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Top Story
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Goodey calls for VAT cut to help sustainability agenda
How can the construction industry become more sustainable? That was one of the questions posed to the panel at Insider’s Sustainability in the Built Environment Breakfast this morning, held at Cube (Centre for the Urban Built Environment) in Manchester. Felicity Goodey, chairman of urban regeneration company Central Salford, called on the new government to cut the VAT rate on building repair and refurbishment work. She said: “It’s actually cheaper to knock down a building and start again rather than refit it. We had a classic example in central Salford with an Urban Splash scheme – refurbishing the properties would have cost considerably more than razing them to the ground and rebuilding on exactly the same footprint. It’s absolutely barking mad. We’ve got to do something about the VAT regime in this country.” The audience also heard from Mary Heaney, director of services at Manchester Metropolitan University, and Andrew Thomas, chief executive of the Centre for Construction Innovation North West. Highlights of the event can be read at twitter.com/insidernwest.
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Deals
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Questions over LDC-Antler deal
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OFS 'up for sale' after Spindler denies plans for exit
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Flowers Direct is sold
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Lloyds backs Promethean growth
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Akcros refinances Icelandic debt
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Business
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Pannone heavyweight to join JMW
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Market recovery boosts Victrex
Victrex, the global polymer business based in Lancashire, has reported growth in revenue and profits for the six months to 31 March 2010. Revenue of £89.3m was up 88 per cent from the same period last year, while gross profit rose by 66 per cent to £52.5m. although the company’s results were partly boosted by currency rates, it said: “All of our major markets have recovered from the downturn in 2009.” Victrex shareholders’ dividend has risen 23 per cent to 6.4p.
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NWDA still in the dark over budget cuts
The Northwest Regional Development Agency (NWDA) has admitted that it is still unaware how Chancellor George Osborne’s £6.2bn worth of spending cuts will affect it. NWDA chief executive Steven Broomhead said: “We do not yet know which individual projects and areas of regional development agency (RDA) work will be affected or how this saving will be divided amongst the RDAs. This will be agreed shortly.” He added: “Right now we have a significant job to do and we will continue to deliver renewed growth here in the North West.”
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IoD welcomes spending cuts, but FPB has concerns
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Torotrak back in the black
Torotrak, the Leyland transmission specialist, has posted a £400,000 profit after tax for the 12 months to 31 March 2010, after a £1.8m loss the previous year. Its revenues grew by 66 per cent to £7.6m in the period. The major source of its funding was a contract with Allison Transmission, which provided £6.2m of revenue in the period, including a second contact payment of £3.75m in March. Dick Elsy, Torotrak's chief executive, said the company would focus on energy efficient solutions in future.
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Sharp signs up the first eleven
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Manchester to hear North Staffs opportunities
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Property
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To submit your property to Commercial Property Finder click here
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Holiday Inn deal signed in Manchester
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New Fylde body sets out priorities
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