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Funding partner pulls plug on Vermont

Liverpool-based Vermont Developments has been placed into administration by shareholder Downing Corporate Finance (DCF), the London-based venture capitalist behind the £40m Foundry Wharf, a recently mothballed residential scheme in Salford. Vermont’s directors have been instructed not to discuss details, but Insider understands that in June DCF signed an agreement with Vermont to restructure repayment of its £4m funding of Foundry Wharf, at which point the funder became an equity partner in Vermont. The two were also expected to work together on the development of Rumford Court in Liverpool city centre. London-based Wilkins Kennedy has been appointed as administrator. The Quarter development at Sefton Street, where Vermont is a development partner of Ethel Austin Properties, is said to be unaffected.

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Deals
Finance for Interesting Imports
Liverpool-based Interesting Imports has secured a £150,000 finance package from HSBC, arranged by Vanguard Corporate Finance, to accelerate the growth of its food, drink and health products, which include themed pastas, organic lollipops and energy gum. Managing director David Wright said: "Our approach of providing high-quality food products with an element of fun seems to have struck a chord with retailers and their customers." The company has already placed its products with Harvey Nichols, Tesco, Dobbies Garden Centres and a range of independent retailers.
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Peel gets organised
Property developer Peel has refinanced two of its businesses to reorganise its property assets and group of companies. Lloyds TSB has led a five-bank £250m refinancing of Peel Land Holdings and Bank of Scotland has pumped £202m into Peel Land and Property (Ports No. 3). The two deals have led to a bumper month for law firm Addleshaw Goddard's banking team, which has completed £530m of refinancing deals in the past month.
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North tops deals table
The north of England has come out on top in a regional survey of deals done in the equity gap according to research by Corpfin Worldwide. The research explored all transactions completed between May 2007 and April 2008 with an enterprise value of between £5m and £15m. This highlighted a particularly competitive offering in Manchester and Leeds, where 18 deals completed compared with just 13 in London and eight in the south of England. The study also revealed the leading lenders in the market with Yorkshire & Clydesdale, Barclays and HSBC beating The Royal Bank of Scotland, HBOS and Lloyds TSB at the top of the table. BDO Stoy Hayward topped the corporate finance advisory table and Cobbetts and Eversheds led the legal field in this space.
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Business
Liverpool builds on brand strength
Manchester lags behind Liverpool in the strength of its brand, despite having much stronger assets, according to Saffron Brand Consultants' new City Brand Barometer. The study ranks 72 of Europe's largest cities based on a comparison of their assets and attractions against the strength of their brands. In a YouGov poll of 2,000 consumers, Liverpool was ranked 28th and Manchester 32nd on brand strength, while Leeds loitered behind in 64th place. "Barcelona is the leading example of a city that has got its leaders together and focused on what it wants to be known for," said Saffron's head of place branding Jeremy Hildreth. "To a lesser extent Liverpool is successfully doing this - it's decided it wants to be a hip city and has a plan to achieve it. Achieving a better brand requires more than building a new shopping mall, which is the approach some cities seem to have taken."
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Ticket schemes boosting football sales
Despite last week's PKF report that the majority of premier league football clubs are deep into their overdrafts and having trouble securing sponsorship, it's not all bad news. New sales initiatives include family-friendly offers such as Bolton Wanderers' cheaper season tickets, which have helped sales rise 3.2 per cent, and Sunderland's interest-free instalment payments. Mark Roberts, senior consultant for the sports business group at Deloitte, said funding sources for football clubs include broadcast contracts, commercial deals and ticket sales on match day - with ticket sales being the easiest to directly affect. "There's still a healthy amount of revenue coming into clubs," he said.
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Property
Rack ‘em up
Movianto has become the new tenant of The Rack, a 79,263 sq ft industrial warehouse at Deacon Park in Knowsley, in a deal announced today by Jones Lang LaSalle, joint letting agent on the scheme with CB Richard Ellis and Edward Symmons. The pan-European healthcare logistics supplier has agreed a new ten-year lease from landlord Highcross at £3.75 per sq ft. The building is situated on a five-acre site about six miles from Liverpool.
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Blackpool chooses Carillion
ReBlackpool and Blackpool Council have announced that Carillion Capital Projects has been appointed as preferred developer for the second phase of road and environmental improvements for the new gateways to Blackpool. The second phase of the Central Corridor Programme centres around Blackpool FC's Bloomfield Road stadium and will involve upgrading car parks, a new pedestrian plaza and road reconfiguration.
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Langtree wins in the North East
Newton-le-Willows developer Langtree has beaten off Yorkshire-based Caddick in a race to jointly develop a 1,100-acre portfolio of 27 brownfield sites in the North East. Langtree, backed by Bank of Scotland Corporate, will now partner regional development agency One North East, which owns the land, in a joint venture to which each will contribute an initial £10m of equity. The sites have an estimated development value of £125m.
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The Welsh bring the power
Newport-headquartered energy producer Welsh Power has announced plans to build a £600m gas power station on the Fylde coast. The combined-cycle gas turbine will be built on a 35-acre brownfield site secured in a deal with landowner NPL Estates. Welsh Power has applied to National Grid for a connection date of October 2012 for the former ICI site. The development is expected to create 650 jobs during construction, with 40 highly skilled permanent jobs once the power station is in operation.
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Events
ACC chief to speak at Insider breakfast

Bob Prattey, chief executive of the all-conquering ACC Liverpool events and conferencing centre, is to be the speaker at Insider’s next Liverpool event. The breakfast, sponsored by 20 Chapel Street, Barclays Commercial and Roland Dransfield PR, takes place at 20 Chapel Street on Tuesday 16 September at 7.30am. To register your interest in attending please contact Helen Power in the Insider events team on 0161 907 9745 or helen.power@newsco.com.


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