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Top story
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Morrisons.com on the way after 'record' year
Morrisons has unveiled plans to launch into the online market within two years to catch up to its supermarket rivals. The Bradford-headquartered grocer has announced a £32m investment for a 10 per cent stake in New York internet supermarket FreshDirect, coming off the back of its recent £70m takeover of online retailer Kiddicare. It comes as the UK's fourth biggest supermarket business posted a pre-tax profit of £874m for the 12 months to 30 January 2011.
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Deals
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168 new stores for Asda after OFT clearance
Yorkshire supermarket giant Asda has said it will add 168 stores and 1.8 million sq ft of space to its portfolio in 2011. The expansion will include 147 ex-Netto stores after the Office of Fair Trading decided not to refer its acquisition of Netto to the Competition Commission.
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Boparan builds Northern stake
Poultry tycoon Ranjit Boparan has reported to the Stock Exchange that he has acquired or has agreements in place to increase his stake in Northern Foods to 48.25 per cent. The news follows rival suitor Greencore's decision to bow out of the race for the Leeds-based food manufacturer.
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Advent picked up by Irish suitor in £25m deal
Advent Data, a distributor of electronic office supplies, has been acquired by DCC, an Ireland-based business support services group. The deal could be worth up to £25m.
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Galaxy ups sales after accessing £150m fund
Start-up business Galaxy Insulation and Dry Lining (Holdings) has said it experienced an increase in turnover after agreeing an invoice finance deal with Yorkshire Bank. The finance was part of a £150m fund set up by the bank which it said has now been taken up.
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Property
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Oak chief falls on sword after Rotherham said no
Steve Lewis has resigned as chief executive of Oak Holdings, the company which was dumped from the £350m Yes! Project by Rotherham Borough Council.
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Exel unit bought for £19.5m
The 382,569 sq ft Exel Distribution Unit in Normanton has been acquired for £19.5m by HSBC European Active Real Estate Fund Trust. The Leeds-based team of property consultancy King Sturge acted for the seller Prudential Assurance Company.
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£4.75m care centre gets green light
Meridian Healthcare has been granted planning permission by Kirklees Council for a £4.75m care centre in Huddersfield. Holmfirth-based business Conroy Brook has been appointed as developer for the centre with work starting on site this month.
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MTL move to create 100 jobs
MTL Group has opened its new 300,000 sq ft factory in a move the contract manufacturer said will create more than 100 jobs. The relocation was supported by a £5m funding package from Lloyds Bank Corporate Markets in Sheffield.
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Business
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Sheffield must be seen as a "winner" - Wright
Richard Wright, interim chief executive at Sheffield Chamber Of Commerce and Industry, has told Insider the city must ensure it is seen as a “winner” on the global stage to safeguard future investment. He was speaking at the launch of The Sheffield City Strategy, which outlines a vision for Sheffield in 2020 as a “distinctive, successful, inclusive, vibrant and sustainable city”.
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