LDP Business 20.04.11

LDP

In association with

rensburgsheppards.co.uk

www.ldpbusiness.co.uk

FTSE-100

5896.9 ▲ 26.8

THE FTSE 100 Index regained its nerve yesterday and clawed back some of the losses suffered after a ratings agency downgraded the US’s debt forecast.

A strong performance by mining stocks helped lead the market up 26.8 points, to 5,896.9 .

Meanwhile, on Wall Street, the Dow Jones Index industrial average rose 65.16 points, or 0.5%, to close at 12,266.75, the Standard & Poor’s 500 index rose 7.48, or 0.6%, to 1,312.62, and the Nasdaq rose 9.59, or 0.4%, to 2,744.97.

‘Material uncertainty’ over property group EXCLUSIVE by Alex Turner LDP BUSINESS STAFF

alex.turner@liverpool.com

DEVELOPER Spencer Commercial Property faces a “material uncertainty” about its ability to continue trading, after it failed to refinance its £200m bank facilities, LDP Business can reveal.

The Knowsley-based group breached its banking covenants last year as plunging values saw nearly £40m wiped off its property portfolio.

It is now trying to renegotiate its

loan facilities, which expired on December 31, 2010.

In the auditor’s report contained in accounts filed at Companies House last week, auditor Anthony Farnworth, of Deloitte, said: “Should no agreement be reached with its bankers, the loan could be called in, which would be likely to result in the realisation of assets below book values.

“These conditions indicate the existence of a material uncertainty which may cast significant doubt about the company’s ability to continue as a going concern.”

The accounts, the first for 20

months, showed a pre-tax loss of £3.5m for the year to March, 2010.

That was caused by a £7.3m charge from the cancellation of a £60m interest rate swap which, along with other interest charges, meant 94% of its £15.7m turnover went on interest payments.

Net assets stood at £2.9m at the yearend while creditors due within one year reached £193.2m, because of the ongoing issue of its bank facilities. Its portfolio was revalued at £180.1m at the year-end.

Spencer’s portfolio includes property at Arrowe Commercial Park, in

Wirral; Link, at Huyton Business Park; Nexus, at Knowsley Business Park; Sefton Business Park; and Venture Point, in Ellesmere Port.

The company remains upbeat about its future, with a five-year plan being drawn up to make a persuasive case for refinancing.

It said: “While the bank continues to fund the group at the previous levels, negotiations remain ongoing with the group’s bankers, such that the directors anticipate that new facilities will be finalised during 2011 appropriate to

MARKET REPORT: PAGE 15

Empire’s Easter opening

inside

Grosvenor is back in black

ALMOST two years after Rapid Hardware’s bathroom business relocated from Renshaw Street, a new showroom is preparing to open in the same unit this weekend.

Bathroom Empire is expanding from its Maghull warehouse to a city centre presence.

Co-founder and director Stephen Edwards said: “We try to offer something a little out of the ordinary.”

Rapid Hardware moved from its longstanding home to the former GH Lee store.

LIVERPOOL One owner Grosvenor reports first profit since 2007.

PAGE 2

Sunny outlook GERMAN solar energy firm opens south Liverpool base.

PAGE 4

Barclays deal KENYAN investors buy bank’s Wavertree complex for £10.45m.

PAGE 6

CONTINUED ON PAGE 2

Stephen Edwards at work preparing the site Picture: JAMES MALONEY/ jm190411ldpbiz-1

BUSINESS EDITOR: BILL GLEESON 0151 472 2319

DEPUTY BUSINESS EDITOR: TONY McDONOUGH 0151 330 4918

BUSINESS REPORTER: NEIL HODGSON 0151 472 2451

BUSINESS REPORTER: ALISTAIR HOUGHTON 0151 472 2449

BUSINESS REPORTER: ALEX TURNER 0151 472 2321

BUSINESS REPORTER: PETER ELSON 0151 472 2502

When exceptional people come together, great things happen.

So when Weightmans and Mace & Jones merge to become one firm on 1 May you can expect something special to develop.

Weightmans and Mace & Jones. Together we are stronger.

Find out more at www.weightmans.com

Mace&Jones

2

Wednesday, April 20, 2011

LDP business .co.uk

THE REGIONAL BUSINESS AWARDS 2011

LATEST NEWS

ldpbusiness.co.uk

TOP FIVE 1 Cains’ deal with Morrisons 2 Developers join NW indies 3 RS Clare’s growth drive 4 New MD for John Lewis 5 TJ Hughes owners’ promise

The full shortlist of contenders for the region’s most prestigious awards – LDP Business next week

Updates throughout the day

news

LIVERPOOL’S INVESTMENT SPECIALISTS

IN ASSOCIATION WITH

www.regionalbusinessawards.co.uk

Log on to www.ldpbusiness.co.uk

Five-year strategy is being drawn up CONTINUED FROM PAGE 1 secure the group’s funding requirements for the medium term.

“The directors continue to work on and finalise a five-year strategic plan to be agreed by the bank that will form the basis for the new facility, the specific covenants and the repayment profile expected.

“The group’s forecast and projections, taking into account reasonably possible changes in trading performances, show that the group should be able to operate within the level of the proposed facilities.

“On the basis of these forecasts, the ongoing negotiations, and after making enquiries, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future.”

Former chairman Jim Spencer stepped down from the board in September, after more than 50 years in charge.

It had started as the family scrap metal business before it focused on property in the 1980s.

LDP

MOBILE

FOR News, Sport and Business on your phone

Text LDP to 67800

‘Strong’ Liverpool One aids Grosvenor revival

by Alex Turner

LDP BUSINESS STAFF

alex.turner@liverpool.com

LIVERPOOL One owner Grosvenor has recorded its first profit since 2007, after a swing of more than £600m.

The property group, owned by the former Liverpool Daily Post’s business person of the year, the Duke of Westminster, recorded a pre-tax profit of £394.8m in 2010, after losses of £235.8m in 2009 and £593.9m a year earlier.

Grosvenor’s assets under management are valued at £10.9bn – up from £10.2bn – of which £4.9bn is retail, £3.1bn is commercial and £2.9bn residential.

The company remains pleased with Liverpool One’s performance in its second full year of trading.

It said: “Liverpool One continues to perform strongly. It is currently 98% let, 51% of tenants are new to Liverpool and 20 new retailers opened in 2010, including Hugo Boss, Desigual, Habitat, Hollister, Jamie’s Italian and Kuoni.

“In 2010, retail turnover was up 16.9% compared to 2009, and over 24.6m people visited Liverpool One.” Liverpool One is owned by the Grosvenor Liverpool Fund, which agreed in principle a five-year, £385m refinancing with four banks last December – well ahead of the existing loan maturing in January, 2012.

It replaces the original funding which was put in place six years ago to cover both the development phase and the initial period of trading.

Grosvenor, which for the first time published an environment review alongside yesterday’s annual report, said it had seen steady growth of interest in sustainability from investors and tenants.

It highlighted an award won by Liverpool One for a project which converts used cooking oil from restaurants into fuel to help run the on-site vehicles.

Grosvenor also owns retail properties in Basnett Street and Renshaw

Grosvenor’s Liverpool One development attracted 24.6m visitors last year Street, as well as One Park West. More widely, Grosvenor benefited particularly from a good performance from Grosvenor Britain & Ireland, and improved returns from Grosvenor Asia Pacific.

Mark Preston, Grosvenor’s group

chief executive, said: “We have ambitious plans for the future and during 2010 we laid the foundations for growth over the coming decade. After two years of mildly negative returns, 2010 saw them move in line with the historic long term average.

Picture: JAMES MALONEY

“We remain committed to expansion in Asia, especially China, and to reinvesting in our core business in London. We still see threats to a sustained recovery, but Grosvenor’s diversified business and financial prudence will stand us in good stead.”

RBS chief Hester’s £7.7m salary package approved ROYAL Bank of Scotland chief executive Stephen Hester had his controversial £7.7m pay package rubberstamped by the Government yesterday, as the bank insisted it had to pay staff “fairly”.

UK Financial Investments,

which manages the taxpayer’s 83% stake in RBS, gave its support, despite a widespread backlash over the deal.

Shareholders were asked to cast their vote on the partnationalised bank’s pay plans at the group’s annual meeting

in Edinburgh. The board was grilled by angry shareholders at the AGM, who fired questions and criticism over bonuses and the lack of dividends.

The bank has been embroiled in controversy

since it emerged last month that Mr Hester was awarded an additional £4.5m potential shares windfall on top of his £2m annual bonus and £1.2m salary for 2010, which was not originally revealed under the Project Merlin agreement

with the Government to rein in pay.

RBS also admitted it paid 323 code staff – those deemed to be in risk-sensitive roles – £375m last year, despite remaining in the red by £1.1bn.

3

Wednesday, April 20, 2011

LDP business .co.uk

IN ASSOCIATION WITH

profile

LIVERPOOL’S INVESTMENT SPECIALISTS

Restaurateur promoting Albert Dock’s rich menu of attractions

Jeremy Roberts, who is chairman of the Albert Dock Tenants’ Business Association, believes its thriving attractions play a key role in the city’s leisure offer Picture: JASON ROBERTS/ jr180411jeremyroberts-1

Alex Turner meets JEREMY ROBERTS, of Living Ventures EARLY in his career, Jeremy Roberts learnt the importance of events being a great way to drive revenues.

Running the independent Chalon Court Hotel in St Helens (which later became Hilton St Helens) in the early 1990s, he had “a great restaurant that nobody went to”.

It was an unpromising situation and one trade newspaper’s assessment was particularly gloomy: “St Helens in Merseyside would not be an instant choice for many hotel operators looking to open a newbuild, four-star hotel in the depth of a recession.

“In fact, judging from the dearth of national chain hotels here, it wouldn’t be a choice at any time.”

Roberts’s solution was to open a nightclub for over-23s at weekends, primarily targeting the local market, which “transformed” the hotel’s operations in its previously quiet period.

Today, he brings his 30 years’ experience in the leisure industry to his roles as commercial director of restaurant group Living Ventures – which he co-founded with Tim Bacon and Dave Hinds – and chairman of the Albert Dock Tenants’ Business Association.

Roberts said: “When people visit Liverpool, especially in the summer, it’s one of the first places they head for. It generates enormous amounts of interest and attracting events here is really important.

“Through the association and through having our own marketing and PR, we are able to present the

dock as a whole.” The organisation was resurrected last year as a response to concerns about the slowdown which traders had begun to feel in earnest in 2009.

“Post-2008, there was the potential for a slump in confidence, with the credit crunch and the recession, there was a lot of fear and concern,” he said. “A lot of that has been unfounded, partly because of the catalyst effect of the Capital of Culture year.

“Our raison d’etre is to promote the dock, what the tenants have to offer, and to work alongside the managing estate company as well as the other partners in the waterside area, including the Echo Arena and BT Convention Centre and the museum, and really present a united approach.”

Over a warm duck salad at Living Ventures’ Albert Dock restaurant, Gusto, Roberts explained how the progress made came to the fore earlier this year.

The Liverpool Boat Show, which was meant to start next week and bring in 300,000 visitors over 10 days, suddenly collapsed. A salvage oper-

q&a Age: 48 Lives: Wilmslow, Cheshire Highest educational qualification: degree in hotel and catering administration from the University of Surrey Biggest achievement in business: Developing our own company – I take enormous pride in that Biggest regret: I don’t do regrets Best advice: If you can’t measure it, you can’t manage it Unfulfilled ambition: To attend the four tennis grand slams in the same year. But I’ll never take enough time off

ation was launched, and a smaller event called Spring on the Waterfront will now be held in its place.

He said: “The importance and strength of the links with the city, the ACC and other stakeholders was shown with the way things were pulled together after the boat show.

“Spring on the Waterfront is a bit of an unknown quantity. It has the potential to be a great event – that could be a silver lining, we may have created something that is a bit more inclusive than the boat show.

“From our experience [at Gusto], we had been writing budgets based on it. Because it happened so late, there was potential for a massive hole in a lot of budgets.

“The weather will play its part, but we are giving ourselves the opportunity to repair that hole.”

He is enthusiastic that the range of attractions at the Albert Dock means it is well-placed to thrive, with the footfall and sales figures from the opening months of 2011 offering encouragement for the rest of the year.

