LDP
In association with
www.investecwin.co.uk
www.ldpbusiness.co.uk
FTSE-100
5789.99 ▲ 37.18 LONDON’S top-flight shares regained some of their recent losses yesterday as banking shares staged a recovery following yesterday’s hammering. Banks were pushed higher by opportunistic buying after they fell by as much as 7% on Monday in the face of fresh European jitters. This helped the FTSE 100 Index to rise 37.2 points to 5790. The pound was slightly up at 1.14 against the euro as the single currency continued to be dogged by fears over the eurozone debt crisis.
Building firm’s collapse delays garden opening by Alistair Houghton
LDP BUSINESS STAFF
alistair.houghton@liverpool.com
LIVERPOOL’S Festival Gardens will not re-open until September after the contractor who developed the site collapsed. Mayfield Construction had been appointed by developer Langtree to redevelop the south Liverpool gardens, which were due to re-open next week after a £3.7m refurbishment. But Knowsley-based Mayfield called in administrators after trading was hit by the downturn. All bar three of the company’s 75 staff have lost their jobs and the remaining staff are working to sell the company’s assets. The Garden Festival complex has
MARKET REPORT: PAGE 13
lain unused since the festival in 1984, but Langtree has bought the site and plans to build up to 1,374 new homes there. The restoration of the Gardens is the first part of its redevelopment plan. Langtree managing director John Downes said: “We are sad that Mayfield has found itself in this predicament having almost completed the works necessary at the site. “Good people have lost their jobs, the opening date for the gardens will unfortunately be delayed and we, like a number of other companies, are likely to lose money as a result of Mayfield’s collapse. We are now working very hard behind the scenes to identify a new contractor to complete the works
and we hope to have some positive news very soon. “I know from personal experience how keen people are to see the new gardens and it is frustrating that they will have to wait a little longer. “However, I can assure you that it will be worth the wait.” Work on the gardens was virtually complete. The work included building four bridges, while 5,000 decorative pagoda roof tiles were imported from China. While it hunts for a new contractor, Langtree has drafted in “emergency ground maintenance staff ”. Langtree is still in talks with potential development partners for the housing development on the Garden Festival site. The plans were put on hold in
2008 when previous partner, David McLean, collapsed. Fiona Taylor and Colin Dempster, of Ernst & Young, were appointed joint administrators to Mayfield earlier this month. They were called in by the company’s directors. Ms Taylor said: “We are currently undertaking a full review of the company’s financial position, but it is clear that cashflow difficulties resulting from lower-than-expected revenue and delays in contracts and receipt of income are at the heart of the issue. “This is due in part to the inclement weather at the turn of the year and the tough trading conditions that continue to impact the construction industry.”
■ OPINION – Main paper: P15
Comic happy to help The Heath
inside
Soaring cost of energy hits Ineos Chlor HIGHER energy prices have helped push Runcorn chemicals giant Ineos Chlor £3.3m into the red. PAGE 2
St John’s rise LIVERPOOL’S St John’s shopping centre attracted 100,000 more shoppers in the six months to June, despite static footfall levels across the rest of the Land Securities retail portfolio. PAGE 4
Falling sales DISCOUNT retailer Matalan remains confident about its prospects despite seeing sales fall. ales for the 13 weeks to May 28 fell 2.7%. PAGE 6
Comedy legend Ken Dodd with some of the guests at The Heath’s community open day
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
Picture: GEOFF ROBERTS
BUSINESS REPORTER: ALEX TURNER 0151 472 2321
KING of comedy Ken Dodd was guest of honour at the inaugural community open day at The Heath Business and Technical Park, in Runcorn. The aim is to provide a platform for local organisations to promote themselves and network, and around 30 charity and voluntary groups were represented. The revered Liverpool comic was invited by his nephew John Lewis, managing director of business park owner and operator SOG. Mr Lewis said: “A lot of organisations that we depend on so much are struggling like a lot of businesses in the current economic climate. We wanted to see what we could do to possibly help promote them.”
BUSINESS REPORTER: PETER ELSON 0151 472 2502
2
Wednesday, July 20, 2011
LDP business .co.uk LDP CREATIVE
LATEST NEWS
The latest from the creative and digital industries
Updates throughout the day
www.ldpcreative.co.uk
ldpbusiness.co.uk
news
LIVERPOOL’S INVESTMENT SPECIALISTS
IN ASSOCIATION WITH
VIDEO: THE VISITOR ECONOMY
We host a debate on Mersey tourism – including the importance of cruise ship visits www.ldpbusiness.co.uk
TOP FIVE 1 Knight Frank axes city office 2 Firms’ nuclear opportunity 3 Made in Britain campaign 4 CALM creative backing 5 Knowsley cuts unemployment
Log on to www.ldpbusiness.co.uk
Key city date for Bank governor SIR MERVYN KING, Governor of the Bank of England, will use the Institute of Directors’ (IoD) North West dinner in Liverpool to deliver a key policy speech. The event, at St George’s Hall, on October 18, is expected to attract the cream of the region’s business leaders and it is the first time that the IoD has held its annual North West dinner in Liverpool. Members of the Bank of England’s Monetary Policy Committee (MPC), which sets interest rates, will be present, along with Sir Mervyn. Chair of the Liverpool branch of the IoD, Lorraine Dodd, said: “This is a must-attend dinner, with several members of the Bank of England’s Monetary Policy Committee present.” She added: “The recent regeneration of the city is once again making Liverpool an important hub for the future of the UK economy, and attracting speakers of the calibre of Sir Mervyn King to the city emphasises this.”
LDP
MOBILE
FOR News, Sport and Business on your phone
Text LDP to 67800
Energy price hikes push chemicals giant into red by Alistair Houghton
LDP BUSINESS STAFF
alistair.houghton@liverpool.com
HIGHER energy prices have helped push Runcorn chemicals giant Ineos Chlor into the red. The company – one of the UK’s biggest users of energy – reported a pre-tax loss of £3.3m for 2010, down from a £64.1m profit in 2009. It said rising energy and raw material prices had eaten into its margins. Meanwhile, Ineos Chlor is still in talks with the Government over tax plans it feared could hit its business. The company had warned that increased carbon taxes could cost it £30m a year, but the Daily Post understands it is now optimistic it can strike a deal with the Government to reduce the impact of the rises. According to accounts newly filed at Companies House, Ineos Chlor saw turnover fall from £397.6m in 2009 to £393.3m last year. Its directors’ report said: “While volumes of caustic soda have increased in 2010, this was offset by lower prices experienced at the beginning of 2010. This has been partially offset by increased sales of chloromethanes, which have increased in both price and volume terms. “Energy prices have risen in 2010 which has put some pressure on gross margins.” Looking to the future, the report said: “A key challenge for 2011 will be to restrict the impact of energy price and raw material prices increases on the company’s competitive position.” Ineos Chlor is among a group of energy-intensive manufacturers that is negotiating with the Government over plans to raise carbon tax. The company had warned that if taxes were too high then the viability of the Runcorn plant could be put in question. But the company is now optimistic that an agreement can be reached to reduce the impact on the UK’s largest energy users.
Ineos Chlor and Ineos Enterprises employ 1,500 people in Runcorn Last month, Ineos Chlor’s chief executive, Chris Tane, said: “In our discussions with Government, we have highlighted our contribution to the economy and outlined that if this legislation passes through unchanged, the worst case scenario for Runcorn site could see its energy bill rising by as much as £30m a year by 2020, which would have a considerable impact on our ability to compete. “Runcorn is very important to Ineos and we have invested more than £400m
in the site to date to secure its future. Our business has weathered the economic downturn and has real potential for long term growth and prosperity, however this can only be realised if we remain competitive.” Ineos Chlor’s immediate parent company, Kerling, saw turnover rise and losses narrow. Its turnover was £1.9bn, up from £1.6bn in 2009. Pre-tax profits stood at £3.7m, compared to a £46m loss in 2009. Ineos Chlor and sister company
Ineos Enterprises, which runs eight chemicals businesses, employ 1,500 people between them in Runcorn. Ineos Enterprises saw its turnover, from sales and shares in joint ventures, fall from £258.5m in 2009 to £237.8m in 2010. Pre-tax profits stood at £22m, up from £11.1m in 2009, but the company said “overall profitability was similar to the previous year”, as last year’s figures were affected by an £11.1m impairment charge.
Firms told: Use research and development funding FORMER CBI director general and UK Trade and Investment Minister Lord Digby Jones is urging small firms to exploit a £1.22bn European reserve to fund their research and development (R&D) costs. He believes UK firms are
missing out on the aid and will use a conference next week in the Midlands to call for more to be done to help the small business sector. Next Tuesday he will address the event organised by business support company
Pera, but ahead of his speech he highlighted falling UK R&D levels compared with European rivals. “The UK spends 1.79% of GDP on R&D. This is behind the OECD average – behind Belgium!”
Lord Jones says Europe recognises the value of small firms which was why it has a £1.22bn fund to help small firms innovate and develop new products and processes. The fund is part of the European Commission’s Sev-
enth Framework Programme (FP7), which Lord Jones believes is under-utilised by UK firms. “Companies are missing out on millions of pounds of FP7 funding and therefore investing less in R&D.”
