LDP Business Supplement - 13th July 2011 by Liverpool Post & Echo

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5868.96 ▼ 60.20 LONDON’S top-flight shares closed lower yesterday as fears over Italy’s finances and European debt contagion weighed heavily on investors’ minds. The FTSE 100 Index fell 60.2 points to 5868.9, though having been 120 points lower at earlier in the session it pared losses after the US market opened. Speculation that Italy and even Spain could require an bailout caused investors to flee risky assets, while the euro was also hit by the debt fears, falling against major currencies.

Centre for Cities backs business rates reform by Tony McDonough

LDP DEPUTY BUSINESS EDITOR tony.mcdonough@liverpool.com

AN INFLUENTIAL think-tank is backing a Government proposal on business rates that Liverpool City Council claims could see it lose more than £80m a year. Centre for Cities is backing the proposal that could see local authorities keep up to 60% of the business rates they collect and use it to promote economic growth. Currently, all the money collected by

councils goes straight to central government, which then redistributes it back in the form of direct grants. A Government review, due to be published in the coming weeks, will propose bringing in the change from 2013. Paul Brant, the deputy leader of Liverpool’s Labour-controlled council, told LDP Business the move would be “catastrophic” for the city. “Areas like Westminster and the City of London would make massive gains because of the huge level of business rates they collect,” he said. “If you have a depressed area like

Liverpool, with fewer businesses, then it will obviously lose out.” In the last financial year, Liverpool collected £175.5m in business rates and was given £284m by the Government. Centre for Cities says in a report out today that allowing cities to keep between 40% and 60% of future tax made on business property would create a long-term incentive for areas to support development. Chief executive Joanna Averley said: “The Government must not miss this opportunity to be radical in revising the business rates system.

MARKET REPORT: PAGE 15

“Reviewing the system will not only reward councils for being pro-growth, but it will also make a real difference to the people they represent because the money raised could be ploughed straight back into the community, into things like roads and schools.” The report said the current system offered no direct financial incentive for cities to develop their business base. But Cllr Brant hit back, saying the council was already working hard to

Ian Ayre, left, with Liverpool Embassy head Chris Heyes

inside

JMU offering space to city entrepreneurs

CONTINUED ON PAGE 2

LFC head impresses London alumni

LIVERPOOL FC managing director Ian Ayre outlined the club’s growth plans and its commitment to help regenerate its North Liverpool surroundings in a speech to more than 60 alumni of the city’s three universities at Liverpool’s embassy in London. He also revealed its new third kit is their biggest-selling third kit, despite having blue in it. Nick Smith, from Momentum Pictures, said: “Clearly both the football club and the city generally have well-founded optimism for the future.”

SPACE to nurture young entrepreneurs is to open within Liverpool John Moores University. PAGE 5

Firm probe LIQUIDATORS are poring over the affairs of Cheshire developer Eatonfield Group. PAGE 6

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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Indian restaurateur promises to spice up waterfront A NEW Indian restaurant opens on the Liverpool waterfront in the next two months, promising a new dining experience. Kabir Rayman says he is bringing a touch of Bollywood glamour to the Kings Dock. He already has restaurants in Manchester and Preston, but has decided to come to Liverpool because it is a “vibrant and happening place”. EastZEast, a Punjabi restaurant, will have 400 covers and is situated opposite the Liverpool Echo Arena. He said: “No expense has been spared. Visiting EastZEast is about a whole new experience.”

Kabir Rayman promises diners ‘a whole new experience’

Incubator space will aid LJMU graduates by Neil Hodgson

LDP BUSINESS STAFF

neil.hodgson@liverpool.com

AN INCUBATION space to nurture young entrepreneurs is to open within Liverpool John Moores University. It is the latest initiative by the university aimed at developing successful small businesses and will build on its World of Work (WoW) scheme and a new degree devised by its business school to develop the next generation of small business owners. From September, the Centre for Entrepreneurship will open in Mount Pleasant providing flexible, drop-in workspace for graduates starting a business. It will provide co-working space where young business start-ups, freelancers and entrepreneurs will be able to share ideas and collaborate, and will offer access to LJMU’s own team of business advisers. It is linked to the Enterprise Fellowship Programme, which is a European Regional Development Fund initiative designed to support and increase the number of sustainable graduate businesses in Merseyside. The university provides business support and resources, and the opportunity to pitch for

£1,500 of funding for up to 50 graduates. LJMU is currently supporting more than 20 graduate businesses under the scheme, including Lawrence Armstrong’s Frontier Ecology, which protects wildlife affected by construction or refurbishment projects. He has been dubbed Batman after time spent on building sites looking for protected bat species. Another project is UK Visits, set up by Toni Hynes, offering transport to prisons for families of offenders. Lynne Robertson, JMU’s entrepreneurship champion for incubation, said: “The launch of the Centre for Entrepreneurship brings together eight years of expertise in helping our student and graduate start-ups in the city. “This year’s Enterprise Fellowship Programme has been the best yet in terms of the workshops and activities the entrepreneurs have participated in, and now, with the Centre, this level of accelerated support can continue. “The Centre will ensure that our graduate businesses remain in the city, where they will be nurtured and supported, and from where they will launch businesses that will employ our future graduates.”

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McGrath joining Brabners THE corporate finance arm of Liverpool law firm Brabners Chaffe Street has recruited one of the city’s bestknown corporate accountants. Paula McGrath is leaving PKF to join Brabners Stuart. Brabners Stuart was formed following the merger between TSSP and Brabners Chaffe Street’s Corporate Finance team. Ms McGrath said: “This role also particularly appeals as Brabners Stuart is dedicated and committed to Liverpool.”

Can you make a difference? Hugh Baird College is the best Further Education College in Merseyside*, with over 7,000 students and a turnover of just under £20m. We are committed to improving life, job and business prospects through our excellent education, training and support. We are proud of our reputation and our students, who study at a range of levels from life skills to full honours degree. We know that we make a real difference to the lives of our students. The College intake in 2009/10 was the 6th most deprived in the country, yet we are in the top 5% of colleges for developing students.** We want to recruit Governors who share our drive and vision. *Government league tables, based on point score per exam entry (2008, 2009, 2010) ** Value added

As a College Governor, your experience, ideas and enthusiasm will bring a different perspective. Our students are from a wide range of backgrounds and we are keen to involve people who can reﬂect their cultures and ambitions. You don’t need to have an education background; we’re looking for people who can think strategically and are committed to excellence. You may have experience in business, charity management or the legal or property professions, but above all, you’ll have energy and a desire to make a difference to the lives and futures of our students. Hugh Baird College is committed to equal opportunities and we encourage applications from women, people with disabilities and members of the black and ethnic minority communities, who are currently under represented amongst our Governors.

For further information about this voluntary and rewarding role, please contact Anne-Marie Nixon, Clerk to the Corporation on 0151 353 4609 or email anne-marie.nixon@hughbaird.ac.uk www.hughbaird.ac.uk

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LIVERPOOL’S INVESTMENT SPECIALISTS

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Land sale collapse leaves Eatonfield in liquidation by Neil Hodgson

LDP BUSINESS STAFF

neil.hodgson@liverpool.com

LIQUIDATORS are poring over the affairs of Cheshire developer Eatonfield Group, after the collapse of a land deal seen as vital to its rescue. London-based restructuring specialist Zolfo Cooper was appointed as liquidator at a meeting of Eatonfield Developments’ creditors on July 8. A spokeswoman for Zolfo Cooper said partners were currently examining Eatonfield’s affairs as part of an “ongoing” process and were unavailable for comment. Tarporley-based Eatonfield, headed by chief executive Rob Lloyd, had hoped to secure its future after months of negotiations with a Leeds-based housing group. But it revealed that its hopes were dashed at the final hurdle when, on May 23, a change in terms relating to the sale was requested, leaving the Eatonfield board no option but to terminate discussions. Eatonfield directors immediately opened negotiations with the group’s lenders in the hope that an alternative to the proposed land sale could secure its future. However, on May 31, it announced that, while talks with lenders were still continuing, it had requested that trading in its shares on AIM – Alternative Investment Market – be suspended pending clarification of the group’s financial position. The fate of Eatonfield was effectively sealed in 2008 when the construction sector began to feel the impact of the credit crunch. In a stock market update on April 11, the board admitted: “Eatonfield has been in severe financial difficulty since the summer of 2008. “Between that date and the autumn of 2009, the group was adversely affected by falling demand for residential property, which in turn reduced sales of housing units and land and, therefore, its ability to service its net debt.” It said market conditions remained

Eatonfield chief executive Rob Lloyd pictured at his horse training yard in Cheshire difficult throughout 2010 and by December 31, 2010, the group’s net debt stood at £26.9m. Lenders included the Royal Bank of Scotland, Allied Irish Bank, Co-operative Bank, Anglo Irish Bank, HSBC and the Principality Building Society. In a bid to alleviate its tightening

finances, it opened talks with Leeds-based Trilandium and Trilandium Celtic to sell seven housing development sites throughout Wales and a site at Birkwood, near Glasgow, in an arrangement that would have raised £9.4m towards paying down debt, but which ultimately collapsed in May.

