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Top story
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Visage sale put on hold
Lack of confidence in the retail market has put the potential sale of fashion supplier Visage on the back burner. After receiving an approach from an Indian trade buyer in late 2007, the owners of the Eccles and Newcastle-based clothing supplier - Raj Sehgal and Sanjeev Mehan - tested the local market. But, according to Andrew Thomas, managing director at Rothschild in Manchester, who was brought in to advise the pair, strong profit and growth figures were not enough get the right price. "We started talking to banks and one private equity house approached us," he said. "But while the business has gone from strength to strength, in terms of sentiment, the consumer market has gone down." Barclays Private Equity is known to have looked at the business but recommended Visage waits before proceeding with any transaction. Visage recorded EBITDA of £23m in the year to January 2008 and has a turnover of around £150m. It is thought that Sehgal and Meehan would retain a significant stake of the business in any future sale process.
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Road charge group gears up for fight
The Greater Manchester Momentum Group has embarked on a charm offensive as it seeks to counter the Association of Greater Manchester Authorities' assertion that there is no alternative to congestion charging. With no other large cities in the running, Manchester is fancied to receive the £1.2bn it has requested from the Transport Innovation Fund. But David Dyson, finance director of car dealer Lookers, told Insider this morning: "We'd have to seriously consider relocating. We have a year to run on our lease in Manchester and it would be uneconomical to renew that. And, given the huge over-spend on major UK projects, would the costs rise further?" Chris Wermann, corporate communications director at Kellogg's UK & Europe, added: "We need to raise awareness. We want to see alternatives on the table and business to have its say." 
Ronnie of the Rovers?
As the football season draws to a close, the speculation season begins about which North West clubs may be bought and sold. The latest subject of speculation is Blackburn Rovers, which the Walker Trust is looking to sell. The Sunday People reports that Chris Ronnie, chief executive of sportswear retailer JJB, is looking at a deal. Meanwhile, Bolton Wanderers, currently battling relegation, is under the spotlight of a consortium that has asked former manager Sam Alladyce to join.
Buyer sought for Nield
Lancashire-based wholesaler of health and beauty products Nield Group has gone into administration. The business, which operates from a warehouse facility in Accrington, a showroom in Manchester and a retail outlet in Batley, West Yorkshire has a turnover of £38m and a workforce of 42. Bill Dawson, partner in Deloitte's reorganisation services practice, has been appointed as administrator. He said: "We are continuing to trade the business as a going concern whilst seeking a buyer."
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Amiri - prints among men
Manchester-based a2e Venture Catalysts has acquired a 50 per cent stake in local printing business PMP Neston. According to Amin Amiri, managing director of a2e, sales and EBITDA for the company during the first year of ownership are expected to be £6.2m and £800,000, respectively. "This represents a significant turnaround from losses incurred in previous years," he said.
CGT deals flurry keeps market bubbling
North West deal value for the first quarter of 2008 is 45 per cent down on the same period in 2007, according to statistics released today by the Centre of Management Buyout Research. The value of regional deals in the first three months of this year reached £534m - down from £972m in the first quarter of 2007, but up slightly on the £430m of deals achieved in the fourth quarter of last year. "Almost 70 per cent of the activity in volume terms was sub-£5m, with a lot of this activity no doubt driven by the CGT change on the 5 April," said Paul Lupton, head of corporate finance at Deloitte. "Over the last nine months, we can see a marked decline in deals in the £100m-plus space, with only three deals completed since 30 June 2007."
From little Acorns
Two Stockport-based mechanical services companies have received a refinancing package from private equity house Acorn Capital Partners and Yorkshire Bank. The deal will bring together Thermotech, a £2.4m-turnover specialist in fire protection systems, with air conditioning firm TAC Mechanical Services, which has a turnover of £1.8m, under a single ownership. It allows the companies' founders to realise some of their investment in the businesses and gives them access to new funding for growth. Graham Norfolk of Acorn Capital Partners will join the board.
Have you got a Warrant?
Liverpool-based freight forwarding specialist Warrant Group has undergone a management buyout, funded by The Royal Bank of Scotland. The deal sees the group's existing management team of Graham Roberts, Ian Jones, George Jackson and Joe McGuffie acquire the entire share capital of the business after buying out three non-active shareholders. Warrant was established in 1989 and has a current turnover of £80m.
SMG sets off on an Odyssey
Manchester-based venue operator SMG Europe, which runs the MEN Arena and Bridgewater Hall, has acquired SMG Sheridan, a joint venture company responsible for managing and operating the Odyssey Arena in Belfast. Part of the deal includes a new partnership with the incumbent catering supplier, Mount Charles, with SMG taking a 50 per cent stake in the business.
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Daresbury move for Assura
Healthcare company Assura is moving its company headquarters to Daresbury Park in Cheshire in order to accommodate an increase in staff from the current northern-based headcount of 130 to around 220. Liverpool property consultancy Mason Owen found the building, which Assura purchased for £11m. Assura will occupy one 18,000 sq ft floor of the building. Other occupants include H&S Administration and DeWitt.
MCR buys and is looking for more
Aneel Mussarat's MCR Property Group has bought a distribution depot in Chester's Sealand Road from CBRE Investors in a £2.6m deal. The 50,911 sq ft property is currently occupied by retailer Boots on a 20-year lease. Investment director Mark Hayes said: "This is a sound investment for us. In a tightening market we have demonstrated our ability to make significant investments. We are actively looking for more opportunities."
Cheshire Oaks to change hands
Henderson Global Investors is said to be close to buying a portfolio of designer factory outlets for £375m, including Cheshire Oaks. Henderson is carrying out due diligence on three outlets, Cheshire Oaks, the Bridgend Designer Outlet in Wales and the Swindon Designer Outlet in Wiltshire. The fund manager is to buy the properties from limited partnerships comprising UK and US investors, including the BP pension fund, AXA and Morley Fund Management. All three factory outlets are managed by McArthurGlen.
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