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Weekly business supplement from the Liverpool Daily Post

Text of LDP Business 20.04.11


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    DEVELOPER Spencer CommercialProperty faces a material uncer-tainty about its ability to continuetrading, after it failed to refinance its200m bank facilities, LDP Businesscan reveal.The Knowsley-based group breached

    its banking covenants last year asplunging values saw nearly 40mwiped off its property portfolio.It is now trying to renegotiate its

    loan facilities, which expired onDecember 31, 2010.In the auditors report contained in

    accounts filed at Companies House lastweek, auditor Anthony Farnworth, ofDeloitte, said: Should no agreementbe reached with its bankers, the loancould be called in, which would belikely to result in the realisation ofassets below book values.These conditions indicate the exist-

    ence of a material uncertainty whichmay cast significant doubt about thecompanys ability to continue as agoing concern.The accounts, the first for 20

    months, showed a pre-tax loss of 3.5mfor the year to March, 2010.That was caused by a 7.3m charge

    from the cancellation of a 60minterest rate swap which, along withother interest charges, meant 94% ofits 15.7m turnover went on interestpayments.Net assets stood at 2.9m at the year-

    end while creditors due within oneyear reached 193.2m, because of theongoing issue of its bank facilities. Itsportfolio was revalued at 180.1m atthe year-end.Spencers portfolio includes prop-

    erty at Arrowe Commercial Park, in

    Wirral; Link, at Huyton BusinessPark; Nexus, at Knowsley BusinessPark; Sefton Business Park; and Ven-ture Point, in Ellesmere Port.The company remains upbeat about

    its future, with a five-year plan beingdrawn up to make a persuasive casefor refinancing.It said: While the bank continues to

    fund the group at the previous levels,negotiations remain ongoing with thegroups bankers, such that the direct-ors anticipate that new facilities willbe finalised during 2011 appropriate to

    MaterialuncertaintyoverpropertygroupTHE FTSE 100 Indexregained its nerveyesterday and clawedback some of the

    losses suffered after aratings agency down-graded the USs debtforecast.A strong perform-

    ance by mining stockshelped lead the mar-ket up 26.8 points, to5,896.9 .Meanwhile, on Wall

    Street, the Dow JonesIndex industrial aver-age rose 65.16 points,or 0.5%, to close at12,266.75, the Stand-ard & Poors 500 indexrose 7.48, or 0.6%, to1,312.62, and the Nas-daq rose 9.59, or0.4%, to 2,744.97.




    EmpiresEasteropeningALMOST two yearsafter Rapid Hardwaresbathroom businessrelocated from Ren-shaw Street, a newshowroom is preparingto open in the sameunit this weekend.Bathroom Empire is

    expanding from itsMaghull warehouse toa city centre presence.Co-founder and dir-

    ector Stephen Edwardssaid: We try to offersomething a little outof the ordinary.Rapid Hardware

    moved from its long-standing home to theformer GH Lee store.

    [email protected]


    Stephen Edwards atwork preparing the site

    Picture: JAMES MALONEY/jm190411ldpbiz-1

    Grosvenor isback in blackLIVERPOOL One ownerGrosvenor reportsfirst profit since 2007.

    PAGE 2

    Sunny outlookGERMAN solar energyfirm opens south Liv-erpool base.

    PAGE 4

    Barclays dealKENYAN investors buybanks Wavertreecomplex for 10.45m.