“The first couple of months have been really positive,” said Roberts.

“Events are important, that things are happening at the dock on a regular basis to create some momentum. That is coming through in the visitor numbers, everyone plays their part in that.

“There’s a great cross-section of attractions. You have got culture, at the Tate, popular culture, at the Beatles Story, even the dock itself.

There’s the family element, the night-time economy, some great bars and brands down here, it’s hard not to sound like an advert. Otherwise, it’s just a group of buildings that have been restored.”

Culture is also at the heart of the success of Living Ventures, which

today operates 22 sites. Its key brands are Gusto, which has seven restaurants, and Blackhouse, which has six.

It is also in the middle of integrating five restaurants it bought from Heathcotes last year, including the Olive Press, in Castle Street, while its portfolio also includes The Red Door, in West Kirby.

It had successfully created and exited other brands, including The Living Room, which was sold for £28m in 2007, and Prohibition, which was sold for £2.75m in 2005.

Roberts said: “Our specialism is in building brands – people understand brands. People know what Gusto stands for and in the past, with Living Room in particular, we built that into something that was very respected and we were able to move it on and sell it when it was the right time for us.

“It is very important that you do create the right culture in an organisation, as that comes through eventually.

“We have been very successful in training staff, we insist they are trained so they know what they are doing. When people know what’s expected of them, they perform.

“It’s no coincidence we have won Best Waiter at the Liverpool Ambassador Awards for the last two years.”

He added: “I like to think in operations like ours and the ones around us, they are nice places to work.

They are not as poorly paid as they used to be and there’s really good opportunities in this industry.

“If you are good, you will go far.

It’s such a people industry that if you are good, you will shine. It gives the opportunity to young people as well, it’s quite an energetic industry.

“Hard work is always rewarded at some point.” Roberts, who started off washing dishes in his father’s hotel

before going to university to study hotel and catering administration, is an advocate of promoting from within, because of the benefits of maintaining the right culture and demonstrating to all staff that they can have a career with the company.

He said: “If they want to get to the top, then they can move around and create a career path and progression.

We actively promote succession planning so they are lined up to move in.

“We bought the Heathcotes business recently and that gave us a number of opportunities. Those kinds of things create energy and gives a boost, people start to look for opportunities, where they can show us what they can do.

“Continuity of management is highly relevant and very important.

Consistency – you see it in football, it’s the best example of it, if a manager stays for a while.

“Only time will tell if he’s a Kenny Dalglish, but he will get them to a level. We like to think we employ the Kenny Daglishes and we give them the time to get to the top.”

His six board members include John Branagan, who was the former head chef at the Chalon Court Hotel, and one-time restaurant supervisor Sue Crimes.

“One of the great things that I see is the development of people,” he added.

“The amount of people we have had come through from the shop floor into management, and even the board. Sue started with us in about 1997 as a restaurant supervisor in Chester. She now runs Gusto and is on the board.

“She’s done that because she works hard, is talented and we have given her the opportunity. That’s one of the best things you see in a business like this.”

4

Wednesday, April 20, 2011

LDP business .co.uk Backing for zone extension proposal THE chief executive of Liverpool Commercial District Partnership has welcomed calls to include the area in the city’s new Enterprise Zone.

Responding to comments from Liverpool City Council’s chief executive, Ged Fitzgerald, Paul Rice agrees that the new zone should be extended beyond Wirral and Liverpool Waters to include sites such as Pall Mall and Old Hall Street.

Liverpool CDP is currently applying for Business Improvement District status, and Mr Rice claims such a move would pay dividends for the city.

He said: “It has to be good for Liverpool as a whole, meaning it’s crucial that an upturn in one part of the city should not be mirrored by deterioration elsewhere.”

IN ASSOCIATION WITH

LIVERPOOL’S INVESTMENT SPECIALISTS

news

Solar energy firm sets up operation in city region

by Tony McDonough

LDP DEPUTY BUSINESS EDITOR tony.mcdonough@liverpool.com

From left: Mark Wilke and Frank Schulmann, of Solen Energy, with TMP’s director of investment, Mark Basnett

HE’S BACK...

Also starring...

Martina Navratilova Richard Krajicek Martina Hingis Mansour Bahrami

THE LIVERPOOL INTERNATIONAL TENNIS TOURNAMENT 2011 A Northern Vision Event

16TH - 19TH JUNE, CALDERSTONES PARK

Tickets from £9

echoarena.com ticketmaster.co.uk 0844 8000 400 0844 847 2332 Hospitality from £95.00 + VAT 0151 227 5940

A GERMAN solar energy firm is to open its second UK base in south Liverpool.

Solen Energy UK is regarded as one of Europe’s leading solar energy groups and will create eight jobs in Speke.

Solen has been assisted in its move to the city, and setting up of new premises close to Liverpool John Lennon Airport, by inward investment agency, The Mersey Partnership (TMP).

The Liverpool base will offer a full “turn-key solution” for solar energy systems.

Solen develops, builds and operates solar systems for flat, pitched and arched roof tops.

The Government’s recently-introduced feed-in tariff proposals help to make the good business case for solar even more compelling.

The team will be trained by specialist Merseyside-based training providers.

Frank Schulmann, director of Solen Energy UK, said: “We are delighted to be able to announce that our second UK branch will be in Liverpool.

“We are committed to contribute our knowledge and experience to the Merseyside region to ensure that Liverpool can fulfil its challenging targets for the low carbon emissions plan.

“We will be working with local people and intend to stay in the Merseyside region to ensure long-term relationships with our customers,” he added.

TMP and its partners have identified the low-carbon economy as one of four key sectors with potential to deliver sustainable economic growth across the city region.

Chief executive Lorraine Rogers said: “TMP welcomes Solen Energy UK to the city region.

“The company has a proven track record for developing business quickly once it has become established in an area.

“By investing in Liverpool, Solen Energy has recognised the opportunities available to low-carbon economy businesses choosing to locate here.”

liverpooltennis.co.uk

5

Wednesday, April 20, 2011

LDP business .co.uk

IN ASSOCIATION WITH

news

LIVERPOOL’S INVESTMENT SPECIALISTS

Key role for Hope University in £3.2m research project LIVERPOOL Hope University is part of a £3.2m research project into developing fuel cells to improve living standards in rural India.

The university’s Centre for International and Development Education will work with the Universities of Nottingham, Birmingham, Leicester, Manchester Metro-

politan University and the Indian Institute of Science on the joint project, titled “Rural Hybrid Energy Enterprise Systems”.

The research is funded by the Engineering and Physical Sciences Research Council UK and the Indian Department of Science and Technology.

Prof Chris Atkin, director

of graduate studies and research at Hope, said: “To be part of a successful multi-million pound research project funded by one of the UK’s major research councils is just the best news.

“The award of such a large grant shows just how confident the research council is in our research team. This is just

a fantastic achievement for all those involved.”

The partners will carry out research into small -scale energy generation systems in rural areas that can be adapted for local needs in the UK and India to enable communities to tackle energy poverty, increase revenue generation and create new opportunities.

Energy expert takes PM to task

Hope will be involved in working on community engagement, including examining needs among UK pensioners and Indian communities for certain requirements such as cooking, domestic lighting, transport and heating and energy needs for agricultural purposes in both countries.

A BOOTLE environmental expert has written to Prime Minister David Cameron accusing him of pursuing an “anti-renewables agenda” and reneging on a promise made by Business Secretary Vince Cable.

David Hunt, a director of renewable energy company Eco Environments, has written of his “grave concern” over the recently announced review of tariffs for solar energy which cut previously announced subsidies.

Mr Hunt said: “The proposals will effectively sacrifice the UK’s flourishing solar industry.

“The Coalition said it would ‘encourage community-owned renewable energy schemes where local people benefit from the power produced’.

“Indeed, Vince Cable told me personally at an event in Liverpool that the Government is ‘fully committed to Feed-in Tariffs’.”

He added: “We have, therefore, been shocked by these proposals which will once again leave the UK’s solar industry lagging far behind other countries.”

Eco Environments is a £1.3m turnover business with 20 staff in five offices, including Bootle, Darlington, Penrith, Manchester and Tamworth.

Met helps motorbike mechanics shift into top gear WIRRAL Met College and Southport accident claims company Plantec have achieved a training first.

Three Plantec motorcycle mechanics received Master Technician grading of the Automotive Technician Accreditation (ATA) at the college’s Motorcycle Technology Centre.

This is the first time an independent organisation, rather than a motorbike manufacturer, has been awarded this qualification.

Wirral Met engineering curriculum leader Dawn Pierce said: “Their training at the college to bring them to Master Technician grade puts them at the top of their field, and we are proud to have taken them to this level.”

She said it was important that their skills and knowledge on the repair of motorcycles, after they had been involved in road accidents, was “impeccable”.

The three Plantec motorcycle mechanics, from left, Elvin Ravenscroft, Jeremy Martin and Steven Warren

Drugs group in buoyant mood

by Neil Hodgson

LDP BUSINESS STAFF

neil.hodgson@liverpool.com

PHARMACEUTICALS group Novartis has reported a strong start to the year.

The Swiss-based business, which employs approximately 700 staff at its Speke plant, provided a trading update covering the first quarter that revealed improved sales growth of 16% during the three months of around £8.75bn, after conversion from US dollars.

However, it said the 4% growth in operating income of £2.5bn was impacted by the absence of sales of its H1N1 swine flu pandemic flu vaccines last year, which have not been replicated this year.

Novartis said sales in its vaccines and diagnostics division were down by 73% when compared with the £687m of H1N1 revenues last year, which resulted in the operation turning in “a small loss”.

The report showed that, excluding the H1N1

effect, sales for vaccines and diagnostics were ahead by 43%.

Free cash flow for the Basel-based group stood at £1bn in the period.

The latest update also revealed that the group has received approval to use Aflunov, its influenza vaccine to help prevent avian flu (H5N1), in the European Union.

Novartis chief executive, Joseph Jimenez, said: “Contributions from all businesses led to a good start in 2011, as we achieved 14% growth (on constant currency conversion rates) in the first quarter.”

The Novartis plant, on Speke Boulevard, produces conventional flu vaccines which are invariably exported to the North American market.

A swine flu pandemic, declared by the World Health Organisation, in June, 2009, sparked a scramble for a vaccine among the world’s major drugs companies.

Novartis produced its version at several European locations, including Speke, providing supplies for several governments.

FOR the latest news from the LDP CREATIVE creative sector

www. ldpcreative. co.uk

£99

per person

Isle of Man

Breaks

Includes:

Return se crossing asaa foot passeng er

PLU 2 NIGHTSS B &

B at the 4-Star Palace HOTE L ! CAS on Douglas INO Promenade

To book call Steam Packet Holidays on 01624 645777 WWW.STEAMPACKETHOLIDAYS.COM

Valid until 31st May 2011, terms and conditions apply. Prices are based on two adults sharing a twin/double room.

Offers are subject to availability and cannot be combined with any other offer.

6

Wednesday, April 20, 2011

LDP business .co.uk New role for store founder ONE of Liverpool’s bestknown businessmen has been appointed chief executive of international management company, Congrex.

David Wade-Smith replaces current Congrex CEO Dr Layth Bunni.

Along with his brother, Robert, Mr Wade-Smith was a founder of the iconic Wade Smith retail empire.

He also founded smart card company Livesmart, where he retains an interest, and was former chairman of Liverpool Chamber of Commerce.

He will also continue his role as business advisor to the cabinet at Liverpool City Council.

Congrex organises conferences, meetings and events for companies and organisations.

news

LIVERPOOL’S INVESTMENT SPECIALISTS

IN ASSOCIATION WITH

Kenyan investors acquire Barclays site for £10.45m

by Tony McDonough

DEPUTY BUSINESS EDITOR tony.mcdonough@liverpool.com

AN OFFICE building in Liverpool, housing 1,200 bank workers, has changed hands in a deal worth £10.45m.

The building, in Wavertree Technology Park, is occupied by the Barclaycard division of banking giant Barclays.

The Mountgrange Jeeves Fund has sold the site to the Kenyan-based Sameer Group.

