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Top story
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Economic strength lies beyond the north, says Insider forum
The north of England needs to look much wider than its own front door to see a way out of the current economic downturn. Speaking at Insider’s first Northern Strategy Forum in Leeds this morning, Richard Lewney from Cambridge Econometrics charted a “bit of an upturn” in the economy in 2010, but Baron Frankal from The Commission for Economic Development, Employment and Skills, said the region would only recover if businesses recognised both the opportunities and challenges from emerging economies of the Far East. Felicity Goodey, chairman of Central Salford, agreed that the wider region is in danger of being too inward looking but warned against taking its eye off the ball. “There is an opportunity to put the infrastructure in place across the north to compete with emerging cities around the world,” she said. “But the big problem we have here is a high proportion of people of working age who are not working and that is down to health and education.”
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Deals
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WEC acquires laser-cutting business
Darwen-based engineering business WEC Group has acquired Liverpool-based 5750 Components, which was established nearly 15 years ago as one of the first laser-cutting companies in the UK and employs 20 staff. WEC, which comprises five divisions specialising in fabrication engineering, has bought the company as a going concern to support its own laser division, Laser Engineering. The purchase supports WEC's expansion strategy, which includes the introduction of a new purpose-built facility on Junction Street in Darwen.
Loanmakers seeks funding as rights issue fails
Consumer debt company Loanmakers is looking for alternative sources of funding after shareholders failed to pass a proposed £1.7m rights issue by the Horwich-based company. Last month the AIM-listed company warned that if the plans to raise funds to pay down debts and provide ongoing working capital failed it may be taken private. "The proposed additional capital injection would have ensured that the company was able to protect its infrastructure, remain in a position to increase volumes when conditions allowed and to give the company time to indentify new loan providers for its loanbroking business, to replace First Plus, which withdrew from the market for new business in August," said a company statement yesterday. The board is now in discussions with advisers to find alternative funding sources.
Landround considers its future as dispute rages
Landround, the Chester-based reward programmes and promotions business, is considering selling off "some or all" of its businesses as it expects revenues and results for the second half of the year to be "significantly affected" by an ongoing dispute with one of its Buy & Fly customers. The board also expects the dispute to affect figures in the first half of the next year. Resulting pressure on the group's financing position means that it is now in discussions with its bankers at HSBC and is considering its long-term options, including disposals.
North West deals - down, but not out
The number of deals completed in the North West fell by 36.2 per cent in the third quarter of the year, down from 221 transactions in quarter two to 141. But data from financial information company Corpfin shows that the total deal value rose to £3.6bn, a 77.2 per cent increase and the region's best quarter so far this year, propped up by larger deals. There were seven deals worth over £100m (up from four in quarter two), with only the Co-operative Group's announced acquisition of Somerfield exceeding the £1bn mark at £1.57bn. The mid-cap market for deals between £10m and £100m saw both deal volume and value more than half.
Baker Tilly builds recovery team
Accountancy firm Baker Tilly has boosted its restructuring and recovery team in the north with the appointment of Russell Cash as partner and Don Bailey as consultant. Cash joins from PricewaterhouseCoopers, where he has spent 16 years in the turnaround and insolvency team, while Bailey has been with Begbies Traynor for eight years, having trained at Ernst & Young. The firm's northern recovery team now stands at eight partners and 70 staff.
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Business
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Micap calls in the administrators
Wigan-based encapsulation and coating technology business Micap, which operates in the food, agrochemical and pharmaceutical sectors, has been placed into administration after the negotiations with creditors needed to stabilise the company's financial position failed. One creditor issued a winding up petition and the board has applied to appoint administrators. Subsidiary Micap Encapsulation, which operates in Ireland, is unaffected.
JJB mulls options while JD presses on
JJB Sports has told the stock market that it is reviewing the potential sale of "one or more" of its non-core assets and businesses, following reports that it is to sell off its successful chain of fitness clubs. Meanwhile, boisterous rival JD Sports has announced a £60m expansion plan for its Bank fashion chain under which the group will expand from 50 to 65 stores by the end of 2009. But the British Retail Consortium's figures for September, released today, only show more gloom, with year-on-year sales down by 1.5 per cent amid the worst sales figures for six months. Only food and drink, boosted by inflation, showed sales values higher than a year ago.
Insider UK Investment Forum 2008
After the huge success of last year’s inaugural event, Insider is heading to London again next month for the Insider UK Investment Forum 2008. This year’s event is entitled How UK Cities Can Create Competitive Advantage and will feature an exclusive presentation by Prof Michael Parkinson on the impact of the credit crunch on UK regeneration projects. To be held over lunch at the Hotel Andaz in London on 7 November, the forum marks the launch of the UK Business Insider 2009 title, our guide to the UK regions, and will feature a panel including Chris Brown, chief executive of Igloo Regeneration and Ken Shuttleworth, director of Make architects. If you are interested in attending this event or would like further details please email helen.power@newsco.com.
Business activity slowing, says RBS
The North West's economic output dipped in September after two months of growth, according to the latest figures from The Royal Bank of Scotland's Purchasing Managers' Index. Although the region outperformed its rivals, job cuts were at their highest for five years, while the seasonally adjusted Business Activity Index fell from 54.2 to 47.6 per cent, the joint weakest reading since 1999. The bank's economist Philip McKinnon said: "Further slowing is likely. A drop in employment levels is likely to hit business and consumer sentiment in the region."
HL hires Brennan
Manchester-based law firm HL Interactive has hired Declan Brennan as director of its new credit services unit. Brennan has over 25 years' financial services experience and has held a number of senior positions in the banking sector. He will oversee HL's mortgage repossession and recoveries teams.
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Property
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Argent and GMPVF tie the knot
The Greater Manchester Property Venture Fund (GMPVF) and Argent have confirmed their joint venture agreement to take forward the redevelopment of Elisabeth House in Manchester's St Peter's Square. The grade A office scheme could be as large as 350,00 sq ft. Gary Taylor, joint managing director of Argent, said: "This is the best redevelopment site in the city centre and deserves a piece of architecture the city can be proud of."
Goodman seals the deal
Big industrial deals have been few and far between in the North West this year, but Goodman has succeeded in completing a deal with German cardboard manufacturer Prowell for a 210,000 sq ft unit at Pioneer Park in Ellesmere Port. Prowell has taken a 15-year lease on the building in what looks likely to be the region's largest deal of the year.
Cushmans instructed in Trafford
The industrial team at Cushman & Wakefield has been instructed as sole agent at Trinity Developments (Trafford)'s first industrial scheme. The proposed Trinity Business Park is situated in the heart of Trafford Park and will comprise 60,000 sq ft across nine units from 3,500 sq ft, available on both a freehold and leasehold basis. The first units are due to be ready for occupation by February 2009.
Multibuild checks Inn
Stockport contractor Multibuild has completed a £2.2m project for regular client Whitbread in Rhuddlan, North Wales. The contract included the construction and fit-out of a new two-storey, 44-bedroom Premier Inn hotel and an adjacent Table Table restaurant.
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