LDP Business Weekly 13.04.11

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FTSE-100

5964.47 ▼ 88.97

LONDON’S top-flight shares suffered heavy declines yesterday amid fresh fears over Japan’s ongoing nuclear crisis and a lacklustre start to the US earnings season.

Silver miner Fresnillo topped the fallers board in London with a drop of 85p to 1576p, while a 3% drop in crude oil prices – to just over $106 a barrel – sent energy stocks lower.

Oil giant BP fell 13.5p to 461.4p, while Royal Dutch Shell eased 62.5p to 2208p.

Investors took the latest retail figures in their stride as Tesco rose 2.9p, to close at 398.1p.

MARKET REPORT: PAGE 15

Royal Liver will ‘cease to exist’ after takeover EXCLUSIVE by Alistair Houghton

LDP BUSINESS STAFF

alistair.houghton@liverpool.com

THE iconic Royal Liver brand is set to disappear later this year, after the Liverpool insurer moved closer yesterday to being taken over by a rival.

The group’s board has agreed a deal to transfer its £3bn assets – including the world-famous Royal Liver Building – to the larger Royal London.

The agreement still needs to be approved by Royal Liver’s delegates, who represent the mutual’s 1m members, and by industry regulator the Financial Services Authority.

But, if it goes ahead, then the Royal Liver brand will – its interim chief executive, Bill Connolly, told the Daily Post in his only interview yesterday –

cease to exist. Mr Connolly said the deal needed to go ahead to bring “certainty and security” to Royal Liver’s members, and said the group was now too small to stand on its own.

And he also warned that there are likely to be job losses among Royal Liver’s 280-strong Liverpool workforce as Royal London, which has assets of £30bn, looks to cut costs.

Royal Liver was founded in 1850 as Liverpool Lyver Burial Society, which grew into today’s company.

The group was hit hard by the recession and in 2009 began looking for merger partners. Last year, it said it was in exclusive talks with Royal London, though the takeover talks took many months to complete due to the complexities of merging two mutuals.

Yesterday’s agreement now goes to a

vote at Royal Liver’s AGM in Liverpool next month. The deal needs to be approved by 75% of delegates, the “members of Parliament” who represent Royal Liver policyholders, before the FSA examines it.

Both groups hope the deal will complete at midnight on July 1 – days before the 100th anniversary of the opening of its landmark waterfront base, the Royal Liver Building.

If it goes ahead, Royal Liver’s funds and assets will be managed as a separate fund within Royal London. Royal Liver will cease to exist as a standalone business.

Mr Connolly said: “The whole thing will become part of Royal London. The Royal Liver brand will cease to exist.

“It won’t be apparent to anybody that Royal Liver will be sat inside

Royal London.” Asked if there would be redundancies as a result of the merger, Mr Connolly said: “We’ve got 280 people here. They will have to integrate the two businesses. It would be unrealistic to expect at the end of that there will be 280 here.”

He warned that, if the deal was not approved, the company would still face a radical restructure that could see most of its staff outsourced.

Mr Connolly, who has worked at the group for 37 years, says it will hurt him to see Royal Liver go – but insists the move is the best deal for members.

He said: “As a Liverpudlian, it pains me that it’s the end of an era for a society that’s been here since 1850.”

■ BILL CONNOLLY interview: Pages 6-7

inside

NatWest provides ‘security’ for FBS

Doubts over city tourist boom claims CONFUSION surrounds a claim by Liverpool City Council that the region is on the verge of a tourism boom from China.

PAGE 2

BANK funding has helped a Runcorn manufacturer secure its future.

NatWest commercial banking in Liverpool loaned FBS Contracts £300,000 towards the £500,000 cost of buying its own premises on the Whitehouse Industrial Estate.

The lease for its former premises on Astmoor Industrial Estate was not for sale.

FBS, which manufactures and installs specialist laboratory furniture for schools universities and the NHS, has a £2m turnover and employs 30 staff.

The new site offers scope to increase manufacturing capacity if needed, and managing director Tracey Robinson said the deal “provided security”.

Final chance TODAY is the last chance to enter the Daily Post Regional Business Awards (RBA) – the premier event in the North West business calendar.

PAGE 4

Rates victory SHOPKEEPERS in Walton will benefit from a rates windfall, after the Daily Post highlighted the plight of cafe owner Michael Mavris.

PAGE 5

Tracey Robinson, from FBS, right, with Angela Moretta, from NatWest, at the Runcorn facility

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

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‘There are too many pubs in the UK that have failed to move with the times’

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TONY McDONOUGH’S BUSINESS BEAT

TOP FIVE 1 New owner for IoM ferry 2 Peel bids £88m for Pinewood 3 Punch to invest in pubs 4 Lord Jones’s call to SMEs 5 Banks backing retailer Matalan

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Punch to invest in Mersey estate MERSEYSIDE pubs owned by Punch Taverns are in line for new investment – even though its leased estate has been put up for sale.

Punch wants to demerge the 6,150-pub business into two new businesses. The new businesses are to be called Spirit, made up of 950 managed houses including the Chef & Brewer, Fayre & Square and Flaming Grill chains, and Punch, comprising 5,200 leased pubs.

More than 2,500 Punch pubs and 450 Spirit houses will be sold over the next five years to help tackle £3bn of debt.

Punch owns 185 pubs in Merseyside, including 19 managed houses.

Kieran Rabbit, operations director for Chef & Brewer, said they will benefit from investment as some managed houses are converted into eateries and some leased properties improved, if only for an easier sale.

He said: “Some pubs will be earmarked for conversion to Chef & Brewer. But investment in leased has not been forgotten.

“We are really keen to realise the potential of some of the pubs that haven’t done it over the years.”

Interim figures for Punch yesterday revealed falling sales and profits, but it said there was an improving trend on the previous year and it remains confident of making further progress in the second half.

In the 28 weeks to March 5, total revenues dropped from £676.6m in the same period a year ago, to £655.4m.

Pre-tax profits before exceptional charges came in at £61.4m, compared to last year’s £66.4m.

Mystery of missing China tourists from Expo links

by Neil Hodgson

LDP BUSINESS STAFF

neil.hodgson@liverpool.com

CONFUSION surrounds a claim by Liverpool City Council that the region is on the verge of a tourism boom from China.

Speaking at the Beyond Shanghai conference in the Hilton hotel last month, city council cabinet member for employment and skills, Cllr Nick Small, told 100 delegates that valuable contacts had been established through Liverpool’s six-month exhibition at Shanghai’s Expo last year, including plans to develop lucrative links with China Holidays Group.

Cllr Small said: “China Holidays Group is now seeking to put the city on their itineraries.”

However, China Holidays Group chairman Carey Fletcher said he has no plans to increase tourism links with the city, or step up the delegations which it arranges for Chinese government officials and business groups with UK local authorities or businesses.

He also said previous approaches by him to Liverpool City Council and inward investment and tourism agency The Mersey Partnership (TMP) were met with a lukewarm response.

Following Cllr Small’s comments, Mr Fletcher told LDP Business: “I have now had time to discuss Liverpool with Mr Jun Li – our managing director in our Beijing office, where we have 17 staff – and Ms Mandy Guo, our inbound manager based in our London office, where we have 15 staff, and I am afraid we have seen no increase in interest for groups to go to Liverpool since this time last year, ie, the start of Expo.

“We have also spoken to one of our main competitors, Mikki Travel, and they also confirm no marked increase.”

His firm handles about 40 official group visits to the UK a month and last year arranged for around 4,500 Chinese clients to visit the UK. He said: “We have record of only five

Andy Carroll, in celebratory mood for Liverpool FC, allegedly the city’s main draw for Chinese visitors – unless Manchester United happen to be playing at home Picture: GAVIN TRAFFORD/ gav110411lfc-10 groups going to Liverpool in the year and these groups went to Liverpool FC to watch a match and, I am afraid, only then because Manchester United were not playing at home that week.”

No-one was available for comment from TMP, but it is understood it does not consider China a priority for tourism development, and would rather concentrate its reduced financial resources, after Government cutbacks, on established budget airline routes

into Liverpool such as France, Spain, Ireland and Italy.

A spokesman for regeneration agency Liverpool Vision, which briefed Cllr Small ahead of the Beyond Shanghai conference, said: “Cllr Small’s comments were factually correct and referred specifically to the outcomes of World Expo based on a view given to us by China Holidays.

“He also acknowledged that it was too early to provide detailed statistics

on visitor numbers, but expressed a hope that we would continue to make inroads in this small, but emerging, tourism market.

“The latest information provided by China Holidays suggests that it is clearly vital that Liverpool maintains a strong and consistent presence in China by working closely with partners to understand any challenges and remove any blockages.”

■ BILL GLEESON: Page 8

Energy specialist recruits staff

Irish clearance

SATURN Energy, the Liverpool-based advisor on business energy bills, has recruited six new sales staff.

The company already employs 25 and aims to double staffing to 50 by the year end.

Saturn, which specialises in

THE Irish Competition Authority has cleared the proposed acquisition of ferry routes currently operated by DFDS between Liverpool and Heysham to Belfast by Stena Line.

A separate announcement by the UK Competition Commission on Stena’s proposed takeover is expected to be issued towards the end of July.

energy purchasing for small firms, as well as providing analysis and advice on energy markets, recently completed a major expansion that saw its Corn Exchange office triple in size.

Managing director John

McShane said: “Saturn Energy deals with major clients throughout the UK, but we have taken on these dedicated sales staff to focus specifically on the needs of businesses in the Merseyside area.”

3

Wednesday, April 13, 2011

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Well-meaning ‘Dorothy’ looks to open up Yellow Brick Road

Jayne Worthington – has worked in the skills sector for more than 20 years, and is now in charge of Wirral-based training provider, Scientiam

Alex Turner meets JAYNE WORTHINGTON, MD of Scientiam THE aim is pretty straightforward: “The more successful I make the business I work in, the better opportunities we can offer to the people we work with,” said Jayne Worthington, who last month took charge of training provider Scientiam.

“That has been a continuing thread through my life.”

Then a reflective pause, before she asked: “Do I sound like Dorothy? I am not a goody-two-shoes.”

But the yellow brick road theme is something of a constant. Scientiam’s work is centred around helping people get into work, whether that’s through training, reskilling, apprenticeships or employment opportunities.

“I got into the work that I do to make a positive difference,” she said.

“It’s so clichéd and it always makes me sound like an idiot, but it’s true.”

Her enthusiasm for her work grew out of her own experiences growing up on a Birmingham council estate, although originally she wanted to be a war correspondent.

She said: “The grand plan was to go into the media. I was hooked by a community arts organisation which ran a project that was giving kids cameras to go out and take pictures.

“For them to give you an expensive bit of kit, they were very trusting.

“As I went through, I decided that was what I wanted to do.”

Her studies took her to Wolverhampton, where she completed a HND in design communications, media production and business studies, before working “for a very brief period” at Pebble Mill, the BBC’s Birmingham studios.

“I thought ‘Oh dear, I’m not sure I want to do this’. It was quite a cosseted world, quite a selfish world.

“My mum’s a community worker, I had a background of that and I thought what could I do to make a difference.

“I ended up working with a group helping unemployed people in Halesowen in 1991. We had lost the steel and everything – it was an important time. To work with people and see how moving into work was life-changing for them was great.

“I also ran a youth group because I thought – and I still firmly believe – that being given skills and opportunities is life changing, particularly for those people who are in difficult circumstances.”

One person she was able to help early in her career still ranks as her proudest achievement. She had returned from 18 months living and working in Ibiza, and became a retail assessor at WTM Training, in Birkenhead.

“When I was there, CEWTEC [Chester Ellesmere Port & Wirral Training and Enterprise Council] ran its first learner of the year awards.

“There was one guy, Alan, who

q&a Age: 42 Lives: Great Sutton, Ellesmere Port Highest educational qualification: HND in design communications Best advice received: I remember seeing a photo of the miners’ strike. It showed a very clear story, but it had been cropped and the uncropped picture showed a very different story. You always need to look at the big picture Unfulfilled ambition: I would like to learn to fly, I have had a flying lesson and loved it

was at rock bottom. He was unemployed with a wife and two young children. He was just a placement to start with, working in a shop, but he just rose to the challenge – and won the award.

