|
-
|
|
Top story
|
As TIF dust settles, where now for transport?
With the Association of Greater Manchester Authorities due to meet with Minister for the North West Beverley Hughes today, the issue of how the city region tackles transport in the wake of Friday’s thumping defeat of the Transport Innovation Fund proposals remains uncertain. Sir Howard Bernstein told Insider: “There is no plan B and the government money is not on the table for anything else – why would we have spent the last year doing this otherwise?” But Susan Williams, leader of Trafford Council and a strident opponent of the proposals, said this morning: “There will be a few people feeling a bit bruised, but we have to put it behind us and work together to lobby the government.” Peel managing director Andrew Simpson told Insider: “I don’t feel pleased at all, there’s been a lot of effort and energy expended and a year wasted.” Insider is keen to hear your views on what the Plan B could be for transport in Manchester. Email your suggestions to haveyoursay@insiderdaily.co.uk and we will use the best in Insider Daily later this week.
|
|
|
Deals
|
New name, new deal for Modus
Modus Private Equity, the Manchester-headquartered private equity business set up two years ago by Paul Newton and Mike Rogan, has been renamed Mosaic Private Equity (MPE). Newton said: “The new name underpins the way we operate – by assembling many intricate components and relationships to create a complete picture – which is the deal.” The team have completed their first deal under the new name and taken a stake in Skelmersdale-based Christopher Rodgers Home and Energy, a provider of Energy Performance Certificates for the domestic and commercial property markets. Newton said: “We intend to regear once the debt markets have stabilised. It is our ability to take this view which allows us access to quality deals in the current market which may otherwise go unfunded.”
Le Frog jumps into new ownership
Struggling North West restaurant chain Le Frog, which was placed into administration in October, has been rescued in a management buyout. Paul Lilley, the founder and former chief executive of parent company Grill Group, has bought four of the brand’s five North West restaurants in a move that is likely to save around 80 jobs. Restaurants in Fullwood, Ormskirk, Wigan and St Helens will continue to operate under the Le Frog name. All of Le Frog’s seven Midlands restaurants were forced to cease trading in October and the Warrington restaurant has been closed.
In Focus – what now for corporate finance?
In these gloomy times there are plenty of corporate financiers attempting to put a brave face on things. Bank lending may be harder to come by, but advisers are diversifying and channelling their resources into new and lucrative areas. In this week’s In Focus column, Insider editor Michael Taylor observes how “advisory teams have attempted to reorientate their operations towards advising businesses on how to deal with their banks”. To read more about corporate finance’s new direction, visit In Focus online.
Care home acquisitions continue
An Accrington retirement home has been sold following the retirement of its owners. As deal activity in the care home sector continues to attract headlines, Elmwood Home Care has been bought by Ellfin Home Care after 13 years being run by Anne Marie Watson and Ralph Hindle. The home employs around 70 staff who provide over 2,000 hours of care a week for the Hyndburn community. Funding was provided by private equity firm YFM Private Equity and The Co-Operative Bank. Ellfin’s first acquisition, part of a buy-and-build strategy in the North West, was that of Able Care in December 2007 in a management buy-in.
|
|
Business
|
JJB slide continues
Shares in JJB Sports this morning continued to slide amid reports that a deal to sell the company’s chain of health clubs to David Whelan is in doubt. The Wigan-headquartered retailer, which like many on the crisis-hit high street has started its sale two weeks early, confirmed last week that efforts to find a buyer for its Qube and Original Shoe Company shops had failed. Investment bank Goldman Sachs this morning cut its target price for the business to 0.9 pence, sending the share price down 20 per cent to 6 pence.
No threat to National Football Museum
There is no threat to the National Football Museum in Preston following remarks from Lord Brian Mawhinney, former chairman of the Tory Party, and chairman of the Football League ,who has told MPs more people would be able to see the museum's iconic collection if it was based at Wembley. Museum founder Bryan Gray, chairman of the Northwest Regional Development Agency, told Insider: “We have always welcomed the opportunity to display items from the collection in other sites, including Wembley.”
NWDA turns the tide
The Northwest Development Agency is to set up a new group dedicated to exploring the tidal energy potential of the region. The Northwest Tidal Energy Group will be launched at an event on Wednesday at Lancaster University and outline potential tidal projects in the region, including the Mersey, the Solway and Morecambe’s Bridge Across the Bay. The establishment of the group is the culmination of four years of work by the Lancaster University Renewable Energy Group.
Region benefits from MAS
The Manufacturing Advisory Service (MAS) has published its annual report for 2007/2008, showing that North West businesses using its services saw a £24m increase in productivity over the year. Increased sales also contributed to a total financial benefit of £155m. MAS, launched in 2002, is funded by the government’s Department for Business, Enterprise and Regulatory Reform and offers advice and support to manufacturers nationwide.
Strategic Retail feeling the crunch
Shares in Salford-based Strategic Retail have been suspended from trading on AIM this morning after the home decorating group placed three of its trading subsidiaries - Fads, Leveys (Fads) and Texstyle World (Fads) - into administration. The company announced last month that trading conditions had worsened and had cancelled a planned new store opening.
Beneast on the up
Vocational training company Beneast Training is expanding after taking on new premises in Preston city centre. The North West based group has signed a deal to take over 3,532 sq ft in Guildhall House on a three-year lease. The move will create five new jobs.
University of Salford appoints media guru
Digital media specialist John Holland is to join the University of Salford and will head its new initiatives at MediaCity. The venture will include new joint courses, enterprise training for undergraduate Salford students and student placements with the BBC. Holland, a former head of interactive TV and digital text services at the BBC, will join the university in the New Year. Salford was the first university in Greater Manchester to sign a partnership agreement with the BBC.
Green future for Harold Sharp
Chartered accountancy firm Harold Sharp believes the UK ethical market could be a growth area for its business. The Sale-based company announced that fellow Sale business Ickle Eco, which makes baby clothing exclusively made from bamboo fabric, has joined the firm’s list of clients. Richard Evans, a partner at Harold Sharp, said: “It’s clear that the UK ethical market is a growth market; in fact, it grew by 15 per cent from 2006 to 2007. Better still, despite the credit crunch, analysts predict continued demand for green products in the next five years."
|
|
Property
|
Colliers reports 2.5 million sq ft on the market
Property consultancy Colliers CRE has released its Manchester office market report for winter 2008. It said that, despite the economic slowdown, it expects office take-up in the city to reach 950,000 sq ft, just 2 per cent down on 2007. Although overall take-up has slowed over the last six months of the year, the percentage of space let in 2008 that is classed as grade A stock has increased markedly following a series of deals at 3 Hardman Street in Spinningfields – although a raft of grade A completions mean that by the end of 2008, a total of 2.5 million sq ft will be available.
Artisan completes in Rochdale
The first phase of Artisan’s Nelson Place scheme in Rochdale has been completed. The project is a Housing Market Renewal development of larger family homes, comprising 16 three-storey, three- and four-bedroom houses, available to buy and rent, with a further 38 in the pipeline. The scheme has won a national housing design award for its combination of terraced housing with private balconies and outdoor areas.
|
|
|
Contact Us
Insider
8th Floor, Boulton House
17-21 Chorlton Street
Manchester
M1 3HY
Telephone: +44 (0)161 907 9711
Email: nw@insiderdaily.co.uk |
 |
Subscribe
To subscribe to the eBulletin,
click here.
|
|
- |
