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Top story
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Manufacturers talk tough
It’s tough out there, but we’re ready for the slowdown. That was the message this morning at Insider’s manufacturing breakfast held at Stanley House in Lancashire. An audience of manufacturers got up before the lark to hear four sparkling presentations on strategies to cope. Lee Hopley head of economic policy at event sponsor EEF set the scene by saying North West manufacturers had outperformed the national and European averages on profitability and output, but that confidence was ebbing. Presentations on best practice from Andrew Jones of Klarius and Mark Houlton of Optare honed in on how lean techniques and investment in product design boosted their chances. Phil Humphreys from Military Air Solutions at BAE Systems finished with an overview of how the extensive supply chain in the North West works. The question and answer session that followed was dominated by concerns over skills and training issues.
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Deals
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Tote sale halted, for now
The government has put plans to sell the Tote on hold in the face of current economic conditions. Minister for sport Gerry Sutcliffe said the state-owned bookmaker would be retained in public ownership for the medium term and brought back to the market when the financial situation improved. Chief executive Trevor Beaumont said: “We are delighted to have reached a position of clarity on the government’s intention over the sale of the Tote. We are now looking to being able to drive the business forward from our headquarters in Wigan.” The government took powers in the Horserace Betting and Olympic Lottery Act 2004 to enable it to sell the Tote as part of its wider policy aim of removing itself from the affairs of the racing industry.
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Business
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Life after Loanmakers
Four former directors from embattled consumer debt company Loanmakers have set up their own business. Kevin Hindley, Tim Wheeldon, Paul Ford and Simon Moore have set up Fluent Money, a new internet-based secured loan broker, which will act as an intermediary between introducers and lenders. Hindley said: “We built a successful business in Bolton-based Loanmakers, but started to have differing views from the board members about the direction of the business.”
Trafford Centre outperforms market
Manchester-based retail scheme The Trafford Centre has performed defensively in the face of a tough retail market after posting pre-tax profits of £23.7m, up from £23.1m in 2007. In the year to 31 March 2008, the business clocked revenues of £77.8m, up from £76.8m a year earlier. Visitor numbers were also up by 7.6 per cent and the directors remain confident that the business will continue to perform well against a backdrop of administrations in the retail sector and attractive terms being offered to tenants across the North West. “We have made reasonable progress in reducing the number of void units on satisfactory terms,” the company said.
Midas buoyant, but not complacent
Manchester inward investment agency Midas has posted record job creation figures as part of its half-year results to 30 September released today, but chief executive Colin Sinclair has warned that the second half of the year will be tougher. The figure of 1,600 new jobs for Greater Manchester does not include the 250 being added by Spanish-owned packaging company SAICA’s investment in Trafford announced this month. Sinclair said: “The second half of this financial year will be extremely tough, with the meltdown of the global financial markets impacting hard on all of MIDAS’ projects relating to indigenous business growth, inward investment, airport route development and property schemes.”
Steady Eddie
Carlisle-based logistics giant Stobart Group is bullish in the face of a weakening economy after posting interim pre-tax profits of £11m and continuing revenues of £199.2m. The acquisitions of rival James Irlam and WA Developments – now Stobart Rail – during the period have shored up the figures and chairman Rodney Barker-Bates is confident the company will ride out the downturn. “Despite the current economic climate, we are not experiencing any impact on volumes and are protected in our contracts against fuel price increases.” Stobart is still gunning for an expansion of Carlisle airport after the plans were resubmitted following a public inquiry over the development.
Broker boost
Pan-European investment banking group Altium has been appointed as broker to five corporates including support services outfit Redhall Group, which has subsidiaries in Bolton and Cumbria. The company has also appointed Claire Wrigley as an associate in its Manchester office, who joins from KPMG, where she spent five years working in strategic and commercial intelligence.
Top tourism award for Westmorland
Cumbria’s John Dunning of top motorway services and conference centre business Westmorland was last night honoured with the first outstanding contribution to tourism award at the fifth annual England’s Northwest Tourism Awards. At the event, held at Liverpool’s St George’s Hall and hosted by Laurence Llewelyn-Bowen, 19 awards were handed out. The visitor impact award went to Liverpool 08, while the Marriott Worsley Park Hotel was named large hotel of the year. The excellence in business tourism award went to Westmorland’s Rheged Centre and the Manchester International Festival was named visitor experience of the year.
Boost for women’s enterprise
The Northwest Women’s Enterprise Forum, in partnership with the Northwest Regional Development Agency, has launched the Northwest Women in Business Awards 2009 to bring together some of region’s most innovative and successful female-led companies and reward their achievements. Building on the success of the inaugural awards ceremony in March 2008, the event aims to inspire and encourage more women to consider enterprise as a career and increase the number of women starting up and growing businesses in the region. A new Women’s Enterprise Action Plan aimed at driving up the number of women-owned enterprises in the region has also been launched this month.
Recruiter bags top recruit
Manchester-based recruitment firm Ford Hasting has appointed Peter O’Sullivan as a senior consultant. He joins following stints at Robert Walters and ECHM. Established in 2003, Ford Hastings specialises in recruitment of senior executives for fast-growth companies across the country. Proving that the right talent is always easy to find, founder Tim Hastings said: “I spent around nine months looking for the right candidate to support our expansion.”
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Property
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Linley refurb offers new opportunity
The property arm of United Utilities has kicked off refurbishment of Linley House in Manchester. With two floors already let to Electricity North West, five floors of around 10,000 sq ft each will be released to the market as an opportunity to acquire city centre accommodation with air conditioning and raised floors. Buttress Fuller Alsop Williams is the architect, Walker Sime is the project manager and Edwards & Co and Lambert Smith Hampton have been retained as letting agents.
Sandbrook wraps up phase one
The first phase of Sandbrook Business Park in Rochdale is now fully let after the final two tenants signed on the line. CNT has agreed a ten-year lease for Rowan House, a 4,080 sq ft building, at £14.25 per sq ft; and Maple House, which provides 2,505 sq ft of office accommodation, has been let to Everyday Skills on a five-year lease. James Nichols of WHR Property Consultancy, said: “Sandbrook has benefited from a shift towards leasehold accommodation as a result of bank funding becoming more problematic to secure.”
Magnus up and running in Spring Gardens
Cheshire developer and investor Magnus has secured its first office tenant at 19 Spring Gardens in central Manchester. Insurance broker Lockton will take the 5,300 sq ft sixth floor of the 38,000 sq ft building, which is currently undergoing a £2.5m refurbishment. Already a Magnus tenant, Lockton will move from Hanover House on Charlotte Street to join hairdresser Trevor Sorbie, already operating on the ground floor at Spring Gardens.
Bluemantle Preston scheme gets planning
A joint venture between Alderley developer Bluemantle and Kilmartin has been granted planning permission for a multimillion-pound refurbishment of the Grade II-listed Miller Arcade in Preston. The scheme will bring back into use over 30,000 sq ft of office accommodation and three new leisure units. The historic Miller Arcade sits on the corner of Fishergate and Church Street, facing the Town Hall.
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