The 94,000 sq ft office has 12 years remaining on its lease and is home to Barclays personal telephone banking and Barclaycard operations.

The bank has occupied the premises since 1988 and it is one of the largest call centres in its portfolio.

The purchase by the Nairobi-based investors reflects a net yield of 7.75%.

The Barclaycard call centre, in Wavertree Technology Park

Sameer was advised on the deal by the North West Capital Markets team at CB Richard Ellis.

Robin Jones, senior surveyor in the team, said: “Although the UK is feeling the effects of the recession and Government cutbacks, this deal highlights that the UK, and the North West in particular, are still attractive targets for international investors.”

In February, Barclays announced that the jobs of around 200 workers at the Wavertree site would be transferred overseas.

Barclaycard said it would attempt to redeploy as many people as possible within the Wavertree site or at its base in Kirkby.

The company said it proposed to move customer service work from the sites in an efficiency drive.

Property firms backing tennis

Iris Zhang

University of Liverpool Student

Nairobi

from £391

rtn

Miami

from £418

rtn

Seoul

from £450

rtn

From left, Martyn Green, Dan Symonds and Anders Borg, of Northern Vision PROPERTY firm King Sturge and residential development One Park West have signed a presenting sponsor agreement with Northern Vision for this year’s Liverpool International Tennis Tournament.

One Park West owner Grosvenor will use the sponsorship package as a marketing tool for the scheme.

King Sturge is the agency marketing the 326 apartments close to Liverpool One. King Sturge partner Martyn Green said: “When we looked at the sponsorship package, we felt it fitted the brand perfectly and being a local event appealed to our target market.”

Dan Symonds, of Grosvenor, added: “It was apparent that One Park West and the Liverpool International Tennis Tournament had similar clients, and it made sense to join forces.

“We are impressed by the growth of the tournament and are pleased to be a part of it.”

7

Wednesday, April 20, 2011

LDP business .co.uk

news

LIVERPOOL’S INVESTMENT SPECIALISTS

IN ASSOCIATION WITH

Face-to-face networking can still trump online communication

Matt Johnson CRUISE ships dominate the sprawling waterfront of the most famous city in America’s sunshine state.

With good reason, Miami is firmly

established as the cruise capital of the world.

Ships arriving and departing there barely turn heads. In some cities, it is trains and buses that arrive like bananas (in bunches). Off South Beach, it’s multi-million dollar liners. Recently, though, one cruise departure did stir more than passing interest ashore. On board were two of Britain’s most successful entrepreneurs.

And theirs was no millionaires’ cruise to a hideaway retreat.

Quite the opposite, as Sir Richard Branson and Sir Ronald Cohen joined forces to provide the headline double act at a major conference for

entrepreneurs. While front-of-house profile and awareness-raising has been at the heart of the Virgin tycoon’s success, Sir Ronald’s successful development of the private equity firm, Apax, has taken a less limelightlit route.

Despite their different styles, the pair provided sufficient incentive for delegates to clamour for the invitation-only $3,000 a ticket places on board.

The event was the latest from the Summit Series, an organisation set up by four friends in the US who say they have identified the

value to be derived from bringing people together in an era increasingly dominated by online communication.

In a sound bite that would not be out of place in a spin doctor’s little black book, one of the organisers opined: “The idea is that there is a voice for young thought leaders, entrepreneurs and people who move the needle.”

Strip away the layers of spin, and a meaningful and useful purpose emerges.

Weigh up the fact that your audience of needle movers is effectively

captive on board a bobbing ship heading for the Caribbean, and you begin to get some idea of the potential for those who made it up the gangway to both learn and teach.

What’s especially fascinating is the promoters’ assertion that good, old-fashioned look ’em in the eye communication can still trump all manner of web-based efforts to spread ideas and intellect.

It’s a good example of old and new ideas being brought together. A smart move by those involved, and rich pickings for those on board.

‘Old and new ideas are being brought together’

■ MATT JOHNSON is chairman of Mando Group

Supermarket giant gives £500 to Merseyside hospice SAINSBURY’S in Liverpool’s central business district is giving £500 to Merseyside Children’s hospice, Claire House.

The cash, donated by the Old Hall Street store, will go towards the cost of a charity fundraising event.

The store’s charity co-ordinator, Geo Harris, said: “I’m very happy Sainsbury’s has offered this grant – it will help Claire House accommodate its children with new and improved facilities and equipment.

“It sounds clichéd, but I really do want to make a difference and this grant will do just that.

“Being a part of Sainsbury’s, I’m able to create a positive outlook on charity and awareness to the community. When we heard about Claire House Children's Hospice, we were really pleased to be able to help out.”

Ms Harris and staff at the store raised thousands of pounds for the charity last year. They organised a series of events, including one to coincide with last summer’s World Cup, and Ms Harris also took part in a charity abseil.

Pointers from Barclays expert LIVERPOOL savers should see some relief, as interest rates finally start to head north.

Henk Potts, equity strategist for Barclays Wealth, provided an overview of the challenges and opportunities in markets over the coming year to approximately 100 clients at the city’s Walker Art Gallery last night.

Although the global economy will continue to recover, he expects the US to lead Europe and the UK due to the “severe fiscal tightening” taking place here.

From left, Geo Harris, from Sainsbury’s Local, with Claire Bear and Tony Langan, a volunteer at Claire House

New range of homes helps Redrow increase margins

by Neil Hodgson

LDP BUSINESS STAFF

neil.hodgson@liverpool.com

HOUSEBUILDER Redrow is predicting “significant progress” this year, despite announcing its intention in a trading update to pull out of its operations covering Scotland.

The Ewloe business, headed by Liverpool entrepreneur Steve Morgan, has reported improved sales activity for the period from January 1 to April 17.

It revealed that net private reservations for the year so far have increased by 2%, at 1,819 properties,

compared with 1,778 in 2010. Meanwhile, the order book showed a 6% improvement at £139m and, although the business endured a slow first half, it anticipates legal completions to be marginally ahead of their level in the previous year.

And while house prices have been stable, Redrow has reported an increase in its average selling price, driven by the Steve Morgan-inspired shift to its New Heritage Collection of houses which is aimed at young families.

This will help the group in its aim to improve margins, coupled by its recent strategy of focusing on the lucrative

London and South East regions.

However, this has contributed to a rise in net debt, from £52m last year to £80m, as the group increased investments in land for development.

It has also involved a review of group strategy which has concluded that the returns on its Scottish operations are insufficient to warrant continuation, so the business will be offered for sale.

The statement concluded: “Although the economic outlook remains uncertain, we have been encouraged by the performance of the group’s New Heritage Collection.

“Sales per outlet are at the top end

of industry comparables and reservations since the beginning of January are encouragingly ahead of last year.

“We expect this year’s results to show further significant progress.”

Liverpool stockbroker Panmure Gordon welcomed the “fairly positive” update and maintained its ‘hold’ call on its stock.

Analysts Mark Hughes and Rachael Waring said: “Sales rates are ahead year-on-year, while cancellation rates and underlying prices are stable.

“We are encouraged that the recovery story continues, but believe the shares are fairly valued at current levels.”

Henk Potts And while he forecasts just 2% growth for the UK next year, he predicts the Bank of England will raise interest rates by a quarter per cent next month, with two more hikes later this year.

“There is a slightly better picture emerging for savers, as rates start to go a little bit higher, but in historical standards they will remain relatively low.”

He sees equities as the best bet for investment, aided by a “strong bounce back in corporate profits.”

But he added: “We are also positive about sterling and expect it to reach $1.82 and 1.25 euros over the next 12 months.”

8

Wednesday, April 20, 2011

LDP business .co.uk Bill Gleeson Britain must do more to attract foreign investors BRITAIN has for many years prided itself on how it has consistently succeeded in winning much more than its fair share of foreign direct investment, compared to most other countries in the world.

The only place that has traditionally attracted more investment dollars is the US. But the recession, combined with changes to the tax regime in the latter years of Gordon Brown’s tenures as Prime Minister and Chancellor, appears to have changed that.

China now attracts more inward investment than Britain, and many other nations are seen by some in business to be more attractive.

At least that’s the gist of a report published by the Confederation of British Industry yesterday, which called on the Government to bolster the UK’s attractiveness to investors. The business leaders’ organisation warned that, without action, Britain would lose investment and jobs.

Do we really believe this? At one level, the facts would seem to speak for themselves. Foreign investment in the UK fell significantly during the global recession from $186.4bn in 2007 to $45.7bn in 2009.

As well as high taxes, the CBI identifies the main obstacles to foreign investment as red tape, poor infrastructure and a lack of skills in science, technology, engineering and mathematics.

On the other hand, though, there are plenty of factors that work in Britain’s favour. The English language being top of the list. As well as that, the current government set its own direction at the time of the last Budget: the Budget for growth, as it was called.

As well as cutting corporation taxes, there has been a clear commitment to cutting the top 50p rate of tax.

While foreign direct investment makes a difference to UK prosperity

and jobs, the fact is the bulk of future growth will come from enterprising people starting their own businesses. It is to support these people that we need to make the changes the CBI are calling for.

WHEN the Liberal Democrats won control of Liverpool City Council from Frank Prendergast’s Labour-led local administration in 1998, there was considerable celebration among local business leaders.

That was 13 years ago, and despite the fact that Tony Blair’s New Labour project was in full swing nationally, the feeling in this city was the local Labour Party remained an obstacle to inward investment and business confidence.

For years after the 1998 elections, the city’s business community and commentators opined how the switch in control to a business-friendly administration was a big factor in encouraging regeneration.

So it is surprising to see the degree to which the Lib-Dems in Liverpool have imploded.

Apparently, their ranks are so thin that the party is unable to find sufficient real candidates to stand at the forthcoming local elections, resulting in the use of a paper candidate in the form of Warren Bradley’s son.

What does it all mean for the city’s economy?

Does it matter that the party once lauded as best for Liverpool business has little or no chance of winning a majority next month?

Council leader Joe Anderson has made some gestures to improve Labour’s standing with business, including appointing David Wade-Smith as an advisor to his cabinet.

Arguably, as long as we avoid any outright conflict with central government, it may not matter which party runs the council, as long as the city is seen to be wellgoverned.

LFC deal boost Could Liverpool FC’s takeover by a Boston group boost the city’s trade with New England? Alistair Houghton reports

FENWAY Sports Group (FSG) may be the most high-profile Boston business to invest in Liverpool, but it looks as though it won’t be the last.

Liverpool has a long history of trade with the US, and has long celebrated its links to New York.

But the city now boasts a new transatlantic connection thanks to Boston Red Sox owner Fenway, which bought Liverpool FC in October.

That connection inspired the UK’s consulate in Boston, Massachusetts, to organise a trade mission to Liverpool last week – a mission which will be reciprocated later this year.

With Liverpool’s profile in Boston on the up, UK Trade and Investment believes the time is right for businesses in New England and Merseyside to reach out to each other. Last week’s small trade mission was, it hopes, just the start.

The six-strong delegation included Mike Cavaretta, a video games industry lawyer, Rick McKenna, president and chief executive of Boston marketing agency WCM Partners, Panos Panay, founder of music industry website SonicBids, and two academics from Boston’s Northeastern University.

Their visit included trips to Liverpool Science Park, the University of Liverpool, Liverpool John Moores University, a networking event at Liverpool Chamber of Commerce and a creative industries seminar at law firm DWF. The Boston delegates also saw how Liverpool can play as well as work. As soon as they arrived in the city, they were whisked to the Grand National at Aintree. They were also given a tour of the city and went to Anfield to watch Liverpool FC take on Manchester City.

Sports fan Mr Cavaretta agreed that the timing of the trade mission was impeccable.

He said: “With FSG’s investment in Liverpool FC, we’re going to see a lot more Bostonians coming to Liverpool and Liverpudlians coming to Boston just because of that.

“FSG has a TV network in Boston – the New England Sports Network. They’ve started showing Liverpool FC games there.

“My prediction is that we’re going to have a lot more Liverpool FC fans in the Boston area in the next few years.

That’s going to create opportunities.

“Tourism is very big here.

You’re going to get a bunch of Bostonians coming here to see Liverpool games. As a natural consequence of that, more business will be transacted between the two cities.”

