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Top story
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Iotech acquired by Swiss group
Iotech Group, the Preston-based parent company of liquid membrane manufacturers Liquid Plastics and Industrial Copolymers, has been acquired by Swiss specialty chemicals group Sika in a deal that also involves subsidiaries in the US and Belgium. Iotech was run by the Gorick family, one of Lancashire’s leading business dynasties, headed by Jeremy Gorick, a member of the Preston Vision Board. Sika said the acquisition of the £40m-turnover Iotech expands its technology and market knowhow and builds a market position in polyurethane liquid membranes for roofing and offers research and development expertise in this field. About 250 employees are expected to join Sika. The transaction value was undisclosed. Gorick said: “Sika is committed to quality, service, safety, and environmental care and we are confident that the acquisition will open new doors for us and allow expansion that would otherwise not have been possible.” The sellers were advised by KPMG.
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Deals
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Imagine a local future
Stockport radio station Imagine FM has been bought by entrepreneur Damian Walsh, a former director of Galaxy FM and the managing director of Mondiale Publishing, a leisure trade specialist. The station had been earmarked for closure by owner UTV Media, which also owns Wish FM, Wire FM and Tower FM, after regulator Ofcom turned down a request to base the station in Warrington. Walsh told Insider: “Hopefully we can add some local knowledge to a strong popular station with a loyal following.”
PCS continues Lancashire drive
Care homes group Pauls Care Services (PCS) has acquired Mapleford Nursing Home in Accrington, which brings the number of properties in the group’s portfolio to four. The deal, which was funded by a £5.4m package from The Royal Bank of Scotland, will also enable the company to refinance its existing facilities. PCS employs 160 people across its four facilities, which include sites in Caernarfon, Oswaldtwistle and two in Accrington.
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Business
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It takes two, says Stewart
Businesses across the North West need to put more effort into their lending relationships as accessing finance becomes increasingly difficult in the current climate, according to Alysoun Stewart, head of entrepreneurial advisory at Grant Thornton. Speaking at this morning’s Pro.Manchester discussion at Grant Thornton’s offices in the city, she said: “Many people misunderstand the role of the bank. The banks need clear communication from their clients to make the decisions.” James Cliffe, corporate director at Barclays, added: “Relationships are key – that’s what we do. But how many clients have worked as hard on these relationships as the banks have over the past ten years when there has been sufficient liquidity in the market?” Stewart said she was seeing a shift towards a partnership approach between bank and client but warned: “As banks look to renew facilities they’ll look at how well they actually know their clients.”
Halstead sees bedrock of demand
Commercial flooring specialist James Halstead is benefitting from falling raw material prices and export margins are being bolstered by the weakness of sterling. However, low interest rates are costing the cash-rich business £1m a year. A modern warehouse facility of 289,000 sq ft in Oldham will help the company expand capacity. Geoffrey Halstead, chairman, said: "The first six months sales and profit have been satisfactory and, with the UK government committed to continuing infrastructure spending, we believe there is a bedrock of demand within the home market.”
Stobart signs ten-year contract with Nestlé
Cumbrian freight group Eddie Stobart has signed a £110m ten-year contract to provide warehousing facilities to Nestlé. Andrew Tinkler, chief executive of Stobart, said: “Our warehousing division already occupies in excess of 6 million sq ft of state-of-the-art facilities throughout the UK, and this contract illustrates the way in which we can offer value-added distribution activities to major customers.”
Admins up but region stays off bottom rung
The number of North West administrations increased by 31 per cent in 2008, according to figures released today by Deloitte. The firm’s annual analysis is “very much in line with expectations” and it expects the figures to increase “drastically” in the coming months, but the region fared better than other areas of the UK, where the numbers were much higher. Businesses in the North East witnessed a 98 per cent increase in administrations compared to 2007; the South West experienced a 95 per cent increase in administrations, while Wales saw a 41 per cent increase.
The young will survive, says Tenon
Going against the grain of conventional wisdom on surviving a downturn, research from Tenon Recovery has found that entrepreneurs with no experience of previous recessions are the most likely to thrive in the current climate. The survey found that businesses operating in the North West for five to nine years are benefiting most from the slowdown, with 37 per cent able to take new opportunities. Chris Ratten, head of Tenon Recovery in the North West, said: “Many do have robust procedures within their businesses and enough wisdom to enable them to weather this financial storm. The problem facing established firms is that they have the experience but often lack the flexibility to make significant changes or system overhauls.”
