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Manchester-based Ashworth Preece, a freight forwarder and distribution company, has completed the acquisition of the Salisbury-headquartered Copps Logistics for an undisclosed sum. Ashworth Preece, which has a turnover of £8m, said the new base in Wiltshire will allow it to expand its customer base in the south of the UK. The deal's advisers included Cowgill Holloway and Napthens, while The Royal Bank of Scotland provided part of the funding for the acquisition. 
Private equity quick to make changes The vast majority of private equity-backed deals see senior directors getting sacked, according to research released at the Manchester office of Grant Thornton yesterday. The Risks and Rewards of Private Equity survey conducted with Directorbank said 70 per cent of deals saw management changes before an exit. It also found that 64 per cent of their sample of directors had been involved in at least two private equity deals, with 18 per cent claiming five or more. Jonathan Hick, director and founder of Directorbank, which conducted the research, told Insider: "You have to accept the harsh reality of a short timeframe - if things go wrong."
Ultimate goes international AIM-listed Ultimate Finance Group is to expand its business into the international factoring market. The Manchester-based company, which provides factoring and general financial services to small and medium-sized UK businesses, said it was taking a "fresh approach" to the company's direction and will be "implementing a range of new initiatives". It has already become a member of Factors Chain International, a global network aimed at facilitating international trade through factoring and related financial services.
Gardner cultivates company takeover Accrington-based Image Chemical Products, which manufactures and distributes more than 60 car cleaning and valeting products, has undergone a management buyout backed by a £750,000 funding package from NatWest and RBS Invoice Finance. The deal sees Mike Gardner take full control of the business he co-founded in 1985 with director Terry Butterfield, who will now retire. Image sells its products via a network of 25 distributors that then sell on to garages, fleet owners, transport and car hire companies. It operates from a 6,000 sq ft unit on Altham Business Park and employs 14 people.
MBOs at Alec Finch Group Manchester-based commercial insurance broker Alec Finch Group has completed the management buyouts of Lloyds broker Alec Finch London and risk management subsidiary Alec Finch Risk Services from the group's French owners Verlingue. The move follows as a result of Project Synergy - a two-year plan to create an integrated business with the same structure in England and France. Verlingue acquired Alec Finch Group in January 2007.
Enterprise, the Leyland-based support services company that has been a joint venture partner with Liverpool City Council since 2002, has unveiled plans for a new office and training space on the Estuary Business Park in Speke. The 200,000 sq ft site will allow the creation of 1,500 jobs at a new office and training centre linked to the council's proposed Business Academy in Garston. A planning application is due to be submitted in the next few months and Enterprise hopes to open the complex by 2011. Enterprise is also due to start handling the city's refuse contract from November 2008. To find out more about Enterprise, read an exclusive interview with chairman and chief executive Owen McLaughlin in the June issue of Insider.
Four Seasons looks for way out of debt problem Qatar Investment Authority, the sovereign wealth fund that owns Four Seasons Healthcare, is looking to offload the Wilmslow-based care homes owner or face writing off a huge loan. The business was bought from Allianz in 2006 with £1.5bn of debt with The Royal Bank of Scotland, which needs to be refinanced this September. The Qatari's have sacked their partner in the deal, Paul Taylor, who was also looking to acquire Sainsbury with them.
The main attraction Mainframe, a London-based graphics and animation studio, has opened a new office in Manchester as it looks to expand its client base in the region. The Mainframe North office will be staffed by five people, with Chris Hardcastle, the agency's former head of production in London, in charge. He told Insider: "We already work with BBC Manchester and see the city as the natural location to base a new office. There's a lot of talent in the region and, with the MediaCity development taking shape, that can only increase. It's a great opportunity for us."
The Danes are retreating Danish furniture chain Ilva, which opened a giant store in Manchester in 2006, has been placed into administration, blaming the continuing consumer downturn for its failure. The company, which has appointed Kroll to handle the administration, is only the latest casualty in the furniture sector. Ilva, which opened its first store in Denmark in 1974 under the name JL Möbler og Taepper, operated three stores in Manchester, Gatehead and Thurrock. In August 2007 it was acquired by Icelandic retail group Lagerinn, which aimed to continue the expansion of Ilva in the European market.
New energy innovation centre opens in Chester Energy Minister Malcolm Wicks yesterday opened EA Technology's Energy Innovation Centre at Capenhurst, near Chester. The facility is designed to enable start-up companies and individuals to turn innovative ideas into commercially successful products and services for the energy industry. It's hoped that the project will create at least 60 new jobs and 18 new business start-ups over the next five years. Wicks said: "Britain is a nation of innovators as well as entrepreneurs, but we often fail to bring the two together. The Energy Innovation Centre is an excellent opportunity to target investment on good ideas, which will generate a stream of valuable new technologies." The energy sector contributes £5bn to the North West's economy and employs 50,000 in the region.
Warrington-based property broking and management company In House Group has announced its latest acquisition, that of Avanti Properties for £800,000, as part of a series of deals to purchase properties for resale. Avanti owns 11 terraced houses in towns north of Manchester. In April AIM-quoted In House agreed a new £10m loan facility with the Dunfermline Building Society to be used for the acquisition of property portfolios.
Spencer completes refurbishment Merseyside-based Spencer Holdings has completed the refurbishment of its Nexus scheme at Knowsley Industrial and Business Park, close to junction 4 of the M57. The development has a total of 188,547 sq ft of space with a combination of manufacturing, high-bay warehousing and office accommodation available. So far this year, the company has bucked the national trend and embarked on an ambitious acquisition trail after securing £200m in debt funding from Bank of Scotland Real Estate. Acquisitions include the Spring Meadow Trading Estate in Cardiff and Olympic Park in Ellesmere Port.
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