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Top story
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Zeus moves in
Zeus Private Equity, the regional investment house, is to target Wales and the South West of England from a new Bristol office headed by former Northern Venture Managers (NVM) executive Jonny Allatt. Zeus is the second private equity firm to move into the region this year, following Lloyds Development Capital. The firm raised £100m in late 2007 and focuses on regional deals. Zeus investment director Allatt, who worked on a number of Welsh buyouts for NVM, told Insider: We see ourselves as offering something a bit different. There are just four of us, so we dont have all the bureaucratic processes that you have at other private equity houses.
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Tinopolis
The management of TV production company Tinopolis plan to take the business private to make it easier to finance acquisitions. Red Dragon Acquisitions, an investment vehicle backed by private equity group Vitruvian Partners, has made a £45m offer for Tinopolis, which floated on AIM in 2005. The offer, supported by Tinopolis chairman Ron Jones, is at a 32 per cent premium to Tinopolis share price before the offer was made public. Jones said: In Vitruvian we have found the right partner for the next stage in this company's development. 
Buyout at Comtec
Comtec, the travel and leisure software company based in Cwmbran, has been bought out by its management, backed by private equity house RJD Partners and HSBC. Comtec was started in 1995 by chief executive Simon Powell, who said the buyout would support ambitious expansion plans. Comtec was advised by M&A Solicitors.
Begbies buys in Cardiff
Begbies Traynor, the business rescue and restructuring specialist, has acquired the corporate recovery and insolvency business of Cardiff firm Dewey & Co. Dewey was set up by Peter Dewey 19 years ago and will retain its general accountancy practice. The corporate recovery and insolvency specialism will now operate as an integral part of Begbies Traynors Cardiff office. David Hill, partner responsible for Cardiff, said: We are seeing rising demand for our services as businesses increasingly recognise the need to seek professional advice sooner.
ESP sees merger
ESP Architectural Services, based near Abergavenny, has merged with rival firm Neil Niblett. The merged companies, together with NB Architecture and Design, will now trade as Niblett Architecture from ESPs Llanover offices. The merged firm is headed by Neil Niblett, a specialist in the growing area of healthcare architecture.
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Property and construction
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Redrow warns on sales
Housebuilder Redrow has seen its order book drop by 26.5 per cent over the year to April and has said the trading environment is even worse than it anticipated at the end of February. The Flintshire company said sales activity and net selling prices were under increased pressure due to the prevailing market conditions, in particular a restriction in the availability of mortgage finance. The company predicts legal completions in Homes operations for 2008 to be about 10 per cent below its previously expressed view, but full-year land sale profits should be at a similar level to last year.
Go ahead for Pontardawe scheme
CADW, the historic buildings quango, has granted permission for a derelict former tin works at Pontardawe to be demolished, allowing a new retail development to be built. Full planning permission to develop seven retail units on the Ynysderw Road site was granted last year, but it meant the clearance of the listed tinplate works buildings, built in the 19th century. Developer Atlantic Properties applied to Neath Port Talbot council to have the listing removed and, after six months, CADW granted consent.
Knight Frank lets Cwmcarn facility
Knight Frank has completed a 50,000 sq ft letting of manufacturing accommodation to electrical parts maker Relats UK on behalf of West Quay Developments. Relats has taken a building at the former Solectron site at Chapel Farm Business Park, Cwmcarn, near Crosskeys. The letting helped to secure 23 jobs, with the new facility potentially providing 40 more jobs.
Heritage sector lacks skills, report claims
Serious skills and knowledge shortages in property and construction professionals in the Welsh heritage sector have been identified in a report by the National Heritage Training Group. The group assessed the skills and training of architects, engineers, surveyors, conservation officers and other professionals. It found that recruitment problems furthered the shortage, while new recruits to the trade are lacking the know-how of older, soon-to-retire professionals.
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Garrett-Evans passes to Collins
John Collins and Partners, the Swansea law firm, has poached Clive Garrett-Evans from rival Eversheds to boost its commercial property department. Garrett-Evans advised the Welsh Assembly Government on developments in Swanseas SA1 district. Former rugby player Garrett-Evans said: I believe South West Wales is a sound economic region that holds all of the necessary economic qualities to ensure sustainable growth for the foreseeable future.
Rees takes top job at Gerald Eve
Chartered surveying firm Gerald Eve will appoint Simon Rees as managing partner this autumn following management changes and the firms conversion to a limited liability partnership. Rees, who has spent 23 years at Gerald Eve, including 14 years as Cardiff head, will take up his new position on the executive board in October. He will move to Gerald Eves London head office.
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