“Seeing him stand up on stage there with his wife in just a few short months was amazing. He went on to become deputy manager, then manager of that store. That, for me, was an incredibly proud achievement.”

Her career has come full circle – via setting up a social enterprise, Pentra Services, then working on employer engagement in the further education sector before landing a policy job at the Northwest Development Agency (NWDA).

Her role as skills and employment strategy manager saw her seconded to the Department for Business, Innovation and Skills for two days a week to brief ministers and write speeches.

“It was a fantastic, really fantastic, learning experience,” she said.

But the change of government led to the demise of the regional development agencies, which meant she had to look for her next challenge.

Ms Worthington said: “I wanted to get back to delivery and delivery that had social benefits. I was incredibly fortunate that I got offered the job at Scientiam really quickly.”

Wirral-based Scientiam, which is celebrating its 10th anniversary after being set up as a legacy programme from CEWTEC, has diversified into a wider range of work-based learning from its original focus on apprenticeships for young people.

“The value of good skills training cannot be underestimated,” she said.

“Better skills mean a more motivated and able workforce that critically can drive a more efficient, profitable company.”

The skills agenda has remained a

high priority despite the recession, in stark contrast to the last slump.

“In my previous role at the NWDA, our research showed that businesses have acted very differently than in the last recession, when it was cut jobs, cut training, slash and burn.

“During this recession, businesses were much more aware of keeping staff on their books and the value of training,” added Ms Worthington.

Scientiam provides commercial training “for all levels of staff from shop floor workers to directors” across the range of sectors.

Its major projects include retail skills shop Academy One and the Green Energy Training Centre (GETC).

She said: “We decided we would invest about £150,000 in fitting out Academy One, which will be a topnotch training facility and a mock shop training the retailers and leaders of tomorrow. As a company, we thought that was really important.

“Often, public money gets thrown at lots of sectors but not retail. In Liverpool city region, it’s one of the biggest – if not the biggest – employment sector.”

The low-carbon economy is targeted as being a key growth sector for the city region, and GETC is at the forefront of plans to make that a reality.

“It’s about skills conversion – for example, a plumber can convert their skills and be a part of it. We help to give them the tools to succeed in those markets.

“I just loved the concept of the GETC. It presses so many buttons.

It’s a partnership with a private sector company, Steibel Eltron, we get machines which are fresh out of R&D in Germany. Colleges just don’t have the money to keep up with capital investment, but the partnership with Steibel Eltron means the people training now will be ahead of the

game on the latest in green technology.”

Scientiam, which is a not-for-profit company, remains heavily involved with apprenticeships, and Ms Worthington believes they will become even more popular – and important – in the years ahead.

“I have got an absolutely fantastic staff team that are a pleasure to work with and are committed and loyal,” she said.

“We are practising what we preach. We have got a fair few apprentices – they are vibrant and they get what we do, they really get it. About 25% of our workforce have come through apprenticeships and we like to see them move up through the ranks as well. We really do believe in growing our own.

“Apprentices are a really good opportunity. People often talk about skills escalators, and it can be a trite phrase, but apprenticeships do offer that and we need to help them exploit that.

“One of the really compelling things about apprenticeships is we can take people who are NEET [not in education, employment or training], who are disenfranchised and disengaged, we can build their confidence and skills and then source an apprenticeship.

“They go on an apprenticeship programme and can convert that into an advanced apprenticeship. There is also talk of a level four or level five qualification, equivalent to a degree.

“As an individual, you are qualified, with experience of work, you get paid while you do it, and you are not trailing a student loan behind you.”

Setting individuals, and companies, off on that yellow brick road is what still drives her today.

She added: “It’s all about giving people opportunities and giving them the support to exploit it.”

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Wednesday, April 13, 2011

LDP business .co.uk Mersey BNI hails prize win THE Merseyside division of an international networking organisation has won four awards.

BNI Merseyside scooped the accolades, including the award for the best performing BNI group in the UK and Ireland at the BNI European conference, held at the Lowry Hotel, in Manchester.

The conference brought 350 BNI Directors together from all over the EU for two days of workshops and presentations and the awards ceremony.

Terry Hamill, BNI Merseyside Director said: “It was an honour to get such fantastic recognition for the hard work our Merseyside groups do.

“I feel incredibly proud of our networks and members, and this recognition is sure to lift our members up even more, as well as helping with their continuing growth.”

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Final chance to enter LDP business awards

by Tony McDonough

LDP DEPUTY BUSINESS EDITOR tony.mcdonough@liverpool.com

Last year’s ceremony at Liverpool’s Anglican Cathedral Picture: GARETH JONES

reflecting the city’s rebirth

reflecting local news and views

TODAY is the last chance to enter the Daily Post Regional Business Awards (RBA) – the premier event in the North West business calendar.

The awards are open to any business operating in the Daily Post circulation area of Merseyside, West Lancashire and North West Cheshire and are free to enter.

They will seek to highlight and reward those companies, large and small, across the region, which have prospered in the last 12 months, despite the tough economic conditions.

Being a part of this fantastic event can increase the profile of your business and help you build relationships with the Liverpool Daily Post and the awards sponsors.

Being shortlisted or winning an award puts you one step ahead of your competitors, as well as generating valuable PR opportunities.

Last year, the awards were held at Liverpool’s Anglican Cathedral and more than 400 people attended.

This year, the awards ceremony is being held at the same venue on Thursday, June 23.

This year’s award categories are: ■ Small Business of the Year; Medium Business of the Year ■ Liverpool John Moores University Knowledge Business of the Year ■ Jaguar Land Rover Corporate Social Responsibility Award ■ Liverpool Vision Investment of the Year ■ Export Business of the Year ■ United Utilities Green Award ■ O2 Judges’ Choice Award ■ KPMG Business of the Year ■ DLA Piper Business Person of the Year.

To enter one or more of our award categories, please download an application form online at www.regional businessawards.co.uk The interactive entry form can be returned by email to regionalbusinessawards@dailypost.co.uk.

Today is the deadline for entries, but any business still wanting to get involved in this year’s awards can contact the events team on 0151 472 2570.

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Wednesday, April 13, 2011

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Scepticism remains about the economic benefits of London 2012

Matt Johnson THERE’S nothing like Hadrian’s Wall to define any North-South divide in Britain.

Indeed, depending on who you listen to, especially in the political

rank and file, there may not even be such a divide.

Those who would have us believe that, though, are really facing a tough task. Study pretty well any credible set of economic output data and the southeast emerges as the engine room of UK plc.

Move beyond the concrete and Tarmac boundary of the M25 and the numbers representing wealth, output, investment, job creation and pretty much any other measure you care to look at diminish. Arguably the M25 marks a very real divide between a part of the UK economy at boiling point and those areas where it’s on a gentle simmer.

Close on six years ago, the International Olympic Committee chose London to host the 2012 summer games. The announcement was greeted with delight – but not in all quarters. In the English regions, for example, there were mutterings even then about the Games driving a shift in funding emphasis, that staging the biggest show in the world would suck investment and resource away from other, some might say more needy, parts of the country.

Since then, a lot of concrete has poured under the bridges spanning

the East End’s various Olympic sites.

Despite efforts to convince us that it’s a fair deal all round, a degree of scepticism remains about the economic gain to be derived in other parts of the country.

Last week, with due ceremony, that last bit of grass was laid inside the Olympic Stadium, marking a milestone in preparations.

It’s no coincidence that research has now appeared setting out the misgivings held by many in business over the economic impact of the games, the farther away from the venues you are. In Scotland, about as

‘Fears that resources would be lost from regions’

far away in mainland UK as you can get from east London, just 22% of businesses believe the UK economy will benefit from the Olympics, compared to 53% in the south-east of England.

Also, 57% of UK businesses polled

by YouGov believe the £9.3bn budget for the extravaganza should have been cut as austerity measures were forced on the rest of the UK. Investment of that magnitude concentrated in one geographical zone has its drawbacks, but hosting the Olympics must be good for UK plc.

■ MATT JOHNSON is chairman of Mando Group

Discount retailer generates new jobs for city region DISCOUNT retailer Cash Generator is to open seven new stores across Merseyside in the next eight weeks creating 50 new jobs, followed by a training centre later this year.

The Bolton-based buy, sell and loan firm, dubbed the eBay of the high street, already operates stores in Birkenhead, Huyton, Runcorn and Old Swan.

Its new sites will be located in Wavertree, Netherton, Toxteth, Norris Green, Kensington, Wallasey and a flagship store in Liverpool city centre.

Julian Urry, managing director of the 140-store business, said: “With a number of successful stores already established in the area, we wanted to capitalise with expansion in the city.

“We want to make sure our stores are easily accessible and widely available for the people of Liverpool.”

He added: “The area plays a major part in our growth plans for 2011 and beyond, and as such we are investing heavily in the region.”

The expansion will mean that Merseyside now represents 8% of the discount retail chain’s total stores.

Cash Generator managing director Julian Urry says Merseyside will play a significant part in growth plans

Windfall for shopkeepers in wake of rating appeal

by Neil Hodgson

LDP BUSINESS STAFF

neil.hodgson@liverpool.com

SHOPKEEPERS on County Road will benefit from a rates windfall, after the Daily Post highlighted the plight of small business owner Michael Mavris.

The 57-year-old owner of Mike’s Kitchen claimed high rateable values for the area were driving away businesses, leading to reduced footfall.

Mr Mavris said 26 shops near his County Road cafe had closed.

But the Valuation Office Agency (VOA), which sets rateable values, contacted him last week offering to cut his £12,250 valuation to £11,000.

The reduction also means he could claim small business rate relief, and he said the saving would hopefully rule out cuts to his six-strong staff who have been with him since he opened.

Now, he says the VOA’s Liverpool office has indicated shopkeepers along County Road are also in line for a reduction: “The VOA officer said he has dropped my valuation, which is

fine. And he said they have also decided that, between numbers one to 72 County Road, they will offer a 10% discount across the board.”

He added: “My story last week got a really good reaction from my fellow shopkeepers on County Road, and this shows precisely just what you can help people like us achieve.”

The VOA said it had received a number of appeals against valuations last year, and had been dealing with them according to a pre-arranged timetable.

A spokesman for the Government

body said: “The Valuation Office Agency has been dealing with rating appeals concerning shops in Liverpool 4 postal district, including County Road, and as a result a number of rateable values have been reduced.

“Where reductions are made in this way, we take the opportunity to review nearby properties to make sure they remain correctly assessed.

“As this process is still ongoing, we are unable to state at this time how many reductions have been made to rateable values.”

Hoteliers failing to match 08 figures LIVERPOOL’S hotels are suffering a Capital of Culture hangover, says the latest Hotel Britain 2011 report by accountants and business advisers PKF. The survey of 549 hotels across the UK found that the sector saw a significant recovery last year after the challenges of 2009.

But PKF partner Jane Jackson said most of the upturn was attributed to London, which still remains the powerhouse behind the UK hotel industry.

She said: “London hotel performance improved substantially compared to 2009, despite the ash cloud which closed most of Europe’s air space for six days in April, and the extreme winter snow which caused extensive travel disruptions.

“By contrast, the picture in the regions is less rosy, largely due to corporate belt-tightening, with business travel and accommodation budgets remaining strictly controlled.”

She said Liverpool recorded a negative rooms yield growth, and is suffering without the publicity and boosted occupancy that the 2008 Capital of Culture title brought.

It is estimated that this brought about £800m in economic benefits and £200m in publicity.

Occupancy rates in Liverpool reduced by 7%, from the 77.6% peak in 2008.

In contrast, Manchester performed well with a rooms yield growth of 2.2% on the back of increases in occupancy.

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Wednesday, April 13, 2011

LDP business .co.uk Agency appoints trainer BUSINESS & Enterprise (B&E) UK has been appointed by the Skills Funding Agency to provide training for small firms owners and managers to improve company performance.

