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Top story
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Healey rejects call to overturn new port rates
Calls to overturn backdated rate charges on port-based businesses have been rejected by government. In a debate last night led by Liverpool MP Louise Ellman, communities and local government minister John Healey rejected the suggestion that the impact of reviewing port rates had caused “universal problems. “Some companies certainly believe that the impact could be severe; equally, however, other companies are settling not just their new bills but their backdated bills, in full,” he said. Ellman asserted that Liverpool’s regeneration was threatened by the changes, which had already forced two stevedoring companies to close. Healey said that the decision to end the prescribed rating system formed part of a long-term policy to apply conventional valuation across all sectors. “We first consulted on that in December 2000. We consulted again on a White Paper in December 2001, and we introduced legislation in the Local Government Act 2003,” he said. “In other words, the move away from the proscribed formula system was a long time in coming.”
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Deals
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DSW spreads its risk
North West corporate finance firm Dow Schofield Watts has reached first close on its opening private equity fund. The £4.68m pot is called PHD Equity Partners Fund No 1 LP and has been raised by the partners of the firm, Lord Daresbury, who is the chairman of the fund, and a number of high net worth individuals. Final close is expected by the end of 2009 and the fund, which will be open to external investors, will be capped at £10m. Initial investments will be made in the £250,000 to £1m range and the firm has already confirmed its first two investments.
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Business
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Speedy issues profit warning
Shares in tool and equipment business Speedy Hire plunged by more than 45 per cent this morning after the company warned that full-year profits will be lower than expected. The Newton-le-Willows-based business said it expects pre-tax profit for the year to 31 March to be between £33m and £38m before amortisation and exceptional costs. In the same period last year profits were £48.1m. The drop is due to an expected slump in fourth-quarter revenues, which will be “significantly below” 2008 levels, despite a substantial contribution from cost savings. On an upbeat note, Speedy said it “continues to enjoy significant strengths in this challenging market”, following a series of contract wins. It also remains cash generative and aims to reduce net debt to below the starting position of £255.6m by the end of the current financial year. 
Hulme steps up at Paver Smith
Chris Hulme has been appointed PR director for the Liverpool office of PR agency Paver Smith, with a brief to guarantee the quality of the agency’s output and service delivery. He joined the agency in 2005, before the buyout that created Paver Smith in 2006. He also sits on the board of FACT.
Dunbar goes Italian
Filini, the Italian restaurant at the Radisson SAS Hotel in Liverpool, has recruited Anthony Dunbar as its executive head chef. The Manchester-born chef takes up the new role following stints at Albert’s Shed, Dukes 92, Felicini, and the Midland Hotel. He is a past winner of Chef of The Year at the Manchester Food Festival.
Film workshops launched
The Centre for Creative Media is next month launching a Film Workshops training programme, at the Novas Contemporary Urban in Liverpool. The two one-week workshops in HD digital media technology have been created for journalists and emerging and mid-career filmmakers and are a joint venture with US-based Workshops International.
Fraiche wins Michelin star
Wirral restaurant Fraiche, which is owned and run by chef Marc Wilkinson, has become the first venue on Merseyside to be awarded a prestigious Michelin star. The restaurant, which serves contemporary French cuisine, was given the only new Michelin star to be awarded in the North West in 2009. It was first tipped to win the accolade two years ago after winning a Michelin rising star award.
Merseyside’s women prepare for business awards
Six Merseysiders are shortlisted for Friday’s Northwest Women in Business Awards 2009. Lisa Horne’s Healthy Paws business is shortlisted alongside Kate Hughes’ Merseyside Property Auctions in the start-up category, while Jane Marshall of the Jane Marshall Partnership is up for business and professional services sector women of the year. Hughes is again shortlisted in the young entrepreneur category alongside Victoria Corcoran and her businesses, Small Animal Hotel and Rent a Bod. In the social enterprise category sponsored by Make Your Mark, Paula Gamester of Connector Media CIC in St Helens made the shortlist. Building on the success of the inaugural awards ceremony in March 2008, the event aims to inspire and encourage more women to consider enterprise.
JJB – banks support Jones regime
Embattled Wigan retailer JJB Sports has said that its lenders - Barclays, HBOS and Kaupthing - remain supportive of the company under the leadership of the new executive chairman, Sir David Jones, after it yesterday confirmed that it will pay a £8.3m fee for having its access to credit extended to 30 January, its financial year end. Shares dipped again yesterday following the announcement, but have rallied slightly this morning. JJB remains under pressure to sell its fitness clubs business.
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Property
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Ask the Expert – your questions answered
Thanks to the success of Insider’s online deals feature Ask the Expert, this month we are expanding it to allow you to put your questions about commercial property to a range of experts from across the region. First up is Mark Rawstron, regional senior director from GVA Grimley, who is standing by to answer your New Year questions on a daunting property market. Are you looking for new office accommodation but wondering what will happen to rents? Are you looking for Grade A accommodation in the North West but don’t know where to start looking? Email your questions to asktheexpert@newsco.com – please note, all questions will be treated in the strictest confidence. Check back on Monday next week for Mark’s answers.
Aztec to fit out at Atlantic Park
Liverpool-based Aztec Interiors (Northern) has won a six-figure contract to fit out the new headquarters of One Vision Housing at Atlantic Park on Dunnings Bridge Road, Sefton. Aztec secured the contract from a shortlist of five and will undertake an eight-week fit-out programme to two storeys of a three-storey building, each of which comprises 11,000 sq ft.
Morgan Ashurst goes into the valley
The Liverpool office of construction company Morgan Ashurst has won a £20m contract to extend the busiest live RAF training centre in the UK. The firm will build a 129,120 sq ft hangar and training suite at RAF Valley in Anglesey, as well as a new squadron base comprising a gym, IT suites and training rooms containing flight simulators.
F&C rings up the deals
F&C REIT Asset Management, advised by DTZ, has announced a series of industrial lettings across the region that will generate close to £1m in additional annual rental income. The largest letting was that of the 179,890 sq ft South 62 in Warrington to Royal Mail, while 50,836 sq ft was taken by recycling company Parry & Evans at Deeside Industrial Estate. Dresser Mouldings took 14,258 sq ft at Blackrod in Bolton, following lettings to Trucks To Go and Bolton Scaffold.
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And finally
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Insider’s Top 500 on CD-ROM
Insider’s new North West Top 500 Companies 2009 CD-ROM will be available from 31 January 2009. Reach new sales leads and promote your business to the most successful and profitable companies in the North West with this reliable and comprehensive business mailing list. As a valued reader of Insider Daily you will also receive a 20 per cent discount if you pre-order online inserting promotional code NW-T500CD-1. The offer is only available until 31 January 2009.
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