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Dip but no crash for Welsh house prices
Wales is likely to avoid a house price crash despite a record proportion of surveyors reporting falling prices, according to the Royal Institution of Chartered Surveyors. Seventy-five per cent of chartered surveyors in Wales reported falling prices compared to 78.5 per cent across the rest of the UK. But RICS Wales director Cathy McLean said a limited housing stock should mean Wales will avoid a price collapse: Unless new supply increases dramatically a significant crash remains unlikely. The next six months will be a crucial period for homeowners, but would-be buyers with larger deposits are likely to see this market as an opportunity.
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Stone joins Evans in life sciences venture
Biotechnology tycoon Sir Christopher Evans has merged his Merlin Biosciences group with Welsh investment firm Merchant Ventures to create a new finance house called Excalibur. The new group will be chaired by Evans and Jeremy Stone, chairman of Merchant Ventures, will be the deputy chairman. Excalibur hopes to raise a UK fund of up to £100m and an international fund of more than £100m to invest in companies across the life sciences sector, but will shy away from early-stage biotech deals. 
Gamma sells up
Gamma Projects, a telecoms software company based in Monmouthshire, has been acquired by Canadian software group Enghouse Systems. Gamma, which developed the NetOne suite of telecoms software, will be integrated into Enghouses asset management division. Anthony R Pearlman, president of the division, said the deal would give Enghouse an expanded presence in the mobile market.
Australian group buys Parys
Anglesey Mining plans to sell its Parys Mountain copper and zinc mining project to Australian Western Metals for £14m. WMT has paid Anglesey a deposit of £130,000 to secure an exclusive right, for a period of up to 120 days, to carry out due diligence on the mine. After the first payment of £3.6m is made, WMT will have up to 36 months to complete a feasibility study on the project. Further payments could follow thereafter, Anglesey said.
Spice takes GIS
Spice, the utility services group, has bought GIS Direct, a Wrexham-based technical consultancy serving the utility sector. The purchase was one of four made at the same time by Spices Electricity Services division.
Xénos backs worm firm
A Carmarthenshire animal healthcare company targeting worm infestation in animals has secured investment from two business angels from the Xénos network. Equine, Pets and Livestock Animalcare, based in Llandeilo, provides worming services across the UK. Xénos investors Robin Williams and Graham Watkins have invested in the company to enable it to expand.
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Meal maker in administration
Ian Brown and William Kenneth Dawson of Deloitte have been appointed administrators of Fenmarc Prepared Foods, a Wrexham company that supplies a range of freshly prepared ready meals to retailers. The company, which employs 190 people, hit difficulties after ingredient prices increased. Brown said: After discussions with customers, suppliers and employees it is my intention to allow the company to continue to trade in the short term to determine whether a buyer for the business can be found.
Canada lift for Chromogenex
Chromogenex, the health technology company, has received a medical licence from the Canadian Health Authority for its Chromolite-S product, used for unwanted hair reduction and skin rejuvenation. Earlier demands from the Canadian agency forced Chromogenex to issue a profits warning in January.
Lawyers come together
Law firms Ergo Solicitors and Mansfield Fellowes Solicitors have merged. Rebecca Mansfield Fellowes, who set her firm up in 2006 to specialise in commercial law, will become a board director and shareholder of Ergo Solicitors, which was set up in 2007 and focuses on employment and commercial law.
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RBS funds Cross Hands development
A 13 unit residential development at Cross Hands near Llanelli, backed by a £740,000 funding package from The Royal Bank of Scotland, has started. The site at Grove Hill Park, Gorslas, Llanelli, is being developed by Black Lion Developments. The first properties are due for completion this summer.
Fairlake selects Lovell for Newport
Affordable housing and regeneration specialist Lovell has been selected by Fairlake Properties to undertake the £2.9m, 32-home second phase of an estate regeneration project in Newport, South Wales. Lovell will build 32 apartments, houses and bungalows at the Ringland estate for Fairlake Properties, which is part of the Seren Group, for rent and low-cost home ownership.
Capital office bought
Two Cardiff entrepreneurs have paid around £700,000 for the freehold of an office building in the city centre. Developers Andy Giles and Richard Williams snapped up the 14 St Andrews Crescent building from Defence Estates. GVA Grimley negotiated the deal.
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Lewis steps up at HSBC
HSBC has appointed Warren Lewis as head of corporate, Wales, to succeed Ian Stitt who recently moved to lead the banks Midlands operation. Lewis, who was previously HSBCs senior corporate banking manager, will run a team of senior corporate relationship managers focusing on businesses with turnover of over £25m. Lewis joined Midland Bank, later HSBC, in 1988.
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