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Top story
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Microvisk raises £2.5m for blood test
St Asaph-based Microvisk has raised £2.5m of funding through a rights issue. The funds will be used to develop SmartStrip, a handheld system to monitor the blood clotting status of patients taking the drug Warfarin. Finance Wales invested alongside Midven, Oxford Technology Management, Porton Capital, New Hill, the Rainbow Seed Fund and private investors.
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Deals
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Nice deal at Maes Manor
Maes Manor Hotel has been acquired by former leaseholders Tony Jay and wife Jane in a £1.75m deal backed by Barclays Corporate. The new owners of the hotel, which is located in nine acres of lawns and woodlands near Blackwood, Gwent, intend to increase the number of rooms and create additional leisure facilities.
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Companies
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EKF plans expansion after transitional losses
EKF Diagnostics Holdings, the medical test device company run by Welsh entrepreneur Julian Baines, is planning to buy companies and strengthen its management team. The company, which is moving from sportswear into diagnostics, made a £675,000 pre-tax loss in the on turnover of £35,000 in the six months to June, a period of transition when it sold its Admiral clothing brand. It made a £170,000 loss on turnover of £143,000 in the same period last year.
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Home games boost WRU performance
The Welsh Rugby Union (WRU) has struck a new financing deal with Barclays after racking up record turnover and earnings. The union made earnings before adjustments of £27.6m in the 13 months to June, up from £24.5m the year before. Turnover rose 18 per cent to £58.5m as Wales hosted eight top-flight home games. Pre-tax losses narrowed to £800,000 from £2.5m.
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G24i to harness sun and wind
G24i, the Cardiff-based solar cell manufacturer, has commissioned Gloucestershire green energy company Ecotricity to install a 120 metre windmill at its site which, by harnessing solar and wind power, will power operations by the end of 2010. The windmill will be delivered on site in October and should be fully operational by November.
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Drop in demand leads to profits fall at AES
Net profits at Newport-based Advanced Elastomer Systems (AES) more than halved in the year to 31 December 2009, down to £4.4m from £9.4m in 2008, as demand from customers fell. Turnover was reduced by approximately 25 per cent to £52.3m at the Exxon Mobil subsidiary, which elected not to pay a dividend.
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Property and construction
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Rhino moves to Deeside
Rhino Products has agreed a 15-year lease for a 45,000 sq ft premises on Deeside Industrial Estate, Flintshire, in a deal brokered by property consultancy Legat Owen on behalf of landlord Andrews Property Investment. Rhino manufactures roof bars and roof racks for commercial vans.
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People
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Cuddy and Annett among new CBI council members
CBI Wales has appointed 18 new members to its council, including Mike Cuddy, joint managing director of Cuddy Group and the Ospreys rugby side; Nigel Annett, managing director of Welsh Water; and Nick Canning, marketing director of Iceland Foods. CBI Wales council members guide policy priorities for the lobbying group.
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Jones to lead RDP
RDP, the Newport-based law firm, has appointed a new management team of equity partners. Jacky Jones takes over as managing partner, and Siôn Tudur has been promoted to partner alongside existing partner Clive Garrett-Evans.
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