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Top story
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Manchester breaks into the “big three”
The University of Manchester has smashed the “Golden Triangle” of research universities traditionally dominated by Oxford, Cambridge and London, according to the 2008 Research Assessment Exercise, published today. Sixty-five per cent of research staff are judged to be carrying out work, which is “world-leading” or “internationally excellent”. The status appears to be a vindication of the efforts of Professor Alan Gilbert, president and vice-chancellor of The University of Manchester, who has aimed to propel the institution to “world class” status by investing more than £400m in new facilities. “We were committed to transformation but thought that this analysis may have come too early. We were wrong. The evidence is now there for all to see. There is no longer a ‘Golden Triangle’ in British higher education research,” said Gilbert.
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Deals
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Gold Medal sold to Thomas Cook
Travel giant Thomas Cook has acquired a majority stake in Preston-based Gold Medal International in a deal expected to be worth up to £100m for founder and sole shareholder Ken Townsley. The Manchester office of investment bank Altium advised Townsley and the management team on the transaction. Gold Medal, founded in 1978, employs 500 people and is the UK’s fourth largest tour operator. Its other brands include Netflights.com and Pure Luxury. Following the completion of the deal, Thomas Cook’s scheduled air business, FlightSavers, will be operated by Gold Medal’s management team. The acquisition is subject to Competition Commission clearance.
Lloyds backs Swinton with £175m package
Lloyds TSB has backed Manchester-based Swinton in a £50m deal that will secure the immediate future of 600 jobs and 91 high street locations. Swinton will take over the Equity shop network of embattled Australian insurance group IAG as it becomes the only national insurance retailer network, with 580 shops. The deal funding is part of a £175m funding facility arranged by Paul Foster, Lloyds TSB Corporate Markets’ deputy area director for the North West. Patrick Smith, Swinton chief executive, said: “The acquired shops will be fully integrated into the business. This deal is not about reducing staff numbers to increase margins, it is about providing great customer service to local communities.”
Grant for Valueworks
Wigan-based e-commerce business Valueworks has been awarded £500,000 as part of the Northwest Regional Development Agency’s Grants for Business Investment. The company will use the money to move into larger premises, double its staff numbers and expand into new public sector areas, starting with social and health care.
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Business
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ITIS plans to leave AIM
ITIS, a business providing real-time traffic information, has announced the proposed cancellation of its trading on AIM. The Altrincham-based company, which was first admitted to AIM in 2000, has seen an 82 per cent drop in its share price in just over six months. There will now be a strategic review with a merger, partnership or sale being considered. It is intended that the company should remain public but unlisted, thus relieving it of the costs associated with AIM compliancy. Chairman Sir Trevor Chinn said: “The board is of the opinion that the inherent value of the company is not reflected by its current market capitalisation and that it is no longer in the interests of the company, or shareholders as a whole, to maintain the quotation on AIM.” Shareholders will vote on the proposed cancellation on 9 January 2009.
US software company comes to Birchwood
US environmental software company AttentionIT is to open its new international headquarters at Birchwood Park in Warrington. The company, founded in Tennessee in 2001, has developed unique tracking software to monitor the disposal of hazardous nuclear waste. The office will initially employ 15 staff, but the company intends to expand its workforce substantially in the next three years. The project will represent a £4m investment for the region.
Manchester hotels perform well
Despite the testing economic climate, hotels in the North West have recently outperformed those in other parts of England according to a report by business advisory PKF. In October the average revenue made on each available room was £68.06 in Manchester, far above the English average of £55.07. Occupancy rates also compared favourably. Events that helped to attract visitors to the region included the Manchester Literature and Comedy Festivals and sell-out concerts at the MEN Arena by Stevie Wonder and Bryan Adams.
