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Top story
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CFS considers its options for growth
The 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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Deals
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R&D funding for RedEye
Online behavioural marketing and analysis company RedEye has won a £185,000 research and development grant from the Northwest Regional Development Agency to support the Crewe-based company's software development programme and enable it to increase analytics revenues to £4.9m by 2014. RedEye's clients include William Hill, Asda and Warner Breaks. Chief executive Mark Patron said: "This funding will enable us to make significant technological advancements that deliver a unique, next-generation online marketing product."
What a Hullabaloo!
Hullabaloo Studios, which provides the sound effects for animated children's characters including Postman Pat, Roary the Racing car and Bob The Builder, has moved to a new £300,000 headquarters after securing funding from Lombard, the asset finance arm of The Royal Bank of Scotland. It has moved from Chorlton-Cum-Hardy to a new base on Altrincham Business Park after moving into the picture editing market. Established in 1996 by Darren Cox and Simon Hall, Hullabaloo has won several awards for its work and been associated with many BAFTA award-winning programmes.
Walking on air
Nelson-based flooring company Carpets Direct has been able to relocate and expand thanks to funding from Rosebud Finance. It has moved to a larger and more prominent unit on the Hendon Business Centre, Waterford Street, to allow the expanding customer base to continue to grow. Company director Mick Kimber founded the business five years ago. Lancashire County Council's economic development department, Lancashire County Developments Limited, runs Rosebud Finance
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Business
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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.
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 Bolton Council and Lancashire County Council among them. Bolton has confirmed it has £6m invested with the Landsbanki Group, while Lancashire has £10m also with Landsbanki. District councils in South Ribble, Chorley, Burnley and Lancaster have also confirmed they have money tied up in Icelandic banks.
MMU joins TIF team
Manchester Metropolitan University (MMU) has become the latest high-profile backer of Greater Manchester's £3bn Transport Innovation Fund (TIF) proposals. The university, which has around 34,000 students and employs over 4,400 staff, has joined United City, the Greater Manchester alliance of businesses and organisations that supports the plans. John Brooks, MMU vice chancellor, said: "Good transportation is the cornerstone of every successful city region. The TIF package would deliver significant transport improvements to each of our ten districts and we are unlikely to have an opportunity like this to revolutionise transport in our city region for decades to come."
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.
Down on the Farm
Manchester-based IT Farm, which provides outsourced computer services for small businesses, has won its first major contract since it was launched in September. The Mid Yorkshire Chamber of Commerce and Industry has signed a deal that enables all of its 70 users to run programs, access files and share data from any computer via a broadband connection. IT Farm traded as IT Clarity for two years during the company's research and development stage.
Shieldtech expects to show profit
Warrington-based Shieldtech, the security company that supplies body armour to the police and special forces, expects to return to profitability for the financial year to 30 June 2009 after seeing sales surge in the three months to 30 September. The company said trading has shown significant improvement following a major revision of ballistic standards by the UK government. Aegis, Shieldtech's body armour business, has received orders amounting to £1.1m for the current financial year, taking the group's order book to £3.6m, up from £0.6m in the same period of 2007.
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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All systems go for Ice Blue
Ice Blue Developments has been given the go ahead to start work on a £7.6m scheme that will see the construction of 169 student flats in Preston. Work on the project, known as Living City, is scheduled to start early next year and is due to be completed for the start of the 2010/2011 term. Preston-based Jack Smith Builders will construct the six-storey complex. Ice Blue director Simon Price said this is the first phase of a long-term plan to redevelop the Walker Street area, close to the University of Central Lancashire's main campus.
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.
Capitol scoops retail award
Preston's Capitol Retail Park has fought off tough competition to be named as the Commercial/Retail Project of the Year at the fifth Builder & Engineer Awards 2008, held at the Palace Hotel in Manchester last week. The scheme, undertaken by Royal London Asset Management with support from Rider Levett Bucknall and The Harris Partnership, beat the likes of Liverpool One and the O2 Arena to win the award.
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Events
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Dates for your diary this week
The building and development section of Manchester Chamber of Commerce will tomorrow hold its annual award dinner at the Hilton Manchester Deansgate. There’s also a veritable extravaganza of architects popping the champagne, with an event to celebrate the new headquarters of BDP on Wednesday and parties at both Stride Treglown Chapman Robinson and city newcomer Carey Jones on Thursday. 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, with speakers from Brewin Dolphin, KPMG, Trafalgar Capital and Abchurch Communications.
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