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Top story
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BNFL starts £5m endowment fund
The University of Manchester's Dalton Nuclear Institute has received £5m from British Nuclear Fuels (BNFL) to expand and develop its nuclear research programme and provide top-class education and training to the next generation of nuclear industry professionals. Under the terms of the BNFL Endowment for Nuclear Research, a series of professorial chair appointments will be made. At the end of the funding period for each chair, it is expected the position will be financially sustainable via self-generated research income. Michael Parker, group chief Executive of BNFL, said: "For over 35 years BNFL has been at the heart of nuclear education and research, particularly in the North West. The £5m legacy BNFL is providing will assist in ensuring that nuclear research in the North West continues to be rightly at the heart of the global nuclear renaissance."
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Deals
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Aberdeen team moves to be Spirit of Leeds
The private equity team of Aberdeen Asset Managers has moved to Leeds to form a new private equity business called Spirit Capital Partners. Francesco Santinon, supported by fellow partners Andy Glennon and Colin Stirling, will also operate from London. Spirit Capital has assumed the management of an estimated £100m of private capital from Aberdeen and the portfolio includes Palgrave Brown, a Chorley-based building supplies business. The Growth Capital team remains in Manchester, led by Jonty Hall, Andrew Craig and Ryan Bevington. They invest between £1m and £5m in businesses with growth potential and manage specialist client funds.
Textiles business sells two subsidiaries
Andrew Industries, an Accrington-based designer and manufacturer of industrial textiles, has completed the sale of two of its commercial and manufacturing arms. Hong Kong-registered manufacturing arm Humber China and its subsidiary Humber Bulk Bag (Shenzhen) were sold to German company Storsack Holding, while commercial business Humber Europe was sold to Bradford-based Storsack UK.
Begbies Traynor raises £13m via placing
Business recovery and restructuring firm Begbies Traynor has raised £13m via a shares placing to help fund expansion at its business insolvency practice, which should see strong growth as the economy slows down. Chief operating officer Andrew Dick placed nearly £2m worth of shares in the company on Friday, reducing his holding to 7.25 per cent from 9.5 per cent. The company as a whole placed around 7.9 million shares at the same price. Shares were down 2.8 per cent to 173p during this morning's trading.
Offer period over for In House
The potential buyer for In House Group, the Warrington-based buyer of property portfolios, has confirmed that it is not interested in buying the business. With no other party currently at the table, the group is no longer in an offer period under AIM's takeover rules.
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Business
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CBI expects "feeble" growth
As the global financial markets this morning come to terms with the collapse of banking giant Lehman Brothers and the takeover of Merrill Lynch, the CBI has today said that a shallow recession through the second half of 2008 will mean growth in the economy in 2009 will be the lowest since 1992. The business organisation has cut its GDP growth predictions for both 2008 and 2009, reflecting the sharper than expected slowdown over the first half of this year and the impact of weak consumer demand, high energy prices and the collapse of major financial institutions. Director general Richard Lambert said: "Growth in 2009 will be feeble at best. The UK may have entered a mild recession that will hopefully prove short lived. But this is not a return to the 1990s."
New board at Authentic Food Company
The Authentic Food Company, which has three sites in Stockport, Sharston and Cheadle, has appointed a new board of directors to work under new managing director Nik Basran. Andy Underwood has joined as commercial director, Piran Mitchell has been named as financial director and Paul Harnetty has been promoted to operations director.
TEG Group reduces losses
Preston-based TEG Group, which converts organic waste into natural fertiliser, has narrowed its pre-tax losses for the six months to 30 June as demand for recycling services from local authorities and the private sector increased. The company posted a pre-tax loss of £535,000 compared to a loss of £1.43m for the same period last year, while turnover jumped to £6.6m from £536,000. It said it expected to see a strong outlook for trading for the rest of 2008 as companies switch to alternative waste options.
Banking's losses, Manchester's gain?
