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Top story
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It’s Friday morning - it’s time to debate TIF
The two sides of Manchester’s ongoing debate over the Transport Innovation Fund (TIF) bid rumbled on this morning, with the No camp’s figurehead Andrew Simpson, managing director of Peel Holdings, again taking on the Yes camp’s heavyweight, Ken Knott, chief executive of ASK Developments. At the North West Communities Debate organised by Harvest Housing Group, held at the City of Manchester Stadium, Simpson said: “It’s an incredibly bad package, very disappointingly put together, very poor value for money and it’s going to hurt our economy.” Knott said that Manchester was in danger of becoming a victim of its own success. “Increasing congestion and inadequate public transport means we’ve got a system that’s creaking at the seams.” This week the Yes Campaign, and its business wing United City, called on Kellogg’s and other companies in Trafford Park to follow the Road Haulage Association’s lead and drop its membership of the anti-TIF campaign group Greater Manchester Momentum Group.
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Today's news
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Matt Peters seeks new fields
Finance director Matt Peters has left Daisy Communications, the serial award-winning Lancashire telecoms reseller. He’s setting up Maxaim Consultancy, his own business advising fast-growing small businesses. His former boss, Matthew Riley, the owner of Daisy, said: “I think Matt will be a strong addition to any fast-growing business. While at Daisy he helped progress the company’s acquisition strategy.” Peters was featured in Insider’s 42 Under 42 in 2007 and previously worked at Ernst & Young and Barclays.
Pacific athletes head to the North West
Fifteen Pacific island countries from Oceania will use the North West as a training base in the four-year period building up to the London 2012 Olympics. A memorandum of understanding (MOU) is being signed today between the Northwest Regional Development Agency, the Oceania National Olympic Committees and the Fijian National Olympic Committee on using the region as a training base for 2012 and hopefully beyond, looking to the 2014 Commonwealth Games in Glasgow. Earlier this week Thailand signed an MOU with Manchester City Council to develop pre-Games training plans for London 2012 and sporting links with the North West.
Hurst takes its protein
North West accountancy firm Hurst has been appointed by Myprotein.co.uk, an online manufacturer and supplier of nutritional sports supplements, to provide business support, tax work and audit services. Myprotein.co.uk has a target of doubling its £5m turnover during the next 12 months, as well as moving into larger premises to help meet the growing demand for its products. It employs 30 people at its premises on the Brookfield Industrial Estate in Cheadle.
North West at risk from RBS slash
Regional staff at The Royal Bank of Scotland (RBS) were waiting to hear their fate this morning as the lender yesterday announced 3,000 job cuts across its global banking operation. While it remains unclear how the North West will be affected, a spokesman confirmed to Insider that “every region has some representation” in the division. RBS is axing 15 per cent of its global banking and markets workforce in the wake of the credit crunch. The news came only days after Stephen Hester, the new RBS chief executive, warned of job losses as the bank edged towards the first potential full-year loss in its history.
Tourism provides £5.6bn economic boost
Manchester remained the third most popular destination in the UK during 2007, up 6 per cent on the previous year, with 971,000 international visitors. According to figures released by Visit Manchester, the tourism sector contributed £5.6bn to the Greater Manchester economy, driven by such attractions as The Lowry, The Museum of Science & Industry and Manchester Art Gallery. “The significant development of the city’s tourism product, coupled with the continued rise of Manchester’s profile on the international stage, has left us in a very strong position from which to build on,” says Visit Manchester’s managing director Paul Simpson. However, he added that the statistics represent a period before the current economic downturn. Manchester was beaten to the top spot by London and Edinburgh.
Planning consent for Property Alliance
The first of Property Alliance Group’s new office development concept, The Green, has gained planning consent on the former John Hesketh & Sons site on the edge of Bury town centre. Located at the entrance of the 35-acre Chamberhall Business Park, The Green will provide grade A office accommodation in a waterside setting by the River Irwell. It can accommodate requirements ranging from 2,300 sq ft to 31,000 sq ft. Property Alliance Group has also submitted a second planning application for The Green at Leigh and the group plans to roll out the design concept in line with demand.
M&A downturn hits Eversheds
Eversheds is the latest law firm to announced a consultation period over job cuts, its second this year. In Manchester this could involve up to six lawyers. A statement from the firm said: “Like every business in these difficult market conditions, we continue to review our operations. The decline in certain sectors, such as mergers and acquisitions, means that, in common with many of our competitors, we are proposing to make targeted cutbacks in the affected sectors.”
On your bike
The latest news from the team bidding for £3bn of funding for transport and infrastructure investment in Greater Manchester under the Transport Innovation Fund is that the proposals would include the introduction of bicycle hire schemes similar to successful models used in Paris, Lyon and Barcelona. Such schemes, which have proved to be a hit with commuters and shoppers on the Continent, could be introduced in Manchester and Salford city centres, as well as Stockport, providing hundreds of bikes that will allow people to get around more easily. Special bikes would be available for hire from automated racks using a swipe or debit card. After paying a small daily, weekly or annual subscription, bikes can be taken from any rack and returned to any other.
Urban Splash finalises job cuts
Developer Urban Splash has announced plans to cut 60 of its 280 jobs following a consultation process announced in September. The Timber Wharf-headquartered group will be cutting posts across the group to maintain its commitment to projects it has in process in various regions. Major plans at the moment include the 700-home Tribeca scheme in Liverpool, Park Hill in Sheffield and a major city centre retail scheme in Swansea with Hammerson.
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Something for the weekend
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Deal of the week
Well done to Zeus Private Equity for the secondary buyout of infrastructure services business MJ Quinn. Managing partner Gary Tipper believes that investing in a downturn is the right thing to do to get the best returns and he’s put £6m where his mouth is. The Co-operative Bank was already on board with £3m of debt in the business and has kindly rolled over its slice of the funding pie. There you go: one bank open for business and one private equity house getting a deal over the line. MJ Quinn is a preferred supplier of contracting services to the London Underground and is expected to capitalise on the transport opportunities created by London 2012.
The boy done good
To last night’s Insider Dealmaker Awards where Paul Lupton collected both gongs meant for his colleague at Deloitte, Andy Westbrook, who was unable to attend. Graciously accepting the prizes for Dealmaker and Corporate Finance Adviser of the Year on his behalf, Lupton quipped: “I taught him everything he knows. He also sent me along as I’m the more eloquent of the two of us.”
Cheering quote of the week
It’s time to think positive. And Phil Jones, sales and marketing director at Brother UK, has just the right perspective on business right now: “There’s a lot of negativity in the marketplace at the moment and there will be hard times ahead, but that doesn’t mean that there’s no business out there.”
Taking the biscuit
Feeling a bit down in the dumps over all this recession talk? Fed up of all those accountants with their doom and gloom? Well, fear not, because those lovely guys and girls over at Grant Thornton had just the ticket to cheer us up when a bag of delightful chocolate biscotti arrived on our desk this morning. We’ll forgive them the dodgy pun that accompanied them – “Be sure to save your crumbs during this credit crunch” – just this once, because biscuits plus journalists equals upbeat news stories.
Canapé won’t pay
Hats off to PR agency Weber Shandwick for its winter BBQ, held at Manchester’s classy Dukes 92 last night. Burgers and sausages were in plentiful supply, a saxophonist played and everything was helped along nicely by the free bar. BBQs in November - it's the future.
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