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Top story
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Newport changes under threat
Two landmark projects aimed at transforming Newport city centre are under threat from a potential lack of funds. Modus, the developer, has postponed work on the 30-storey City Spires building pending a review. And doubts have been raised over the £200m Friars Walk shopping development, also by Modus, which may not be ready in time for the Ryder Cup in 2010. Modus has said it is in talks with two European banks in an effort to raise funds, and that those talks are progressing well.
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Schein takes Minerva
Henry Schein, the US healthcare product and service provider, has bought Minerva Dental, a Cardiff-based supplier of dental consumables and equipment. Henry Schein said the deal would boost the groups full-service dental business in the south and South West of the UK. Minerva, which was set up in 1919, recorded revenue of about £20m in 2007. 
Maxibrite sells up
Coal 4 Energy, a joint venture between UK Coal and Hargreaves Services, has bought a majority stake in solid fuel manufacturer Maxibrite. Coal 4 Energy acquired an 85.2 per cent stake in the Llantrisant company for £4.7m in cash.
Sweett deal for Roger Richards
Cyril Sweett, the quantity surveying group, has acquired Cardiff surveying firm Roger Richards for a total consideration of up to £250,000. The purchase extends Sweetts reach into South Wales and is expected to add to group earnings.
Blah joins EA
Blah D Blah, the design agency that went into administration in January 2008, has been relaunched as a division of the EA Technology Group. Blah founder Neil Rylance said the Conwy-based company had hit financial trouble after growing too fast, and with that EAs backing would provide a more secure basis for growth. EA, which is based in Cheshire, provides engineering services to the power industry.
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Parsons to advise on Severn Barrage
Parsons Brinckerhoff, the US consultancy, has been appointed to advise on the potential environmental impact of the proposed £14bn, ten-mile Severn Barrage development. The New York-based firm has contributed to large-scale projects including Palm Jumeirah, Dubai, and the Venetian Casino in Las Vegas. It is thought that the barrage could create as many as 40,000 jobs and supply the UK with 5 per cent of its electricity.
Miner will beat forecast
Energybuild, the coal producer, predicts it will exceed market expectations in the year to June 2008. The company, which operates Aberpergwm drift mine near Neath, predicts selling prices will be 53 per cent ahead of market expectations in the second half of the year, while production from Aberpergwm will be higher than forecast due to early mechanisation. Opencast production is now expected to achieve forecast production for the full year after overcoming production difficulties.
Chilly for Hill Station
Hill Station, the ice cream maker, saw its pre-tax losses widen in the year to October 2007 as sales declined 34 per cent. The loss was greater than expected due to raw material price rises, poor summer weather and initial resistance from customers to accept price increases. For the year, the pre-tax loss widened to £5.4m from £4.8m, as sales fell to £9.1m from £13.9m.
Culver into the red
Insurance broker Culver Holdings suffered a full-year pretax loss on higher costs and warned that its traditional retail broking operations faced significant challenges in the insurance market. For the year to December 2007, the group posted a pre-tax loss of £614,000 pounds against a profit of £58,000 pounds last year. But the company said its insurance broking division has received income in the first quarter ahead of the equivalent period last year.
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Property and construction
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South Wales industrial market grows
The slowdown in property prices and retail spending during the first part of 2008 has not prevented strong demand for new warehouse space in South Wales, according to Lambert Smith Hampton (LSH). Distribution is driving speculative industrial property development according to LSHs head of South Wales industrial division, Jason Thorne, who said: In East Cardiff, Aldi is shortly to develop a new 340,000 sq ft regional distribution centre on 28 acres. This development, in addition to Amazons 800,000 sq ft and Home Retail Groups 750,000 sq ft warehouses, confirms that South Wales and Cardiff have the ability to supply new distribution capacity for big names.
Powell Dobson expands into London
Architecural and urban design practice Powell Dobson has opened an office in London in response to a growing demand for its services in the South East of England. The office in Kew will enable Powell Dobson to service its established London client base and attract new business. The move was spearheaded by joint managing director Howard Wainwright, supported by recently appointed Ian Howells, who will manage and expand the Kew office.
Redrow takeover mooted
Housebuilder Bellway has approached Flintshire rival Redrow with plans for a £1.3bn merger that would create the UKs second-biggest housebuilder, according to weekend newspaper reports. The approach, prompted by the softening market for new homes, is understood to be the second that Bellway has launched for its rival.
Two move into Caspian Point
AWD Group and the National Clinical Assessment Service have both acquired grade A accommodation within the 460,000 sq ft One Caspian Point development at Cardiff Waterside. The lettings were negotiated by Cooke & Arkwright and Knight Frank. Around 7,000 sq ft of accommodation is immediately available to let at One Caspian Point at about £18.50 per sq ft.
King Sturge to market surplus Callaghan Square space
King Sturge has been appointed to market 20,000 sq ft of grade A office space at Callaghan Square, Cardiff, by ING Real Estate. The two surplus floors of the building are available at £20 per sq ft. Other occupiers of the scheme include Eversheds and Allied Irish Bank.
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Monmouthsire adds to board
Monmouthshire Building Society has appointed two new directors. David Burgess, a director at chartered surveyor Stephenson & Alexander, has been appointed a non-executive director of the Newport-based lender. And Paul Leader, who has enjoyed a 17-year career with the society, has been promoted from general manager of customer and information services to a main board role as information services director.
New sales chief at Yes
Yes Group, the personal finance company, has promoted online marketing specialist Nigel Sachdev to be sales and marketing director. Sachdev joined Yes in 2006 after running his own internet company, and will now play a role in managing the Cwmbran groups targeted marketing activities. Yes said its turnover had risen over the last three years from £7.4m to £30m.
Bickerton moves up at B&A
Professional advisory firm Broomfield & Alexander has promoted Steve Bickerton to be director of the firms business services operation, which offers a range of accountancy and business support services. Bickerton joined Broomfield & Alexanders audit department as a manager six years ago from a two-year stint with Ernst and Young in Australia.
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