The Trilandium business was set up in 2009 to acquire rights to build on residential land without committing substantial funds to acquire the land in advance. No-one from Eatonfield was available for comment. Its office phone line was out of order.

Illness costs NW firms £810m

Business lobby group aiming to teach MPs about business

MORE than 3m days are lost each year in the North West through work-related ill health, costing the region’s economy up to £810m a year. The figures from the Health & Safety Executive are being highlighted by Liverpool workplace health charity Health@Work. The charity is calling for employers to do more to tackle the issue. Chief executive Frances Molloy said: “On average, more than 1.2 days per worker are lost each year in the North West. “We are by no means the worst region in the UK, but the cost to the regional economy of such absence rates is still high. “It’s the region’s businesses which bare the brunt of this cost, with staff being off, they face expense through lost productivity, sick pay and bringing in extra staff to cover people who are absent.”

THE Forum of Private Business (FPB) has set up a special work experience scheme this summer for MPs to learn about the realities of running a small business. It is inviting every MP, MSP and AM in Britain to take part in its Business Buddy scheme. About 100 have signed up so far. It is also hoped that the MPs who take part in Business Buddy will stay in touch with business owners after their visits, creating a hotline for firms to communicate any emerging issues and concerns.

FPB head of campaigns, Jane Bennett, said: “It’s all well and good for lobby groups like the Forum to tell the government about the issues facing small businesses. “But there’s no substitute for first-hand experience. “We want politicians to see for themselves what it’s like to run a small business – that’s why we developed the Business Buddy scheme. “In recent years the number of MPs who have owned their own businesses has increased, and that is to be welcomed. “However, different types

of companies face very different types of problems. “The legislation imposed on business is constantly changing, so we hope every MP, MSP and AM is able to give just a few hours of their time to take part in Business Buddy.” She added: “We'd like to say a big thank you to our members who have volunteered to help Get Britain Trading by hosting a visit from their MP. “Hopefully, together, we can start to bring it home to decision-makers just how much small firms contribute to the economy.”

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Fit-out firm to reveal new deal THE Warrington office of fit-out, housing and maintenance contractor Morris & Spottiswood says it has secured £2m worth of contracts in the past few months. And the firm adds that it is on the verge of signing a new £1.5m deal. Business unit director Tony Cahill said: “The projects are pretty varied. “We’ve been asked to do additional fit-out work for existing clients like The Co-operative Group and a number of our financial customers, which is evidence of good work to date and is really satisfying for the team. “New projects we’ve recently won include the refurbishment of Pure nightclub in Manchester, fit-out of a Grade II-listed building at the University of Salford and building works at Fishergate Shopping Centre, in Preston.” The new project soon to be confirmed will be a joint venture between the maintenance and fit-out divisions and will cover the North West area. Established in 1925, Morris & Spottiswood is Britain’s sixthlargest retail fit-out specialist. The firm is also a leading regional provider of new-build, refurbishment and maintenance services to the affordable housing sector. The company has a growing portfolio of affordable housing projects.

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Does ‘participatory budgeting’ reveal the Big Society in action?

Matt Johnson A FEW years ago, a new buzz phrase became popular in the public sector: “participatory budgeting”. It expressed the aspiration to

engage communities to a far greater degree in the process that decided where and how public funds were to be spent in their communities. In its simplest form, it’s a pretty straightforward concept. It became less straightforward in the context of huge services like the NHS, or in other areas where those participating in the budget process had complex and life-changing decisions to make. I recently heard of an event at a Wirral village hall where Wirral councillors gathered to hear a series of short presentations from groups pitching for some council funds to further their projects.

The audience voted for the projects they felt deserved support. However, their evening’s vote was not treated by the council as a hard and fast result. The audience’s effort to participate in the budgeting was clearly only the start of a process that would ultimately be decided by councillors anyway. Fast forward a few months and the team behind one of those pitches has just staged a successful weekend of community-based activity, in and around the village, where they tried to fulfil the notion of par-

ticipatory budgeting. I am not sure whether those who worked to stage last weekend’s events feel part of any “Big Society”, but I am sure events like this bring a greater sense of belonging and commitment to our communities. Much has changed in our public sector as deficit reduction measures take their toll. Increasingly, we are being told the private sector must ensure gaps in public spending are bridged. With that in mind, it’s likely that the Government will applaud the action being taken by the retailer

‘Events are bringing a greater sense of belonging’

John Lewis, who this week announced the opening of community rooms in pilot projects running at four stores (sadly not yet Liverpool). These are areas where community groups can book meeting space at no charge, complete with audio-visual equipment. John Lewis sees the initiative as plugging a gap left by public sector spending cuts. It certainly promises to do that, and in far more pleasing surroundings than neglected village halls owned by cash-strapped councils. ■ MATT JOHNSON is chief executive of Mando Group

Liverpool One to sponsor Southport Flower Show RETAIL and leisure complex Liverpool One has signed up as the latest sponsor for the Southport Flower Show. Liverpool One is backing the event, which is the largest independent flower show in the country. Donna Howitt, marketing director at Liverpool One, said: “Southport Flower Show is a fantastic event that draws people in from all over the region, so we are delighted to be sponsoring the show. “We’ll be showcasing some of our restaurants and leading homeware brands, plus our team will be on hand to talk about everything Liverpool One has to offer.” David Jackson, chief executive of Southport Flower Show, added: “It is great to have such well-known names supporting the show and associated with our brand. “These connections are testimony to just how well known we have become both nationally and regionally.” The theme for the August event is vintage, which will see creative traders, exhibitors and guests taking influence from design classics of the 50s, 60s and 70s.

David Jackson, chief executive of Southport Flower Show – delighted with the sponsorship deal Picture: COLIN LANE

BBC defends probe after Wirral mail firm’s protest by Neil Hodgson

LDP BUSINESS STAFF

neil.hodgson@liverpool.com

THE BBC has resolutely defended its stance on an investigative television programme that incensed Birkenhead door drop marketing company Link Direct. Chris Roxburgh, Link Direct director, has demanded a right of reply from BBC director general Mark Thompson, claiming last week’s Panorama probe, Why Hate Junk Mail? discredited his industry and blurred the lines between advertising mail and

scam mail, which was the subject of the investigation by presenter Tom Heap. Scam mail is sent from abroad and targets householders with offers of investments in bogus schemes such as fake lotteries, share frauds and inheritance scams. If victims reply, their names are put on a “sucker list” which is sold to other criminals around the world. However, an aggrieved Mr Roxburgh argued: “Our sector has nothing whatsoever to do with scam mail, and it is outlandish and deeply damaging to us that we were thrust into the spotlight

with this criminal activity.” He described the programme as “fundamentally flawed, clumsy, ill-informed and unbalanced”. However, a spokesman for the BBC defended the programme’s content, saying: “The Direct Marketing Association was featured in the programme defending the industry. “It said direct marketing was worth £16bn a year in sales, and provided a valuable service. “Furthermore, it disputed the idea that items sent out by its members fell into the category of junk mail.” The spokesman added: “ The pro-

gramme made clear that the overwhelming majority of junk/direct mailers are legitimate. “However, the damage done by criminal gangs based abroad targeting the vulnerable with scam mail and the ease with which the gangs exploit the Royal Mail’s Local Look service is a matter of grave concern and merited being brought to public attention.” Link Direct was founded in 1995 and is headquartered in Birkenhead, with a southern sales office in Hampshire and a transport depot in Liverpool. It employs 30 full-time staff, as well as a number of part-time employees.

Eco firm secures deal with Hyundai A DELEGATION from one of the world’s biggest companies visited Merseyside to sign an agreement with renewable energy company Eco Environments. Senior management from Hyundai Solar met with the company at its offices in Bootle to sign the deal, which will enable Eco to install its solar panels. Eco Environments is the first company of its kind in the UK to sign such an agreement with Hyundai Solar, and the company has already received and installed one container of its solar panels with more to follow. The delegation, which had travelled from Korea and Europe for the meeting, was made up of general manager Hyundai Solar Europe, Inyeob Kim, and his colleagues Andy Lee and Ko Young Hak. David Hunt, Eco Environments’ sales and marketing director, said: “Hyundai Solar is already well-established in countries like Germany, and we are delighted to sign this agreement with them to install their solar panels in the UK. “They were particularly keen to visit our offices in Liverpool in order to see us in action, and they were impressed by what we had achieved as a business and our growth potential. We are the only company of our kind in the UK to sign such a deal with Hyundai Solar, and it will give us terrific buying power as well as access to some of the most leading-edge solar panels in the world.”

