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Top story
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Insider steps into the ring with TIF combatants
With the consultation period on Greater Manchester’s bid for cash from the government’s Transport Innovation Fund (TIF) now over, Insider yesterday gathered protagonists from both sides of the debate to discuss the implications of the £3bn scheme ahead of the referenda in December. In a feisty but fair fight, the anti-campaign, led by Andrew Simpson of Peel Holdings, criticised the scale of the charging zone and the lack of regard for business. “It’s a badly put together system, it’s far too big and the claims that are being made about job retention are poor,” he said. “You’ve got to put proposals together that will benefit the region and not penalise the economy as a whole.” Rowena Burns, Bruntwood’s chief operating officer, hit back for the pro-TIF camp. “A £3bn investment is unique and unprecedented – it represents 90 per cent of all the money that’s likely to be available in the next decade for public transport,” she said. “We need leaders in this city to have a long-term vision.”
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Today's news
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Small businesses to pay as economy stumbles
The shrinking of the UK’s GDP by 0.5 per cent in the third quarter of 2008, the first quarter of negative growth in 16 years, will further dent confidence in North West business, according to experts. Charles Lucas, consultant at North West accountancy firm Beever and Struthers, said: “Current conditions are much worse than in previous recessions. Big business may have been bailed out by the government but it's the small and medium-sized enterprises, the engine of the British economy, that are directly in the firing line now.” Ilona Krohn, principal economic adviser at Greater Manchester Chamber, said: “This only confirms what business people have been feeling over the last six months. Confidence levels are at a record low.”
Insider wins again
Insider added to its packed trophy cabinet again yesterday as assistant editor Neil Tague secured the award for best article in a regional business magazine at the IBP Regional Journalist Awards. This is the second year running that Tague has clinched the award, which this year was made for an article in the April issue of Insider examining the director disqualifications at property company Baysouth. You can still read the first of his new series of online columns, Tague on Tour, on our website, in which he outlines the battle for hearts and minds in the TIF debate.
Restructuring saves Gledhill jobs
In a sign that not all distressed businesses have to collapse, part of Blackpool-based Gledhill Water Storage has been restructured by administrators to allow it to continue trading. Gledhill’s new-build operation produces and supplies heating equipment to customers including Persimmon and Taylor Wimpey. Around 90 positions were earmarked for redundancy following the ceasing of trading of the division a week ago, but administrators at Tenon Recovery have slashed that number to just 30 by restructuring the business.
Store in a minute
Rossendale developer B&E Boys continues its strategy of converting industrial buildings into self-storage space. With sites already operational in Rossendale, Bolton and Blackburn, the company’s latest site is at the 150-acre Victoria Works on Bolton Road, Bury. It will offer large and small units – it already stores a vintage car for one customer – and runs a store-to-door service, whereby a micro container is delivered to the customer and then collected for storage.
Fallow the leader
London-based Fallow International Freight has chosen Prospect GB’s Ascot House on Trident Business Park in Birchwood as the location for its first regional office. Fallow has moved into the 1,681 sq ft first floor of the building, which is also home to Prospect, the development subsidiary of Riverside housing group.
Quays wins US recognition
First it was Bill Bryson saying how he liked the new Arndale. And now Salford Quays has won a Phoenix Award at The Society of American Travel Writers' (SATW) 53rd annual convention in Houston. It is the only non-US location to win recognition this year from the scheme, which was set up in 1969 to highlight conservation, beautification and anti-pollution accomplishments. SATW held its 2007 convention in Manchester. Paul Simpson, managing director at Marketing Manchester, said: “We’re delighted that the Quays has been recognised. The area clearly made an impact on the hundreds of American writers that joined us last autumn.”
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Something for the weekend
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Deal of the week
Chris Ronnie, JJB’s chief executive, bought some breathing space over last weekend with the sale of 5 per cent of the business to his friend and rival, the larger-than-life Sports Direct boss Mike Ashley. This week he told Insider: “Is Mike Ashley a welcome investor? Absolutely. Our board made a collective decision that it’s the right move for us as we look to make this business prosper in the long term.”
20:20 hindsight quote of the week
“I knew there would be a recession the moment I saw that design for the Will Alsop tower block. It was just symptomatic of the way that developers thought they had to go for stuff like that.” Chris Farrow, chief executive of urban regeneration company Central Salford, speaking to The Times this week on Salford’s revival, comments on the mothballed Chapel Street tower. It may have been more helpful if someone in Salford’s corridors of powers had said as much at the time.
Retail is detail
Following yesterday’s announcement of the Trafford Centre’s market-bucking sales figures, Manchester Arndale has released footfall figures of 23 million for the first 38 weeks of 2008, an increase of 11 per cent on 2007. All very encouraging, and manager PRUPIM is to be congratulated on a fine redevelopment – Insider just hopes that July and August increases of 14.8 per cent and 9.3 per cent respectively were down to more than punters scurrying for the comfort of the indoors from the Manchester summer.
Canapé won’t pay
To Shudehill, Manchester, for the opening of the brand spanking new Crowne Plaza, where Sirs Richard Leese and Howard Bernstein did the honours, along with the BBC’s Ranvir Singh. The Champagne and JW Lees flowed, the string quartet played and the canapés were plentiful if a little limited in scope, although shot glasses of oxtail soup can only be applauded. Stanley House, near Blackburn, however, takes this week's title thanks to some astonishingly good bacon butties at Insider's manufacturing breakfast.
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Insider
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Telephone: +44 (0)161 907 9711
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