    PAGE 6


    When exceptional people cometogether, great things happen.So whenWeightmans andMace & Jones merge to become onerm on 1 May you can expect something special to develop.Weightmans andMace & Jones. Together we are stronger.Find out more

  • 2 Wednesday, April 20, 2011



    The full shortlist of contenders forthe regions most prestigiousawards LDP Business next week

    Log on to

    1 Cains deal with Morrisons2 Developers join NW indies3 RS Clares growth drive4 NewMD for John Lewis5 TJ Hughes owners

    Updatesthroughoutthe day


    Five-yearstrategyis beingdrawn up

    secure the groups fund-ing requirements forthe medium term.The directors con-

    tinue to work on andfinalise a five-year strat-egic plan to be agreedby the bank that willform the basis for thenew facility, the specificcovenants and the repay-ment profile expected.The groups forecast

    and projections, takinginto account reason-ably possible changesin trading perform-ances, show that thegroup should be able tooperate within the levelof the proposed facilit-ies.On the basis of these

    forecasts, the ongoingnegotiations, and aftermaking enquiries, thedirectors have a reason-able expectation thatthe company will haveadequate resources tocontinue in operationalexistence for the fore-seeable future.Former chairman

    Jim Spencer steppeddown from the board inSeptember, after morethan 50 years in charge.It had started as the fam-ily scrap metal businessbefore it focused onproperty in the 1980s.





    LIVERPOOL One owner Grosvenorhas recorded its first profit since 2007,after a swing of more than 600m.The property group, owned by the

    former Liverpool Daily Posts businessperson of the year, the Duke of West-minster, recorded a pre-tax profit of394.8m in 2010, after losses of 235.8min 2009 and 593.9m a year earlier.Grosvenors assets under manage-

    ment are valued at 10.9bn up from10.2bn of which 4.9bn is retail,3.1bn is commercial and 2.9bn res-idential.The company remains pleased with

    Liverpool Ones performance in itssecond full year of trading.It said: Liverpool One continues to

    perform strongly. It is currently 98%let, 51% of tenants are new to Liv-erpool and 20 new retailers opened in2010, including Hugo Boss, Desigual,Habitat, Hollister, Jamies Italian andKuoni.In 2010, retail turnover was up

    16.9% compared to 2009, and over24.6m people visited Liverpool One.Liverpool One is owned by the Gros-

    venor Liverpool Fund, which agreed inprinciple a five-year, 385m refinan-cing with four banks last December well ahead of the existing loan matur-ing in January, 2012.It replaces the original funding

    which was put in place six years ago tocover both the development phase andthe initial period of trading.Grosvenor, which for the first time

    published an environment reviewalongside yesterdays annual report,said it had seen steady growth ofinterest in sustainability frominvestors and tenants.It highlighted an award won by Liv-

    erpool One for a project which con-verts used cooking oil from restaur-ants into fuel to help run the on-sitevehicles.Grosvenor also owns retail proper-

    ties in Basnett Street and Renshaw

    Street, as well as One Park West. Morewidely, Grosvenor benefited partic-ularly from a good performance fromGrosvenor Britain & Ireland, andimproved returns from GrosvenorAsia Pacific.Mark Preston, Grosvenors group

    chief executive, said: We have ambit-ious plans for the future and during2010 we laid the foundations forgrowth over the coming decade. Aftertwo years of mildly negative returns,2010 saw them move in line with thehistoric long term average.

    We remain committed to expansionin Asia, especially China, and to rein-vesting in our core business in Lon-don. We still see threats to a sustainedrecovery, but Grosvenors diversifiedbusiness and financial prudence willstand us in good stead.


    Grosvenors Liverpool One development attracted 24.6m visitors last year Picture: JAMES MALONEY

    FOR News,Sport andBusinesson yourphone


    Text LDPto 67800



    [email protected]

    ROYAL Bank of Scotland chiefexecutive Stephen Hester hadhis controversial 7.7m paypackage rubberstamped bythe Government yesterday, asthe bank insisted it had to paystaff fairly.UK Financial Investments,

    which manages the taxpayers83% stake in RBS, gave itssupport, despite a widespreadbacklash over the deal.Shareholders were asked to

    cast their vote on the part-nationalised banks pay plansat the groups annual meeting

    in Edinburgh. The board wasgrilled by angry shareholdersat the AGM, who fired ques-tions and criticism overbonuses and the lack ofdividends.The bank has been

    embroiled in controversy

    since it emerged last monththat Mr Hester was awardedan additional 4.5m potentialshares windfall on top of his2m annual bonus and 1.2msalary for 2010, which was notoriginally revealed under theProject Merlin agreement

    with the Government to reinin pay.RBS also admitted it paid

    323 code staff those deemedto be in risk-sensitive roles 375m last year, despiteremaining in the red by1.1bn.