Wednesday, July 13, 2011

LDP business .co.uk Bill Gleeson Can Liverpool afford to be fussy about heritage? THE news from Paris, that the city’s Unesco World Heritage Status could be withdrawn, should Peel’s Liverpool Waters scheme progress as currently envisaged, is hardly a surprise. The heritage lobby has been fighting hard against the skyscraper project ever since it was first announced. There is no doubt that clusters of tall buildings would fundamentally alter the character of Liverpool’s waterfront. The first principle in assessing the pros and cons of any type of conservation scheme is whether it deters substantial investment or economic output. Liverpool is a poor town and can’t be so fussy that it turns away willing and credible investors. The conservation debate in connection with Liverpool Waters puzzles me. The site of the scheme is a derelict wasteland significantly to the north of the Three Graces. Furthermore, the aesthetic damage has already been done. Modernity has already come to the waterfront in the form of the new museum and apartments at Mann Island, the tall buildings at Princes Dock and the dreadful architecture of the Hilton hotel and One Park West. These buildings would be the reason to withdraw World Heritage Status, not what may happen at Central Docks in the future. In any case, the argument is a bit redundant because the Liverpool Waters scheme won’t happen any time soon. It’s far too ambitious and extravagant in scale to be economically viable in a city of less than half a million people. WHAT do the demise of The News of the World and Southern Cross have in common? On the surface of things, they share little in common, but scratch a little deeper and you get to something profound about human nature. Both are a result of

failed corporate governance. Some of the details of that failure differ between the two cases, but in essence it boils down to people caving in to competitive and business pressures and making huge errors of judgment. Southern Cross’s board tried to fund an ambitious growth programme through a sale and leaseback deal. The funds realised by the deal recapitalised the business, but the sale and leaseback tied the company into inflexible long-term rent commitments that, over 25 years, tallied to £5bn. It was a deal Southern Cross could afford to service until the public sector spending cuts came along. Cash-strapped local authorities pushed down the rates they were prepared to pay for residential care, causing Southern Cross to be unable to pay the rent. It strikes me that care of the elderly doesn’t lend itself to the cut and thrust of high finance. At first sight, the demise of the News of the World seems attributable to scurrilous behaviour and mistakes in the newsroom, rather than errors of judgment in the boardroom, but this would be wrong. The boardroom was very much the place where errors were made. Senior executives in charge of News International were presumably recruited because they were perceived to be the bright young talent who could take the business forward. In the end, though, their tenure can only be described as utterly catastrophic for the company. To say they did not know what was going on and where the big stories were coming from is no defence at all. The basic principles of good corporate governance require not only that they should know what is going on, but that they set and take personal responsibility for establishing a sound, ethical culture within their business.

Economy defie

Economist Peter Stoney, of the University of Liverpool, on Merseyside’s recovery prospects THE world has been through a sharp recovery from the great recession – this immediately triggered a return of the commodity price peak that itself was the creator of the recession. The world raw material availability cannot accommodate growth on the recent scale. We will have to see how much growth it can tolerate as monetary policy continues to tighten and brings down world inflation from its current 5% or so. It is clear that inflation has become seriously embedded in some major economies around the world. Inflation in the West so far has been held down by a weak labour market, but this will only be temporary, lasting as long as real wages can fall. It cannot be a good idea for western central banks to keep on holding interest rates at so low a level that they feed massive continued growth in credit and money in the developing world, which in turn feeds world inflation. The mechanism is the “carry trade”, by which banks in the West borrow at very low rates in dollars, pounds and euros and lend at high rates in the East and South. Apart from the effect on world inflation, this will be bound in the end to spill over into Western inflation. So we expect Western monetary policy to be tightened. For a start, the aggressive printing of money, Quantitative Easing, has ended in the UK and eurozone, and is ending in the US in the next month. This still leaves close-to-zero interest rates. These have started to be raised, however, by the ECB. It cannot be too long before the Fed and the Bank of England follow suit. The carry trade will otherwise continue to replenish the credit supplies that India and China are trying to choke off. With inflation in the UK already high, and in the US creeping upwards, neither central bank can afford to stand out against tightening and risk further falls in the dollar and pound, which will feed inflation further. There is opposition to this tightening as growth is weak all over the West. But this weakness cannot be remedied by monetary looseness; it is due to the shortage of raw materials that in turn is slowing productivity growth. All that more monetary ease will do is reignite raw material prices. The debate in the UK has yet to recognise these facts. There is a view in some circles that growth is the result of government policy; hence, for example, Labour under Ed Miliband is urging less fiscal rebalancing and easier money. Yet it should be plain that growth is weak because of fundamental real difficulties – raw material prices forcing down real income and productivity growth, and real public debt problems forcing fiscal consolidation. Even now in the US, whose government profligacy has been unparalleled in post-war history, there is no disagreement about the need for fiscal consolidation; it is just that agreement on particular measures is hard to find. When public finances are this bad, fiscal “mul-

tipliers” on extra deficit spending can turn harshly negative as they trigger fears about solvency. So far, the UK cuts have not materialised in the data; the public finances, however, have started to improve with better revenues. Spending growth should slow down soon, though it is slower than projected. This consolidation, in spite of all the hype, is very far from savage; it is gradualism itself. The loss of public sector jobs is projected at around 300,000 over the next four years; this is around 1% of the labour force, a loss of 0.25% per year – evidently quite easily absorbed even by the slowest growth in private sector jobs. So the programme is as gradual as possible, consistent with taking definite action. Nevertheless, because it has at least been undertaken and is backed by general opinion as necessary, any anxiety in markets is allayed. Our forecast for UK growth is for moderate expansion of a little under 2% and, under the assumption of resumed monetary tightening, a fall back of inflation to 2% by 2013. For other Western economies, the out-

‘Inflation is seriously embedded in major economies’

look is rather similar. For the emerging market economies, growth will slow and inflation remain stubborn, but should moderate somewhat. This background at least gives some support to the gradual recovery we also forecast in the Merseyside and neighbouring regions’ economies. It is disappointing when recoveries are so weak and gradual as this. But the reasons lie in the hostility of the environment; until raw materials come into easier supply as the technology of economising on them improves, or their supply capacity increases, world growth will necessarily be limited and with it Western capacity to grow. Exhortations to governments and central banks to stimulate more growth than this permits are misguided. Our sub-regional forecasts for Merseyside, Cheshire, and North Wales show a slow recovery from 2011 onwards and quite similar in strength to the UK. Employment is forecast to grow and unemployment to fall, albeit at modest rates; but their upbeatness contrasts with the doom and gloom forecasts by a vocal segment of opinion that predicts mass job losses in the public sector will send unemployment soaring. Our regular panel survey is consistent

Wednesday, July 13, 2011

the big feature

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es doom-mongers Economist Peter Stoney believes the Bank of England, below, will soon have to raise interest rates Picture: STEFAN ROUSSEAU

Daresbury is key to the region’s hi-tech economy with our forecasts. Capital investment plans in particular are notably robust. The previous issue of this journal (spring, 2011) argued that the private sector is capable of filling employment and investment gaps created by the Coalition’s austerity budget. While the full impact of cutbacks has yet to be felt, there are indications already that the private sector is shaping up with investment intentions that augur well for the future. One industry that is prominent in this regard is the Port of Liverpool, whose new owner and operator, Peel Holdings, has been smartly out of the starting stalls with a huge multi-billion pound and long-term plan called Ocean Gateway, incorporating the Mersey Ports Master Plan, for capitalising on the River Mersey’s potential for contributing significantly to future economic growth. A key component of Ocean Gateway is an in-river terminal big enough to take post-Panamax size ships, which are too large to enter the current enclosed dock system at Royal Seaforth. For Liverpool Port to remain competitive with its southern counterparts like Felixstowe and Southampton, this new terminal is vital.

Together with other investments like a new railhead at Seaforth, the new terminal is capable of supporting thousands of new jobs throughout Merseyside, plus its hinterland in Cheshire and North Wales. Estimates over the last 40 years of the employment impact of the Port have been consistent in their size, that up to 10% of all employment in Merseyside is supported in some way by Port operations. Peel’s proposals are capable of sustaining as well as adding to this proportion over the coming decades. The Ocean Gateway proposal includes also extensive property investment on both sides of the River Mersey – branded as Liverpool Waters and Wirral Waters – as well as development along the entire river system, via the Manchester Ship Canal, to Salford Quays. A century ago, this kind of industrial investment would have been welcomed with minimal or no opposition from outside parties. Not so today, however. Environmental lobby groups and other agencies like English Heritage are determined to put a spanner in the works. Their opposition presents a stark choice between industrial development

‘Capital investment plans are notably robust’

that can be expected to alleviate deprivation – Liverpool has some of the most severe deprivation anywhere in the UK – and restricted investment in order to preserve birds and their habitat, green spaces, and nice views. Human welfare, the Nimbys assert, needs to be compromised for the sake of more important considerations. Other auspicious projects in the pipeline for Merseyside and its hinterland have been identified by The Mersey Partnership as: the low-carbon economy, with potential for manufacturing industry in renewable energy schemes; the visitor economy, which has grown apace in Liverpool over the last decade; the knowledge economy’s expansion, including the Daresbury Science Park; and Liverpool SuperPort. In addition, there are significant multi-million pound investment proposals in the retail and property markets in Liverpool city centre, for example Central Village and the Baltic Triangle. All these schemes need to be supported for the greater good of more employment, higher productivity, and relief of poverty in Merseyside and its hinterland. ■ THIS is an edited extract from the summer edition of the Merseyside and North Wales Business Prospect.

