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Top story
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Park boosted by prudent savers
Financial services company Park Group was in buoyant mood at its AGM this lunch time, as consumers seek a safe haven for their hard-earned cash. Putting the controversy that surrounded the Christmas saving schemes in 2007 behind it, Park has already started taking orders for the 2009 festive season. "Park remains resilient against the economic downturn given that the very nature of our business is to help customers save efficiently, a prudent trend in the current economic climate," said chairman Peter Johnson. The Birkenhead-based company has been focusing on building its online presence with a new range of improved websites, and online corporate voucher sales have seen a year-on-year increase of 119 per cent. Cash balances on deposit total £101m, £25m higher than at the same stage last year. Park's preliminary results for the year to 31 March, released in June, showed revenues down at £225.1m from £305.2m in 2007 and pre-tax profits from continuing operations were almost halved at £5.2m.
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Deals
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Broadband group acquires Wrexham rival
Stafford-based Keycom, a broadband-based communications provider, is set to acquire two companies in Wrexham, after raising £4.4m in its admission to the Plus market, advised by Manchester-based lawyers at Beachcroft. The £2.1m-turnover competitor business MCW Group and its Mediaforce business, which are based at Wrexham Technology Park, have been acquired for £2.1m and a deferred consideration of between £1.2m and £2m dependent on performance. 
Demergers boost corporate value
Demergers and business sales could be the best way for large companies to increase their value, according to a report from business advisory firm Deloitte. Analysis of data since July 1998 showed parent companies increased their share prices by an average of 23 per cent in the first year, while spun-off companies achieved a 15 per cent share premium to their initial public offering value. Paul Lupton, managing director of corporate finance in the North West at Deloitte, said: "Stock analysts can value separated businesses better and investment allocation decisions can be better made in each business, rather than as a combination. Value from a sell-off is created regardless of the growth of the underlying economy."
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Business
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Tax-free bus travel for employees
Workers across Merseyside could save hundreds of pounds a year on bus travel thanks to a new initiative being launched by the Merseyside Local Transport Plan Partnership. The scheme gives employers the opportunity to offer staff tax-free bus travel as an additional employee benefit. Shop Direct Group and Wirral Council are among the first employers to get on board and employees have been invited to find out more at a special roadshow, which is touring Merseyside during this week's TravelWise Week.
Pikington secures TV sponsorship deal
Pilkington, the St Helens-based glass manufacturer, has done a deal with digital broadcaster UKTV Style where it will sponsor the Home Sweet Home strand of programming, a combination of internally produced shows and popular repeats including DIY SOS, Colin & Justin’s Home Heist and Love The Place You Are In. The campaign, created by Manchester advertising agency BJL, runs until March and could reach more than four million homeowners.
Like father, like son
Allen Yates has decided to hand over the management of Rainford-based Showers and Eyebaths Services to his son Craig, although he will retain an interest in the company on a consultancy basis. Craig Yates joined the company early last year after ten years of corporate experience. The business manufactures and installs safety showers, eyebaths, decontamination units and shower coolers, for the oil, chemical and water industries.
Insurance claims firm grows
As the market reels from the bailout of insurance giant AIG, Ai Claims Solutions, a Blackpool-based insurance claims services group, has announced revenues up by 19 per cent to £40.8m in the year to the end of June and adjusted pre-tax profit up 32 per cent to £2.16m. The AIM-quoted company has grown capacity through investment in systems and people, process improvements and commercial propositions to partner the motor claims market. Chairman Steve Broughton said: "The general financial climate is extremely hostile but we have no exposure to falling second hand car values, we have low debt, significant borrowing headroom and can offer low-cost outsourcing options to insurers looking to cut costs and headcount."
Pritt sticks to his guns on target
Ambleside-based Adventure Peaks Worldwide Mountaineering says it is on target to hit £1.4m turnover for 2008 following a move to larger premises and the roll-out of its Adventure Youth and Adventure Families divisions, which run guided expeditions in 50 countries. Dave Pritt, who started the business in 2000, said: "This is an exciting time. Everything is now in place for us to secure our place as the UK's number one major expedition provider."
Coming to a Booths near you
Northern supermarket chain Booths has formed a new buying alliance with 192-store chain Waitrose to take advantage of synergies between the two brands and share cost prices and deal structures for branded food purchased by both supermarkets on a selected range of products. Preston-headquartered Booths, which has 26 stores and is a fifth-generation family business, will benefit from greater economies of scale.
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Property
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Mercury rising
Knight Frank has been instructed to market the ground floor of Lancaster House in Liverpool's prime office core, on behalf of Network Rail. Formerly the old Exchange Station, Lancaster House is located within Mercury Court on Tithebarn Street. The 9,670 sq ft office suite has been refurbished. Graham Bowling, partner at Knight Frank, said: "The building is steeped in history. We are able to grant significant tenant incentives, such as a rent-free period, to any prospective sub-tenant or assignee."
Architecture awards gear up
The Liverpool Architectural Society, the local branch of the Royal Institute of British Architects, has launched a new set of awards to recognise architectural excellence in the city, the LAS 08. The awards, which will be held on 9 October, include categories for regeneration, conservation, commercial and community, with special awards for building of the year and lifetime contribution. Judges, including Urban Splash's Tom Bloxham and artist Ben Johnson, are now poring over the shortlists.
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