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North West squeezed by insolvency spike
A "pincer action" of the credit squeeze and hikes in raw material costs has seen corporate insolvencies in the North West increase faster than in any other UK region, according to research by Pricewaterhouse Coopers (PwC). Regional figures for the first quarter of 2008 show a 46.5 per cent increase on the last quarter of 2007, compared to an increase of 21 per cent nationally. In total, 551 businesses in the North West have entered into insolvency. Matthew Wilde, partner at PwC's business recovery practice, said the construction, retail and manufacturing sectors have been the hardest hit. "What we are seeing is a pincer action as corporates put spending on hold and continue to face increasing raw material prices, coupled with the reduced availability of and increasing cost of debt, which is pushing marginal companies out. These figures aren't surprising but the degree of increase in the North West is certainly high," he told Insider.
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Bodycote to sell testing divisions
Bodycote is to sell its materials testing businesses and focus on heat treatment operations, news that lifted its shares to a five-month high this morning. Advisers have been appointed following a strategic review of the testing divisions, some of which are located in the North West. Alan Thompson is to replace James Wallace as chairman of the Macclesfield-headquartered company. 
SLC opts for Homelife
ISIS-backed SLC Group has acquired Manchester-based health and social care business Homelife Options. Chorley-based SLC Group, which provides supported living services to adults with learning and physical disabilities, was formed following a £30m management buyout of Paragon in December 2006 and the acquisition of Raglin Care in September 2007. Homelife supports 34 individuals with learning disabilities in properties across Manchester and Derbyshire.
Smart move for Merseytravel
Transport authority Merseytravel has increased its stake in Global Smart Media (GSM) - to 87 per cent - to support its development plans in the smartcard and ticketing sector. GSM, which trades as Livesmart, is best known for delivering Merseyside's 08 Card scheme, with nearly 85,000 people now holding an activated card. Neil Scales, chief executive at Merseytravel, said: "We are literally just touching the surface in terms of the potential for smartcard technology." Livesmart founder David Wade-Smith remains as chairman.
Paver Smith on acquisition trail
Liverpool-based PR firm Paver Smith is set to acquire local rival Factory Communications. The deal, which will see the firm's turnover increase to around £2.4m and boost its staff to 31, is due to complete on 26 May. Dougal Paver, managing director at Paver Smith, said: "It's a good deal, which brings skills and perspective into our business and some cracking clients. It will also give us the scale we need to attract and retain new staff." Paver Smith is also looking at two further acquisitions in the next six months, with the long-term aim of boosting headcount to 60.
Dares to be different
A new business brokerage aiming to sell small businesses has been set up by corporate financiers at Dow Schofield Watts (DSW) in a joint venture with entrepreneurs Andrew Weaver and Jerry Scriven. Daresbury Company Sales is targeting businesses with turnover under £5m and will work closely with Craig Richardson from DSW. Weaver and Scriven operated under the trading name Sunbelt Business Brokers until last year, during which time they brokered the sale of 30 small companies.
Growing for Gold
Preston-based Gold Medal Travel has secured a £38m funding package from The Royal Bank of Scotland to support its growth plans. The company, which runs a consumer and trade agency for the travel industry, is looking to grow by acquisition and expand its long-haul and online offerings.
Micap seeks non-core buyers
AIM-quoted bio-science company Micap is in discussions to sell off its non-core interests. The Wigan-based business, which provides encapsulation services to the food, agrochemical and pharmaceutical industries, is disposing of certain parts of the business that no longer fit the focus on food ingredients. The company posted a pre-tax loss of £414,000 in the six months to 30 September 2007.
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Cains braced for 2008 downturn
Liverpool-based brewer Cains Beer Company has posted a £2.8m loss for the 12 months to 31 October 2007 following its reverse acquisition of 92 pubs from loss-making Honeycombe Leisure. The business also blamed the smoking ban, poor weather and a downturn in consumer confidence for the fall in revenues. Chairman Roy Morris said: "We remain cautious about the outlook for 2008 and are aware that the smoking ban and reduced levels of consumer confidence are going to have a significant impact, in the short term."
Moneysupermarket to cross the border?
Moneysupermarket.com, the price comparison website operator, is considering moving its headquarters into Cheshire to make room for expansion. Currently Wales' second biggest company by market value, the business has outgrown its Ewloe base and is still growing as consumers seek online advice to cope with rising costs. A spokesman said talks had been held with councils on both sides of the border about a move to a consolidated site, but no decision had yet been made.
Silverware for Manchester
Manchester Central, venue for the sell-out Insider Property Awards next month, has won a silver award in the business tourism category of the Enjoy England Awards. The venue is currently undergoing a £20m refurbishment.
Media agencies chosen for university
The University of Central Lancashire has appointed Manchester-based BJL to handle its marketing services and Mediacom North to handle its media planning and buying. The agencies will create advertising, digital media and direct marketing for the university, which is one of the largest in the country with more than 32,000 students, 500 undergraduate courses and 180 postgraduate courses.
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Bruntwood fills The Exchange
Insider understands that Bruntwood, Manchester's largest commercial landlord, is close to letting the whole of The Exchange, the 41,257 sq ft former Rutherford House on New York Street. The building has undergone a £6m refurbishment and has five floors of office space available. Property consultancy Scott Wilson is to take three floors at the scheme, with two other businesses also close to completing deals.
A step to the Wright for Hughes
Maple Grove Developments (MGD) has merged with Lake District-based residential developer Robert Hughes, Insider can reveal. The two had been partners in the residential joint venture Applethwaite. Robert Hughes will become part of MGD's parent group, Eric Wright. In 2007 MGD recorded a pre-tax profit of £4.4m following the disposal of the Daresbury Park office scheme and has since been appointed as preferred development partner for the Blackburn's Cathedral Quarter.
Demand still high, says LPC
Developer LPC Living is cautiously optimistic in the face of a tightening mortgage market, having received over 100 enquiries for the second phase of its Hulton Square scheme in Ordsall, which was launched last week. Sales and marketing director Jonathan Drake told Insider that, although current market conditions may lengthen the completion of LPC's plans for the Salford estate, demand remains constant. "With the current excitement we would be silly not to deliver, but we have to be dictated to some extent by the market," he said.
Alpla move saves Wigan jobs
Alpla, the German-owned plastic bottles maker, is to stay in Wigan, securing 170 jobs in the area. Advised by Colliers CRE, Alpla has acquired a 147,228 sq ft unit at Stonecross Industrial Park on the East Lancs Road from Development Securities. The vendor acquired the site in 2005 from Vimto and has refurbished it since, although Alpla will extend the warehousing space. Alpla had been struggling to find a site capable of meeting its demand for high-bay warehousing and large power supply in the Wigan area.
Willan buys Salford site
Willan Investments has acquired Greenwood Office Park in Salford for £3m. The deal adds to Willan's industrial and commercial portfolio. Plans include refurbishing vacant units to provide suites upwards of 600 sq ft and upgrading the management of the buildings.
Hurstwood is Bolton bound
Property developer Hurstwood is moving its headquarters out of Rossendale to new offices at Navigation Park in Bolton. The present home at Link 665 is now fully let, a growing trend says Stephen Ashworth, executive chairman, who has noted increased rental demand in the first quarter of 2008.
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