The North East-based private independent business will work with the Leadership and Management Advisory Service in the North West.

B&E’s chief executive, Alastair MacColl, said: “By providing business leaders and strategic managers with specialist advice to improve their business and exploit growth opportunities, we will help to turn good businesses into great businesses.”

“Our work around the country is helping to generate vital private sector jobs.”

■ FOR further information on B&E, call 0191-426 6100.

End of an era for

In an exclusive interview, Alistair Houghton speaks to Royal Liver’s interim chief executive, BILL CONNOLLY

Royal Liver interim chief executive Bill Connolly – says there is ‘no room for sentiment’

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IT IS, Bill Connolly admits, somewhat poignant that Royal Liver delegates could consign their proud brand name to history in the city where it was born.

But this, the veteran Royal Liver boss quickly adds, is no time for sentiment.

Royal Liver may be one of Liverpool’s biggest and most famous employers, but in the global financial market it is a minnow. And, as recession has hit, and the burden of regulation has grown, it is no longer able to stand on its own.

So, after many months of talks, the group has signed an agreement that could see it swallowed up by larger rival Royal London.

Connolly has worked at Royal Liver for 37 years, becoming interim chief executive last year as the mutual battled for survival. He is as proud as anyone in Liverpool of its heritage but, as he repeatedly insists, his job is not to protect Royal Liver’s history.

Instead, he has to act in the interests of the 1m members who, through the policies they have taken out, own Royal Liver. The key, he insists repeatedly, is giving them certainty and security.

“A million people rely on us to do the right thing by them,” he says.

With a heavy heart, he and his fellow board members have decided that members’ interests would be best served as part of Royal London.

So, next month, Royal Liver’s delegates – the group’s “members of Parliament” who represent the membership – will vote at their AGM in Liverpool on whether Royal Liver’s £3bn of assets and liabilities should be transferred to Royal London.

If they approve – and the deal is approved by regulator the Financial Services Authority – then the Royal Liver brand will “cease to exist” as far as the public is concerned from July, surviving as an internal name for a fund in the Royal London empire.

There could, Connolly warns, be job losses as Royal London plots cost savings. And, he adds, the merged mutual might not be sentimental about keeping its staff in the Royal Liver Building if it makes more sense to move them elsewhere.

That building will, of course, retain its identity and will celebrate its centenary this year. But, like the Cunard Building next door, its name could become a symbol of one of Liverpool’s vanished business brands.

“As a Liverpudlian,” Connollly says, “it pains me that it’s the end of an era for a society that’s been here since 1850. I’m in awe of this building each day as I come to work.

“Culturally and personally, it’s very difficult for me. And it’s very difficult for our staff, a lot of whom have been here for a long time. Emotionally, it’s been a very difficult decision.

“But we cannot allow that kind of emotion and sentiment to cloud the logic of the deal – that it provides certainty and security for our members.

“It’s not about me. It’s not about this

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Wednesday, April 13, 2011

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The Royal Liver Building, current home of Royal Liver, is one of the most famous buildings in the world office building. It’s not about the staff who work here. It’s about the members.”

And Connolly admitted he was close to tears when he told the workforce that the transfer agreement had been signed.

“I was overcome by it,” he says. “I’m talking about the end of an era.

“These people aren’t fools. I wouldn’t want to try to delude them.

They know at some stage some jobs will go. We don’t know how many it will be, but it has to be.”

The Royal Liver story started in 1850 when a group of workmen gathered in the Lyver Inn, in St Anne Street, Liverpool, to found the Liverpool Lyver Burial Society.

The society soon spread beyond Liverpool and began offering medical insurance and endowment policies, as well as its burial cover.

In 1856, the society was renamed as the Royal Liver Friendly Society.

Over the years it became one of the biggest names in the insurance world, and became a cornerstone of Liverpool’s business community.

In 1911, it completed work on its Royal Liver Building home, which soon became a symbol of the city.

Through wars and recessions the group, and its building, stood proud as a symbol of Liverpool.

But, in recent years, the group struggled. It first considered and rejected a merger with Royal London in 2007, but by 2009 a merger or takeover was back on the agenda. Connolly

joined Royal Liver in 1974, rising through the ranks to become group secretary.

He became interim chief executive in January last year, following the departure of Steve Burnett.

More than a year later, he still holds the interim title – “What’s the point of making me permanent when we’re securing a deal?” he smiles.

Connolly politely disguises his annoyance at the suggestion that Royal Liver has ever been close to collapse, despite the recession.

“But our capital situation does concern us,” he says.

“Then you add to that the uncertainty in the markets. There’s also an increasing amount of regulation.

“Our capital strength is such that we must seek more permanence and more certainty and security.”

Connolly said Royal Liver had talked to several organisations, but decided Royal London offered the best chance of success.

“Our sole aim is to act in our members’ best interests,” he says. “We want to deliver them certainty and security so that we can deliver our promises to them. We felt that Royal London, particularly because of its size, its scale, its experience and its expertise at this sort of transaction, offers that continuity and security.

“To use a seafaring analogy – something that’s close to our hearts – it’s a safe harbour for our members.

It’s a friendly port in a heavy storm.”

Royal London is 10 times bigger than Royal Liver, with assets of some £30bn.

The organisation is thriving despite the downturn. For the year to December 31, it reported a 42% increase in operating profits of £243m.

Royal London employs 770 people at its base in Wilmslow, Cheshire.

The negotiations have taken many months to complete because, Connolly says, of the complexities of merging two mutuals.

“It’s taken a long time to get here – a frustratingly long time,” he says. “But, for all that, both organisations have to act in the interests of their members.”

As he signed the transfer agreement, Connolly was all too aware that he was making history.

“I was sitting in a lawyer’s office in Canary Wharf, in a big room with a mass of documents,” he says. “It took us the best part of 40 minutes to sign all the documents. I felt relief that we’d eventually got there – subject to approval from the delegation and the FSA, that is.

“But then that melancholic sadness kicked in – ‘I’ve just signed away a £3bn organisation. It signifies the end of my career. There’s 280-odd people back in Liverpool and at some stage, assuming the delegation and the FSA approve the deal, they’ll become employed by Royal London’.”

The board is optimistic that delegates will back the proposal, though

‘A million people rely on us to do the right thing’

Connolly stresses that he is taking nothing for granted.

From next week, Connolly will be hitting the road on what he dubs a “hearts and minds” tour, speaking to delegates about what the deal means and why they should vote for it.

“We’ve been a long time doing this and we have both boards in favour,” he says. “We have had independent external advice, and legal and actuarial advice, and that’s been in favour.

“It’s a big ask to get 75% of the delegates. But I’m optimistic that we will get it.

“All the facts are in favour of doing the deal. Emotionally it will be very difficult for me, for staff, for delegates.

“This is a company that’s won the freedom of the city. I’m intensely proud of it. But we have to leave all that behind us in favour of the mantra for the members – certainty and security.”

If the delegates do not back the proposal, then Royal Liver still faces massive change. Connolly and the board do have a “default option”, but it would still see the company shrink.

“The default is that we would have to radically restructure the organisation,” he says. “We would outsource most, if not all, of its services to a supplier. Again, that would leave a skeleton staff running the account for the outsourcer.

“It’s a credible default. But it’s not one that we want.”

■ BILL GLEESON: Page 8; ■ OPINION – Main paper: Page 15

Nursing congress boosts economy THE Royal College of Nursing Congress, held at ACC Liverpool this week, is generating £3m for the city’s economy, it was claimed yesterday.

The annual event, which is being held at the BT Convention Centre for the first time, has attracted 6,000 delegates to Liverpool.

The economic impact is estimated to be £3m, based on 6,000 nurses, eating, sleeping and dining in the city for the four-day congress.

Bob Prattey, chief executive of ACC Liverpool, said: “The Royal College of Nursing expressed interest in bringing its conference to Liverpool even before we opened.

“The organisation recognised the unique combination of facilities on offer at the venue to accommodate such large delegate numbers in a city that is delivering on its potential to become a leading congress destination.

“There will be thousands of delegates utilising facilities such as hotels and restaurants.”

Paris D’Allessandro, manager of Days Inn Liverpool, the city’s newest hotel, said: “We opened our doors two weeks ago and are currently operating to 80%occupancy.”

■ NURSES’ anger – Main paper: Page10

Free event for SMEs LIVERPOOL Chamber of Commerce has teamed up with the Better Business Finance scheme to host a seminar on business access to finance next month.

The free event, on May 11, at Liverpool’s Radisson Blu Hotel, will offer help and advice to businesses looking to raise finance.

Chamber chief executive Jack Stopforth and Bibby Line Group managing director Sir Michael Bibby are among the speakers.

Break-out sessions, involving high street banks Lloyds, Barclays, RBS, HSBC and Santander, will deal with a range of issues such as: What mentoring can do for you.

8

Wednesday, April 13, 2011

LDP business .co.uk Bill Gleeson Royal Liver too small to survive in today’s conditions BACK in the 1840s, life in Liverpool was hard.

Average male life expectancy was just 26 years.

With so many dying so young, there was little point in saving for a retirement pension and it would be unlikely that anybody would want to offer life assurance to such a miserable market place.

Indeed, life assurance and pension policies were not top of the list of priorities. Those were days when, after all, many people couldn’t even afford their own funerals.

Many of the city’s dead were buried in mass graves.

Faced with such indignity, a group of regulars at the Lyver Inn clubbed together to start a mutual burial society, which they named after their pub.

Such a mutual society fulfilled a need in the Victorian era, but more than 150 years later the need for mutuals to fill gaps in the financial services market is no longer so certain, particular relatively small mutuals like Royal Liver.

The society’s relative lack of scale has meant Royal Liver has struggled to make worthwhile annual surpluses that could be distributed to members. Royal London is 10 times bigger, Standard Life is 50 times bigger and Prudential 100 times. These days, you need volume business to pay for the necessary investment in overheads such as IT and compliance with detailed financial services regulations.

Then there is marketing and sales and distribution on top of that.

Royal Liver may have more than 1m members and £3bn of investments, but that just isn’t enough.

Royal London has 6m members and £30bn of investments.

Despite the hype that invariably surrounds any business these days, the fact is Royal Liver has been in decline for many years. It no longer sells life assurance policies, for example. Its head office staff numbers have

declined from close to 1,000 a decade ago to under 300 today.

While Royal Liver management was fudging the issue yesterday, the likelihood has to be that the last remaining staff will leave the Pier Head building sooner rather than later, perhaps transferred to Royal London’s operation in Cheshire.

If that were to happen, it would mean that none of Liverpool’s Three Graces any longer house the businesses they were originally built by, and there would be a significant chance Royal London would sell the 100-year old Royal Liver Building.

The deal is at this stage only a proposal. To become reality, it must first win the approval of both Royal Liver’s membership and the Financial Services Authority.

The merger is almost certainly in the best financial interests of Royal Liver members. Royal London has the sort of scale that should allow it to make bigger distributions to members.

Indeed, Royal London is big enough to make sense for it to consider a stock market flotation, one day, meaning Royal Liver members could eventually benefit from a significant windfall.

YOU would think that fast-growing China offers a huge opportunity for Britain’s tourism industry.

There must be tens of millions of affluent Chinese who can afford to travel far and wide.

According to city council cabinet member for employment and skills Nick Small, China Holidays wants to put Liverpool on its itinerary. The firm, however, says it received a cool response from Liverpool City Council and The Mersey Partnership.

When LDP Business sought a response yesterday, the sound of scraping chairs was audible as the quangocrats dived for cover under their desks.

Somebody is missing a huge opportunity.

Destiny calls a

Alistair Houghton visits O2’s giant Preston Brook call centre to meet new head of site, Jason Duffy IF JASON DUFFY wants to see how far he’s risen through the corporate ranks, he just needs to walk the length of O2’s cavernous Preston Brook call centre.

Because there, barely visible from his desk, thanks to the dozens of desks in between, sits a small mobile phone store.

