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Top story
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Come back when you can agree on road charging, says Hoon
Transport minister Geoff Hoon has told business leaders from the British Chambers of Commerce that “demand management” schemes and congestion charging must still be part of any bid for Transport Innovation Fund money. He is sore about the crushing defeat of Manchester’s bid, but adamant investment must include a charging scheme. Angie Robinson, chief executive of Greater Manchester Chamber, said: “I told him his urban transport policy is shot to pieces, which he didn’t accept. He told us the door is open, but that Manchester has had its chance and the money is only there for cities who are prepared to think about charging or other forms of demand management.”
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Today's news
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Preston to see the bigger picture
Preston Tithebarn Partnership, the joint venture between Grosvenor and Lend Lease, has secured Cineworld as the leisure anchor for the 32-acre Preston Tithebarn scheme. The nine-screen cinema will be situated alongside the refurbished market area in the scheme, which is to be anchored by John Lewis and Marks & Spencer. Project director Anthony Gill said: “Along with new restaurants the cinema will enhance Preston’s night-time economy by attracting a wider range of visitors into the city centre in the evening.”
Job cuts announced at Crown Paints
Crown Paints, the Darwen-based paint maker backed by turnaround fund Endless, has announced plans to cut up to 140 jobs as part of attempts to streamline the business following its £70m management buyout from Dutch giant Akzo Nobel in August. The group employs 1,500 UK and Ireland staff, with factories in Darwen, Warrington, Hull, Belfast and Dublin. Akzo needed to sell Crown following its £8bn takeover of Dulux maker ICI in February, a deal that gave Akzo control of more than half the UK paint market.
MediaCity could get dash of Lime
Lime Pictures, the Liverpool-based production company behind Hollyoaks, is working closely with MediaCity on the development of a digital content lab. Managing director Sean Marley told Insider: “It’s very early days, but we’ve been successful with Hollyoaks.com and we’re seeing how we can help MediaCity make new digital content commercially viable.”
Expansion funding for Greens
Greens, the vegetarian restaurant co-owned by TV chef Simon Rimmer, has undergone a £170,000 revamp and expansion funded by The Royal Bank of Scotland. The addition of an enlarged kitchen, dining room and bar area means up to 80 diners can now be accommodated in the Didsbury eatery. Greens, which Rimmer has owned with business partner Simon Connolly since 1990, was named Best Vegetarian Restaurant at the recent Manchester Food and Drink Festival.
Sales down at Lookers
Manchester-based car dealer Lookers has warned its shareholders not to expect a dividend for 2008. In an interim trading statement today the company announced that national new car sales were down 23 per cent in October and 37 per cent in November, and described a challenging sales environment. However, the company is now starting to see an increase in volumes and margin. Its restructuring programme is ahead of plan, and by the end of the year it expects to have sold or shut down 21 trading units saving £7.5m a year. The board now expects pre-exceptional profits for 2008 to be not less than £10m.
New boss for Original Factory Shop
The Original Factory Shop, the Burnley-headquartered value retailer, will have a new chief executive from 5 January - Angela Spindler, former managing director of Debenhams and a former executive managing director of Asda’s George brand. Current chief executive George Foster, the former TJ Hughes chief executive who came out of retirement to join The Original Factory Shop in 2005, is retiring and will remain an investor and non-executive director in the business. In December 2007 Foster led the secondary management buyout of the company backed by Duke Street Capital.
Trespassers will be welcomed
Property group Kenmore has completed the refurbishment of 196 Deansgate in central Manchester and announced the first retail letting at the scheme to Trespass UK. The leisure retailer will open its first Manchester store having signed a 15-year lease on 7,450 sq ft at ground and basement levels. The building, at the junction with Quay Street, offers 28,000 sq ft of office space at a quoting rent of £22.50 per sq ft.
Peel’s racecourse plans refused by Salford
Peel Holdings’ plan to build the Salford Forest Park racecourse, a scheme it has been working on since 2001, have been formally rejected by Salford City Council’s planners. Peel plans to build a racecourse, golf course and other leisure facilities at the 2,000-acre greenbelt site and has long-grown frustrated at the lack of support locally. It has asked central government for a public inquiry into the project, which is expected to start in April 2009.
New chairman for Virtalis
Virtual reality development company Virtalis has appointed Glyn Read as non-executive chairman. The business, based in Sale, has produced virtual reality technology for the defence, aerospace, retailing and entertainments industries. Read replaces Tom O’Brien, who served as chairman for three years.
Derby contract for UU
North West utilities giant United Utilities has been awarded a contract by Derbyshire County Council and Derby City Council for the treatment of municipal solid waste. The contract, which is expected to start in April 2010 with an expected duration of 27 years, will include the design, build and operation of a new waste treatment facility.
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Something for the weekend
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Deal of the week
This week’s top deal can only be the take-private of Ascribe, the Bolton-based healthcare IT company that is one of very few companies in the country to have successfully seen through a deal to leave the stock markets and the glare of the public eye. The deal, which values the company at £33.3m and its shares at 28p, is funded by the existing management team headed by chief executive and co-founder Stephen Critchlow, alongside private equity firm ECI and Yorkshire Bank.
Pie-ro-maniacs
Does Manchester investment agency Midas count the World Pie Eating Championships in its roster of world-class sporting events? Leisure entrepreneur Tony Callaghan once again hosted the tournament at Harry’s Bar, Wigan, with competitors jetting (OK, bussing) in from as far away as Hindley Green. All were conquered by Fred Wyatt, who claimed he’d only popped in for a pint, but on winning declared: “Now I know how Ronaldo feels.” As if the fleet-footed flanker could down a meat and potato pie in less than a minute.
Wise council?
Oldham’s Vance Miller – the very definition of edgy entrepreneur - is in the headlines again. Oldham council, which is in the midst of a programme of 500-plus job cuts having run up a budget deficit of £17m or so, had 130 Trading Standards officers raid Miller’s premises, preparing the way for a prosecution on the grounds of selling unsafe mini-moto bikes. This week, with the trial under way, it decided to drop the charges. Miller said: “When are they going to stop wasting taxpayers' money on me? Do they not know there’s a recession on?” Just for once, he may have a point.
Motoring to New York
And finally a story to warm your heart in these troubled times. The lucky staff at JS Miller and Geoffrey Miller solicitors in Manchester had their Christmas do in NEW YORK! The firm, which advises people accused of motoring offences, is now planning next year’s trip to Dubai.
Canapé won’t pay
The final award of the year for the best nibbles at a corporate soirée have to go Paul Heathcote for his stunningly tasty treats he served up at the after show VIP party at the BBC Sports Personality of the Year at the Echo Arena in Liverpool. Runner-up was the Christmas do for the Sale Sharks 500 Club – a fine plate of protein in the form of a terrifying slab of roast beef – this is rugby after all.
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