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Top story
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B&M buys 36 Opus stores
B&M Retail has extended its geographical reach with the acquisition of 36 stores from Opus Homewares. The deal was backed by a £40m loan from Barclays Corporate in Manchester. B&M managing director Simon Arora told Insider the purchase gives the company a greater presence on retail parks as opposed to its traditional high street base. The new shops will be rebranded as B&M Homestores.
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Deals
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Chess’ acquisition machine rolls on
Chess Telecom is targeting another ten acquisitions in the current financial year after completing its latest deal – the 47th in the past six years. Director Richard Btesh told Insider that the Cheshire business has identified a series of potential targets and expects to add another business to its portfolio before October.
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Fletcher leaves Altium
Mike Fletcher has resigned from investment bank Altium to move into industry. The highly sought-after dealmaker was one of the firm’s highest fee earners and ran the Manchester office alongside co-managing director Simon Lord.
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Bank lending falls further, finds Absolute
Absolute Invoice Finance has called for the government to "iron out the problems" within its Enterprise Finance Guarantee (EFG) scheme after bank lending to small and medium-sized business fell by a further 20 per cent in the last quarter. Darren Cottenden, regional managing director of Absolute Invoice Finance in the North West, said that small and medium sized businesses need the government to "act now and incentivise lenders".
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Business
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Jobs under threat at car parts maker
US car parts manufacturer Delphi has confirmed it is in discussions with unions and employees over the future of its site in Merseyside. Unite has warned that more than 180 people could be made redundant if the electronics factory is closed.
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‘More talent needed’ for digital sector
The North West’s new media will need a wider pool of talent to continue to grow at its current pace, according to Richard Gregory, chief operations officer of Cheshire-based Latitude Group.
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Lending remains subdued at Manchester Building Society
Manchester Building Society has said it plans to approach the second half of the year with caution after reporting a 55 per cent drop in pre-tax profits for the six months to 30 June. It added that its lending levels are likely to remain “subdued” for the rest of the year.
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Property
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Northern Feather takes Wigan space
Northern Feather (Home Furnishings) has signed a new lease on part of a unit at Martland Park, Wigan, to be used as a storage and distribution centre. The facility is owned and part occupied by Ferplast UK.
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Ford Campbell moves into Triangle
Corporate finance firm Ford Campbell and recruitment consultancy Globaleye have both signed up for office space at the Triangle in Manchester in the space operated by Forsyth Business Centres. Ford Campbell was previously based at collapsed law firm Halliwells’ 3 Hardman Square building.
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IPD reports full year of capital growth for UK property
The commercial property market has completed a full year of positive capital growth, according to research body IPD’s UK Monthly Index for July. The report says markets have risen by 15.4 per cent since August 2009. But in July, the market returned just 0.2 per cent capital growth - matching the figure which kick-started the recovery at the end of last summer.
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Other News
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New strategy at Enegi sends shares up
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Comfortable first-half for Mechan
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Law firms named on LUPC framework
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DTZ man calls for more industrial sites
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BDP appointed by Arriva Wales
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GyroHSR wins Causeway account
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