Expansion plans at Imerja
IT security company Imerja has bucked the economic trend and reported a 47 per cent rise in annual turnover. The company, based in Bolton, continues to expand and has further plans to recruit more staff in its three regional offices. Managing director Ian Jackson said: “The IT industry has so far been more sheltered than other areas of business, and IT security specifically has continued to enjoy annual growth. However, Imerja has exceeded this industry trend and outperformed many of its competitors.”
Bombardier deal for Bury firm
Bury-based rail systems engineering firm Rowe Hankins has won a two-year deal with a major international train manufacturer. The deal with Berlin-based Bombardier Transportation will lead to formal cooperation on maintenance, refurbishment and renewal of safety systems throughout the UK. Tim Allard of Rowe Hankins said: “We have a long association with Bombardier covering many projects where we have been a supplier of product and support engineering services.”
James Cropper chief buys shares
The chief executive of Kendal-based James Cropper has purchased 25,000 shares in the company. Alun Lewis, who is also managing director of the specialist paper manufacturer, bought the shares at a price of 71 pence per share. The company reported half-year losses at the end of September of £200,000, compared with a profit of £1.4m in the same period last year. Its shares are currently trading at 74 pence.
Livestock scheme launches
The Northwest Regional Development Agency has appointed four North West organisations to deliver a £6.3m livestock support scheme across the region. Cheshire-based agricultural advisories Promar and Kite Consultancy will work alongside The University of Liverpool Veterinary School and Myerscough College in Preston to carry out the programme. Work will focus on better animal health and welfare, and greater efficiency in the use of farm resources such as fertiliser, fuel and water.
BITC awards launch
Businesses in the North West have been invited to enter regional and national categories of the Business in the Community’s Awards for Excellence 2009. Last year Manchester-based Co-operative Financial Services was named Company of the Year and 17 businesses from the region received a Big Tick. The awards recognise companies for the positive impact they have on the marketplace, workplace, environment and community.
NWDA appoints five to rural programme
Five organisations have been appointed by the Northwest Regional Development Agency to deliver £6.3m in livestock support work as part of the £75m North West part of the Rural Development Programme for England. Agricultural advisory business Promar, based in Tarporley, Cheshire-based training firm Kite Consultancy, The University of Liverpool Veterinary School and Myerscough College in Preston will, along with Scottish Agricultural College, deliver various activities across the region.
Matmi’s Lily Allen game to launch today
Matmi, the Cheshire-based branded entertainment specialist, has created an online game to promote the launch of singer Lily Allen’s new album. The game, which launches today ahead of the It’s Not Me, It’s You album to be released in February 2009, is based on content from the album and the initial single The Fear, featuring Allen in a series of platform levels where players need to negotiate obstacles such as paparazzi cameras, rabid handbag dogs and evil bankers throwing credit cards.
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Property
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Wrather looks to improve Arkwright House
Manchester property company Wrather & Co has won approval from Manchester City Council for improvements to Arkwright House in Parsonage Gardens in the city centre. Wrather, which bought the building in February 2008 for £18.5m in one of the region’s largest private investor deals of the year, plans to open up the central lightwell and install plant equipment on the roof. Arkwright House was built in 1927 in a neo-classical style by local architect Harry S Fairhurst.
P3 orders the works
Agency P3 Property Consultants has been confirmed as joint agent on phase two of Langtree’s The City Works scheme in Openshaw, Manchester. The 100,000 sq ft phase one is now fully occupied and phase two, branded as Norbury Court, will bring a further 57,158 sq ft to the scheme in 17 units. Completion is expected this month. P3 has also completed a deal at Hyde Point where it has let an additional 4,792 sq ft to Norwood Partitioning Solutions.
MADL signs two
Manchester Airport Developments, the property and development arm of the Manchester Airports Group, has secured two-tenants at Deltapoint 1. PURO Ventures, trading as Cargo2Go, has agreed a 12-month lease for 581 sq ft, while X-One Wholesale has taken a six-month lease for 343 sq ft. Further suites are available from 300 sq ft on short-term leases at an all inclusive rent of £29.50, which includes business rates, service charge and building insurance.
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