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Top story
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Gray to join MediaCity
Just days after business secretary Peter Mandelson confirmed that the chairmanship of the Northwest Regional Development Agency (NWDA) would remain unchanged until December 2009, Bryan Gray has accepted an offer from MediaCity developer Peel Media to become its chairman. Gray, who is also the pro-chancellor of Lancaster University and chairman of Liverpool Capital of Culture, will juggle his new role with existing NWDA responsibilities from December. One of his first tasks will be to find a successor for Brian Greasley, who stepped down from the position of managing director earlier this month. Despite concerns over a potential conflict of interest, the move has been widely praised by the region’s creative community. “It is an excellent appointment and shows that public and private sector is committed to working together to achieve the vision for MediaCity,” said Lyn Barbour, director of Manchester’s Creative Industries Development Service. “It is a great vision but also an immense challenge and it is essential to have the right leadership to drive it forward.”
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Deals
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AIM quietest for four years
Quarterly analysis of the AIM market by business advisory firm Deloitte has shown that there has been the lowest level of activity on AIM in quarter three of 2008 than in any other quarter for more than four years. Richard Bell, head of transaction services for the north at Deloitte, said: “The wider economic turmoil that we are all aware of has stymied almost all attempts to raise new money on AIM. There remains a pipeline of companies seeking an admission to AIM, but these are playing a waiting game: even if they found investors willing to provide the funds, the severe risk aversion in the marketplace means valuation expectations are difficult, if not impossible, to meet.” Total fundraising on AIM in quarter three was £826m, comprising £190m of new money and £637m of secondary fundraising.
Hasgrove raises funds in placing
Hasgrove, the Manchester-headquartered European marketing and communications services group, has raised £960,000 via a share placing by KBC Peel Hunt with institutional and other investors. The proceeds will be used to allow the group to make suitable acquisitions, accelerate the process of offshoring some of its software development requirements and allow the development of some of its software products and generate additional revenue. In September Hasgrove reported a 78 per cent increase in pre-tax profit in the six months to 30 June, up from £1.11m in the first half of last year to £1.98m. Turnover also increased by 62 per cent to £16.4m.
In Focus – after the party
The Monday after the deals event of the year, Insider editor Michael Taylor looks back at the Insider Dealmakers Awards 2008 and assesses the overall mood. “The awards gave us the chance to assess the old reality and face up to what the new reality might look like,” he says in this week’s online column In Focus, reflecting on “the passing of one era and the start of another one”. Click here to read more.
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Business
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Manchester named world’s best sports city
After a year that included hosting the UEFA Cup Final, the FINA World Swimming Championships and UCI Track Cycling World Championships, Manchester has been named the best sports city in the world by industry group SportBusiness. The city was selected after hosting six international sports events during 2008, three of those being world championships. “This year Manchester’s credentials as a sports destination reached new heights,” said Paul Simpson, managing director of Visit Manchester. “Sport, in particular football and cricket, has always been a big selling point for the city, and now Manchester’s squash, cycling and swimming facilities are gaining a global reputation of their own.” Manchester beat Melbourne, Berlin and New York to take the accolade.
Bodycote warns of revenue falls
Bodycote, the Macclesfield-based testing and thermal processing giant, saw its share price slide 13 per cent in early trading this morning after the group warned it would perform below expectations in the second half of the year and halved the expected payout to shareholders resulting from the sale of its testing business completed in October. Following reductions in sales and orders during October and November, particularly in continental Europe, and expectations of production closures by customers in the automotive and heavy truck sectors during December, revenues from the thermal processing business in the second half of 2008 are expected to be similar to 2007 in constant currency terms, with organic sales slightly lower.
Volex remains on track
Warrington-based cable maker Volex Group has posted a revenue increase of 22.8 per cent to £155.1m for the six months to 5 October and said it expects to meet full-year expectations. Profit was £2.4m for the period, down from £4.6m a year ago, but a return to profitability from the loss of £300,000 in the first half. The company said performance has been underpinned by good progress in all three of its businesses, with revenue growing 250 per cent in its Interconnect India subsidiary thanks to increasing telecom infrastructure spend. “The structural improvements we have made, coupled with the favourable impact of lower commodity prices and the stronger US dollar, will enable the board to meet its expectations for the current year,” said chairman Mike McTighe.
