|
-
|
|
Top story
|
Economic gloom offset by energy correction
The UK will see a two-year period of weak growth but falling oil and commodity prices could soften the blow of any slowdown, according to Geraldine Concagh, senior economist at Allied Irish Bank Global Treasury. Speaking this morning at AIB's economic update event in Manchester, Concagh forecast growth in the UK economy of 1.1 per cent in 2008, 0.3 per cent in 2009 and a slight recovery of 0.8 per cent in 2010. She said: "There has been a period of rapid decline in the pace of economic output over the last two quarters. The storm clouds are gathering but there is a silver lining. The oil price is starting to come down below $100 and, together with a slight correction in food prices, this should ease the situation." She added that if the price of oil stays away from the highs it has reached this year, we could see interest rate cuts as early as November, which could have a positive impact on the value of sterling on the global markets.
|
|
|
Deals
|
Aberdeen's Growth team: We're still open
The Growth Capital team at Aberdeen Asset Managers in Manchester is still open for business, following the departure of the private equity team in a management buyout. Jonty Hall, investment manager for Growth Capital, told Insider: “We can confirm that Aberdeen Asset Managers Growth Capital is still very much open for business in Manchester. It has been managed as a separate business and standalone division for four years and operates independently from the entity sold yesterday. We have £142m of client funds under management and are actively looking to make further investments across the North West from our dedicated team based in Manchester.”
Will Loanmakers leave AIM?
AIM-listed consumer debt company Loanmakers may go private if the Horwich-based company fails to raise up to £1.86m through a rights issue. The move, which is being undertaken to pay down debts and provide the company with ongoing working capital provisions, is being underwritten by chief executive Ges Ratcliffe, who could end up owning 97 per cent of the company if existing shareholders don't take up the offer. "Should Ges Ratcliffe be required to take up all or a substantive amount of his underwriting participation, the directors will have to assess the company's ongoing suitability to remain listed on AIM," said a statement. The company disposed of its troubled IVA order book following a review of the business in October last year.
Rapid fund movement
AIM-listed investment fund Rapid Realisations, which puts money in pre-floatation companies and other late-stage opportunities, has clocked profits of £3.4m in the first half of 2008. Run by Haydock-based Cenkos Fund Managers, Rapid floated three investments during the period, including bus builder Darwen Group (now Optare), Daily Internet and Enegi Oil. It also made investments of £15m in a further seven companies and £9m in another four, including Mexican fast-food chain Barburrito. Chairman Peter Tom said: "The continuing credit squeeze and volatile stock markets have increased the number of investment opportunities."
|
|
Business
|
Energetix has the power
Chester-based Energetix Group, developer of low-cost products for
alternative and sustainable energy markets, is expected to deliver
strong revenues next year. The group posted a pre-tax profit of
£664,000, on turnover of £29,000 for the six months to the end of June,
and chief financial officer Richard Smith told Insider this
morning that all three of the group’s businesses - micro combined heat
and power developer Genlec, uninterruptible power supplier Pnu Power
and energy-saving products subsidiary VPhase – are “well ahead of the
competition”. “Genlec is launching its products in November and we
would expect revenues starting in 2009 at proper levels,” he said. “Pnu
Power already has a product to sell, but there is quite slow adoption
as it is a very conservative market.” VPhase, which has announced a new
agreement to work with Scottish Southern Energy, is launching its first
product, VX1, at the Interbuild Exhibition in October.
Growth for ReThink despite construction woes
The ReThink Group, the AIM-quoted recruitment, consultancy and managed services group registered in Manchester, has posted revenue growth of 63.6 per cent to £20.9m for the six months to the end of June and gross profit up to £6.7m from £3.5m for the same period last year. The group, which floated in June, has seen growth in IT recruitment and technology services, but revenues are lower in construction services. Managing director Jon Butterfield said: "Due to the rapidly changing nature of the construction sector we have had to focus our efforts on areas within this market that have been less affected by slowing demand."
Turnover surges at Parcel2go
Parcel2go.com, an online parcel delivery service, has defied the economic downturn and is set to reveal record figures at the end of the financial year. The Bolton-based business expects turnover to exceed £10m, an increase of over 50 per cent in one year. Profits are expected to rise by more than 300 per cent to over £1m. The company has struck up partnerships with leading delivery companies, including FedEx, DHL, UPS and City Link, and has gained a proportion of its business in bookings to and from foreign countries, most notably the US, the Far East and Poland.
TomTom shows Service Power the way
Service Power Technologies, the Stockport-based outsourced service and field management company, has announced a technology partnership with satnav giant TomTom, to integrate the TomTom Work fleet management solutions with its workforce scheduling optimisation technology. The company, which is quoted on the main market of the Stock Exchange, provides a suite of products and services that enable companies to maximise the effectiveness of their field service personnel.
Headcount grows in downturn
In what can clearly be regarded as a sign of the times, law firm Hill Dickinson has bolstered its corporate recovery and insolvency practice with the appointment of partner Jeremy Reilly to its Manchester office. He joins the firm following stints at both Hammonds and Cobbetts and is part of a flurry of recruits expected to join the nine-strong commercial litigation and insolvency team at Hill Dickinson.
|
|
Property
|
Hurstwood feels the pain
North West property group Hurstwood has become the latest victim of the credit crunch as it places its Developments and Facilities businesses into administration. They follow the same fate as external contracting arm Hurstwood Construction, which collapsed in June. Hurstwood Developments handles the group's own residential and commercial construction projects and work on various sites has been temporarily halted. Chairman Stephen Ashworth said: "We have spent millions of pounds over the last 12 months trying to keep Hurstwood Developments alive but pressures outside our control eventually took their toll. Restructuring is a very painful process and we have no choice but to retreat to our core activity of property investment." KPMG is expected to be appointed as administrator today.
Greengate designers appointed
Whitelaw Turkington and Arup have been appointed as designers of the public spaces at Greengate, the mixed-use scheme by Ask Developments along with Network Rail and the Central Salford urban regeneration company. The 32-acre site will link Salford and Manchester and will feature prominent public realm including a public square, a walkway and a new bridge across the River Irwell. Commercial development will not take place until pre-lets are agreed for a third of the 150,000 sq ft first phase.
Planning in for Kingmoor's Wrexham site
Kingmoor Park Properties has submitted a planning application for 113,500 sq m of development at its site on Wrexham Industrial Estate. The application, compiled by Manchester-based HOW Planning, is for business accommodation in two large warehouse or distribution buildings. It is expected that the development would create or safeguard around 700 jobs.
Ask Life appoints agent in Urmston
Estate agency Reeds Rains has been appointed by Ask Life to market and sell the remaining apartments in phase two of the Eden Square development in Urmston. The apartments are part of a wider scheme to regenerate Urmston shopping centre, led by Ask Developments in partnership with Trafford Council. The first phase of the scheme is due for completion in spring 2009 and includes 64 apartments, a new Sainsbury's supermarket and a library.
|
|
|
Contact Us
Insider
8th Floor, Boulton House
17-21 Chorlton Street
Manchester
M1 3HY
Telephone: +44 (0)161 907 9711
Email: nw@insiderdaily.co.uk |
 |
Subscribe
To subscribe to the eBulletin,
click here.
|
|
- |
