Leyland transmission manufacturer Torotrak has formed a UK joint venture with a Danish engineering business after buying a 15 per cent stake in the firm. The company has invested £500,000 in Rotrex, which manufactures and sells patented traction drive compressor technology, as it looks to take advantage of changes in the market related to downsizing engines. The new joint venture company will be known as Rotrak. Torotrak chief executive Dick Elsy said the deal delivered a “compelling new solution” to address fuel efficiency challenges faced by the automotive industry. For Insider comment, click here.

The coalition government is likely to increase capital gains tax but compromise on business assets. The Conservative-Liberal Democrat agreement spells out: “Taxing non-business capital gains at rates similar or close to those applied to income, with generous exemptions for entrepreneurial business activities.” In his In Focus blog today, Insider editor Michael Taylor says: "The mood music in this government is very much that “entrepreneurs” are good, but that private equity, like “greedy bankers” and “hedge funds” are shorthand trigger phrases for the bad guys who are still fair game for a bit of a kicking." To read more, click here.

The UMIP Premier Fund has invested an undisclosed amount in University of Manchester medical technology spin-out BiOxyDyn. The company is based in the university’s Core Technology Facility and has developed an innovative new approach to 3D lung imaging. It hopes the technology can play a major role in the diagnosis and monitoring of chronic obstructive pulmonary disease and asthma. In January, the fund, managed by MTI Partners, invested £250,000 in fellow University of Manchester spin-out Ai2. For Insider comment, click here.

Tables are selling fast for Insider’s annual North West Dealmakers Awards, one of the pivotal events in the region’s corporate finance calendar. The ceremony, now in its tenth year, will take place on 18 November at Manchester Central and is expected to attract more than 800 guests. Last year’s awards saw Nelson-based Daisy Communications scoop Deal of the Year, while Jonathan Boyers from KPMG was named Dealmaker of the Year. Insider Members can book tables here, while non-members can book here.

Cheshire property developer Eatonfield has been forced to call a meeting of its shareholders later this month in a bid to avoid administration. The company today revealed that is unable to draw down the remaining £650,000 from an equity facility provided by joint venture partner Jenard Properties as it requires shareholder consent. Shareholders must approve the allocation of sufficient number of ordinary shares to satisfy the draw down of the full amount. Eatonfield has so far used £600,000 of the facility, but needs the remaining £650,000 in order to survive until July. The business said if it does not receive consent it will be forced to cease trading and could fall into administration.

The ReThink Group has reported an increase in revenues and profits for the year to 31 December after seeing an upturn in demand for its permanent recruitment services. The Manchester business posted a profit before tax of £300,000 for the period, up from £190,000 a year earlier. Turnover increased 15 per cent year-on-year to £49.7m. Despite the upturn, chief executive Jon Butterfield issued a cautionary note: “While there are signs of a return to more confidence in the market, conditions have some way to go to return to normality.” The group cut staff numbers from 149 to 129 during the year and reduced administrative costs by 7.7 per cent to £10.3m.

Plant hire specialist Speedy Hire, based in Newton-le-Willows, has continued its recent run of contract wins with the announcement that housebuilder Galliford Try has renewed and extended an existing supplier agreement. Under the terms of the deal, Speedy will be Galliford Try’s first choice to supply tools, safety gear, lifting and survey equipment. The contract runs for the next five years and is worth up to £20m. Earlier this year Speedy announced a raft of new contract wins worth more than £50m.

Printing business G&H Web Offset, which trades from premises in Liverpool and Chorley, has gone into administration. Joint administrators Stephen Clancy and David Whitehouse from insolvency specialist MCR said the company would continue to trade as normal and efforts would be made to sell it as a going concern. The business, which employs 35 people across both sites, is a subsidiary of Dorset-based G&H Group. Other group companies, including G&H Sheetfed and G&H Mail, are unaffected by the administration.

Manchester law firm Pannone has announced that Emma Holt, head of its clinical negligence department, will take over as managing partner at the end of the year. The move follows the decision by current managing partner Steven Grant not to seek re-election when his term ends in December. KPMG, meanwhile, has appointed Bill Enevoldson and Trevor Rees to jointly head the firm’s public sector practice in the north, while Preston law firm Napthens has added Kimberley Barrett to its employment law team. Andy Booth, head of company commercial and creative industries at Turner Parkinson, has also been appointed a director of Inner City Music, the operating company of music venue Band on the Wall.

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