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Top story
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Morgan takeover is a glass act
Morgan GRP, a Carmarthenshire manufacturing group, has acquired Swansea rival Envico Engineering for a consideration of more than £1.75m. Barclays backed the purchase which aims to strengthen Morgan’s position as a top maker of glass reinforced polymer structures and steel products.
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Companies
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Renewable industry wants green light
Wales will have to overcome big barriers to build up its renewable energy sector, industry leaders have warned. The September issue of Wales Business Insider, out this week, finds poor infrastructure, a lack of skills and planning delays are blamed for holding back the green power industry in Wales.
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Car scrappage drives Day's growth
CEM Day, the company which owns the Day’s car showrooms in South Wales, enjoyed a 37 per cent hike in profits thanks to the car scrappage scheme which ended this year. Day’s, based in Swansea, made a pre-tax profit of £4.2m in 2009, up from £3m, on turnover which rose to £159m from £155m.
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Invacare profits up
Wheelchair manufacturer Invacare - which has its UK base in Bridgend - has improved its profits, according to its latest annual report. The company, which makes and distributes home and long-term medical products, made a profit before tax of £1.55m for the year to 30 November, up from £1.4m.
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Planet Ice wins Cardiff rink contract
Planet Ice, the ice rink operator, has been chosen by Cardiff Council to design, build and operate a new ice rink in Cardiff Bay. Planet Ice is expected to work with the Cardiff Devils ice hockey club, run by Paul Ragan, which lost out with its rival bid.
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BBI boosted by takeover
Cardiff-based healthcare product supplier and manufacturer BBI Holdings says it has benefited from its acquisition by Inverness Medical, now known as Alere, despite a dip in profits. BBI reported profit after tax of £2m for the year ended 31 December 2009, down on the £3.2m for the nine months to 31 December 2008. But turnover increased by 38.5 per cent to £35m.
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Arcade owner in administration
The owner of the Queen’s Arcade shopping centre in Cardiff has gone into administration after prolonged refinancing talks failed. The complex is one of three centres owned by the Sapphire Retail Fund, a joint venture between the Reuben brothers and Lloyds Banking Group, to enter administration.
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Welsh businesses outperforming rivals, study says
Businesses in Wales are performing better than those in the rest of the UK, according to a survey. Welsh companies were found to have higher turnover and profit growth in the year to the third quarter of 2010.
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People
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Lawyer to lead Dragons
Newport Gwent Dragons, the regional rugby side, has picked lawyer Michael Jenkins to be its chief executive as it starts redevelopment of its Rodney Parade ground. Jenkins is a partner at Newport law firm Harding Evans.
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Creative pair join Working Word
Cardiff-based Working Word, the public relations and communications agency, has taken on former University of Glamorgan lecturer Tim Haughton as creative director and Andy Green as associate director.
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