Mr Cavaretta, game developer attorney at law firm Morse Barnes-Brown Pendleton, founded video games trade body New England Games Special Interest Group.

He said the visit opened his eyes to potential opportunities for his clients and friends in the New England video gaming sector.

“It was exciting, incredibly useful and

Boston, the capital of Massachusetts, hopes to attract more investment from Liverpool eye-opening,” he said. “I have met a lot of contacts that I think will be very useful to some of my clients back home.

“I have made some relationships that would be useful in perhaps bringing some Liverpool-based people to Boston.

“I work with lots of early-stage technology companies, especially in interactive entertainment and gaming.

“I can see a lot of opportunities for games companies here to work with games companies over there.”

Mr Cavaretta believes that Liverpool and Boston, both proud port cities, are “closely aligned” culturally.

He said: “There’s a strong heritage here based on the city’s working-class roots, which people here are very proud of and which put them in a really good position for future success.

We have the same feeling in Boston as well.

“At the same time, like Boston, there’s a very strong history here of international trade and finance.

“There’s a lot of cultural similarities between the two.

“I can see there being a lot of cross-pollination between the two cities in the future.”

Mr Cavaretta said he was impressed by Liverpool Science Park, and said the building could be an ideal home for New England investors.

‘It was exciting, useful and eyeopening’

“It’s very exciting seeing the things they’re doing there,” he said.

“They had some incentives there for international companies to come and establish a presence there.

“I have a couple of clients particularly who I know will be interested in that – gaming clients. They’re expanding in areas that would be of particular interest to English and Continental European folks.

“It would really make sense for them to establish a presence here, to take advantage of the proximity and the local talent to help them properly address these markets. I plan to tell them about the opportunities there.

“It’s similar to what we have in Boston at the Cambridge Innovation Centre – it’s in the same building as UKTI. That could be a good resource for Liverpool-based companies looking to establish a presence in Boston.”

Jane Ollerhead, of the British consulate in Boston, said the visit had been “action-packed”.

The Liverpool trade mission was organised, she said, following Massachusetts governor Deval Patrick’s visit to the UK in March.

“We were inspired by the announcement of the Fenway Sports investment in Liverpool FC,” she said.

“Also, Boston and Liverpool have such a lot in common.

“We were really encouraged by the

9

Wednesday, April 20, 2011 IN ASSOCIATION WITH

the big feature

LIVERPOOL’S INVESTMENT SPECIALISTS

st to Boston links

Members of the Boston delegation, including Mike Cavaretta, far right, inspect Fenway Sports Group’s Anfield investment announcement that Liverpool had become one of 21 Enterprise Zones named by the Government.

“We were really keen to find opportunities for Boston businesses to invest in Liverpool.

“The pillars that drive Liverpool are similar to Boston. Technology, healthcare, the creative industries – it’s the same as Massachusetts.

“The governor came here last month – we’re hot on the heels of that.

“It’s been a first, exploratory mission.

The good news is that our delegates had some great conversations, and met some really good business partners.

“The people of Liverpool exceeded our expectations. It was a really vibrant place to show our delegation.”

Liverpool Chamber is now working with the British consulate in Boston, as well as with the Greater Boston Chamber of Commerce, to plan a return visit to Boston later this year.

Jenny Stewart, the chamber’s head of client services, said the mission had opened the Bostonians’ eyes to the opportunities available in the North West.

She said: “A number of them had a certain view about Liverpool, that it was a tired city. They got the shock of their lives when they got here and found it was alive and buzzing.

“The city looked wonderful. It was a pleasure to meet people who wanted to do business. They left with the impression that they could do business here.

“One of the most important contacts we made was WCM Partners, a marketing agency from the States that wants to open a Liverpool office.

“They don’t necessarily want to be a full-service agency in Liverpool, but they want to think about how they can help businesses work in the States.”

Mike Taylor, deputy chief executive of regeneration agency Liverpool Vision, said Liverpool had been working with Boston since 2005, when a Mersey delegation visited Massachusetts. But the FSG deal, he said, could only help to further cement links between the cities.

He said: “Our guests from Boston left with a very positive impression of Liverpool, both of its look and feel and its business landscape.

“There was a strong interest from them in our creative, digital and music sectors, key growth areas in Liverpool.

“We were also able to impress upon them where trading and investment opportunities lie, and where we can learn from each other, and this trip was just the latest for a relationship that will continue to grow and flourish, especially with the arrival of FSG in Liverpool.”

‘Guests left with a positive view of Liverpool’

Trade mission building on UK’s Massachusetts links LIVERPOOL may be growing its links with Boston, Massachusetts, but the business links between the UK and the New England state are already strong.

According to the US Bureau of Economic Analysis, more than 40,000 Massachusetts residents go to work each day for a British company.

The same research shows that US citizens working for UK firms earn, on average, “over 40% higher compensation than the average US household income”.

There are more than 210 subsidiaries of British firms in Massachusetts, particularly concentrated in banking, hi-tech, life sciences, and manufacturing.

Meanwhile, 253 Massachusetts-based companies have operations in the UK.

The UK is the largest market for Massachusetts exports.

Some 17% of Massachusetts’s exports are sold to the UK, primarily metals, chemicals, computers/electronics, and machinery.

Governor Deval Patrick, of Massachusetts, visited London and Cambridge last month as part of the state’s ongoing bid to attract more hi-tech investment.

He said: “Massachusetts is an unparalleled leader in the global economy and a trailblazer for the nation.

“To continue to compete on an international level and create new jobs here at home, we must look outward to new markets, and position Massachusetts as the North American destination for business growth,.”

private business Ice cream firm’s mix remains consistent

ICE-CREAM maker Fredericks Dairies maintained its strong performance as it continued to shrug off the dampening effect of another relatively wet British summer.

The Skelmersdale firm manufactures private label ice cream, has exclusive rights to manufacture and supply Cadbury, Del Monte and Tate & Lyle ice-cream, and also produces the Fredericks, Antonio’s and Antonio Federici brands.

Pre-tax profits were flat, at £2.66m, while sales rose 1.6% to £39.2m in the year to August, 2010.

Although employee numbers dropped by about 10 to 190, staff costs rose 10% to £7.32m. The two directors – brothers Frank Frederick and Philip Frederick, the grandsons of founder Antonio Frederici – once again split £960,000, with the highest paid receiving £580,000, while no dividend was paid.

In accounts filed at Companies House, the directors said: “The business has successfully negotiated four consecutive and now typically wet British summers with improving performance year on year.

“Through improved procedures and tight stock management, the firesales that were typical of previous years haven’t been required.

“Moreover, more accurate planning has allowed a better matching of production to sales, thus minimising stock holding costs.”

Despite the stable performance overall, the company saw marked variation within its ranges.

“Specifically, new product development in child lollies has increased market share to 10% with growth of 133%,” it added.

“However, due to the huge trading of the Magnum brand by Unilever, Cadbury sticks suffered a 20% decline year on year during the summer.”

ALEX TURNER

10

Wednesday, April 20, 2011

LDP business .co.uk briefing Fashion chain to restructure divisions CLOTHING retailer Gap has announced it is combining its international divisions into one leadership structure, being run out of the UK. The division will be led by current president of international Stephen Sunnucks.

Gap also revealed plans to take its Old Navy brand international in 2012, starting with Japan.

Beer company in volume rise THE maker of beers including Peroni and Grolsch reported a 3% rise in beer volumes in the first three months of 2011.

London-based brewer SAB Miller said underlying beer volumes for its full year through March were up 2%, while price rises pushed its annual revenues 5% higher.

Profits surge TOYS and games designer Character Group reported a 78% surge in pre-tax profits to £6.6m in the six months to the end of February.

The New Malden, Surrey-based company, which includes Doctor Who figurines among its products, saw revenues rise 35% to £58.1m in the same period.

Sharp fall WHITEBOARD maker Promethean World reported a sharp fall in revenues to £41.9m in the three months to the end of March from £53.9m.

The group said first-quarter interactive display system revenues were £36.6m and learner response system revenues were £5.3m.

BUSINESS to BUSINESS Building Trade FRAMELINE COMPOSITE DOORS

TRADE, UPVC WINDOWS DOORS, CONSERVATORIES. 5 Day Turnaround

Tel: 0151 546 5577 Fax: 0151 546 5588 Accredited with BS7412 & BS7950

LIVERPOOL’S INVESTMENT SPECIALISTS

IN ASSOCIATION WITH

news

Caterers look to manage the soaring cost of food

by Tony McDonough

LDP DEPUTY BUSINESS EDITOR tony.mcdonough@liverpool.com

SPRING and summer is traditionally a bumper time for the catering sector. It is the time when many people choose to get married, and also when a whole host of outdoor events are held.

However, the sector is facing a tough challenge as wholesale food prices continue to rise, the VAT hike starts to bite and firms cut back on entertaining, amid grim economic conditions.

In what is a hugely competitive market, caterers are reluctant to pass on extra costs to customers.

Wirral-based Pickled Walnut acknowledges the dilemma the industry faces.

The company is run by two chefs – Jamie Anderson and Mark Kershaw.

Jamie was trained by Michelin Starred chefs and worked at a variety of hotels and restaurants across Europe – including circus troupe Cirque de Soleil.

The business has achieved a number of successes, since launching in 2005 – including being awarded Small Business of the Year in 2007 and Young Business Entrepreneur in 2009. They have also had the privilege of catering for the likes of Gordon Brown, Prince Charles and tennis champions Martina Hingis and Goran Ivanisevic.

It has catered for events including the Liverpool International Tennis Tournament, Manchester Masters and Nottingham Masters.

It has worked in Liverpool’s best-known venues, including St George’s Hall and the Sefton Park Palm House.

Jamie said: “Increased costs have definitely impacted on the business, but we are reluctant to pass them on to our clients.

“Also, a lot of our events are planned 12 months in advance, so we are often already working to an agreed price.

“The ratio between private and corporate clients is around 50/50, and we would like to keep it that way – we do not want to put all our eggs into one basket. We can cater for a buffet lunch for six right up to a dinner for 2,000 people.

“What we are finding is that because of the public sector cuts, the number of civic functions is falling and corporate clients are pushing us harder on price.

“We are also seeing people invite fewer guests to their wedding – where they might have invited 150, now they may cut that to 100.”

However, despite the tough climate, the business is continuing to do well – so well, that Jamie and Mark can afford to turn work down if the price is not right.

“We were asked to cater at the Liverpool International Tennis Tournament again this year, but we turned it down because the margin was not there for us,” added Jamie.

“June is a premium time for us, so we’d have no trouble filling the date anyway. We don’t want to risk the brand by coming too far down on price.”

Pickled Walnut employs 15 full-time staff and may take on up to 200 more for large events.

Jamie says the firm has ambitions to get into the contract catering mar-

We’re reluctant to pass on rising costs to our clients – top chefs and Pickled Walnut founders Jamie Anderson, left, and Mark Kershaw

Thomas Brown with one of the fish and chips vans Picture: COLIN LANE/ tmcl 190411willowcatering-3

ket for big football clubs, but insists quality will always be at the forefront.

He added: “The rules in this business are very tight and they are getting tighter all the time.

“There are quite a few cowboy operators out there – they are often not insured and don’t provide the quality or safety that we do.

“We are two chefs and that is our selling point.”

Liverpool city centre-based Bean Coffee is also working hard to avoid passing on its rising wholesale costs to its customers.

The business – owned by Jon Whyte and Vip Bhatt – operates two coffee shops – at Brunswick Business Park and Princes Dock.

It also runs a successful catering operation, but Jon admits managing rising costs is a challenge.

He said: “We are seeing increases in the costs of things like bread and milk but we are trying not to pass those costs on.

“The corporate market is tough at the moment. The public sector is not spending as much as it used to.

“We still cater for meetings, but we find clients are becoming a little bit more frugal – ordering less per person than they might have done previously.

“We want to make sure we offer value, but at the same time we do not want to compromise on quality.

“Some products – pine nuts at the moment, for example – have become

too expensive. We are always reviewing that kid of thing.”

However, despite the economic environment, Jon insists the catering side of the business is growing, recording year-on-year growth.

“We have only been trading for two years so we are at an early stage of development,” he said.

“We have traded through a recession so we have only ever really known a negative trading environment.”