Peter Stoney

Ed Miliband

private business Move to mark a new era for firm

CABLE manufacturer Ventcroft is looking ahead to a bright future once its longawaited relocation is complete. The company’s Runcorn premises are in the path of the planned second Mersey bridge, the Mersey Gateway. After long negotiations with Halton Council, the firm agreed a pre-compulsory purchase deal to allow it to relocate. The deal meant the move was not dependent on the bridge going ahead. In accounts filed at Companies House, Ventcroft said the move had taken longer than planned and had taken up much management time. But the company says that, once the move is completed, it will be stronger than ever and ready for growth. The accounts show sales for the year to September 30, 2010, stood at £13.2m – up from £11.5m in the previous 12 months. But profits stood at £126,559 – down from £196,906. Ventcroft has started moving into its new home, just 500m away from its old home, and the move should be complete by November. It said: “Trading conditions were still extremely difficult and strenuous efforts needed to be made for the company to maintain its position in the market that it had worked so hard to achieve. “New product development strategies have also been hindered by the amount of management time being spent on the relocation, and this, too, had impacted on the company’s performance for the financial year. “The efficiencies to be gained from the new state-of-the-art manufacturing facility are significant and this, with the completion of the relocation allowing the director to refocus on the business rather than the move, is seen as a turning point in what has been a challenging time in the history of the business.” ALISTAIR HOUGHTON

Wednesday, July 13, 2011

LDP business .co.uk briefing Wolseley in deal to sell electrical firm PLUMBING supplies giant Wolseley has agreed to sell its UK electrical wholesale business, Electric Center, to rival Edmundson Electrical. The price for the operation, which has 85 branches and 575 employees, is slightly more than book value of £29m.

Microsoft in Yell venture YELLOW Pages group Yell and software giant Microsoft have formed a strategic alliance to target the digital advertising needs of small and medium-sized businesses globally.

Digging deep COAL miner UK Coal increased production by 52% in the six months to 25 June to 4.1m tonnes, while prices also rose by 20%. Net debt at the half-year was £207m, down from £242m.

Rolls’s win ENGINES group RollsRoyce has picked up an £11m order for two offshore oil and gas ships from Italian group Fratelli D’Amato. The ships will be built in Italy.

BUSINESS to BUSINESS Business for Rent

SHOP UNITS TO LET In Very Busy Garden Centre Call Mr Burslem

Tel: 07773 999088

Taxis/Cab & Plate LONG COLLAR TX1 James 07753224438

Building Trade FRAMELINE COMPOSITE DOORS

TRADE, UPVC WINDOWS DOORS, CONSERVATORIES. 5 Day Turnaround

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LIVERPOOL’S INVESTMENT SPECIALISTS

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Support company aims to harness winds of change by Neil Hodgson

LDP BUSINESS STAFF

neil.hodgson@liverpool.com

“SOMBRE” would probably be a good word to describe the mood in the News of the World offices last Saturday, as staff prepared its last edition and faced the prospect of redundancy – but for Dr Peter Hawkins it would have represented one of the latest challenges for his Formby business, Windmills. The firm provides support for companies undergoing change, from structural or leadership change or, in this case, the prospect of a sudden careerand life-changing event. Windmills was spun out of the University of Liverpool two years ago as a company in its own right, headed by Dr Hawkins and his colleague Helen Wakefield, who had established the university’s Graduate to Employment scheme as a flagship for higher education, helping more than 5,000 graduates into jobs – 85% of them into small firms – and helping retain high level skills within the region. Dr Hawkins’s work attracted the attention of then Department of Trade and Industry Minister, and Makerfield Labour MP, Ian McCartney, and he said: “We still have very strong links with Government policy agenda.” But he said: “Windmills became a teenager, and like most teenagers needed to leave home.” He explained its ethos, saying: “When the wind blows, some people build walls while others build windmills. “We are all dealing with the winds of change in our lives – do you build a wall or a windmill to use these changes for the good?” He illustrated his point with a personal recollection: “I have an eye problem and am registered blind. I was told when I was 17 I would not be able to drive, and I would sit in the pub with friends who were talking about taking their driving tests. “I would go home and cry and pray for them to fail. “But, three years later, my sister passed her test and I realised the more people who pass their test, the more there were to drive me around, and I could have more beers. I realised the problem wasn’t my eyesight, it was my coping ability. “It has opened me up to different possibilities. I realised for three years I was building walls, not windmills. Life is 5% what happens to us and 95% how we cope with what happens to us.” After receiving a call from News International last week, he will be helping the 200 or so journalists facing huge personal upheaval how to cope. The Windmills technique is based on encouraging people to take more control of their lives, which is the thrust of one of several books Dr Hawkins has written, funded by the £400,000 annual turnover the business has made each year since its spin-off. “No Regrets on Sunday” splits the average person’s life into seven days, equivalent to 12 years each day. Dr Hawkins said: “There are 6bn people on this planet who only have two things in common. We are all born and we all die.” Windmills encourages people not to

Helen Wakefield and Dr Peter Hawkins, of Windmills, help companies to manage change

Windmills is to assist News of the World staff have any regrets: “We use this as an opportunity to reposition the skills and passions in their life. We look at their mindset and how they’re approaching the change, and help people identify their skills and passions. “Too many people rely on their job title, but we ask them to look at themselves in the mirror in the morning and ask themselves who they are.” And he said Windmills, which has supported about 10,000 people so far to manage change, is better equipped to do so compared with other agencies. “We ask people are they maximising their skills for causes they feel passionate about and are they in the right place with the right people to energise

Picture: YUI MOK

and inspire themselves every day – 97% of people can’t answer yes to those three questions. “Jobcentres aren’t set up to deal with high skill levels, most are longterm, low-skilled unemployed, so most middle managers would not be able to get any help from Jobcentres.” Dr Hawkins says they take the longer view: “We help organisations have more forward-looking visions, rather than looking at past performances.” This includes helping staff to engage in what he calls “three thinking” based on their own potential, their impact in organisations, and how they make a difference in the local community. “The more forward-looking busi-

nesses are doing that, but it can translate to small firms just as easily.” Windmills is working with Birkenhead training provider Scientiam and the Manchester enterprise academy of TV’s Dragons’ Den star Peter Jones: “We were called in to teach their first cohort of students.” And help in setting up their own ventures for the growing number of staff leaving the public sector affected by the Government’s austerity measures will figure prominently in Windmills’ plans. The next wave of entrepreneurs will also benefit from a new charity, just launched by Dr Hawkins, to help young people fulfil their potential. The Windmills Foundation will receive 10% of the company’s pre-tax profits and its first exercise illustrated the impact it can make when 300 Formby sixth formers were given £10 each with the goal of making the world a better place and making someone smile. “One group got sponsorship for 400 balloons with a teabag or a seed attached. They had to have tea with an elderly neighbour or plant the seed. “Another group created photo albums for people with Alzheimer’s. “It taught young people at a very young age their role in the community and the fact they could make a small difference very quickly. Too much focus is on making money. The other bottom line is making a social impact on life.”

Wednesday, July 13, 2011

LDP business .co.uk

LIVERPOOL’S INVESTMENT SPECIALISTS

IN ASSOCIATION WITH

Thomas Cook issues profits warning as squeeze grips TOUR operator Thomas Cook yesterday warned on profits for the third time in a year after it was hit by the squeeze in consumer spending and turmoil in the Middle East and North Africa. Shares in Europe’s second biggest travel firm slumped by more than 25% after it said full-year profits will be some £60m less than previously

expected. Its profit margins in the UK are under pressure as it keeps its prices competitive to attract cautious consumers, despite rising oil costs which are making it more expensive to fly. The unrest in North Africa and the Middle East was also having a greater impact on bookings to popular tourist destinations such as Tunisia,

Egypt and Morocco than was previously estimated. Operating profits are about £40m lower than a year ago for the first three quarters of its financial year. The company now expects full-year profits of around £320m whereas previously the City had predicted a figure in the region of £380m. A “fundamental” review of

its UK business is now under way, which will look at the mix of holidays it offers and cutting its airline fleet to reduce winter losses. Last summer, the group, which also owns the Going Places brand, issued two profit warnings, blaming aircraft disruption and bargain-seeking customers waiting for last-minute deals.

It said that average UK selling prices for the summer are up 4% as customers opt for better value all-inclusive deals, such as packages that provide food. Despite the “difficult trading conditions”, bookings by UK customers are up by 1%. The number of holidays Thomas Cook has left to sell is 5% lower than a year ago.