3
Wednesday, July 20, 2011
LDP business .co.uk
IN ASSOCIATION WITH
LIVERPOOL’S INVESTMENT SPECIALISTS
profile
I went from shelf-stacker to web business leader at 100mph Digital entrepreneur Matt Bullas – rose up the ranks at Safeway before founding Click Consult Picture: CAMILLE WESSER PHOTOGRAPHY
Alistair Houghton meets MATT BULLAS, chief executive of Click Consult, in Hooton MATT BULLAS can’t help going at 100mph – and that’s how he made the journey from shelf-stacker to award-winning business leader. Today Bullas, 33, leads Click Consult, the Cheshire web development agency that he has grown from a one-man band to an award-winning firm employing 75 people. He describes himself as a man with “a huge amount of drive”, and proudly tells the story of how he rose through the ranks at Safeway. Bullas joined the chain at 17 and soon rose from shop-floor junior to a key role in its head office. But when Safeway was taken over by Morrisons and he faced redundancy, Bullas decided he should apply the passion he applied to his Safeway career to his own business. “I was always restricted working for a large company like that,” he said. “I remember one person saying the problem people had with me was that I was getting on the train and going at 100mph and leaving everyone else behind. “They saw it as a negative. I saw it as a positive.” Bullas went to school in the small Devon town of Cullompton. “I’m not academic,” he said. “I didn’t get above a C in my GCSEs. “I went to college for one year – a painful year. I left there and started working at Safeway. “I started stacking shelves and worked around different parts of the store. I had a huge amount of drive. I
was inspired by store management, so I worked my way into the management training scheme.” After a six-month stint in Northern Ireland, Bullas did his management training at stores in the South West, becoming deputy manager at the Totnes store, Devon. “I became deputy store manager at 19,” he said. “I was one of the youngest at that level in the group. “I then got approached for a role working outside the stores, as a regional space and range manager. “It was a prestigious role. I was looking after a store portfolio from Cornwall to Basingstoke, managing the allocation of floorspace. “Retail people were telling me I could be the youngest supermarket manager in the South West. But this role was more appealing to me at that age – I got a company car.” Bullas did that job for more than two years, before deciding it was time for a change. “I’m the kind of person that does get bored quite quickly, fortunately or unfortunately,” he smiled. “It became the same old stuff every day. So I started looking for roles in head office.” Bullas took a project management
q&a Age: 33 Highest educational qualification: GCSEs Biggest achievement in business: Developing ClickConsult from a one-person business to one employing 75 people, in the space of seven years Best advice received: If you can manage people and manage situations, then you can manage anything Still to achieve: I’d like to launch more successful businesses, mainly in the online marketplace
role at Safeway’s base in Hayes, Middlesex, but was soon ready to move on again. “It was a role I didn’t get on too well in,” he said. “I didn’t get on with the people I was working for. It was quite a frustrating time in my career. “I took my initiative and saw that buying offered good progression and good experience. I found myself a junior buying role – it was almost a step back, but it offered progression. “When I finished buying at Safeway, I was buying £160m of electronics and telecoms goods.” In 2004, Safeway was bought by rival Morrisons. Bullas kept his job at first, overseeing the transition, but swiftly made plans for his future. He said: “Even before I got my redundancy, I knew I wanted to start a company.” And so he launched Planet Phonecards, a site that offers savings on international phone calls. He said: “There were lots of people going into corner shops and buying phonecards. I had the idea of creating a website and getting rid of the physical cards.” Bullas moved to Wirral, where his girlfriend lived, and got a small office in Heswall. Next, he had to learn the skills he needed to run a business. “I’m not a technical person,” he said. “I couldn’t build the website. “I had to go through the process of finding a company to build it.” Planet Phonecards proved a success and was, at its peak, turning over £2,500 a day. It survives today, running alongside ClickConsult. “There’s always going to be a market for phonecards,” said Bullas. “There are people who don’t have access to broadband or Skype. “Planet is a brand in its own right. I’m never going to sell it. It’s a declining market, but there’s still a niche.” To make Planet Phonecards work,
Bullas had to delve into the mysteries of online marketing. And that gave him his big business idea. “I had to learn the marketing side of things, and how to make this business work online,” he said. “Other people were creating websites and saying ‘why am I not selling?’ So I had to get into the nittygritty of various ways of marketing.” He focused on the pay-per-click model, where revenues are generated depending on how many times an advert or a link are clicked on. And, as he learned more, he realised his research had opened up another business opportunity. “There’s got to be a chance for me to recycle what I’ve done for me for other businesses,” he said. “So I started Click Consult, and built the website, and started advertising pay-per-click management.” The business grew steadily. But as more agencies started to offer payper-click services, Click Consult had to diversify into other areas. Bullas said: “If we didn’t do that, it was going to stand still, or go backwards. So we started to look at search engine optimisation (SEO).” Bullas created the SEO Consult brand and recruited experts in SEO – the art of getting websites ranked as high as possible on search engines. The move paid off – today SEO makes up some 80% of Click Consult’s business. The company also offers web design services. For Bullas, the key to success in the ongoing economic downturn is to prove to clients that their investment in Click Consult’s services is paying results. The company has developed its own software, such as ClickTelliegence, to monitor web traffic. “If you don’t deliver a return on investment, clients won’t deliver the spending,” said Bullas. Web development is such a fast-
moving industry that it is hard to predict what technologies will be all the rage in years to come. But, says Bullas, many firms have yet to get to grips with current trends. He said: “There are a lot of traditional companies that haven’t yet invested in a good website. They don’t have sites that integrate with social media. There are big opportunities there.” Bullas has largely handed over the day-to-day running of Click Consult, now based in Hooton, to his management team. He focuses instead on the firm’s strategic direction and growth plans. That also allows him to work on other business ideas. He has built a portfolio of domain names and is now planning to see if he can build businesses around them. “I’m an idea generator, and niche spotter,” he said. “The concepts are there and now I need to thrash out the business models. “Click Consult is the big beast. It’s the core focus. I don’t want to lose sight of what’s happening here.” Even outside the office, Bullas doesn’t believe in sitting still. He and his wife, who have a four-year-old daughter, manage a property portfolio. Bullas is also a Manchester United season ticket holder, and regularly visits the gym – “I believe that you need a healthy body and a healthy mind,” he says. To that end, he eschews the longhours culture, leaving work at a reasonable hour so he can spend time with his family. But he can never truly leave work behind. “I’m not a 12-hour-a-day workaholic,” he said. “But I’m always checking emails. “My BlackBerry is the bane of my life, even when I’m on holiday. It’s very difficult for me to switch off completely.”
4
Wednesday, July 20, 2011
LDP business .co.uk
IN ASSOCIATION WITH
St John’s shopping centre bucks UK retail trend woes by Neil Hodgson
LDP BUSINESS STAFF
neil.hodgson@liverpool.com
LIVERPOOL’S St John’s shopping centre attracted 100,000 more shoppers in the six months to June, despite static footfall levels across the rest of the Land Securities retail portfolio. The property giant, which owns St John’s and adjacent Clayton Square shopping centre, reported “sound progress” in an update yesterday. It registered good interest in its London portfolio and its retail sites around the country, despite concerns over the weak economy. Chief executive Francis Salway said: “The outlook for development in London remains attractive and, despite the mixed messages in the retail sector, our leasing activity demonstrates that the stronger retailers are looking to take new space. “This retail demand has meant we have, over the past few months, also begun to step up our activity in retail development, predominantly in edgeof-town locations, and we now have a £275m, 1m sq ft pipeline of opportun-
ities to meet the growing demand from food and fashion retailers for space.” However, the update revealed that footfall across its retail centres was flat. But, at St John’s, footfall for the six months to June this year was 5.3m, compared with 5.2m in the same period in 2010. James Larmuth, Land Securities’ portfolio manager, said it proves “that our retail offer is still a major draw on the Liverpool high street”. He added: “However, we’re operating in a difficult economic environment, so we have to remain resilient and now, more than ever, is the time to get the basics right, which is exactly what we’ve done.” “The high street may be busy, but every pound in the consumer purse has to work much harder. So we’re listening to our customers and working hand-in-hand with retailers more now than ever to ensure we deliver the right deals to bring value brands, such as Aldi and Home Bargains, into the scheme.” Liverpool stockbroker Panmure Gordon retained its “hold” call on Land Securities’ stock.
news
LIVERPOOL’S INVESTMENT SPECIALISTS
The St John’s centre has seen a 100,000 increase in shoppers
Borough launches awards FIRMS in are being invited to enter the Knowsley Business and Regeneration Awards. Individuals, local companies and entrepreneurs are now being invited to nominate themselves or others for one of the 12 categories in the awards, which include SME of the Year, Low Carbon Economy Award and Employer of the Year. This year, the awards have been broadened to include a number of new categories celebrating success in the built environment as well as economic prosperity, including Best Housing Scheme of the Year. The awards are open to all businesses, whether small or large, as long as they are based within Knowsley. The winners will be announced at a dinner and awards ceremony to be held on Friday, October 7.
NORTHERN VISION AND DAVID LLOYD CHILDREN’S SUMMER CAMP 25th July - 2nd September david lloyd Speke 08:30 - 17:30, monday - Friday
£125/Week per Child or £30.00/day per Child We aCCept Children betWeen the aGeS oF 5-11 yearS lunCh and SnaCk provided!
northern-vision.co.uk davidlloyd.co.uk/liverpool
% 10
diSCount For david lloyd memberS
BOOK TODAY Call 0151 227 5940 or
hazel.walker@northern-vision.co.uk
5
Wednesday, July 20, 2011
LDP business .co.uk
IN ASSOCIATION WITH
LIVERPOOL’S INVESTMENT SPECIALISTS
Barclays backs tanker firm in second six-figure deal
■ TRADING Gossip: P16
From left: Sarah Pickering (Barclays Asset Finance), Steven White (Barclays Corporate), and Matthew Gunn (Universal)
Business calls for VAT U-turn
Hotel in bid to cut waste THORNTON Hall Hotel has furthered its green credentials after investing in an ecofriendly food waste machine. The Wirral hotel has invested £14,000 in the Waste-2-Water food digester machine, which breaks down food waste into water which can go straight into the sewerage system. The sustainable solution saves money and ensures that food waste generated at the hotel does not have to go to landfill. Thornton Hall is the first hotel in Merseyside and Cheshire to use the machine, and general manager Geoff Dale said it was already proving a sound investment. “With waste costs spiralling, we wanted to find another way of dealing with our food waste,” added Mr Dale.
“ High-Speed Rail “
BARCLAYS Corporate has provided a St Helens tanker company with a six-figure investment. The Universal Group, which includes Universal Tanker Services, Universal Service Loos and Eventloos.com, will use the funding for expansion. It specialises in servicing domestic and commercial septic tanks and providing portable toilets for outdoor events and construction sites. Barclays provided a sixfigure investment last year for four new executive portable loos, and the latest injection of asset finance will purchase a new tanker to meet increasing client demand. Universal Group director Matthew Gunn said: “We are a family business and we want a bank for the longterm that provides us with strong support and who understands our market.” Barclays Corporate relationship director Steven White praised the firm and said: “A key strength has been their ability to diversify the businesses into new markets which is delivering turnover and profit growth.”
news
will mean more jobs for my kids
by Neil Hodgson
LDP BUSINESS STAFF
neil.hodgson@liverpool.com
THE clamour to cut VAT rates is growing among small firms. A survey by Liverpool-based Bibby Financial Services reveals a 25% rise in North West companies calling for a return to a 17.5% VAT level, before the Government announced its decision to raise it to 20% this January. And small firms lobby group, the Federation of Small Businesses (FSB), has echoed the plea with a call for “targeted and time specific VAT cuts . . . to restore growth in key sectors”. The Bibby research shows that 45% of small firms in the North West want a return to 17.5% as a matter of urgency. Spokesman Dave Golding said: “It is clear from our research that small and mediumsized businesses are feeling somewhat marginalised by the Government and would like to see David Cameron and his ministers do more to address their specific needs.” The FSB goes further and wants the Government to follow the lead of other European countries and cut VAT in the construction and tourism sectors to 5% for a year to help boost the economy. It says evidence from EU countries shows any lost revenue to the Exchequer due to VAT cuts will be met by earnings from additional demand, jobs and the wider economic activity. Latest FSB figures show confidence among small firms is now lower than at the start of the year. FSB development manager Neil Dutton said: “Confidence is key to getting Merseyside’s small businesses back on track and this
Supporting reform – Liverpool Chamber head Jack Stopforth survey is worrying. The economy is still in a fragile state and these figures clearly show that the Government’s growth strategy is just not working.” Liverpool Chamber of Commerce chief executive Jack Stopforth added his support for VAT reform, saying: “I always felt the hike in VAT was ill-judged. It is all about trying to recreate, or generate, consumer confidence at a time when people aren’t spending. “A return to previous VAT levels would be a welcome development.”