Liverpool’s Willow Catering has been run by founder Phil Brown for 28 years. Its speciality is mobile catering – vans selling food at major events including football matches, race meetings and concerts.

Willow operates all over the country.

The company has also set up fishandchipweddings.com, a service for people who want something a bit different for their wedding guests. Willow will turn up at the reception with a van selling fish and chips or burgers, or even ice creams.

Phil’s son, Thomas Brown, says the concept is growing in popularity.

“People love it and we have done a number of weddings – including for a few footballers. We will do whatever people ask for.”

Thomas says, thanks to Willow’s hard-won reputation, business is going well, but he admits rising costs are a challenge.

“Food and oil have gone up,” he added. “We haven’t raised our prices yet, but we may have to look at it.”

11

Wednesday, April 20, 2011

LDP business .co.uk

LIVERPOOL’S INVESTMENT SPECIALISTS

IN ASSOCIATION WITH

Banks were let off lightly on lending, say MPs THE Government did not do enough to punish taxpayer-backed banks when they failed to hit targets for lending to small businesses, MPs said today.

The Treasury lacked effective sanctions against Royal Bank of Scotland and Lloyds when business lending fell short by £30bn, a report from the Public

Accounts Committee (PAC) revealed.

The Treasury looked at various sanctions but decided each had a downside which outweighed the benefits, the report said.

The PAC said this was “not satisfactory” and the department should consider appropriate sanctions.

The PAC report was looking at the Treasury’s Asset Protection Scheme, launched in January, 2009, to protect RBS and Lloyds, which are 84% and 43% taxpayer-owned following massive state bail-outs in the financial crisis.

Margaret Hodge MP, chair of the PAC, said the scheme helped “restore

confidence and maintain financial stability” and Treasury staff should be commended.

But she added there were areas for concern.

Ms Hodge said: “The Treasury appears to lack strong determination to use its influence to increase lending to small businesses.

“We expect it to find effective mechanisms to ensure the banks meet their lending commitments.”

RBS had a target of £16bn of business lending between March 1, 2009, and February 28, 2010, but it received repayments of £6.2bn, missing its target by £22bn.

New Tesco CEO vows to improve on results

by Holly Williams

LDP CORRESPONDENT business@liverpool.com

SUPERMARKET giant Tesco admitted yesterday that it must “do better” in the UK, after missing growth targets and seeing sales fall on a year ago.

The retail giant promised new products and services after revealing a 0.7% drop in fourth-quarter UK like-for-like sales, excluding VAT and fuel.

Its fast-growing Asian business helped offset a tough domestic market, with Tesco reporting another year of record underlying profits – up 12.3% to £3.8bn in the year to February 26.

But new boss Philip Clarke said the UK performance was not good enough as it failed to keep up with rivals in areas such as clothing and electricals.

“We didn’t achieve our planned growth in the year, and this was only partly attributable to the deterioration in the consumer environment during the second half,” the group said.

“We can do better and we are taking action in key areas – for example, to drive a faster rate of product innovation and to improve the sharpness of our communication to customers.”

The sales results mark a tough debut for the new chief executive, who took over from Sir Terry

Leahy last month. The fourth-quarter sales fall marks the first such dip into negative territory for nearly two years.

It last saw sales excluding VAT in the red during the second quarter of the 2009/2010 financial year, when the UK was in the middle of recession.

Mr Clarke vowed to up Tesco’s game as part of a six-point plan for the year ahead.

He said the group would have to tap into a trend for far more cautious consumer spending.

He said: “Customers are looking for value, they’re looking to adjust to higher levels of inflation, to higher levels of tax, to the fuel prices – so they’re looking for value, eating out less, using cars a bit less, acclimatising to the economic situation.

“What we’ve got to make sure we do is set the business up to trade in those circumstances.”

The group also hinted at new and improved food lines to improve UK trading and pointed to recent launches, such as its move into the second-hand car market through Tesco Cars, as an example of recent product innovation.

While Mr Clarke stopped short of waging a price war, experts warned the non-food drive could spell further hardship for high street retailers.

Matthew McEachran, at Singer Capital Markets, said: “With over

LCDP

Meeting the needs of city hub Erika Rushton, Enterprise Director at Neighbourhood investor, part of the Plus Dane Group, considers the environmental benefits of achieving BID status

Tesco’s profits rose 2.3%, to £3.8bn, in the year to February Picture: ALI WAGGIE

£5bn of sales and space potentially increasing by around 10% a year, intensification of their offer will result in more pressure for a number of general retailers, including those already having to compete harder.”

Tesco's UK general merchandise sales dropped 3.3% in the second half, as it under-performed in clothing and electricals.

But the group is not the only major chain suffering as UK

consumers move to tighten their belts.

Sainsbury’s recently shocked the market with its fourth-quarter figures, which showed like-for-like growth of 1%, implying an underlying fall of up to 1% when VAT is stripped out.

Tesco gave little hope that retail conditions would improve this year. It said trading would remain challenging, particularly on non-essential items.

UK Coal records £100m loss

Firm in talks

THE UK’s biggest coal producer has admitted to “deep-rooted problems” after it recorded losses of more than £100m for the second year in a row.

Doncaster-based UK Coal, which has three deep

THE owner of the UK’s biggest naturist holiday operator today confirmed it was in takeover talks following rumours of a bid approach valuing the firm at £40m.

Travelzest owns nudist firm Peng Travel, as well as luxury brands such as Best of Morocco.

mines in the Midlands and Yorkshire and employs nearly 3,000 people, has already taken some “immediate and difficult” steps to improve performance, while it works on a full strategic plan that it

Advertising Feature

hopes will identify a viable business model.

In a stark assessment of the business, new chairman Jonson Cox said production levels were consistently short of expectations, while costs have grown.

HERE at the Plus Dane Group, we describe our business as a neighbourhood investor because we pride ourselves on creating attractive, safe and well looked-after neighbourhoods.

Not only does this serve to improve the quality of life for those living in them, but it helps to attract investment, generate growth and provide jobs in the long term.

Our ethos has been shaped by those living and working in our neighbourhoods, and we actively seek the opinions, feedback and ideas from the people in these areas.

One of the advantages of gauging a wide range of opinions is that we can come up with innovative Erika Rushton ways of working, ensuring we meet the needs of those living and working in a specific area.

For Liverpool’s commercial district, it is impossible to overstate the importance of how the area appears to visitors and potential investors. As the main hub for Liverpool’s businesses, it must be immediately recognisable as a world-class, vibrant place to visit and invest in.

Working in collaboration with the Liverpool Commercial District Partnership, we have already implemented a unique street concierge service. This team of urban environmental rangers has addressed the concerns flagged up by businesses in the area and responded quickly to clean up any unsavoury hotspots.

Our services are tailored to the commercial district’s requests, so we can perform essential maintenance that is usually outside the remit of traditional council services.

The Liverpool Commercial District Partnership has provided a collective voice for the private sector over the past five years, but in order to continue and expand, the BID will need to be approved.

This will provide the resources to enable us to work with businesses to maintain and enhance the physical environment, thereby adding real value as a return on their investment in the BID. More than 800 landlords and tenants will be balloted on the proposal next month, which will ask them to accept a levy equivalent to 1% of business rates.

The numerous benefits that will undoubtedly come from achieving BID status will ensure that Liverpool’s commercial district will continue to thrive.

12

Wednesday, April 20, 2011

LDP business .co.uk

LIVERPOOL’S INVESTMENT SPECIALISTS

IN ASSOCIATION WITH

location

Competing agendas threatening turmoil in UK planning system

view point

by Kate Creer, planning director at DLA Piper, in Liverpool PLANNING policy in the UK has had a turbulent time under the coalition’s reign, and last month’s Budget, which announced a streamlined sys-

Values are on the up

tem, offered little reassurance that things will improve.

A presumption in favour of sustainable development is the new order of the day and, on the surface, there seemed much for the development community to celebrate.

The relaxation of planning rules and new incentives for development in certain areas are positive steps, and so it’s unfortunate that these pro-growth measures might be destined for a head-on collision with the Government’s other big idea for planning – localism.

Designed to empower local communities with more involvement in

planning decisions, the Localism Bill has been behind the thrust of all of the coalition’s planning decisions since coming to power.

This included the controversial scrapping of regional housing targets last year.

The new tactic for addressing housing shortages – allowing landlords and developers to change the use of commercial schemes without planning permission – is unlikely to solve the problem.

By their nature, commercial

schemes are often located in areas unsuitable for residential development, particularly for family housing. Scrapping the need for planning permission would also deprive local authorities of valuable Section 106 contributions – payments which often go towards funding the kind of infrastructure needed to create a sustainable community.

It is also directly in opposition to the localism agenda’s stated aim of giving more powers to local communities. This is also true of the reintro-

‘Localism is another headache for the planners’

Former Wirral church sold at auction for £185,000

COMMERCIAL property values in the UK edged higher in March, gaining 0.3% against a 0.2% rise in February, continuing their run-up for a 20th consecutive month, data showed on Monday.

Investment Property Databank (IPD) said property values had gained a total of 17% since late 2009, after having fallen about 45% during the global financial crisis.

All-property total returns – comprising both income and capital growth – hit 0.9% for March, from a 0.7% gain booked in both February and January.

Retail commercial property produced the largest return, at 1%.

BUSINESS to BUSINESS Industrial Property UNITS TO LET Bootle Area 5,000−15,000 sqft. Flexible terms 0151 486 0004

Commercial Premises INDUSTRIAL UNITS To Let. South L’pool 500 to 4000 sqft, monthly tenancy, competitive rents. From £50pw Tel: 0151 427 5051

TO LET

LIVERPOOL INDUSTRIAL/ WORKSHOP UNITS RENTS FROM

£100 PER WEEK

07850 204481

FOR SALE / TO LET

8 WHITBY ROAD, ELLESMERE PORT, CH65 Two storey retail / residential premises.

Offers £89,950 (part let) Please contact: SUTTON KERSH COMMERCIAL, 2 COTTON STREET, LIVERPOOL, L2 7DY TEL: 0151 207 9339

duction of enterprise zones. In the context of localism, relaxing planning rules in designated areas seems contradictory.

A pro-growth agenda is not to be sniffed at, but it must be a concern that it could have the rug pulled from under it by the Government’s own drive to empower local communities.

It’s certainly another headache for planning authorities.

Having already been labelled a “chronic obstacle to economic growth” by the Chancellor, planning officers are now faced with the unenviable task of balancing two seemingly incompatible agendas.

The Grade II-listed St John’s Church and hall, in Liscard Road, Wallasey, has a new owner

A FORMER Wallasey Church was bought for £185,000 at an Eddisons property auction in Manchester.

The Grade II-listed St John’s Church and hall in Liscard Road occupies a 1.45 acre site and was offered on the instructions of the joint LPA receivers.

In total, 79 (87%) of the 91 lots which came under the hammer attracted buyers, generating proceeds of more than £5.3m.

Andrew Brown, of Eddisons, said: “This is a very strong performance and is well above the national average.

“Such was the unprecedented level of interest that we had customers queuing to get into the auction room and had to delay the start of the sale.

“Investors are clearly attracted to properties which have sensible reserve prices and offer good value for money.

“They want to see their hard-earned cash generate strong rental returns or deliver longer-term capital growth.”

Eddisons’ next auction is on May 10.

Tenants welcome footfall rise at city’s Albert Dock

by Tony McDonough

LDP DEPUTY BUSINESS EDITOR tony.mcdonough@liverpool.com

LIVERPOOL’S Albert Dock is this week reporting a rise in footfall during the first quarter of this year.

The city’s most visited free tourist destination saw footfall figures in February and March rise 30% and 12% respectively year-on-year, with the February half-term being one of the busiest weeks in the month.

The bars and restaurants at the Albert Dock benefited from an average increase of 17% in visitor numbers in

March, with an average spending increase of 10%.

The dock attractions, which include the Beatles Story, the Yellow Boat Cruise and the Yellow Duckmarine, also reported an increase of 16% for both visitor numbers and visitor spending.

The dock has been developing a number of strategies to increase visitor numbers including a full events programme and the creations of a groups and tours offer, which was officially launched in early March at the Great Days Out Fair.