US investment bank Lehman Brothers has today plunged the stock markets into freefall by filing for Chapter 11 bankruptcy, leading to emergency action from the Bank of England, which has pumped £5bn into the short-term money markets. But banking’s times of trouble can be a good thing for Manchester. In September’s Insider, out now, inward investment chief Colin Sinclair said: “Does the credit crunch and global uncertainty hurt our efforts? The opposite is actually the case.” Sir Howard Bernstein added: “The credit crunch has accelerated the need to find efficiencies.” A Manchester delegation is to visit the US next month in the ongoing efforts to win new business.
Chef recruitment firm to expand
Cumbrian chef agency AWOL Recruitment has moved into a new office in Grange-over-Sands as it looks to expand. The group is headed by chef James Brown and his wife, former hotel manager Kim. It sources emergency, temporary and permanent chefs for hotels and restaurants, care homes and kitchens across the North West.
Green Berry wins award
Lancashire furniture manufacturer HJ Berry has secured a Green Apple Environment Award for its social and environmental work. The Chipping-based business' programme includes low-cost homes for rent around its factory site and a policy of using sustainable British-grown woods for its furniture. The factory is heated with off-cuts of wood and the company has planted more than 20,000 trees in its grounds.
Warrington depot for Clifton
Bathroom retailer Clifton has opened a new depot in Warrington. The company, which supplies bathrooms to builders, plumbers and other tradesmen, will now be based on Gateway 49 Trade Park, located off A49 Winwick Road. It also has branches in Altrincham, Stoke-on-Trent, Chester, Bury and Stockport.
A worthy appointment
Bolton-based law firm Keoghs has appointed Peter Kenworthy as a partner in its expanding disease team. He joins from DWF and has 15 years of experience in handling disease claims on behalf of major insurers.
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Property
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Splash to cut jobs
Urban Splash has joined the long list of developers to cut jobs following "disappointing" sales over the first half of the year. The Timber Wharf-headquartered group has entered a consultation period. A statement said: "The company has held off job cuts as long as possible. However, it is not alone in facing challenges as a result of wider economic circumstances." 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.
Claremont completes shipping contract
Warrington-based Claremont Group Interiors has completed a design and fit-out contract for shipping company Hapag-Lloyd at its new office at the Port of Liverpool building. The contract, worth £300,000, took two months to complete and includes the design of internal meeting rooms, an open plan area for 60 people, new partitions, decoration and furniture. Hapag-Lloyd's move to Pier Head has allowed it to merge its operations to a single site.
Brown & Co gets bullish
Manchester building services firm Brown & Co has announced plans to expand by 60 per cent in the next year. The £5.6m-turnover business was historically an electrical contractor but has recently formed alliances with mechanical installation firms that have allowed it to win contracts including the refurbishment of Liverpool's Exchange Flags and fit-outs of primary care centres for contractors like Morgan Ashurst.
Outlet mall rolls on
Nike and sustainable retailer Earth Collection have signed up to take space at the Lowry Outlet Mall, which continues to defy the retail gloom with a 3 per cent increase in sales year-on-year and a 7 per cent increase in footfall. Robert Hallworth, centre manager, said: "Prospective tenants here are investing in a business with a proven track record and can take advantage of the increasing development around the Mall. In times of recession, it's hedging your bets."
Rural planning project wins top award
An initiative to promote and assist farm diversification and rural development in the region has won the North West Best Rural Planning Project Award from the Royal Town Planning Institute. The Rural Planning Facilitation Service, delivered by Cumbria Rural Enterprise Agency, has helped more than 1,400 businesses since it was established in 2000 and aims to offer advice before someone submits a planning application for a new development. The service was initially launched by the Northwest Regional Development Agency and has funding into 2009.
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Events
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Dates for your diary this week
First it was at Manchester City, then United, now its City again. The IoD North West Director of the Year awards take place at the City of Manchester stadium on Thursday night. BBC sports anchorwoman Gabby Logan will be the evening’s compere. But before that, Tuesday evening’s main event is the Great Northern Cook Off’s gala dinner at Manchester’s Midland hotel. Hosted by Michelin-starred Michael Caines, awards here range from the Battered Pizza Award through the Down & Dirty Award to The Domestic Goddess Award - and of course the Great Northern Cooks 2008.
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