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Bodycote sells testing business for £417m
Bodycote has agreed to sell its testing business to New York-based private equity firm Clayton, Dubilier and Rice in a deal worth £417m. The Macclesfield-based company said it plans to return £260m, or 80p per share, to shareholders and will invest the remainder of the proceeds in its thermal processing business in a bid to expand in emerging markets and boost performance of underperforming facilities in North America. The sale was agreed on a cash and debt free basis and a vendor loan note in respect of 65 acres of surplus land in Mississauga, near Toronto, Canada. Bodycote chairman Alan Thomson said the deal would allow the testing business, which operates from more than 130 laboratories in 25 countries worldwide, to "deliver its full potential". The company also announced that chief executive John Hubbard is to step down and it expects to name his successor shortly.
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Grant secures jobs at AMS
Advanced Medical Solutions, a Cheshire-based research and development company, has been awarded a grant that will protect 99 jobs and allow 41 new roles to be created. The Selective Finance for Investment grant from the Northwest Regional Development Agency will bring the company £275,000, which will allow it to remain in the region, merge its two current sites into one and almost double the manufacturing facility to 15,000 sq m. The company was founded in 1991 in Winsford and focuses on the development of polymers for the healthcare market.
Advanced Medical Solutions, a Cheshire-based research and development company, has been awarded a grant that will protect 99 jobs and allow 41 new roles to be created. The Selective Finance for Investment grant from the Northwest Regional Development Agency will bring the company £275,000, which will allow it to remain in the region, merge its two current sites into one and almost double the manufacturing facility to 15,000 sq m. The company was founded in 1991 in Winsford and focuses on the development of polymers for the healthcare market.
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Styles & Wood sees profits slump
Shop fit-out company Styles & Wood has said it will continue to cut costs after interim results revealed a 54 per cent drop in pre-tax profit. For the six months to 30 June, pre-tax profit fell to £2.42m while revenue dipped to £123.1m from £149.8m. The Altrincham-based company admitted the results were "disappointing" and blamed the slump on project deferrals amid uncertainty in the market. Since the start of the year the group has shed 80 jobs, but new chief executive Ivan McKeever said such decisive action had been necessary to "create a business capable of flexing with market conditions". Its share price was up 4.8 per cent to 16.5p this morning and has been steadily climbing since shareholder Paul Anthony Bell revealed to the Stock Exchange at the start of July that he had a 3.26 per cent interest in the group. He now owns 10.2 per cent.
Shop fit-out company Styles & Wood has said it will continue to cut costs after interim results revealed a 54 per cent drop in pre-tax profit. For the six months to 30 June, pre-tax profit fell to £2.42m while revenue dipped to £123.1m from £149.8m. The Altrincham-based company admitted the results were "disappointing" and blamed the slump on project deferrals amid uncertainty in the market. Since the start of the year the group has shed 80 jobs, but new chief executive Ivan McKeever said such decisive action had been necessary to "create a business capable of flexing with market conditions". Its share price was up 4.8 per cent to 16.5p this morning and has been steadily climbing since shareholder Paul Anthony Bell revealed to the Stock Exchange at the start of July that he had a 3.26 per cent interest in the group. He now owns 10.2 per cent.
Bglobal makes two appointments
Darwen-based smart metering company Bglobal has appointed Tony Barnes as chief operating officer from 1 September. The business has also named law firm Halliwells' partner Timothy Jackson-Smith as non-executive director. Barnes has spent the last few years as managing director of Utilisoft in Australia and will focus on managing the day-to-day operations of the group as it expands its activities over the next year. Earlier this month the company reported pre-tax losses of £3.47m for the year to 31 March, but turnover grew 60 per cent to £4.5m.
Darwen-based smart metering company Bglobal has appointed Tony Barnes as chief operating officer from 1 September. The business has also named law firm Halliwells' partner Timothy Jackson-Smith as non-executive director. Barnes has spent the last few years as managing director of Utilisoft in Australia and will focus on managing the day-to-day operations of the group as it expands its activities over the next year. Earlier this month the company reported pre-tax losses of £3.47m for the year to 31 March, but turnover grew 60 per cent to £4.5m.
Parkwood results in line with expectations
Preston-based Parkwood Holdings, provider of specialist support services to the public and private sector, has reported increased first-half, pre-tax profit and said it expects its full-year performance to be in line with expectations. Pre-tax profit for the six months to 30 June rose to £1.21m from £1.05m a year ago, while revenue climbed 20 per cent to £61.5m. The Parkwood Leisure division was the main driver for the growth, with revenue increasing by 28 per cent to £26.1m, although losses were still reported in its healthcare division. Executive chairman Tony Hewitt said: "Our blue-chip order book and index-linked contracts, which account for in excess of 85 per cent of revenue, provide a degree of certainty for the future performance of the group."
