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The total value of North West deals in the second quarter has slumped to its lowest level since 2005, according to figures released today from The Centre for Management Buy-out Research. The value of regional deals reached £210m in the three months to June, less than half the £535m achieved in quarter one and the lowest quarterly figure since the fourth quarter of 2005. Despite this fall there was a record number of deals in the sub-£10m range in the region - by the end of the second quarter 24 deals in this bracket had been completed, worth £41m, which is the highest level since the third quarter of 2006. Deals in the £10m to £50m range also leapt, with six deals totalling £169m compared with three deals worth £76m in quarter one. 
Broca sets its sights on IP AIM-listed provider of mobile messaging technology Broca has acquired Sure on Sight, the original owner of key intellectual property (IP) rights used by Broca. The deal, which is worth £350,000, has been funded through a loan from mobile communications business 2ergo, which is a substantial shareholder in Rawtenstall-based Broca. Managing director Ian Price said: "The securing of continued bank support and this funding from 2ergo not only provides us with the security of outright ownership of the IP that forms the basis of our products but also provides us with additional working capital."
Hilton Ventures raises funds Manchester-based Hilton Ventures, a short-term property finance company, has raised £1.15m by way of a long-term loan from a third party. The new funds will allow the business to continue growing its expanding loan book and make full use of its bank facility.
Expansion funds for Care Concepts Manchester-based care provider Care Concepts has secured a £1.2m funding line from The Royal Bank of Scotland to expand its Wythenshawe nursing home. The expansion, which will create a 20-place day care centre, 12 respite places and an assessment centre at Marion Lauder House, is expected to be completed in April 2009. It is also building a 60-place care home and 20-place day care centre in Warrington, which is scheduled to open next year.
AIM-listed bus builder Optare has boosted its order book following a £14.25m deal with London General, an operating subsidiary of the Go-Ahead Group. The order is for the supply of 94 buses, comprising 54 double-deck and 40 single-deck buses, with the first deliveries scheduled during the fourth quarter of 2008. Blackburn and Leeds-based Optare was formed following the reverse acquisition of Jamesstan Investments by Darwen Holdings on 14 July. Shares in the company are trading at 29.25p, up from 24.75p on Tuesday.
Cautious outlook for Printing.com Trafford-based printing franchisor Printing.com has issued a cautious statement ahead of today's AGM following news that it is trading below budget for 2008 but at a higher level than last year. Chairman George Hardie said because the majority of orders were being used for promotional purposes it wasn't surprising, given the economic downturn, that conditions were more difficult. Analysts at Brewin Dolphin have reduced the company's pre-tax profit forecast for March 2009 by £200,000 to £2.5m and by a similar amount to £2.8m in 2010, but still see strong opportunities for cash generation and a strong balance sheet.
Contract win for 2ergo 2ergo, an AIM-listed mobile communications business based in Lancashire, has won a contract to provide mobile marketing and mobile CRM services to an unnamed network operator in the US. Neale Graham, joint chief executive of 2ergo, said: "This endorsement of our services by a major US network operator further underpins our reputation in the US market." 2ergo operates across the Atlantic as 2ergo Americas following its rebranding from Proteus. Shares in the company climbed 5p this morning to 190p.
New networking group in Lancashire Lancashire-based networking hub Business Evening Network (BEN) has set up a new group to help companies in the region connect and develop. Two-hour meetings will start in Poulton le Flyde's The Edge on Tuesdays from 6pm. BEN, which offers an alternative to morning networking sessions, already holds regular meetings in Chorley and Leyland. The group was set up in late 2007 by Mandy Cardwell and Martin Day.
Version One secures library contract The British Library is installing Version One's document imaging software to deal with more than 3,000 purchasing invoices a month. The Poynton-based company supplies document managing and imaging software that allows data to be stored electronically. Version One's DbArchive scans invoices and automatically links them to the appropriate record in the library's database. The secret of Version One's success is its integration with accountancy and ERP systems such as Oracle, SAP and Infor, which has helped it attract clients including Johnston Press, Specsavers and UCAS.
Tepnel posts major profits growth Manchester-based bioscience company Tepnel Life Sciences continues to reap the benefits of increasing demand for its molecular diagnostic products and pharmaceutical outsourcing services after posting a 149 per cent increase in operating profit for the 12 months to 30 June 2008. AIM-listed Tepnel, which also has operations in the US, made £1.5m for the period, up from £600,000 a year earlier. The company also recorded a turnover of £11.8m, up from £8.8m in 2007.
Will the North West’s commercial property practitioners look to consolidate to better their market position, as Clearwater corporate finance guru Mike Reeves proposed in Insider Wednesday? Probably not. Ben Roberts, investment director at Kenmore, says: “It’s a reasonable point, but consolidation will be limited - people won’t sell unless they have to. But the current economic situation will present some very good buying opportunities for well-financed companies.” GVA Grimley investment director Mark Rawstron said: There will be cash-rich organisations waiting to pick up a bargain. Whether the bottom of the market has been reached yet is a different matter.”
New Velvet hotel approved Manchester City Council has given the go-ahead for Canal Street's first luxury hotel. Allied Irish Bank will support the £3.5m project to open a four-star Velvet Hotel in the heart of Manchester's gay village. Despite objections from neighbouring club owner Nigel Martin-Smith about noise levels, Velvet bar and restaurant's owner, Mark Cain, is looking to create a hotel "that reflects Manchester's cutting-edge style" and will be hiring 15 members of staff to man the 8,000 sq ft hotel.
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