  • 3Wednesday, April 20, 2011






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

    Age: 48 Lives: Wilmslow, CheshireHighest educational qualification:degree in hotel and catering admin-istration from the University of SurreyBiggest achievement in business:Developing our own company I takeenormous pride in thatBiggest regret: I dont do regretsBest advice: If you cant measure it,you cant manage itUnfulfilled ambition: To attend thefour tennis grand slams in the sameyear. But Ill never take enough time off


    EARLY in his career, Jeremy Robertslearnt the importance of eventsbeing a great way to drive revenues.Running the independent Chalon

    Court Hotel in St Helens (which laterbecame Hilton St Helens) in the early1990s, he had a great restaurant thatnobody went to.It was an unpromising situation

    and one trade newspapers assess-ment was particularly gloomy: StHelens in Merseyside would not bean instant choice for many hoteloperators looking to open a new-build, four-star hotel in the depth ofa recession.In fact, judging from the dearth of

    national chain hotels here, itwouldnt be a choice at any time.Robertss solution was to open a

    nightclub for over-23s at weekends,primarily targeting the local market,which transformed the hotels oper-ations in its previously quiet period.Today, he brings his 30 years

    experience in the leisure industry tohis roles as commercial director ofrestaurant group Living Ventures which he co-founded with Tim Baconand Dave Hinds and chairman ofthe Albert Dock Tenants BusinessAssociation.Roberts said: When people visit

    Liverpool, especially in the summer,its one of the first places they headfor. It generates enormous amountsof interest and attracting events hereis really important.Through the association and

    through having our own marketingand PR, we are able to present the

    dock as a whole. The organisationwas resurrected last year as aresponse to concerns about the slow-down which traders had begun tofeel in earnest in 2009.Post-2008, there was the potential

    for a slump in confidence, with thecredit crunch and the recession,there was a lot of fear and concern,he said. A lot of that has beenunfounded, partly because of thecatalyst effect of the Capital of Cul-ture year.Our raison detre is to promote

    the dock, what the tenants have tooffer, and to work alongside the man-aging estate company as well as theother partners in the waterside area,including the Echo Arena and BTConvention Centre and the museum,and really present a unitedapproach.Over a warm duck salad at Living

    Ventures Albert Dock restaurant,Gusto, Roberts explained how theprogress made came to the foreearlier this year.The Liverpool Boat Show, which

    was meant to start next week andbring in 300,000 visitors over 10 days,suddenly collapsed. A salvage oper-

    ation was launched, and a smallerevent called Spring on the Water-front will now be held in its place.He said: The importance and

    strength of the links with the city,the ACC and other stakeholders wasshown with the way things werepulled together after the boat show.Spring on the Waterfront is a bit

    of an unknown quantity. It has thepotential to be a great event thatcould be a silver lining, we may havecreated something that is a bit moreinclusive than the boat show.From our experience [at Gusto],

    we had been writing budgets basedon it. Because it happened so late,there was potential for a massivehole in a lot of budgets.The weather will play its part,

    but we are giving ourselves theopportunity to repair that hole.He is enthusiastic that the range of

    attractions at the Albert Dock meansit is well-placed to thrive, with thefootfall and sales figures from theopening months of 2011 offeringencouragement for the rest of theyear.The first couple of months have

    been really positive, said Roberts.Events are important, that thingsare happening at the dock on a reg-ular basis to create somemomentum. That is coming throughin the visitor numbers, everyoneplays their part in that.Theres a great cross-section of

