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Top story
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Bibby secures £340m banking facility
Liverpool-based Bibby Financial Services (BFS) has beaten the banking downturn and secured a £340m banking facility with four funders. Barclays Commercial Bank acted as lead arranger in the refinancing of the BFS Syndicated Bank Facility, alongside Lloyds TSB, The Royal Bank of Scotland and receivables finance firm EuroFactor. The new facility is committed for the next four years and Edward Rimmer, UK and Irish chief executive at BFS, said: "We are delighted to have secured this significantly enlarged facility, which demonstrates our funders confidence in our business model. This facility will enable us to continue to meet the high demand that we are currently experiencing for our services but will also help us to achieve the ambitious growth objectives that we have set ourselves for future years."
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Deals
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CFS considers its options for growth
Co-operative Financial Services (CFS) has revealed that it is in talks with Britannia Building Society regarding a potential merger. The deal is one of a number of options being considered by the Manchester-headquartered group as it looks to increase market share. Current legislation does not allow the merger of a building society and a cooperative and uncertain market conditions would make this a tricky time to see such a deal away. CFS is fully funded by customer deposits and profits increased by over 90 per cent at half year to £73.4m. Chief executive David Anderson said: "The Britannia is a strong and trusted member-owned business which shares with CFS a common set of ethical values and principles. Both businesses are entering into these discussions from a position of strength and clearly there are a number of potential options to explore. We will only take action, however, which benefits further the clear momentum occurring now within the cooperative and mutual sector."
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Business
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Icelandic cash freeze should protect councils
The Icelandic assets seized by the government under anti-terror laws should be enough to pay back the North West's local authorities caught up in the country's banking collapse, it has been revealed. Around £4bn is understood to have been frozen, thought to be £1bn more than the total amount invested by UK councils, charities and individuals. The Local Government Association said an estimated 108 councils had deposited almost £800m in Icelandic banks, with Wirral Council and Cheshire County Council among them. Wirral has confirmed it has a £2m bond with the Icelandic-owned Heritable Bank and a further £7.5m invested on behalf of the Merseyside Pension Fund, while Cheshire has £8.5m invested with Heritable Bank. 
JJB calls in KPMG as speculation mounts
Wigan-headquartered retailer JJB Sports has appointed the debt advisory team at KPMG to advise on financing options for the troubled group. Already hit hard by the credit crunch and the downturn in consumer spending, JJB's future is in doubt as landlords have sent bailiffs into some of its stores and troubles continue in Iceland's financial system. Icelandic insurer Exista acquired founder Dave Whelan's 29 per cent stake in the group for £190m last year alongside chief executive Chris Ronnie, in a deal backed by nationalised Icelandic bank Kaupthing. Exista, which is the largest shareholder in Kaupthing, has begun selling off other investments to raise funds and at midday today shares in JJB were down 8.33 per cent at 22 pence.
Cumbria hill farming inquiry launched
A wide-ranging examination into the problems and prospects for upland communities has been launched in Cumbria in a bid to halt the county's hill farming crisis. Led by the government's rural advocate, Stuart Burgess, the inquiry will analyse the effects of Common Agriculture Policy reform and EU rural policy to discover the extent of the problems faced by such communities. The county has been selected for the study as it has the highest proportion of severely disadvantaged upland areas in England.
British Gas to test VPhase products
Capenhurst-based VPhase, developer of energy-saving products, has signed a Memorandum of Understanding with British Gas that may lead to a supply and distribution agreement to offer its products to all British Gas customers. British Gas is now carrying out independent tests on several of the company's devices, including the VX1, VPhase's first commercial energy-saving product. VPhase estimates that fitting the device to a consumer unit in an average UK home offers a 10 per cent reduction in electricity bills.
Business confidence hits new low
The number of profit warnings issued by UK companies has hit a seven-year high as business confidence plummets to a record low, according to two new surveys. A report by accountancy firm Ernst & Young revealed that North West companies issued eight profit warnings in the three months to 30 September, up from four for the previous three months. Nationally, British companies issued 111 profit warnings during the period. Meanwhile, KPMG's quarterly National Business Confidence Survey found that 60 per cent of executives viewed the prospects for UK firms as âbad' or âvery bad', compared with 33 per cent in May, with 62 per cent of companies considering job cuts. Tom Jack, restructuring partner at Ernst & Young in Manchester, said: "It's a gloomy picture and in all likelihood we will look back on quarter three of 2008 as the start of a UK recession."
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Property
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Python's got the Quay
Developer Python Properties is on target to complete its £1m transformation of Bank Quay House in Warrington by the end of October. The 26,712 sq ft five-storey office block, which was acquired by Python in November 2006, has been renovated to include new lighting, suspended ceilings, a new passenger lift and a glass-fronted coffee/bistro area opposite the building's reception. Tenants The Business Federation Group and Kinetic are already operating from the building.
DTZ to market Priory Court
Property agency DTZ has been appointed to dispose of the former Redrow offices at Priory Court in Preston Brook, Cheshire. The 9,993 sq ft building was constructed by CDP Developments in 2000 and is available on either a leasehold basis at 14 per sq ft or a freehold basis inviting offers in the region of £1.7m.
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Events
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Dates for your diary this week
This lunch time sees the launch of the latest Cities500 book - Liverpool: World Waterfront City – at the Albert Dock. The book, edited by Lew Baxter with photographs by Guy Woodland, includes forewords by The Duke of Westminster, Lord Heseltine and Francesco Bandarin, director of Unesco’s World Heritage Centre in Paris. In conjunction with The Royal Bank of Scotland, Hurst Corporate Finance is running a breakfast seminar in Stockport on Thursday on the subject of making acquisitions. And on Wednesday afternoon the Quoted Companies Alliance is holding its autumn regional forum in Manchester.
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