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Live from Insider's Business of Sport Summit
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Money talks in cricket, says Lancashire's Cumbes
Jim Cumbes, chief executive of Lancashire County Cricket Club, has said that failing to match the explosion of Indian Premier League cricket "could be a disaster" for the English game. Speaking at Insider's Business of Sport Summit this morning, Cumbes, who attended a meeting of the English Cricket Board's (ECB) executive committee yesterday, said: "We need to enhance our Twenty20 competition, which is now small beer compared to the Indian competition. We're asking the broadcasters what they want." Asked by Insider why Old Trafford will not be hosting test cricket over the next few years, Cumbes said: "The ECB have changed their rules and we think the bidding system is flawed. It's too highly weighted in favour of finance rather than facilities and what a venue can offer." Insider's summit at the Bridgewater Hall, Manchester, also features panellists and speakers such as Alistair Mackintosh of Manchester City FC, Chris Ronnie, chief executive of JJB Sports, and James Jennings, chief executive of Sale Sharks.
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Seven-bank boost for Holidaybreak
The North West banking market has been given a boost following a seven-bank refinancing of Cheshire-based leisure and tourism company Holidaybreak. The £275m deal was led by Barclays and The Royal Bank of Scotland, with Lloyds TSB, HSBC, National Australia Bank and Allied Irish Bank also on board. The five-year agreement enables Holidaybreak to refinance its existing banking facilities and puts capital in place for future acquisitions. The group's current portfolio includes PGL, NST, Explore, Eurocamp, Keycamp and Superbreak. The company has a turnover of £357m and employs over 2,000 people across the UK. 
FSA chief hits out at investors
The head of the Financial Services Authority (FSA) has issued a stark warning to the local investment community in the wake of the recent economic turmoil. Speaking last night as part of Manchester Business School's Vital Topics lecture series, FSA chairman Sir Callum McCarthy, said: "Don't invest in products you don't understand. A lot of attention has been focused on the sell side - the development of certain financial instruments - but many of the problems have originated on the buy side. The fact that it's a simple lesson doesn't downgrade it's validity at this time."
Mind the gap
Liverpool John Moores University (LJMU) and Merseyside Special Investment Fund (MSIF) have teamed up to back business start-ups in an effort to address the funding gap for small companies. The Proof of Concept Funding Programme will support the commercial development of leading-edge technologies emerging from LJMU's research portfolio. Up to £120,000 will be available as a loan for each project, with a maximum of £100,000 being invested by MSIF and £20,000 by LJMU to support the spin-out companies.
Begbies spending spree
Manchester-based quoted insolvency specialist Begbies Traynor has acquired two independent practices to boost its specialism. Fanshawe Lofts, which operates from offices in Southampton and Bath, will be intergrated into Begbies' southern operation and Peter Dewey, an independent insolvency practitioner, will now join the group's existing operation in Cardiff. The additions add 20 fee-earners to Begbies' resource base and a combined turnover of around £2m.
A is for Aardvark acquisition
Stockport-based Aardvark Concrete has acquired the ready-mix concrete division of rival supplier Cheshire Concrete Products. The deal, which is Aardvark's first since launching in 2002, will boost the company's turnover by £600,000 and enable it to increase its capabilities, both in the region and in the volumetric concrete supply sector.
Insuring the future for Doodson
Doodson Broking Group, a Manchester-based insurance broker, has acquired two local businesses in an effort to boost its general insurance offering. Backed by funding from Bank of Scotland Corporate, Doodson has swallowed up Wilmslow-based Cardwell & Drew and Marple-based JE Mottram, in what is the latest wave of consolidation in the local insurance market.
The right framework for Wirral business
A Wirral scaffolding business has undergone a £1m management buyout with mezzanine funding from Merseyside Special Investment Fund (MSIF). Birkenhead-based Sterling Scaffolding Services supplies scaffolding to the new-build housing market and Robin Smith, who has been with the business for 20 years, takes over as managing director. The previous owner was A1 Pacific.
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Aviation research boost for Manchester
Secretary of State for Transport Ruth Kelly has thrown her weight behind a Manchester-led research project on the future of aviation. The £5m Omega Project, which is being pioneered by Manchester Metropolitan University, is seeking solutions to environmental challenges posed by the growth of air travel. Speaking in the House of Commons, Kelly said: "Omega is a very welcome and much-needed partnership, bringing to bear some of the best academic knowledge available internationally. It promises to assist effective policy making and help the aviation industry to become more sustainable."
