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Top story
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Deal values hit five-year low
The value of private equity deals in the North West dropped to its lowest level since 2003, according to data released today by the Centre for Management Buyout Research (CMBOR). The value of deals reached £1.8bn in 2008, compared with £2.6bn in 2007 and £2.3bn in 2006. CMBOR, which is sponsored by Barclays Private Equity, found that the last time the total deal value in the North West was lower was in 2003, when it amounted to just £851m. John Walker, director of Barclays Private Equity in Manchester, said: “While there is a marked decrease in the value of private equity deals in the North West, the number of deals actually went up last year to 94 from 83 in 2007 and was the second highest number of deals in the last ten years.” Family and private deals continue to be the largest source of buyouts and buy-ins, with 40 deals in 2008. Secondary buyouts had the highest value of deals at £536m in 2008, despite accounting for only 11 deals. Manufacturing was the most active of all sectors. “It is difficult to say where the market in the North West goes from here,” said Walker. “Should business sentiment start to return in reaction to government intervention, then deal flow should increase as we move through the first half of the year.”
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Deals
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Factoring solution for Wicked Imports
Wicked Imports, based in Crewe, a distributor of gadgets, gifts and toys, has secured a factoring facility from Venture Finance. The company, formed by Jascer Coates-Waite and Peter Betts, was formed earlier this year after its owners’ previous business, JD Trade, was placed into administration following a number of serious administration errors by its previous financier.
Holiday park deal for Barleymow
Lancashire caravan park operator Barleymow has expanded its operations with the acquisition of a holiday park in Yorkshire after securing funding from The Royal Bank of Scotland. The family-run company, which owns Shaw Hall Caravan Park near Scarisbrick, has purchased Cawood Park, having previously held a 50 per cent stake in the business. The 12-acre site is situated in Selby and offers a mix of holiday accommodation, including bungalows, cottages, fixed and mobile caravan pitches.
Tall Trees acquired
It’s a busy week for the leisure sector in the deals market and The Tall Trees Lodge in Warrington has been acquired by husband and wife team Jeff and Marjorie Riley for an undisclosed six-figure sum. The three-star hotel, thought to have been one of the UK’s first budget hotels when it opened in 1992, has 20 bedrooms and is located close to junction 12 of the M56. The deal was part funded by NatWest, while Liverpool-based Mitchell Charlesworth advised.
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Business
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Profit growth for PZ Cussons
Strong trading in its largest market and favourable currency fluctuations have helped soap and shampoo maker PZ Cussons boost profits for the six months to 30 November 2008. The Stockport-headquartered business, which makes Imperial Leather and Carex soaps, said pre-tax profit for the period rose to £36.9m while sales were 31.5 per cent higher at £393.8m. The company’s largest market, Nigeria, which accounts for half of sales, has been affected less by the global credit crunch, so trading across home care, personal care and electricals remained solid. Chairman Anthony Green said: “Overall performance since the period end has been in line with management expectations and we remain cautiously optimistic for the full-year, despite the uncertain global economic picture.”
Heal takes chair at Paver Smith
David Heal, the man who led the management buyout team that bought Harrison Cowley from Saatchi & Saatchi, has joined Liverpool-based PR firm Paver Smith as chairman. Heal, who spent the past few years working on a number of communications projects following the sale in 2001 of his agency to Huntsworth for £6.4m, says he has “unfinished business” in the PR industry. Heal says his key priority is to help Paver Smith build a network of offices following its acquisition of Manchester agency Stripe Communications. The appointment brings him back together with Stripe managing director Denise Mullen, who was UK director of business development at Harrison Cowley.
Ask the Expert – employment law
Insider’s popular online feature Ask the Expert is expanding to allow you to pose questions on a host of business topics to a panel of experts from the North West’s business community. This week Stuart Jones, head of employment at law firm Weightmans in Liverpool, is standing by to answer your questions on any employment law topic. Email your questions to asktheexpert@newsco.com – please note, all questions will be treated in the strictest confidence. Check back on Monday for Stuart’s answers.
