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Top story
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Cautious outlook for Printing.com
Franchised printing retail company Printing.com remains cautious about its short-term prospects in the current economic climate. In a trading statement this morning the company said uncertainty had impacted on client confidence and therefore volumes, with trading during November and December showing a decline of 3 per cent compared to the same period a year earlier. But the company said its balance sheet remains strong with significant cash and net funds. In November it reported a 5.2 per cent rise in pre-tax profits for the six months to 30 September, but warned that its bottom line has been hit by bad debt provisions. Analysts at Brewin Dolphin have reduced pre-tax profit forecasts for the company by 11 per cent for 2009 but said they expect the business to benefit from smaller operators looking to join the franchise network during the downturn.
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Deals
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Takeover approach for Tepnel
Tepnel Life Sciences, the life sciences products and services group, issued a statement to the Stock Exchange this morning after its share price rose 25 per cent. The company confirmed that it had received an approach that may or may not lead to an offer being made for the company. Discussions are at an early stage and Tepnel emphasised that there can be no assurance that an offer will be forthcoming.
Simply Pool on cue
In a strong message of strength to the sector, Oldham-based supplier of pool tables Simply Pool has acquired regional rival Excel Leisure Products, which manufactures and distributes pool and football tables, in a deal that will create a standalone market leader. Banking facilities for the transaction were provided by Barclays. Industry consolidation remains a key driver for businesses during the downturn as they look to retain domination against the competition. Hamish Morrison at Baker Tilly, who advised on the sale, said: “In what is undoubtedly a tough market to do deals this demonstrates that where all parties work constructively together a successful outcome can still be achieved.”
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Business
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Aim for small firms, says MIDAS
Universities in Greater Manchester need to build better links with small businesses to capitalise on the high rates of graduate retention, according to a report from inward investment agency MIDAS. The Graduate Retention and Language Skills Report found that 70 per cent of graduates found employment in the region but requirement for quality staff in the ICT, biotechnology, healthcare and aviation sectors remains high. It also said relationships with small firms are particularly pertinent in the current economic climate, in which large companies are curbing graduate employment schemes and university leavers are having problems finding jobs.
Keighley to join Arvia Technology
Investment house MTI has appointed Martin Keighley as chief executive of Arvia Technology, the water treatment business that is a spin-out from the University of Manchester’s School of Chemical Engineering. He joins from Brunner Mond. MTI, through the UMIP Premier Fund and with Alliance Fund Managers, invested £800,000 in Arvia in September 2008, which funded commercial trials. MTI managing partner David Ward said: “The ability to attract world-class business talent underlines the quality of UPF investments and its dealflow. Arvia has just taken a significant step forward.”
Strong growth for NCC Group
NCC Group, the IT security group based in Manchester, has reported revenues up27 per cent to £20.8m for the six months to 30 November, which included strong organic growth. Pre-tax profits were up by 13 per cent to £5.2m and the interim dividend has increased 33 per cent. The group has net debt of £11.9m following the November 2008 acquisition of ethical security testing business NGSS. Its consultancy and assurance businesses have seen excellent growth as the public demands greater security over how information is held.
Innovation leader appointed
Business Link Northwest has appointed an innovation manager to help businesses improve productivity and sustainability by embracing new ideas and thinking differently. Based at Business Link Northwest’s Preston office, John Chisholm has held roles such as product design manager for Cannon Hygiene and a consultant in specialist software to the agricultural feed industry and enjoyed a spell as researcher for the Home Office’s Design Against Crime initiative.
Anthony Hughes to join Horwich Farrrelly
Anthony Hughes is leaving law firm DWF to join niche Manchester insurance practice Horwich Farrelly as chief executive. A director of Preston North End and the president of leading lobby organisation the Forum of Insurance Lawyers, Hughes was instrumental in building up Preston-based law firm Ricksons before its merger with DWF in 2007 and has been DWF’s head of defendant personal injury since then. He is succeeding Nigel Yates, the current managing partner of Horwich Farrelly who plans to retires in March 2010.