    attractions. You have got culture, atthe Tate, popular culture, at theBeatles Story, even the dock itself.Theres the family element, thenight-time economy, some great barsand brands down here, its hard notto sound like an advert. Otherwise,its just a group of buildings thathave been restored.Culture is also at the heart of the

    success of Living Ventures, which

    today operates 22 sites. Its key brandsare Gusto, which has seven restaur-ants, and Blackhouse, which has six.It is also in the middle of integ-

    rating five restaurants it boughtfrom Heathcotes last year, includingthe Olive Press, in Castle Street,while its portfolio also includes TheRed Door, in West Kirby.It had successfully created and

    exited other brands, including TheLiving Room, which was sold for28m in 2007, and Prohibition, whichwas sold for 2.75m in 2005.Roberts said: Our specialism is in

    building brands people understandbrands. People know what Gustostands for and in the past, with Liv-ing Room in particular, we built thatinto something that was very respec-ted and we were able to move it onand sell it when it was the right timefor us.It is very important that you do

    create the right culture in an organ-isation, as that comes through even-tually.We have been very successful in

    training staff, we insist they aretrained so they know what they aredoing. When people know whatsexpected of them, they perform.Its no coincidence we have won

    Best Waiter at the Liverpool Ambas-sador Awards for the last two years.He added: I like to think in oper-

    ations like ours and the ones aroundus, they are nice places to work.They are not as poorly paid as theyused to be and theres really goodopportunities in this industry.If you are good, you will go far.

    Its such a people industry that if youare good, you will shine. It gives theopportunity to young people as well,its quite an energetic industry.Hard work is always rewarded at

    some point. Roberts, who started offwashing dishes in his fathers hotel

    before going to university to studyhotel and catering administration, isan advocate of promoting fromwithin, because of the benefits ofmaintaining the right culture anddemonstrating to all staff that theycan have a career with the company.He said: If they want to get to the

    top, then they can move around andcreate a career path and progression.We actively promote succession plan-ning so they are lined up to move in.We bought the Heathcotes busi-

    ness recently and that gave us anumber of opportunities. Thosekinds of things create energy andgives a boost, people start to look foropportunities, where they can showus what they can do.Continuity of management is

    highly relevant and very important.Consistency you see it in football,its the best example of it, if a man-ager stays for a while.Only time will tell if hes a Kenny

    Dalglish, but he will get them to alevel. We like to think we employ theKenny Daglishes and we give themthe time to get to the top.His six board members include

    John Branagan, who was the formerhead chef at the Chalon Court Hotel,and one-time restaurant supervisorSue Crimes.One of the great things that I see

    is the development of people, headded.The amount of people we have

    had come through from the shopfloor into management, and even theboard. Sue started with us in about1997 as a restaurant supervisor inChester. She now runs Gusto and ison the board.Shes done that because she

    works hard, is talented and we havegiven her the opportunity. Thats oneof the best things you see in a busi-ness like this.

  • 4 Wednesday, April 20, 2011


    Backingfor zoneextensionproposalTHE chief executive ofLiverpool CommercialDistrict Partnershiphas welcomed calls toinclude the area in thecitys new EnterpriseZone.Responding to com-

    ments from LiverpoolCity Councils chiefexecutive, Ged Fitzger-ald, Paul Rice agreesthat the new zoneshould be extended be-yond Wirral and Liver-pool Waters to includesites such as Pall Malland Old Hall Street.Liverpool CDP is cur-

    rently applying forBusiness ImprovementDistrict status, and MrRice claims such amove would paydividends for the city.He said: It has to be

    good for Liverpool as awhole, meaning itscrucial that an upturnin one part of the cityshould not be mirroredby deterioration else-where.