New account for Beever and Struthers
The Manchester office of accountancy firm Beever and Struthers has been appointed by The Lesbian and Gay Foundation (LGF) to undertake its audit services. The LGF is a charity that offers information and advice for the lesbian, gay and bisexual communities, and organises a range of fundraising and community events throughout the North West.
Insider needs your recommendations
There’s nothing worse than working away from home and not knowing where to get a good meal or decent bed for the night. We realise that our readers are a hard-working bunch who often have to travel up and down the country on business trips, so we’re putting together a Business Travel Guide that will take a look at the main UK business destinations and outline in a nutshell the best places to eat, sleep, entertain clients and do business. Our readers’ recommendations will form the backbone of this guide, so if you know a good hotel, restaurant, business facility provider, bar or café, we would like you to tell us about it. Click here to give your recommendations, which may be included in the final guide.
Toy manufacturer fined
Manchester-based toy manufacturer Roxmeade has been fined £16,000 after Trading Standards officers found hundreds of counterfeit toys on its premises when the company was raided last November. Officers left with a hoard of 1,022 counterfeit toys, including a Spiderman action figure in a Batman box and a Doctor Who figure that officers said bore no resemblance to the character it is intended to represent. The company was invited to a Town Hall interview to give its side of the story on two occasions, but failed to turn up both times. Roxmeade was found guilty in absence of three counts of possessing trademark goods at a hearing at Manchester Magistrates Court.
Made with AWA
Advertising agency AWA, based in Sale, has announced details of its new digital communications company called MadeWith. The business, which will be launched officially on 26 February at Manchester Cathedral, has already completed web design and online marketing projects for clients such as Franke UK, Simply Yours and Wolseley. It will form part of the ListenCreateDeliver group of companies that also includes Rattle PR and Go Creative Design.
Four new faces at Code
Digital marketing agency Code Computerlove has made four appointments to its expanding Manchester team. Ross Mawdsley has joined as group creative director, Alex Comyn as group account director, Barry Briggs as user experience architect and Chris Gibbons as user experience developer. Mawdsley is a well-known face in the design industry, having worked for seven years at ID Society in New York, where he was senior art director. He will head a team of three, working with clients such as as Brother, Hillarys and McArthurglen.
Contract win for The Hut
The Hut Group, the e-commerce software developer based in Northwich, has secured a contract from independent video game retailer CHIPS. The business will manage all aspects of the redeveloped CHIPS website, which now includes the opportunity to purchase video games, books, CDs and electronic goods.
Get fit with Tangerine
Manchester-based PR agency Tangerine has been appointed to handle a new campaign for The Greater Manchester Sports Partnership (GreaterSport) to try and encourage more people in the region to participate in sport. It will seek to raise awareness of local initiatives such as Back to Sport, Funding for Volunteers and Active Families.
French Colwell enters Manchester
Marketing and communications agency French Colwell has expanded into Manchester to service its growing North West client base. The brainchild of marketing expert Andrew Colwell, the agency was launched 15 months ago in Yorkshire and its client list includes names such as Royal & SunAlliance, O2 and the Andrew Flintoff Foundation, as well as North West companies such as IFA Parker Kelly and corporate finance firm Ford Campbell.
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Property
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Bashar’s building ablaze
A fire has damaged Sarah Point, a partially built office block on Manchester’s Great Ancoats Street that was developed by Bashar Issa’s failed property company, BSC Group. The building, along with two other BSC projects, including Issa Quay next to the new BDP headquarters on Ducie Street, is in the hands of KPMG, administrators of BSC. The fire started at about 10pm last night and caused the closure of Great Ancoats Street this morning.
Gladman at the double in Wigan
Agents acting on behalf of Gladman Developments have completed two lettings at Beecham Court in Wigan. Children’s charity Nurture Group has taken a five-year lease on unit 1, while Essex Extrusions has taken a two-year lease on unit 8 at the scheme. A further two office suites are under offer. King Sturge, Parkinson Commercial Property Consultants and GVA Grimley are joint agents on the scheme.
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