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Top story
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Region braced for further market volatility
As rumours of merger talks between Lloyds TSB and HBOS add to the uncertainty rippling through the stock markets this week, professionals in the region are watching and waiting for the impact of the latest crises to rock the global economy. "It's inevitable that these events will impact on the region," said Patrick Keown, head of banking at law firm Hill Dickinson in Manchester. "Nobody really knows the full extent of the last couple of days' crises and how deep it will penetrate." Deloitte partner Paul Lupton said that one of the firm's deals in London had been put on hold as the buyer digests what is going on. "People were trying to convince themselves two to three weeks ago that we were through the worst of it, but all this has brought it home," he said. The professional services sector is waiting for the full impact and Daniel Mouawad, chief executive of Pro Manchester, said: "The real uncertainty unsettling our sector is the ultimate impact on the wider economy. We will have to sit tight as we anticipate more market volatility ahead."
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Deals
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Funding for franchise
Merseyside-based business advisory Business Doctors has received a six-figure investment from Alliance Fund Managers (AFM) and The Royal Bank of Scotland to help develop a franchise across the UK. The company, which is based in Newton-le-Willows, provides growth strategies to small and medium-sized businesses. The investment from AFM is through the Merseyside Special Investment Fund Small Firms Fund.
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Business
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Profits growth for Morson
In another story of a North West company bucking the industrial downturn, Morson, the Eccles-headquartered provider of technical engineering personnel and project design solutions to the aerospace and defence, nuclear and power, rail and other technical industries, has announced turnover up 9.3 per cent to £212m for the six months to the end of June. Pre-tax profits for the group, whose sites include bases in Barrow, Altrincham, Warton and Whitehaven, hit £5.7m up 6.7 per cent on the same period last year.
Ineos secures power planning
Plans for a power plant that creates energy from waste have been approved in Cheshire by energy minister Malcolm Wicks, as the region continues to tackle its waste mountains and address the energy crisis. Global chemicals giant Ineos Chlor is set to build an energy-from-waste combined heat and power station with a capacity of 100 MW at Runcorn that could take waste from Manchester, Merseyside, Halton, Cheshire and Warrington. The heat and electricity produced will be used by Ineos at its Runcorn chemicals manufacturing site, one of the largest energy users in the UK.
Fire hits Panacea Alderley
Less than a week after its grand opening, Panacea's Alderley Edge restaurant and bar has suffered a major fire. The venue, a sister operation of the eponymously named central Manchester venue, had udnergone a £3.2m refurbishment, for which renowned designer Bernard Carroll was engaged. Panacea operator Playworks bought the site, formerly known as Brasingamens, from administrators at Begbies Traynor after former operator Levelmist ran into financial problems following its own refurbishment.
Villafont shows its hand
Altrincham-based Villafont, which earlier this year declared its intent to focus on care homes rather than housebuilding, has revealed plans for six North West care homes worth £47m. With older homes in the sector closing down, the business hopes to start this year on a £12m project in Timperley and a £6m scheme in Urmston. It also has consent for developments in Sale, Appleton and Crewe. Managing director Chris McGoff said: "We are actively searching for opportunities in key operating areas by creating a mid- to long-term investment, rather than creating an asset and selling it off."
2ergo stays on track
2ergo, the AIM-listed provider of mobile marketing, has released a trading update ahead of its results in November. The Lancashire business said that, following several major contract wins, trading is marginally ahead of market forecasts and that its US business, 2ergo Americas, is well on track to making profit in the first quarter of the new financial year.
NWDA secures Burnley jobs
An agreement has been signed between the Northwest Regional Development Agency (NWDA) and aerospace business Aircelle that will bring 150 jobs to Burnley. Aircelle will expand its operation at the NWDA-owned former Michelin site after signing a 25-year lease on a building refurbished with a £3m NWDA grant and expects to be fully operational by the end of 2008.
Excellence rewarded
Five North West private sector employers have been named as finalists in the North of England Business Excellence Awards 2008. Stretford recruitment specialist Kinetic, logistics group Wincanton's Heinz distribution centre in Wigan and electric cable maker Brand-Rex are finalists in the category for private sector companies with under 250 employees. Siemens Automation & Drives and the Manchester depot of 3663 First for Foodservice will contest the same award for private sector companies with 250 employees or more.
New private client team at Bury firm
Bury-based law firm Clough & Willis is to launch a new private client department. The three-strong team, headed by Richard Phillips, will focus on wealth and succession planning, inheritance tax advice, trust creation and administration, wills, lasting powers of attorney and estate administration. Clough & Willis employs over 60 staff in the North West across its three offices and provides legal services for commercial, corporate and private clients.
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Property
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Empty rates - a chink of light?
The government will today discuss the abolition of its controversial changes to empty rates relief, according to reports. In April the 50 per cent relief on business rates for empty retail and office space was abolished, along with the 100 per cent relief for empty industrial buildings. But the possibility of a reversal has been welcomed by North West consultants. Paul Daye of P3 Consultants said: "Abolishing this tax would be a sensible step given the current economic climate." Simon Hampson of WHR added: "If Labour does abolish the empty rates tax it will be tremendously welcomed. This tax was always considered inequitable and came at the wrong time."
Glad to be Court
Gladman Developments has let more than 10,000 sq ft at Webster Court, its £7.5m, 50,000 sq ft speculative office scheme on Gemini Business Park in Warrington. United Business Centres plc has taken a 10,070 sq ft standalone office building to provide serviced office accommodation in a joint venture with Gladman. This deal means that more than 75 per cent of the scheme is accounted for, leaving two buildings of 5,250 sq ft each.
Propery Route lets another Ashley floor
Nabeel Chowdery's Property Route has let the 4,289 sq ft first floor of its headquarters building, Ashley House in Altrincham, to personal injury law firm Jefferies, which will move from Oakfield House. Property Route let the first and second floors respectively to Its Cold Outside and Omni Resource Management in late 2007.
Jaymar buys at Lingley Mere
Agents at Lambert Smith Hampton in Manchester have completed the investment sale of Building 2, Clearwater, at Lingley Mere Business Park in Warrington, a joint venture between Muse Developments and United Utilities Property Solutions. The two-storey, 9,044 sq ft building has been sold to Jaymar Estates for just over £1.75m, representing a net initial yield of 8.25 per cent. Edwards and Co acted on behalf of Jaymar. The building is let to MWH UK on a ten-year lease at £17.30 per sq ft.
Shifting sands in Barrow
Knight Frank has been instructed to market a 14.5-acre plot on Sandscale Park, an industrial site to the north of Barrow-in-Furness. The park includes the production facility of party accessories maker Partylite, which will remain and keep four acres for potential expansion, as Knight Frank seeks to find a buyer for the plot to the rear of Partylite's site.
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