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Top story
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Dual-listed Proventec remains confident
Liverpool-based Proventec, the AIM-quoted provider of steam cleaning and coating services, has recorded group turnover up 41 per cent to £8.18m in its interim results for the six months ended 30 September. The company, which is quoted on AIM and Alternext, a market operated by Euronext Paris, partly attributed a £649,000 loss to weakness in sterling, to its flotation on Alternext and to one-off costs incurred through two small acquisitions. Chief executive David Chestnutt said: “Proventec’s main businesses are focused on markets where cost is not necessarily the most important consideration and the group remains confident that it can continue to provide innovative and effective solutions where solutions are required.” Since Proventec dual listed on Alternext, it has seen increased investor interest from outside the UK and believes it now has access to mainland European capital markets that will give it greater flexibility.
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Deals
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In Focus – Care in the community
At times like these it pays to keep on the right side of everybody. As Insider editor Michael Taylor explains in this week’s online deals column, In Focus, for years one of the North West’s strengths has been the tight-knit nature of its dealmaking community. “They would meet at the school gate, at the rugby, and most people tend to live in a small number of villages and suburbs,” he says. “You don’t stiff someone who you might see again. It tends to lead to a greater sense of honour and respect.” Click here to read more.
Ask the Expert – corporate finance
Ever wondered whether there is more to corporate finance than mergers and acquisitions? There certainly is in these credit crunched times. This week Insider’s popular Ask the Expert features John Jones, partner and head of corporate and forensics at Beever & Struthers in Manchester, who will answer your questions on what corporate finance advisers can do for your business. Email any questions you may have about restructuring, refinancing and creating strategies for your business to asktheexpert@newsco.com - please note, all questions will be treated in the strictest confidence. John’s answers will appear online on Friday. And you can still view last week’s answers on finding funding here.
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Business
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Nuclear clean-up deal completed
Nuclear Management Partners (NMP), a joint venture between AMEC, US-based Washington Division and French group AREVA, has today taken over Sellafield from BNFL, the state-owned nuclear energy organisation. Twelve thousand workers will move from the public to the private sector although the land, buildings and nuclear materials, including waste, will remain under the ownership of the Nuclear Decommissioning Authority. NMP will own the shares in Sellafield for the duration of the 17-year contract. The value of the work to be done by the company is £1.3bn in its first year alone and is expected to reach £22bn.
Landround calls in the administrators
Landround, the Chester-based reward and promotions business, has been placed into administration by its board and trading on AIM suspended. At the end of October the company released interim results that showed revenues for the six months to the end of July were down to £2.4m from £3.2m for the same period last year. Earlier it had said it was considering selling off “some or all” of its businesses as it expects revenues and results for the second half of the year to be “significantly affected” by an ongoing dispute with one of its Buy & Fly customers. That dispute was said to have been near to a resolution, but losses were still expected in the second half of the year.
Eagle-i lands £1m contract
Eagle-i Holdings, the Runcorn-based vehicle positioning and fleet management systems business, has announced a three-year strategic partnership with Hitachi Capital
Vehicle Solutions, part of the eponymous technology giant, which should deliver annual revenues in excess of £1m. Hitachi will market Eagle-i's products to its customer base and new prospects as part of its Capital Control fleet management offer. Ian Walmsley, chief executive of Eagle-I, said: “This is an endorsement of our strategy, which aims to develop differentiated and sustainable propositions with market-leading organisations.”
Chamber goes to the top
Delegates from the Liverpool Chamber of Commerce are to meet the Chancellor Alistair Darling and other MPs, including shadow chancellor George Osborne, in Westminster on Wednesday. The Chamber is intending to apply more pressure on two key themes, the impact of Empty Property Rates and rate increases in ports. The delegation has also arranged discussions with Baroness Vadera, Minister for Competitiveness and Small Businesses, and Beverley Hughes, Minister of State for the North West. On empty rates, Chamber chief executive Jack Stopforth said: “The evidence suggests that developers are now unwilling to proceed with projects unless tenants have already been secured.”
We’re going down the hub
SOG, owner and operator of The Heath Business and Technical Park in Runcorn has joined up with Liverpool John Moores University to create a business lounge in Liverpool’s Hatton Garden. The Business Hub provides an ‘office away from the office’ for businesses wanting a city centre base and a gateway to the expertise and resources from the two organisations. A range of membership options is available from £750 a year.
