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Top story
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Regional power to boost local economies
Councils, local authorities and developments agencies were this morning preparing for new powers after the government announced new steps to tackle the local impacts of the credit crunch. The reforms, which follow consultation on commitments outlined in the Sub National Review of Economic Development and Regeneration (SNR) in July 2007, will make it easier for action to be taken at every level to boost jobs and skills and support businesses. There will be: a new duty on local authorities to assess the economic conditions of their area; new legal powers to help them work together on economic development; a new board of local authority leaders to provide stronger leadership at the regional; and a joint duty on development agencies and the local authority leaders board to prepare and agree a single strategy for each region outside London. Steven Broomhead, chief executive of the Northwest Regional Development Agency, said: “This region will be the first to have a single strategy in place and we will be starting our consultation process on the first stages of the single strategy in the New Year.”
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Deals
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Arthro to leave AIM
Macclesfield-based Arthro Kinetics, which develops and markets biological implants for joint regeneration, is delisting from AIM following a share price collapse. In a statement to the market this morning, the company said that “despite improvements in the strategic direction of the business and its financial performance in the last 18 months, the long-term trend in the share price on AIM has been one of steady decline”. The company has a market capitalisation of about £1.5m, below what it currently holds in cash, and believes leaving AIM will enable it to reduce costs and concentrate on the business. Talks are ongoing to find a buyer for the company.
Acorn takes next step on growth path
Blackburn-based Acorn Financial Management has acquired Shropshire-based financial services firm Bryan & Knott after securing asset funding from Davenham Trade Finance. Since the deal, Acorn is also in talks with a number of other companies and is close to announcing a new hub in the Midlands – another step towards its long-term aim of becoming a national independent financial adviser. Clive Naylor, sales director of Davenham Trade Finance, said: “Mergers and acquisitions have become increasingly commonplace within their sector and with the buy-and-build culture expanding.”
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Business
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Road investment for airport
An extra £1bn is being invested in major transport projects next year as the government attempts to stimulate the economy and Manchester is set to benefit. Up to £165m is being set aside to create a new road link between Manchester Airport and the A6 to provide better access to and from the airport. The delivery of 200 new rail carriages has also been brought forward for rail passengers on services including inter-urban routes in the north.
Premier Foods invests in Manchester
Premier Foods, the UK’s largest food producer with brands including Hovis, Branston and Mr Kipling, is opening a new shared service centre at Spring Gardens in Manchester city centre. The centre, totalling about 30,000 sq ft, will bring together Premier Foods’ key finance and administration activities, including reporting, general ledger, credit management, accounts payable and payroll, under one roof for the first time in a move designed to improve business processes and performance. The move will create 200 jobs in finance administration, as well as 40 jobs for SAP professionals in a new centre of excellence for the development of the IT platform.
UU remains confident
North West utilities group United Utilities has this morning issued a half-yearly financial report that reveals pre-tax profit up 21 per cent to £305.9m for the six months to the end of September over the same period last year. The group is in a strong financing position, with “headroom” into 2010 following the return of £1.5bn to shareholders in August. Philip Green, chief executive of the region’s largest quoted company, said: “Our strategy to focus on our core skills has helped deliver operational performance improvements, although there is more to do. Customer satisfaction is at its highest levels for many years and we are on course to meet our regulatory leakage target for the third consecutive year. We remain confident of delivering a good underlying financial performance over the remainder of 2008/09.”
Disappointing trading for ITIS as car sales fall
Manchester-based ITIS, supplier of traffic and travel information, has announced 3 per cent growth in revenues for the six months to 30 September, up to £8.33m from £8.09m over the same period last year. But there was a pre-tax loss of £430,000, down from a profit of £2.18m in 2007. Chief executive Stuart Marks said: “Trading levels in the first half of this year are, of course, disappointing. We have successfully renewed all contracts that ended in the period and have won new business. However, new car sales are at their lowest level since 1991 and the suddenness with which those sales deteriorated has contributed significantly to the fall in our results.” Marks also blamed “an unprecedented rise in fuel prices” for reducing congestion. Steps have been taken to reduce the cost base and Marks is confident of improved performance in the second half of the year.
Co-op pays out £8.9m dividend
The Co-operative Group is set to pay out an £8.9m interim dividend to 2.1 million members and the cash will be dished out based on their trade with any of the group’s businesses during the first half of the year. As well as food retailing and financial services, the group’s other major operations include pharmacy, funerals and travel, together with consumer legal services and motor dealerships. Director of marketing Patrick Allen said: “Our interim profits increased by 35.6 per cent and I am delighted our members are sharing in our success.”
Let’s have a ReThink
Manchester-based recruitment firm The ReThink Group is pushing into new markets to stave off a downturn in its permanent recruitment division. In September the company expected an improvement in overall profitability for 2008 but this morning announced that “the group’s short-term profitability is far more sensitive to a decline in permanent rather than in contract recruitment income”. ReThink is expanding its offering into HR and finance recruitment but recognises that this may only yield results in the long term.