■ TONY McDONOUGH: Page 8
Support High-Speed Rail Without your support high-speed rail might not go ahead Make your opinion count by filling out and posting the enclosed freepost postcard or sign up online at www.campaignforhsr.com
6
Wednesday, July 20, 2011
LDP business .co.uk
IN ASSOCIATION WITH
LIVERPOOL’S INVESTMENT SPECIALISTS
Trading ‘challenging’ as Matalan sales figures fall by Alistair Houghton LDP BUSINESS STAFF
alistair.houghton@liverpool.com
DISCOUNT retailer Matalan remains confident about its prospects, despite seeing sales fall. The Skelmersdale-based group said sales for the 13 weeks to May 28 stood at £268.1m – down 2.7% on the same period in 2009. Matalan said the business grew until the middle of May, but sales to the end of the month failed to match strong figures from last year. It said menswear and childrenswear ranges performed well, while homewares sales were improving. Online sales doubled compared to the same three months in 2009. The company said trading conditions were still challenging. But the company, which opened one store in the period, said it would “continue to invest modestly in new stores” and was considering expanding its store refurbishment programme. Earnings before interest, taxation, depreciation and amortisation
(EBITDA) stood at £27.6m. Chief executive Darren Blackhurst said: “While our financial performance has been challenging in the first quarter and we expect these conditions to remain for the near future, there are many reasons to be confident and excited about the long-term future. “The brand has real equity with customers from a value perspective, there is considerable latent potential within our core business and the opportunity for future expansion remains. “The fact is, customers face tough times at present. Juggling the weekly budget is becoming increasingly difficult for many households. “While we remain cautious about future trading, we will focus on giving our customers a relevant offering during these uncertain times. “As such, we have three clear priorities for this year – keeping prices as low as possible for our customers, investing in quality and design to bring customers the most fashionable products for less, and continuing to improve the shopping experience.” Matalan was founded by Liverpool Financial performance ‘challenging’ – John Hargreaves, founder docker’s son John Hargreaves in 1985. and owner of discount retailer Matalan
Independent Financial Advisers in your area Anglesey Security Financial Services
Ty Llwyd, Llanfaelog,Ty Croes, Anglesey LL63 5TY Contact: Richard Jones Email richard@security-financial.co.uk Phone: 01407 811268 Mobile: 07710 468970
Denbighshire Vale Financial Services
info@valefinancialservices.com Studio One,Town Hall, Crown Lane, Denbigh LL16 3TB Tel: 01745 814962 Fax: 01745 814446 Contact: Glyn B. Jones info@valefinancialservices.com
Liverpool Investec Wealth & Investment
The Plaza, 100 Old Hall Street, Liverpool L3 9AB. Tel: 0151 227 2030. Fax: 0151 227 2444 Email: paul.brokenshar@investecwin.co.uk Website: www.investecwin.co.uk Contact: Paul Brokenshar
Why choose an independent financial adviser
Because it pays to take an unbiased view
Those listed above are either an appointed representative of a network or national which is authorised and regulated by the Financial Services Authority or are directly authorised and regulated
Advertising Feature
news
Funding to boost sector LIVERPOOL-BASED Social Enterprise North West (SENW), which represents social enterprises across the region, has received a £50,000 loan from The Social Enterprise Loan Fund (TSELF). TSELF is, itself, a charity which was established to help with the development of social regeneration projects. Val Jones, chief executive of SENW, which is situated on the city’s Dale Street, said: “It is fantastic to see the social enterprise sector in this region going from strength to strength. “The loan will enable us to support this development even further.” TSELF North West director Roy White, added: “There is a vibrant social enterprise sector in the North West which we are committed to helping to grow.”
Independent financial advice
Make your savings work harder: transfer your ISA ACCORDING to Richard Jones, of Security Financial Services, there are millions of holders of cash ISAs, and he suspects many are missing out on a huge amount of interest a year. “This is because banks and building societies make it very difficult to move our money when a provider drops their interest rates and this rate becomes uncompetitive,” he says. Richard explains that an ISA (Individual Savings Account) is a tax wrapper around a savings or investment product, which means that the interest you get is not taxed; and they have proved popular. He says banks and building societies now battle for custom, especially at the turn of the tax year, with high-profile marketing campaigns aimed at attracting people to their ISA products. Richard says a third of the UK adult population have a cash ISA and they collectively have £158bn saved in these accounts. And, even at the height of the financial crisis, there were 11.3m new cash ISAs opened in 2008-09, with £28bn paid into them. He reports that every financial year we can have a new ISA for that year, and this year the limit is £10,680. Half of this can be saved in
cash with half, or all, in stocks and shares. This is per person per year, so over the years this can build up to a sizeable chunk of money. He says: “The marketing frenzy includes banks and building societies promoting ‘bonus’ introductory offers and after a certain period of time, usually a year, these rates drop to much less competitive levels of interest. The average interest rate for all cash ISAs stands at around 0.5%.” Richard says the best way to make your ISA savings work is for you to transfer your savings to another provider or account offering a higher rate of interest. “But it seems only 8% of people do this. It appears customers find the rates are unclear and it takes a long time to switch.” He explains you can only transfer existing savings from a cash into another cash ISA or an investments ISA. You cannot transfer money from an investments ISA into a cash ISA. And he warns: “Remember, investments – unlike savings – can go down as well as up, so beware of the greater risks if you choose a stocks and shares product.” He adds: “If you are signed up to a fixed-rate deal, such as a five-
Many are missing out on interest – Richard Jones, of Security Financial Services, Rhosneigr, Anglesey year ISA, then you may face a penalty charge if you transfer funds from this account before that period ends, and if you switch providers you need to get the new ISA provider to arrange the transfer. “The new provider may take up
to six working days to check all the details before making a request to the institution that holds your existing savings.” ■ SECURITY Financial Services is authorised by the Financial Services Authority.
7
Wednesday, July 20, 2011
LDP business .co.uk
news
LIVERPOOL’S INVESTMENT SPECIALISTS
IN ASSOCIATION WITH
Eight years that have brought a new confidence and prosperity
Matt Johnson WRITING this column for the Liverpool Daily Post has been a privilege. Such has been the case since 2003, when the Daily Post's business editor
asked me to provide words to appear in LDP Business every week. With only a handful of absences ever since, around 500 words worth of views, ideas, observations and comment have duly appeared under my smiling picture byline each Wednesday. It's been a terrific opportunity to share ideas and (hopefully) stimulate thought among LDP Business readers in print and online. A lot has changed in our political, cultural and business landscape since 2003. Facebook and Twitter did not exist. For the first half of that year, the
idea of Liverpool being European Capital of Culture in 2008 was a dream – later realised and delivered as a resounding success. Regeneration of the waterfront and swathes of the city centre was set out in ambitious drawings and computer- generated images. Now we can walk along new streets formed with new buildings reflecting a new confidence and a new prosperity on our streets. The new look and feel of the city centre may have its critics (and resolving the World Heritage Site dif-
ficulties must be a priority) but few can deny Liverpool City Centre 2011 is a much improved location, brimming with appeal for ever-increasing numbers of visitors from all over the world. Liverpool’s timing was spot on. The drive to complete so many regeneration projects – especially those funded by the private sector – in time for 2008 was well judged. Any later, and these projects would have been hit by the recession and public sector cuts. Much has been achieved and there’s still plenty more to come,
‘Thank you all for sharing my weekly thoughts’
including Peel’s ambitious plans for Wirral and Liverpool Waters, further investment in Liverpool John Lennon Airport, the recent launch of Jaguar Land Rover’s Liverpool-built Evoque, a new Everyman Theatre, and further developments at the brilliantly successful Arena and Convention Centre Liverpool. Today, though, it's time to sign off. So thank you all for sharing my weekly thoughts and observations. It has, as I said in line one today, been a privilege to be part of the Daily Post team. ■ MATT JOHNSON is chief executive of Mando Group
Sciencecampusfirmindealwithglobalsoftwareprovider A CHESHIRE business founded just 18 months ago has secured a collaboration with a global organisation. DAS Developments, based at Daresbury Science and Innovation Campus (Daresbury SIC), has agreed to enter a collaborative partnership with UK-basedglobal software firm NorthgateArinso. The agreement will see the development and launch of a an asset management and optimisation product, Acumen, designed by DAS and described by NorthgateArinso as “world-class”. The two companies came together following a consultation initiative undertaken by Daresbury SIC to help find suitable partners for NorthgateArinso, which boasts a worldwide turnover in excess of £750m and has offices in 46 countries. Roy Davies, DAS chief executive, said: “The opportunity to partner with an organisation of NorthgateArinso’s calibre and scale provides a real catalyst to realise our growth objectives. “This partnership offers both us and our clients greater expertise.”
Ian Meyer, business development manager at Northgate Arinso, left, and Roy Davies, from DAS Developments
Essar Energy in pledge to increase Stanlow funding by Neil Hodgson
LDP BUSINESS STAFF
neil.hodgson@liverpool.com
ESSAR Energy, which takes control of the former Shell Stanlow oil refinery on August 1, is to commit further funding to the site on top of the £250m four-year investment programme already in place. The group, which has extensive energy interests in India, bought Stanlow this April for £219m, which was expected to rise to £700m after including the plant’s fuel stocks. Spokesman Andrew Turpin said
additional funding will go into an upgrade of the Tranmere river jetty to handle more fuel imports from refineries in India, South America and the Urals mountain range in Russia. New natural gas boilers will replace existing fuel oil boilers, and improvements to a diesel hydrotreater will clear production bottlenecks, allowing heavier, cheaper, crude oil to be processed as part of a plan to increase diesel and jet fuel production as soon as possible. Mr Turpin said demand for petrol in the UK has been declining since 1990, and Stanlow has even been exporting
surplus petrol production to the USA. However, the UK currently imports 3.5m tonnes of diesel and 5m tonnes of jet fuel a year, which is expected to double by 2020. So Stanlow will boost production of these two fuels as it ramps up from its current 70% capacity to almost full production over the coming months. It could also, as one of only eight UK refineries and the second biggest behind Fawley, on the south coast, extend its reach to the North-East after the closure last year of a Teesside plant. Stanlow already has direct pipelines
to Liverpool John Lennon and Manchester airports, and a supply pipeline as far as the Thames. Mr Turpin said: “Stanlow has good storage capacity and a good distribution network. “There will be more crude coming in and more fuels going out.” The plant currently employs about 960 staff, and Mr Turpin said Essar’s plans to increase capacity and store more fuel imports will create some new jobs. He said: “There will be some recruitment. There certainly won’t be a decrease.”
Council leader’s HS2 call
THE leader of Liverpool City Council is urging people and businesses to back plans for a high-speed rail link from London to the North West. A number of Merseyside firms are already backing the High Speed 2 (HS2) plan which could cut the journey times from the capital to Liverpool from 2hrs 10mins to 1hr 37mins. Cllr Joe Anderson says the line would provide a huge boost to the Liverpool city region economy. He said: “The West Coast Main Line will be full up in little over a decade. All is not lost – yet. “The Government is proposing to build a high-speed rail line that will link the major northern cities with Birmingham and London, and on to the Continent. “This line will help bring greater investment in employment and economic growth outside London and the South East.”
LDP
CREATIVE
FOR the latest news from the creative sector
www. ldpcreative. co.uk
8
Wednesday, July 20, 2011
LDP business .co.uk Tony McDonough
Can we afford to be choosy over visitors to the city? SUCH is the growing confidence in Liverpool’s visitor economy that now it seems we are getting choosy. Ten years ago, unless you were a Beatles or football fanatic, it seemed Liverpool had little to tempt people from elsewhere in the UK and overseas to come here. True, the city’s museums, galleries and theatres were always well worth a visit, but there is little evidence people travelled from far and wide to do so. What a difference now. Liverpool One, the ECHO Arena and BT Convention Centre, the cruise liner facility, much better hotels and restaurants have all transformed Liverpool’s visitor experience. And now the debate has moved on from how do we attract more visitors to what kind of visitors we want. In the Daily Post on Monday, Robert Nadler, chief executive of the up-market base2stay hotel, in the city centre, said Liverpool now had too many budget hotels. This, he said, had led to a big rise in the number of people choosing the city for stag and hen parties. He fears too much emphasis on the lower end of the market may discourage higher-spending visitors seeking a wider cultural experience from coming. During the LDP Business debate on the visitor economy a few weeks ago, the manager of the Crowne Plaza hotel, Stephen Roberts, made a similar point. He said: “There needs to be a balance and we need to make sure we are a little more targeted.” However, the chief executive of the arena and convention centre – Bob Prattey – disagreed. He said that during some large conferences and events it was a challenge to find enough hotel rooms to accommodate all the delegates. This, he said, put the city at a competitive dis-
advantage compared to Manchester where there was more bed stock available. “I think the more hotels the better,” he said. On balance, I think Bob has it right. Liverpool’s turnaround over the past few years has been astonishing, but we remain in the grip of a savage economic downturn. Most forecasts seem to suggest that the squeeze on consumer spending is going to be with us for some time yet. A stroll around the city centre on most weeknights bears this out. Unless there is a big concert on, then the bars and restaurants remain pretty quiet. So maybe now is not the time to be too fussy. WHEN the coalition Government took office last year, it had some tough economic choices to make. Since then, we have seen some quite severe cuts in public spending and the jury is still out as to whether they have gone too far on that score. Perhaps even more controversially, Chancellor George Osborne announced the raising of VAT from 17.5% to 20%. The new rate came into force at the beginning of the year, and now the clamour is growing for it to be reversed. In today’s LDP Business, you can read how a survey by Bibby Financial Services reveals a 25% rise in North West firms calling for a return to 17.5%. This call is being backed by the Federation of Small Businesses and Liverpool Chamber of Commerce chief executive Jack Stopforth. VAT is a regressive tax. The lower your income, the higher the proportion you spend on VAT. Businesses in Merseyside and across the UK are hurting because people are cutting back. Mr Osborne needs to swallow his pride and reverse the rise.
