|
-
|
|
Top story
|
JD storms on as market awaits JJB
With Wigan-based JJB Sports set to release its own interim results on Friday, Bury-based rival JD Sports Fashion has today cheered its investors with a set of strong half-year results. Profit before tax and exceptional items jumped 54 per cent to £12.4m for the six months to 2 August, with like-for-like sales up 6 per cent, figures that have held up since. Executive chairman Peter Cowgill said increased sales of higher-margin in-house labels are proving critical. The company is in the midst of a refurbishment programme, with 37 sites in its estate of 430 due to be improved in the current year at an estimated cost of £12.2m. Cowgill announced himself pleased with trading at the group's two fashion chains, Bank and Scotts.
|
|
|
Deals
|
Plcs find cash in non-core sales...
The number of North West plcs looking to sell non-core operations to generate cash will increase over the next few months, according to regional professionals. Corporate finance director Adrian Gare at accountancy firm Baker Tilly in Manchester said: "For many it's not about disposing of underperforming divisions - but instead more to do with generating cash and concentrating on main activities. With challenging trading conditions and the continued squeeze on liquidity set to continue, I expect this trend will continue for the foreseeable future."
...and increase their value in the process
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."
|
|
Business
|
Manchester teams with Shell on biofuels future
The Centre of Excellence in Biocatalysis, Biotransformations and Biocatalytic Manufacture (CoEBio3), which is based at The University of Manchester, is preparing to work with energy giant Shell on the development of biofuels. CoEBio3 was established in 2006 and has become one of the leading European centres in white biotechnology, the use of microorganisms and enzymes to manufacture chemicals. Professor Nick Turner, director of CoEBio3, said: "White biotechnology is poised to expand dramatically over the next few years."
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.
KPMG called in to Oldham
Oldham Council has appointed KPMG to put its finances in order, having last week revealed that it may have to shed 850 jobs to cover a £17.3m budget shortfall. KPMG will submit an initial report in November at a cost of £227,000 and will work with the council for two years as its efficiency partner. The firm estimates that it could save between 8 and 15 per cent of the council's £195m annual budget.
Greggs flies in
Greggs North West, the Manchester-based division of the national bakery retailer Greggs, has announced an investment of over £200,000 in a new flagship shop in Manchester Airport Terminal One. The investment is part of the continuing expansion plans for the company, which reported growth and increased profits in recent weeks despite the economic climate. The store will employ 30 full- and part-time staff and will operate extended trading hours to cater for the frequent flyers and tourists using the terminal.
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."
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."
First bus operators appoints PR firm
Citypress has been appointed PR adviser to First in Manchester, the bus operator that carries around 100 million passengers each year on 190 local bus routes in Greater Manchester. First is investing £35m over the next two years in adding 200 vehicles to its fleet. The new account adds to the PR firm's travel and transport client base, which includes The Co-operative Travel and Shearings Holidays.
BJL's window of opportunity
Manchester advertising agency BJL has created a series of new television clips for 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 runs until March and could reach more than four million homeowners.
Entrepreneurs sought for Bolton show
The Business Show 2008, which is being held at Bolton Arena on 23 October, is inviting businesses and individuals to pitch their ideas to a panel of entrepreneurs for an investment of up to £50,000. The event – with a panel including Dragons’ Den veteran and local entrepreneur Imran Hakim of I-Teddy and star Rachel Elnaugh – is looking for six businesses or individuals who require advice and investment for new ideas that they want to take to market or grow to new levels.
Tier 1 secures top award
Manchester-based Tier 1 Asset Management has received a national award for its UK-wide secure and ethical IT disposal service. The end-of-life computer business won the best WEEE partnership honour at the Valpak Awards, which recognise excellence and innovation in the area of recycling, waste minimisation and environmental awareness. Valpak is a government-appointed organisation that runs the national network of designated collection facilities for waste electrical and electronic equipment (WEEE).
|
|
Property
|
Lancashire reveals plans
Lancashire County Cricket Club has this morning unveiled its plans for a redeveloped Old Trafford, at the heart of a 50-acre regeneration project also involving Trafford Council, Ask Developments, the neighbouring Stretford High School and, critically, Tesco. If the scheme can secure funding and clear planning, the area could see 750,000 sq ft of commercial space along with an improved venue. Old Trafford has slipped down the pecking order after being outbid by new stadia like Cardiff and Durham for Test matches.
Outline planning for Bolton's Church Wharf
Bolton Council has given outline approval to the plans by joint venture developers Ask and Bluemantle for Church Wharf, a redevelopment of a largely brownfield 14-acre site. The £210m scheme, designed by Carey Jones, includes 300,000 sq ft of commercial space and a residential quarter. Bluemantle chief executive Mark Caldwell said: "The next challenge will be to see if the public and private sectors can work together to overcome market conditions and move towards development."
Walker Sime picks up the Quays
Property group Wrather has appointed Walker Sime as quantity surveyor for a £7m multi-storey car park and office extension project in Salford Quays. The project, for Wrather subsidiary Garhurst, will involve the addition of 37,000 sq ft of office space to the existing Dock Office site, as well as the construction of an eight-level, 216-space car park. The scheme, designed by Ombler Iwanowski Architects, has been granted full planning permission.
Me and the pharma
Herriots (Design & Build), the fit-out and refurbishment contractor, has completed the design and fit-out of new offices for Octapharma in the top two floors of the Zenith Building in Manchester's Spring Gardens. The 5,000 sq ft space will house the UK office of European blood plasma specialist Octapharma. Over 60 per cent of site waste was reused or recycled, including the reuse of packaging and cables.
Through the Portal
Macclesfield property company Bell Meadow will tomorrow officially open its Portal Business Park in Tarporley, Cheshire. The 40,000 sq ft scheme already has three occupiers and was built with £4m of debt funding from the Manchester office of Allied Irish Bank. The park, which borders the Portal Golf and Country Club - where planning consent has been given for a new hotel - comprises 15 units varying in size from 2,000 sq ft to 6,000 sq ft.
|
|
|
Contact Us
Insider
8th Floor, Boulton House
17-21 Chorlton Street
Manchester
M1 3HY
Telephone: +44 (0)161 907 9711
Email: nw@insiderdaily.co.uk |
 |
Subscribe
To subscribe to the eBulletin,
click here.
|
|
- |
