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Top story
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Swedish government makes move on UK wind energy
On the day that the French government announced the takeover of the British nuclear industry, Insider has learned that Swedish government-owned energy giant Vattenfall is to buy Eclipse Energy, the company behind the Ormonde offshore windfarm in the Irish Sea, for £51.5m. Eclipse was backed by the North West Business Investment Scheme, run by YFM Private Equity, and has spent eight years fundraising and gaining consent for offshore wind farms. Earlier this month it received planning permission for the Morecambe Bay scheme. Chief executive Ian Hatton said: “The combination of the Eclipse team and projects with the resources and ambitions of Vattenfall is exciting.” Vattenfall is the fourth largest energy company in Europe.
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Deals
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Adviser gets into debt and raises private fund
Daresbury-based corporate finance boutique Dow Schofield Watts is diversifying into debt advisory and private equity. Dow Schofield Watts Corporate Debt Advisory will advise distressed businesses on how to deal with banks, as well as banks and asset-based lenders. The business will be run by accountant Joanne Dodd and Paula Jones, who joins from The Royal Bank of Scotland, where she was a corporate director in specialised lending services. The team is also setting up a private equity fund, PHD Fund Managers, and is raising money from high net worth individuals in the North West. PHD will make investments of between £1m and £2m and will be chaired by Lord Daresbury.
You've got Telent
Premises Networks, the Altrincham-based provider of telecoms integration services, has been acquired by Warwick-headquartered Telent, a provider of technology services around the UK and in Germany. The acquisition will grow Telent's presence and service offering in the telecoms sector and strengthen its presence in the medium-sized to large enterprise market. Premises' key customers include BT, Lancashire County Council and the University of Central Lancashire and the deal will give the company the strength and financial stability to maximise its potential.
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Business
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Embrace Olympic opportunities, says Coe
Lord Coe has urged North West companies to get more involved in bidding for London 2012 work, insisting that half the £6bn worth of contracts for the Games will be awarded to firms outside London. Speaking exclusively to Insider on a visit to sports venues in Preston and Crewe yesterday, Sebastian Coe, chairman of the London organising committee of the Olympic Games, said there were plenty of examples of companies tapping into opportunities, such as Watson Steel in Bolton, which is helping build the Olympic Stadium, and Preston transport consultancy TAS Partnership. “For every big name there are going to be hundreds of sub-contractors required,” he said. Coe added that sport was “deep in the DNA” of the North West. His comments came as Manchester Metropolitan University expects to hear in the next few weeks whether it has been successful in securing a number of team training camps for 2012 at its Cheshire campus.
Minister backs radical funding idea for cities
A radical plan for cities to raise extra cash from bonds guaranteed against future tax revenues from new businesses in Accelerated Development Zones, coupled with Regional Infrastructure Funds, has been welcomed by local government minister John Healey MP. The report from the Core Cities Group of councils - which includes Manchester and Liverpool - was launched at the Labour Party Conference in Manchester yesterday and revealed a rise in revenue of between 50 to 80 per cent for housing, jobs and economic growth if the model were to be adopted in specific schemes. Healey said: "We're prepared to look hard at the ideas within here and would encourage a cross-party dialogue about the long-term funding for projects in cities."
"No complacency" as city efforts recognised
Manchester has retained its second place to London as the best UK city for business in the Cushman & Wakefield UK Cities Monitor 2008. For the second year in a row, Manchester was named the best city for a new headquarters and for back office functions. It also ranked first place as the city doing the most to improve and promote itself. Sir Richard Leese, leader of Manchester City Council, said: “This is welcome – it underlines our concentration on high-value functions. But there are three key areas we need to focus on: improving skills further, ensuring a good supply of grade A office space and improving transport to maintain the advantage we have in that area. There are no grounds for complacency.”
Leyland moves forward
Following South Ribble Council's decision to back plans for a private sector-led committee to drive regeneration projects in Leyland, the new board of Leyland Forward has been announced. The board consists of 11 members, including: chairman Nigel McGurk, the managing director of Ainscough-Johnston; Martin Ainscough, chairman of the Ainscough Group; and Jim Sumner, managing director of Leyland Trucks. McGurk said: "We want to bring about a new era that recognises and builds upon the town's celebrated industrious tradition, an era that will see Leyland re-established as a great place to live, work and visit."
Strong profit growth for The Co-operative Group
Manchester-based Co-operative Group has posted a 36 per cent rise in first-half operating profit, driven by strong performance in its food business. The UK’s biggest mutual retailer made an operating profit of £191.1m in the 28 weeks to 26 July, up 35.6 per cent from the same period last year. Its food business saw trading profit rise 68 per cent to £126m. The increase follows a critical period for the group following the merger with United Co-operatives last year and the £1.565bn acquisition of Somerfield, which is awaiting the Office of Fair Trading's go-ahead. Chief executive Peter Marks, ranked as the most powerful individual in the North West in Insider’s Power 100, said: “These results show that we are continuing to make huge strides within the trading group, in spite of all the changes going on in the business.”
