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Top story
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Foreign confidence stays high
Manchester’s inward investment agency MIDAS says confidence in the city remains high among foreign-owned investors following new research by property consultancy Savills. Ninety-two per cent of large foreign-owned companies (FOCs) rated Manchester as a good or excellent place to do business, with a fifth saying they are actively looking to increase floorspace. Forty per cent expect to employ more people in two years’ time, with finance, retail and manufacturing the most confident sectors. MIDAS chief executive Colin Sinclair said: “Even though the property market will stall in 2009 due to a slowdown in general decision making, Manchester is well positioned. London, Europe and North America remain our primary target markets.”
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Deals
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Deals Advice - Insider online
It was predicted that 2008 would be the year in which a stream of quoted companies would choose to leave the stock markets and continue their corporate lives in peace and quiet as private companies. It wasn’t, but there are still plenty of companies considering leaving the markets – and plenty of acquirers and investors interested in taking businesses private. Gary Houghton, corporate finance partner at Baker Tilly, says: “We are aware of boards actively looking at the opportunity to go private, but it’s a difficult decision. It is difficult to fund, the outcome is uncertain and it’s expensive.” To read more visit our online Deals Advice section and click on How to… Take your company private.
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.
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Business
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Rice to see you…
Manoj Verma, managing director of Rice Flame Bar and Grill, has announced plans to open at least three sites in 2009 with a possible international rollout in 2010. The Piccadilly Gardens “fast casual” restaurant opened in 2005 and has underpinned a growth in sales of 40 per cent in the last financial year. Rice’s latest site, on Chester Street off Oxford Road, includes the Rice Decadence dining room.
Bglobal optimistic despite losses
Darwen-based Bglobal has reported increased half-year losses to the end of September. The group, which provides metering solutions to the energy market, announced a loss before tax of £2.02m, despite increasing turnover by 25 per cent. Chairman James Newman said the past six months had been difficult for the group in terms of trading performance but added: “The group has also made significant operational changes and improvements, which puts it in an excellent position to capitalise on significant market opportunities ahead.”
Sales up at Millbrook
Blackburn’s Millbrook Scientific Instruments has returned to profitability as it announced its interim results to September. The company, which manufactures desktop scientific instruments for industrial and research applications, announced a profit of £28,162, up from a 2007 loss of £113,021. Sales have increased by nearly 30 per cent compared with the same period last year, mainly because of increased sales and production at its new Wrexham facility.
A good year for Victrex
Profits are up 6 per cent at Lancashire’s Victrex as the company reports its year-end figures to the end of September. The worldwide manufacturer of polymers, which has its headquarters in Thornton Cleverleys, reported profits before tax of £55m, up from £52m in 2007 and sales grew by 8 per cent to £141m. Chairman Anita Grew described 2008 as a good year for Victrex, but added that 2009 was going to be challenging. She believes the group remains in a strong financial position with a healthy balance sheet and good cash generation.
All change at Volex
Group finance director Ian Degnan is leaving the board of Volex Group. The cables company based in Leigh announced to the stock exchange that Degnan has informed the board that he intends to resign as a director of the company with effect from 5 January 2009, having taken a new position with another organisation. He will be replaced by interim financial director Andrew Cherry and will remain with the company until the end of January to assist in the handover. Volex has also announced that it has appointed Chris Geoghegan as senior independent director with effect from 31 December, when David Beever retires.
New director at MYI
Loss-adjusting firm MYI has announced the recruitment of David Gillan as executive director in its Manchester office. Gillan will join the MYI’s UK executive team and oversee the firm’s operations in the North West.
Brabners on the TEAM
The Manchester-based employment team of law firm Brabners Chaffe Street has been retained as legal advisory to The Employment Agents Movement (TEAM). TEAM is one of the largest independent networks of recruitment and employment service providers in the UK. Paul Chamberlain heads the Brabners Chaffe Street team, which has advised both TEAM and its individual members for the past decade.
Wall joins Flowersdirect
Lancashire-based online florist Flowersdirect has appointed Jonathan Wall as chief executive. The move is part of a management shake-up following last year’s investment by Zeus Private Equity. Wall joins after 11 years at online electrical retailer Dabs.com, where he was marketing director. Working closely with the 850 florists in Flowersdirect’s national floral relay network, Wall aims to further develop the company’s same-day delivery service.
Credit crunch courses from Preston College
To help local small businesses in the tough economic climate Preston College will be offering a range of short courses in the New Year at its City Business Centre. Topics such as surviving the credit crunch and boosting profits will be covered, while workshops on minute-taking and interview techniques will also be available. Some businesses may be eligible for financial support to cover the cost of the courses through Train to Gain, a £350m government programme that supports and subsidises skills-based learning.
Awards for Warrington buses
Warrington Borough Transport (WBT) has been named the Bus Operator of the Year with the help of Manchester-based marketing agency And Partners. Judges at the UK Bus Awards were impressed by And Partner’s campaign for WBT, which included naming buses after local heroes.
Fell joins Co-op in Lancashire
Stuart Fell has been appointed as senior business development manager at The Co-operative Bank’s Lancashire Corporate Banking Centre (CBC). During 2008 the Preston-based centre has doubled in size. Fell spent 28 years at Barclays before joining Bank of Scotland as a corporate director.
Women in Business shortlist announced
The shortlisted entrants for the Northwest Women in Business Awards 2009 have been announced. The winners will be announced in January in an event organised by the Northwest Women’s Enterprise Forum and the Northwest Regional Development Agency. Awards will be given in such categories as Business of the Year and Young Entrepreneur of the Year. The nominees include Natalie Gray and her Manchester-based interior design agency No Chintz and Debra Reynolds’s School of Sign Language in Blackburn.
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Property
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Mycio steps sideways into regeneration
Manchester City Council has named Steve Mycio as its deputy chief executive, responsible for regeneration. The post was vacated by Eamonn Boylan, the highly thought of former housing chief who has departed to take up a role with the Homes & Communities Agency. Mycio was formerly deputy chief executive responsible for performance, a role that will be filled for an interim period by Geoff Little.
Mercury rising at Trafford Park
Property agency Colliers CRE has let the last available unit on Mercury Park within Trafford Park. The Manchester office of the agency let the 7,949 sq ft unit 13 to Brand Imaging on behalf of landlord Anglo Chancerygate. The firm is moving to Mercury Park from Bredbury.
All Points North holding on
Property development company All Points North's turnover has fallen 58 per cent in the six months to September. The company, based in Penrith, has been hit by the slump in the property market but still managed to turn in an operating profit of £113,915, down from £143,743 for the same period in 2007. The directors have decided to hold the interim dividend at 0.05p per share.
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