Expansion at Armstrong Watson
Cumbrian accountancy firm Armstrong Watson has expanded its financial planning and wealth management team with the appointment of experienced advisers Phil Jackson and Colin Robson as financial planning consultants, which takes the financial planning and wealth management team 15 strong. Peter Connelly has also been promoted to a newly created role of technical financial planning manager.
Peace of mind with Campbell Woolley
Accountancy and business advisory firm Campbell Woolley has appointed a new partner to launch a service to help businesses weather the financial storm. Andy Coveney has joined the Manchester-based practice to head its bespoke Resilience+ service, which is designed to give owners and funders peace of mind about the financial health and prospects of their businesses, as well as developing better relationships with lenders.
Softworld comes to the North West
Following the success of London’s Softworld exhibition in October 2008, the software event is coming to Bolton’s Reebok Stadium on 10 February. Softworld offers IT experts, HR and payroll and accounting and finance directors an opportunity to discuss ideas with experts and see the latest software developments from Europe’s top providers. The free event will feature masterclasses and presentations by industry experts, along with seminars and demonstrations.
Top FDs line up for awards
The list of finalists for the first ever North West Financial Director of the Year Awards have been chosen, featuring individuals from companies such as N Brown, Stobart Group and SSL International. Financial recruitment firm Sharp Consultancy established the awards with support from Barclays Commercial Bank, Grant Thornton and Halliwells and the winners will be announced at a dinner in Manchester on 12 February.
McCann on track
McCann Erickson Communications House in Manchester has been appointed by the CrossCountry rail network to develop fully integrated communications campaigns for the network, which covers around 1,500 miles and calls at more than 100 stations from Aberdeen to Penzance and Stansted to Cardiff.
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Property
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Lloyd tides Eatonfield over
Eatonfield, the Cheshire-headquartered property group, has been loaned £400,000 by Rob Lloyd Racing, a horseracing yard business controlled by Eatonfield chief executive Rob Lloyd. The company said the loan would “meet a short-term working capital funding requirement”. The loan is unsecured, free of interest and fees and is repayable on demand until 27 February. Lloyd owns 47.7 per cent of the AIM-listed Eatonfield.
Alliance full up in Wigan
Property Alliance Group (PAG) has completed a 10,800 sq ft trade counter deal with Pro Care Shower and Bathroom Centre at the Enfield Industrial Estate in Wigan, meaning the 122,000 sq ft former Transbus site is now fully occupied within a year of PAG’s acquisition. PAG has refurbished the site and has already secured a 58,300 sq ft sale to Vizwear, the high-visibility clothing business backed by Dave Whelan and a 53,400 sq ft letting to food packaging company Enviro Pax.
Wildflower centre shortlist announced
Two North West firms are in the running following the announcement by the Royal Institute of British Architects of the six practices that will go forward to the second stage of the competition to design a conferencing, educational and production facility at the National Wildflower Centre in Knowsley. The shortlisted firms are: Bury-based Studio Verna; Manchester’s Ian Simpson Architects; DM3 Architecture; Kirkland Fraser Moor, Nicolas Tye Architects and Urban Salon Architects.
Kuits flying
Nick Nyunt, property partner at Manchester law firm Kuit Steinart Levy has acted for UK property giant Land Securities on the disposal of a holding in excess of £20m. Kuits has also completed a lease reorganisation for Land Securities with healthcare products and pharmaceuticals giant Johnson & Johnson.
Davies Harrison lets for Landmarc
North West industrial agency Davies Harrison has secured a new tenant for a 19,514 sq ft industrial building in Trafford Park. Challenge 4 Change has agreed to take a ten-year lease for the former Tate & Lyle building on Trafford Park Road at £65,000 per annum. The building is owned by Landmarc Properties (Manchester).
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And finally
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Order your Top 500 CD-ROM today
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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