Time to take those tough decisions
Vanda Murray, deputy chairman elect of the Northwest Regional Development Agency and a non-executive director of a range of companies including the Cheshire Building Society and Eazyfone, last night reminded struggling businesses that now is the time to take some tough decisions and keep to them. Speaking at Deloitte's âWomen who mean business' cocktail reception, Murray said: "Going into a recession, you have to act differently and take some tough decisions and be prepared to stick it out. There are opportunities when the economy's failing, as well as when it is growing, but the rules of the game change." She also outlined her views on leadership, work-life balance and the role of the non-executive director to an audience of top female professionals and business leaders.
Prestbury finalises transfer of advisers
Alderley Edge-based Prestbury Holdings, the loss-making AIM-listed financial services group, has finalised an agreement with Personal Touch Financial Services that will see the transfer of all of its advisers to the Birmingham-based rival. The company said its subsidiary Prestbury Financial was "unable to continue to trade in its current form". Any commission payments owed by Prestbury to the representatives in respect of completed business will be paid by Personal Touch, subject to a cap of £500,000. Trading in the company's shares will remain suspended until the announcement of the interim results for the six-month period to 30 June 2008.
Ongoing confidence at Bglobal
Darwen-based smart metering company Bglobal, which saw pre-tax losses increase to £3.47m from £2.28m for the year to 31 March, remains confident of its future in an energy-crunched world. Chairman James Newman told the company's AGM today that progress is being made on six framework contracts with energy and utility companies and the pipeline of orders for meter installations remains strong. Between April and August Bglobal has sold over 7,000 meters.
Hassall heads to the seaside
Hot on the heels of Sir Howard Bernstein's appointment as part-time chairman, urban regeneration company ReBlackpool has named Ian Hassall as director of land and property. He was formerly the chief executive of Liverpool Land Development Company, responsible for delivering a number of key projects including the £350m Edge Lane scheme. In his new role, Hassall will focus on developing strategies to secure long-term investment in Blackpool - given a boost in early August after the town received £4m from the Department for Culture Media and Sport towards its £11m Tower Festival Headland scheme.
Hasgrove sees profits rise
Acquisition-hungry marketing group Hasgrove has reported a 78 per cent increase in pre-tax profit in the six months to 30 June, up from £1.11m in the first half of last year to £1.98m. Turnover also increased by 62 per cent to £16.4m. The Manchester-based business said much of the period has been focused on integrating companies acquired over the past few years. It also merged its three digital businesses to create a new marketing and technology company, Amaze, in June. Rod Hyde, group chief executive, said: "Despite the general market conditions the group has continued to win and retain significant contracts due in part to the counter-cyclical nature of crisis management as well as an increasing move to online marketing."
University of Salford launches work-based course
The University of Salford has launched a company-specific course for London-based consultancy Capita Symonds as part of a £3m government-backed scheme to reform work-based training. More than 60 students will take a postgraduate certificate in management that has been described as a "groundbreaking graduate business skills development programme" by Capital Symonds chief operating officer Graham Cowley.
Mann moves up at Bankhall
Peter Mann, chief executive of Altrincham-based financial advisory firm Bankhall, is stepping down to join parent company Skandia as chief development officer next month. He joined Bankhall in 2001 and was appointed chief executive in 2005. In his new role he will be responsible for the marketing, strategy, sales and communications teams at Swedish savings giant Skandia, which is owned by Old Mutual.
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Property
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Industry brought tax on itself, says Minister
Local government minister John Healey told a fringe event at the Labour Party Conference in Manchester yesterday that the property industry has only itself to blame for the empty building tax after a leading business figure said the tax was "loathed". He was responding to a point by Angie Robinson, chief executive of Greater Manchester Chamber, who said the tax was "loathed" by businesses who were being hit with a double whammy - holding buildings they can't let or sell, but on which they were being taxed heavily.
Banking merger: good news for Spring Gardens?
Last week’s tumult in the banking sector could mean that two further floors of developer Langtree’s 40 Springardens scheme in central Manchester are taken up. HBOS occupies the building’s top two floors and leases two more. Lloyds is currently based across three city centre sites, in Norfolk Street, Marsden Street and the junction of King Street and Cross Street. Will Lewis at the building’s joint letting agent WHR told Insider: “We’ve heard nothing, but it seems like a good option to consolidate.”
Residential property market to recover - providing there's no recession
The North West's residential property market will start to recover in 2010, according to adviser Atisreal's latest housing and economy report, providing the UK avoids a recession. The report said that the underlying demand for housing still exceeding supply and, with the Bank of England likely to cut interest rates within a few months, credit lending should recover and the housing market should gradually improve. The region will return to positive growth of 3.8 per cent in 2010.
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