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Top story
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Pressure on damaging port rates increases
Ports across the UK are stepping up their efforts to persuade government to rethink its attitude towards unexpected backdated rates imposed by the Valuation Office Agency (VOA), with plans in place to pursue legal action. In a Commons debate on Monday minister John Healey rejected calls to address the situation. But a report out today from the House of Commons Treasury Committee mirrors suggestions raised by port groups that the 2005 rating list be set aside, with rates next reviewed in 2010. The Treasury Committee First Report of Session 2008–09 agrees, stating: “Port businesses are facing backdated charges because the VOA failed to identify discrepancies in the ratings at the time of the 2005 revaluation. This mistake was compounded by the VOA’s failure to communicate changes effectively.” The report recommends that “the government takes steps to mitigate further the difficulties faced by port businesses”. But Andrew Finfer, a partner with Schofield Sweeney Solicitors, who is advising businesses on the issue, warned: “We have no guarantee that the government is going to accept the report. But if it doesn’t act we will push through with a judicial review.” This week Merseyside-based stevedoring company Stanton Grove warned that it was in danger of collapse.
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Today's news
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Hicks looks to Kuwait for LFC exit
It has been confirmed that Tom Hicks, American co-owner of Liverpool FC (LFC), has been in talks with Nasser Al Kharafi, head of one of Kuwait’s richest families, to offload his stake in the club. Al Kharafi was reportedly approached by Hicks’ co-owner, George Gillett, about buying his half of LFC last year and has also, somewhat inevitably, been linked with Newcastle United. Whether the US pair’s valuation of LFC at over £500m – up from the £218.9m they paid for the club in early 2007 – is met remains to be seen.
Positive statement boosts Midas Capital
Shares in Liverpool-based fund management firm Midas Capital rose slightly this morning when the firm, led by chief executive Simon Edwards, issued a trading update for 2008. Results for the year ended 31 December are expected to be in line with market expectations and the group’s fund, wealth management and corporate services divisions traded profitably in the year, despite a much tougher market environment. Midas Capital was created in March 2008 through the merger of Edwards’ Midas with Iimia MitonOptimal. As at 31 December, funds under management and advice totalled £2.1bn, up from £1.3bn in 2007. In the second half there were marginal net redemptions, but the group is “reassured by the level of support continuing to be shown by investors in its managed funds and clients of its wealth management business”. Preliminary results are expected to be released in late March.
Schools to take up the science park slack
Liverpool City Council’s executive board will today consider plans to move two secondary schools, St Margaret’s High of Aigburth and Archbishop Blanch of the city centre, to new buildings at Liverpool Innovation Park on Edge Lane. The plans are part of the city’s £485m programme to redevelop its high schools.
CBRE appointed on Rapid site
CB Richard Ellis has been appointed to sell the former Rapid Hardware premises, a 77,000 sq ft site on Renshaw Street and Bold Street in Liverpool city centre. Rapid Hardware is relocating to the former George Henry Lee store to expand. The site is close to the Central Village site being developed by Merepark, which last week signed up Millennium & Copthorne to build two hotels.
Biomass boost for business
Envirolink Northwest is hosting a £750,000 project funded by the Northwest Regional Development Agency (NWDA) to increase the uptake of biomass energy systems by the region’s industries. The programme will work with energy-intensive industries, particularly those that are already engaged with the Carbon Trust and are subject to the EU Emissions Trading Scheme. The project, which will run until 2011, is being coordinated by senior sector development manager Nigel Blandford, who has joined Envirolink on secondment from The Mersey Forest.
Adonis approves Sandhills
Transport minister Andrew Adonis officially opened the revitalised Sandhills Station this morning and paid tribute to both Merseytravel and Merseyrail for having every station on their network accredited under the national Secure Stations Initiative. The visit marks the completion of a 16-month programme of track, engineering and improvement works at Sandhills station worth £6.7m and funded by Merseytravel, the Department for Transport and Network Rail.
City’s hotel market remains strong
Liverpool’s hotel market was the most buoyant in the UK during November, boosted by the MTV Europe Music Awards and the city’s European Capital of Culture closing celebrations. According to figures released by accountancy firm PKF, the city’s occupancy rate for the month was 81.7 per cent, compared with the national average of 69.4 per cent. The average room rate of £88.68 also outstripped the regional UK figure of £75.41. PFK said the statistics demonstrate the impact that the Capital of Culture has had on the market, with the occupancy rate up 2.7 per cent compared to the same period a year earlier, despite a number of new hotel openings during the year.
Consider outplacement, says recruitment agency
A new survey released by Chester-based recruitment agency Mason Finch has revealed that 70 per cent of employees found new employment as a direct result of receiving outplacement support prior to being made redundant. The survey, which questioned more than 100 human resources directors, also found that 89 per cent agreed that such counselling and assistance improved the reputation of the company. Mason Finch is encouraging more businesses to consider outplacement support prior to making redundancies.
Help small businesses, urges FSB
As the UK officially slides into recession, the Federation of Small Businesses (FSB) has called on the government to implement its five-point plan to help small and medium-sized businesses receive the support they need to tackle unemployment. The blueprint, which the FSB believes could not only keep people in jobs but also create over 400,000 new ones, includes: simplifying legislation; cutting payroll taxes; promoting part-time work; providing more opportunities for small businesses to bid for public contracts; and investing in training apprentices. Paul Henly, policy manager for the FSB in the North West, said: “Small businesses are the engine room of the economy and are in a key position to generate new jobs and avoid further redundancies.”
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Something for the weekend
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Deal of the week
So where do you put venture capital at the moment? North West-based investor EV decided back in 2006 to put cash into H2O Networks, a Newton-le-Willows business that routes fibre optic cables through waste water networks. A canny investment? EV has just exited the business, making 3.6 times its original stake in the company. The management team led by chief executive Elfed Thomas will lead H2O Networks into the next stage of development. “Over the last two years, H2O Networks has experienced exponential growth. Our tried and tested proposition has grown from a point-to-point fibre optic solution for businesses to building town- and city-wide networks,” he said.
No one understands me
We’re a little sceptical about the results of a survey commissioned by in-car technology company Bury Technologies. Apparently Liverpudlians are the most willing people in the UK to change their accent to improve their prospects. The Queen's English came out top in terms of ease of understanding and sounding professional – a waste really, the Queen doesn’t really need to “get ahead” – with the Scouse, Mancunian and Midlands accents coming bottom. If anyone knows of those who’ve betrayed their roots for filthy lucre, we’re happy to name and shame.
“Pope Catholic” survey of the week
Where would we be without surveys? One conducted by Manchester-based Bridging Finance, of 3,000 businesses, revealed that “cash flow is now the primary concern of businesses facing up to the effects of the economic downturn”. Never would have guessed that.
You’ve got a lot to answer for…
The UK economy is in such a parlous state that even those notoriously unreliable flibbertigibbets, football teams, have come to be more regarded as more reliable than jobs and houses. That’s according to a survey from HiQ, a fast-fit retailer of tyres, MOTs and the like. Twenty-two per cent of respondents said they had every faith in their car (of course), 17 per cent their team and only 11 per cent their jobs. Wonder if local questions included whether “reliable” includes 0-0 draws with Stoke City?
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