Royal London’s takeover of mutual insurer Royal Liver has moved a step closer after the business signed a “non-binding head of terms agreement” which will allow for further due diligence. Both companies will now carry out due diligence to decide whether a deal would be in the best interests of their respective members. No final proposals for the transfer have been tabled for the 200-strong Royal Liver board to consider. If a deal is struck it would have to be approved by 75 per cent of Royal Liver’s delegates.

Oldham-based Digital Projection has secured £237,762 from the Northwest Regional Development Agency (NWDA) to develop an LED-based projector with a level of brightness that exceeds existing LED projectors. The company was awarded the cash through the Grant for Research and Development scheme. Director Dermot Quinn said the grant would act as a catalyst to help it to explore and take advantage of new and emerging solid state light sources. The business hopes to exploit opportunities in Asia and the US.

Business publisher Crain Communications today announced that weekly newspaper Crain's Manchester Business is to close. Chris Crain, senior vice president, Crain Communications, said: “While we have been pleased with the support received from Crain's Manchester Business readers from the beginning of the project, ultimately the limited support from key advertising sectors has made the project unsustainable.” The last issue of Crain's Manchester Business was published on 21 June.

Losses have risen at Wilmslow shower and tile maker Norcros as tough overseas trading impacted on a strong UK performance. Pre-tax losses grew to £10m from £4.8m in the year to 31 March, against revenues of £170m, up from £154m a year earlier. The company incurred an exceptional charge of £5.7m after writing off the entire value of Philkeram Johnson, its 50 per cent owned Greek tile and adhesives business, while there were also £2.5m restructuring costs. Norcros also confirmed that Joe Matthews will retire as chief executive on 31 March 2011 and be replaced by finance director Nick Kelsall.

Kendal paper and materials manufacturer James Cropper has posted a strong increase in pre-tax profits for the year to 27 March, up from £858,000 to £2.4m. Turnover rose 2 per cent to £76.2m although chairman James Cropper warned that pulp prices would have an impact on the profitability of speciality papers in the short-term. He added that the group planned to close further underperforming stores trading The Paper Mill Shop during the coming year. The company also announced that Mark Cropper will succeed James Cropper as chairman in July.

Fresh from announcing a new contract win in Bridgend, AIM-listed organic waste business TEG Group has secured three-year deal with Fife Council to process food and garden waste at its Perth facility. The contract is expected to generate revenues of between £700,000 and £900,000 over the next three years and there is also an option of a two-year extension. Chorley-based TEG expects to process 9,000 tonnes of waste per year by 2012/13.

Education technology group Promethean World, based in Blackburn, has announced plans to create 100 jobs by 2013. The company is to open a new office in Maidenhead, Berkshire, and hopes to fill positions by August 2010. Theresa May, home secretary and MP for Maidenhead, said she strongly welcomed the investment. Promethean reported revenues of £53.9m for the three months to 31 March, up from £36.2m for the same period last year. Sales of its interactive display systems, the company's largest unit in terms of revenue, were up 47 per cent to £45.8m.

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