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Top story
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Region's FTSE companies remain resilient
The North West's quoted companies were fighting back this morning as the global financial markets assessed the impact of US politicians rejecting a planned $700bn financial bailout plan. The FTSE pulled its way back after an initial plunge and at midday shares in Speedy Hire, the acquisitive equipment hire company based in Newton-le-Willows, were up 8.07 per cent and rival retailers JJB Sports and JD Sports were both up, by 1.12 per cent and 5.68 per cent respectively, despite ongoing gloom in their sector. United Utilities, the region's largest quoted company, was also on its way back after a busy morning of trading.
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Deals
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BWA under Bahrain ownership
In the latest Middle Eastern takeover in the North West, specialty chemicals business BWA Water Additives has been acquired by United International Bank (UIB), an investment bank based in Bahrain, from Close Brothers Private Equity. Manchester-based BWA develops specialty chemicals for water treatment, with a turnover of $100m and sales in 85 countries. UIB is an investment bank licensed and regulated by the Central Bank of Bahrain and BWA has a significant presence in the Middle East. Senior financing was provided by a club of banks led by The Royal Bank of Scotland in Manchester.
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Business
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New ports rates threaten maritime businesses
Merseyside's maritime sector has warned that plans to implement a new business rating system for ports means businesses worth up to £400m are under threat of becoming insolvent. The Mersey Dock Rating Group, set up to lobby for a change to the legislation, made the predictions yesterday as a host of ports around the UK came out against the proposed changes. Until now the Valuation Office Agency has assessed ports and set the business rates paid by the port authority to the local council. The agency has now reassessed rates and decided they must be paid by the companies that use them instead. The Mersey group, made up of local businesses, along with the Liverpool Chamber of Commerce and industry group Mersey Maritime, says businesses have been stunned by the prospect of backdated charges. 
Lollipops in the bag
European handbag and accessories retailer Lollipops Paris is set to take a second site in Liverpool with a 240 sq ft unit in Grosvenor's Liverpool One. In November 2007 the company opened its first UK store in Clayton Square, with a national roll-out planned for 2008 and 2009 including Derby and the Midlands. Director Katie McCowen said: "The decision to open our first UK store and head office in Liverpool has proved to be fantastic for our brand. The retail opportunity presented by Liverpool One is very exciting."
Dare to be different
In a bid to encourage stronger links between innovation and business, Daresbury Science & Innovation Campus has launched an online blog that will act as a central information hub for innovation, activities and ideas on campus. The NewsHub will allow all 70 tenant companies to showcase their latest activities and discuss ideas in their sectors, as well as engage with other members.
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Property
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Edge Lane CPO confirmed
The government has confirmed a second compulsory purchase order that was made for Edge Lane West in July 2007. With almost 90 per cent of the properties either already in public hands or in the process of being acquired, steps can now be taken to acquire the remaining properties and start work on the Edge Lane Project, comprehensive regeneration of the area led by national regeneration agency English Partnerships, along with partners including Liverpool City Council and Liverpool Vision.
More than a third sliced off land values
The value of urban development land in the North West has dropped by more than a third in the past year, the second fastest faller in the UK. According to Knight Frank's first annual Residential Development Land Index, the region saw a 41 per cent in brownfield land values, while greenfield sites are worth 36 per cent less. Jon Neale, head of development research at Knight Frank, said: "Many developers are selling sites to raise cash and bolster their balance sheets which has dramatically increased the supply of land on the market, further depressing values."
Fit for a King
In a climate where other schemes are being mothballed, work has now started at the £47m Kings Dock Mill development in Liverpool's Baltic Triangle. The development, by Liverpool-based architecture firm LAG Pritchard, includes a 150-bed Hampton by Hilton hotel, 3,600 sq ft of office space and a mix of 190 one- and two-bed apartments. Contractor Bowmer and Kirkland started digging the foundations for the 1.5 acre mixed-use scheme and is carrying out other key preparation works. Earlier this month the scheme received £22.5m funding from Lloyds TSB Corporate Markets, adding to the £5m mezzanine funding from Investec Private Banking in January.
Spencer appoints Smith
Knowsley-based Spencer Holdings has appointed Smith & Sons to market its redeveloped Arrowe Commercial Park in Upton, Wirral. The 81, 065 sq ft site consists of 21 business units ranging in size from 1,936 sq ft to 81,065 sq ft. The property is suitable for trade counter, factory or warehousing uses and has space for more than 170 cars.
Work starts in Maghull
Wigan-based Allenbuild has started work on the new £8.2m Maghull Leisure Centre and Library for Sefton Council. The centre will feature a 25m swimming pool, a fitness suite, aerobics studio and sauna and steam rooms, while the library will include an IT suite and a children's area. There will also be 58 car parking spaces plus a coach park. Allenbuild estimates that the scheme will take a year to complete.
Living the Dream
Architecture Taylor Young has secured planning permission for a new art installation on behalf of St Helens Council. The 20m high Dream sculpture, created by artist Jaume Plensa, will be located on top of the former Sutton Manor Colliery located close to junction 7 of the M62. The sculpture takes the form of the head of a girl with eyes closed, seemingly in a dream-like state. It forms part of the Big Art Project, a public art initiative from Channel 4 supported by Arts Council England and The Art Fund.
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