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Top story
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£3.1m in the pot for “user-friendly” festival
Alex Poots, director of Manchester International Festival, has pledged to make the 2009 event hit home with Mancunians as much as the arts world. This morning it was announced that the festival has so far secured £3.1m of its sponsorship target of £3.6m, with its six confirmed partners being Bruntwood, Manchester Airport, PZ Cussons, NCP, City Inn and the Northwest Regional Development Agency. Poots told Insider: “The marketing will be more user-friendly and we’re confident our communications programme will reach a wide audience. Because of the sponsorship committed we’ll be able to stage more free events.”
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Deals
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Daisy grows again
Lancashire telecoms reseller Daisy Communications has completed the acquisition of 3,700 customers from Wiltshire-based 4Com. The deal, which is worth an estimated £8.4m in annual revenue, is Daisy's 19th to date and takes customer numbers for the Nelson-based company over the 32,000 mark. In a rapidly consolidating communications market, chief executive Matthew Riley said: “Customer experience, product choice and value for money are key, and as a company we are determined to provide the best.”
MBO carves out computer niche
Cumbria-based Armstrong Watson Computer Solutions has gone through a management buyout led by Andrew Fisher. Fisher, who has worked at the company for over 19 years and been a director for the past three, has taken the role of managing director of the business, which will rebrand to become Integrity Office. The deal will allow Armstrong Watson to concentrate on its core specialism of providing financial advice across the region.
In Focus – private equity opportunities
In this week’s edition of his online deals column, In Focus, Insider editor Michael Taylor returns to the theme of private equity and the role it can play in the future of British business. “I’ve been a bit rude about private equity in recent In Focus columns,” he says. “Probably too rude, but the old truism that the smartest investors buy in the down times and sell before the market reaches the top surely creates an unprecedented opportunity for private equity funds of all shapes and sizes.” To find out what more he has to say about private equity and how Simon Walker of the BVCA views his industry, click here.
Ask The Expert - deals
Our popular online feature Ask the Expert, sponsored by Merrill Datasite, is currently playing host to David Houghton, who heads the corporate finance team at law firm Brabners Chaffe Street. He is answering your questions on managing your corporate finance requirements in a recession, whether it’s making an acquisition, sourcing private equity funding or seeking growth capital. Last week he tackled sourcing private equity and bank funding. You can still view his answers here. Later this week he will be answering two more questions so check on Friday.
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Business
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Two years of pain, says Bernstein
Sir Howard Bernstein, Manchester City Council’s chief executive, believes we’re in for a tough two years. Speaking at a Greater Manchester Chamber event on Friday, Bernstein said: “We have to assume there’ll be no growth in the UK economy for two years. But what this does is give us opportunity to focus on the projects that will drive economic competitiveness. Development in and around Manchester Airport is fundamental, while the Oxford Road corridor is the single most important project in GVA terms in the north of England – it’s a remarkable opportunity for a knowledge-based quarter that is still creating jobs.” Of transport, he said: “We have to prioritise schemes geared at economic outcomes – that’s what business wants.”
The toys are on us
Toy company Casdon, the brand name of Blackpool-based Cassidy Brothers, has announced a 6 per cent increase in turnover to £2.07m for the six months to 31 October 2008, generating a pre-tax profit of £274,239, up from £134,751 for the same period in 2007. This growth is thanks to increased business from the Middle East and Australia, and the purchase of toy Dyson vacuum cleaners by Dyson Appliances to assist its marketing campaigns in Europe. The company, which announced an increased interim dividend of 1p, has two new products for 2009: a toy version of the George Foreman health grills and a Postman Pat steering wheel with electronic sounds.
2ergo goes to India
Lancashire-based 2ergo, provider of convergent mobile communications, has expanded into India through the recruitment of Active Media Technologies (AMT) and its Indian subsidiary, Active Media Technologies Private, to its business partner programme. AMT provides mobile services and solutions, deploying mobile coupons, vouchers, tickets and loyalty programmes to create customer relationship management solutions and mobile marketing campaigns. Its technology is integrated with most major mobile operators in India, including Airtel, Vodafone, Idea, Reliance and Tata, and AMT will promote 2ergo’s MultiSend product to its Indian mobile network operator clients.
API reduces expectations
Cheshire-based foils and packaging materials firm API Group is set to report a loss for its full-year operations as falling demand continues to hit the manufacturing sector. Full-year revenues are expected to show a year-on-year decline of 3 per cent and the company is continuing to identify possible areas for cost savings. API is still forecasting to report a trading profit from continuing operations and recent currency fluctuations between sterling and the euro are expected to positively impact margins in the next few months. The business continues to operate within its banking covenants.
Mixed future for region as recession bites
Warrington has made it into the top ten of an economic prosperity index in the UK, ranking eighth above Milton Keynes and Oxford, in a report by think tank Centre for Cities. But the town ranks second after Blackpool as being at risk for its high exposure to the distribution and hostelry industries and it is in the bottom ten for employment growth. The report reveals the towns and cities most exposed to recession and least well placed to ride out job losses and business closures over the coming months. Wigan is identified as at risk for its high concentration of jobs in construction, banking, finance and insurance and ranks only 46 out of 64 on economic prosperity.