There has also been a 32% increase

of traffic to the website and a dramatic increase in e-newsletter sign ups and enquiries.

The Dock will be hosting a number of events from an Easter Egg Hunt and Parade at the weekend, to large-scale entertainment over summer.

The developments are part of an ongoing strategic campaign to further increase the number of day-time visitors to the dock and capitalise on Liverpool’s tourist economy.

Jeremy Roberts, chairman of the Albert Dock Business Tenants Association, said: “We are pleased to report these early results – the year ahead is

going to be action-packed, with some very exciting events.

“The dock is one of the crown jewels of Liverpool’s tourist economy and all of the dock tenants continuously work very hard to ensure every visitor has an experience which makes them want to return time and again.”

In recent years, the dock has refocused its strategy away from being a retail destination, instead aiming more at the visitor market.

There are now two hotels on site and the dock has benefited from the success of the nearby Echo Arena and BT Convention Centre.

13

Wednesday, April 20, 2011

LDP business .co.uk

IN ASSOCIATION WITH

location

LIVERPOOL’S INVESTMENT SPECIALISTS

LIP £4m investment ‘boost’ for knowledge economy

by Tony McDonough LDP DEPUTY BUSINESS EDITOR

tony.mcdonough@liverpool.com

A NEW £4m reception and networking area at Liverpool Innovation Park (LIP) is a huge boost for the city region’s knowledge economy, it has been claimed.

The scheme, officially opened last week, provides a business gateway to the prominent Edge Lane site and a 5,000 sq ft wifi-enabled networking facility.

LIP operator Space North West contributed £2.5m to the project, with the European Regional Development Fund chipping in with £1.42m.

LIP, which includes Wavertree Technology Park, is operated by Space North West, a joint venture between Ashtenne Industrial Fund and the NWDA. At the launch, Sarah Lindsay, regional director of

Advertising Feature

Ashtenne, said: “By providing the vibrant business environment, accommodation and amenities modern business occupiers seek, we can retain home-grown talent and economic growth, and this growing cluster in turn becomes increasingly attractive to other knowledge industries outside of the region considering relocation or expansion.”

Two ground-floor office suites, comprised of 5,500 sq ft and 9,500 sq ft, have been created adjacent to the reception, and are now available for rent.

Also at the launch was Max Steinberg, chief executive of Liverpool Vision.

He said: “Liverpool Vision is tasked with keeping the momentum going, looking increasingly overseas to forge stronger relationships in existing and emerging markets, and I am determined that Liverpool will become even better known as an international knowledge centre.”

From left: Prof Dennis Kehoe, Cllr Paul Brant, Sarah Lindsay, and Max Steinberg

Independent financial advice

Take charge of your cash now to secure the future GLYN JONES, of Vale Financial Services, wonders if you paid into your ISA last tax year.

And he said: “If you did it in March, 2011, why not pay in this year’s now, and avoid being last-minute next year.”

He added: “You could also benefit from an extra year’s tax-free growth, or income, in the meantime.”

Glyn says, as confusing as some of the recent and proposed changes may be, there are some things which should be automatic for the financially astute.

One is to use your ISA allowance, which is £10,680 in the current tax year to April 5, 2012, of which half could be in cash.

He continued: “Perversely, the interest rates offered on cash ISAs are often lower than those on ordinary deposits, so you need to check the rate you’re getting to make the most of any tax advantage.

“At least, when in an ISA, any withdrawals are not subject to tax. Another method is to invest for your post-work life, or, to be blunt, your pension and retirement!

“Within new limits, anything you save into your plan is topped up with tax relief from the Government.”

Glyn says the rules around pensions are changing as you read this, and it will no longer be compulsory to buy an annuity at 75, although again there are further rules designed to ensure that you have sufficient other guaranteed income.

He reports that annuity rates have been fairly constant for some time, and nobody knows if or when they will increase.

He said: “There is downward pressure on them from extended life expectancy, but I guess most people, given the choice, would prefer to live longer on a slightly lower pension than the alternative.

“It is vital, therefore, that you obtain the best rate available. Remember you can choose your annuity provider, and that any medical conditions should be declared, as these can often result in higher benefits being obtained.”

Glyn says another topic attracting the regulator’s

attention is assessing people’s “attitude to risk” and, in addition, a client’s “capacity for loss”.

He went on: “In other words, you might well feel prepared to take a particular level of risk with your money, but realistically how much could you afford to lose and ride out some losses?”

Glyn says there are various questionnaires which can be used to help reach an answer to these questions, but a true understanding of your attitude can best be obtained face to face.

This way, your IFA can better judge your responses to the alternatives, and also you can expand on the answers and raise any queries.

He added: “It will be rare that the same solution suits any two people.

“This makes our role both interesting and challenging, but it is impartial and designed for the individual.”

■ VALE Financial Services is a member of pi Financial Services, which is authorised by the Financial Services Authority.

Hope in deal on hall lease LIVERPOOL Hope University has this week completed the assignment of the current lease of Gerard Manley Hopkins Hall from Cosmopolitan Student Homes for the remaining 28 years of its leasehold interest, for an undisclosed sum.

The four-storey property comprises a student hall of residence with 188 en-suite rooms in four to six bedroom apartments located at the heart of Liverpool Hope’s Creative Campus.

The hall had been operated by Cosmopolitan Student Homes for seven years, following the sale by the university in 2003.

Dr Ian Vandewalle, Pro Vice-Chancellor of the University, said: “This acquisition demonstrates Liverpool Hope University’s ongoing commitment to invest in the Creative Campus.”

Independent Financial Advisers in your area Anglesey Security Financial Services

Ty Llwyd, Llanfaelog,Ty Croes, Anglesey LL63 5TY Contact: Richard Jones Email richard@security-financial.co.uk Phone: 01407 811268 Mobile: 07710 468970

Denbighshire Vale Financial Services

info@valefinancialservices.com Studio One,Town Hall, Crown Lane, Denbigh LL16 3TB Tel: 01745 814962 Fax: 01745 814446 Contact: Glyn B. Jones info@valefinancialservices.com

Liverpool Rensburg Sheppards Investment Management

The Plaza, 100 Old Hall Street, Liverpool L3 9AB. Tel: 0151 227 2030. Fax: 0151 227 2444 Email: paul.brokenshar@rsim.co.uk Website: www.rensburgsheppards.co.uk Contact: Paul Brokenshar

Why choose an independent financial adviser

Because it pays to take an unbiased view

Glyn Jones – nobody knows if or when annuity rates will increase

Those listed above are either an appointed representative of a network or national which is authorised and regulated by the Financial Services Authority or are directly authorised and regulated

14

Wednesday, April 20, 2011

LDP business .co.uk Aerospace & Defence

66012 53012 Edin US TrkTst 63812 31634 25138 Forgn & C

Index 3331.14 ▲ 1.08 258

8512 Avon Rbbr

24612

-1

36978 29434 BAE Systems 32638

-258

73612 51958 Chemring

669 xd

+12

26738 19214 Cobham

22638

-34

38078 26134 Meggitt

34518xd +518

665

628

+2

150

+238

535

Rolls-Royce

15912 10438 Senior

Automobiles & Parts

32334 206

196

+212

34378xd +312

18614 Scot Am

24734

-38

525

40978 Witan

50412

+3

10978 BT Gp

18834

-34

6334 4438 Cble&WCom

4578

-14

4958 Cble&WWwd 4958 41

KCOM

-1

6014

Index 4662.56 ▼ 20.03

889

610

73078

59614

-18

Bco Santander 71078 +2378 HSBC

16678 1914 Ireland

64058xd

-314

2212

-38

7758 5012 Lloyds Bnking 5838

-12

58

4114

-12

1613xd

-3

3758 Ryl Scotland

1959 1525 Stan Chart

Beverages Index 9475.82 ▲ 146.35 1342 900 518

Barr (AG)