Awards are a ‘b Atrioofcityregionfirmsare thelatestrecipientsofQueen’s AwardsforEnterprise.Tony McDonoughreports
GLOBAL business changes rapidly, but it seems the old-fashioned Royal seal of approval can still provide a boost for British firms trading both at home and overseas. Last week saw the latest batch of UK firms receive their Queen’s Awards for Enterprise 2011. This year, there were three recipients in the Liverpool city region – RS Clare, in Liverpool; EA Technology, based at Capenhurst, near Chester; and Skelmersdale-based social enterprise, Brighter Future Workshop. Winners are entitled to put the Queen’s Award logo on their stationery and marketing material for five years. Both current and past winners say the accolade can give them a significant advantage when attempting to win new business. RS Clare, Merseyside’s oldest-surviving manufacturer, has won the Queen’s Award for International Trade. The firm was founded in 1748 and has been at its current Stanhope Street site since 1795, where it produces specialist lubricants for the oil and gas industry as well as the rail, car, steel and construction sectors. It exports to more than 30 countries worldwide, with exports accounting for almost 50% of turnover. New markets include Africa, Syria, Romania, Gabon, and Trinidad and Tobago. The firm has expanded this year, with the number of employees rising by 20% to 68, and it has an annual turnover of £12m. Its gate valve lubricants are used by several major oil companies globally, and the China market is opening up for all its product sectors. RS Clare was visited last month by Lord Green, Minister for Trade & Investment, and congratulated on its contribution to strengthening the local economy through manufacturing and international trade. Chairman Ian Meadows said: “To us at RS Clare, the Queen’s Award is the ultimate accolade. It’s the one logo that everyone wants to wear on the corporate shirt. “We have become accustomed to winning awards since the RAC presented to us the massive Ballymenagh Trophy over a century ago for Britain’s ‘foremost dust laying compound for road surfaces’. “But the Queen’s Award for International Trade is a step change. “It reflects on the whole team at Clare, and we are very proud. “Internationally acclaimed, it has enhanced our credibility globally, and that will doubtless contribute to even stronger export growth both in specialist lubricants and surface coatings where we are building significant niche market positions.” The winner of the Queen’s Award for Innovation is EA Technology, of Capenhurst. It is the second time the firm has won it. EA won the award for the development of instruments for use in the electricity industry, which can identify faults before they lead to failures and power cuts, improving efficiency, reliability and safety.
RS Clare chairman Ian Meadows – says the Queen’s Award is the ‘ultimate accolade’
In the last three years, sales of its UltraTEV products have soared 345%. EA’s development director, Neil Davies, said: “The Queen’s Award for Innovation is a great honour for the company and for all the team. “The award carries real weight around the world and confirms our position as innovators of highly specific equipment in the field of energy technology. “The Queen’s Award is a top industrial honour, and I feel it reinforces Cheshire’s standing as a centre of excellence in the industry.” EA has also doubled its workforce to nearly 200 and won orders in 86 countries during a time of global recession. More than 85% of its UltraTEV products are exported, with growth markets including China. The original UltraTEV instrument won the Queen’s Award for Innovation in 2007 and has given rise to three subsequent
‘It reflects on the whole team at RS Clare’
generations of product development, with a fourth on the way. When the award was first announced in April, chief executive Robert Davis said: “Our second award recognises the imperative for companies like ours to keep innovating if we want to succeed in world markets. “We reinvest more than 15% of our revenue in innovation annually, and in the last year we have doubled the size of our product development team. Now we are set to double it again. “The Government says it wants to see more new products designed in Britain and made in Britain to get the economy moving again and create jobs. That’s exactly what we do.” Originally formed as the research and development arm of the UK electricity industry, EA Technology became independent in 1997. The company is owned by its employees and has operations in Australia, China, the Middle East and the US. Brighter Future Workshop, in
9
Wednesday, July 20, 2011 IN ASSOCIATION WITH
the big feature
LIVERPOOL’S INVESTMENT SPECIALISTS
‘badge of honour’
Business secretary Vince Cable is now calling on companies across the UK to enter the Queen’s Awards for Enterprise
How firms can enter the Queen’s Awards for 2012
Skelmersdale, has won the Queen’s Award for its outstanding commitment to enhancing the lives of the local community. The enterprise has recycled more than 5,000 items of used mobility equipment, as well as providing over 3,000 training places in a disability-friendly workshop to train those with physical, medical, learning or emotional problems. Chairman Peter Cousins said: “We have received plenty of calls since winning the Queen’s Award, and I feel it definitely has the potential to help our business. “We are only a small social enterprise, so we are delighted to have received this accolade and I feel it can only do the business good.” The Brighter Future Workshop was set up in April, 2005. It exists to enhance the lives of people who are disabled – many have become disadvantaged, and isolated, largely due to the shortage of suitable, reliable and
affordable mobility equipment. Its aim is to ensure that disabled people who have little or no mobility can still function in the local community and society in general. Liverpool scrap metal recycling firm S Norton has been the recipient of two Queen’s Awards for International Trade – in 2004 and 2009. Its 2009 win came off the back of a three-year period of growth during which its export business grew by £39m. David Hulse, the company’s public affairs advisor, said winning the award was a great boost for business and for the morale of its staff. “It is like a badge of honour,” he said. “When we talk to potential overseas customers, they see that as evidence of our good standing. “It is a great morale boost. When we first won it in 2004, we held a big party for all the staff at a Liverpool hotel.”
‘Award carries weight around the world’
THERE are three categories that businesses can enter for the Queen’s Awards for Enterprise. They are: International Trade, Innovation and Sustainable Development. There is also an individual award category – the Queen’s Award for Enterprise Promotion. Each Queen’s Awards category has different application criteria that must be met before application. The awards are made annually and are only given for the “highest levels of excellence” demonstrated in each category. Liverpool scrap metal recycling firm S Norton was a winner in the International Trade category in 2004 and 2009. Public affairs advisor David Hulse, who helped put the entries together, confirmed that competition was fierce. He said: “Before you enter the Queen’s Awards, you need to take a close look at your figures to make sure you can demonstrate genuine growth. “You have to be able to show evidence of profitability – not just an increase in turnover.”
Business secretary Vince Cable has now put out the call for firms to get their entries in for the 2012 awards. “It’s important we create the right conditions for Britain’s new and up-and-coming entrepreneurs to succeed, and I strongly encourage businesses to start thinking about nominations for next year,” he said. The application/nomination period for The Queen’s Awards for Enterprise 2012 is now open and closes on October 31. Winners will be announced on April 21, 2012. Entrants must meet the following criteria: ■ They must be based in the UK – including the Channel Islands and the Isle of Man; ■ They must operate as a business unit of the UK economy; ■ They must have at least two full-time employees or part-time equivalents; ■ They have to be able to demonstrate commercial success. Entry is free and forms can be completed and submitted online at www.businesslink.gov.uk/queensawards
private business Albert Dock’s museum boost
THE Albert Dock’s owner is hoping the opening of the new Museum of Liverpool this month will give it another boost, following a year that saw it return to profit. The Albert Dock Company reported turnover for 2010 of £3.4m, up from £3.3m in 2009. Pre-tax profit stood at £340,000 – up from a £139,000 loss in 2009. The value of the dock complex rose over the year. The group’s fixed assets were valued at £27m, up from £26.9m at the end of 2009. The directors’ report said: “The Albert Dock continued to trade at an acceptable level with increased turnover from improved occupation and control over costs delivering enhanced year-on-year results.” The Albert Dock’s parent company, Arrowcroft Holdings, saw losses narrow from £2.9m in 2009 to £2.6m in 2010. Turnover rose from £7m to £15m, thanks to the sale of several properties. It raised £8.4m from the “sale of property development stock”. In his annual report, Arrowcroft Holdings chairman Leonard Eppel said: “Despite the difficult conditions experienced during 2010, the Albert Dock, Liverpool, continued to trade at an acceptable level. I am pleased to state that the footfall increased by some 10% over the previous year, which is particularly satisfying. “The new Museum of Liverpool will be opening its doors for the fist time during July, and will further add to the many visitor attractions on the waterfront immediately adjoining our investment. “Additionally, the city council and British Waterways have invested £750,000 in new pontoons to both our own dock and that of Salthouse Dock, thus adding a new dimension and vitality to the complex.” ALISTAIR HOUGHTON
10
Wednesday, July 20, 2011
LDP business .co.uk briefing Dairy Crest reports trading boost DAIRY Crest said overall trading was in line with forecasts after sales of five key brands – Cathedral City, Country Life, Clover, St Hubert Omega 3 and Frijj – rose 5% on last year in its first quarter. The group has a spreads plant in Kirkby and a milk bottling site in Aintree.
Demand improves ENGINEERING consultant and manufacturer Ricardo said its profits for the year to June 30 were well ahead of market expectations as demand improves in the automotive sector. Its order book remains above £100m.
IG progress FINANCIAL trading group IG has reported an “encouraging start” to the new financial year, with June revenues higher than a year ago. Adjusted profits were 3.4% higher at £163m in the year to May 31.
Further talks EVOLUTION Group’s private client investment management arm Williams de Broe is in advanced talks with BNP Paribas Wealth Management over possible acquisition of its private investment management division.