Retail price cuts push down rate of inflation by Philip Whiterow

LDP CORRESPONDENT business@liverpool.com

INFLATION unexpectedly fell last month as retailers cut prices in response to the tightening squeeze on household incomes, figures revealed yesterday. Reductions in the prices of digital cameras, televisions and women’s shoes prompted a fall in the Consumer Prices Index (CPI) to an annual rate of 4.2% in June, the Office of National Statistics (ONS) said, against consensus City forecasts of no change from May’s figure of 4.5%. Figures from the ONS showed the price of televisions and other audio-visual products fell by 3.1% month-on-month, while camera prices tumbled by 7.4%, with the recreation sector overall seeing a record monthly fall of 0.9 percentage points, as there were also reductions in prices of computer games and computer consoles as shops promoted heavily to shift stock. Another significant faller was clothing and footwear, as summer sales began early, especially in women’s shoes and fashions, where prices fell 1.9% from May. The falls offset another sharp rise in food costs in June, with prices up 0.9% month-on-month to make an annual increase of 6.9%. Increases in June were across the board but especially in essentials such as bread, cereals, meat, milk, cheese and eggs, squeezing household

incomes even harder. The figures highlighted the pressure on electrical goods retailers after sector leaders Comet and Argos recently reported falling sales. There were also falls in the broader measures of inflation that include house costs, with the Retail Price Index (RPI) falling from an annual rate of 5.2% to 5% and the adjusted number, RPIX, falling to 5% from 5.3%. Regulated fares for rail passengers for next year will be set on the basis of the July’s measure for RPI plus 3%. Encouragingly for the Bank of England, which has been under pressure to raise interest rates, there was a sharp fall in core inflation. This measure, which strips out volatile movers such as food and energy, dropped to 2.8%, the lowest figure since last November. Economists welcomed the figures, as they said it gave the Bank of England some leeway to increase its current £200bn quantitative easing programme as concern grows that the UK economy has stalled in recent months. Trade figures also announced highlighted these concerns, as they showed an unexpected increase in the goods trade deficit. Chris Williamson, chief economist at Markit, said: “The trade figures will certainly add to calls for a further loosening of policy via more quantitative easing, especially given the surprise dip in inflation to 4.2%.” But unions suggested the CPI reduction would be little help to people

Comet is battling falling sales in electrical goods squeezed by rising prices. TUC general secretary Brendan Barber said: “With the labour market weak, growth at a standstill, and both business and consumer confidence down, inflation is the only measure that’s bounced back since the recession, creating a toxic mix for families’ living standards.” Inflation is forecast to pick up again in the autumn as recent hefty increases in the price of gas and electricity from suppliers feed through into the figures. Last week, British Gas said it would put up its gas prices

by an average 18% and its electricity prices by an average 16% to follow earlier rises by Scottish Power. The other four members of the “big six” group of energy suppliers are expected to follow suit. Month-on-month, the CPI fell by 0.1 percentage points, the first fall in prices between May and June since 2003. Despite this surprise fall, it is the 19th month in a row that annual inflation has exceeded the Bank of England’s target of 2%.

Comedy nights boost Luminar

U-turn urged

THE struggling owner of nightclub chains Liquid and Oceana have reported an improving sales trend after attracting customers through its Jongleurs comedy nights and a new cocktail bar concept.

THE Government will be urged today to reverse the “disastrous” decision to award a lucrative rail contract to German giant Siemens, which has led to the loss of 1,400 jobs at a rival firm. Derby-based Bombardier is cutting 1,400 jobs after failing to win the £1.4bn contract.

Luminar, which has 77 outlets and also operates the Lava & Ignite brand, said sales were down 9.7% in the nine weeks to July 2, compared with an 11.7% decline in the 18 weeks

to the same date. The better-than-expected performance came after the group rolled out Jongleurs comedy nights to seven of its venues, and opened five WooWoo cocktail bars

next to its clubs, as part of a drive to broaden its appeal beyond its traditional 18 to 24 year old market. It has also been putting on special offers at some of its clubs.

news

Retailer’s staff to stage protest WORKERS from Sainsbury’s stores will stage a protest outside the firm’s annual general meeting today in a row over pay. Unite said thousands of its members at the supermarket giant were being offered a below-inflation rise this year despite the “massive profits” the company makes. National officer Jennie Formby said: “The Sainsbury’s workforce deserve a fair pay rise as their employer continues to profit from their hard work. The protest today reflects the anger that the employees feel about the prospect of yet another below-inflation pay deal, which in the current economic climate results in a pay cut for them. “The possibility that some 12,000 workers could receive a pay cut is beyond comprehension. The workers protesting outside the annual general meeting are questioning why it is that, while the company continues to enjoy record sales and the chief executive receives a bumper bonus, the workforce are being told to accept a reduction in their living conditions, as their already low pay is further squeezed. “It is only right that the dedicated workforce, many of which are female and work part-time for family reasons, who form the backbone of this company, are given a fair pay settlement which reflects the outstanding performance of Sainsbury’s.”

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Wednesday, July 13, 2011

LDP business .co.uk

location

LIVERPOOL’S INVESTMENT SPECIALISTS

IN ASSOCIATION WITH

Liverpool commercial landlords have the power to save retailers

view point

by David Moore, partner at Begbies Traynor, in Liverpool

LIVERPOOL’S commercial landlords are key to the recovery of the beleaguered high street, which has suffered a number of knocks in the past fort-

night with the well-publicised struggles of Jane Norman, Thorntons and Liverpool-based TJ Hughes. High streets up and down the country have seen a spate of store closures as retailers struggled to meet their rent for the quarter towards the end of June. There is every possibility this could be repeated when the next quarter rent day falls due in September – unless landlords can work with their tenants to come to a flexible arrangement. Such an agreement is not a one-way street. It is just as important to landlords

that their commercial units remain full as it is for retailers to ensure their stores stay open. In the current climate, any landlord facing a double whammy of empty rates and a lack of interest in their property is likely to face financial difficulties. The September rent quarter date is likely to present even more of a challenge to a greater proportion of retailers than the June date has. Retailers are likely to struggle for cash as they stock up for Christmas

and fight to combat rising prices for raw materials that will squeeze their margins further. Some landlords in the city are already conscious of the strain the sector is under, and have shown themselves amenable to implementing break clauses or rent reductions to ease the pressure – and keep their units filled. While these agreements are only temporary, it is important to ensure that they are nonetheless formalised so that both parties know where they stand.

‘Some city landlords want to keep units filled’

To make the best of this difficult and potentially worsening situation, commercial landlords must be fully aware of their own financial circumstances to ensure that any reduction or break in the rent will not have a disproportionately adverse effect on their business. Speaking to creditors about the problems being faced further down the chain could likewise yield surprising results in terms of a reprieve. Landlords should try to maintain a healthy cashflow wherever possible to accommodate any upcoming peaks and troughs as they implement a more flexible approach to rent payments.

New code for contractors THE Royal Institution of Chartered Surveyors (RICS) has launched new guidance to help construction firms and their clients assess whether construction works are completed to the required standard. Defining Completion on Construction Works addresses the completion of construction projects and whether works are finished to a contractually

acceptable standard. The guidance is relevant to surveyors who are certifying the payment and completion of works, analysing any delays, advising on financial and legal matters or addressing any issues or disputes involved in the contract. The question of whether a project is completed can be complicated by pressures from the client. A client can sometimes

apply pressure to hand over a construction project even though the works are not finished. RICS spokesman Ian Potts said: “This new code provides surveyors who operate at all levels of the completion process advice and best practice on the contractual, financial and legal issues involved with the completion and hand over of construction projects.”

LIVERPOOL OFFICES

Venmore’s May auction, which generated more than £1.2m

Venmore offers 200-100,000SQFT 56 auction lots by Tony McDonough

LDP DEPUTY BUSINESS EDITOR

tony.mcdonough@liverpool.com

OFFICES@DOWNING.COM

LIVERPOOL-BASED Venmore will hold its next property auction in the city next week, with 56 lots going under the hammer. The firm, which has been confirmed as headline sponsor at this year’s Merseyside Landlord Expo, in September, will hold its event at the Hilton Hotel on Wednesday, July 20. Venmore says there has been a “high level” of interest in the properties prior to the auction. They are spread across Merseyside from Wallasey in Wirral, to Newton-Le-Willows and St Helens. Nick Ball, head of auctions at Venmore, said: “This month’s auction really does have a great variety of opportunities to suit everyone’s

budget. On one end of the scale, Lot 46 is a perfect example of an ideal investment property with a low capital outlay but good return. “The ground floor studio apartment, in the L6 area of Liverpool, has the rental potential to earn £4,500 per annum, with a dedicated parking space and communal gardens, all for the guide price of £19,000. “At the other end, Lot 20, in St Helens, is a development site with the planning permission for 13 detached and semi-detached properties. “Although the guide price is starting at £270,000, the estimated gross development is valued at £2m and clearly a fantastic project for the experienced developer who is looking for a new venture in an excellent area. “There has been a growing number of affordable properties in the last few auctions, but they are clearly proving popular, as our team is still inundated with enquiries.”

Wednesday, July 13, 2011

LDP business .co.uk

City centre site sells for £5.5m

location

LIVERPOOL’S INVESTMENT SPECIALISTS

IN ASSOCIATION WITH

BUSINESS to BUSINESS

Space for WH Smith AGENTS at Cheetham & Mortimer have acquired a retail unit for WH Smith Travel at Liverpool Central railway station. The firm secured approximately 3,000 sq ft for the travel outlet, taking space

Commercial Premises

on both the ground and first floors. Conor Mulloy, retail agent at C&M, said: “WH Smith is a great household name and this latest letting represents the company's strategy to grow its travel business.”