Award cheer for automotive industry
The automotive industry might be feeling the economic downturn more than most, but the inaugural Northwest Automotive Alliance awards at least provided a chance to honour some regional success over the past year. The Ellesmere Port plant of beleaguered car manufacturer General Motors led the way, winning the North West Large Enterprise of the Year award after it beat off competition from GM’s other European plants to build the new Astra. At the other end of the scale, Scorpion Electro Systems in Chorley was named North West Small/Medium Enterprise of the Year. Other winners included Sanko Gosei UK, Getrag Ford Transmissions and Helical Technology.
Fishing for profits
Fish Insurance, the Preston-based insurance broker, has announced record results in the financial year to April 2008. The firm, which specialises in disability and independent living insurance, increased pre-tax profits to £1.4m, having grown the value of policies sold from £4.9m to £5.4m. The company has strengthened its board, introduced new branding and launched a scheme offering protection to disabled people buying their own care services under the government’s fast-growing direct payments scheme.
HMRC continues recruitment in Cumbria
Proving that the North West has the right skills for the job, bosses at HM Revenue & Customs (HMRC) have launched a second recruitment drive for its new telephone contact centre in Cumbria. Plans for the centre at Lillyhall, which brings 350 jobs to the area, were revealed in September 2008. Head of HMRC Contact Centres Linda Maslen said: “We are very encouraged by the number of high-quality applications received for our contact centre adviser posts. The decision to locate this exciting facility in West Cumbria already looks to be the right one and we are on course for a January opening.”
Energy demand set to fall
Britain’s recession could see energy demand plunge by as much as 7 per cent, according to a report by sector analyst Inenco published tomorrow. Lancashire-based Inenco’s report, New Directions for Energy Policy, reveals that by the end of October the average peak demand was about 3 per cent less than in 2007 as the effects of the economic crisis began to hit businesses. Ian Parrett, of Inenco, which operates from headquarters in St Annes, said: “As production drops so does the demand for the energy that drives it. Some businesses will cease to trade and others will lay off staff and cut back on hours.”
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Property
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West’s Deansgate scheme in for planning
West Properties has submitted its planning application to Manchester City Council to replace the Premier House complex at the corner of Deansgate and Blackfriars Street with a hotel-anchored mixed-use scheme designed by Ian Simpson Architects. Half the site will be given over to new public space, including two new pedestrian streets, while the scheme also includes office, retail and 248 apartments.
Waterman’s studio set for conversion
The historic site of Castlefield Chapel in Manchester is set to be transformed into office accommodation following a £3m funding deal from NatWest. Developer Bluetree Estates will convert the former recording studio of pop supreme Pete Waterman into 11,000 sq ft of space, which is set for completion in May 2009. The building, which was constructed in 1852, was bought by Bluetree two years ago for £1m.
Extra extra, read all about it
Tesco has revealed plans to expand its Tesco Extra store at Middlebrook Retail Park near Bolton. A public consultation was held at the store over the weekend on the subject of adding a mezzanine level. Tesco already has consent to take the store from 113,000 sq ft to 148,000 sq ft of retail space, but wants to increase that to 171,000 sq ft.
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Events
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Dates for your diary this week
Insider is holding one of its popular property breakfasts at Bridgewater Hall tomorrow morning, at which Peel managing director Andrew Simpson will talk about the Peel vision and the group’s plans for the future. And the second Morgan Foundation Entrepreneur Awards is taking place at the Carden Park Hotel, Cheshire, on Thursday evening, with Insider as media partner. Suitably, it’s also Global Entrepreneurship Week and MIDAS and IBM are holding an event on Friday at the Imperial War Museum to explore how future developments in IT and digital innovation will impact on the Greater Manchester business community. Imran Hakim, founder of iTeddy will be speaking at the event, along with Ian Hughes, IT consultant from IBM. And on Wednesday morning Preston-based pension specialist Taylor Patterson and law firm Forbes are holding a free seminar looking at buying and letting commercial property.
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