BUSINESS to BUSINESS Business for Rent
SHOP UNITS TO LET In Very Busy Garden Centre Call Mr Burslem
Tel: 07773 999088
Building Trade FRAMELINE COMPOSITE DOORS
TRADE, UPVC WINDOWS DOORS, CONSERVATORIES. 5 Day Turnaround
Tel: 0151 546 5577 Fax: 0151 546 5588 Accredited with BS7412 & BS7950
news
LIVERPOOL’S INVESTMENT SPECIALISTS
IN ASSOCIATION WITH
China Pearl bids to build a business out of culture by Neil Hodgson
LDP BUSINESS STAFF
neil.hodgson@liverpool.com
LIVERPOOL’S historic Chinese links make it the perfect location for a new business aiming to strengthen the cultural bonds between both communities, its founder says. The city boasts Europe’s oldest Chinese community and has been twinned with Shanghai for more than a decade. China Pearl, established by Fenfen Huang, 30, aims to extend those links further. Ms Huang, born in Linhai, Zheijiang province, near Shanghai, has built a career in dance after arriving in the city 10 years ago as a University of Liverpool student. She gained a BA (Hons) degree in environment and planning, but her overriding passion has always been dance, and she quickly joined the university’s ballroom dancing team and was taking part in dance competitions in Liverpool and beyond. Having successfully gained her degree, she decided that the world of environment and planning wasn’t for her, so she began a full-time dance training course at Liverpool Community College. “I thought, planning is not really my cup of tea and dancing is in my heart.” Ms Huang gained her diploma and then undertook an MA in marketing at Liverpool John Moores University. But she continued her dance training throughout her academic studies, including two visits to the Beijing Dance Academy to learn traditional Chinese dance. “I was also learning Western dance forms and visited New York and London.” But she had fallen in love with Liverpool, so, after successfully completing her MA, she set out on establishing China Pearl in the city. She said: “Liverpool is where I started my dance career and pursued my dream. “I love this city. It is great and it has such a distinctive culture of its own, with its own accent and arts. Liverpool is my second home.” She set up China Pearl in 2007 and, after recruiting two fellow directors in Liverpool – Labour councillor Gary Millar and Indian dancer Bisakha Sarker – they registered the limited company by guarantee this June. Their aim is to promote Chinese culture, not only through dance but through other traditional art forms such as music, calligraphy and painting. They also hope to build bridges between the Chinese and Liverpool communities. One strand will be to focus on the many different Chinese festivals throughout the year, and open up their different themes and traditions to a Western audience: “There are so many traditional Chinese festivals that Western people are unaware of. “They know all about Chinese New Year, but there are the Dragon Boat festival, the Lantern festival and the Mid-autumn festival, and Chinese Valentine’s Day.” The next festival will be the Mid-autumn festival straddling August
Fenfen Huang came to Merseyside 10 years ago to study at the University of Liverpool Pictures: PAUL HEAPS/ ph140711fenfen-2
Fenfen Huang shows off her traditional Han fan and September and focused, according to the Chinese lunar calendar, on the full moon of mid-August. She explained: “This is for family reunions or gatherings and is a traditional festival, with foods like mooncakes.” China Pearl’s shows will feature Chinese music and dance, and Ms Huang explained: “Even though the Mid-autumn festival is very Chinese, it is a way to get Chinese and Western musicians working together. “We are working with local community choirs on songs and we want to show how the Chinese celebrate their festivals. We want to show British audiences about the origin of the festivals.”
Code: ph140711fenfen-1
She is also working on the programme in partnership with Liverpool’s Primary Care Trust as part of its ‘2020 Decades of Health and Wellbeing’ programme. “My company wants to put on performances and workshops for the public and visit places like nursing homes, hospitals, schools and community centres, even somewhere like Sefton Park. I am hoping the final showpiece will be a theatre production.” Ms Huang said the project will provide work for Chinese and Western musicians, including 10 professional artists and 20 community artists and students. They will also produce a film featuring local Chinese and Merseyside
families, as well as other cultures such as black, Indian and Polish communities based on how they celebrate family events, funded by the PCT and linked to a project on integrating communities. Ms Huang believes she can build on the growing trade links between Liverpool and the UK and China “I think people want to expand their scope beyond trading. They want to go beyond products and discover culture and arts, and both countries have fantastic talents. I want to see more cultural exchanges between the two countries.” She predicts a modest £15,000 turnover for the first year, but believes that could grow to more than £60,000 or £80,000 within five years, as she broadens China Pearl’s horizons. “After the first year, we want to look to Manchester and then raise our profile in the North West area and then from there go nationwide. “Maybe in three years we could do exchange projects in China, Europe or even America. “I want to explore integration of Chinese styles with modern and Western styles. “China is developing very fast and people like to explore different styles. Here we have fantastic contemporary dance, ballet and media. It would be really nice to see the two cultures come together.” ■ FOR further details, visit www.china-pearl.co.uk
11
Wednesday, July 20, 2011
LDP business .co.uk
LIVERPOOL’S INVESTMENT SPECIALISTS
IN ASSOCIATION WITH
Persistence pays off for Greene King in pubs pursuit GREENE King secured backing for a £70m acquisition yesterday, as its scramble to buy pubs in London, ahead of the Olympics, gathered pace. Bid target Capital Pubs rejected two approaches from London-based Fuller, Smith & Turner last month, but as Greene King’s proposal is worth nearly 18% more its management has swung
behind the offer. The interest from Suffolk-based Greene King values the company at £70m and marks its third hefty pub group acquisition this year following the takeovers of RealPubs and Cloverleaf for a combined £108m. Capital’s pub portfolio consists of 34 outlets in and around the London area,
which Greene King says it intends to combine with the RealPubs estate of 14 premium London pubs. Chief executive Rooney Anand said the deal represented another step in its strategy of building its presence in the capital and takes its total estate in the Greater London area to 250 pubs. He expects the sites to do
especially well as the 2012 Olympics approaches, but added that longer term its expects London to outperform the national market. Greene King also sees significant scope to push up the proportion of food revenues generated by Capital’s pubs. Capital said that recent trading has been strong with 22 pubs open for a year gen-
erating like-for-like revenues growth of 6.5% in the past 15 weeks, while the 12 being refurbished should generate £20,000 per week each when finished and bedded down. After Fuller’s interest become public it subsequently received approaches from a number of other parties, one of which was Greene King, it added.
Business as usual as City bonuses remain high by Peter Cripps
LDP CORRESPONDENT business@liverpool.com
WORKERS in the financial sector enjoyed average bonuses of £12,500 last year, as pay-outs showed little sign of falling despite efforts to curb City excesses, according to official figures. The financial and insurance sector paid out bonuses worth £14bn in the year to the end of March – the same as the previous year, according to the Office for National Statistics. The sector accounts for 40% of the bonuses paid throughout the country, despite employing just 4% of the workforce. A slight rise in the number of people employed in the sector meant that the average bonus pocketed by employees dropped by just £100. This compares with people working in health and social care sectors, whose bonuses were “negligible”. The Treasury earlier this year thrashed out Project Merlin agreements with the biggest banks in a bid to curb the bonus culture which helped create the financial crisis by encouraging bankers to take risks. However, the agreements came into force in the current financial year and are not believed to have had an impact on the ONS’s latest findings.
Last year’s figure for bonuses in the financial and insurance industries was £2bn higher than in 2008/09 – immediately after the financial crisis struck – and was 58% higher than in 2000/01. Bonus payments in the sector peaked immediately before the financial crisis hit, when bonus payments totalled £19bn and were worth 45% of all pay-outs across the country. TUC general secretary Brendan Barber said: “The Chancellor’s austerity message has failed to reach the City, where a small clique of super-rich bankers have grabbed 40% of all bonuses paid out in the UK. “City bonuses are still far too high and the incentives for risky and damaging decisions far too great, especially when bankers know that taxpayers always have to pick up the tab.” Meanwhile, across the economy as a whole, bonuses of £35bn were paid, which was the same as the previous year. The average worker in the private sector received a bonus of £1,670, which was nearly 10 times higher than the average public sector bonus of £180. Dave Prentis, general secretary of the Unison union, said the figures show that “we are not all in this together”, as Prime Minister David Cameron has claimed.
City bonuses totalled £14bn in the year to March, says the ONS He said: “Our members in the public sector are struggling to pay their bills and keep up with inflation. “Some low-paid workers are earning the same in a year as these workers
Supermarket prices rising faster PRICES at UK supermarkets are rising faster than expected and will continue to put pressure on households in the coming months, industry figures showed. Kantar Worldpanel said grocery prices rose by 4.8% in the 12 weeks to July 11 compared to a year ago, up from 4.6% in the middle of May. The market research
firm, which previously said that inflation would not rise above 5% this year, now expects it to hit that target and perhaps go beyond in coming months. Martin Whittingham, a director at Kantar, said: “The increasing inflation rate is putting extra pressure on shoppers’ ability to manage their household budgets.
“With this in mind, we expect the grocery market to slow in the coming months.” This squeeze showed through in the market share of the major grocery chains over the past three months. There were more gains for the no-frills shops at the cheaper end of the market and also at the top end for Waitrose,
as people go out less often and choose to eat at home. Spending overall rose by 4.6% to £23.8bn over the three months compared to 2010, suggesting a 0.2% drop in volumes over the period. However, discounters Aldi and Lidl showed the greatest growth at 20.2% and 15.6% respectively.
are getting in their bonus package. The Government is doing nothing to clean up the City bonus culture at a time when it is demanding huge sanctions from the public sector.”
news
Offshore safety is better, says HSE FEWER major offshore oil and gas leaks have been reported in the past year, new figures show. Health and Safety Executive data shows 73 “hydrocarbon releases” deemed either major or significant were recorded in 2010-11, compared with 85 the previous year and 61 in 2008-09. The number of major injuries was down eight to 42, from 50 the previous year. For the fourth year running, no workers were killed during offshore activities regulated by HSE between April 1, 2010, and March 31, 2011, the period covered by the figures from the Offshore Safety Statistics Bulletin. However, a joint HSE and police investigation is taking place into the death of a man who fell into the North Sea from an oil platform on June 16. HSE head of offshore safety Steve Walker said the new figures represent “a step in the right direction”. He added: “It is encouraging that this is the fourth consecutive year with no reportable fatalities and a reduction in major injuries. But there is still much work to be done. “Hydrocarbon releases are a key indicator of how well the offshore industry is managing its major accident risks. “The Gulf of Mexico disaster should continue to be a stark reminder of what can go wrong offshore.”
LDP
MOBILE
Poor profits THE banking sector suffered another blow yesterday after two of the US’s financial giants reported worse than expected profits. Investment bank Goldman Sachs earned £653m in its second quarter, which was more than twice the amount in the same period a year ago but less than analysts had expected. And Bank of America posted losses of £5.5bn – the biggest quarterly loss in the lender’s history – as a result of its £5.3bn settlement with mortgage-bond investors.
FOR News, Sport and Business on your phone
Text LDP to 67800
12
Wednesday, July 20, 2011
LDP business .co.uk
LIVERPOOL’S INVESTMENT SPECIALISTS
IN ASSOCIATION WITH
location
Location becomes increasingly important in the UK retail market
view point
by David Legat, of Mason Owen, in Liverpool LOCATION, location, location – it is the oldest phrase in property, but, given the economic turmoil of the
Peel and Barratt to build houses PEEL Group and Barratt Homes have formed a partnership to bring forward new housing development on a number of Peel’s residential sites in the north-west and northeast of England. A framework agreement has been entered into by both parties which initially will cover 80 acres of land on six sites with the potential for more than 1,000 new homes to be built over the next five years, with an end value approaching £200m. Barratt Homes’ Manchester division will shortly be submitting detailed planning applications on two sites in Wigan and south Liverpool for almost 500 houses. Additional development sites in Greater Manchester, Cheshire and South Yorkshire should follow. Louise Morrissey, director of land and planning, Peel Land and Property, said: “Our agreement with Barratt Homes represents a new way forward during these times of recovery”
past few years, is this saying more prevalent than ever for retailers? There have been few major retail developments in the UK over the last two years and as such high streets have had to be developed around their existing infrastructure. Retailers have no choice but to work with the existing stock on the high street. And with an almost continual supply of new vacant units, as the succession of retailers going into administration continues, some high streets are faring better than others. There is a growing concern that regional disparities are increasing, as different areas and towns
throughout the country deal with the challenging economic times. These regional disparities are noted in Callcredits retail league tables, which rank retail centres in terms of revenue, numbers of premium retailers, and numbers of value retailers. It is widely accepted that London is cemented at the top of the table as a retail destination. The NorthWest as a region shows varying results. The major cities have, as a minimum, held their position within a national context; however, it’s the smaller retail centres of the
North West which perhaps show cause for concern. In the last year, Manchester has leapfrogged Glasgow to become the largest retail centre outside of London, and with a total of 96 also heads up the table for numbers of premium retailers. Liverpool ranks as the seventh largest retail centre in the UK, and boasts 53 premium retailers within the city. On the counter side, Blackpool ranks second in terms of value retailers, Preston 10th and Birkenhead 17th, but perhaps more revealing is that these towns show 22.2%, 15.8% and
‘Major cities have held their position’
Manufacturer agrees deal to acquire giant Wirral site by Tony McDonough
LDP DEPUTY BUSINESS EDITOR tony.mcdonough@liverpool.com
BUSINESS to BUSINESS Commercial Premises MAIN RD MAGHULL Large Shop & offices, forecourt parking roller shutter security, well decorated, low rent. Suit accountants/ solicitor etc. Also shop offices & warehouse suitable for furniture sales etc. 1,900 sqft 01695 423489
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
24.7% levels of saturation of value retailers respectively. Although figures such as these need to be taken with a pinch of salt, they do illustrate that retail centres appear to be developing exponentially in terms of the type of retailers that they attract. Retailers need to identify where their target customers shop, and so are drawn to retail centres where similar users are already trading. In the current market, retailers are risk-averse and less willing to break the trend on the high street, and consequently choosing the right location is more important than ever to ensure their success.
