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Top story
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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. Energy and climate change minister Mike O’Brien said: “This is an important milestone in tackling the UK’s civil public nuclear legacy. The government established the NDA to get to grips with the legacy after decades of inaction. Sellafield is the biggest and most technically challenging site and we look forward to seeing significant progress.”
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Deals
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Funding for technology company
Accessories 4 Technology (A4T), the Bolton-based specialist video gaming accessories company, has secured a £4m working capital facility from The Royal Bank of Scotland Group to support its rapid business growth. Launched four years ago, the Bolton-based company has established itself as a market leader in accessories for the video games industry. A4T’s turnover has grown by 50 per cent year on year, to reach £12m during 2008 and is predicted to rise to £18m next year. The funding ensures it has the necessary capital in place to continue with its expansion plans.
Caring for the South West
Lancashire businessman Ken Nolan has expanded his care home business into the South West through the acquisition of Bristol-based Riversway Care, a business he helped found. Advised by Pierce, Nolan purchased the business through his company Carefore. He also owns the Springhill Care Group in Accrington, founded more than 25 years ago, which has a projected turnover for 2008/09 of £7m and six sites. Riversway was formerly owned by two brothers together with Ken Nolan, who each owned one third of the business.
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.
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.
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Business
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New stores the hope for JJB
A year on from the launch of its first ‘new era’ store at the Trafford Centre, retailer JJB Sports has reported a 50 per cent year-on-year increase in sales at the store. New store layouts, targeted staff training and development and enhanced IT systems are part of chief executive Chris Ronnie’s plan for the new stores, which have outperformed a dismal sports retail market throughout 2008. The conversion of JJB’s estate continues.
Disappointing sales for Byotrol
The board of Manchester-based anti-microbial technology company Byotrol said this morning that it is “disappointed” with sales in the six months to 30 September as it released unaudited interim results to the stock market. However, revenues did rise to £387,852 from £214,995 in the same period last year and earlier this month Byotrol raised £3.75m in a share placing to fund future growth. The company is concentrating on three market areas: healthcare, through a relationship with Synergy Health in Europe and through US distributors; consumer products, via a joint venture with What If Ventures; and food and agriculture, through distributors and direct sales. It is no longer seeking new opportunities in industrial and technical, hospitality and leisure, and general agriculture.
MAG coy on Virgin reports
Manchester Airports Group will neither confirm nor deny reports that is has joined a consortium to buy Gatwick Airport, as reported by the Daily Telegraph. Reports suggest that the Virgin Atlantic-led group also includes Easyjet and is looking for backing from Goldman Sachs for a £2.5bn bid. An airport spokesman this morning told Insider: “It’s well known we’re interested. We’ve appointed a bid team internally and are appointing consultants. We are talking to other organisations but it would be inappropriate to name them at this stage.”
TIF Vote too tight to call, says Yes campaign
As the first of 1.9 million ballot packs are sent out, the Transport Innovation Fund’s Yes campaign say that the public vote is “on a knife edge”, according to a poll of 5,000 Greater Manchester residents. Voters with a clear view in favour outnumber confirmed opponents within a majority of the ten boroughs, although 26.8 per cent of those polled were still undecided. The Yes campaign is predicting a turnout of 63 per cent. Yes campaign director Dan Hodges said: “When this referendum was called the ‘No’ campaign thought victory was in the bag. I’ve got a suspicion they’re going to regret taking the people of Greater Manchester for granted.”
Hemmings cash may not be enough, warn PNE
The sale of star asset David Nugent was not enough to prevent Preston North End FC recording a loss in 2007-08, it reported today. The club has to date received half of Nugent’s £6m transfer fee, a £400,000 shortfall on its operating loss. With player wages climbing 17 per cent to £9m and attendances down by over 1,000, chairman Derek Shaw, acknowledged the club’s largest shareholder, Trevor Hemmings’ Guild Ventures, saying that its loans are allowing the club to compete for new players and offer wages comparable to rivals.
Blackpool Airport tries again
Blackpool Airport has launched an investment and development plan in a bid to attract new passengers, airlines and routes. The plans include a £2m infrastructure investment, a marketing campaign, free passenger parking and a £10 Airport Development Fee (ADF) charge for all departing adult passengers to assist the funding of development. The airport is 95 per cent owned by construction giant Balfour Beatty and is the UK’s third to introduce an ADF charge, although it is the first with free parking.
Cameron coming to Manchester tonight
Manchester business leaders will be among the first to hear the Conservative response to this afternoon’s Pre-Budget Report when party leader David Cameron speaks at the Greater Manchester Chamber dinner at the Midland Hotel. Speaking at the CBI conference this morning, he said: “It’s time to construct an economy that is genuinely built to last. In the immediate term, that means being radical in monetary policy so we get credit moving to wealth creators.”
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.”
New appointments at WH Ireland
Manchester-headquartered stockbroking firm WH Ireland has appointed Nigel Gurney as finance director and Michael Frame as operations director. The two appointments will be made following the termination of Gurney’s employment with Spencer House Capital Management, where he is financial controller. Frame is an exisiting director and company secretary of WH Ireland, having joined the firm in March 2000.
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Property
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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.”
Languages provider builds presence
Property agency Edwards & Co has acted on behalf of INTO Manchester, which teaches English to international students, to increase its accommodation at Bruntwood’s Bridgewater House in Manchester by 12,000 sq ft, taking its total space to 41,000 sq ft. INTO Manchester has agreed terms for a lease of 15 years at £15 a sq ft.
It’s a Breeze for Claremont
The Breeze, Claremont Group Interiors’ first serviced offices, are now fully let, with Front Marketing Communications taking the final available space at the Birchwood scheme. The 15,000 sq ft Breeze comprises five tenant workspaces and hospitality and conference space and wireless intranet for tenants and visitors. Service Retail, AspenTech, Ology Business Coaching and Integra People are the project’s other occupiers.
Russells gets busy for Aldi
Russells Construction has started work on a £1.5m contract to deliver a new Aldi superstore in Heywood. The 17,000 sq ft unit is set for completion by April 2009. The brownfield site on Rochdale Road East was acquired by Russells Construction which successfully secured the contract with Aldi and gained planning permission to provide a retail store, an adjoining 8,000 sq ft trade counter and associated loading bay and car parking facilities.
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Events
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Dates for your diary this week
It’s one hell of a week for networking. Drivers Jonas is holding a planning seminar on Wednesday morning in Manchester. And on Thursday evening there’s something for everyone in the property world: the Young Entrepreneurs in Property group are holding their Christmas social at City Inn, while Atisreal and Drivers Jonas are holding their festive bashes the same night, and Swedish workspace firm Kinnarps is celebrating the opening of its new Manchester base at Christie Fields, Didsbury, with an open day complete with a smorgasbord of Swedish food and drink. The Institute of Directors is teaming up with fashion boutique Vivienne Westwood to offer its members a VIP evening of shopping, networking and cocktails at the Manchester store on Thursday evening. Meanwhile, Cazenove Capital Management will host a seminar in Manchester on Friday at which the keynote speaker will be financial heavyweight Richard Jeffrey, chief economist and strategist and chief investment officer designate.
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.
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