Duffy started his career in mobile phone retail when the trade was in its infancy, starting as a salesman and learning from Southport tycoon Mike McComb before moving up the ranks at O2.

Last month, he was named head of site at O2 in Preston Brook, which employs more than 1,400 staff working both for O2 and for joint venture Tesco Mobile.

Duffy is new to the call centre world, but he is already annoyed with people who stereotype such centres as dull places to work, insisting that Preston Brook is an “exuberant” place where people take pride in their jobs.

And, as someone who has himself risen through the ranks at O2, he believes that one of the people manning the phones at Preston Brook today could be the company’s managers of tomorrow.

He said: “I started as an adviser. I speak to people round the business, and that could be them.

“The people starting out now, aged 19 or 20 – I could do it, so why can’t they?

“I’ll always have a chat to anybody to tell them what I’ve learned through the years.”

Duffy moved into the mobile phone world 18 years ago, after spells living in Australia and working for the family business, cooked meat supplier Duffy Meats.

He became trainee sales adviser at the Mobile Phone Store, in Lord Street, Southport – the first store in the chain launched by tycoon Mike McComb.

He soon rose through the ranks at the growing chain, becoming area manager and moving to London to open stores there.

By 2000, when the chain was sold to BT Cellnet, Duffy had become head of sales for its 127 stores.

“That was quite a rise up the ranks,” he said. “I learned a lot from Mike.

“He’s still a mentor for me now – I’ve a lot to thank him for.”

In 2002, BT Cellnet rebranded as O2.

The business was taken over by Spanish giant Telefonica in 2005.

In 2006, Duffy became head of sales at O2’s chain of more than 400 stores.

“Retail has been in my bones,” said Duffy. “I really loved it. The pinnacle was getting that head of sales job for O2 – that was massive.”

But, last year, Duffy moved away from retail for the first time, taking charge of O2’s telesales operation.

And last month he was named as Preston Brook’s head of site.

“Moving from retail to call centres was a big step,” he said.

“I’d always known retail – I was Mr Retail. I’d known every level from sales adviser up. There was a lot of respect that I’d done that and not just come in.

“It was a personal challenge for me to move to another part of the business. But so far, so good.”

Duffy’s retail jobs saw him travel to stores across the country, while as he rose through the ranks at O2 he spent more and more time at the group’s Slough base.

But Duffy has never been tempted to move from Waterloo, where he was brought up and where he still lives today with his wife and three children.

“When I became head of sales for retail, everybody prior to me had been based down south,” he said. “I was the first person based in the North West who had managed to get a role such as that.

“It was a big thing for me – I wanted to stay close to my roots.”

As head of site, this is the first time Duffy has been based in a call centre. But, as he points out on a tour of the building, O2 has done its best to make it a lively workspace.

“People have this view of contact centres as being quite dour,” smiled Duffy. “But this is exuberant. There’s a lot of buzz.

“We like people to enjoy themselves.

You have to do your job, but have fun along the way.

“You spend most of your time at work.

If you can’t enjoy it, what’s the point of being here?

“You can see call centres where people are just sat next to each other, and there’s no room. But here we have lots of space

‘This is exuberant and there is a lot of buzz’

and there are lots of facilities. We have a lot of people coming to this building who want to learn from O2.

“We’ve had utility companies come here, and we’ve given them an overview and a tour. More often than not, everybody is blown away. They look from the mezzanine over the size of the building and they’re amazed.”

Unlike some offices which ban personal items from desks, O2 encourages staff to decorate theirs. Family photos are common, but one desk even has a New Zealand flag hanging above it.

It boasts a “break-out area”, The Den, where staff can relax away from their screens and phones. The blue-lit room includes televisions and video games consoles.

O2 invites in local traders to sell products, from handbags to fruit, to the company’s staff.

Some 300 staff have signed up to the Shapeshifters weight-loss programme, where they help each other to lose weight.

Meanwhile, Preston Brook staff have enthusiastically backed the Think Big programme, through which O2’s staff are encouraged to support community projects.

Duffy said: “Think Big is a national initiative – through Telefonica, it’s a global one – but Preston Brook leads the way.

9

Wednesday, April 13, 2011 IN ASSOCIATION WITH

the big feature

LIVERPOOL’S INVESTMENT SPECIALISTS

at Preston Brook

O2’s chief executive Ronan Dunne – explosion in data has driven investment

Waterloo native Jason Duffy – appointed head of site at O2 Preston Brook last month “We’ve done a ton of work with the local community. We’ve just done a sensory room for a school for disabled children in Toxteth.”

Preston Brook handles a wide variety of queries from O2 customers. Its staff handle calls on matters ranging from upgrades to VIP services, reserved for high-paying customers.

On the building’s top floor, 130 staff handle calls from O2’s business customers.

“It’s for quite a wide range of SMEs – it could be a plumber with a couple of guys working for him,” said Duffy.

Part of the site is reserved for a 150-person Tesco Mobile call centre. Tesco Mobile is a joint venture between O2 and Tesco.

Duffy is a relaxed boss, regularly referring to his staff as “the guys” and basing himself at a desk in a corner of the call centre.

“I sit out on the floor,” he said. “I’m very approachable. Anybody can come and speak to me. I do walkabouts and speak to people.

“I’ve had meetings in the last few weeks where I ask people what makes them put the duvet over their head in the morning, or what gets them jumping out of bed.

“There is passion out there. People

want to do the right thing. I enjoy speaking to the guys out there and speaking to our customers. That’s where our best ideas come from.”

Duffy is continuing the Preston Brook tradition of giving rewards to staff who come up with ideas to improve the site, or who “go the extra mile”. Prizes include the right to park next to the staff entrance for a month.

“It’s not a big investment, but it’s a good way of recognising the guys,” said Duffy.

O2, he says, remains committed to its UK call centres and to Preston Brook. As O2 develops, he says, there will be more opportunities for its Cheshire staff.

“We are the number one employer in Halton, and that will continue,” he said. “We’re always looking at ways to improve the site itself, and will speak to the guys to find out what we can do differently.

“We’re always, from an O2 business point of view, looking to the next thing to come down the line. We’re not just a telephone company now – we’re moving into financial services and other areas.

“There are more opportunities and conversations we will be having with our customers. There will be different, specialised groups of people coming to the call centre.”

‘Moving from retail was a big step for me’

Smartphone growth sparks £15.5m investment project PHONES giant O2 has had to invest millions in its Merseyside and Cheshire networks to help them cope with the rise in data use by customers using smartphones.

The mobile phone giant’s UK chief executive, Ronan Dunne, says O2 last year spent £15.5m upgrading the network in Liverpool.

“The big thing driving this investment is the explosion in data, particularly on smartphones, the iPad, the Samsung Galaxy,and so on,” he said.

“We’ve seen a 20-fold increase in data on the network over the last couple of years.

The iPhone 3G really brought the data market to life.

“In Liverpool, in 2010, we saw a fourfold increase in data traffic. We’re expecting probably a two or threefold increase in 2011.

“It’s a combination of things.

Facebook and Twitter generate a lot of traffic. But video is the big driver. One YouTube video is equivalent to 500,000 texts. It’s an exponential impact.”

That investment has included building new masts and upgrading existing ones.

“We try to be really smart about the way we apply these changes to reduce the environmental impact,” he said.

“We have joined up with Vodafone in a network sharing agreement. We can put our kit on Vodafone masts, and they can put their kit on ours. That way, we can improve coverage for everybody but don’t necessarily have to build new masts.”

With 1,400 staff at Preston Brook, and retail stores throughout the region, O2 is a major North West employer.

“Preston Brook is a massively important site for us,” said Mr Dunne. “Almost uniquely in our sector, all our customer service support is done onshore in the UK. “Our commitment to providing the best service means we are committed to keeping it on-shore in the UK. “Our people really make a difference to us. We’re very proud of the base we have at Preston Brook and our customer service colleagues there.

They are the differentiator between ourselves and the competition.”

private business Intrinsic enjoys surge in growth

HAYDOCK communications firm Intrinsic Technology has reported a doubling in operating profits to £2.5m.

According to its annual report filed at Companies House, the firm’s revenues grew 32% to £27.4m in the 12 months to November 30, 2010.

Intrinsic specialises in the design, implementation and management of “converged communication solutions” for companies across the public and private sectors.

One of its key services is providing cloud computing solutions to its growing client base.

The accounts show that pre-tax profits also grew by 82.4% to more than £2.1m.

In its annual report, the firm says: “These results are especially pleasing given both the continuing economic uncertainty and our relentless investments in both staff and facilities.

In an interview with LDP Business earlier this year, managing director Mike Mason said: “If you characterise 2010, it was a year of accelerated growth but it was a year where we structured ourselves differently to enable scaleable growth. The leadership team thinks differently now than a year ago.

“During 2010, we made significant investment in people, buildings and systems – that resulted in a record performance.”

During the year, the company grew headcount by 35% – mainly in its technical services division.

The report added: “We significantly increased resources in our professional services area, where we have experienced significant growth in excess of 70% from our consultancy and project management services.

“We also doubled our headcount within our client support centre ensuring we continue to provide world-class managed services 24 hours a day, 365 days a year.

TONY McDONOUGH

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Wednesday, April 13, 2011

LDP business .co.uk briefing Norcros lifts forecasts after rise in sales TRITON SHOWERS and Johnson Tiles firm Norcros has upped its profit guidance after like-for-like sales rose around 7% in the year to March 31, helped by a resilient performance in the UK. The firm, based in Wilmslow, Cheshire, now expects pre-tax profits of around £9.7m, against market forecasts for £9.4m.

Alliance call to investors DUNDEE-BASED investment firm Alliance Trust urged shareholders to reject AGM resolutions put forward by rebel investors Laxey Partners, which owns around 1.7% of the firm and is calling for changes in how the firm is run. Alliance reported results showing net asset value per share rose 16% to 439p in the year to January 31.

Aviva sells INSURANCE giant Aviva is to net £381m from selling a quarter of its stake – 25m shares – in Dutch subsidiary Delta Lloyd, cutting its holding from 58% to 43%.

Aviva bought Delta Lloyd in 1973, but sold a third of its 92% holding in an initial public offering in November 2009.

Tasty results RESTAURANT firm Tasty – the group behind DimT and Wildwood chains – has reported its inaugural profit, notching up £244,000 in the year to January 2 against losses of £2.1m the previous year. The group, which has 14 outlets, said trading had improved since the year end, and that it remained profitable in the first quarter of 2011.

Building Trade FRAMELINE COMPOSITE DOORS

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LIVERPOOL’S INVESTMENT SPECIALISTS

Social enterprises helping to drive the UK economy

by Tony McDonough

LDP DEPUTY BUSINESS EDITOR tony.mcdonough@liverpool.com

SOCIAL enterprises arguably have a rather touchy-feely reputation. But the view from those running them in Liverpool is that they are as commercially focused as any other type of business.

Prime Minister David Cameron has said that the growth of the social enterprise sector is key to his Big Society agenda.

Most social enterprises are run in the same way as any other private business, the main difference being that all profits or surplus are ploughed back in – rather than going into directors’ pockets.

Blackburne House chief executive Claire Dove says being profitable is the best way to ensure its good work can continue.

The award-winning Blackburne House, located in Hope Street, in the city centre, turns over around £2m a year and offers training, education and consultancy services, mainly to women.

The organisation started out in the 1980s as the Women’s Technology and Education Centre, based in nearby Hardman Street, with 30 students and seven employees.

Now it employs around 80 people and offers more than 1,000 learning opportunities for women, and a small number of men.

It runs a number of other businesses on-site including a cafe bar, a nursery and conference facilities.

Ms Dove said: “When we started out back in the 1980s, our aim was to give opportunities to women who had been failed by the education system.

“We do make a profit and we invest that back into what we do and into our wider environmental aims.

“We decided that we did not want to rely on grants.

“Of course, we do look beyond the bottom line but we operate as a normal business.

“We do not work in isolation – we work very closely with business.

“We always keep an eye on changes in the market to see where the skills gaps are.

