| - |
|
 |
|
Top story
|
MPs rally as ITV repels Border attack
Cumbrian MPs are leading calls for ITV to either maintain Border TV or sell it to someone who will. ITV chairman Michael Grade announced plans last autumn to merge Border with Tyne-Tees TV and the group this week was reported to have turned down a £12m bid from a consortium of Carlisle businessmen. Westmoreland and Lonsdale's Liberal Democrat MP Tim Farron told Insider: "I'm encouraged by any such bid. Border covers an area that would be marginalised if covered from a major metropolitan centre, but its local news is the most watched in the country by a mile." In 2006 Border recorded profits after tax of over £2.7m on sales of just over £12m. Farron said: "My impression from the regulator Ofcom is that they won't bend over and give in easily to Michael Grade. But he seems prepared to cut Border to a shoestring operation if they don't get their way."
|
Liverpool defends its financial status
Liverpool City Council has been named one of the worst financially managed local authorities in England by the Audit Commission in an annual report published this week. But the Liberal Democrat council, which prefers to spend money on front-line services rather than putting more money into reserves, says it is working hard to tackle a challenging financial position and is still seeking permission from the government to allow it to use capital receipts to fund part of the Capital of Culture programme, which forms a large part of next year's budget gap. The report provoked council leader Warren Bradley to post an article on The Guardian website's Comment is Free section, in which he says: "With the lowest council tax increases in the land and creating the biggest boom Liverpool has ever seen, how on earth can the government's spending watchdog accuse us of poor financial management?" 
Laterooms man plays middleman for trades
Laterooms founder Steve Walsh has announced his third online venture, Quote.co.uk. The project allows users to gather quotes from tradesmen and suppliers without making multiple phone calls or trawling through numerous websites. Walsh said that although people now prefer to use the internet over phone directories, tradesmen struggle for web presence as they lack the spending power to be seen in search engines. Walsh founded Easycover.co.uk in 1996 and set up hotel booking service Laterooms with his brothers in 1999, selling to venture capitalist ECI in 2004 for £20m.
Harborow leaves culture post
Jason Harborow has stepped down as chief executive of the Liverpool Culture Company with a reported £230,000 pay-off that broadly matches the salary he would have received up to the end of his contract in April 2009. "My job is done," said Harborow, "and it is time now for a new challenge." It is unlikely a replacement will be appointed and, after the widely acclaimed launch events earlier this month, the culture team is confident that it can complete the year with director Kris Donaldson at the helm. Harborow's resignation follows public criticism last year from council leader Warren Bradley over the high-profile cancellation of key elements of the Mathew Street Festival.
Red flag flies but North West bearing up
Manchester-headquartered insolvency practitioner Begbies Traynor has today published its latest quarterly red flag alert statistics, which monitor signs of corporate distress. The number of companies facing critical problems is up by 23 per cent from 2006's figures, a total of 5,159 companies against 4,201 in 2006. Begbies estimates that approximately 15 per cent will enter into a formal insolvency procedure within 12 months. However, the increase in North West critical cases was the lowest of all the UK regions, with a 15.3 per cent climb in critical cases, compared to 43.1 per cent in the West Midlands.
|
Cussons takes Sanctuary
Stockport-based soap giant PZ Cussons has secured a £75m finance facility from Barclays Commercial Bank to complete the acquisition of The Sanctuary Spa Holdings, which owns the eponymous celebrity health retreat. Cussons has also released its interim results, which show pre-tax profits up 17 per cent to £35.4m and turnover up 7 per cent to £299.5m. It was advised by Addleshaw Goddard, with DLA Piper advising Barclays.
Wired up
St Helens-based Elite Telecom has acquired Rochdale-based GP Telecom in a £3m deal. GP Telecom now joins Elite's growing portfolio, which also includes its European division, Elitetele, based in Madrid. This is the largest acquisition to date for the group as it pursues its growth strategy. Yorkshire Bank's acquisition finance team provided funding for the deal and law firm DWF advised Elite.
Our friends in the south
Manchester-based Manson Insurance Group has been acquired by Bristol-based corporate consultancy Jelf Group. Jon Manson, who founded the group in 1971, will remain as chairman and join Jelf's plc board. The group will continue to operate under its existing brands - Manson Insurance Brokers, Manson Warner Healthcare and Manson Financial Services - from its central Manchester premises.
|
Leese links with Salford
Sir Richard Leese, leader of Manchester City Council, has joined the board of the Central Salford urban regeneration company. Central Salford chairman Felicity Goodey said: "The future of Salford is closely linked to the continuing development of Manchester as a great European city. The cities enjoy a unique relationship which will be enhanced by Sir Richard joining our board."
DMD still looking despite group's woes
David McLean Developments (DMD) is close to starting on site after signing a deal to develop a £104m courts complex for Her Majesty's Court Service in Aberystwyth. The 37,040 sq ft scheme will bring together the County Court and Magistrates' Court from separate locations. Managing director Richard Dean said: "We're still actively seeking new opportunities." Despite the bullishness of the developments arm, David McLean Group is carrying out a consultation process and offering voluntary redundancies. Group managing director Frank Reil said: "Unfortunately we have been affected by difficult trading conditions, not least within the main contracting and retail framework industries. We must take steps to ensure that we operate in the most efficient way possible."
DTZ to lead in Wigan
Consultancy DTZ is heading a team including masterplanner Edaw and Faber Maunsell, to prepare a strategic masterplan for Wigan South Central, an area covering the mainline railway station out to junction 26 of the M6. It includes the Pier Quarter, Pemberton Colliery and the Eastern Gateway site, and DTZ will advise Wigan council on how investment and jobs can be best created in the area.
|
International bright young things
Insider is teaming up with The Royal Bank of Scotland (RBS) and UK Trade & Investment to host a North West international trade breakfast, to be held at Manchester Art Gallery on Tuesday 5 February. The keynote speaker will be Terry Bland, chief executive of international software developer Gödel Technologies, who is being joined by David Booth, a UKTI international trade adviser specialising in knowledge-based industries, and Ross Walker, an economist in RBS's global banking and markets division. To reserve a place, contact Lucie Knight in the Insider events team on 0161 907 9741 or lucie.knight@newsco.com
|
|
Contact Us
Insider Weekly
8th Floor, Boulton House
17-21 Chorlton Street
Manchester
M1 3HY
Telephone: +44 (0)161 907 9711
Email:
insider@insiderweekly.co.uk
|
|
Subscribe
To subscribe to the eBulletin,
click here
|
|
-
|