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Factory shop sale proves good deals are out there
The North West dealmaking community ended the year on a bullish note with a strong message that there is still a strong appetite for private equity deals in the regions. Jonathan Boyers, head of corporate finance at KPMG, who has just acted for Barclays Private Equity on the sale of Burnley-based Original Factory Store to Duke Street Capital for £68.5m, says: "This sale makes the point that a solid business, prospering within its own niche in the market, can prove very attractive to investors even against the backdrop of recent market uncertainty." BPE backed the business in 2004, investing £18.42m. Retail veteran George Foster, The Original Factory Shop's chief executive, said: "Consumer spending is constantly rumoured to be on the down turn, but we strongly believe The Original Factory Shop is well placed to weather any storm in the retail sector."
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Liverpool leadership in disarray again
The Standards Board for England will today confirm whether or not it will launch an investigation into a meeting between Liverpool City Council leader Warren Bradley, his predecessor Mike Storey and Lee Forde, the city council's former events manager. Should a subsequent inquiry find that the councillors' code of conduct has been broken they could be disqualified from office for up to five years. The departure of Jason Harborow, chief executive of the Liverpool Culture Company, will be ratified today if lawyers can agree terms on his resignation from a position his legal team have described as being made "untenable". 
Daisy blooms in another national award
Matthew Riley of Nelson-based telecom reseller Daisy Communications, has been named Bank of Scotland Corporate Entrepreneur of the Year in the final of the Bank of Scotland Corporate £25m Entrepreneur Challenge. After securing £5m interest-free funding in the regional final, Daisy beat four other finalists for the title of Entrepreneur of the Year, along with four days of mentoring from Sir Philip Green, owner of Arcadia. Riley, who featured in Insider's Corporate Growth Forum this year and the 42 Under 42 last year also won the Ernst and Young Entrepreneur of the Year award in 2007.
Millbrook looks to turn it around
Blackburn-based Millbrook Scientific Instruments has increased its revenues in its interim results, released this morning, although it still reported a loss. Thanks to a £400,000 fundraising led by YFM Private Equity, which manages the Northwest Business Investment Scheme and is Millbrook's largest shareholder, the business overcame production problems and halved its year-on-year losses to just under £200,000. Revenue created rose from £623,006 to just over £1m and the group says that its order book for 2008 stands at £2.6m. Millbrook's board has commissioned a full review of the business, to be completed by the end of the year.
Hartig builds his team at Barclays
Barclays Commercial Bank in the North West has appointed Roz Orme as relationship director in the healthcare, business services and logistics sectors. A heavyweight investment banker, she is moving to Manchester from London. The appointment is part of new corporate director Michael Hartig's building of a team since he arrived from Barclays in Newcastle in the summer. He said: "We are now looking for further growth during 2008, which will include increasing our resources."
Sport and song for IPS
IPS Law, the Manchester based law firm which specialises in sport, has branched out into the field of entertainment. Music law specialist Eleanor Brody joins IPS from Laytons.
Strong growth at Moneysupermarket.com
Shares in Chester-based price comparison website Moneysupermarket.com have soared to 141p, following a trading update that full-year revenue will be about £160.9m, with internet revenues expected to grow in excess of 60 per cent in the year.
£10K prize for East Manchester software house
Smart Plan, a software design company based in One Central Park in Newton Heath has beaten 40 businesses to land a £10,000 cash prize in a competition called EnterPrize, organised by urban regeneration company New East Manchester. Managing director Maciej Orzechowski, who set up the company a year ago, was presented the prize by Rachael Elnaugh, one of the original 'Dragons' from the BBC's Dragon's Den. The company creates design tools for home owners and semi-professional designers such as builders and architects.
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Stares fury as superquango narrows field
Mike Stares, director of London-based investor Rumford Investments, has reacted furiously to 20 Chapel Street not making the final shortlist for Liverpool's new superquango. The new body - to be formed by Liverpool Vision, Liverpool Land Development Company and Business Liverpool - will choose between Downing's The Capital and Bruntwood's The Plaza, two high quality refurbishments. But Stares thinks only new space will send out the right message. He told Insider: "Their job is to promote Liverpool to investors and encourage new development. If they move to a second-hand building it's sending out appalling signals to the market."
Milligan re-enters retail fray with Blackstone
Retail developer John Milligan is to team up with US private equity group Blackstone in a property fund that could invest up to £500m in UK shopping centres. Milligan first invested with Blackstone in 2002, when they bought Manchester's Triangle shopping centre before selling out to Morley Fund Management for £60m. Milligan also launched Liverpool's Metquarter before selling out and said that after five years of inflated prices he could see value returning to the UK retail market.
Barnfield checks in with Hilton
Nelson-based Barnfield Construction has been commissioned to build two Hampton by Hilton hotels, as the budget arm of Hilton's empire expands into the UK. The first part of a planned £300m roll-out is a £3.75m hotel in Corby, which will be followed by a Leeds hotel in 2009 and a hotel alongside Coventry City's Ricoh Arena. The hotels will be operated by franchisee Somerston Hotels.
Beetham towers again
Liverpool developer Beetham is at it again. The tower specialist is to follow up its skyscraping achievements in Liverpool and Manchester with a 52-storey tower next to Blackfriars Bridge on London's South Bank, having this week won final planning permission. Beetham will again use a design by Ian Simpson Architects.
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New shoes for JJB
Wigan's JJB Sports has made its first acquisition under Chris Ronnie - interviewed in Insider's December issue - buying the Original Shoe Company (OSC) for £5m from Sports Direct, headed by Ronnie's ex-boss Mike Ashley. Ronnie said that the move, which sees JJB acquire OSC's 50 high street stores, will allow the business to make inroads into the fashion end of the sportswear market without compromising the group's core "Serious about sport" branding. OSC sells brands including Henri Lloyd, Timberland, Lacoste, K-Swiss and Caterpillar.
BNFL sell-off continues
State-owned nuclear business BNFL has agreed to sell part of its business to listed defence business VT Group, headquartered in Southampton. Project Services was set up in Warrington in 2005 and specialises in nuclear decommissioning. It had a turnover of £86.9m in the year to March 2007, with pre-tax profit of £8.4m. Gross assets are £35.6m.
Silky smooth deal in Macc
Macclesfield-based silk printing business Adamley Textiles and design archive David Evans have undergone a £1.4m management buyout, part funded by the Royal Bank of Scotland. The management team, including Tro Manoukian, Steve Clayton, Lindon Ferris, Helen Frain, Joanna Ratcliffe and Paul Scott, made the acquisition from Suffolk-based parent Silk Industries. The deal also includes the acquisition of Biddle Sawyer Silks, a wholesaler to the trade based in Manchester.
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Calling all young professionals
Entries are being sought for the 2008 Young Professionals Awards, held by Insider in association with Pro.Manchester. The closing date for nominations is 8 February 2008. The awards will be presented at a black tie dinner at the Lowry Hotel, Manchester on 24 April 2008.
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