“Liverpool is crying out for more entrepreneurs.

“The women we have trained have enhanced their lives and are now making a major contribution to Liverpool’s economic renaissance.”

As well as running Blackburne House, Ms Dove chairs the Social Enterprise Coalition.

This is a national umbrella organisation which represents the interests of the sector.

“I think we are like the CBI for social enterprises,” she said.

“Our manifesto has been adopted by all the main political parties.

“The Government has made a pledge in the Queen’s Speech to grow the number of social enterprises.”

Ms Dove believes the sector will become increasingly important within the UK economy and says it is vital to work hand in hand with mainstream businesses.

She added: “I believe the business sector can learn from us and we can learn from them. We all need a buoyant economy.”

Blackburne House chief executive Claire Dove says social enterprises perform a vital role

Ben Donnelly – has laid out ambitious growth plans Ben Donnelly has fought his way back from addictions to drink and drugs to set up and run what is now regarded as one of the most successful social enterprises in the country – Elixir Foundations.

Elixir employs around 150 people across sites in Kirkby and Bootle. Most of its employees are ex-offenders, addicts or long-term unemployed.

Its main activity is the recycling of PVC doors and windows and paper and cardboard.

Its other division deals with property services such as maintenance, refurbishment and external improvements.

The firm is also shortly to open a centre for which will offer assistance and accommodation to addicts.

Mr Donnelly said: “We are really growing the business now.

“We have moved into 100,000 sq ft premises at Kirkby and we have invested more than £250,000 in new recycling equipment.

“This has allowed us to start recycling paper and cardboard and we are looking for contracts from public sector organisations like schools. The accommodation will be finished soon and that will allow us to offer a complete package to people.

“The property maintenance side has been difficult – there is not a lot of work out there at the moment and we have lost some contracts, but we aim to build that up again.”

Elixir employs mostly men, with just a handful of women on the books, although Mr Donnelly hopes they can start offering help for single mothers.

He added: “We also want to set up a training academy so we can offer the

people working here proper qualifications.

“I think the main difference with us being a social enterprise is the social agenda – those objectives and values are always at the forefront of our minds.”

Robbie Davison strongly believes that business acumen is as vital in social enterprises as it is in any other business.

He runs the Can Cook cookery school in Speke, a venture which grew out of the local Sure Start centre. Community cafe chef Tony Evans was producing delicious and healthy dishes and people became interested in how to make them.

Mr Davison said: “People’s diets were awful, but they were saying ‘we don’t know how to cook good food’.

“We started to tackle that and it made a real impact – and it occurred to me there was a business model in this.”

Can Cook teaches anyone, from individuals to schools or companies, but the emphasis is on healthy eating – two books are available, including one on healthy takeaway cooking.

Robbie also plans to set up kiosks in Liverpool and other cities selling healthy food.

Robbie is unsure about David Cameron’s claims that social enterprises can fill the gap left by public sector cuts.

He added: “The problem is a lot of the people working in the public sector will not have the skills to run a business. Social enterprises can be part of the answer, but they are not the whole answer.”

11

Wednesday, April 13, 2011

LDP business .co.uk

LIVERPOOL’S INVESTMENT SPECIALISTS

IN ASSOCIATION WITH

Transport group wins backing of major shareholder THE largest investor in National Express has said it had the backing of another major shareholder in its campaign for a boardroom shake-up at the transport group.

American hedge fund Elliott Advisors, which has been lobbying National Express to consider a sale or break-up of the business, said

it expected Spain’s Cosmen family to vote in favour of resolutions it has tabled for next month’s annual shareholder meeting.

The Cosmens are the second biggest investors in the bus and coach firm behind Elliott, with shareholdings of around 17.4% and 17.5% respectively.

Activist investor Elliott is proposing three non-executive

directors for election at the AGM on May 10. It said: “Elliott has had a number of discussions with representatives of the Cosmen family in relation to its proposals to appoint three new directors to the board of National Express and the credentials of the proposed candidates.

“Based on those discussions, Elliott expects that the

Cosmen family and its nominees will vote their shares in favour of the resolutions.”

The news heaps further pressure on National Express, as together the investors hold a combined stake of nearly 35%.

Elliott needs 50% of votes from shareholders to be in favour of the resolutions.

National Express said it

continues to urge shareholders to vote against Elliott’s resolutions, which it claims are “an attempt to circumvent best corporate governance practice”.

The Cosmens’ support revives memories of its own activist campaign in 2009, following the company’s loss of the East Coast Main Line rail franchise.

Relief for Osborne as UK trade gap narrows

by Bill Gleeson

LDP BUSINESS EDITOR bill.gleeson@liverpool.com

BRITAIN’S trade deficit shrank by more than expected in February as exports hit a record high for the second month in a row, figures revealed yesterday, The deficit in goods – the difference between goods exported and imported – shrank to £6.8bn in February from £7.8bn in January, the Office for National Statistics (ONS) said.

The improvement was due to a 1.3% rise in exports, which hit £25.1bn in February, the highest level since records began in 1980, and accompanied by a 2.2% drop in imports to £31.9bn.

The figures will be welcomed by Chancellor George Osborne, who is relying on the private sector to pick up the slack in the economy as his £81bn package of spending cuts starts to bite.

The UK economy unexpectedly shrank by 0.5% in the final quarter of 2010 and recent surveys have suggested it struggled to bounce back in the first three months of this year.

Elsewhere, the Bank of England is sitting on its hands over interest rates – held at 0.5% for 25 months in a row – as it waits to see how the economy

fared in the first three months of the year.

Nida Ali, economic advisor to the Ernst & Young ITEM Club, said the trade figures were very encouraging.

The economist said: “The rebalancing of the UK economy towards exports seems to be on track and we expect this trend to continue in coming quarters.

“Indeed, the economic recovery will be heavily dependent on exports over the coming year, given that households are taking a major buffeting and the government is retrenching.”

The deficit on trade in goods and services combined fell to £2.4bn in February from £3.9bn in January, the ONS said.

The figures revealed exports to the European Union (EU) fell in February, but there was a sharp jump in exports to markets outside the EU. However, global instability could have an impact on trade, with the eurozone debt crisis, rising oil prices, conflict in North Africa and the fallout from natural disasters in Japan, Australia and New Zealand all likely to have an effect.

Howard Archer, UK and European economist at IHS Global Insight, said: “There is a serious risk that global growth could be hit over the coming

Chancellor George Osborne is likely to welcome the figures Picture: STEFAN ROUSSEAU

months by sustained high oil prices while UK exports are also at risk from any sustained problems in the key eurozone market resulting from recurrent sovereign debt problems.

Odeon closer to changing hands THE owner of Odeon and UCI Cinemas Group has moved closer to selling the business, after entering exclusive talks with two private equity firms, it was reported yesterday.

Terra Firma, the private equity firm run

by British investor Guy Hands, is drawing up a £1.2bn deal to sell the cinema group to BC Partners and Omers

Private Equity, according to the Financial Times.

Odeon was bought by Terra Firma in 2004 for £575m before Mr Hands merged the company with UCI, which was bought in the same year for £310m.

The group is now the largest cinema operator in Europe with more than 200 sites across the continent.

The sale could help repair some of the damage done to Mr Hands’s reputation by the Citigroup seizure of music company EMI in February.

Terra Firma declined to comment.

Odeon & UCI generated underlying earnings of £80m in 2009.

Odeon & UCI, Cineworld and Vue are the three largest cinema

groups in the UK by number of sites and together control 70% of the market.

Vue, which was sold last year to private equity firm Doughty Hanson for £450m, previously outlined plans to acquire one of its two UK rivals in the near future. Odeon was founded in 1930 by Oscar Deutsch, then bought by J Arthur Rank in 1941.

“Supply-chain problems caused by the disruptions to industrial activity in Japan may also affect both UK imports and exports, particularly in cars and consumer electronics.”

Decor firm returns to profit THE owner of quintessentially English wallpaper brand Sanderson said a retro range to celebrate its 150th anniversary proved a hit at home and overseas, and helped put the group “fully back on track”.

Walker Greenbank, which also owns fabric and wallpaper brands Morris & Co, Zoffany and Harlequin, said underlying profits increased 77% to £4.5m in the 12 months to January 31, marking a recovery after two years of declines.

Sales of Sanderson products leapt 17%, helped by the launch of a Vintage Fabrics and Wallpaper collection, which revived classic designs from between the 1890s and 1990s.

It coincided with a London exhibition called Very Sanderson – 150 Years of English Decoration, which raised the profile of the brand.

In the UK, which is Walker’s largest market, retail income was up 13% to £28m, led by the Sanderson brand, while strong demand from markets such as China, Russia and South America pushed overseas sales up 9%.

The Milton firm has attributed its sales rise to people staying in more and entertaining guests at home.

Walker’s wallpaper and printed fabrics have become increasingly fashionable as people add more colour to their homes and move away from the plain, beige styles that have dominated in recent years, said a spokesman.

LDP CREATIVE

Chair quits THE chairman of Britain’s biggest care homes provider stepped aside yesterday, as the group braces itself for an “intense” period of restructuring talks.

Ray Miles, who has been chairman of Southern Cross for three years, has handed the reins to non-executive director and former Lazard investment banker Christopher Fisher, who will oversee the company’s battle for survival.

Southern Cross has some 37,000 residents in more than 750 homes across the UK.

FOR the latest news from the creative sector

www. ldpcreative. co.uk

12

Wednesday, April 13, 2011

LDP business .co.uk

LIVERPOOL’S INVESTMENT SPECIALISTS

IN ASSOCIATION WITH

location

Property sector still suffering despite some signs of recovery

view point

by John Fairbrother, partner at Begbies Traynor, in Liverpool FIGURES released this week show that the fortunes of Liverpool’s commercial property sector are yet to return.

The Red Flag Alert report, published quarterly by Begbies Traynor, indicates the levels of business distress across key business sectors and UK regions.

The report shows that just over 40% of the city’s companies facing critical problems are related to the construction industry, and almost 10% are property companies.

These figures echo the reality facing my clients – a market that has gone almost completely stale and which is resulting in a high number of property and building-related businesses failures.

The lack of public sector building

Maple Court secures deal BUILDING, refurbishment, painting and decorating firm, St Anne’s Contractors, has taken 4,000 sq ft of office space on a five-year lease at Maple Court, Whitemoss Business Park, Skelmersdale.

Maple Court was developed by Alderley Edge-based developer, Metier.

St Annes joins occupiers Loaf Creative, Federal Management, Greenhalgh Solicitors and NFU Mutual at the development.

The first phase of Maple Court was completed in 2010 and provides occupiers with sustainable, energy-efficient space in a landscaped environment.

Andrew Hine, of Métier, said: “St Anne’s Contractors

is another fantastic occupier for Maple Court and its commitment to the scheme further endorses the quality of the offering and environment that has been created.”

Available to either purchase or let, the first phase of development at Maple Court provides self-contained buildings ranging from 2,000 sq ft to 4,000 sq ft.

It was designed by architects Leach Rhodes Walker and constructed by Skelmersdale-based CPUK. The second phase of Maple Court has planning consent for another 25,000 sq ft of office accommodation.

GVA and WHR are joint agents on the scheme.

Industrial Property

Business For Sales

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

BUILDERS MERCHANTS & DIY Aigurth Vale. Large warehouse, shop, yard & stores s/c flat above, owner retiring, freehold. Long est, tipping truck & fork lift truck best offer 0151 727 2231 or 427 9653

and refurbishment projects has had a major impact on Liverpool’s construction industry and the sectors that feed into it.

Despite the fact that we have formally entered a period of recovery, businesses remain cautious and are still unlikely to shell out on new office space.

Many aren’t in a position to take out a commercial mortgage on new freehold premises either, and it is this lack of confidence that continues to affect the leasehold market.

Taking on a 25-year lease seems an unlikely proposition when many owners and managers battle even to stay afloat.

Increasingly swift legal action against debtors has also had an adverse affect on property and construction firms.

