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Top story
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Broomhead defends NWDA priorities
Steven Broomhead, chief executive of the Northwest Regional Development Agency (NWDA), this morning defended the agency's prioritisation of projects, which has come under fire recently as large-scale projects have slowed. Speaking at the agency's AGM at ACC Liverpool, he said: "We have to make tough investment decisions and the ability to prioritise is crucial at a time when public funding is limited and agency resources reduced." He said that in the last year the NWDA has created or safeguarded 18,000 new jobs, helped establish 2,000 new businesses and attracted £489m investment into deprived areas and helped 26,000 people improve their skills.
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Today's news
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Chemical reaction
Preston-based chemicals producer F2 Chemicals has been acquired by Japanese company Showa Denko K.K (SDK). The deal sees the exit of shareholders Asahi Glass Company, Mitsubishi and Mitsubishi's Italian subsidiary, MITENI, which bought the company in 2000. F2 Chemicals, established in 1992, reported annual sales of £3.7m in 2007. The company specialises in the production of fluorine compounds and its acquisition is part of SDK's plans to further expand its IT chemicals business.
Ascribe secures acquisition
Bolton-based healthcare IT company Ascribe, which was last month revealed to be in talks over a management buyout of the company, has announced the acquisition of WCI Consulting's healthcare division for £650,000, with a further £300,000 payable in 12 months depending on performance. WCI has over 20 years' experience in delivering consultancy to the NHS, which will extend Ascribe's services.
Precision deal
Precision Products, which manufactures high-specification small steel castings, has been acquired by Bonds. The business will now operate under the name Bonds Precision Castings. Based in Alston, Precision Products is the biggest employer in the area, with 65 staff. Bonds, which specialises in acquiring businesses in traditional engineering sectors, already owns Bonds Foundry in County Durham. Bonds chairman Paul Duncan said: "Following years of rationalisation in the UK steel foundry sector, those companies remaining typically have solid foundations, mainly in niche sectors with specialist applications. Through consolidation in the sector we aim to obtain cost savings from scale and joint marketing benefits of an expanded product range."
Ronnie struggles to turn JJB juggernaut
JJB Sports has dropped its interim dividend as the group slid into a loss for the first half of 2008. With sales down by 5.6 per cent, the company reported a pre-tax loss of £9.7m, against a pre-tax profit of £8.3m for the equivalent period in 2007. Both new subsidiaries, Original Shoe Company and Qube, lost money. Chief executive Chris Ronnie said: "My board colleague David Jones has described the current climate as the worst retail recession he has ever known. This is borne out by our trading results." Ronnie expressed confidence in the new acquisitions and fitness clubs to take the business forward, but admitted retail's short-term future looks bleak.
Bad news is good news for Begbies
Business rescue and asset recovery firm Begbies Traynor is benefitting from the worsening economic conditions, it said in a trading update ahead of its AGM today. The Manchester-headquartered group said its insolvency division, which accounts for around 75 per cent of group revenue, was performing well ahead of expectations. But it said that its corporate finance division has experienced challenging market conditions as both debt and equity funding appetites had diminished.
New contract for Parcelforce
Home shopping business Kleeneze, has announced a new multimillion-pound contract with Parcelforce Worldwide. The partnership was swiftly instigated following the collapse of Kleeneze's previous UK distributor, Amtrak, which went into administration at the end of August. Kleeneze, based in Accrington, specialises in supplying a range of home, garden, health, beauty and gift products to customers through its home shopping catalogue, which is sent out via a network of independent distributors.
Manchester secures poverty research award
Philanthropist Rory Brooks, an alumnus of the University of Manchester and co-founder of MML Capital Partners, is to announce the largest ever European gift to development research at a meeting of global leaders organised by former US President Bill Clinton. The Rory and Elizabeth Brooks Foundation will today outline the details of the £1.4m award to The University of Manchester's Brooks World Poverty Institute at the Clinton Global initiative meeting in New York. Brooks, an alumnus of the University of Manchester, donated £1.3m to help establish the foundation in 2005.
Closing the recycling loop
Businesses in Manchester are being urged to get greener in the work place by recycling their lunchtime food packaging waste. It is estimated that 80 per cent of all waste generated in an office can be recycled and food packaging waste forms a large part of this. A new office recycling and collection initiative run by Closed Loop Recycling is giving local companies the opportunity to recycle the sandwich wrappers, soft drinks bottles and salad trays that are thrown in general waste bins every day.
Arise, Sir John's
ISG has been named as preferred contractor on the £26m redevelopment of Sir John Deane's College in Northwich. The project is awaiting funding from the Learning Skills Council that will allow the college, 450 years old this year, to centralise and modernise its campus.
Whelan and dealin'
David Whelan, while no doubt casting a wry eye over the travails of JJB Sports, the company he founded, has built his stake in Manchester stockbroker WH Ireland. Whelan paid 5 pence a share for 65,218 shares, taking his stake in the business to 4.99 per cent.
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Something for the weekend
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Massive understatement of the week
"We are delighted with the performance of the group." Peter Cowgill, executive chairman of JD Sports, very probably the only bright spot on the UK high street at the moment, seems happy enough with interim results showing pre-tax profits up by 54 per cent.
Anyone got £300m to spare?
Urban regeneration company New East Manchester and Manchester City Council are inviting proposals for the 38-acre supercasino site at Sportcity. Sir Richard Leese, leader of the council, said: "This is an opportunity to develop a visitor attraction that will be internationally significant. We are looking for proposals that would generate around three million additional visitors a year." The successful bidder will be expected to finance the project, estimated at £300m. Anyone at City got some spare cash?
View from the nationals
Those ‘wandering around a strange northern town’ colour pieces were few and far between in the Labour Party conference coverage, encouragingly. Best line of the week went to Simon Hoggart in the Guardian on Ruth Kelly’s final (hopefully) ministerial appearance: “Ms Kelly was wearing a vivid pink jacket, so allowing me to reprise the old line: ‘I have seen the fuschia, and it works.’”
Stirring quote of the week
Steven Broomhead, chief executive of the Northwest Regional Development Agency at the agency's AGM this morning: "Our work is far from complete. I believe in the old adage âif you think everything seems to be going right, you have no idea of the reality'. In challenging economic times we cannot afford to be complacent."
Canapé won't pay
Salford’s Lowry Centre always comes up with the goods and did so at Insider’s Creative Forum on Wednesday night with canapés including black pudding topped with marmalade – it’s a crazy idea but it might just work. Hat tip to Cushman & Wakefield as well, for a wholesome buffet that had iron-man developers swearing to cycle off the effects later on. And finally, let’s hear it for Deloitte’s mini-steaks disguised as sausage rolls – well done all.
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