Intercytex to cut jobs
Intercytex, a developer of regenerative medicine products that has its clinical production facility and research and development laboratories in Manchester, is to halve its workforce to reduce “cash burn”. A consultation process has begun at the company’s facilities in Manchester and Boston to trim the current headcount of 76 employees. The recent completion of phase three trials on the firm’s Cyzact product has resulted in the requirement for fewer employees and the board has also taken a view that it is “inappropriate for the company to be commencing new projects in the current climate”.
Retail move on hold for Cattles
Embattled lender Cattles, which operates its invoice finance arm in Manchester, has confirmed that its application to take retail deposits has been withdrawn. Following discussions with the Financial Services Authority, permission is unlikely to be granted until the turmoil in the financial markets has stabilised and the terms of Cattles’ renegotiation of its bank facilities are known. In a statement this morning the company said: “Given these circumstances, the group has decided to withdraw its application until such time as there is greater certainty on both these matters.”
New nuclear hope for Cumbria
The Nuclear Decommissioning Authority (NDA) will nominate land near Cumbria’s Sellafield and in Wylfa, Anglesey, as sites suitable for new-build nuclear projects as part of the government’s strategic siting assessment. The NDA will not develop plants itself, but looks to generate cash from land sales to fund decommissioning. Urban regeneration company West Lakes Renaissance hopes to attract a utility company to build at least one new reactor in Cumbria as part of its Britain’s Energy Coast masterplan.
Double award win for BikeRight
Liz Clarke of BikeRight in Greater Manchester was awarded the Business of the Year award at the Northwest Women in Business Awards on Friday night and also scooped the Growth Business of the Year award. The awards were hosted by Northwest Women’s Enterprise Forum and supported by the Northwest Regional Development Agency and Bolton Business Ventures. Kate Hughes of Merseyside Property Auction was named young entrepreneur of the year, while Diane Pilling of Affordable Accounts won the business and professional services category. Business start-up of the year was Libby Nightingale’s Chromasia Training of Lancashire and Cumbria’s The Woll Clip was named Social Enterprise of the Year.
Order your Top 500 CD-ROM today
Insider’s new North West Top 500 Companies 2009 CD-ROM will be available from February 2009. Reach new sales leads and promote your business to the most successful and profitable companies in the North West with this reliable and comprehensive business mailing list. As a valued reader of Insider Daily you will also receive a 20 per cent discount if you pre-order online inserting promotional code NW-T500CD-1. The offer is only available until 31 January 2009.
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Property
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Ask the Expert – your property questions
Last week we launched the property version of our popular online feature Ask the Expert and today Mark Rawstron, regional senior director from GVA Grimley, answers your New Year questions on a daunting property market. “The facts are that freehold values have dropped in decentralised locations over the past six to 12 months,” he says. “However, the drop is probably not as dramatic as the media would have you believe and certainly not in line with what has been seen in the residential markets.” To find our what else Mark has to say about property prices, rents and sustainability, click here.
Pochin’s plays it safe
Cheshire property group Pochin’s interim results for the six months to 30 November 2008 show pre-tax profits of £600,000, down from £2.1m in 2007, following write-downs of £2.4m. Turnover fell from £54,4m to £49.9m. Net debt has been reduced to £37.3m with gearing pulled down to 77 per cent from 89 per cent a year earlier. Chairman Richard Files said that all banking facilities have been satisfactorily renewed and said the group is “well-positioned”. An interim dividend of 1.5p was declared.
Booths replaces Waitrose
Citybranch, the Manchester developer and investor headed by Adam Gross, has reached agreement with North West grocer Booths to anchor the £35m mixed-use scheme in Hale Barns. Waitrose had been lined up as the supermarket operator at The Square, but pulled out in December. The scheme has been altered since being refused by Trafford planners in 2006.
Riding high
Mike Riding, former managing director and co-founder of Harrow Estates, the property vehicle chaired by Steve Morgan, has joined Trevor Hemmings’ property business Northern Trust to head the land regeneration division. Riding said: “Given the company’s strong financial standing and asset base Northern Trust is ideally situated to take advantage of the current distressed marketplace.”
Into the Valley
Housing group Bolton at Home has taken an additional 3,677 sq ft at Orbit Developments’ The Courtyard scheme in Bolton, taking its overall occupation at the scheme to 19,000 sq ft. The Courtyard sits within the wider Valley scheme, where tenants include The Royal Bank of Scotland, Warburtons, UGC Cinema, Royal Mail, Total Fitness and McDonalds. Bolton at Home is responsible for the management of 18,500 council-owned properties and the neighbourhoods in which they are located.
Ekosgen appointed by Wigan
Regeneration consultancy Ekosgen has been appointed by Wigan Council and its partners to help shape the future of the borough’s What Makes Wigan Work? Employment programme, which aims to invest more than £20m in improving skills and cutting unemployment.
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Events
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Dates for your diary this week
Professional services group Pro.Manchester is to hold its latest Entrepreneur Discussion Group on Wednesday morning at Grant Thornton’s Spinningfields office, while on Thursday morning Rider Levett Bucknall, the Co-operative Bank and Gorvins host a knowledge-sharing breakfast at Manchester’s Malmaison on the subject of tax relief and incentives in property. Prizes for endurance may go to anyone who attends both that event and the Lowry Hotel’s party that night. And on Thursday night, Insider heads to Ewood Park for the annual Lancashire Dealmakers Awards 2009.
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