In an industry where late payment is a notorious problem, construction companies increasingly find creditors unwilling to extend their payment terms and many have found themselves on the wrong end of a county court judg-

‘Cashflow and credit control remain essential’

Downing offers more Capital space to let

by Tony McDonough

LDP DEPUTY BUSINESS EDITOR tony.mcdonough@liverpool.com

Commercial Premises *For Sale Ground Floor Retail unit with 2 Bed flat above • Suitable for a variety of retail uses • Within a busy parade shops, with good passing trade • Opposite Northway Primary School • Net Internal Area 65sq.m (700sq.ft)

*Offers invited

Contact sean@davidcurrie.co.uk

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

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

SHOP & OFFICE PREMISES Main rd Maghull, 3,500 sq feet, secure yard and forcourt parking, will divide. Also small warehouse, well decorated 01695 423489

WALLASEY FOR SALE Modern warehouse, 9,000 sqft £250,000 ono. Ring 0151 625

ment as creditors attempt to maximise cash flow.

Cash flow and credit control remain essential priorities for the region’s businesses.

For property and construction companies which aren’t already doing so, now is the time to keep a close eye on overdue invoices and put in place measures to proactively manage their cash flow situation.

Taking immediate action at the first sign of trouble is absolutely essential as we enter into the second quarter of what is likely to be a difficult year for many – not least the commercial property sector.

Office space refurbished by Downing at The Capital, in Old Hall Street

LIVERPOOL property firm Downing has unveiled the latest phase of its multi-million pound refurbishment of the city’s Capital office building.

Downing acquired the site, formerly owned by Royal & Sun Alliance, for a record £51m.

Since then, it has invested tens of millions revamping the space not still occupied by the insurance giant.

The property group is progressing works on a 24,197 sq ft suite of office space, which is now available to let.

The suite benefits from panoramic sixth-floor river views and can be leased whole or split into separate offices.

At 390,000 sq ft, The Capital is Liverpool’s largest office building, and this represents the last opportunity for occupiers to move to the site for the foreseeable future.

Downing is advancing a multimillion floor-by-floor refurbishment programme, which is also delivering additional facilities alongside the office space.

A new hub has been established in the building with tenants including supermarket giant Tesco, Cinnamon Café and florist Flowery Hazel, and Downing is in negotiations with other operators to add to its retail mix.

Ann Lodge, chief executive of Downing, said: “This is the last chance for businesses to move into Liverpool’s best office building, in the heart of the commercial district, and the suite offers occupiers unrivalled efficiency, quality and value for money.

“We will continue investing in The Capital to ensure it has the highest quality space and offers facilities that tenants, and the wider commercial district, can benefit from.”

GVA and DTZ are joint agents, and tenants include the UK Border Agency, which leased 220,000 sq ft in Liverpool’s largest ever commercial letting in October, 2009, and Liverpool Vision.

13

Wednesday, April 13, 2011

LDP business .co.uk

IN ASSOCIATION WITH

location

LIVERPOOL’S INVESTMENT SPECIALISTS

Values up by 0.7% in March

Liverpool Innovation Park set to unveil £4m project A NEW £4m reception and networking area will be officially opened at Liverpool Innovation Park (LIP) this week.

The scheme 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.

The facility, which includes two training/meeting rooms, exhibition space, two semi-private meeting pods and a café/bistro, overlooks landscaped gardens.

As part of the refurbishment works, two groundfloor office suites, comprised of 5,500 sq ft and 9,500 sq ft, have been created next to the reception, and are now available for rent.

The suites have been named in honour of serial inventor Trevor Baylis.

LIP, which includes Wavertree Technology Park, is operated by Space North West, a joint venture between Ashtenne Industrial Fund and the NWDA.

THE UK monthly CBRE index shows commercial property values grew by 0.7% in March – the strongest monthly performance of the year so far.

According to the study, the month saw a pick-up in performance for all three of the major commercial property sectors in the UK, with total returns of 1.2% and capital value growth of 0.7% at the all property level.

For the first time in over a year, offices were not the top performing sector on the monthly index, with the strongest total returns coming from the retail sector, with growth of 0.8%, delivering total returns of 1.3%.

Shopping centres saw capital values grow by 1.5% with total returns of 2%, while central London offices turned in a solid 1.1% capital growth and 1.5% total return.

An artist’s impression of the new entrance to the networking area at Liverpool Innovation Park

Kersh auction generates £3m

We can carry out all the maintenance requirements for your prestige, luxury and supercar needs.

by Tony McDonough

LDP DEPUTY BUSINESS EDITOR tony.mcdonough@liverpool.com

SUTTON Kersh has raised more than £3m from its latest Liverpool property auction.

The event took place at the Marriott Hotel in Queen Square, Liverpool city centre, with 89 lots going under the hammer, of which 54 were sold.

High levels of pre-auction activity resulted in 19 properties being sold prior to the event.

A further 35 lots were sold in the room, taking the total sales percentage to 65% – the firm’s best result since June, 2009.

The auction started with seven of the opening nine lots being sold.

Lot one, a development opportunity in Hartington Road, in Toxteth, proved to be the star lot of the day, selling for almost double its guide price.

The substantial three-storey property, comprising three self-contained flats, and a plot of land to the side, was highlighted as being suitable for redevelopment.

Following competitive bidding from numerous interested parties, the property that was guided at £50,000 achieved a sale price of £95,000.

The “bargain” lot of the day was a three-bedroom mid-terraced property in Crocus Street, in Anfield.

Described as being in need of full repair and modernisation and as having severe structural defects, the property was guided at £5,000 and sold in the room for £16,500.

A mixed-used investment property in Knowsley Road, in Bootle, also realised at well in excess of its guide price.

Amari Supercars, D1 Ultimate-GT and Service Amari are proud to invite you, your family and friends to our fantastic spring charity event in aid of the RSPCA. Come along and view our fantastic display of rare and exciting Supercars, meet special guests and chat to all our well informed staff about all "matters" Supercar. £5 admittance fee that is donated to RSPCA. Please rsvp to: service@serviceamari.com , Tel. 01772 663 777 Time: 17th of April / 11:00 am to 4:00 pm Address: Wyder Court Millenium City Park, Preston Lancashire PR2 5BW Cathy Holt, of Sutton Kersh The mid-terraced building is arranged over two floors and comprises two vacant shop units on the ground floor and two, two-bedroom flats on the upper floor. Guided at £40k-£45k, it was sold in the room for £65,500.

Cathy Holt, auction manager at Sutton Kersh, said: “I am delighted with the result.

“It was encouraging to see so many investors in attendance and so many competitive bidding wars.”

www.serviceamari.com 01772 663 777 ı service@serviceamari.com Service Supercar Driving Holidays Aston Martin Audi Bentley BMW Bugatti Ferrari Jaguar Koenigsegg Lamborghini Land Rover Maserati McLaren Mercedes Benz Pagani Porsche Rolls Royce

14

Wednesday, April 13, 2011

LDP business .co.uk Aerospace & Defence

31634 25138 Forgn & C 32334 206

Index 3352.41 ▼ 46.47 250

85

Avon Rbbr

250 xd

+1

37914 29434 BAE Systems 33438

-458

31014

-314

Hend Smllr Cos 30812

-3

36278 27314 Law Debenture 34414xd

-7

25034 18614 Scot Am

246 xd

-2

525

513

-9

40978 Witan

73612 51958 Chemring

69212xd -212

27214 19214 Cobham

23234

-234

Fixed Line Telecoms Index 2325.24 ▼ 20.01

38078

26134

Meggitt

342 xd

-512

665

535

Rolls-Royce

61912

-10

15078

-414

15912 10438 Senior

Automobiles & Parts

6512 41

19658

-8

946

610

30418

-114

Bco Santander 75612

-458

73078 59614 HSBC

65478xd -518

16918 1912 Ireland

2214

6312

28338

+214 +118

45438 37712 Tesco

398

+278

125

8078 xd

74

Thorntons

-2

Index 5108.00 ▲ 15.59

58

-58

1648xd -3012

Beverages

1321

+1

38114

-658

1258 1025 Diageo

1186

-6

2306 1827 SABMiller

221612

518

Barr (AG)

