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Top story
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Ronnie in crisis as JJB woes continue
Chris Ronnie’s position as chief executive of Wigan retailer JJB Sports is uncertain as an investigation launches into the company’s ownership. Ronnie yesterday told the board that Guro Leisure, an investment vehicle comprising himself and Icelandic investor Exista, had lost control of its 27.5 per cent stake in JJB to the administrators of Kaupthing Singer & Friedlander (KSF). The shares, which had been held as security against loans to Guro, are now controlled by PricewaterhouseCoopers and Ernst & Young, administrators of KSF in the Isle of Man and the UK respectively. In a trading update released this morning, JJB said it expects to record a loss of between £5m and £10m for the year to 25 January, after Christmas trading fell 6.8 per cent year on year. It is considering its options regarding its lifestyle stores, Original Shoe Company and Qube, which lost £15m, while an update on the sale of its fitness clubs business is expected soon from financial adviser Lazard.
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Deals
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Funding for BAS
Bucking the current trend of a scarcity of credit, Altrincham-based Building Automation Solutions has agreed a financing package of £5m with the Manchester branch of Yorkshire Bank. The company, which installs and maintains building management systems, completed a management buyout from Siemens in 2006 and the funding will allow it to continue its expansion. Clients include Asda, Total Fitness, DHL and Westland Helicopters and the company has offices in Birmingham, Gateshead, Leeds, Surrey, Glasgow and Chepstow.
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Business
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Government guarantees £20bn loans
Business secretary Lord Mandelson has today unveiled plans to guarantee £20bn of loans to small businesses, designed to address the cash flow, credit and investment needs of companies across the UK. The plan is designed to allow banks to lend to businesses that would normally be turned away because of the deterioration in trading conditions and the decline in value of their assets. Measures include a £10bn working capital scheme, securing up to £20bn of short-term bank lending to companies with a turnover of up to £500m and an enterprise finance guarantee scheme, securing up to £1.3bn of additional bank loans to small firms with a turnover of up to £25m. Paul Henly, policy manager for the Federation of Small Businesses in the North West, welcomed the news saying it was “vital for the region’s economy.” He told Insider: “The key now is seeing that the government and the banks make this money available immediately, as more and more firms are going to the wall every week.”
Housing transfer creates council deficit
Manchester City Council’s annual report for 2007/08 has been published today, revealing that its income and expenditure account shows a deficit of £174.6m for the period. The main item contained within this deficit relates to the large-scale voluntary transfer (LSVT) of council houses to registered social landlords as part of the strategy to achieve the decent homes standard. Without this, the council would have a surplus of £64.1m, compared to a deficit of £32.2m in the 2006/07 period. Other findings from the report include a 14.3 per cent increase in the number of people employed in the city compared to eight years ago. The council’s total expenditure on services for the year was £1.58bn.
Tourism industry in £20m boost
With the number of domestic holidays predicted to soar in the coming months, the Northwest Regional Development Agency has unveiled a £20.6m funding package for the region’s tourism industry. The funding has been allocated to the North West’s five subregional tourist boards – Cumbria Tourism, the Lancashire and Blackpool Tourist Board, Marketing Manchester, The Mersey Partnership and Visit Chester and Cheshire – and will enable each board to invest in training programmes, visitor information, product development and marketing activity.
Vernacare’s winning chair design
Bolton-based medical products manufacturer Vernacare’s redesign of a porters’ chair has won a national competition to help combat infection in hospitals. The company was one of five winners of the Design Bugs Out challenge, which was launched by the Design Council and Design Business Association on behalf of the NHS Purchasing and Supply Agency and aims to implement new technologies to combat healthcare-associated infections.
UCLan signs nuclear deal
The University of Central Lancashire has signed a collaborative agreement with the National Nuclear Laboratory (NNL) to work together on a range of business opportunities and research projects. A major focus of the partnership will be to look into the development of techniques in decontamination and decommissioning, dose rates, radiological impact and environmental issues. Students will also benefit from the expertise of NNL staff, who will make contributions to the training of scientists and engineers through teaching material, guest lecturing and design projects.
The Alan Duncan quiz
Manchester business leaders will get the chance to quiz shadow business secretary Alan Duncan this month on issues ranging from the credit crunch to government legislation. The event, to be held on 20 January at Addleshaw Goddard, is being hosted by the Greater Manchester Chamber of Commerce. Deputy chief executive Chris Fletcher said: “He is well known for his straight-talking and forthright approach. This is an excellent opportunity to get some honest and forthright feedback on Conservative policies.”
New recovery partner at Cowgills
The Manchester office of accountancy firm Cowgill Holloway has appointed Jason Elliott as business recovery partner. He joins from insolvency specialist Tomlinsons, where he spent five years as an associate, working on restructurings and turnarounds. Before that, he worked at Baker Tilly for four years as a manager in the restructuring and recovery team.
Big Chip open for entries
Manchester Digital, the association for the region’s digital sector, is asking for entries to this year’s Big Chip Awards from companies across the North West. The awards are open to digital companies, creative agencies and any organisation or business that has undertaken digital initiatives in the past year. This year’s awards feature four new categories, including the Tasty Website award, as well as a green award for technology, the best application of technology award, the Game of the North award and the international award for innovation. The closing date for entries is 16 March 2009. The awards will be announced at an awards dinner on 18 June 2009 at the Palace Hotel, Manchester.
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Property
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Work gets underway on Maryport business centre
Work is set to start on a new £1.9m business centre in Maryport that will provide much-needed space for small to medium-sized businesses in the area. The centre, located on the site of the former British Industrial Plastics factory on the Solway Trading Estate, will provide 15,200 sq ft of lettable space and is being funded by West Lakes Renaissance, Northwest Regional Development Agency, European Regional Development Fund and the West Cumbria Development Fund. It has been designed by Capita Symonds and construction will be carried out by Stobbarts.
Fire centre completes
The new North West Fire and Rescue Control Centre has been completed at Lingley Mere Business Park in Warrington. Joint venture partners Muse Developments and United Utilities Property Solutions have handed over the new 31,000 sq ft building to the Department for Communities and Local Government on a 25-year lease. Lingley Mere Business Park, which is located near junction 8 of the M62, provides 380,000 sq ft of office accommodation.
Three sign in Preston
The Unicentre Building at Lords Walk in Preston, owned by Landmarq, will welcome three new tenants following a hat-trick of deals. Joint agents Robert Pinkus & Co and King Sturge have concluded deals with employment organisation A4E, the Carers Federation and Real Time Training, for a combined total of 2,707 sq ft on three-year leases.
Pozzoni gets planning on care scheme
Altrincham architects firm Pozzoni has won planning permission for the redevelopment of Oldfield Bank Care Home in Altrincham. The scheme was refused planning permission in August 2008 due to concerns over conservation issues and whether the proposed scheme might harm the character of the Devisdale conservation area in which it sits. These issues have now been ironed out and planning permission was granted in December.
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