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Key deal for Endless in Neville Johnson exit
Manchester-based Neville Johnson, the fitted furniture designer, manufacturer and installer, has undergone a £12.5m secondary management buyout (MBO) led by chief executive Nigel Pailing and supported by the private equity firm Key Capital Partners. The deal provides an exit for private equity house Endless, which has made a full disposal of its interest in the group and sees a return of seven times its initial investment. Since Neville Johnson completed an MBO in February 2006, annual revenue has grown by over 40 per cent and operating profit has increased six-fold. In December 2007, despite an uncertain retail environment, the group delivered a 42 per cent like-for-like improvement on December 2006 orders.
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Vindon bowls a maiden
Saddleworth-based Vindon Healthcare has paid its maiden dividend following a 38 per cent rise in profits, announced in its preliminary results yesterday. Vindon, which supplies pharmaceutical giants including AstraZeneca and Pfizer, also picked up orders from the US and Belgium. Chairman Liam Ferguson told Insider: "There is growth for us in those markets but it's early days. The focus is moving into our new facility on Rochdale's Kingsway, which will give us 50 per cent more manufacturing capacity. We're not ruling out acquisitions if the right deal comes along." 
Sportech enters Tote bidding
State-owned bookmaker The Tote could be split in two, as Sportech declared its intention to bid for the pool betting part of the Wigan-headquartered organisation. Sportech, which announced a 27 per cent rise in profits yesterday, also plans to phase out its Littlewoods, Vernons and Zetters pools brands in launching The New Football Pools in August. Although chief executive Ian Penrose has not ruled out a bid for the whole of the Tote, bookmakers including Betfred are expected to bid for its 540 high street betting shops.
James Fisher sails on
James Fisher & Sons, the Cumbrian marine services business, yesterday released its results for 2007. Robust demand for its oil services equipment saw total revenue leap by 54 per cent, with profit up 21 per cent to £19.2m. The group attributed its strong performance to organic growth across its key markets of shipping, port and offshore oil services and said it is considering acquisitions.
Formation refinances following James Grant deal
Formation Group has entered into an £8m debt facility agreement with Bank of Scotland (Ireland). The Hale-based sports and event management company, which recently acquired entertainment agency James Grant in a deal exclusively revealed by Insider Weekly, said that £6m had been drawn down to repay in full the loan made by Impala Holdings to finance that deal.
UKFast wins record fourth award
Internet hosting company UKFast has secured a record fourth win at the annual Internet Services Providers' Association awards. The Manchester-based dedicated hosting company was named best hosting provider at the 2008 ISPAs, at which most of the winners were from the south. UKFast is recruiting in its customer service team to further improve its service to the growing number of businesses that join the UKFast network.
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McGuire in running for NWDA chair
John McGuire, a former managing director of The Royal Bank of Scotland in the north and a heavyweight business personality, is emerging as a leftfield choice to be the next chairman of the Northwest Regional Development Agency, succeeding Bryan Gray who steps down this year. McGuire, also a director of N Brown and a former president of Manchester Chamber of Commerce and Marketing Manchester, faces stiff competition for the chairman's job from Robert Hough, the right-hand man to Peel Holdings' John Whittaker. A plain-speaking Mancunian, McGuire retired from the bank in 2005 but remains active in business.
Carroll lands MediaCity role
PR veteran Paul Carroll is to take up a consultancy role with MediaCity, the 200-acre development by Peel Holdings and Salford City Council to be anchored by the BBC. Insider understands that Carroll, who sold his firm Communique to US PR giant Burson Marstellar in 2001, is to be retained on a two-year deal.
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NBGI are Jolly good fellows
Lancashire mechanical and electrical business T Jolly has undergone a management buyout backed by NBGI Private Equity, the first deal completed by the firm's Manchester office. T Jolly, a £20m-turnover company with offices in Preston, Bolton, Blackpool and Wigan, employs 188 people. Mark Gordon will become chief executive, while Joseph Bergin of NBGI will join the board.
WRG flexes acquisition muscles
Manchester communications agency WRG, which was formed through a merger of With and Reflex Communications in November 2007, has acquired local events company Plan Global for an undisclosed sum. The Plan Global team will join WRG's events arm, carrying out venue search and selection, catering and travel, registration and delegate management.
Funding boost for GTB
Merseyside business GTB Components has secured a funding package worth £558,000 to boost its overseas sales operation. The investment includes a £150,000 loan from Merseyside Special Investment Fund's Small Firms Fund. GTB makes around 105 million products a year for the automotive, aerospace and building industries. Managing director Terry Corcoran said: "Currently around 60 per cent of our business is abroad and this is an area we are particularly looking to grow."
Bingo for Higginson
NetPlay TV, the interactive gaming company run by ex-Monstermob boss Martin Higginson, has announced the conditional acquisition of Bingos.com, an established pan-European online bingo operator with over a million registered players. The business, which is based in Majorca, operates in the UK, Spain, Italy and Poland.
Spark ignites Merc
Nelson-based component manufacturer Bright Spark Precision Engineering has been acquired by its neighbour Merc Engineering for an undisclosed sum. Bright Spark was established in 1989 by Paul Hanson and Steven Coates as a toolmaker for the aerospace industry. Merc, based in Barrowford, makes parts for the defence, aerospace, motorsport and railway sectors. DWF and Ford Campbell advised on the transaction.
Healthcare merger proposed
Warrington-based Healthcare Enterprise Group, an international healthcare company quoted on AIM, has announced a proposed merger of its Crest Medical business with the Hull-based First Aid Warehouse group of companies, supplier of medical equipment and accessories. Alastair Maxwell, who leads the management team running the First Aid Warehouse group and was previously managing director of Crest Medical when it was owned by Alliance Unichem, will join the board of Crest Medical following the merger, with fellow First Aid co-founders Peter Mason and Matthew Courtney also joining the business in executive roles.
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International cap for WHR
WHR Property Consultants has bought International House on Manchester's Deansgate for over £7m on behalf of a private client. Ground floor retail tenants at the six-storey building are Sofa Workshop and Café Rouge, while the 37,000 sq ft office space is currently empty.
Threadneedle pockets £2m in Castle Street sale
Fund manager Threadneedle has sold 10-18 Castle Street in Liverpool to a Scottish investor for £2m. The building is Grade II-listed and sits within the city's UNESCO World Heritage site. Retail tenants include Carphone Warehouse and Furness Building Society. Rehan Zaman, associate investment director at CB Richard Ellis, advised Threadneedle. He said: "All eyes are trained on Liverpool and the Big Dig improvements have boosted its attractiveness."
To good health
Grangefield Estates has submitted plans for a health-anchored, mixed-use development in Ardwick, east Manchester. Chancellor Place could occupy a 34-acre site with over 4 million sq ft of accommodation, anchored by a 300,000 sq ft health mall, comprising a full range of medical facilities. The wider scheme could also include hotels, offices, leisure, 2,000 homes and a pedestrian bridge over the Mancunian Way.
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Email:
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