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Top story
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Ascribe leaves AIM in MBO
After nearly half a year of waiting, Bolton-based healthcare IT company Ascribe has finally reached agreement on a management buyout that will see the company leave AIM early in the New Year. The deal, which values the company at £33.3m and its shares at 28p, is funded by the existing management team headed by chief executive and co-founder Stephen Critchlow, alongside private equity firm ECI and Yorkshire Bank. ECI had been on board since the summer, but the deal hit difficulties as crisis in the banking sector made debt difficult to secure. Mike Fletcher, managing director of corporate finance at Altium, which advised Ascribe, told Insider this morning: “Attracting banking in the current market has been the real challenge. There have probably been a lot of public-to-privates that nine months ago would have been certain but, while the banking guys on the ground locally want to do the deals, the banks are being more selective in how they deploy their capital. Yorkshire Bank delivered exactly what they said they would.” To read more about public-to-private deals, visit Insider’s online Deal Advice section.
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Deals
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MAG hangs on to Humberside
Manchester Airports Group (MAG) has announced that it is no longer attempting to sell its 82.7 per cent majority shareholding in Humberside Airport. All options for Humberside Airport, including a transfer of ownership, were considered by the group as part of a strategic review that began in April. Despite talks with potential purchasers, MAG has decided to retain its stake. Group chief executive Geoff Muirhead said: “In the last few months, Humberside Airport has attracted an increase in its heliport business, its KLM services continue to perform well, a new perishables hub has opened and discussions are underway about further developments on site. Coupled with the backdrop of an economic downturn and the beginnings of a recession in the UK, we have decided not to sell. We believe this decision means we can develop Humberside further and add value for our shareholders.”
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Business
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Worries continue as inflation falls
The announcement yesterday that falling energy costs contributed to a Consumer Price Index inflation rate of just 4.1 per cent in November may be good news when it comes to heating our houses, but confidence in the economy as a whole remains low. Neil Sturmey, managing partner at advisory firm Grant Thornton in Liverpool, said: “Normally inflation falling is a good thing, which to a point it still is. However, it won’t be good if it falls a lot more. The overriding concern is still general economic confidence, linked to the availability of finance.” It is expected that the announcement could force the Bank of England to cut interest rates yet again. However, Kevin Hindley, managing director of Bolton-based loan company Fluent Money, warns: “The problem remains that the full extent of these cuts are not being fed through to consumers and businesses, and until that happens they will be driven by fear.”
Robinson to take Hoon to task on transport
Greater Manchester Chamber of Commerce chief executive Angie Robinson will tomorrow meet with secretary of state for transport Geoff Hoon as part of a British Chambers of Commerce delegation. Robnison said: “The meeting is very timely. Last week’s referendum echoed the strong opposition from businesses to congestion charging, but business is still concerned about it and wants better public transport. What options can politicians and business come up with?” Following last week’s overwhelming vote against a proposed £3bn public transport investment proposals, Insider wants to hear your views on what plan B should be. Email your suggestions to haveyoursay@insiderdaily.co.uk and we will use the best in Insider Daily later this week.
Positive outlook for AMS
Cheshire-based Advanced Medical Solutions has announced that its trading performance for the second half of this year is at the top end of expectations. The group, which manufactures woundcare products, expects to benefit from the strength of the dollar against sterling in 2009. Chairman Geoffrey Vernon, speaking ahead of the company’s year end, said: “The outlook remains positive with the business continuing to make good progress with all its key growth drivers.” Earlier in the year, the group posted half-year results that showed pre-tax profits up 80 per cent and sales up 24 per cent. The group’s preliminary results will be out in March 2009.
UKFast to help fight crime
Manchester-based internet service provider UKFast is to offer businesses a £1,000 subsidy to help bolster their online security. The BASEfund scheme is designed to increase protection against viruses and hackers. It is estimated that online crime now accounts for 10 per cent of crime against businesses.
Growth for Rapport
Manchester-based events agency Rapport Events has reported a successful year in 2008. The group that delivered the Northwest Regional Development Agency’s Tourism Awards at St George’s Hall, Liverpool, has reported turnover up to £2.2m, from £1.5m in 2007. The agency is looking to strengthen the team in 2009 and establish themselves in new markets.
Banking lifeline for businesses
Small businesses in the region could benefit from the Business Lifeline, being launched by NatWest and The Royal Bank of Scotland (RBS). The telephone helpline, which is to be manned by a team of specialist bankers, will offer guidance to the banks’ small business customers. It will work in conjunction with NatWest and RBS regional managers to ensure that advice is offered with knowledge of local businesses.
Science funding for Lancaster
Lancaster University is to receive £1m as part of the Science and Innovation Award. The funding will be used to expand theoretical research into graphene, an electronic material discovered at Manchester University. Lancaster is also set to receive £5m to fund a new Digital Economy Innovation Centre, which will be used to teach PhD students.
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Property
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Opposition to Centros mounts in Lancaster
English Heritage (EH) has asked the Government Office for the North West to recommend that the outline planning application for Centros’ Lancaster scheme be called in for a public inquiry. The scheme includes 320,000 sq ft of retail space anchored by Debenhams and 180 houses and has also come under fire from local protestors. Henry Owen-John, regional director for EH, said: “This scheme would cause lasting harm to Lancaster and damage much of what makes the city such a distinctive and special place.”
Splash lets 10,000 sq ft in Northern Quarter
Urban Splash is fighting back from its well-publicised struggles in the residential market with a pair of deals in its retail portfolio. Bikram Yoga has taken a 4,850 sq ft unit in the basement of Smithfield Buildings in Manchester’s Northern Quarter for a studio, while designer clothing retailer Flannels has opened a 5,600 sq ft clearance store in the adjacent unit. Associate director Lynn Haime said: “We seem to have bucked the trend across our commercial portfolio. Both deals provide great additions to the Northern Quarter.”
NWDA pump-primes in Penrith
The Northwest Regional Development Agency (NWDA) is providing a £1m lifeline to Penrith’s New Squares shopping and housing scheme, work on which stalled in October when National Australia Bank withdrew funding from developer Lowther Manelli. The investment will enable the first phase of the project, a new stadium and community facility for Penrith AFC, to be completed, which will pave the way for a proposed £77m retail-led development anchored by Sainsbury’s.
College campus approved
Manchester College has won planning permission for its 91,460 sq ft Wythenshawe campus, which is to be based at the Brownley Green Construction Training Centre. The design team is led by Walker Simpson, the architect behind the North Manchester Sixth Form College, which won a string of awards for its sustainability features. The first phase will include the construction college and will start in Jaunary, reaching completion in September 2009.
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