The site at 1 Hickmans Road, in Birkenhead, which has been acquired by Kent-based Darcy Spillcare
WIRRAL property firm Smith and Sons has sold 1 Hickmans Road, in Birkenhead, to Kent-based Darcy Spillcare, an international manufacturer and supplier of spill prevention and control products. The 27,000 sq ft warehouse and office facility sits on a one-acre site, close to Peel Holdings’ proposed Wirral Waters development. Discussions between Smith and Sons and Darcy Spillcare began early this year, with the Kent company keen to re-locate its manufacturing arm to the Wirral as part of the firm’s wider expansion plans. Sean Seery, of Smith and Sons, said: “It’s great to see Wirral recognised by a southern-based business as the ideal location for a move in terms of manufacturing. “Darcy Spillcare was very clear on the type of commercial property and site that it needed, and we are pleased to have worked alongside them to secure the sale of this fantastic facility. “Wirral offers a wealth of opportunity in terms of commercial property and 1 Hickmans Road is a large site providing extensive internal floor space and external storage and carriage area.” Darcy Spillcare’s new site’s operation is expected to open in September. Richard Proctor, of Darcy Spillcare, said: “The opening of this new manufacturing facility stems from Darcy’s growth over the last few years, and will enable us to meet with the everincreasing demands for our growing range of environmental protection products and services. “By making this move, we hope to speed up our supply times, increase our product range and enhance research and development facilities. “Overall, we believe our launch of the Birkenhead site will improve efficiency and overall allow us to deliver even better customer care.” Established in 1935, Darcy specialises in spill prevention and control, and in the provision of solutions to help sites to achieve environmental compliance.
13
Wednesday, July 20, 2011
LDP business .co.uk
LIVERPOOL’S INVESTMENT SPECIALISTS
IN ASSOCIATION WITH
Brabners advises on sale of Cheshire retail property LIVERPOOL law firm Brabners Chaffe Street has advised Princess Street Holdings on the sale of the Waitrose building in Princess Street in Knutsford, for £2.7m. Associated British Foods Pensions Trustees has bought the building comprising 12,809 sq ft. The space is let to Waitrose on a 25-year lease. The initial passing rent totals £140,000 per year, with fixed uplifts every five years. Matthew Dobson, property partner at Brabners Chaffe Street, said: “This is a successful and desirable retail location, with a strong occupier profile, making it an attractive target for investors.” The deal reflects a net initial yield of just under 5%. Rob Millington, of Cheetham & Mortimer, also advised Princess Street Holdings. Alun Jones, of Edwards & Co and Mayer Brown, acted for the purchaser.
The Waitrose building, in Princess Street, Knutsford – changed hands for £2.7m
Lack of funding hits investors by Tony McDonough
LDP DEPUTY BUSINESS EDITOR tony.mcdonough@liverpool.com
A SCARCITY of bank funding continues to hamper property auction investors in Liverpool, according to leading auction house Sutton Kersh. The firm held its latest Liverpool auction at the Marriott Hotel, in the city centre, last week, selling 42 out of 73 lots and generating receipts of just over £2m. Auction manager Cathy Holt admitted it “wasn't our best auction of the year” and said investors had told her that bank finance continued to be difficult to obtain. She told LDP Business: “After speaking to a number of investors in the room, it is clear that funding is still a major problem. “While they recognise that there are a lot of good deals available in the current marketplace, they do not have finance readily available to be able to buy. “Investors are looking for cheap properties with a minimum of a 10% return, and in some cases more.” Residential investment properties proved to be particularly popular, accounting for more than 62% of the sales. Among the best-selling lots of the day was a vacant three-bedroom house in Fazakerley which sold for £12,000 above guide price. Ms Holt added: “We can’t feel too disheartened by the sale. “We have sold over 200 properties across four auctions so far this year, raising in excess of £12.5m, which is no mean achievement in what continues to be a tricky marketplace.”
location
Double letting in city BRUNTWOOD has secured two lettings in Liverpool, totalling 2,000 sq ft. Property recruitment company Caroline Kingsley Holdings has taken space at The Plaza, in St Paul’s Square, and video production company Paintbox Art Media has taken space at the Grade II-listed Queen Insurance Buildings. Kingsley director Caroline Kingsley said: “Kingsley Associates is delighted to join Bruntwood at The Plaza. “The customer service team is both welcoming and accommodating, ensuring the transition of our expanding recruitment consultancy was as smooth as possible.” David Seddon, sales surveyor at Bruntwood said: “These lettings demonstrate Bruntwood’s capacity to meet a variety of business needs.”
OFFICESTO LET FLEXIBLESPACE FLEXIBLETERMS
It is clear funding is still a major problem – Cathy Holt, of Sutton Kersh The event was filmed by BBC TV’s Homes Under the Hammer, and Sutton Kersh also donated £50 to Marie Curie Cancer Care for each lot sold in the room. More than £1,000 was raised for the charity’s Blooming Great Tea Party campaign. ■ THE Sutton Kersh and Thomson & Moulton Property Group have two new appointments within their property and block management department. Chartered surveyor Mr Lawton joins the firm from 2020 Liverpool.
OFFICES@DOWNING.COM
14
Wednesday, July 20, 2011
LDP business .co.uk Aerospace & Defence
66034 538
324
109
Avon Rbbr
Edin US Trkr Tst 640
32778 26334 Forgn & C
Index 3247.87 ▲ 22.26
36978 29434 BAE Systems 29858
+134
73612 51958 Chemring
57012xd+1512
24758 19214 Cobham
20518
-14
+258
385
29518 Law Debenture 37238
-58
252
20014 Scot Am
237
+3
533
42618 Witan
513
+2
38918 26134 Meggitt
37114
+218
Fixed Line Telecoms
665
63512
+512
Index 2326.99 ▲ 46.26
185
+114
552
Rolls-Royce
18758 11114 Senior
Automobiles & Parts Index 5312.09 ▼ 16.36 245
13518 GKN
-34
22714
20418 13058 BT Gp
344
20758 Barclays
7838 44
Cble&W Wwide 44 xd
-1
7934 45
KCOM
7512 xd
-1
Food & Drug Retailers
+4
21158
87512 61012 Bco Santander 63634
+512
59334
+212
7614 858
858
-18
7758 4138 Lloyds Banking4318 5218 33
Ryl Scotland
1959 1519 Stan Chart
316
+134
392
-3
112
Tesco
5114 Thorntons
Food Producers Index 5200.35 ▼ 15.11
-2112
Index 9706.60 ▼ 64.53
1182 940
AB Foods
1070
875
Carrs Mill
860
Cranswick
728 xd
510
90712 724
1395 1035 Barr (AG)
1309
+1
518
37014
+218
1307 1050 Diageo
1228
-6
233712 1841 SABMiller
228412
-21
2012
656
Premier Foods
40918 Tate Lyle
2065 1688 Unilever
1954
664
42238 Mondi
182
+5
General Financial
2119 1550 Johnsn Mat
2016xd +78
Index 5822.76 ▲ 83.13
Construction & Materials Index 3722.31 ▲ 25.17
340
88812 664
35714 23458 Balfour Beatty 29878
+1
211
-8
149118 102712 CRH
122614 +3678
1418 970
Kier Group
1340
+18
7634 35
Low Bonar
7234
-34
12412 85
Marshalls
11114
1076 617
49634 299
-158
1413
+3
+14
186
+1
329
-678
1000 320
Oxford Inst
958
+712
377
Volex Gp
29114
+22
Equity Inv Instruments Index 6060.13 ▲ 29.35
Health Care Equip & Serv
742
Household Goods
74
Aga Rngmstr 106
+38
119
70
Barratt Dev
10158
+34
75312
511
Bellway
660
+5
125
126
+12
9712 Redrow
-34
Industrial Engineering Index 7468.84 ▲ 104.03
+9
General Industrials
Cooksn Gp
619
1258 514
Coral Prod
11
6
212
Cosalt
212
400
293
Rexam
37238
+212
24018
-58
1141
+14
39734 21412 Bodycote
35218
+418
85312
Charter
79712
+912
Fenner
409
53812
41918 198
1046
+9
116
10512
-1
4312 Molins
31212 119 45
2514 1214 Ashley L
1834
31114 221
Brown (N) Gp 273 xd
7738 56
Debenhams
+12
2063 1499 Spirax Srco
1895
+8
2196 1130 Weir Gp
2126
+60
2812 1134 Dixons Retail 1618
+14
51812 34814 Halfords
356 xd
-14
24412 13678 Home Retail
13838xd +112
42538
37512
Index 2567.81 ▲ 5.99 175
20938
