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Top story
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Stobart rolls forward on two fronts
WA International, the parent company of Cumbrian transport group Eddie Stobart, has announced plans to advance two of its biggest projects. The plans by Stobart Air to invest £25m in expanding Carlisle Airport - which it will rebrand as Carlisle Lake District Airport - have received unanimous backing from Cumbria County Council and will now go before Carlisle City Council. Stobart Group has meanwhile acquired a further 47 acres at the Widnes container terminal it acquired through the purchase of O'Connor Group in August 2007. It already has planning permission for 1.1 million sq ft of warehousing at Widnes and expects to create more than 1,000 jobs in the area.
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LSB explores its options
London Scottish Bank, the Manchester-based lender, says that it is "examining a number of financing alternatives" to increase its capital base following its declaration of a £13m shortfall in its regulatory capital - the money it is required to have in reserve. It yesterday submitted a plan to the Financial Services Authority that involved finding extra finance, which could mean a rights issue or a search for a strategic partner or private equity investor. Shares that were trading at 77 pence before the New Year's Eve announcement yesterday dropped to 27 pence. 
Newton-Jones rings the Littlewoods changes
Sales and marketing director Clive Briscoe has left home shopping giant Littlewoods Shop Direct Group as chief executive Mark Newton-Jones looks to combine the company's buying and selling functions. Ex-Asda man David Inglis, who joined a year ago as buying and merchandising director, will now also be responsible for sales and marketing under the new title of trading director. Christmas trading year-on-year was up 7 per cent, with online sales up 44 per cent.
Ascribe on track
Ascribe, the AIM-listed healthcare IT specialist, has said that trading is in line to meet market expectations ahead of its interim results in March. The group's order book of new sales has grown to a record £3.3m, following a series of sales wins in December 2007. The Bolton business believes that increased demand shows the market is shifting to local decision making in the wake of the government's flawed roll-out of the national IT system for the NHS.
Baxter takes the tiller at Peel Ports
Stephen Baxter has started in his new role of chief executive of transport and property group Peel Holding's ports arm. Baxter is a transport industry heavyweight, having previously been chief operating officer at BAA Airports. The group includes the Mersey Docks complex, Manchester Ship Canal and Heysham, along with Clydeport in Scotland, Medway Ports in Kent and container terminals in Ireland and Wales.
JJB on the up as Sports Direct confuses
Shares in JJB Sports have leapt by 8 pence, to 111 pence a share, on the back of a rumoured sale of its six-strong Soccerdome complexes, although the Wigan business denied that it is looking to sell. Rival Sports Direct, a possible bidder, has again frustrated the City this week in issuing a Christmas trading update giving little indication as to year-on-year performance, although analysts suggested margins were below expectations.
Generation game
Liverpool John Lennon Airport (JLA) has installed two 15m high wind turbines as it explores ways to minimise its environmental impact. Each turbine can generate sufficient electricity to power a six-bedroom house. If the trial is successful, JLA plans to install more turbines to increase levels of sustainable power generation.
Double win for City
Advertising agency City Gateway Media has secured two contracts for its Tower Skyscraper screen next to Manchester's Piccadilly Station. The giant LED advertising billboard will run advertising campaigns to promote Monarch Airlines' European flights and to publicise the National Lottery's rollover draws. It's the second time Monarch has used the screen after a two-day trial period in September 2007.
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Accrington Tesco? Exactly
Tesco and Manchester developer Property Alliance Group have submitted a joint application for a 6.5-acre scheme anchored by an 88,000 sq ft supermarket in Accrington's Eagle Street. The £32m proposal would be the biggest single investment in Accrington in the last five years and could create 450 new jobs. Tushingham Moore is representing Tesco, while Cheetham & Mortimer is acting for Property Alliance Group.
Swedes head for the airport
Swedish bank Handelsbanken is to open a new northern head office at Manchester Airport. The bank has signed up for 7,579 sq ft on a 15-year lease at Manchester Airport Developments' 4M office scheme, a 82,000 sq ft grade A building completed in 2003.
Fit for a King
Liverpool developer UK Land & Property (UKL&P) has made its first move into the central Manchester office market with the purchase of 76-80 King Street from Scottish Widows in a deal financed by Bank of Scotland Corporate. The Grade II-listed building comprises 41,355 sq ft with four floors of offices and retail units, currently occupied by Belstaff and DKNY, on the ground floor. UKL&P has won plaudits for its ongoing redevelopment of Liverpool's Exchange Flags complex.
Scousers united in Manchester
Two more Liverpool developers, Beetham Organisation and Ethel Austin Property Group, have teamed up to pay £3.3m for a site next to Manchester's Beetham Tower. The site has consent for a 15-storey office development, but the joint venture may look to win permission for a larger scheme. The Royal Bank of Scotland funded the deal.
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Private equity fights back
Private equity houses braved the markets to generate £5.4bn for the UK financial and professional services sector last year, according to a report by the British Private Equity and Venture Capital Association. In the North West, the average deal size also rose to £33m, from £25m in 2006. "In private equity terms, the North West had an extremely successful 2007, completing fewer deals at substantially higher values than in 2007," said Paul Lupton, head of corporate finance in the north at Deloitte.
Happy feet
Love Those Shoes, an online retailer and wholesaler of healthy shoes that help reduce back pain and improve poor posture, has secured a £250,000 working capital facility from The Royal Bank of Scotland. The Stockport company currently sells 11 brands and plans to increase its range. Love Those Shoes sells around 5,000 pairs a month and has a turnover of £2.5m.
Music to our ears
Community arts organisation More Music has secured funding from the Co-operative Bank for its four-year expansion programme, which includes the expansion of its Morecambe head office. Launched in 1993, More Music provides music-based educational activities and community arts projects for people across the North West. It receives funding from Arts Council England, Youth Music, Lancashire County Council and Lancaster City Council.
CBG keeps on buying
CBG Group, the acquisitive Eccles-based insurance broker and financial services business, has made its £186,000 offer for shell company PenMc unconditional after receiving valid acceptances representing around 79.61 of PenMc's total share capital. CBG has already bought North West firm Barclay Brown this year for £3.3m and has made 16 acquisitions since 2001.
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