36412 Britvic

700

-10

163

-61

Elementis

15878

-14

1873

-65

Index 4074.13 ▼ 77.88 -614

242

+1

141614xd-2478

1383 88612 Kier Group

1315xd -36

6312 2834 Low Bonar

5458 xd

-38

120

11712

-2

7834 Marshalls

59912

42412

+278

44858 28412 Intl Power

31534

-138

1311

-7

Electronic & Electrical

40918

38312 Domino Ptg

600

-18

179

9834 Laird

134

+34

316

16712 Morgn Cru

29438

-978

774

256

Oxford Inst

74412

-1512

377

115

Volex Gp

287

-934

Equity Inv Instruments Index 6044.29 ▼ 78.60

Tate Lyle

1995 1688 Unilever

1915

+11

61012 36758 Mondi

340

742

53712 Smith Nph

-1412 -218

13534

-34

45212

-378

66012 53012 Edin US Trkr Tst640

Household Goods

74

-7

Aga Rngmstr 12334

22214 114

McBride

14014

263

544

-414

790 xd

-9

50912

-412

96

39 Adv Medical

2312

378 AEA Technology

28712

241 Albany Inv Tst

1251

764 AMEC

92

2012 Anglesey Mining

49258 Compass Gp

-2

154

13212

-14

4814

-14

66

London Stk Ex 879

725

48018 Utd Business 58812

151

106

UTV

14358

84612 608

WPP

735

97212

-3

1257 76212 Rathbone

1170

-15

1922 1154 Schroders

1814xd

-9

General Industrials

36738 Cooksn Gp

-1112

1258 478

Coral Prod

1012

812

Cosalt

414

-18

37538 29038 Rexam

37238

+38

226

198

-4

1330xd

-6

338

108

Smith DS

2514 1214 Ashley L

3655 3015 Reckitt Benck 3230xd -18

263112 168412 BHP Billiton

2544

-8712

15178 9712 Redrow

1682 76312 Fresnillo

1576

-85

1671 965

1419

-74

1688

-55

6655 4425 Randgold Res 5200 4712 2812 Rio Tinto

4403

5912 3234 UK Coal

39

2214

Brown (N) Gp 266

7778 53

Debenhams

6478

11934

Taylor Wimpey

+178

3558

-78

Industrial Engineering

18212

Bodycote

32412xd

-534

Charter

76512

-912

38634 18314 Fenner

34614

-1658

85312 567

IMI

1011

-16

108

4312 Molins

103

-212

201

115

MS Intl

19812

-212

45

23

Renold

3538

-18

2025 1344 Spirax Srco

1900

-54

1861 846

1729

-55

Weir Gp

Industrial Transportation

24034 175

BBA Aviation 20512

+12

+12

44334xd

-9

12014

-18

550

749

48914 Prudential

73212xd-1212

31134

21114

30518

355

29518 18812 Home Retail

208 34334

250

23718 Inchcape JD Sports

1112 JJB Sports

-58 -1358

24434 173

90112 +3612 2612

Resolution

Standard Life 21258xd -212

Media

-12

Index 4170.57 ▼ 49.37

27114 19812 Kingfisher

26018

+138

42712 32638 M & S

36058

+118

62712 382

38878

+678

59412 433

2098

+11

9312 4814 ITV

Mothercare

2344 1868 Next

Price

8714

83812 53612 BSkyB D Mail Tst

Var 5Day

High

+14

+ 34

49612

+ 18

9112

5934 IS Pharma

96412

683 JD Sports Fashion

4 18

Low

32214 easyJet

Price

1169

-15

-18

250

1112 JJB Sports

2612

7812

+134

+312

3512

1534 Johnson Serv

3278

32618

-614

-778

478 Coral Prod

1012

880 Dee Valley

110212

47478

-1212

7514

-114

Var 5Day

91

+2

+5

-212

336 +1334 +1014

-12

55412

829 xd

up 4.39

281

3012

+6

Index 19054.22 ▼ 436.69

575

Inmarsat

1753 1238 Admiral Grp

Index 8965.69 ▲ 50.60 +1512

131812 1095

GlaxoSmthKln 1234

+9

5314 31

Vernalis

RSA Insurance

156412 984

BG

Real Estate

-6212

1493 99112 Tullow Oil

1413

-58

Oil Equipment & Services Index 25739.21 ▼ 439.40 AMEC

1169

85

Kewill

Low

14312

11434 RSA Insurance

-12

495

355 Nichols

48878 xd

+4

12112

8312 NWF

11312 xd

+1

- 12

3812

1914 Park Gp

-2

+114

5212

3534 Sportech

39

2412 Telme Gp

5912

3234 UK Coal

2

78

Ultima

76212 Rathbone

1170

-15

+1

15178

9712 Redrow

11934

+178

-414

-42

26814

22234 Sage

1978

Travel & Leisure

2312 378

AEA Tech

594

2476

+110 +5

336

+1334

13914 8438 Enterprise Inns 8658

-158 +1

31758

360

44814

+2 +134

240

Holidaybreak 290 xd

-9

1435 982

Intercontl Htls 1257xd

-5

21278 Intl Cons Airlns 22518

16234 12234 Ladbrokes

+958

129 xd

+1

97

-34

16034 Stagecoach

190

TUI Travel

23238

+214

1887 1266 Whitbread

1663

+17

Utilities

34618 26412 Centrica

32158

110712 880

110212

Dee Valley

-4

48278 Pennon Gp

620

-5

1439

-1

1513 1086 Severn 62812 507

Utd Utils

601

-1

AIM Index 906.66 ▼ 14.88 712

API Gp

26

Armour Gp

434

19012 Cape

505 2

238

112

Dawson Intl

218

734

414

Eckoh

734

-13

-4

+14

86

3034 Man Brnze

4738

-3 8

-234

12

4

Metalrax

1078

+18

819

76812

-412

550

355

Portmeirion P 50212

28234 23734 G4S

26114

-178

17312 55

7112

+112

452

379

-538

4014 1112 Scapa Gp

3734

-1 4

26434

-634

148

127

540

+112

6934 67

Uniq

6834

-1 2

33934

-678

670

Young A

565

-14

24134 Hyder Cons

29634 18312 Interserve 33734 Menzies J

34634 15214 Northgate

13234 xd

Country

Currency

Tourist

Buy

Sell

dollars

1.48

1.551

1.556

Canada

dollars

1.49

1.564

1.566

Denmark

krone

8.03

8.384

8.394

+34

+214

39

+ 14

1 34

+18

1688 Unilever

1915

62812

507 Utd Utils

601

+11

+30

-1 +1112

European Union

Spec Sits

-

1956.00

0.61

Sth East Asia

-

758.80

0.15

GARTMORE FUND MANAGERS

Pratical Inv

-

901.38

1.13

-

209.54

3.66

-156.86

167.87 4.41

GUARDIAN

Index-Linked Acc

-493.22

519.18

-

International Acc

-1018.31 1071.90

-

Pacific Acc

-243.53

256.34

-

Property Bonds

-1988.90 2071.77

-

HSBC INVESTMENT FUNDS (UK)

Balanced

-

British

105.40

-267.40 -

62.58

-209.30

Monthly Inc

-

1.01

267.40 3.08 3.50

209.30 3.30

132.00

3.33

HENDERSON HORIZON FUND

European Smllr Cos A Sterling Bd Unit Tst UK Equity Inc A

1038.60

- 53.39 -

-

55.78 4.10

438.50

3.12

UK Advantage Inc

-

273.10

-320.45

1.10

333.28 1.10

European

-

820.40

Far East

-

569.20

1.80

Inc & Gwth

-

207.10

3.30

International

-

422.70

0.40

North Amer Acc

-

462.60

0.10

0.70

INVESCO FUND MANAGERS

Sing ASEAN

-

225.83

0.37

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

euro

Japan

yen

New Zealand

dollars

FUNDS High Consols

£90932 £582732

Low Funds

Price

Var

£741516 Cons 4% .................£7734 £4934 Cons 212% ................ £50

Conversions

£8134

£69 Cnv 312%.................£7212 £10218 Cnv 9% 11 ............£10218

-132

Treasury

Australia

-1

0.72

£110532

Var 5Day

3534

1995

510

Swallowfield

-134

2814 42

115

Redhall Gp

£ ABROAD - 14

122.20

3512 1534 Johnson Serv 3278

265

Experian

-

+214

27912 20214 Electrocmps 572

Jpan Spec Sits

Capital

650

-4

-1512

-314

48414 National Grid 586

+618

71412

0.36

HILL SAMUEL UNIT TST MGRS

663

CDU

76412

218.80

Index 4546.56 ▼ 29.91

Crimson Tide 112

63512 Capita

-

Gilt & Fixed

2

54912 De La Rue

4.26

Japan

Gilt & FI

1

826

1.17

197.80

-414

509

984

329.10

-

+114

812

492

-

Income Plus

Punch Taverns 7514

134

72612

Gwth & Inc

58

-40

Bunzl

0.32

101

-234

658

-

1850.00

Mitchells&Btlrs 299

1611

36014 Berendsen

612.80

-

Marston’s

19414

783

-

274

1696 1154 Aggreko

492

Amer Spec Sits

361

+138

Yield

American

8978

14434xd -412

Offer

Price Gross

FIDELITY INVESTMENT SERVS

11718

20778 77

Ashtead Gp

Price

Euro Sel Opps

49258 Compass Gp 55412

1514 412

418

Bid

Terms

Income 3153 2037 Carnival

26

Index 4432.58 ▼ 47.17

Cancel Fund

+19

Index 4558.61 ▲ 61.85

-634

Support Services

37

1257

2069 1753 Imperial Tob

-112

302

Price

1914 Speedy Hire

2494xd +812

-1 2

12618xd -134

▲ 0.37%

High

3614

31012

-314

14778 10134 Logica

540 -15

254912 1959 Br Am Tob

302

-5

2208

Tobacco Index 28772.17 ▲ 149.36

+3

2919 2157 Daejan Hldgs 2633

-112

229012 1554 Ryl D Shell B

+34

-1 4

-838

-32

16014 10234 Spirent Comms 13778xd

+34

10612

2017

+114

21358

32512

2140 1085 Premier

Psion

-38

26812 16518 Thomas Cook 16938

12612

-1312

10114

224

36414 23014 Invensys

-1014

7134

-3

-112

46138

10212

-2212

+1

54712xd

6014

444

22

58512 41814 Brit Land

6114 3012 Emblaze

49314 366

560

1934 BATM

35314 28438 Big Yellow Gp 319

-6

-57

22838 ARM Hldgs

43

31158 20814 Restaurant Gp 30814

1540

-134

651

15234 9434 Rank Gp

Index 1958.11

1975 1271 Autonomy

65538 30278 BP

1251 764

+412

Index 694.97 ▼ 16.98

1488

Cairn Energy

4312

Software & Comp Servs

13234xd

Index 741.48 ▼ 23.42

285

2982

UNIT TRUSTS

2136xd -25

Tech Hardware & Equip

41258 31412 FirstGroup

Pharma & Biotechnology

33114 25014 SEGRO

180912xd -2578

11434

2261 1223 Wolseley

-19

49138 37614 Greene King

-125

14312

1006

Travis & P

1485 1042 Go-Ahead Gp 1323xd

73512xd

189212 126434 Marsh McL

2814

1127 709

-27

Gt Portland

1608

3614 1914 Speedy Hire

-278

Land Secs

Index 1605.65 ▼ 13.01

-1

79

34214

545

Nonlife Insurance

-1 4

Smiths News 8612

126

1132

26512 PZ Cussons

773

18234 12912 Vodafone Gp 17512

-414

8934

409

-125

607

27434

13812 8414 Rentokil

1210 61212 Burberry Gp

90112 +3612 +3112

+ 14

- 38

-658

Personal Goods

37714

Index 8605.13 ▼ 258.42

47778 29414 Aviva

34814 Halfords

821

30834 20838 Prem Farnell

49612 32214 easyJet

28012

Oil & Gas Producers

12234 7214 Lgl & Gen

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.

40118

Index 4005.39 ▼ 33.28

Life Insurance

3612 1134 Dixons Retail 12

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

Mobile Telecoms

Index 4561.69 ▼ 59.88

-1

Kazakhmys

2095 1355 Lonmin

Index 6837.02 ▼ 166.80

2014

31114 221

Index 26975.20 ▼ 998.14

Antofagasta

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

3385 2772 AstraZeneca

-74

34618

3091.22 ▼ 1.43%

-1112

1411

-14

Index 2585.69 ▼ 7.22

Index 1630.42 ▲ 1.17

-238

1634 761

1059 578

66012

-1312

3187xd-15212

-1

1033 72812 Provident

STV Group

3437 2254 Anglo Amer

44

FT ALL-SHARE down 44.89

1087xd -17

59012 46058 Reed Elsevier 535

+34

Index 5919.34 ▼ 62.77

Close Bros

Pearson

Mining

General Financial

57012 34158 ICAP 933

-11

DAILY POST REGIONAL INDEX 1195.34

29 Beale

-15

+11

Candover Inv 615

22934 Balfour Beatty

68312

1149 864

17018 4534 Trinity Mirror

Index 3827.77 ▼ 80.66

687

870

22712 17118 Dunedin IncGth 22378

1258

Health Care Equip & Serv

Bellway

96412 683

110712

+234

511

13514xd -238

594

45358

39814 WH Smith

809

Br Assets

35714

523

-134

14012 105

41

-15

10158

414

Low

2760

Barratt Dev

37138xd -334

High

2885 1724 Signet Jwlrs

13734 70

25178 3i

T W T F

Apr 12, 2011

Index 6225.34 ▼ 38.19

59512

M

Share price (pence)

Oct 12, 2010

-58 -12

37778 29312 Alliance

Edin Invst

Apr 4 - Apr 8

PUNCH TAVERNS

General Retailers

705

46714 366

-378

Premier Foods 3014

1429 1008 Smiths Gp

Index 2921.97 ▼ 72.38

10034 Dunedin Sml

-7

58012

720

1318 1010 Scot&Sthrn

142

755

Index 3274.09 ▼ 21.74

Index 8049.46 ▼ 31.95

577

Cranswick

7234

Electricity

42412 32614 Drax Gp

Mar 28 - Apr 1

70

-3 +212

7534 4134 Nth Foods 3218 16

88812 664

35714 22934 Balfour Beatty 32618 18512 Costain

Mar 21 - Mar 25

FTSE-Rebased

40

5899.43 ▲ 0.23%

KEY

85

138

1688

194178 104118 CRH

5710

5964.47 ▼ 1.47%

20 DAY MOVING AVERAGE up 13.46

20-Day Moving Average

Index 6414.34 ▼ 118.49

Construction & Materials

265

5805

Forestry & Paper

Croda

2100 1460 Johnsn Mat

5995

55

700

36678

Index 6905.41 ▼ 207.23

5834

FTSE-100

-18

1008

42478 33934 Dairy Crest

Chemicals

1749 901

AB Foods

47712 Carrs Mill

90712 755

Index 9407.09 ▼ 46.58 1321 900

1182 918

FT-SE 100 INDEX down 88.97

SPOTLIGHT

338

31278 Sainsbury

7758 5012 LloydsBanking 6038 4334

6090

100

395

Food Producers

1959 1525 Stan Chart

+1

30614 25758 Morrison W

-134

3758 Ryl Scotland

-14

Index 4663.35 ▲ 29.68

Index 4796.38 ▼ 57.87

Closing Indices

FTSE 100 INDEX

Food & Drug Retailers

Banks

38318 25538 Barclays

-112

18914

Cble&W Wwide5078 KCOM

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

5900

6334 4438 Cble&W Comm4434 9278 50

Index 4596.64 ▼ 187.04 23718 10914 GKN

19118 10978 BT Gp

LondonStockMarketatClose

1.08

1.124

1.125

£61 £1171516

£50 Tr 212% .................. £50916 £109 Tr 9% 12............. £1092732

+2732

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

+116

£121516 £1152532 Tr 8% 13.............. £116316

+38

£114332 £109532 Tr 5% 14............. £1091316

+12

130.13

136.130

136.230

1.94

2.070

2.075

£112

£320116 £303116 Tr 212% IL 16 ...... £3191516

+178

£142316 £1322132 Tr 834% 17 .......... £1332332

+1332

£147132

£13358 Tr 8% 21.................. £136

+118

£6712 War Ln 312%......... £701532

+1532

Norway

krone

8.51

8.894

8.895

Poland

zlotys

3.97

4.479

4.487

Sweden

krona

9.80

10.243

10.253

Switzerland

francs

1.41

1.458

1.460

Turkey

new lira

2.32

2.469

2.479

United States

dollars

1.55

1.626

1.626

£105732 Tr 734% 12-15........£10614

War

£8334

Last night, the pound was worth: $1.6261 (down 0.0135) ...... 1.124 euros (down 0.0090).......137.60 yen (down 1.54) ...... Its trade weighted index was 79.10 (down 0.90) Metals in $ per troy ounce: Gold 1450.50 (down 9.00)...................... Silver 40.44 (up 0.93)......................Platinum 1785.00 (up 5.00) ..................... UK base lending rate 0.5%

15

Wednesday, April 13, 2011

LDP business .co.uk London market WORLD markets suffered heavy declines yesterday, amid fresh fears over Japan’s ongoing nuclear crisis.