BBA Aviation
47778
340
-12
1030 72312 JD Sports
990 xd
+40
-8
28718 19812 Kingfisher
25358
+258
35418
+178
Aviva
12334 8718 Lgl & Gen 777
52012
-214
Prudential
31618 21114 Resolution
+134
11212
+58 +2
27514 +1014
24434 19114 Standard Life 19612
+134
Media Index 4055.46 ▲ 57.50
+34
42712
15734 10634 Dunedin Sml
15014xd
-34
62712 38112 Mothercare
40418xd -138
59412 41114 D Mail Tst
41314
+218
49214 39238 Edin Invst
45978xd
2410 1868 Next
2397
9312 4934 ITV
6434
+118
96 1812 28712 1251 92
Low
4934
850
692
BSkyB
734
DAILY POST REGIONAL INDEX 1218.18 Price
Adv Medical
338 AEA Technology 245 Albany Inv Tst 84812 AMEC 2334 Anglesey Mining
Var 5Day
High
7512
+1
+ 34
479
312
+18
+1 8
1030
275 xd
-1
1098
+14
+7
5714
-2
-212
Low
301 easyJet 72312 JD Sports Fashion
Price
+2012
up 6.67 Var 5Day
30638
+538
-1714
990 xd
+40
-30
135
1112 JJB Sports
20
+1
36
1534 Johnson Serv
35
- 18
- 14
57714
-134
+814
579
40534 Nichols
23458 Balfour Beatty
3912
2914 Beale
612
501 Compass Gp
1258 126212
5 14
29878
+1
-958
14912
35
-1
-134
50
2112 Park Gp
583 xd
+6
-16
1257
815 Rathbone
139
9712
Coral Prod
11
98212 Dee Valley
1245 xd
+25
14312
95 NWF
Redrow
12018 RSA Insurance
142
-12
44 1138 129
+1
+1
-38
-278
+114
4134
+2 +12
106
UTV
129
+514
84612 633
WPP
709
+19
+51
1634
1424
+43
2326
+3812
1682 990
Fresnillo
1660
+1
53118 46658 Glencore Intl
48814
+14
1671 1073 Kazakhmys
1343
+41
1983 1312 Lonmin
1320
+8
6655 4425 Randgold Res 5525
-35
4712 3105 Rio Tinto
+58
5514 3234 UK Coal
370
32012 PZ Cussons
4366 39
Inmarsat
301812
3112 Vernalis
4258
+312 -12 +418
-3 8
30534 ARM Hldgs
58212 +1312
28
1934 BATM
2212 xd
513
-4
Nonlife Insurance
1550
195412 138938 Marsh McL
181138xd-1478 -38
Index 31512.73 ▼ 280.00 2847 2166 Br Am Tob
2745
-30
2231 1784 Imperial Tob
2140
-8
Travel & Leisure Index 4460.78 ▲ 56.56 3153 2037 Carnival
2220
+35
612
501
Compass Gp 583 xd
479
301
easyJet
+6
+78
34718xd +414
360
240
285
Greene King
+138
Holidaybreak 295 xd
-2
Intercontl Htls 1226
+24
21278 Intl Cons Airlns 22678
+414
14018
11718 92
102
361
+9
48158
15514 12234 Ladbrokes Marston’s
335
+78 +158
28414 Mitchells&Btlrs 28438
+18 +114
14934
-4
21434 Restaurant Gp 29314
+234
-70
20434 67
Thomas Cook 6838
+138
43912
+378
27178 17814 TUI Travel
18012
+214
885
86412xd
-112
1887 1368 Whitbread
1520
-2
Land Secs
303
34618 30312 Centrica
32534 1245xd
1703
-27
126212 98212 Dee Valley
6312 3212 Emblaze
5934
+58
63212 49034 National Grid 59412xd
-4
36414 23014 Invensys
30312xd +514
715
+2
123
85
69812
10134
+78
1517 1270 Severn
1428xd
Logica
11818
+3
63112 54312 Utd Utils
57912xd -112
27812
+314
+18
31 2
3714 914
API Gp
35
1234 4
Armour Gp
418 138
2034 1346 Aggreko
2001xd +32
158
1
Crimson Tide
20778 77
15458
-118
214
112
Dawson Intl
218
838
478
Eckoh
734
Ashtead Gp
568
36318 Berendsen
537
-2
679
140412 +2312
801
776
+412
135
1112 JJB Sports
509
46058
79412 63512 Capita
69712
+812
36
1534 Johnson Serv 35
-18
38234 +1114
85312 54912 De La Rue
758 xd
86
3034 Man Brnze
4712
+1
40638
+278
29478 20534 Electrocmps
231 xd
-1 8
12
4
938
-1 2
2336 1642 Ryl D Shell B
2239
+2012
83312 606
811 xd
+9
550
37712 Portmeirion P 490
1493 1130 Tullow Oil
1279
+19
49314 366 535
Cairn Energy
36412 Premier Oil
+458
Oil Equipment & Services Index 25255.04 ▲ 384.85 1251 84812 AMEC
High
34
1098
Experian
23734 G4S
27358
+134
17312 55
32112 Hyder Cons
410 xd
-178
6114 1612 Scapa Gp
56
34114
18312
Interserve
32334
+514
142
550
393
Menzies J
519
34634 180
Northgate
325
3012
xd
4634
3412 Sportech
3914
4512
2514 Telme Gp
4434 xd
3234 UK Coal
2
78
Ultima
Metalrax
291
Price
Speedy Hire
20
452
39
+112
99
Redhall Gp
+1
-
1804.00
0.32
Gwth & Inc
-
311.60
1.75
Income Plus
-
199.50
4.37
Japan
-
231.70
0.50
Jpan Spec Sits
-
140.50
0.09
Spec Sits
-
1882.00
0.01
Sth East Asia
-
760.80
0.01
GARTMORE FUND MANAGERS
Income Pratical Inv
7312
+1 -112
877.10
1.09
-
205.17
3.98
-159.22
170.58 4.34
GUARDIAN Index-Linked Acc
-524.98
552.61
-
International Acc
-993.26
1045.53
-
Pacific Acc
-261.69
275.47
-
Property Bonds
-2014.13 2098.05
-
HSBC INVESTMENT FUNDS (UK) Balanced
-
British
103.00
-260.80
Gilt & FI
-
Gilt & Fixed
-
130.10
European Smllr Cos A Sterling Bd Unit Tst
1000.70
- 53.65 -
449.40
Capital
-309.16
Swallowfield
9414 67
Uniq
9414
+14
712
Young A
696
+334
European
-
784.00
Far East
-
542.60
1.80
Inc & Gwth
-
196.60
3.30
International
-
420.80
0.40
North Amer Acc
-
470.00
0.10
Sing ASEAN
-
215.55
Low Funds
Price
£90932
£50 Cons 212% ................ £56
£8134
£69 Cnv 312%.................£7212
Treasury
Australia
dollars
1.43
1.506
1.511
£1151932 £10734 Tr 9% 12................£10734
Canada
dollars
1.46
1.533
1.535
£1062532 £1022132 Tr 5% 12............. £1021316
Denmark
krone
8.08
8.492
8.502
European Union
euro
1.09
1.139
1.140
+114
+2
- 18
1 14
2065
1688 Unilever
1954
-4
-56
63112
54312 Utd Utils
57912 xd
-112
-712
+11316
Conversions
£61
yen
Var
£761132 Cons 4% .................£7734
Sell
dollars
0.39
FUNDS High
Buy
Japan
0.70
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
Tourist
New Zealand
3.16
321.54 1.10
Currency
- 58
0.13
56.05 4.50
-114
+1
4.10
HENDERSON HORIZON FUND
Country
+78
3.20
227.20 3.04
Var 5Day
+34
1.14
260.80 3.15
64.28
-227.20
Monthly Inc
£582732
11512
520
-
Consols
£ ABROAD
▲ 0.55%
Low
1914
+14
Bunzl
American
INVESCO FUND MANAGERS +14
156412 100312 BG 37518 BP
-
Index 870.03 ▲ 2.78
Index 4428.24 ▲ 31.29 AEA Tech
+1
AIM
Support Services
1812 338
Pennon Gp
Kewill
23634 Sage
601.20
HILL SAMUEL UNIT TST MGRS +714
1857 1271 Autonomy
560
Yield
-
Index 4621.88 ▲ 18.00
Software & Comp Servs
Offer
Price Gross
Amer Spec Sits
UK Equity Inc A
Utilities
+12
Price
FIDELITY INVESTMENT SERVS
+114
24934
58912
33114 26212 SEGRO
Bid
Terms
+538
30638
1598 1073 Go-Ahead Gp 1540 398
Cancel Fund
Euro Sel Opps
30114 Gt Portland
+15
14312 12018 RSA Insurance 13134
+218
Tobacco
445
302
1754 1448 Admiral Grp
+112
16014 12034 Spirent Comms 13458
-612
2954 2280 Daejan Hldgs 2884
14714 102
Index 1575.32 ▲ 8.31
79
26812 16034 Stagecoach
Index 722.36 ▲ 1.84
18234 14612 Vodafone Gp 15834xd +112
+9
651
15334 10314 Rank Gp
35314 28718 Big Yellow Gp 30134xd 598 xd
1831
9038 5818 Punch Taverns 6818
Index 1958.11
62912 44634 Brit Land
+12
Index 736.07 ▲ 12.06
10234 7112 Psion
UNIT TRUSTS
+34
931
Tech Hardware & Equip
1435 982
Real Estate
+114
Index 3614.76 ▲ 31.30
3012 xd
Travis & P
2261 1223 Wolseley
518
Index 9473.82 ▼ 43.81
Mobile Telecoms
513
+7
Pharma & Biotechnology
50
295312
263112 1767 BHP Billiton
1545xd
409
137512 1111 GlaxoSmthKln 1323
3437 2254 Anglo Amer Antofagasta
1577 82012 Burberry Gp
3385 280112 AstraZeneca
Index 25381.33 ▲ 375.87
1914 Speedy Hire
1127 747
41258 31114 FirstGroup
-19
13134
-1 8
Smiths News 8512
12012 79
+14
12234 5734 Enterprise Inns 59
Index 24557.68 ▲ 102.14
-312 -2
-6
+34
151
5514 35714
12834
Utd Business 51612
97712
Personal Goods
+512
Index 8449.68 ▲ 87.80
21812
+18
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.
+2
Oil & Gas Producers
39334
66412
1139
507
Index 4121.49 ▲ 31.37
+134
13134
High
8034 STV Group
Industrial Transportation
+14 +3
F
725
Life Insurance
14012 11514 Br Assets
Dunedin IncGth
168
75612
3812
24034
+178
M&S
28212xd
2514 Renold
+21
6534
Inchcape
MS Intl
Pearson
59012 50512 Reed Elsevier 542
+1078
1119 65712 IMI
Index 1658.81 ▲ 11.78
32914
McBride
+33
1596
T
Mining
138
+678
+34
Candover Inv 582
+1
+14
1922 1231 Schroders
25314
Smith Nph
65412
4314 2214 Taylor Wimpey 3512
-6
41214
53712
1207 926
12414 3934 Trinity Mirror
Index 3706.62 ▲ 6.33
+1
377
228
+34
744
39234 30758 Alliance
18512
49534
39814 WH Smith
+1
1138
662 xd +112
10278 Laird
555
523
129
General Retailers
35718 18918 Morgn Cru
777
+29
47134
1429 1089 Smiths Gp
Index 3383.07 ▼ 4.70
180
2830
London Stk Ex 99612
26614 12534 Smith DS
Electronic & Electrical
207
2986 1724 Signet Jwlrs
139
Rathbone
W
Jul 19, 2011
Jan 19, 2011
-12
Index 3106.64 ▲ 41.76
50312 35358 Drax Gp
Domino Ptg
Share price (pence)
27214
1257 815
T
FTSE-Rebased
3648 3015 Reckitt Benck 3422
+1912
M
9014
Those securities which have increased in value since the previous close are shown in bold type.
