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Top story
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Salmon aims to evoke the spirit of Granadaland
Peter Salmon, the first director of BBC North, said last night that he aims to bring a distinct identity to the programmes commissioned and made from the MediaCity hub. Speaking at the 16th Television from the Nations and Regions conference at Salford’s Lowry yesterday, Salmon said: “Historically, Granada achieved great things. I grew up in Granadaland and felt close to that brand, the stories it told and the storytellers. It had a distinct confidence and attitude without being parochial and that’s what I’ll look to do. We have a great opportunity because the departments coming here are some of the most forward-looking and distinct parts of the BBC.” He urged ITV to join the corporation at MediaCity, saying: “There’s nothing I’d love more than to do this side by side with Granada.”
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Deals
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MBO gets over the line
In an increasingly tough market, Heywood-based provider of computer hardware Eurosimm has gone through a management buyout backed by debt from The Co-operative Bank. The £30m-turnover business has been bought by a team headed by Tony Levene, John Kellington, and Jonathan Newman, which has acquired the business from its founders. The Manchester office of accountancy group UHY Hacker Young and Cobbetts advised on the deal.
Cleardebt confirms acquisition
AIM-listed consumer debt business Cleardebt Group, which is based in Cheshire, has acquired The Debt Advice Portal, a London-based web business specialising in the referral of IVAs and debt management plans, for a consideration of £146,000. Since its launch in June 2007, 220 financial intermediaries have signed up as members of the portal but no significant income has yet been generated. In December Cleardebt moved into profit for the first time since it was re-admitted to AIM in January 2006 and has seen its share price triple since the beginning of the year.
Buyer sought for Dragons’ investment
An Oldham-based haulage firm made famous by the BBC programme Dragons’ Den has gone into administration. In 2007 JPM Eco Logistics received a £100,000 investment from Theo Paphitis and Deborah Meaden for a 40 per cent stake in the company, which operates a nine-strong fleet using biodiesel as fuel. The business moved from its Rochdale home to larger premises in Oldham but has since fallen into financial difficulties. Jeremy Woodside, director at administrators Tenon Recovery, said: “The UK’s current economic situation has adversely impacted on the haulage sector and, with a recent move to new premises also creating challenges, the directors have found themselves unable to sustain the company’s progress.” Tenon is in talks to sell the business.
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.
JMW continues growth plans
Growing Manchester law firm JMW has boosted the growth of its corporate team with the appointment of Stephen Hadlow and Nina Latham. The two postings mean that JMW’s corporate team has doubled in size during the past 12 months. Hadlow joins as partner from local rival Shammah Nicholls, with particular experience in M&A and private equity, and Latham joins as a solicitor from Halliwells’ Manchester office.
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Business
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Growth for dispute resolution group
Driver Group, the commercial and dispute resolution business based in Lancashire, has reported record revenues and profits as it reaps the benefits of disputes raging in the commercial property industry. In the year to 30 September revenues increased by 43 per cent to £18.15m, with the February 2008 acquisition of Commercial Management Consultants contributing seven months of revenues at £2.4m. Underlying pre-tax profit increased by 31 per cent to £2.08m and net debt has been reduced to £200,000 from £1m at 31 March 2008.
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.
New Stobart service launches today
Cumbrian freight group Stobart’s rail arm will today start its latest contract. Scottish government transport minister Stewart Stevenson will officially open the new Grangemouth to Inverness rail freight service run by Stobart Rail in partnership with Tesco. Stobart will collect goods from Tesco's new distribution centre at Livingston and deliver them to Grangemouth rail terminal, where they will be taken by train to Inverness and transferred to Tesco stores in the area.
Car supermarket to double in size
Car dealer Motorpoint is set to more than double the size of its site in Burnley, making it the biggest car supermarket in the north of England. The company has been granted planning permission to develop a five-acre site on Gannow Lane, formerly occupied by fabric manufacturer Cloverbrook. Work is scheduled to begin in early February and ready for occupation in mid-March. When complete it will house workshops, valeting bays and a storage area for vehicle deliveries.
Numbers up at Urbis
After a faltering first few years, Manchester city centre museum Urbis attracted record visitor numbers in 2008, with more than 260,000 people passing through its doors. The figure represents a 67 per cent rise in the last three years, boosted by the museum’s decision to scrap entry price in late 2003. Almost three-quarters of visitors were under 35 and 60 per cent were repeat visitors. Chief executive Vaughan Allen said: “It took a while for people to get Urbis, but now they seem to understand it represents Manchester and its attitude to the region and the world.”
Lynch joins Radius
Macclesfield-based marketing and design agency Radius has strengthened its creative team with the appointment of Colin Lynch as senior creative designer. The appointment comes after a series of account wins for the business. Lynch moves from Morris Nicholson Cartwright Advertising to take up the position.
Region’s women prepare for business awards
The shortlist has been announced for Friday’s Northwest Women in Business Awards 2009. Building on the success of the inaugural awards ceremony in March 2008, the event aims to inspire and encourage more women to consider enterprise as a career and increase the number of women starting up and growing businesses in the region. Shortlisted entrepreneurs include Debbie Pierce of the Bury Black Pudding Company, Natalie Gray of creative agency No Chintz, Marcie Incarico of Out There Events and Liz Clarke of Bike Right.
Manchester commits to war for talent
Ten students from Manchester’s two universities and the University of Salford will get the chance to take part in the Manchester Masters, a new initiative aimed at retaining marketing talent in the city. Starting in June, the year-long programme will involve graduates from any discipline working in marketing roles across a range of participant companies. Each student will live rent-free in the city and be paired with a bespoke business mentor. Manchester Masters is being funded by the Northwest Regional Development Agency, Manchester City Council and innovation funding body NESTA.
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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.
Northern Trust buys in Cumbria
Northern Trust, the Trevor Hemmings-backed property company, has acquired two industrial estates and an office scheme totalling 70,000 sq ft in Cumbria from NORWEPP, the partnership between the Northwest Regional Development Agency and Ashtenne Industrial Fund. As part of the deal it has sold its half of a Cleator Moor Industrial Estate to NORWEPP, which now has full ownership of the site. Northern Trust now owns 17 industrial and office schemes in Cumbria. Its total portfolio now exceeds 8 million sq ft.
CBRE appointed at Ship Canal House
CB Richard Ellis has joined GVA Grimley as joint letting agent at Ship Canal House on Manchester’s King Street, where it has been instructed by Catalyst Capital to lease 70,000 sq ft of office space in a building formerly occupied by law firm Cobbetts. Director of office agency John Ogden said: “We are marketing Ship Canal House on floor-by-floor basis to proactively target Manchester’s professional sectors and we have realigned rents in accordance with current market conditions.”
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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