36412 Britvic

1342

+5

38918

+638

1258 1025 Diageo

1200

+21

2306 1827 SABMiller

2220

+2912

25758

28514

+34

395

31278 Sainsbury

Morrison W

33914

+14

45438 37712 Tesco

39312

-612

11234 74

7834 xd

-12

Thorntons

Food Producers

AB Foods

1037

71712 47712 Carrs Mill

71712

90712 749

755

Cranswick

42478 33934 Dairy Crest

37618

7534 4134 Nth Foods

7234

3118 16 607

40918 Tate Lyle

1995 1688 Unilever

5834 Elementis

2100 1460 Johnsn Mat

160

+638

1850

+18

Construction & Materials Index 4075.34 ▲ 25.64 35714

22934

265

18512 Costain

Balfour Beatty

-5 +334

+512 +32

26338

Close Bros

544

+112

787 xd +612 503

+478

London StkEx 86512

1257 76212 Rathbone

1190

+14

1922 1154 Schroders

1791xd

-134

720

36738 Cooksn Gp

645

44214 32614 Drax Gp

44018

+414

1258 478

Coral Prod

1012

32018

+138

778

Cosalt

418

1325 1010 Scot&Sthrn

1300

-7

+214 +578

774

256

742

126

Volex Gp

-3

29514

-512

Equity Inv Instruments Index 6009.31 ▲ 32.60 37778 29312 Alliance

36934xd -114

14012

105

Br Assets

13358

870

577

Candover Inv 612

228

17118 DunedinIncGth 22538

142

10034 Dunedin Sml

46714 366

High

Edin Invst

Low

Smith DS

1299xd

+6

2514 1214 Ashley L 31114 221

1912

74

511 114

Brown (N) Gp 28712 Debenhams

22934 Balfour Beatty 29 Beale 49258 Compass Gp 478 Coral Prod Dee Valley

UTV

140

+378

84612 608

WPP

72712

+512

34618 18212 Bodycote

32134xd +11

85312 567

Charter

74512xd +412

38634

Fenner

35038

IMI

1003xd+4212

18314

+29

3412

-414

115

MS Intl

215

+10

18234 12912 Vodafone Gp 17458

45

23

Renold

3334

-14

1923xd +32

1861 846

1757

Weir Gp

575

Inmarsat

600

-10

Index 1588.16 ▲ 9.99

Industrial Transportation

1753 1238 Admiral Grp

1611

Index 2556.77 ▲ 14.46

188612 126034 Marsh McL

177058xd-934

Oil & Gas Producers Index 8452.90 ▲ 38.46

Index 4386.50 ▲ 25.33

31134 21114 Resolution 24434 173

29238

-214

Standard Life 20618xd +34

42712 32638 M & S

37612

+534

83812 53612 BSkyB

831 xd

41734

+514

59412 433

47918 +1058

D Mail Tst

High

-34

49612

3 34

-18

- 14

9112

5934 IS Pharma

284

-12

+3

96412

683 JD Sports Fashion

1140

+2

-29

250

6812

-2

-10

32514

+112

- 78

Low

32214 easyJet

Price

Var 5Day

+518

-434

8912

-12

-112

91512

+4612

+14

1112 JJB Sports

2412

-1

-2

3512

1534 Johnson Serv

3318

+ 38

+14

49518

355 Nichols

485 xd

-8

-378

12112

8312

110 xd

-212

-312

NWF

1934 Park Gp 76212 Rathbone Redrow

3912

Pharma & Biotechnology Index 8990.65 ▲ 25.67 3385 2772 AstraZeneca

+14

+20

12134

+318

+178

+38

Smiths News 9612

+314

126

2971

79

3614 1914 Speedy Hire

2714

+14

1127 709

1013

+2

Travis & P

2261 1223 Wolseley

Index 750.07 ▲ 0.96 651

22838 ARM Hldgs

57512

43

1934 BATM

2234

+18

10234 7134 Psion

101 xd

+2

16014

13538xd

10234

Spirent Coms

+114

Tobacco Index 29515.33 ▲ 345.98 2567 1959 Br Am Tob

256012xd+3612

2069 1753 Imperial Tob

2025

Index 4615.82 ▲ 29.44 3153 2037 Carnival

2403

49258 Compass Gp 563

+212

33114

-114

41258 31114 FirstGroup

+114

31258

1485 1042 Go-Ahead Gp 1388

360

+3

46378

+158

240

Holidaybreak 28614xd -634

1435 982

Intercontl Htls 1263xd +13

21278 Intl Cons Airlns 22134

+434

16234 12234 Ladbrokes

14318xd -118

-1 2

11718

8978

Marston’s

10114

+112

5214 31

+1 4

361

274

Mitchells&Btlrs 30818

+314

101

58

Punch Taverns 7638

+14

Vernalis

4014

Real Estate

15234 9434 Rank Gp

Index 1958.11

313 35314 28438 Big Yellow Gp 31734 58512 41814 Brit Land

+212

565 xd

+1 2

14978xd

20814 Restaurant Gp 31218

22934 16034 Stagecoach

+4 +14

22714

+114

26358 16114 Thomas Cook 16214

+1

2919 2157 Daejan Hldgs 2700

+31

291

TUI Travel

22614

+114

40118 28012 Gt Portland

39212

+212

1887 1266 Whitbread

1660

+11

773

74112xd -112

545

Land Secs

33114 25014 SEGRO

190

Utilities

30614xd -114

Software & Comp Servs

34618 26412 Centrica

32638

110712 89712 Dee Valley

110212

1975 1271 Autonomy

1497

-47

657

48414 National Grid 59212

5858

+1

650

48278 Pennon Gp

36414 23014 Invensys

31712

+378

10378

+114

Kewill

14778 10134 Logica

12758xd +18

302

27634

22234 Sage

Support Services

2314 334

AEA Tech

33 4

1696 1157 Aggreko

1590xd

20778 77

19914

Ashtead Gp

492

36014 Berendsen

480 xd

783

658

71412

Bunzl

+312

1435

+7

62812 507

607

+212

AIM Index 905.62 ▲ 6.32 712

1514 412

API Gp

2514

Armour Gp

512

-1 8

520

19012 Cape

520

-3

812

2

CDU

2

+334

134

1

Crimson Tide 112

+4

238

112

Dawson Intl

2

+112

814

414

Eckoh

814

-

603.90

-

American

-

1826.00

0.32 1.18

Gwth & Inc

-

324.50

Income Plus

-

197.90

4.26

Japan

-

219.40

0.36

Jpan Spec Sits

-

124.30

0.72

Spec Sits

-

1955.00

0.61

Sth East Asia

-

764.00

0.15

GARTMORE FUND MANAGERS

Euro Sel Opps

-

882.07

1.16

Income

-

208.37

3.68

Pratical Inv

-497.78

523.97

-

International Acc

-1006.32 1059.28

-

Pacific Acc

-246.10

259.05

-

Property Bonds

-1988.90 2071.77

-

HSBC INVESTMENT FUNDS (UK)

Balanced

Gilt & FI

European Smllr Cos A Sterling Bd Unit Tst

-

204.40

3.30

-

415.30

0.40

North Amer Acc

-

457.90

0.10

INVESCO FUND MANAGERS

+5

Sing ASEAN

-1 2

-1

+5 8

12

4

Metalrax

1158

+14

229012 1554 Ryl D Shell B

550

355

Portmeirion P 50212

High Consols

Redhall Gp

£90932

1251 764

AMEC

1140

+2

Low

14312

11434 RSA Insurance

3614 5112

1914 Speedy Hire 3534 Sportech 2514 Telme Gp

5812

3234 UK Coal 78

29634 18312 Interserve

255 xd

-12

148

115

Swallowfield

120

545

33734 Menzies J

53912

+412

74

67

Uniq

74

34634 15214 Northgate

33012

+412

670

510

Young A

581

Price

39

2

43

Ultima

Country

Currency

Tourist

Buy

Sell

-158

Australia

dollars

1.47

1.551

1.556

2714

+ 14

-1

Canada

dollars

1.49

1.561

1.563

Denmark

krone

8.09

8.492

8.502

36 3412

+ 14 -414

-412

1 34

1995

1688 Unilever

62812

507 Utd Utils

1954

+32

+39

607

+212

+6

Japan

yen

New Zealand Norway

Var

£741516 Cons 4% .................£7734 £4934 Cons 212% ..............£5112

£8134

£69 Cnv 312%.................£7212 -132

Treasury

Var 5Day

euro

Price

£1093132 £1011516 Cnv 9% 11 ......... £1011516

+158

European Union

Low Funds

Conversions

-1 2

13114 xd

+34

0.38

FUNDS

£582732

£ ABROAD

4234

219.52

+38

72

4314 1112 Scapa Gp

▲ 0.95%

High

17312 55

-8

-

In order to give a greater range of Unit Trust information, covering a larger number of trusts, the list of funds changes each day as follows: UNIT TRUST MANAGERS DAYS PUBLISHED A to Com ................................................... Tuesday F to Inv....................................................Wednesday JP to Pru...................................................Thursday Roy to T .........................................................Friday

1944

364

1.10

322.50 1.10

Inc & Gwth

2140 1085 Premier

G4S

273.10

International

4712

24134 Hyder Cons

-

-310.09

1.80

3034 Man Brnze

452

2.95

0.70

86

+7

437.00

563.30

-1

1379xd

-

55.97 4.40

795.70

758

+134

1019.40

-

54912 De La Rue

+712

3.68

-

984

27418

130.90

Far East

+534

781

3.50

212.10 3.26

European

43838

Experian

-

UK Advantage Inc

49314 366

23734

62.94

- 53.57

UK Equity Inc A

3512 1534 Johnson Serv 3318

572

-

1.01

264.50 3.11

HENDERSON HORIZON FUND

-8

28234

-

-212.10

Monthly Inc

714 xd

819

104.60

-264.50

Gilt & Fixed

63512 Capita

216212 +1212

-

British

826

26478

167.92 4.41

GUARDIAN

+78

27912 20214 Electrocmps

-156.41

Index-Linked Acc

45212

Cairn Energy

Yield

Amer Spec Sits

Capital

1513 1086 Severn

26

Index 4459.73 ▲ 27.24

+614

+2

+218

Offer

Price Gross

HILL SAMUEL UNIT TST MGRS

626

Utd Utils

Price

FIDELITY INVESTMENT SERVS

Index 4600.58 ▲ 45.00

6114 3012 Emblaze

Bid

Terms

+518

13914 8438 Enterprise Inns 8914

49138 37614 Greene King

Cancel Fund

+11

Travel & Leisure

594

UNIT TRUSTS

2077xd +35

Tech Hardware & Equip

285 +1812

+158

131812 1095 GlaxoSmthKln 124012

+212

1190

9018

64814 30278 BP

up 11.25

33114

+3 4

148112xd+1112

Index 25437.55 ▲ 273.84

62712 382

Var 5Day

BG

Oil Equipment & Services

Index 4186.14 ▲ 36.15

8714

156412 984

1493 99112 Tullow Oil

Media

+69

33214

+3

14312 11434 RSA Insurance 13114xd +158

Life Insurance

48914 Prudential

1215

12612 85

Nonlife Insurance

+46

BBA Aviation 20414xd +218

1215 61212 Burberry Gp 409

Index 694.27 ▼ 0.80

Index 3984.09 ▼ 1.95

215

2025 1344 Spirax Srco

Index 20216.51 ▲ 951.09

26512 PZ Cussons

27258

49612 32214 easyJet

Personal Goods

Mobile Telecoms

821

-678

9712

423012

-112

20914

+3

4712 2812 Rio Tinto 5812 3234 UK Coal

95

29518 18812 Home Retail

26718

Kazakhmys

4312 Molins

+7

27114 19812 Kingfisher

+13

Antofagasta

108

72212xd

+118

1317

+1034

749

-1

1634 761

+5

-18

2412

3053xd +70

6655 4425 Randgold Res 5215

Index 6870.19 ▲ 168.71

37078

683

3437 2254 Anglo Amer

+29

34814 Halfords

1112 JJB Sports

Index 26108.21 ▲ 294.48

1604

550

15178

106

2015 1355 Lonmin

Industrial Engineering

+18

1257

151

Trinity Mirror

+5

+38

11634

110212

48018 Utd Business 59012xd +18

1313

+318

12234 7214 Lgl & Gen

1012

725

1671 965

12134

2214 Taylor Wimpey 3638

-12

4014

47

+12

15178 9712 Redrow 44

1134 Dixons Retail 1314

+812

4534

+45

35

+212

17018

+1612

41734xd +318

563

+3

2471

47778 29414 Aviva

3012

13812

STV Group

1559

+338

250

2012 Anglesey Mining

66

1682 76312 Fresnillo

+1

Mothercare

+2

154

263112 168412 BHP Billiton

53

JD Sports

59012 46058 Reed Elsevier 53712

Mining

6612

+412

92

+1

7738

+4612

764 AMEC

67612

Pearson

To assist in the analysis of the market two figures are given for each sector. Firstly an index (set at 100 on January 1 1992) to give a comparison in the performance of various market sectors.

Secondly an indication of the percentage change in the price of all the securities within a sector since the previous close.

+78

3655 3015 Reckitt Benck 3177xd -23

-14

+834

1251

-34

Household Goods

24034 175

Index 1686.51 ▲ 8.45

91512

-1

470

53712 Smith Nph

General Retailers

35334

241 Albany Inv Tst

89712

+218

Price

334 AEA Technology

110712

19712

108

23718 Inchcape

28712

1258

226

96412

+78

742

DAILY POST REGIONAL INDEX 1199.41

2314

594

+234

414

136

39 Adv Medical

41

37612

+114

45614

96

35714

+11

37778 29038 Rexam

+612

13018

377

338

1429 1008 Smiths Gp

28738

39814 WH Smith

Health Care Equip & Serv

1059 578

Index 3244.24 ▲ 20.87

44858 28412 Intl Power

Oxford Inst

+9

General Industrials

Electricity

9834 Laird

1106xd +15

+712

1315xd

16712 Morgn Cru

1149 864

McBride

1383 88612 Kier Group

179

-15

Index 5871.77 ▲ 29.54

-9

316

2610

-214

97212

61512

2885 1724 Signet Jwlrs

13714

1033 72812 Provident

38312 Domino Ptg

7438

21538

136558xd+618

705

9312 4814 ITV

+10

1917 102734 CRH

Index 2912.85 ▲ 50.25

-11

68512

57012 34158 ICAP

Electronic & Electrical

2169

Bellway

88812 664

Index 8022.81 ▼ 28.97

2344 1868 Next

809

933

5634 xd

Apr 19, 2011

Oct 19, 2010

General Financial

-212

11814

Share price (pence)

+238

228 xd

12012 7834 Marshalls

TESCO

10278

25178 3i

Those securities which have increased in value since the previous close are shown in bold type.

425

Barratt Dev

+15

T W T F

460

Index 6172.48 ▼ 8.80

577 xd

M

FTSE-Rebased

13734 70

61012 36758 Mondi

Apr 11 - Apr 15

30834 20838 Prem Farnell 13812 8414 Rentokil

3062.29 ▲ 0.48%

s............ dealing suspended xd.............price ex-dividend xs ......... price ex-scrip issue xr ........ price ex-rights issue xc ..... ex-capital distribution xa................................ ex-all £......price value in £ sterling

SPOTLIGHT

523

5958.23 ▲ 0.11%

KEY

Apr 4 - Apr 8

-312

+112

6312 2834 Low Bonar

Mar 28 - Apr 1

Aga Rngmstr 11814

32514

+1

5710

138

340

20-Day Moving Average

5805

390

5896.87 ▲ 0.46%

FT ALL-SHARE up 14.69

Index 3792.30 ▲ 7.13

598

Index 6215.07 ▲ 161.57 +12

+15

1954

Index 6903.86 ▲ 97.93 1712

FTSE-100

Premier Foods 30

Forestry & Paper

Croda

5995

355

Index 5218.41 ▲ 76.62 1182 918

Chemicals

1749 901 163

30614

FT-SE 100 INDEX up 26.79 20 DAY MOVING AVERAGE up 6.71

495

Index 4639.11 ▼ 43.77

29012

6090

-1

Food & Drug Retailers

Banks

37078 25538 Barclays

FTSE 100 INDEX

Index 2321.98 ▼ 12.82

+12

Closing Indices

5900

Fixed Line Telecoms

6512 23718 10914 GKN

Hend SmllrCos 301

36278 27314 Law Dbnture

92

Index 4582.61 ▲ 11.69

Keep track of all the major share moves of the day with our live FTSE ticker at www.ldpbusiness.co.uk

+4

30478xd +214

251

192

LondonStockMarketatClose

1.09

1.139

1.140

£61 £1171516

£50 Tr 212% ................. £522132 £109 Tr 9% 12................£10934

£10738 £1032132 Tr 5% 12............. £1032532

-132

£121516 £1152532 Tr 8% 13............. £1161132

-116

£114332 £109532 Tr 5% 14................£11014

-132

127.59

134.410

134.510

dollars

1.93

2.071

2.075

£112

krone

8.48

8.859

8.860

£3211132 £3031132 Tr 212% IL 16 ....... £321116

Poland

zlotys

3.99

4.520

4.529

Sweden

krona

9.75

10.164

10.174

Switzerland

francs

1.39

1.466

1.467

Turkey

new lira

2.33

2.494

2.504

United States

dollars

1.55

1.631

1.632

£105732 Tr 734% 12-15........£10614

£142316

£1322132

£147132

£13358

Tr

834%

- 18

21................£13738

-116

£6712 War Ln 312%......... £711316

-5332

Tr 8%

17 ...........