Preston-based Parkwood Holdings, provider of specialist support services to the public and private sector, has reported increased first-half, pre-tax profit and said it expects its full-year performance to be in line with expectations. Pre-tax profit for the six months to 30 June rose to £1.21m from £1.05m a year ago, while revenue climbed 20 per cent to £61.5m. The Parkwood Leisure division was the main driver for the growth, with revenue increasing by 28 per cent to £26.1m, although losses were still reported in its healthcare division. Executive chairman Tony Hewitt said: "Our blue-chip order book and index-linked contracts, which account for in excess of 85 per cent of revenue, provide a degree of certainty for the future performance of the group."
Cyprotex records first profit
Cyprotex, the Macclesfield-based drug discovery technology company, has recorded a net profit for the first time, posting £56,000 for the first half of the year on revenues up 33 per cent at £2.25m. As the global drug discovery industry has been tackling the credit crunch and tightening regulations, Cyprotex has been able to prosper under conditions that force industry players to maximise their operational efficiencies by outsourcing non-core activities, said chairman Nikolas Sofronis. The company has secured long-term collaborations with major pharmaceutical companies. Yesterday Cyprotex announced the placement of 40 million new ordinary shares to raise funds for investment in laboratories and sales infrastructure.
Cyprotex, the Macclesfield-based drug discovery technology company, has recorded a net profit for the first time, posting £56,000 for the first half of the year on revenues up 33 per cent at £2.25m. As the global drug discovery industry has been tackling the credit crunch and tightening regulations, Cyprotex has been able to prosper under conditions that force industry players to maximise their operational efficiencies by outsourcing non-core activities, said chairman Nikolas Sofronis. The company has secured long-term collaborations with major pharmaceutical companies. Yesterday Cyprotex announced the placement of 40 million new ordinary shares to raise funds for investment in laboratories and sales infrastructure.
Hotel names management team
Crowne Plaza Manchester City Centre, due to open this week on Shudehill, has put its management team in place to join general manager Bob Fairweather. Robin Ford is the new operations manager, having previously worked at Dublin's Crowne Plaza and Holiday Inn Express. Manchester Airport Marriot Hotel's former finance manager, Umar Farooq, has been appointed financial controller. Hayley Peck, former reservations manager at the Radisson Edwardian Hotel, is the new revenue manager. Anthony Wilkinson has been named as the human resources manager and Alan Davies has been brought in as chief engineer, having previously been responsible for engineering at the Lowry.
Crowne Plaza Manchester City Centre, due to open this week on Shudehill, has put its management team in place to join general manager Bob Fairweather. Robin Ford is the new operations manager, having previously worked at Dublin's Crowne Plaza and Holiday Inn Express. Manchester Airport Marriot Hotel's former finance manager, Umar Farooq, has been appointed financial controller. Hayley Peck, former reservations manager at the Radisson Edwardian Hotel, is the new revenue manager. Anthony Wilkinson has been named as the human resources manager and Alan Davies has been brought in as chief engineer, having previously been responsible for engineering at the Lowry.
North West workers fear for their jobs
Fourteen per cent of North West workers are not confident that they will be in a job with their current employer in a year's time. A YouGov survey commissioned by the Trade Union Congress has revealed that 384,000 workers are afraid for their job security. The trend continues across the country as 3.3 million workers across Britain believe that they may not have their job in a year's time. Workers in low-paying jobs feel less secure than those with better-paid jobs. The least confident earn between £10,000 and £15,000 and the most confident earn more than £50,000.
Fourteen per cent of North West workers are not confident that they will be in a job with their current employer in a year's time. A YouGov survey commissioned by the Trade Union Congress has revealed that 384,000 workers are afraid for their job security. The trend continues across the country as 3.3 million workers across Britain believe that they may not have their job in a year's time. Workers in low-paying jobs feel less secure than those with better-paid jobs. The least confident earn between £10,000 and £15,000 and the most confident earn more than £50,000.
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Grosvenor opts for innovative scheme
Liverpool One developer Grosvenor has chosen to bypass the increasingly rocky residential property market by signing innovative agreements with two residential specialists who will lease the five residential blocks above the retail element of Liverpool One. BridgeStreet Worldwide is leasing 78 apartments, which will be offered as fully serviced apartments to business and leisure travellers, and Plus Dane Group will undertake a new commercial venture by leasing the remaining 95 apartments in four buildings at below market rent for key workers. The arrangements will ensure low vacancy and help bring the scheme to life at all times of the day.
Liverpool One developer Grosvenor has chosen to bypass the increasingly rocky residential property market by signing innovative agreements with two residential specialists who will lease the five residential blocks above the retail element of Liverpool One. BridgeStreet Worldwide is leasing 78 apartments, which will be offered as fully serviced apartments to business and leisure travellers, and Plus Dane Group will undertake a new commercial venture by leasing the remaining 95 apartments in four buildings at below market rent for key workers. The arrangements will ensure low vacancy and help bring the scheme to life at all times of the day.
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