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Top story
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Enfis acquisition lights the way
Enfis Group, the Swansea-based lighting technology company, is to acquire PhotonStar, an LED light company in Hampshire, for £5m. The purchase, technically a reverse takeover, will result in Photonstar founders James McKenzie and Majd Zoorob becoming the biggest shareholders in Enfis. The company has raised £2m through a conditional placing and plans to make further acquisitions.
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Property and construction
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Receiver steps into Millennium Plaza sale
The sale of the landmark Millennium Plaza entertainment complex in the centre of Cardiff has taken a new twist as a receiver was appointed to sell the centre to recover £29m owed by its owner, Crown Investments, to Anglo Irish Bank. Crown is a subsidiary of Hawtin, the property group based near Cardiff, which expressed surprise and disappointment at the move.
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Barclays delivers base for Delsol
Delivery Solutions (Delsol), a Caernarfon courier company, has secured £400,000 from Barclays to buy a depot and adjoining land on Glendale Business Park in Deeside. Delsol, which delivers for the APC network, said the deal would help it to take more of the Deeside, Wrexham, Chester and North West England markets.
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Screwfix takes Bangor space
Screwfix Direct, a supplier of trade tools, has taken 7,032 sq ft of space at Aurora Property Group’s Gateway Park scheme in Bangor, North Wales. The company has taken two units on a ten-year lease for an undisclosed sum.
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Companies
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140 jobs go as Glamalco collapses
Cardiff-based Glamalco and holding company Glamorgan Aluminium Co have been placed into administration after experiencing cashflow difficulties. Richard Hill and Joff Pope, of KPMG, have been appointed joint administrators of the business, which employed 156 staff across three sites in Cardiff, Andover and Redditch.
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Chhabria drives new motor business
Nirmal Chhabria, the metal dealer and enterprise mentor, has set up a boutique garage and car recycling yard in central Cardiff. Niva International director Chabbria set up Lata Motors with his brother Varun Chhabria.
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Boomerang broadcasts £50m pipeline
Boomerang Plus, the Cardiff-based TV production company, has lined up £50m worth of future programme revenues. The company, run by chief executive Huw Eurig Davies, is eyeing opportunities from efforts by the BBC and Channel 4 to commission more shows outside London.
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Western Power wins £7.8m low carbon backing
Western Power Distribution, the electricity network provider in South and West Wales, has won £7.8m funding from regulator Ofgem's low carbon network fund. The funding is for the organisation's low voltage templates for a low carbon future project.
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Wales Top 300 companies Database
Insider has released a fantastic source of business contacts: The Wales Top 300 Companies 2010 Database. A comprehensive listing of the Top contacts at the Top companies. Free sample available now.
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Government and politics
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Change your ways, enterprise committee tells Assembly Government
The Welsh Assembly Government needs to change its culture and the way it works if its Economic Renewal Programme is to succeed, the National Assembly’s enterprise and learning committee has said. Following an investigation, the committee said the Assembly Government should engage more with business stakeholders over the recovery plan.
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Advice
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Economic Outlook
Dr Adam Marshall, director of communications and external affairs at the British Chambers of Commerce (BCC), outlines the future for the UK economy in 2011 ahead of the NatWest Business Knowledge Webinar Series.
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