435
192
1019
72412
44858 299
440
+612
1033 72812 Provident
Electricity
705
Close Bros
57012 38014 ICAP
+134
Index 8759.54 ▲ 16.98
1423 1108 Scot&Sthrn
25418 3i
Jul 11 - Jul 15
Index 6584.27 ▼ 50.22
61412
18738 6934 Elementis
Jul 4 - Jul 8
470
-4
Index 6619.00 ▲ 70.01 +31
Jun 27 - Jul 1
18238
10912 8414 Rentokil
3016.33 ▲ 0.64%
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
GREENE KING
Forestry & Paper
2015
Intl Power
-212
5872.67 ▲ 0.01%
KEY
20-Day Moving Average
30834 18214 Prem Farnell
34
FT ALL-SHARE up 19.12
-18
603 xd
2081 1153 Croda
Costain
-9
37414xd -778
16
505
5789.99 ▲ 0.65%
20 DAY MOVING AVERAGE up 0.73
SPOTLIGHT
400
3518
Chemicals
190
+138
42478 33934 Dairy Crest
Index 7690.71 ▲ 179.25
265
+1
53
+18
Beverages
36412 Britvic
395
+134
3318 1575
29412
44058 378
FTSE-100
5700
540
30814 26234 Morrison W 31414 Sainsbury
FT-SE 100 INDEX up 37.18
5985
Index 4613.14 ▼ 17.76
73078 59114 HSBC Ireland
6080
+538 -1
Banks
FTSE 100 INDEX
5795
193
Closing Indices
5890
6138 3712 Cble&W Comm 39 xd
Index 4097.48 ▲ 24.68
Keep track of all the major share moves of the day with our live FTSE ticker at www.ldpbusiness.co.uk
+6 +78
31434
32334 23034 Hend Smllr Cos 313
285
LondonStockMarketatClose
£121516
£50 Tr 212% ................. £531516
£11512 Tr 8% 13............. £1151932
-132
£114332 £109532 Tr 5% 14.............. £111916
-332
120.94
127.280
127.380
1.77
1.884
1.889
£111332 £105732 Tr 734% 12-15........£10614 £3341132 £30414 Tr 212% IL 16 ...... £3341132
+732
£142316 £1322132 Tr 834% 17 ........... £137532
-532
£147132 £1332732 Tr 8% 21............. £1422532
-516
Norway
krone
8.55
8.923
8.924
Poland
zlotys
4.03
4.574
4.582
Sweden
krona
10.03
10.508
10.518
Switzerland
francs
1.26
1.317
1.318
Turkey
new lira
2.52
2.676
2.686
United States
dollars
1.53
1.613
1.614
War
£8334
£6712 War Ln 312%............£7412
-532
Last night, the pound was worth: $1.6135 (up 0.0112)........... 1.1396 euros (down 0.0013) ...........127.61 yen (up 0.24) ...........Its trade weighted index was 79.20 (up 0.10) Metals in $ per troy ounce: Gold 1601.00 (up 2.00) ......................Silver 40.32 (down 0.01)......................Platinum 1773.00 (up 8.00) ..................... UK base lending rate 0.5%
15
Wednesday, July 20, 2011
LDP business .co.uk London market THE London market regained some of its recent losses yesterday, as banking shares staged a recovery following yesterday’s hammering. Banks were pushed higher by opportunistic buying, after they fell by as much as 7% on Monday in the face of fresh European jitters. This helped the FTSE 100 Index to rise 37.2 points to 5790. The pound was slightly up at 1.14 against the euro as the single currency continued to be dogged by fears over the eurozone debt crisis. Sterling was also up at 1.61 against the dollar. Despite the stock market rebound, gold continued to offer a safe haven after hitting a new record of more than £1,000 an ounce. The equivalent price in US dollars nudged to a new high of $1,610 an ounce. Some of the UK’s biggest banks made gains. Barclays was especially affected due to the importance of its BarCap investment arm. It eased back after a strong start, though shares were still up 4p at 211.6p. Lloyds Banking Group was the biggest riser, lifting 4%, or 1.8p to 43.1p, after being helped by a broker upgrade. Royal Bank of Scotland added 0.1p, to 33.1p, despite its announcement that Nathan Bostock is to vacate his position as head of restructuring. The biggest Footsie risers were Lloyds Banking Group, up 1.8p at 43.1p, Johnson Matthey, ahead 78p at 2016p, Resolution, up 10.2p at 275.2p, and Kazakhmys, ahead 41p, at 1343p. The biggest Footsie fallers were Autonomy Corporation, down 27p at 1703p, Standard Chartered, off 21.5p at 1575p, British American Tobacco, off 30p at 2745p, and British Land, down 6.5p, at 598p.
IN ASSOCIATION WITH
LIVERPOOL’S INVESTMENT SPECIALISTS
market comment
Greecedebt deal‘canbe done’,says minister offinance
A EUROPEAN debt deal is “attainable” at an emergency EU summit this week, Greece’s finance minister said, signalling progress in talks between governments and private bond holders in drawing up a new rescue deal. Evangelos Venizelos also said Greece remained on course to reach a primary budget surplus next year, despite missing key fiscal targets so far in 2011. attacks on countries with very good Greece is enacting major economic macroecenomic data, such as Italy, for reforms alongside an austerity proexample,” he said. “There is no panic, gramme as it grapples with a national this is a very cool-headed and debt topping £298.5bn that have well-organised attack.” brought it to the brink of default. Greece is being kept afloat Leaders of countries that use by £96.6bn in emergency the euro are to attend the loans from other eurozone emergency talks in Brussels on members and the InternatThursday, amid fears the fallional Monetary Fund, but out from Greece’s woes could remains locked out of bond spread to larger European markets by high interest countries. Borrowing costs in rates and will require a eurozone members Italy and second bail-out expected to Spain have risen alarmingly in Email us with involve a similar amount. your views at recent days. “We want a solution that letters@ “Reaching a solution is dailypost.co.uk, makes our national debt susattainable because this solor write to us tainable . . . guarantees PO Box 48, Old ution does not only include Greece’s borrowing needs Hall Street, Greece,” Mr Venizelos said at until in mid-2014 when we Liverpool his central Athens office. foresee our return to the marL69 3EB “At issue is the euro and the kets, and guarantees the resilience of the eurozone. liquidity of Greek banks,” Mr “That is why protection of Greece is Venizelos said. a self-defence mechanism for the euroA new bail-out deal is likely to zone. That will help us avoid a domino involve banks and other Greek bondeffect.” holders making voluntary contribHe described the recent pressure on utions to deferring Athens’s debt payItalian and Spanish borrowing rates ments. But rating agencies have resulting from bets against those counwarned private involvement could tries and the euro by financial specprompt them to further downgrade ulators. Greek credit status to selective default. “(We are witnessing) organised Details of that potential arrange-
What do you think?
Countries in the eurozone are to attend an emergency meeting to discuss the debt crisis in Greece and in other countries ment are being negotiated at talks between European Union officials and private investors in Rome. Mr Venizelos said Greece was hoping to avoid being placed under the selective default rating – an assessment that could plunge Europe’s worsening debt crisis into greater turbulence – and indicated progress had been achieved in Rome. “Our aim is to avoid even a selective default,” he said. “There are proposals that provide an answer to what is sought and at the same time do not permit ratings agen-
cies to issue that rating.” He added: “I believe we will be able . . . to achieve something which will be secure, positive for the viability of the public debt, and will safeguard Greece as a country and the Greek banking system.” Mr Venizelos said Greece had already taken the toughest measures needed to steer the economy back to fiscal health. The Socialist government has faced months of anti-austerity protests, and has seen a recent slump in its popularity.
Log on to www.ldpbusiness.co.uk for regular business new updates
business diary Wednesday, July 20 Companies wanting to find more about the trade mission to China can attend an introductory event on Wednesday at the Hilton hotel, in Liverpool One. The event runs from 10am to 12 noon. The mission aims to
help digital and creative firms take the leap into the potentially lucrative Chinese market. Wednesday, July 20 Liverpool-based Venmore will hold its next property auction in the city today, 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. Venmore says there has been a “high level” of interest in the properties prior to the auction. Wednesday, July 20 The next Fish! networking event is being
held from 5.30-8pm. For more details, contact Joel Jelen at joel@ubiquitypr.co.uk Thursday, July 21 Independent handbags and accessories retailer Glitz N Glamour is holding a fashion show at Maghull Town Hall. The Maghull store is owned by Susan Slater, who has organised the show in aid of Macmillan Cancer Support.
She said she wanted to “heighten the profile of local small businesses who are finding it hard in the present economic climate”. The fashion show starts at 7.30pm and tickets are £2.50 each. Friday, July 22 Liverpool Chamber of Commerce Health and Safety Essentials in 60 really useful minutes The session is designed
to help businesses that employ between five and 100 staff understand what is required of them in terms of health and safety. The session will address how legislation impacts employees and employers. Starts at 9am and is free to chamber members with a £5 fee for non-members. For details, visit
www.liverpool chamber.org.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
16
Wednesday, July 20, 2011
LDP business .co.uk trading gossip ■
WHILE bankers in the City of London enjoy a lavish lifestyle funded by huge bonuses, their colleagues in the provinces are finding the whole business a little less glamorous. You may have read earlier in today’s LDP Business about how Barclays Corporate has backed a St Helens company called The Universal Group, which includes a division called Eventloos.com This supplies toilets to outdoor events and USL supply toilets to construction sites. Barclays has provided a six-figure sum to fund four new executive portable loos. We are curious as to
IN ASSOCIATION WITH
LIVERPOOL’S INVESTMENT SPECIALISTS
the back page
‘I am always the last to leave the kitchen’
working day
Dave Critchley is the head chef at The Noble House, in Brunswick Street, Liverpool. Dave, 28, lives in Childwall 7.30am: It’s the start of a very long day. I get up, make myself a strong coffee, and check if my chef whites are dry. I always wash them the night before, so sometimes I have to put them in the dryer before I get in the shower. In they go.
the difference between a standard portable loo and an executive one. Said Barclays’ Sarah Pickering, above: “After 15 years in the finance industry, this is the first time I have ever been asked to finance toilets.”
■
IN THE spirit of getting your excuses in first, Liverpool Vision is putting the following warning at the foot of its emails: “From July 18, our building will have a new barrier system in place which may cause some delays. Please allow additional time for your meeting.” Will it resemble an East German checkpoint, we wonder?
LDP CREATIVE FOR the latest news from the creative sector
www. ldpcreative. co.uk
8.30am: I arrive at work. The first thing I do is get changed in to my whites and check in with the breakfast chef, who starts at 6.30am. Everything is running smoothly with breakfast, so I start all my routine kitchen checks before sitting down to organise the lunch specials. 9.30am: The meat and fish orders start to come in, so I make sure everything has arrived before I start prepping the food for lunch. 11am: I help the chefs clean down the kitchen before lunch and update The Noble House blackboard with the day’s lunch specials. 12pm: The restaurant is starting to fill up with the local business crowd, so all it’s all hands to the pump. I take charge of plating up the dishes and making sure everything is going out correctly and on time. We take great pride in our food at The Noble House, and immaculate presentation and attention to detail is paramount. 2.30pm: I call the fish supplier, place orders for the next day and see what specialities are available. I try to use locally sourced fish where possible, but it’s nice to have a variety for our customers and the likes of red mullet and Indian Ocean tuna are very popular here. 3pm: I grab something to eat and start writing the evening’s specials. The inspiration for the specials normally comes to me throughout the day, while I’m on the go, so I’m constantly making notes. Next it’s time to start prepping evening specials. 5pm: I add the evening specials to The Noble House blackboard. There is quite a transition between the lunch specials and more complex evening dishes, as the later service attracts customers who want more of a fine dining experience. The evenings are a good chance to showcase our flair and be creative with the food, which is what we do best.
Specialities – Dave Critchley, head chef at The Noble House, in Liverpool, prepares soft herbed goats cheese with vine tomatoes, roast piquillo cream and wild rocket Picture: GARETH JONES 6pm: Customers are starting to arrive, so it’s straight back to work – serving plating, and checking in with the chefs to make sure operations are running smoothly. 9pm: I go around the team and make sure all the orders are in place for the next day. We always like to keep a day ahead of ourselves. 10pm: The diners are starting to leave, so it’s time for the last clean-down of the day. I am always the last person to
leave the kitchen as I need to make sure all the checks are done and everything is organised for the next day. 10.30pm: Time for a cold Peroni. I sit at the bar and reflect on the day’s events. 11.30pm: I get home, grab a quick bite to eat with my girlfriend, who has patiently waited up for me, and take the dog for a quick run before heading to bed.
The Noble House restaurant