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Top story
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'Coalition of the willing' to support JJB restructuring
Cash-strapped retailer JJB Sports this morning confirmed that its main shareholders will back a £65m equity fundraising, the company’s latest move to stave off administration. But the announcement came as the Wigan-headquartered retailer revealed another drop in sales, this time a 13.5 per cent fall in revenue from 24 January to 13 March 2011 compared with the same period last year.
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Deals
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MBL seeks buyer after contract loss
MBL Group this morning warned there would be wide-scale job losses after the company revealed it has lost of two major contracts with supermarket giant Morrisons. The Leyland-headquartered business, a distributor of home entertainment products, said it has now appointed KPMG Corporate Finance to find a buyer for the company.
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The In Thing pockets Dracco investment
Hong Kong-based toy manufacturer Dracco has bought a 50 per cent stake in Lancashire toy importer and distributor The In Thing for an undisclosed sum. Paul Jackson, managing director of The In Thing, told Insider the investment should help the company double its turnover over the next two years.
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Concrete expansion for CCP
Cheshire Concrete Products (CCP), a manufacturer of concrete blocks used in the building industry, has expanded into North Wales after securing working capital and asset finance from NatWest.
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Business
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Northern Way set for closure
The Northern Way, a partnership set up in 2004 by the three regional development agencies (RDAs) across the North, is to close at the end of the month after its funding runs out.
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Solid year for James Fisher
James Fisher and Sons has reported growth in turnover and profit for the full year to 31 December 2010. The Barrow-based marine services business also made four acquisitions totalling £20.9m in the period.
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Venky’s backroom revolution continues at Rovers
The sweeping backroom changes at Blackburn Rovers FC continue as the club’s auditors have resigned and their bankers have registered a charge over all future assets. Two Indian directors have also been appointed following the takeover by Venky’s in November last year.
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Revenue and profit up at Fairpoint
Pre-tax profit and revenue are up at Adlington-based Fairpoint, it was revealed this morning. The financial services business said profit before tax rose 13 per cent in its year-end results, while revenue grew 2 per cent to £29.4m.
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Property
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Trafford town hall gets go ahead
Manchester-based 5plus Architects and Shepherd Developments have secured planning permission from Trafford Council for a £22m redevelopment of the borough’s town hall.
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Green light for The Square revamp
Development Securities’ plans to redevelop The Square shopping centre in Hale Barns have been given the green light by Trafford Council.
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Matley joins Knight Frank
Knight Frank has recruited Simon Matley, formerly of WHR Property Consultants and Savills, to join its building surveying team in Manchester.
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Other News
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YFM appoints Bergin
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Whittle Movers ceases trading
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YHA sells Thorney How
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£300m London 2012 opportunities up for grabs
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