A slide in oil prices added to the pressure, with the FTSE 100 Index closing down 89 points at 5964.5 – a fall of 1.5%.

Markets were hit after Japan’s nuclear safety agency raised the severity of the Fukushima nuclear plant crisis to the highest level on the seven-strong scale and the same rating as the Chernobyl incident in 1986.

Tokyo’s Nikkei 225 index fell 1.7%, sparking heavy falls on both sides of the Atlantic.

Across Europe, France’s Cac 40 and the Dax in Germany finished 1.5% and 1.4% lower respectively.

Dire monthly sales figures from the British Retail Consortium, as well as a cut to economic growth forecasts by the International Monetary Fund (IMF), added to the gloom.

There was some relief for investors in London after official figures showed an unexpected drop in inflation to 4% during March, from 4.4% in February.

While this reduced the chances that interest rates will have to rise soon, the pound weakened against the dollar and euro as a result. Sterling fell to $1.63 and 1.12 euros.

The biggest Footsie risers were Carnival, up 110p up 2476p, International Consolidated Airlines Group, ahead 9.6p to 225.1p, Whitbread, up 17p at 1663p and TUI Travel, up 2.3p, at 232.4p.

The biggest Footsie fallers were Fresnillo, down 85p to 1576p, Antofagasta, off 74p to 1411p, Kazakhmys, down 74p to 1419p and Anglo American, down 152.5p, to 3187p.

IN ASSOCIATION WITH

LIVERPOOL’S INVESTMENT SPECIALISTS

market comment

Pricewarsin theaisles helpachieve surprisefall ininflation

INFLATION unexpectedly slowed last month, official figures have revealed, as hard-pressed retailers slashed prices to pull in cautious consumers.

The Consumer Prices Index (CPI) rate of inflation was 4% in March, down from 4.4% in February and back to the level seen in January, the Office for National Statistics (ONS) said.

City analysts had expected the CPI rate to hold at 4.4%.

The drop in the cost of living was driven by falling food prices, the ONS said, which slipped 1.4% as supermarkets rolled out heavy discounts to draw in cash-strapped consumers.

The figures came as the British Retail Consortium (BRC) revealed the biggest sales drop in its 16-year history, with total sales in March dropping 1.9% on a year ago.

The improved rate of inflation will weaken the prospect of an imminent interest rate hike by policymakers at the Bank of England, although the figure is still double the Government’s 2% target.

The most significant downward pressure between February and March came from the falling cost of food and non-alcoholic beverages, most notably fruit, bread and cereals.

Supermarkets were behind the plunge, the ONS said, as they slashed prices in the face of weakening consumer confidence.

With consumers reining in their spending on all but essential purchases, retailers – part of the UK’s powerhouse services industry – have suffered in recent months.

The BRC said like-for-like sales in March were down 3.5% – the worst

performance since April, 2005. Retailers have issued a string of gloomy updates in recent weeks, with Mothercare, HMV and Currys and PC World parent Dixons Retail all warning on profits, while wine merchant Oddbins entered administration.

Other measures of inflation also dropped.

The headline rate of Retail Prices Index (RPI) inflation, which includes mortgage costs, was 5.3% in March, down from 5.5% in February.

The latest figures will further alleviate pressure to raise interest rates, even though the Bank itself has forecast inflation hitting 5% in the coming months.

Last week, the Monetary Policy Committee (MPC) held interest rates for the 25th month in a row as it faced a challenging mix of soaring inflation and sluggish economic growth.

The UK economy went into a shock 0.5% decline in the final quarter of 2010 and recent surveys of the services and manufacturing sectors have offered a mixed picture of the recovery.

The majority of MPC members believe the inflation surge is down to

Price cuts introduced by supermarkets to lure in cash-strapped consumers are believed to be behind a fall in inflation temporary price shocks and are minded to wait and see how the economy fared in the first three months of 2011 before tightening monetary policy.

Elsewhere, Britain’s goods trade deficit unexpectedly narrowed in February to its smallest since February, 2010, at £6.8bn. Economists had forecast a deficit of £8.1bn.

Philip Shaw, economist at brokers Investec, said the figures helped “sound the death knell” for a May rate hike.

He said: “Our central view remains that some of the gloom surrounding

the economy may lift by the summer and the rates may well rise in August.

“However, it is possible that today’s inflation figures are the start of a more benign trend and that a hike will not occur until later in the year or perhaps beyond.”

The improvement in the rate of inflation weighed on the pound, which dived against most major currencies.

But there was still some upward pressure on inflation last month as transport prices rose 1.2% between February and March, as the conflict in Libya drove up the cost of oil.

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

business diary Thursday, April 14 Junction 7, the networking group for businesses based near Junction 7 of the M62, is holding its monthly meeting at The Printhouse, Prescot. Angela Donoghue, of The Printhouse, and Pam Case, of The PC Sup-

port Group, will be among the speakers. It is from 6pm-9pm and costs £17. For more details, see www.junction7network.co.uk.

Thursday, April 14 Liverpool Chamber of Commerce is holding a speed networking event at Crowne Plaza Liver-

pool John Lennon Airport. It is from 5.30pm-7.30pm and costs £10 for members and £15 for non-members. To book, call 0151 227 1234.

Thursday, April 14 A one-day conference at Haydock Park racecourse is being held to explain how companies of all sizes and sectors can transform their business using Lean

principles. Lean is used to reduce waste, deliver operational excellence and improve efficiency.

The event runs from 9.30-4.00pm. For further details, see www.northofengland excellence.co.uk or email events@ noee.co.uk Thursday, April 14 Open Coffee, a relaxed and informal business network, is taking

place at Bean Coffee, Brunswick Business Park, from 10am-12pm.

It is free to attend, and provides the opportunity to meet and develop new contacts with other small businesses from across Liverpool.

To book, e-mail enterprise facilitator Debbie Elliott-Brown at debbie@waves.uk.com Friday, April 15 Matt Smith, of Mace &

Jones, will take an in-depth look at disability in employment.

The 60 really useful minutes seminar on “Disability in Employment – what is a reasonable adjustment?” will be held at Liverpool Chamber of Commerce from 9am. It is free for members and £5 for non-members. To book, call 0151 227 1234.

Tuesday, April 19

Knowsley Chamber of Commerce’s B2B breakfast networking event is at The Village Hotel, Whiston. It is from 8am-9.30am and includes a light breakfast. It costs £12 for members and £24 for non-members. To book, call 0151 477 1356.

■ EMAIL alex.turner @ liverpool.com with details of your event for inclusion in the diary.

16

Wednesday, April 13, 2011

LDP business .co.uk trading gossip ■

TRUST Peel Holdings to bring a touch of Hollywood to the dull world of development.

Its surprise bid for fabled film studios Pinewood Shepperton set the pulses racing at Trading Gossip.

What could Peel have in the pipeline, should it up its offer and clinch ownership of the studios that are home to Harry Potter and James Bond?

Given its ownership of John Lennon airport, maybe a remake of Airplane is on the runway, or On the Waterfront, inspired by its £10bn plans for Liverpool and Wirral Waters.

But our favourite, considering the influence of

Peel founder John Whittaker, above, who bestrides the property group like a behemoth, despite his penchant for a low profile, has to be a remake of Citizen Kane.

■

A PICTURE posted on Twitter this week shows a sign on the campus of the University of Liverpool offering directions to the “Sydney James Library”.

The library is, in fact, the Sydney Jones Library.

Could it be a mischievous piece of picture doctoring – or was the signwriter a Carry On fan who got a bit carried away?

LDP CREATIVE FOR the latest news from the creative sector

www. ldpcreative. co.uk

IN ASSOCIATION WITH

the back page

LIVERPOOL’S INVESTMENT SPECIALISTS

Starting the day with a run – rain or shine

working day

Tim Rigg is area director for the Lloyds Bank corporate markets team in Merseyside, West Lancashire and North Wales. He lives in Birkdale, and has three grown-up children. This is his working day

6am: It’s up and out for my morning run. In the winter it is harder to motivate yourself, especially when it is dark and cold, but I still try to get at least one early run in before work during the week. The effort pays off as you feel good afterwards and ready for whatever the day brings.

8am: I arrive at our office in St Paul’s Square, in Liverpool’s ever-evolving commercial district, and take the chance to catch up on some emails and plan for the various meetings of the day.

8.45am: First up, it’s a conference call with other regional directors in the corporate markets team from around the country. This is a chance for us to share market insights and updates on current strategies. It is useful to get an overview of what is happening on the wider stage to put our regional position into context.

10am: It is off to a meeting with a long-standing client in the manufacturing sector. While this company is based near the city centre, other clients are farther afield, which reflects the team’s broad regional remit. One day I could be meeting a client in Kendal, and the next I could be driving south to Crewe.

Today, though, it is just up the road. I have known the chief executive for a number of years and understand how he does business.

Today’s primary focus is discussing potential trade finance options to help them increase their export potential.

12.30pm: The corporate markets team comes together once a week over some sandwiches to review the current status of our customer base and ensure we are doing everything to support them.

We seek to support them in managing that effectively.

As a team, we’ve been together for about a year. It’s a good strong team.

Tim Rigg and his team focus on companies turning over £15m and above Together we’re focused on embedding a client service ethos alongside the ongoing objective of maximising opportunities and looking out for new business. Our focus is on businesses with an annual turnover over £15m and, as such, relationships and deal opportunities can take a long time to nurture.

1.30pm: I grab the opportunity to catch up on messages which includes one from my daughter, who is currently in Manchester on a “year in industry” as part of her degree course.

She is just checking in, as it has been a couple of days since we caught up.

2.30m: This afternoon, it’s off to Warrington to meet a prospective client. At

this stage, it is about starting a dialogue and establishing trust, but most importantly it’s about understanding their business needs. Businesses often use different banks for different circumstances. They may be looking for something, in particular, that their current bank is unable to deliver in the way they want, and we want to be first reserve.

3.30pm: It was a really good first meeting. I’ll send them some outline ideas of how we can help them achieve their ambitions. I’ll then seek a follow-on meeting.

4pm: On returning to the office, I manage to get some desk time to follow up some of the work that has come out of

this morning’s meeting. I fire off a few other urgent messages, too.

6pm: It’s off to a cocktail party being hosted by a law firm we often work with. You tend to see familiar faces at such networking events. This time, I bump into someone from this afternoon’s prospect meeting. We hadn’t realised our paths would cross so soon.

It shows the importance of being linked in with the regional business community.

7.30pm: I get home energised after a good day’s work. I spend the evening relaxing and catching up on the news and sport, while researching potential birthday present options for my son online.