Taking a nuclear opportunity
US-based nuclear power business Westinghouse Electric Company has formed a new company to pursue commercial opportunities across the UK. Preston-based Westinghouse Electric Company UK will be led by chairman David Bonser, who most recently served as an executive board director of BNFL, and chief executive Mike Tynan, who joins from his role as managing director of Springfield Fuels. Westinghouse Electric Company president and chief executive Aris Candris believes the UK nuclear industry will remain at the cutting edge in terms of new plant construction, research and development and infrastructure.
Powering up in Warrington
Following its expansion into the North West, Power4, provider of temporary and permanent power and lighting solutions, is continuing to expand its operations. The company, which recently opened its new office in Warrington, is in the process of adding an additional 20 lighting towers to its fleet and has secured new credit lines in excess of £1m to fund continued investment and expansion of its hire fleet.
Energyst puts the power in Preston
To meet growing demand from businesses in the North West and reduce its response time, Energyst CAT Rental Power, the global supplier of temporary power solutions, is opening a depot in Preston. The site, which will provide rental equipment for power generation and temperature control, will officially begin trading in early 2009. The depot on Long Bridge Road will be headed by recently appointed depot manager Clinton Thomas, who said: “Previously, when providing power to clients such as Aintree Racecourse during the Grand National, we had no alternative but to rely on other Energyst depots around the country."
Gallery comes out fighting
Manchester Art Gallery has embarked on a push to build its corporate membership scheme. Businesses were yesterday invited to a lunch addressed by Gordon Taylor, chief executive of the Professional Footballers Association, a long-term supporter of the gallery. Business development manager Russell Miller told Insider: “We’re a flagship venue but need to get the message across of the benefits of working with us, such as private viewings and artwork loans. Times are tough, but we want to form long-term partnerships.”
Hilton gets hospitable
The 2009 Northern Hospitality Awards are moving to the Hilton Manchester Deansgate for next year’s awards and have a new category – Best General Manager. The awards will be held on 30 March and bars, restaurants, pubs and hotels from across the North West, Cumbria, Yorkshire and the North East will compete for categories such as best restaurant, best newcomer and best wine offering. The deadline for entries is 6 February 2009.
Urban Vision on guard for NHS
Urban Vision’s facilities management team has agreed a contract to provide manned guarding, key holding and CCTV services for the first community health centres under Salford’s Gateway NHS LIFT initiative. Under the new £250,000, two-year agreement, Urban Vision will deliver 24-hour security for the first three centres in Walkden, Eccles and Pendleton. Urban Vision’s new contract, awarded by Salford City Council under a Gateway-specific Service Level Agreement, joins its other security remit for the council, which covers all of its corporate buildings and properties.
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Property
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Give us clarity, says DJ seminar
The property industry needs clarity from the government as it seeks to finalise its latest planning policy statement, PPS6, early in 2009, a seminar at consultancy Drivers Jonas heard this morning. The firm’s Rosalyn Eastman said: “We expect there to be more appeals and more schemes called in while the industry seeks clarification. What we’ll get depends on the government’s appetite for change, but the spin we’re getting is that the reinvigoration of town centres remains the priority, although there could be more flexibility for out-of-town consents.”
Claim filed against Pannone
Manchester law firm Pannone is being sued for up to £50m in damages for allegedly allowing businessman Shaid Luqman to continue running his failed property company, which went into administration two years ago with more than £100m of debts. The joint administrators of Lexi Holdings – Brian Green and Richard Fleming of KPMG – have filed a High Court claim against Pannone alleging breach of contract and professional negligence. Steven Grant, managing partner at Pannone, said: “We have received a speculative claim that we regard as wholly without merit. It is being dealt with by our insurers.”
Floating Concepts makes waves
Manchester-based waterspace developer Floating Concepts has appointed Derek Cochrane to its board. An expert in water management, Cochrane will supervise the masterplanning of harbour, port and marina developments for Floating Concepts. He has spent most of his career at British Waterways as a main board director responsible for regeneration and will also be a consultant to Floating Concepts’ associated company, Harbourside Marina, which operates the 370-berth Liverpool Marina and Bar & Grill and associated facilities. Floating Concepts' first developments look set to be in the South Docks at Liverpool and at Salford Quays. Its first luxury floating live or work unit is being imported from Denmark and is expected to arrive in Liverpool in early December.
SAA studies Blackburn
Planning consultancy Steven Abbott Associates (SAA) has been appointed by Blackburn with Darwen Borough Council to undertake development framework studies in the borough. SAA will complete health checks in Blackburn and Darwen town centres, which will include studies into environmental quality, access and capacity for growth. The firm will also review ethnic shopping needs in the Whalley Range/Victoria Road local centre to inform the area’s growth policy.
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