Cains shares slump as losses mount
Shares in Liverpool brewer and pub operator Cains Beer Company dropped by a third this morning as the business posted a pre-tax loss in what it called the most difficult six months since it started trading. Cains reported a loss for the six months to April of £4.5m, compared to a loss of £2.7m for the 14 months to 28 October 2007. Shares dropped 2.12 pence to 4.25 pence. Although HM Revenue and Customs have filed a High Court winding-up order regarding parts of the Cains business, the group is expected to settle that bill. But chairman Roy Morris said: "The directors believe that the group will be able to reach agreement with its bankers regarding appropriate levels of funding. However, the directors do recognise that there is a material uncertainty which may cast doubt on the group's ability to continue as a going concern." Finance director Paul Morgan, who only joined in May from Stanley Leisure, has resigned.
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Grayling to talk on division
Ahead of his presentation on cities in Liverpool tomorrow, shadow secretary of state for work and pensions Chris Grayling has launched an attack on the failure of successive governments to narrow the gap between rich and poor in UK cities. He said: "What we are seeing is a sub-culture in our society that is utterly divided from mainstream British life. This is something we all need to be concerned about. It's not just a Liverpool problem; it exists in cities up and down the land."
Retail conference speakers announced
Delegate places are now available at the British Council of Shopping Centres' conference, to be held at ACC Liverpool in November this year. The 25th staging of the conference will take advantage of the centre's size to feature the event's largest ever showcase, while confirmed speakers include George Davies, Lord Heseltine and Sir Terry Leahy. The conference will be chaired by Sir Stuart Hampson, former chairman of the John Lewis Partnership.
KPMG survey predicts further job cuts
Those who've predicted that the regions will escape the worst of the credit crunch may have to think again. KMPG's quarterly National Business Confidence Survey, which reveals that 53 per cent of businesses are planning to slash jobs as a cost-cutting measure, surveyed senior executives in 203 public and private sector companies - 80 per cent of them outside London. However, only one in ten respondents believed that the country faces a full-blown recession.
St Helens appoints consultants
St Helens Council is launching a major land and employment study that will help to shape the borough's economic development and planning policy over the next decade and beyond. The council has appointed regeneration consultancy Regeneris Consulting and development Consultancy Vernon & Co to assess employment needs in the borough and review the quality and availability of sites and premises, together with the projected future demand and supply of land. The study will inform the Council's local development framework.
Colliers a record breaker in Trafford Park
Agency Colliers CRE has achieved a record sale price for a small industrial unit at Trafford Park on behalf of developer Chancerygate. The 2,831 sq ft Unit 7 at Chancerygate Business Centre was acquired by Technique Services for £340,000, equating to £120.10 per sq ft. Andy Backhouse, senior surveyor, logistics and industrial, at the Manchester office of Colliers CRE, who acted for Chancerygate, said: "I believe that this is a record price for a small unit at Trafford Park."
Yorkshire Bank tops Corpfin buyout figures
Yorkshire and Clydesdale Bank has been one of the most active lenders to buyouts in the £5m to £15m deal market since the onset of the credit crunch, figures from Corpfin Worldwide show. Paul Shephard, regional director with Yorkshire Bank, said: "Yorkshire and Clydesdale Bank has had no exposure to the sub-prime market. We have retained a strong balance sheet and liquidity position and as a result our desire to fund deals remains unchanged. With three £20 million-plus deals completed in the last few weeks across the North West alone, the evidence shows that we're very much open for business."
Dates for your diary this week
NUREC 2008 - The Northern Urban Regeneration Exhibition and Conference - takes place today and tomorrow at ACC Liverpool. It is billed as the key event for regeneration practitioners to listen, learn, discuss and debate the challenges facing northern towns and cities as they seek to narrow the gap with London and the South East. There's also the invitation-only Downtown Liverpool in Business event tomorrow, to be addressed by Shadow secretary of state for work and pensions Chris Grayling (see above) at Paver Smith's offices in the Plaza, Old Hall Street. On Wednesday there is an event at 62 Castle Street to mark the launch of "Built on Commerce: Liverpool's Central Business District," a book charting the area's history and renaissance. The event will be hosted by Henry Owen-John, English Heritage's regional director.
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