TO LET

LIVERPOOL INDUSTRIAL/ WORKSHOP UNITS RENTS FROM

£100 PER WEEK

07850 204481

BUSINESS to BUSINESS Commercial Premises

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

UNITS TO LET 5,000−15,000 sqft. Initial Rent free period. 0151 486 0004

Bootle

A new ne beginning Stanley Road, Bootle, Liverpool L20 2AB

The building, in Church Street, which is being acquired by Invista Picture: GAVIN TRAFFORD/ gav110711lloydstsb-2

by Tony McDonough

LDP DEPUTY BUSINESS EDITOR tony.mcdonough@liverpool.com

A BUILDING in the heart of Liverpool city centre’s retail district is about to change hands in a £5.55m deal. Invista Foundation Property Trust has exchanged contracts with Aviva on 88-94 Church Street, which is located on the corner of Church Street and Hanover Street and is currently home to Lloyds TSB. The transaction will reflect a net initial yield of 11.3% and is expected to be completed on July 22. The property comprises ground-floor retail space and office accommodation arranged over basement, ground and seven upper floors. The entire property is let to Lloyds TSB at £664,000 per year, on a full repairing and insuring basis, for a term of 25 years with

effect from December 25, 1989, and expiring on December 24, 2014. The bank occupies the basement to second floors as a bank and the third to seventh floor offices are sub-let to a legal firm until Lloyds’ lease expires. Invista says that, as well as offering an attractive initial yield, the property offers scope for asset management, including the potential for a lease extension. It adds that, although the rent paid currently exceeds the market rent, the prominent position and the planning consent for a bank should assist future letting prospects. Duncan Owen, chief executive of Invista Real Estate Investment Management, said: “The acquisition of Liverpool at 11.3% follows Keith House, in Edinburgh, which was purchased at a price reflecting a yield of 14%, illustrating that we continue to identify new investment opportunities with good property fundamentals at attractive pricing and income yields.”

Bruntwood secures trio of lets NORTH West property group Bruntwood has secured three new lettings totalling 3,300 sq ft across its Liverpool portfolio. Marshall Moore Financial Recruitments, Newcross Nursing and Pitman Training have signed leases to move into some of Bruntwood’s city centre buildings.

Accountancy recruitment consultancy Marshall Moore has taken a 1,400 sq ft refurbished suite at Exchange Court, in Dale Street. Newcross Nursing has up-sized its office space from 450 sq ft to 800 sq ft and is relocating within Oriel Chambers, Bruntwood’s recently refurbished Grade I

listed building in Water Street. Pitman Training has signed a lease for 1,100 sq ft at the refurbished Grade II listed Cotton Exchange, in Bixteth Street. Bruntwood’s David Seddon said: “The recent lettings demonstrate our ability to continue to attract businesses from a wide range of sectors.”

3 retail units available now from

1,577 to 2,082 sqft (147 to 180 sqm) www.shopstoletbootle.co.uk

A KEEPMOAT DEVELOPMENT

Commercial Property

TO LET

Two remaining retail units 759ft2 and 582ft2

Castlefields Village square redevelopment Runcorn Join Martin McColl/Post Office/Causeway Racing/Boots Pharmacy in this major neighbourhood investment by Plus Dane Group

A fantastic opportunity for a hot food takeaway user and a retail shop with a catchment of up to 5,000 households on the doorstep. For further information please contact letting agents:

Dixon Webb LLP 08453 577 577

Wednesday, July 13, 2011

LDP business .co.uk Aerospace & Defence

66034 538

285

-912

36978 29434 BAE Systems 299

-338

109

324

Avon Rbbr

73612 51958 Chemring

597

-1012

24758 19214 Cobham

21238

-38

38918 26134 Meggitt

37618

-312

665

63612

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18134

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552

Rolls-Royce

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-5

385

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-434

252

19912 Scot Am

241

-312

533

42618 Witan

51712

-212

Fixed Line Telecoms

Index 5459.38 ▼ 39.75

20418 13058 BT Gp

-1

30814 26234 Morrison W -614

22758

395

-118

44058 378

-914

112

7612 9

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5278

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850

Cranswick

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656

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1271

-20

2329 1841 SABMiller

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-112

Chemicals Index 7801.23 ▲ 18.60

664

620 xd

-412

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-19

-2 +3

Bellway

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+512

12814 McBride

Index 5889.30 ▼ 60.00

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190

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120658 -1614

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1682 990

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Price

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Software & Comp Servs

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32214 easyJet

2304

12234 59

-6 -978

32358

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353

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54912 De La Rue

41334

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2336 1642 Ryl D Shell B

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83312 606

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3234 UK Coal 78

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Var 5Day

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3134 xd

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1.10

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-160.59

172.42 4.29

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-112

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Marston’s

10418

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Mitchells&Btlrs

30534

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9038 5818 Punch Taverns 7158

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14818

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21414 Restaurant Gp 29938

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26812 16034 Stagecoach

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20434 8778 Thomas Cook 8778 27178

190

TUI Travel

-3478

20434

1887 1368 Whitbread

1572xd -22

Balanced

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Gilt & Fixed

126212 98212 Dee Valley

1220xd

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1.01

263.70 3.12

64.94

-227.60

3.20

227.60 3.04

131.60

3.91

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European SmllrCosA -

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1000.30

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UK Equity Inc A

32378

105.10

-263.70

Sterling Bd Unit Tst

34618 30338 Centrica

548.66

HSBC INVESTMENT FUNDS (UK)

