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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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Norcot flies under new backer
Aircraft parts maker Norcot Engineering has undergone a secondary buyout backed by Wilmslow-based Acorn Capital Partners. The Ashton-under-Lyne business was formed in 2004 when Richmond Metal Finishing, a subsidiary of Advanced Manufacturing Solutions, was bought out of administration by Tim Harrison and Malcolm Mitson in a deal backed by asset-based lender Enterprise Finance Europe. The latest deal provides an exit for Mitson, while the buyout team included managing director David Howell and finance director John Melia.
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.
MIDAS claims TIF support as PR war rages
Manchester investment agency MIDAS has revealed that the Transport Innovation Fund (TIF) package and its £3bn planned investment in the transport network have received largely positive feedback from foreign investors. Leading foreign-owned companies attended a series of TIF briefings and the organisation is satisfied that their concerns have been heard. MIDAS chief executive Colin Sinclair said: “Many of these businesses are based in Trafford Park and raised concerns over when their Metrolink line would be delivered, so to see that they are set for a full exemption from the congestion charge until the tram is delivered is very pleasing.” On Friday the anti-TIF campaign stepped up a gear with the launch of the Stop the Charge coalition between MPs, council leaders and businesses, while transport chiefs have this morning revealed a fare-capping scheme for buses as they seek to convince voters that a London-class system can be delivered.
Fred Perry teams up with JMW
Manchester law firm JMW has been appointed to work for fashion retailer Fred Perry on intellectual property (IP) matters. The firm’s IP team, led by Roy Crozier, will work on worldwide IP issues such as brand protection and anti counterfeiting for Fred Perry, which is known for its laurel leaf logo and its sponsorship of British tennis star Andy Murray.
Arvia in business
Arvia Technology, a clean technology spin-out company from The University of Manchester, opens for business this month at a technology business incubator run by the university’s incubator company, UMIC. Arvia’s water purification technology provides a cost-effective and environmentally sustainable solution for industrial and municipal water treatment. Tony Walker, incubation manager, said: “Arvia’s technology has the potential to contribute to solving one of the major global issues.”
Royal approval for Manchester?
Manchester City Council has confirmed it is in the early stages of discussions with the Royal Opera House about a base in Manchester at the Palace Theatre. Agreement in principle has been reached with Live Nation, owner of the Palace Theatre, to develop a presence for both The Royal Opera and The Royal Ballet. Sir Howard Bernstein, chief executive of the council, said: “While there is a still a lot of work to do, we think we have a compelling proposition. If successful, this will further enhance our strong cultural offer.”
Please police me
Darwen-based security consultancy GSS has warned that businesses need to improve their CCTV systems to be fully protected by the police. As of 31 October, the new BS8418 standard will be formally enforced, replacing ad hoc arrangements between local police and security providers running monitored CCTV networks. Non-compliant systems will be refused a unique police reference number, meaning more delays in police response and, according to commercial insurers, the possible invalidation of cover. Managing director Edward Cusack said: “North West businesses with non-complaint systems need to be aware of the potential ramifications.”
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 63 per cent of Manchester’s accountants think of their profession as dynamic, exuberating lots of ideas, energy and enthusiasm. Manchester’s accountants are in fact among the most technology savvy in the country – 43 per cent of them are on Facebook, compared with 23 per cent of the UK public.
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.
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Property
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Opportunity knocks as investment dips again
Lambert Smith Hampton (LSH) has released its UKIT Quarterly Bulletin for the third quarter of 2008, which indicates that investment market turnover fell to its lowest quarterly total for seven years. Total activity for the year to date was £18bn, 64 per cent down on the first three quarters of 2007. National investment head Ezra Nahome said the final quarter would be slower still, with most of the active interest coming from overseas and private buyers. Stephen Hamer, head of investment at LSH’s Manchester office, said: “The reduced pricing and change in sentiment will create buying opportunities, with more stock becoming available from institutions and property companies that have become over-exposed.”
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.”
Cushmans closes valuations in Manchester
Cushman & Wakefield, the US-headquartered property services firm, has made four positions redundant as banks reduce lending on projects outside London. Two staff in each of its Manchester and Birmingham offices will be made redundant, including Manchester-based partner Mike King, with their duties being covered from London.
Promotions at agencies
Agency Lambert Smith Hampton has promoted Mark Bamber to associate director. Bamber specialises in providing advice on the acquisition and disposal of office accommodation and development sites and works for clients including Goodman, Ask, Muse and Land Securities Trillium. Rival DTZ has announced the promotion of Russell Hefferan to associate director. He undertakes valuations for secured lending purposes and carries out regular portfolio valuation work for a range of institutional funds and provides expert evidence reports for litigation advice.
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Events
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Dates for your diary this week
Manchester Metropolitan University is holding its Zero Carbon Offices exhibition from Tuesday to Friday this week, featuring guest speakers and exhibitors including Brother UK and Arup Lighting. 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.
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