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Top story
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Opportunities remain as distressed figures rise
The number of distressed companies in the North West is continuing to rise, although a proactive approach by entrepreneurs and advisers means the region is faring better than anywhere else in the UK. According to Begbies Traynor’s Red Flag Alert statistics, a total of 746 North West companies faced critical problems relating to County Court Judgements (CCJs) or winding-up petitions in the fourth quarter of 2008, compared with 424 in the same 2007 period. Companies with “significant problems” on the list – minor CCJs, court actions or overdue or insolvent accounts - increased from 4,103 in January 2008 to 7,455 in December 2008 but the figure seemed to peak in November at 9,113. Begbies expects numbers to continue to rise in the early part of this year, but at a slower rate, with acquisitions on the horizon. “Although increased revenue during the Christmas period has had a positive effect on the balance sheets of many businesses, I suspect that this will be counteracted during the first quarter of 2009,” said Paul Stanley, partner and head of the firm’s Manchester office. “However, we are seeing some investors beginning to look for opportunities in the belief that asset values have now hit the bottom and will begin to recover. For those with healthy finances and a solid business model, there are opportunities for expansion.”
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Today's news
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Focus on long term, says Bank of England man
We’re in for a harsh six months, according to Sir John Gieve, deputy governor for financial stability at the Bank of England, who this morning spoke at a private Cityco event in Manchester. Asked if he saw the green shoots of recovery that business minister Baroness Vadera this week claimed were apparent, he said: “I worked for Norman Lamont and speaking about that did for him, it looks like Baroness Vadera has fallen into the same trap. Economies are complex things and you never see a completely consistent picture. There is always someone who is doing well, but the overall prospects for the next six months are going to bring a succession of bad news. But these things do come to an end much more quickly than people think. I am not fatalistic at all about the longer term.”
PNE scores £500,000 loan
Multi-millionaire leisure tycoon Trevor Hemmings has loaned Preston North End a further £500,000 via his Guild Ventures investment vehicle. The football club said the cash would be used to “fund ongoing working capital requirements” and has to be repaid by January 2010. The latest loan means the club has borrowed £1.7m from the Guild Ventures and Friends of Preston North End consortia in the last eight weeks as it pushes for promotion to the Premier League. Hemmings was this month ranked the 13th richest person in British football in Four Four Two magazine’s annual rich list with an estimated wealth of £900m.
Accrington approval for Tesco and PAG
Tesco and David Russell’s Property Alliance Group (PAG) have been granted detailed planning consent for a £32m food store in Accrington. Located on a 6.5-acre acre site at Eagle Street in the town centre, the new store will total 90,333 sq ft. PAG director Jonathan Mather said: “This development will create employment opportunities and the site’s proximity to the town centre will drive trips to the shopping core and help breathe new life into Accrington.”
Mouawad heads to Mumbai
Professional services lobbyist and networking group Pro.Manchester is in the market for a new chief executive. Daniel Charles Mouawad, who currently holds the position, will from April start a two-year secondment in Mumbai, where he will be working with UK Trade & Investment to attract inward investment from India to the North West. The role is to be funded by the Northwest Regional Development Agency.
EH gets its way in Lancaster
English Heritage’s (EH) request for a public inquiry into Centros’ retail-led Castle View scheme in Lancaster has been granted by the secretary of state. Lancaster City Council gave the scheme outline consent before referring it up to the Government Office for the North West. Henry Owen-John, planning and development director for EH in the North West, said: “A public inquiry is the proper forum to debate what are issues of national significance.”
Loanmakers suspends trading
Trading of shares in Loanmakers has been suspended after the board said that it had still not resolved its funding issues. The Manchester-based company warned of a significant downturn in its trading performance earlier this month and had a recently proposed £1.86m underwritten open offer rejected by shareholders. The stricken loan broking company last year reported interim losses of £1.6m before tax compared to profits of £346,000.
ClearDebt in acquisition talks
Timperley’s ClearDebt group has told the stock market that it cannot explain rises in its share price. The company, which provides solutions to individuals experiencing personal debt problems, has confirmed that it is in advanced discussions with a third party. However, it added that there was no guarantee that these discussions will be successfully concluded. ClearDebt has seen its share price more than triple since the beginning of the year but said that it was not aware of any reason for the increase in the price.
Renold announces decline in orders
Shares in Wythenshawe-based chain manufacturer Renold were down 29 per cent in early trading this morning after it announced that its December orders showed a significant decline compared to the previous year. Issuing an interim management statement covering the period from 1 October 2008 to today, the international engineering group said that, although forecasting was difficult, it still expected to produce pre-exceptional annual operating profits of not less than £10m, down from £12m for the previous year. The company has already shed 350 jobs in an attempt to reducing operating expenditure, to ensure that the business remains competitive in the prevailing environment.
Broca in offer talks
Rawtenstall-based Broca has confirmed that it is in discussions that may or may not lead to an offer being made for the entire issued share capital of the company. AIM-listed Broca emerged from 2ergo, the mobile technology company, in March 2007 and specialises in mobile phone security systems. Last month the company announced that it would require more funding by March 2009 and was actively involved in seeking that.
Sales boost for Burnley retailer
Burnley-headquartered discount retailer The Original Factory Shop has enjoyed a record Christmas trading period despite the ongoing gloom on the rest of the high street. The company saw like-for-like sales increase 3.7 per cent in the 13 weeks to 4 January compared to a year earlier, while gross sales increased by 22 per cent. The clothing chain has also revealed plans to continue its rapid expansion by opening another four stores in the next three months. It has already opened 16 new outlets since April 2008, taking its total number of stores to 102 across the UK.
New role for Bob Richards
The Manchester office of KPMG Restructuring has appointed Bob Richards to assist in its business development activities across the North West. He moves from the position of business development director at Lloyds TSB Commercial Finance to take up the role. Richards, who has spent almost 20 years in the asset-based lending field, will be charged with marketing the firm’s services, developing new relationships and identifying referral opportunities.
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Something for the weekend
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What a trooper
"When people say such and such a programme can't be done in Manchester we just look like arses. It’s not as if I’m going to Helmand province.” Hardy Celt Nicky Campbell says that working in Salford Quays won’t be as bad as some of his pampered Radio Five Live colleagues seem to think. Quite how the station will survive without Salford refusenik Simon Mayo, reportedly up for a move to Radio 2, is anybody’s guess.
Victorian values?
The crazy world of football just gets crazier. But while Manchester City get giddy about shelling out £100m-plus for a single player, spare a thought for non-league Northwich Victoria, who will play tomorrow’s home game against Histon at Altrincham after being locked out of the Marston’s Arena by landlord and ex-chairman Mike Connett. The stadium is up for sale, described as “the ideal location for a university or sports club seeking new facilities”. Real Madrid and AC Milan are among rumoured bidders.
Canapé won’t pay
With corporate nibbles in short supply in early January, Insider headed off with gusto to the classy Malmaison in Manchester for the launch of the third annual Great Northern Cook Off. And it didn’t disappoint. A tasty selection of bruschetta-based snacks was on offer, washed down nicely with a glug or two of red wine. The evening’s entertainment wasn’t bad either – four teams tasked with making a Manchester landmark using only sponge, icing and a bit of creativity. The winning team, led by chef Andrew Nutter from Nutter’s in Rochdale, managed to keep supporters from both the city’s football teams happy with their depiction of Old Trafford and the City of Manchester Stadium.
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