-1612

Index 4662.26 ▼ 40.85

0.13

56.80 4.50

453.00

3.16

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-315.51

Capital

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804.90

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1443xd -41

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199.10

3.30

560

Pennon Gp

701

-13

Index 866.49 ▼ 12.23 3714 914

API Gp

2812

Armour Gp

414

158

Crimson Tide 138

214

112

Dawson Intl

178

838

478

Eckoh

778

135

1112 JJB Sports

1534 Johnson Serv 3514

3034 Man Brnze

Metalrax

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370

Portmeirion P 495

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6114 1612 Scapa Gp

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142

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685

Redhall Gp

7112

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428.80

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North Amer Acc

482.20

0.10

Low Funds

Uniq

9414

513

Young A

68434xd +214

+1734

Price

Var

£761132 Cons 4% .................£7734 £50 Cons 212% ............ £54316

£582732

109

0.38

Consols

£90932

219.09

FUNDS High

-1

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

+12

-11316

Conversions

£8134 £108932

£69 Cnv 312%.................£7212 £100 Cnv 9% 11 .............. £100

Treasury

Currency

Tourist

Buy

Sell

Australia

dollars

1.42

1.498

1.502

dollars

International

Sing ASEAN

Swallowfield

0.70

INVESCO FUND MANAGERS

Country

Canada

233.20

-512

14812

32512

3134 xd

Jpan Spec Sits

21278 Intl Cons Airlns 23134

285

17312 55

9278

Japan

£ ABROAD

13458

4538

341

Smiths News 8614

12012 79

Price

Low

-1

80612xd

32112 Hyder Cons

▼ 1.03%

-3

-518

24678xd

23734 G4S

11334 8414 Rentokil

1437xd +23 368

73912xd +912

452

30834 18312 Prem Farnell

Index 22882.12 ▲ 230.23

-4 -3

291

34114 18312 Interserve

Personal Goods

1484 79012 Burberry Gp

Experian

780 69712

4.33

AIM

17014

Ashtead Gp

201.30

277.03

312

2010 1346 Aggreko

-263.18

-812

20778 77

Income Plus

Pacific Acc

715

Oil & Gas Producers

1.73

-20

-114

AEA Tech

0.32

313.90

Intercontl Htls 1263

1435 982

28718

1812 338

1826.00

-1024.48 1078.40

-512

-1

-521.22

-3

Index 4494.75 ▼ 28.38

American Gwth & Inc

International Acc

63212 48758 National Grid 606 xd

-14

Index-Linked Acc

-312

192014xd+712

610.60

-112

Utilities

Support Services

Holidaybreak 295

12314

23514 Sage

Amer Spec Sits

Greene King

+78

302

Price Gross

240

10078

14714 10134 Logica

Price

Yield

398

Kewill

Vodafone Gp 16212xd -112

Terms

Offer

360

Invensys

-312

Bid

518

Index 745.24 ▼ 6.12

-118

Cancel

FIDELITY INVESTMENT SERVS

-24

Compass Gp 599 xd

1020 xd

2231 1784 Imperial Tob

-23

123

561

14312

-20

281612

31434xd

-43

1157

2847 2166 Br Am Tob

23014

4512

805 Rathbone

Tobacco Index 31991.49 ▼ 293.62

36414

+1 2

1257

Land Secs

-118

Index 3709.53 ▼ 32.80

-978

-14

7112

1749

1573

139

2234 xd

6118

1754 1409 Admiral Grp

High

1934 BATM

10234 7112 Psion

6312 3212 Emblaze

197812 140638 Marsh McL

409

1912 1271 Autonomy

75612 54212 Inmarsat

535

-31

Mobile Telecoms

3514

2112 Park Gp

42734xd +138

1534 Johnson Serv

573

-10

-1

59012xd

29578 Gt Portland

Var 5Day

-4

Brit Land

2919 2263 Daejan Hldgs 2760

885

32358

14512

62912 443

-558

445

UK Coal

59612

11718 92

-8

3234

30012 ARM Hldgs

361 35314 28718 Big Yellow Gp 307 xd

UNIT TRUSTS Fund

651

15514 12234 Ladbrokes

+538

95 NWF

-138

49578

down 12.89

1220 xd

3912

1313

-4

-312

3112 Vernalis

53118 46658 Glencore Intl

-158

+712

1671 1017 Kazakhmys

-2312

44418xd

59012 50512 Reed Elsevier 557

32214 easyJet

14912 -6

2992

Antofagasta

Index 25031.24 ▼ 175.51

9312 4934 ITV

479

135

+34

692

2410 1868 Next

+112

-10

282

BSkyB

850

DAILY POST REGIONAL INDEX 1233.60

48 Adv Medical

3437 2254 Anglo Amer 1634 903

1251 84812 AMEC 59412 43438 D Mail Tst

2899

70012

137512 1111 GlaxoSmthKln 1365

Real Estate

Index 4097.21 ▼ 49.70

41812xd -238

520

-614 -218

Media

373 xd +414

39814 WH Smith

41278

-2012

Index 1958.11

-112

11678

3093

Index 8379.28 ▼ 112.41

24434 19034 Standard Life 20314

42712 32914 M & S

523

-9

14312 12018 RSA Insurance 13458

Index 4296.20 ▼ 58.45

62712 38112 Mothercare

2986 1724 Signet Jwlrs

Index 2609.85 ▼ 22.55

+34

+22

730

3385 280112 AstraZeneca

Index 25551.07 ▼ 335.56

18234 143

Industrial Transportation

-12

372 xd

WPP

2118

777

-334

-614

125 xd

2196 1130 Weir Gp

+78

38214

UTV

Index 1604.88 ▼ 15.38

2812 1134 Dixons Retail 1512 34814 Halfords

106

Nonlife Insurance

95812

525

151

-18

47778 334

-8

-112

-8

3638

12334 8418 Lgl & Gen

312

Index 9692.93 ▲ 3.85

Utd Business 537

Life Insurance

6818 xd

Pharma & Biotechnology

-5

1919xd -51

2514 Renold

24034 175

1812 xd

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.

-34

507

-5 -66

16014 11714 SpirentCmms 139

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

2063 1499 Spirax Srco

+12

-1312

-278

27712xd

Debenhams

3912

1258

-858

Brown (N) Gp 26818xd -178

18212 DunedinIncGth 22038

15734 106

40234

Fenner

31114 221

Candover Inv 575

49214 39078 Edin Invst

804

41918 198

7738 56

Index 6102.57 ▼ 41.06

777

2514 1214 Ashley L

85312 53812 Charter

31978xd +34

Equity Inv Instruments

39234 30758 Alliance

+18

24878

Index 1716.29 ▲ 12.74

440

-1612

37212

Index 3346.33 ▼ 23.59

357

31212 119

26614 12534 Smith DS

General Retailers

39734 21412 Bodycote

116

Index 3170.47 ▼ 57.27 630

128

4314 2214 Taylor Wimpey 37

1119 65712 IMI

General Industrials

Electronic & Electrical

705

-11

1922 1193 Schroders

Redrow

-12

9712

Index 7540.36 ▼ 65.72

1257 805

Coral Prod

+34

-5

1258 514

-134

Industrial Engineering

978

72412 41118 Cooksn Gp

Electricity Index 8667.68 ▼ 35.69

12814

3648 3015 Reckitt Benck 3500

192

-9

1033 72812 Provident

-134

75312 511

139

28178xd -358

57012 38014 ICAP

1494 102912 CRH

12412 85

25418 3i

3057.70 ▼ 0.99%

12778

Mining

10918

-58

93512 1908

Tech Hardware & Equip

41258 31114 FirstGroup

725

84612 633

Aga Rngmstr 111

-612

7934 STV Group

Index 6752.99 ▲ 13.99

Barratt Dev

177

35714 23458 Balfour Beatty 30812

Household Goods

18738 67

Index 3841.71 ▼ 15.81

-3

General Financial

Construction & Materials

670

138

+46

340

53712 Smith Nph

119

2076

2119 1550 Johnsn Mat

742

168

12414 4034 Trinity Mirror

Index 3781.22 ▼ 17.22

Index 6818.27 ▼ 70.01

2081 1116 Croda Elementis

+38

633

Jul 12, 2011

Forestry & Paper

39818 Mondi

Share price (pence)

Jan 12, 2011

Health Care Equip & Serv

-2

38634xd +514

Premier Foods 1814

FT ALL-SHARE down 30.58

-7 +212

728 xd

42478 33934 Dairy Crest

120 80

1070xd

FTSE-Rebased

160

-138

5846.92 ▲ 0.06%

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

-134

40818xd -212

5278 Thorntons

1182 940

90712

Index 9963.07 ▼ 86.65

323 xd

Jul 4- Jul 8

THOMAS COOK

200

Index 5318.27 ▼ 42.15

875

Beverages

+14

Food Producers

-1

5218 3518 Ryl Scotland

Jun 27 - Jul 1

Travis & P

2261 1223 Wolseley

Index 757.16 ▼ 29.09

KEY

SPOTLIGHT 240

298

32214 Sainsbury

60614

7758 4338 Lloyds Banking4378

Jun 20 - Jun 24

5868.96 ▼ 1.02%

20 DAY MOVING AVERAGE up 3.29

20-Day Moving Average

Food & Drug Retailers

87512 61012 Bco Santander 64614

1395 1035 Barr (AG)

KCOM

5755 5650

76 xd

73078 60118 HSBC Ireland

-38

Index 4762.79 ▼ 19.62

Index 4216.68 ▼ 72.77 22758 Barclays

19614

-14

Banks

344

5860

8712 4434 Cble&WWwide 4434 xd -134

23312

FTSE-100

Index 2368.59 ▼ 3.99

7934 44 13058 GKN

FT-SE 100 INDEX down 60.20

6070 5965

1127 747

Closing Indices

FTSE 100 INDEX

-2

HendSmllrCos 310

32334 227

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

-1012

31912

6138 3712 Cble&WComm 4018 xd

Automobiles & Parts

245

Edin USTrkrTst 645

32778 26334 Forgn & C

Index 3277.31 ▼ 36.36

LondonStockMarketatClose

1.47

1.540

1.542 8.488

£61

£50 Tr 212% ................. £531516

£1151932 £1071516 Tr 9% 12............. £1081316

+2132

£1062932 £10278 Tr 5% 12................£10278

Denmark

krone

8.07

8.478

European Union

euro

1.09

1.137

1.138

Japan

yen

120.56

126.720

126.820

£114332 £109532 Tr 5% 14............. £1111116

New Zealand

dollars

1.81

1.939

1.944

£111932 £105732 Tr 734% 12-15........£10614

£121516

Norway

krone

8.42

8.877

8.878

Poland

zlotys

4.02

4.576

4.584

Sweden

krona

10.01

10.440

10.450

Switzerland

francs

1.26

1.328

1.329

Turkey

new lira

2.46

2.624

2.634

War

United States

dollars

1.51

1.594

£8334

£334116

£11512 Tr 8% 13............. £1152332

£30414 Tr 212% IL 16 .........£33278

-2932

17 .............£13718

-132

21................£14212

-332

£6712 War Ln 312%............£7512

+134

£142316

£1322132

£147132

£1332732

834%

-132

Tr 8%

Last night, the pound was worth: $1.5938 (up 0.0012)........... 1.1374 euros (up 0.0028)........... 126.82 yen (down 1.24) ...........Its trade weighted index was 78.70 (up 0.10) Metals in $ per troy ounce: Gold 1570.20 (up 21.90) ...................... Silver 36.19 (up 0.45)...................... Platinum 1735.00 (up 12.00)...................... UK base lending rate 0.5%

Wednesday, July 13, 2011

LDP business .co.uk London market LONDON’S leading shares index closed lower yesterday, as fears over Italy’s finances and European debt contagion weighed heavily on investors’ minds. The FTSE 100 Index fell 60.2 points, to 5868.9, though having been 120 points lower earlier in the session it pared losses after the US market opened. Speculation that Italy and even Spain could require an EU-funded bailout caused investors to flee risky assets, while the euro was also hit by the debt fears, falling against most major currencies. Improved cost of living figures, which saw UK inflation drop from 4.5% to 4.2% in June, and weak trade figures raised the prospect of further quantitative easing, which affected sterling. The single currency fell to 1.138 against the pound, while sterling dropped to 1.594 against the US dollar. Banks were hit by worries over their exposure to sovereign debts. Lloyds closed 1p lower at 43.9p and Barclays dropped 6.3p at 227.7p, though Royal Bank of Scotland rose 0.3p at 36p. Aviva, which generated sales of more than £1bn from operations in Italy and Spain in the first three months of this year, dropped 6.2p to 412.9p. Meanwhile, BSkyB fell 23.5p, to 692p, after the Culture Secretary Jeremy Hunt referred News Corp’s proposed bid for total control of the broadcaster to the Competition Commission – which will delay any move by up to a year. High street bellwether Marks & Spencer was one of a handful of stocks to defy the gloom, ahead of what is expected to be a positive first quarter trading update today. The retailer is expected to report a 1.5% increase in like-for-like sales in the 13 weeks to the end of June, up from the 0.1% increase in the previous quarter. The biggest FTSE 100 Index risers were Burberry, up 23p at 1437p, Marks and Spencer, ahead 4.3p at 373p, Glencore, up 5.4p at 495.9p and Next, ahead 22p, at 2410p. The biggest fallers were Arm Holdings, down 31p at 596.5p, Wolseley, off 66p at 1908p, BSkyB, down 23.5p at 692p and Severn Trent, off 41p, at 1443p.