O’Connor’s fast track takes him to London
Ernst and Young associate Joe O’Connor has moved to London as part of Ernst & Young’s team working on the administration of Nortel, the Canadian telecoms equipment maker. O’Connor is on a fast track to partnership at the big four accountancy firm and is currently the holder of the Insider Young Professional of the Year award.
Shenton joins MC2
Kirsty Shenton has joined media agency MC2 as commercial director. She was previously with Grant Thornton where as part of their entrepreneurial advisory team. She recently attended Harvard Business School’s Executive Programme studying how to build and sustain competitive advantage.
Kinetic returns to India
Business development consultancy Kinetic Cubed has expanded its presence in India by opening an office in the central business district of Mumbai, adding to its existing presence in New Delhi. The Sale-based company said growth has been fuelled by a number of new client wins across Europe. It now forecasts that growth for 2009 will be 50 per cent more than last year.
New hospitality site for Manchester City
The City of Manchester Stadium has launched a new online booking service for its matchday hospitality services. The site has video footage of the stadium’s six suites on offer, including the newly refurbished Boardroom Suite. The football club is also offering a 10 per cent discount for customers who book online during February.
Do you Twitter?
The Manchester digital community and users of the social networking site Twitter are being encouraged to get involved in a global network of festivals happening in more than 100 cities simultaneously. The Manchester Twestival, which is being sponsored by Code Computerlove, will take place at The Living Room on 12 February. It will bring together Twitter users to raise money for Charity:Water, a charity that works to bring safe and clean drinking water to those in developing countries.
VPhase wins Ofgem approval
VPhase, a developer of energy saving-products for residential and commercial properties based in Chester, has received approval from industry regulator Ofgem to trial its VPhase VX1 product in a number of Scottish and Southern Energy customer homes. The trial is expected to cost £200,000, mainly funded by Scottish and Southern Energy, and will measure the reduction in electricity used as a result of product. It forms part of the government’s Carbon Emissions Reduction Target scheme, introduced last April to ensure energy suppliers cut carbon dioxide emissions by 2011.
Senior digital moves
Roy Husdell, the co-founder and partner of Manchester’s Komodo Media, has joined McCann Erickson as digital creative director following the departure of Wesley Hogg to rival digital marketing agency Code Computerlove. The move comes just weeks after McCann Erickson unveiled plans to return to Manchester city centre after a 30-year absence to open its new digital operation McCann Metro. Hogg, meanwhile, has been named executive creative director at Code.
Order your Top 500 CD-ROM today
Insider’s new North West Top 500 Companies 2009 CD-ROM will be available from February 2009. Reach new sales leads and promote your business to the most successful and profitable companies in the North West with this reliable and comprehensive business mailing list. As a valued reader of Insider Daily you will also receive a 20 per cent discount if you pre-order online inserting promotional code NW-T500CD-1. The offer is only available until 31 January 2009.
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Property
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Millennium over as market tumbles
Cheshire-based property developer Millennium Estates has been placed into administration. Restructuring firm Zolfo Cooper, which was formed in November 2008 following a management buyout from Kroll, has been appointed due to poor trading conditions in the UK property market and seven staff and the firm have been made redundant. The administrators are seeking to secure buyers and lessees for the company’s current developments, which include 58 units in the Millennium Tower at Salford Quays, and 147 units in the Alexandra Tower, a 26-storey residential tower situated on the banks of the Mersey in Liverpool. Millennium Estates made a loss of £1m in the year to 31 March 2007 against a turnover of £6.2m, which was down 61 per cent on 2006.
Manchester appoints GB Building
Manchester City Council has appointed Manchester-based constructor GB Building Solutions to a four-year construction framework to renovate and build council-owned properties around the city region, including schools, council offices and other council owned buildings and facilities. The framework is worth at least £105m, although the council has indicated that this amount may increase. The work is expected to include a high proportion of education-related projects, with the first project expected to start in two or three months’ time.
Planning approved for college development
GVA Grimley has secured planning permission for the redevelopment of Winstanley College, near Wigan. The college, which was rated as ‘outstanding’ by an OFSTED inspection in 2007, will benefit from a new 136,000 sq ft building designed by architect Broadway Malyan. The project will cost more than £30m and it’s hoped it will be completed by September 2011.
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