 21 per cent, while footfall was up by 27 per cent with over 200,000 visitors to the discount shopping centre during the period. Annual footfall was up 6 per cent compared to the 2007 figure. Centre manager Robert Hallworth said: “We have high expectations for the remainder of January and look forward to high footfall and sales in 2009 as more and more consumers turn to outlet shopping.”
Pennine Lancashire deal confirmed
Pennine Lancashire has had its multi-area agreement (MAA) approved by central government. The cross-boundary MAA deals enable groups of local authorities to pool funding streams and devolve some degree of power to direct spending on key areas including transport, skills, housing and planning. The Pennine Lancashire MAA covers Lancashire, Blackburn with Darwen, Burnley, Hyndburn, Pendle, Ribble Valley and Rossendale council areas.
Cracks show at tile retailer
The UK’s biggest tiling and wood flooring specialist Topps Tiles, which has its headquarters and finance functions at Handforth in Cheshire, has said that sales have continued to fall over the Christmas period, with no improvement from the gloomy trading update it released last month. In a statement to the stock exchange, the group said revenues are down 13.3 per cent in the first 13 weeks of the financial year, while like-for-like sales fell 18.1 per cent.
Airangel flies high
Airangel, the Warrington-based provider of branded guest internet services, has announced record growth, with a 302 per cent increase in sales in 2008. In October alone the company netted £100,000 of new business in multi-site contracts with Shire Hotels and De Vere, adding these names to a client roster that includes Radisson SAS, Malmaison as well as law firms including Halliwells and Eversheds. Having achieved turnover of £1m in 2008, the company has stated its target for 2009 as £2.5m.
Start-up figures increase
Small business owners in the North West are still taking opportunities to set up shop, despite the tough trading environment. According to new figures from Barclays Local Business, 16,500 businesses were started in the third quarter of 2008, compared to 13,100 a year earlier. Paul Titterton, regional director for Barclays Local Business in the North West said: “Today’s numbers reflect the confidence and faith entrepreneurs have in themselves and their business, even during this time of economic uncertainty.”
Transport survey highlights lack of belief
Transport remains a bone of contention for North West business, according to the 2008 Transport Survey released by Chambers of Commerce North West. Over half of businesses said that transport infrastructure limits inward investment in the region, with 79 per cent saying that road congestion was a problem. Just 20 per cent said the transport network meets their needs, with 70 per cent saying they would use public transport if reliability was improved. Jack Stopforth, chief executive of Liverpool Chamber of Commerce, said: “At a time when the government is bringing capital investment forward, it is vital that funding is targeted toward solutions in the North West.”
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Property
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University confirmed for MediaCity
The University of Salford has signed an agreement for lease with developer Peel Media for a new higher education centre at the MediaCity development in Salford Quays. The university is the second anchor tenant at the scheme and from 2011, when the first phase of development is complete, will enjoy a prime waterside location next to the BBC, which has already announced that it is moving five departments to the site. The university’s new facility will comprise 100,000 sq ft over four floors.
Bishop heralds great year for Manchester market
According to figures compiled by property consultancy DTZ, the Manchester office market enjoyed its best year in 2008. Take up at 1.1m sq ft was 11.6 per cent above the five-year average, only being bettered recently by 2001, a year boosted by the 500,000 pre-let to Royal Bank of Scotland at Spinningfields. By comparison, the largest letting in 2008 was 51,707 sq ft to the Bank of New York Mellon. DTZ director Ken Bishop said: “Given the impact of the credit crunch Manchester’s performance last year is a fantastic boost to the city. This reflects the attractions Manchester has to offer and a great credit to all those involved in promoting the city. The next year or so may be a little rough, but at least the fundamentals exist to enable Manchester to weather the storm.”
GVA appointed on Vics sale
GVA Grimley has been appointed to advise on the sale of the 9.2-acre Marston’s Arena, the home of Northwich Victoria FC. The club currently plays in the Football Conference one level below the Football League and has had a turbulent time since moving to the purpose-built stadium in 2005 from the historic Drill Field. Steven Tasker, associate director at GVA Grimley, said: “Marston’s Arena is an excellent facility and would be the ideal location for a university or sports club seeking new facilities.”
New boutique hotel on target
The first hotel to open on Manchester’s iconic Canal Street has reached halfway point and is on target to be open in March 2009 its owner has said. The £5.5m four-star Velvet hotel, located above the bar and restaurant of the same name, will have 19 individually styled rooms, including a balcony suite and three duplex penthouse suits. Owner Mark Cain said: “Getting the planning permission for the hotel development was a real challenge. Luckily, since Manchester City Council gave us the green light, the project has been progressing well.”
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