Stobart on track
Shares in Stobart Group have climbed following the Cumbrian transport company's first preliminary results since listing in autumn 2007. Stobart reported pre-tax profits of £3.5m for the 14 months to February 2008 on a turnover of £109m. Chief executive Andrew Tinkler said that, following the acquisition of Cheshire haulier James Irlam, the group is ready for the next phase of growth.
VPhase places shares to accelerate growth
AIM-listed VPhase, a Cheshire-based developer of energy-saving devices, has said it is raising £3.5m by placing 70 million shares - or 10.1 per cent of its share capital - at 5p per share. The company said it will also raise £1.6m through a placement arranged by Novum Securities. VPhase, a subsidiary of Energetix Group, said the funds will be used to accelerate the time and routes of its products to market and to explore and finance additional opportunities, both domestic and international.
Digital funding boost
The region's media and digital industries are set to benefit from a £2.8m cash injection after Northwest Vision and Media and Skillset North secured a funding package from the Northwest Regional Development Agency. The money will be used to boost media skills development activities via a two-year rolling programme, focused on providing apprenticeships, mentoring sessions, workshops and short courses to employees and freelancers working in the sector. The industry is seen as a key growth area ahead of the MediaCity:UK development at Salford Quays.
Healthy crop for Plant Impact
Preston-based Plant Impact, an AIM-listed health technology company for plants, has signed an agreement with DVA Agro to distribute its benign pest control product, Bionic, in Tanzania, East Africa. Bionic will be targeted specifically at ornamental rose production in an area that produces more than £200m worth of roses per year and requires more than £16m in pesticides, or 6 per cent of the global pesticide market for ornamentals.
Cains pulls in the pints
Liverpool brewer Cains has bounced back after posting disappointing results in April with the announcement that Cains Finest Lager, the UK's first premium British lager, will be listed in over 342 Morrisons stores nationwide from this month. It is the first British-brewed premium lager to secure such a high-profile listing and places it in head-to-head competition with major foreign lager brands such as Stella, Heineken and Carlsberg.
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City Residential bows out of Manchester
Following a downturn in the local property market, Merseyside-based agency City Residential has shut its Manchester office. Director Alan Bevan told Insider: "The market is tough in Manchester at the moment, like any other city in the UK, and we thought it was a sensible business decision to close the office. We had been open 12 months and couldn't see the market improving in the short term." Five of the six staff in the Manchester office have been made redundant and one has moved to the Liverpool office. Bevan added: "We are now looking to get back to what we've done in Liverpool - we're the number one agency in the city and will now refocus on continuing that."
Merepark charges ahead with Liverpool plans
Plans were yesterday submitted to Liverpool City Council for a four-star hotel at the Watson Building and the adjacent former Rapid Hardware store, next to the Lewis's store on Renshaw Street. Central Regeneration Limited Partnership, a joint venture comprising Merepark and Irish developer Ballymore, bought the site in late 2007 and claims to have secured an international hotel operator to run a 170,000 sq ft, 180-bedroom hotel. Merepark is also a partner in the planned £105m redevelopment at Lewis's.
RLB wins university challenge
The University of Cumbria has appointed cost and project management consultancy Rider Levett Bucknall (RLB) to develop its estate, with the centrepiece being a proposed £70m campus in Carlisle. The university was formed in August 2007 following the merger of St Martin's College, Cumbria Institute of the Arts and the Cumbrian campuses of the University of Central Lancashire. RLB won in a four-way pitch and will be able to start work immediately.
Claremont lands Port contract
Shipping giant Hapag-Lloyd is to merge its Liverpool operations, currently based in India House and the Royal Liver building, into a new 8,500 sq ft base at the Port of Liverpool building. Hapag-Lloyd has commissioned Claremont Group Interiors to design and fit out the offices. The Grade II-listed building has been extensively refurbished by its owner, developer Downing. Downing is also reported to be in talks with Tesco about ground floor retail at its Capital building on Old Hall Street.
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In good health with Insider
Insider is preparing to host an HR Forum, sponsored by HealthSure, on 10 June 2008 at the City of Manchester Stadium. The breakfast event will bring together business owners and key decision makers of companies across all industry sectors to examine the importance of looking after your employees and allowing them the optimum conditions to perform. Bernice Charnock of the Health and Safety Executive, DWF employment law specialist Fiona Miller and Jeff Nield, head of employee relations at EEF, will be taking part in a panel discussion and after the event HealthSure will be offering consultations in a drop-in centre at the venue. For further information contact Sarah Lewis in the Insider Events team on 0161 907 9722.
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