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Top story
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Breaking news: David McLean in administration
David McLean Group, the Flintshire-headquartered property business, has gone into administration. Insider understands that administrators from Deloitte will this afternoon visit the business to speak to staff. The group has undergone several high-profile departures in recent years, with directors including Mark McNamee and Richard Dean leaving the business, while chairman David McLean had come out of semi-retirement to try and turn things round. Projects on which it is currently involved in joint ventures include Liverpool’s International Garden Festival site with Langtree and Birmingham’s Masshouse with Nikal and The Royal Bank of Scotland.
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Deals
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Ask the Expert - AIM
Every week Insider is inviting readers of the Insider Daily newsletter to submit their questions about deals, corporate finance and funding to top professionals from the North West dealmaking community for our new online section, Ask The Expert. This week, Mark Halliwell, head of corporate at law firm Halliwells, will answer your questions about AIM. Are you wondering whether your planned AIM float can possibly get away in the current economic climate? Are you an AIM-quoted company looking to raise further funds but wondering whether it will be possible? Email your questions to asktheexpert@newsco.com – please note, all questions will be treated in the strictest confidence. Mark’s answers will appear online on Friday. And you can still view last week’s answers on distressed businesses here.
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Business
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North West shares suffer as markets plunge
Quoted companies across the region saw their shares fall this morning as volatility around the globe hit the FTSE hard. Share prices fell across the board during morning trading as the markets digested Japan’s Nikkei index earlier closing at a 26-year low. Although utility companies are traditionally seen as a fairly safe haven, United Utilities, the North West’s biggest quoted company, saw over 2 per cent knocked off its share price by noon. And equipment hire company Speedy Hire, a highly acquisitive company based in Newton-le-Willows, saw over 8 per cent wiped off its share price. But shares in Manchester-based London Scottish Bank were up over 25 per cent amid speculation that the group may be selling off its debt collection division. And Manchester-based biotechnology group Epistem saw a 5.7 per cent rise during morning trading after success last week at an American cancer conference. 
Promotion at Vertex
Prescot-headquartered Vertex, the outsourcing and IT services company sold by United Utilities in 2007, has appointed Susie Buffam as executive vice-president, head of shared services, and a director on the main company board. She has worked for the company as head of international operations since 2007 and has led Vertex operations in North America and India, while also being responsible for operational shared services globally.
Solid start for acquisition-hungry surveyor
AIM-quoted quantity surveying group Baqus, which was formed through the merger of three firms, including Liverpool-based Fletcher McNeill, has reported a satisfactory first year of trading, with results in line with market expectations. In the 12 months to the end of June pre-tax profit was £985,000 on turnover of £7.7m. Baqus, which is chaired by North West businessman Roger Knowles, added consultancy Sworn King to the group in August. The company believes there are further opportunities for consolidation in the £1.3bn quantity surveying market and is pursuing a strategy of selectively acquiring small to medium-sized firms across the country that fit the board's criteria.
Travelodge begins ambitions expansion
As holidaymakers begin to look closer to home for cheaper trips, budget hotel chain Travelodge is planning to open two hotels in Blackpool as part of a planning roll-out of 22 hotels before Christmas. The company, which is investing £125m as part of a plan to boost hotel numbers from 350 to 1,000 by 2020, has listed locations including Blackpool Pleasure Beach and Blackpool Tower. Travelodge was the first budget hotel brand to launch in the UK in 1985.
Legal implications of recession
Lawyers are warning that the impending recession and the job cuts expected to follow present challenges to employers who do not take careful note of their legal obligations. As reports warn that unemployment levels could reach three million by the end of next year, Paul Barrow, managing partner of Liverpool law firm Quinn Barrow, said: “In desperate attempts to revive their business we have seen many companies hire in fresh blood to help them tackle the economic challenges, which has led to lower level employees being let go. Employers must be careful of dismissing staff without valid reason in the current climate.”
Accountants not boring, says research
Accountants in the North West are being unfairly branded as behind the times, according to research commissioned by tax and accountancy information provider CCH. While attitudes towards accountants remain broadly ambivalent across the country, the research found that nearly half (47 per cent) of Liverpool’s accountants think of their profession as dynamic, exuberating lots of ideas, energy and enthusiasm. Liverpudlian accountants are in fact among the most technology savvy in the country – 40 per cent of them are on Facebook, compared with 23 per cent of the UK public.
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Property
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Parker goes for glory
Liverpool developer UK Land & Property is to compete for a prize giving access to a three-year, £10m loan free of interest and charges, which would normally cost £2m. The firm won the Deal of the Year at the Insider Property Awards 2008 for its work in securing major tenants at the Exchange Flags complex it is redeveloping with Pochin’s. Managing director Simon Parker will go up against four other finalists on 3 November in the Bank of Scotland Corporate Search for Property Entrepreneurs.
Housing market close to bottom
The correction in northern housing markets may be close to complete, according to the latest research from consultancy Knight Frank. Prices have already fallen by as much as 25 per cent in some parts of the region, especially in the new-build sector, against a predicted overall fall of 30 per cent. Jon Neale, head of development research, said: “As the slowdown hit northern markets first, developers had put their activities on hold well before the downturn really became apparent. Land values have already begun to approach their lowest level - this could attract interest from developers. Also, the almost-complete halt in new housing development suggests that in some locations under-supply of good-quality units could soon be an issue.”
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Events
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Dates for your diary this week
One of a host of business events scheduled to take place in the new BT Convention Centre, the Trade Waste and Computer Security Conference will be held on Wednesday. Alongside workshops, throughout the day waste management and recycling companies and computer specialists will exhibit their products in the exhibition area. Liverpool Science Park is hosting a one-day event on entrepreneurial success on Thursday, delivered by Winning Pitch chief executive John Leach. Meanwhile, tickets go on sale on Wednesday for the BBC Sports Personality of the Year, which is coming to the Echo Arena on 14 December, and the launch of the 2008 Homotopia festival in Liverpool will take place on Thursday evening at the Hope Street Hotel.
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