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Top story
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Don't panic, says Midas Capital chief
Now is the time to seek opportunities rather than panic as the economic downturn takes hold. That's according to Simon Edwards, chief executive of Liverpool-based Midas Capital, who believes that we will avoid the worst following government intervention in the financial system. "In 25 years of working in investment markets, I have never witnessed the volatility in stock markets seen over the last few days," he said. "We undoubtedly have a painful period ahead but government authorities and central banks have learned lessons from previous crises." Edwards said that blue chip companies and corporate debt will provide good investment opportunities and that falls in commodity prices will ease inflation expectations, giving more scope for interest rates to fall. "There is no doubt that the unwinding of the irresponsible lending, corporate excesses and financial leverage of recent years will be painful and take time. Some asset prices will continue to re-adjust. These are the opportunities we will be alive to," he added.
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Deals
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Price gap remains wide
The price expectation gap is still forcing deals to fall over, according to Paul Shephard, regional director of specialist and acquisition finance at Yorkshire Bank. While vendor and buyer expectations were thought to be coming closer together as the market adjusts to a new reality, the prices of businesses for sale remains a sticking point across the region. “We still have money to lend but the market has ground to a halt,” Shephard told Insider. “We have had four deals stall recently because the vendors were holding out for a bigger sum.” In the year to the end of September, Yorkshire Bank backed 19 deals across the North West. 
Halliwells shuffles the pack
Law firm Halliwells is looking to counter the downturn in corporate work by "moving" its staff between departments rather than axing jobs. "We are currently looking at the possibility of moving a few corporate fee earners into different departments, or putting them on client secondment," said a spokesman. "It's a case of reacting to market conditions. As a multi disciplinary firm, some departments will always be busier than others depending on the economic climate." The firm recently announced that 40 jobs would go across its national property division.
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Business
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Merseytram makes sense, says Scales
The development of Merseytram Line One, from Liverpool city centre to Kirkby, could underpin the city’s growth as a tourist destination, Merseytravel chief executive Neil Scales said yesterday. The transport body said earlier this month that Merseytram, denied funding in 2005, was back at the top of its wish list. Scales told Insider: “We’re still crunching the numbers and transport resources are tight, but the business case makes sense in terms of return on investment. This puts together six museums, the Strand in two places, the Kings Waterfront and a hospital.”
Jones steps up at JJB
Troubled retailer JJB Sports has taken boardroom action as it seeks to assure investors of its future. David Jones, widely credited as the brains behind Next's emergence as a high street superpower and a talismanic name in retail, has stepped up from non-executive director to become deputy chairman. Barry Dunn, the group's long-standing property director, is to leave. Shares rallied yesterday as the group said that constructive discussions with HBOS and Barclays are ongoing over its debts.
St Helens' LEGI investment to reach £23m
St Helens, the only North West authority to bid successfully for funding in the first round of the Local Enterprise Growth Initiative in 2006, has released its Year Two report. Local companies have secured extra business worth £5m, while as part of youth enterprise scheme Enterprising St Helens 7,000 pupils have been involved in enterprise activities. LEGI support is also helping to fund St Helens Chamber's new £6m Enterprise Centre. The government has now confirmed further support for two years, seeing the programme through to 2011 and taking total investment to £23m.
Citizen Hulme joins FACT board
Paver Smith account director Chris Hulme has joined the board of FACT, Liverpool's digital arts centre. He will provide a PR, marketing and corporate sponsorship perspective to FACT's chief executive Professor Mike Stubbs and the board, which is chaired by Sir Drummond Bone. Hulme said: "We are all digital citizens today and it's exciting to be associated with an organisation that has take-no-prisoners plans to establish its profile on the global stage."
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Property
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Colliers has a Paddy
The Manchester office of Colliers CRE has been appointed by Irish bookmaker Paddy Power to acquire new betting shop sites across the North West. With over 200 shops in Northern Ireland and Ireland and 60 in the south of England, Ireland's largest bookmaker has targeted Manchester and the North West as one of its key growth areas as it looks to grow its UK estate to over 200 shops in the next three years.
Phase three complete for Langtree
Langtree has completed work on phase three of its Gateway 49 trade park in Warrington. The Newton-le-Willows developer has built a further 11 business and trade counter units comprising 47,700 sq ft at the scheme. Phase one is fully let and just one unit is remaining on phase two, with occupiers including, CTD Tiles, Electric Centre, Crown Decorator Centre, Toolstation, Screwfix and Clifton Trade Bathrooms.
Wirral firmly behind Peel plans
Peel Holdings has released the fundings of its public exhibition of Wirral Waters, held in September at Birkenhead Market. The developer said that 95 per cent of the survey's 470 respondents were in support of the proposals to create an office-led high-rise commercial district in the Birkenhead docks area.
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