IN ASSOCIATION WITH

LIVERPOOL’S INVESTMENT SPECIALISTS

market comment

PoorUSjobs figuressend shiversdown thespines ofinvestors

WITH a seemingly unremitting diet of bad news over the past three months, it is remarkable how resilient share prices have been. Nevertheless, poor monthly job creation data, reported in America on Friday, sent a shiver down investors’ spines, with concerns rising that the forthcoming reporting season of US corporate earnings for the second quarter may see the undermining of expect a correction to turn into a rout this key plank in the positive story for for the following reasons. risk assets. We would not be surprised Firstly, we see these results as to see a larger number of shortfalls in reflecting the past. As the summer earnings than in the first quarter. In comes to an end, we expect America’s fact, given the challenges faced, includrecovery to regain ing a spike in oil prices and momentum. The effects of supply chain disruptions higher energy prices and caused by the Japanese Japanese supply chain disruptsunami, it would be remarktions have now largely worked able if we did not. through the system. In the It is also likely that many absence of further shocks management teams will from these sources, or from express caution about the political ineptitude in Europe Email us with clarity of the outlook for the or America the well-capitalyour views at rest of the year. This is only ised corporate sector that is letters@ prudent given the high level of dailypost.co.uk, generating record profits and political uncertainty introor write to us profitability should see risk PO Box 48, Old duced to businesses both by appetites return. Hall Street, the failure of European leadThere was strong evidence in Liverpool ers like German chancellor the first quarter of significant L69 3EB Angela Merkel and French capital expenditure increases president Nicholas Sarkozy to – leading to employment find a convincing solution to the eurogrowth (a resumption of a “self-suszone sovereign debt crisis and also by taining” economic growth cycle). This the American Congress in holding the link looks to have weakened in the financial system to ransom for politsecond quarter due to the aforemenical gain by refusing to raise the US tioned temporary factors, but we do debt ceiling in a timely manner. not think American corporations will Stock markets may initially have difhave been scared back into a defensive ficulty with this trend, since they have mindset and expect to see better trends become accustomed to being positively soon, with predatory mergers and surprised. However, we would not acquisitions (in itself a stimulus to

What do you think?

Eurozone leaders such as Germany’s Angela Merkel and France’s Nicholas Sarkozy have failed to resolve the region’s debt crisis Picture: YVES LOGGHE

take risk for the tardy) a likely feature. Secondly, the prospect of additional help from the Far East is becoming a realistic possibility. Japanese demand should become a positive force in the second half. Additionally, the monetary tightening cycle in China is beginning to bite. Although inflation is at around 6%, a fall in the indicators for industrial demand, a weakening in commodity prices and signs that speculative real estate prices are coming off the boil suggest that the tightening cycle may soon be over – removing the fear of a hard landing.

Finally, equity valuations are very attractive relative to risk-free assets. Obviously this assertion depends partly upon the level and rate of growth of earnings, but the point is that whilst corrections are not uncommon, bear markets usually start from more elevated valuation levels. The exception is when they are hit by an unexpected shock. The eurozone may cause a shock, but it looks as if the day of reckoning has been deferred. John Haynes, Head of Research, Investec

For all the latest business news online, log on to www.ldpbusiness.co.uk

business diary Wednesday, July 13 Phil Blything, from Glow New Media, will be outlining a range of methods that can be used to increase traffic to websites, including how to raise a site’s search ranking and how to use social

media, as well as advice about the content of websites. The Knowsley Chamber event is being held at The Village Hotel, Whiston. It costs £12+VAT for members and £18+VAT for non-members.

To book, visit www.knowsley chamber.org.uk/events.aspx Friday, July 15 The monthly Daresbury Science and Innovation Campus business breakfast network event brings together around 100 people working for hi-tech firms and support organisations. The breakfast is at Daresbury Innovation

Centre, starting from 8am. For more details, see www.daresbury sic.co.uk/events Friday, July 15 A one-hour seminar on improving email management techniques is part of Liverpool Chamber of Commerce’s latest “60 really useful minutes” series. The session will go through a series of

simple hints and tips on how best to manage email.It begins at 9am and is free for Liverpool Chamber members and £5 for nonmembers. To book, visit www. liverpoolchamber.org.uk/ events.html Wednesday, July 20 The next Fish! networking event is being held from 5.30-8pm. For more details, con-

tact Joel Jelen at joel@ubiquitypr.co.uk Thursday, 28 July 28 Liverpool Chamber of Commerce is hosting its latest Speed Networking at Franklins Deli, in St Paul’s Square, Liverpool. It costs £10 for members to attend, and £15 for non-members. It starts at 5.30pm. For details, visit www.liverpool chamber.org.uk

Wednesday, July 13, 2011

LDP business .co.uk trading gossip ■

OUR profilees today, Rhys Roberts and Geoff Wainwright, of Merseybio, spent years helping people start businesses before taking the plunge and founding their own. They founded 2Bio to take over the running of the Crown Street centre, which has housed many fledgling hi-tech firms. After watching young firms, they had a good idea what starting a business involved – but it was, they admit, an exciting time. They were so excited at

IN ASSOCIATION WITH

LIVERPOOL’S INVESTMENT SPECIALISTS

the back page

‘We believe in working hard and playing hard’

working day

Alan Robson is managing Director of Innov8 Safety Solutions. He lives with his fiancée in Oxton, Wirral 6.30am: My usual wake-up time, unless I am in Manchester or London. 6.45am: Update my status and plans for the day on Linked In.

receiving their first revenues that they wanted to immortalise the moment when they cashed their first cheque. Their bank, however, was more blasé. Rhys, above, said: “We thought we’d get a photo of this momentous occasion. But the bank teller wasn’t playing.”

■

TEN out of ten for Cllr Nick Small, Liverpool’s cabinet member for employment, enterprise and skills, after an impressive piece of spinning last week. At an event to launch the Liverpool in China network, Nick spoke about how the city’s stall at the World Expo in Shanghai had been visited by 750,000 “influencers”. That was actually the total number of visitors to the stand, so Trading Gossip wonders how influential the thousands of kids who turned up just to get their Liver Bird stamp will actually turn out to be.

LDP CREATIVE FOR the latest news from the creative sector

www. ldpcreative. co.uk

8am: Arrive at the office and straight into emails with client the Lake District National Park Authority. We have just completed a £1m project to build a large new jetty on Lake Windermere – get some great feedback and potential for more work with them. 9am: Time for a client meeting with a site visit to Canada Dock, in Liverpool, which is just one of the high-risk projects we have on site with repeat client Peel Ports. I am meeting with a project manager to discuss the current project and the workload for the next 12 months. 10.30am: In between meetings and calls to our web designer to provide news stories for our website, I catch up with our operations director, Jeremy Meredith, as we are like ships in the night sometimes. I also call a potential client to follow up a proposal we have submitted. 11am: Meeting with architect to discuss a high-profile project starting on site in Liverpool very soon. Agree our involvement and introduction to design team members. This one is looking very exciting for us. 12.30pm: Into the office to hold an operations meeting with colleague Gary Campbell, focusing purely on site safety services and how we can further improve our service offering. Our site safety services division has grown 200% over the last 12 months. We are constantly developing and improving the service, to ensure we add true value. 13.30pm: Try to fit in lunch while preparing Construction Design Management (CDM) project proposals for two new education schemes in Lancaster. CDM is our main business driver and education is one of our main target sectors for 2011, along with the public sector and commercial property. We’re working with our marketing team at View Media to prepare case studies of previous jobs and testimonials to form part of the bid. Our proposals outline exactly what we will be doing, our cre-

Alan Robson – starts every day with an update on business networking site LinkedIn dentials and the benefits we will bring to the project team. 3pm: Taking a call from a site safety services client who needs our immediate input into a tender submission for a high profile framework interview. This is a good example of how our day can change at short notice to service our clients’ needs and support their business. 3.30pm: Meeting with a developer in Manchester to discuss three new development sites and advise him on his duties under the CDM 2007 legislation. We deal with clients who are often

unaware of their health and safety duties, working with them as key project advisors and effectively holding their hand through statutory requirements and assist in getting the project started. 5pm: Call team members to get an update on their day and confirm details for a presentation we are delivering to a group of architects this week. 5.30pm: Meeting with fellow sponsors of the Liverpool Property Club to discuss the success of the previous event and prepare for the next one.

6.30pm: Meeting with our operations director to take an architect and client for dinner in town. We are going to more and more dinners and networking events across the region to raise our profile and develop relationships and business leads. We definitely believe in working hard and playing hard. 10pm: Early night as I have a networking breakfast in Preston tomorrow – so it’s a 5.30am start. We are working on projects across the North West and are also looking to expand nationally, so it’s a very busy time.