-932

£135332

War

£8334

Last night, the pound was worth: $1.6313 (up 0.0085).........1.1393 euros (down 0.0024) ........ 134.51 yen (up 0.65) ........ Its trade weighted index was unchanged at 79.70 Metals in $ per troy ounce: Gold 1495.20 (down 1.80).................... Silver 43.95 (up 0.71).................... Platinum 1768.00 (down 9.00).................... UK base lending rate 0.5%

15

Wednesday, April 20, 2011

LDP business .co.uk London market THE FTSE 100 Index regained its nerve yesterday, and clawed back some of the losses suffered after a ratings agency downgraded the US’s debt forecast.

Investors spotted a buying opportunity after it lost more than 2% of its value on Monday, following Standard and Poor’s shock downgrade of its outlook for the world’s biggest economy to negative from stable.

A strong performance by mining stocks helped lead the market up 26.8 points, to 5896.9, despite S&P’s concerns that the US Government will not be able to agree a plan to reduce the growing national deficit.

The pound was down to 1.14 against the euro, which was boosted after stronger than expected economic data from Germany. But it was up against the dollar at 1.63.

The blue-chip index was also encouraged by better-than-expected earnings from Johnson & Johnson and Goldman Sachs. Miners and energy companies helped buoy the London market, with Fresnillo up 45p at 1559p and Anglo American ahead 70p at 3053p.

As well as the fall-out from the S&P downgrade, investors were watching supermarket Tesco after a disappointing UK sales performance offset a 12% rise in underlying fullyear profits to £3.8bn.

Shares in Britain’s biggest retailer were down more than 1%, or 6.5p, to 393.6p.

The biggest Footsie risers were Burberry, up 69p at 1215p, IMI, ahead 42.5p at 1003p, Fresnillo, up 45p at 1559p, and Weir Group, ahead 46p, at 1757p. The biggest Footsie fallers were Autonomy, down 47p at 1497p, Inmarsat, off 10p at 600p, Tesco, down 6.5p at 393.6p, and Royal Bank of Scotland, off 0.6p, at 41.3p.

IN ASSOCIATION WITH

LIVERPOOL’S INVESTMENT SPECIALISTS

market comment

Chinalikely toexport inflation ratherthan deflation

CHINA’S influence on the global economy is being felt in numerous ways, and this appears likely to continue for the foreseeable future.

One particularly positive effect over the past 20 years was the deflationary impact of imports from China – and, indeed, from other emerging markets – on the developed world.

Chinese goods remained competitively priced thanks to productivity gains offsetting wage growth, and also as a result of commodity prices cities has started to slow. Inflation is remaining low. now a major concern in China, and the This, in turn, meant that major eleextent of the problem is clouded by the ments of Western consumer price apparent attempt by the inflation baskets – for authorities to manipulate the example, clothing – saw prices reported data. fall in real and sometimes In January, the Chinese absolute terms.

National Bureau of Statistics This benign situation for changed the composition of its the developed world changed consumer price inflation basin the middle of the last decket, reducing the weighting of ade owing to heavy Chinese Email us with food (to around 30%) and investment in infrastructure, your views at increasing the weighting of along with the rapid developletters@ housing. ment of a buoyant urban condailypost.co.uk, While a revision in the food sumer society, which led to or write to us PO Box 48, Old weighting is partially justified increased demand for comHall Street, by the fact that rising incomes modities and rising global Liverpool mean that a lower proportion commodity prices.

L69 3EB of consumption is taken up by Following the brief hiatus necessities such as food, the of the financial crisis, the precise timing of this revision is sigimpact of China’s rapid economic nificant, as it had the effect of reducgrowth on global commodity prices ing reported inflation. has resumed, and was a major conThe increased weighting of housing tributor to the 30%increase in food could also make reported inflation prices and 40%increase in the oil price appear lower, if the Chinese authorover the past year. ities are successful in their attempts to Wage inflation has also been growget rampant house price inflation ing rapidly (21-22% over the past six down. months) as workers’ influence grows Despite four interest rate rises since and as the shift from rural areas to

What do you think?

The rapid development of a buoyant urban consumer society in China has led to rising global commodity prices October, Chinese inflation remains elevated, and the annual rate of consumer price inflation, according to official figures, rose to 5.4% in March.

We are of the opinion that the Chinese authorities will do whatever it takes to get inflation under control over the long term, as not to do so would lead to significant popular discontent that could threaten the government’s stability.

However, in the near term, there remains scope for upside inflation surprises, which would feed through to global inflation levels and encourage

interest rate tightening in developed countries.

Were China to allow the yuan to appreciate against the American dollar, this would help to alleviate domestic Chinese inflationary pressure.

In any eventuality, it seems clear that China is more likely to be a source of inflationary, rather then deflationary, pressure on the West in the future.

Sanjiv Tumkur, Research Analyst, Rensburg Sheppards

For twice-daily FTSE updates from Rensburg Sheppards, log on to www.ldpbusiness.co.uk

business diary Wednesday, April 27 Influencing Behaviours: An Accountant’s Guide to Nudge will be the theme of Andrew Berkley’s entertaining presentation. Andrew, a director of Ambitious Minds, will look at how Nudge could help

accountants and how it may challenge the basic building blocks that accountants use.

The free event is at RadissonBlu Hotel, Old Hall Street, from 6pm-8.15pm. To book, tinyurl.com/nudgeacca Wednesday, May 4 The Hilton Hotel, in

Liverpool One, will host this month’s Fish!

Networking event. It is free and is from 5.30pm-8pm. RSVP to joel@ubiquitypr.co.uk or text Ubiquity PR 07710 436125 for guest list.

Friday, May 6 The monthly Daresbury Science and Innovation Campus Business breakfast network event brings

together around 100 people working for hi-tech companies. The breakfast is at Daresbury Innovation Centre, starting from 8am. For more details, see www.daresbury sic.co.uk/events Tuesday, May 10 The Liberty Business Builder seminar is for SMEs which are looking for some fresh thinking on how to

build their business.

Prices are from £95 per person. It is at Suites Hotel, Knowsley, from 8.30am-1pm. For more information, see http://libertycoaching solutions.co.uk/?p=39 Tuesday, May 10 Employment solicitor Mark McKeating will give an overview of the recent changes in employment law and look at what businesses

should expect for the coming year at the latest Liverpool Chamber of Commerce Quarterly HR Forum.

The meeting will take place at Hill Dickinson, Old Hall Street, from 8.30am-10.30am. It is free for Liverpool Chamber members and £15 for non-members.

To book, call 0151 227 1234.

Thursday, May 12

UKTI Northwest is encouraging North West businesses to attend a free event to find out about the latest Incoterms 2010 rules and how they can assist in international trade success.

It is at UKTI NW, Trafford Park, Manchester, M17 1LB. For more information, email events@ uktinorthwest.co.uk

16

Wednesday, April 20, 2011

LDP business .co.uk trading gossip ■

BIRKENHEAD market will be ringing to bingo lingo like “eyes down” and “two little ducks”, as bosses bid to bring a smile back to shoppers’ faces.

Market manager Danny Doyle, below, yearns for the good old days when the place was brimming with characters.

“Shopping has become so soulless nowadays,” he complained.

“You can visit a store, purchase your goods and pay for them, without even speaking to a human.

“Now, some people may want that, but I believe that shopping for daily needs is essential for communal life.”

So he has installed a retro bingo arena and counters bought from a seaside pier near Bridlington so punters can

IN ASSOCIATION WITH

LIVERPOOL’S INVESTMENT SPECIALISTS

the back page

Training schemes put on course for success

working day

Donna Dainton is head of employer skills at Wirral-based training provider Scientiam.

Donna is married and lives in Ainsdale, Southport. This is her working day 6.30am: Alarm goes off and I get out of bed, have a shower and get dressed and have my breakfast – this is always tea and cereal – and I sit down and think about the day ahead.

The main focus of the day is the new Green Energy Training Centre (GETC). The £280,000 centre is a partnership between Scientiam, renewable energy products manufacturer Stiebel Eltron and the Skills Funding Agency.

get their dobbers out and get stuck into marking their bingo cards in a bid to win tokens that can be redeemed at some of the 250 stalls around the market.

At 20p a game, he can hardly be accused of encouraging hardened gamblers, and the rewards can be claimed against anything from fruit and veg, to meat, a hairdo, or furniture.

■

THE Liverpool Bar, in James Street, is offering a service they claim is the first of its kind in the city – a “husband creche”.

The pub, located next door to James Street station, has a sign outside aimed at wives and girlfriends who dread the prospect of dragging their bored other half around the shops.

It reads: “While you do your shopping, buy him a drink, leave him here and we will look after him.”

In contrast, the nearby Sakura restaurant found itself a bit off the pace last week. A large sandwich board placed in Exchange Flags urged people to “book your places for the races”.

This was seen last Friday – six days after the Grand National. Do they mean next year?

7.30am: I have an early morning meeting at the GETC with Stiebel Eltron’s managing director Mark McManus.

We are currently offering formal training on heat pumps and solar photovoltaic.

Our courses are BPEC accredited and are open to tradesmen such as engineers, electrical contractors, plumbing contractors and heating and ventilation specialists wanting to improve their skills in green energy and will plug a growing skills gap within the industry.

Since launching our first training course in January, we have experienced a huge demand for the courses and today we meet to discuss the timetable of courses and the financial incentives which we can offer to course attendees.

10am: Back at Scientiam headquarters in Birkenhead. I have an opportunity to check my emails and meet with our financial director, Kevin Moore, to discuss budgets for our trade media and civic open days at the centre.

12pm: Lunch at my desk provides an opportunity to catch up with emails and some work.

1pm: A further meeting follows with Mike Regan, the business development advisor for the GETC, the project manager and our trainers.

Our PR agency is also on hand to discuss the PR campaign and how we can use social media to market our course.

I am delighted to hear we have sold two courses via our Twitter activity.

2.30pm: A further meeting at

Scientiam’s Donna Dainton – has been involved in developing the Green Energy Training Centre Academy One, in Liverpool. Scientiam has successfully partnered with Liverpool One to undertake the retail training for Academy One and Liverpool city region. Our key strength in this area is that we can create bespoke training courses to fit the needs of individual businesses.

Today, I meet with Sara Carthy, who is human resources director of Liverpool One, to finalise arrangements for the forthcoming Liverpool One Retail Forum networking breakfast.

4pm: The final meeting of the day is with Mike Poole, of Liverpool Vision, at the Bluecoat Chambers, to discuss the Mary Portas Programme and the skills development programmes we will be running across the Liverpool city region. Academy One will be hosting the Mary Portas Guide to Successful Retailing in areas such as Old Swan and Mossley Hill.

The course contains seven separate masterclasses for Merseyside businesses.

It includes sessions on retail finance and business planning, selling and service skills, visual merchandising, marketing and team building. We meet to discuss course attendance and venue issues .

5.30pm: I head home. This evening is my eldest daughter’s birthday, and my husband and I are going to her home in Chester for supper.

We get back at 10.30 and I get ready for the next day before going to bed.