Canadian pension fund eyes Moneysupermarket.com
Simon Nixon, co-founder and 54 per cent shareholder of Moneysupermarket.com, yesterday rejected an initial takeover approach for the North Wales-based price comparison site by the Ontario Teachers' Pension Plan through its investment arm, Teachers' Private Capital. Teachers' is the largest single-profession pension plan in Canada, with C$108.5bn in net assets. Moneysupermarket.com continues to dominate its sector, despite challenging conditions in the loans and mortgages markets. Shares in Moneysupermarket.com soared 15.25 per cent yesterday and were still holding some of that gain this morning. Teachers has reserved the right to make another offer within the next six months.
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Historic rail link reborn
A £7.9m rail project in Merseyside is set to take lorries off the North West's congested road network. The first tracks have been laid in the reopening of a disused rail tunnel that will allow the creation of a new freight link for deep sea container trains between Peel's Port of Liverpool and Manchester, as well as the West Coast Main Line. The tracks for the Olive Mount Chord project were laid by contractor First Engineering from Olive Mount Junction to Edge Lane Junction in Liverpool through the disused 1882 Olive Mount Tunnel. The line has been closed for 20 years and the scheme is due to be completed by December.
Return of the snack
American-style restaurant chain What's Cooking is set to open a new eatery at Liverpool's Albert Dock. The chain first opened a restaurant at Albert Dock in 1984, but left to concentrate on its other venues in Heswall and Chester. The move is expected to create 50 jobs when it opens at the Dock's Queen Elizabeth Hall. Joint owner Guy Lawrenson said: "We are keen to cultivate successful partnerships with other like-minded Liverpool businesses for the benefit of the city and all concerned."
Indies feel the pinch
Independent retailers are feeling the effects of the economic downturn to a greater degree than chain stores, according to the British Shops and Stores Association's (BSSA) quarterly sales monitor. The survey found that three month like-for-like sales were down 1.83 per cent compared to 0.03 per cent for the same period last year. Books, toys and music stores fared particularly badly, down 7.5 per cent. John Dean, BSSA chief executive, said: "These results indicate the serious predicament independent retailers currently face."
Double award win for A-Plant
Warrington-based hire company A-Plant is celebrating after a double award win at the National Business Awards North West Regional Finals 2008. The business, which has around 200 depots across the UK, scooped the CMI Customer Focus Award for the third year running and also won the 3i Growth Strategy of the Year Award. It will now go through to the national finals in London in November.
Robinson named as new council chief
Shadow council members of new unitary authority Cheshire West and Chester Council have appointed Stephen Robinson as the new authority's first chief executive. Robinson will move from his position as chief executive of Stoke-on-Trent City Council when the authority comes into being in ten months. He said: "The new council is extremely well placed to punch its weight in the North West to attract public and private investment to improve the prosperity of the area." The new authority will replace Cheshire's seven district councils and the county council.
Walker Sime to attack Dubai
Liverpool- and Manchester-based quantity surveyor Walker Sime is tackling the property industry slowdown proactively, by seeking opportunities in the United Arab Emirates. Speaking exclusively to Insider, director Derek Walker said: “Development is slowing down here so you’ve got to think laterally and explore different markets, which for us means public sector work and engineering, but especially the UAE. We’ve had very positive meetings with well-regarded developers and are ready to get people out there. There’s so much development but our feedback says there’s a need for control and the services we can provide. We’re really excited by this.”
Action needed to save rural economies
Rural communities need a fundamental shake-up of planning and affordable housing policy, according to the findings of a government report. As the US House of Representatives passes a housing rescue bill that could help struggling homeowners get cheaper loans, the Living Working Countryside report finds that the high cost of homes coupled with the low wages of rural workers are creating unsustainable pressures. It recommends community-led affordable housing initiatives and new planning policies to shift growth into creating neighbourhoods with shops and facilities and village businesses. James Rowlands of the Royal Institution of Chartered Surveyors, said: "This must be followed through with real action from the government to stop the countryside becoming a quaint museum to be enjoyed at weekends by wealthy commuters."
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