Beating recession the CBI way
As the country prepares for, considers and speculates upon what will feature in today’s Pre-Budget Report, the CBI has unveiled a ten-point plan to keep business working, safeguard jobs and position the economy for recovery. The UK business organisation is calling on the government to take immediate action to help businesses improve cash flow or risk healthy firms going under and unnecessarily prolonging the recession. The plan includes: improving the flow of capital to business; countering the withdrawal of trade credit insurance; making modest business tax cuts; and improving skills. Richard Lambert, CBI director-general, said: “The next six months will be critical. If we are to stand a fighting chance of preventing this recession from becoming longer and more painful, we need to act now to get the credit markets working properly.”
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Property
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Everton inquiry goes on
Planning expert Jeremy Williams has submitted his evidence to the public inquiry over Everton FC and Tesco’s plans to build a retail-led regeneration scheme in Kirkby. Williams, a partner at consultancy DPP, referred to a 2002 report into Kirkby’s high level of “retail leak” and told the inquiry: “In my view the proposed development will not result in adverse impacts on surrounding town centres, but will give rise to significant wider regeneration benefits including enhancing the profile of the town and physical regeneration of the existing town centre.” The bid is being opposed by Liverpool, West Lancashire, Sefton, St Helens and Lancashire councils.
New Year launch for Elan’s schemes
John Kendrick, who led the buyout of David McLean Homes from administrator Deloitte, says the new Elan Homes business will relaunch its homes schemes in 2009. A statement from Kendrick said: “We are now exploring a number of opportunities relating to the joint venture schemes handled by David McLean Developments and are keen to progress the commercial development side. The business now has a strong management team and financial base, and we are confident that we will be able to take it forward on a stable footing. We will be considering new land opportunities in due course and are aiming to relaunch all of our homes developments in the New Year.”
Heath expansion kicks off
Work on the expansion of the Heath Business and Technical Park in Runcorn has been officially started, with Halton Borough Council leader Tony McDermott turning over the first sod of soil on the project’s first phase. SOG, the owner and operator of the Heath, unveiled plans earlier this year to add 180,000 sq ft of offices and laboratories to the existing site, taking the workforce at the business and science complex from 2,000 to over 3,000 workers in the next five years and is starting with two new 9,500 sq ft buildings.
Work starts on Widnes revamp
Construction work has started on the £1.275m redevelopment of the former Widnes Town Hall after developer Bridge Leisure secured funding from NatWest. The scheme includes a boutique hotel, a function room, a bar and a restaurant and is expected to take nine months to complete. The 1885-bulit hall has in recent years housed the Halton Chemical Industry Museum and the Halton Business Forum before falling into disrepair.
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Events
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All I want For Christmas…. Have your say
On 3 December Insider is hosting the final networking event for 2008 for the members of the exclusive 42 under 42 fellowship. 42s past and present (including one from the first ever 42 under 42 list - the North West's most misunderstood entrepreneur, Roger Cashman, executive chairman of RC Solutions) will be presenting their hopes and dreams for a prosperous 2009, under the banner “All I Want For Christmas…”. The festivities will take place from 6.00pm at Hill Dickinson’s offices on St Paul’s Square in Liverpool, with mulled wine and Christmas canapés for all. An invitation-only event, we are extending an invite to half a dozen Insider readers with the best Christmas list. So what’s yours? Email your list to insider@newsco.com.
Dates for your diary this week
On Wednesday Groundwork Merseyside is holding an event at Liverpool Innovation Park to help companies understand the Waste Electrical and Electronic Equipment directive, including an update on the Batteries Directive. Then head on over to Liverpool Science Park in the city centre in the evening for a briefing on how businesses can benefit from engagement with the University of Liverpool and Liverpool John Moores University. Meanwhile, UK Land & Property and Pochin’s are hosting an event on Wednesday evening to launch Walker House at Exchange Flags. On Thursday lunch time retailer Molton Brown is holding an event at Brew Tea Bar in Liverpool’s commercial district, where visitors will be treated to a pampering experience including express hand and arm massages. From 6pm on Thursday evening the Parr Street Studios will be home to I-start, an informal networking event for digital media businesses, budding entrepreneurs and graduates, at which Kevin Price from the BBC will be discussing the Future Media and Technology department’s impending move to MediaCity. And, if all that’s not enough, law firm DLA Piper is holding a private view of the work of Julia Midgley, the DLA Piper Artist In Residence at its offices.
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Contact Us
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Telephone: +44 (0)161 907 9711
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