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The fine for stealing £85m - just £25
A VAT scammer from Manchester involved in a £85m fraud against HM Revenue & Customs has just been fined a paltry £25. Already serving a seven-year prison sentence, Paul Sweeney was given the fine at Liverpool Crown Court this week. His lawyer, Stephen Fox, senior partner at Manchester law firm Ralli, confirmed to Insider: "My client Paul Sweeney was convicted of a VAT fraud involving loss to the exchequer of at least £85m. I can confirm that he has been represented by Ralli in respect of applications for recovery of monies from him and he has now been ordered to pay back the sum of £25. Yes, there is a rather substantial shortfall to HMRC coffers in this case. I do not propose to comment further."
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Today's news
Come to Knutsford and smell the dairy air
It was all about dairy last night at the Food Northwest Awards 2008, held at ACC Liverpool. The first three awards of the night - all in the enterprise and innovation section - went to Knutsford-based Delamere Dairy, which commands 40 per cent of the UK goats milk market; The Contented Cow Company in Nantwich, which was formed last year by two declining family farms; and Lancashire's Singleton's Dairy, one of Britain's most successful independent cheesemakers, which exports to North America, Australia, China and Europe. Other winners included Gibsons Foods of Ellesmere Port, which picked up two gongs for its skills and environmental strategies, and Growing Well, an innovative organic growing and training company based in Cumbria.
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Our transport problem is bigger than yours
The Association of Greater Manchester Authorities and Greater Manchester Passenger Transport Authority today revealed the planned inner congestion charging ring, ahead of public consultation. The proposed inner ring runs along Queens Road to the north, Alan Turing Way to the east and Trafford Road/Frederick Road to the west. But a survey by the CBI and accountancy KPMG indicates that nine out of ten London-based senior business executives believe the poor state of London's transport network is adversely affecting their business. Typical London, can't let anyone else have their few minutes in the spotlight without clamouring for yet more investment for themselves.
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Modus keeps on buying
Brendan Flood, managing director of Modus Properties, told Insider last year that tough times for some create opportunities for others, and he's proving as good as his word. Modus has secured £100m from Bank of Ireland (BoI) to buy a retail investment portfolio. Although neither party will say anything further, BoI director Ciaran McGivern said: "I'm confident that Modus' growth strategy is not only achievable but has an extremely positive long-term outlook."
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DWF's capital idea
Law firm DWF, which was founded in Liverpool 31 years ago, is set to take its offering outside the region for the first time by opening an office in London. Insurance and catastrophic injury lawyer Graham Dickinson, who is moving to DWF from Davies Lavery following its merger with Kennedys, will oversee the launch of the operation. Managing partner Andrew Leaitherland said: "We have been considering a move to London for a while and securing a team of this calibre is exactly the opportunity we were looking for."
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A litre of fuel to last a year - why not?
One litre of fuel would serve the UK for a year and oil reserves would last the expected lifetime of the solar system if efficiency in the car industry had improved at the same rate as in the computer world, a leading computer scientist told a Manchester audience last night. Professor Steve Furber, professor of computer engineering at the University of Manchester, delivered the inaugural Kilburn Lecture to mark Digital 60 Day - the 60th anniversary of The Baby computer, designed and built at The University of Manchester in 1948.
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Co-op wins major green award
As if anyone was in any doubt, The Co-operative Group has been awarded a major accolade for its green credentials. The Manchester-based retail and finance group triumphed over fierce European competition to scoop the management award at the European Business Awards for the Environment.
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Chorley some mistake?
Insider is proud of its commitment to the full region - we're not just here for the professional classes of Manchester and Liverpool. Even so, we're struggling to support the online petition at the Downing Street website to make Chorley the capital of the UK. While its creator Daniel McDermott insists he's serious, calling London "inaccessible", Chorley council leader Peter Goldsworthy believes it is "impractical". Other online petitions include the nomination of Timmy Mallett for a knighthood and errr, the banning of online petitions.
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Something for the weekend
Deal of the week
In a market where private equity doesn't carry the same firepower it did a year ago, it's only fair that this week's accolade goes to the £27m ISIS-backed buyout of Manchester-based worldwide car rental broker Traveljigsaw, which trades as Carhire3000.com. The business, Europe's third-largest car rental broker, has grown impressively, clocking profits of £2.2m against a turnover of £37.3m at the end of 2007. But with more left in the tank, the business is well placed to receive an injection of equity. Ian Mansall, director of specialist and acquisition finance at Yorkshire Bank, which put £8m of debt behind the transaction, said: "Traveljigsaw has a number of strengths that would make it difficult for new competitors to replicate the business model."
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Harsh but fair quote of the week
"The real shock is that this didn't come sooner. The average tenure for a CEO is now a meagre three years as opposed to this tepid six-year stint. If you consider the muscle flexed by the City against proven, capable chiefs such as Stuart Rose, it is truly amazing that heads have not rolled sooner at Woolworths. The share price has become such predictably languishing fare it appears the City has simply given up the ghost altogether." Anthony McAlister, managing director at publicity-hungry ‘talent consultancy' Accipitor, on Trevor Bish-Jones' sudden exit from high-street retailer, Woolworths.
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Boundlessly optimistic quote of the week
"Plenty of people are gloomy about the forecast. But with Liverpool in the spotlight, 2008 is very much the year for the North West to show its mettle. And Lloyds TSB Corporate Markets is right behind the region all the way," Dave Allanson, director and head of large corporate, Lloyds TSB, North West.
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View from the nationals
The Financial Times' Jonathan Guthrie cast a shrewd eye over the North West's coastal resorts this week, praising in particular the "Southport mafia" of business figures and council officials that have driven visitor numbers up. Some hints for Blackpool followed - buzzy buildings, imaginative leaders and a niche. Simple, eh? While Morecambe, "boasting dereliction that makes Blackpool seem like Monte Carlo", has a chance of returning from the dead if it can build - inevitably - on the impetus of the Midland Hotel.
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Canapé won't pay
Insider's favourite event of the week, based solely on the quality of food available, goes to last night's Food Northwest Awards, at which the delicious fare was concocted by the likes of Paul Askew of Liverpool's London Carriage Works restaurant and Matthew Nugent of Heathcotes, with the help of secondary schools in the region. All the food was locally sourced and, to top it all off, every diner received a goodie bag of regional food and drink to take home. Event organisers take note.
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