    From left:Mark Wilke and Frank Schulmann, of Solen Energy, withTMPs director of investment, Mark Basnett




    [email protected]om

    A GERMAN solar energy firm is toopen its second UK base in south Liv-erpool.Solen Energy UK is regarded as one

    of Europes leading solar energygroups and will create eight jobs inSpeke.Solen has been assisted in its move

    to the city, and setting up of newpremises close to Liverpool John Len-non Airport, by inward investmentagency, The Mersey Partnership(TMP).The Liverpool base will offer a full

    turn-key solution for solar energysystems.Solen develops, builds and operates

    solar systems for flat, pitched andarched roof tops.The Governments recently-intro-

    duced feed-in tariff proposals help tomake the good business case for solareven more compelling.The team will be trained by spec-

    ialist Merseyside-based training pro-viders.

    Frank Schulmann, director of SolenEnergy UK, said: We are delighted tobe able to announce that our secondUK branch will be in Liverpool.We are committed to contribute

    our knowledge and experience to theMerseyside region to ensure that Liv-erpool can fulfil its challenging targetsfor the low carbon emissions plan.We will be working with local

    people and intend to stay in the Mer-seyside region to ensure long-termrelationships with our customers,he added.TMP and its partners have ident-

    ified the low-carbon economy as one offour key sectors with potential todeliver sustainable economic growthacross the city region.Chief executive Lorraine Rogers

    said: TMP welcomes Solen EnergyUK to the city region.The company has a proven track

    record for developing business quicklyonce it has become established in anarea.By investing in Liverpool, Solen

    Energy has recognised the opportun-ities available to low-carbon economybusinesses choosing to locate here.

    HES BACK...



    Tickets from 8000 400 0844 847 2332Hospitality from 95.00 + VAT0151 227 5940

    Also starring...Martina NavratilovaRichard KrajicekMartina HingisMansour Bahrami

  • 5Wednesday, April 20, 2011

    Energyexperttakes PMto taskA BOOTLE environ-mental expert has writ-ten to Prime MinisterDavid Cameron accus-ing him of pursuing ananti-renewablesagenda and renegingon a promise made byBusiness SecretaryVince Cable.David Hunt, a dir-

    ector of renewableenergy company EcoEnvironments, haswritten of his graveconcern over therecently announcedreview of tariffs forsolar energy which cutpreviously announcedsubsidies.Mr Hunt said: The

    proposals will effect-ively sacrifice the UKsflourishing solarindustry.The Coalition said it

    would encourage com-munity-owned renew-able energy schemeswhere local peoplebenefit from the powerproduced.Indeed, Vince Cable

    told me personally atan event in Liverpoolthat the Government isfully committed toFeed-in Tariffs.He added: We have,

    therefore, been shockedby these proposalswhich will once againleave the UKs solarindustry lagging farbehind other coun-tries.Eco Environments is

    a 1.3m turnover busi-ness with 20 staff infive offices, includingBootle, Darlington,Penrith, Manchesterand Tamworth.

    KeyroleforHopeUniversityin3.2mresearchprojectLIVERPOOL Hope Universityis part of a 3.2m researchproject into developing fuelcells to improve living stand-ards in rural India.The universitys Centre for

    International and Develop-ment Education will workwith the Universities of Not-tingham, Birmingham,Leicester, Manchester Metro-

    politan University and theIndian Institute of Science onthe joint project, titled RuralHybrid Energy EnterpriseSystems.The research is funded by

    the Engineering and PhysicalSciences Research Council UKand the Indian Department ofScience and Technology.Prof Chris Atkin, director

    of graduate studies andresearch at Hope, said: To bepart of a successful multi-mil-lion pound research projectfunded by one of the UKsmajor research councils isjust the best news.The award of such a large

    grant shows just how confid-ent the research council is inour research team. This is just

    a fantastic achievement for allthose involved.The partners will carry out

    research into small -scaleenergy generation systems inrural areas that can be adap-ted for local needs in the UKand India to enable communit-ies to tackle energy poverty,increase revenue generationand create new opportunities.

    Hope will be involved inworking on communityengagement, includingexamining needs among UKpensioners and Indian com-munities for certain require-ments such as cooking,domestic lighting, transportand heating and energy needsfor agricultural purposes inboth countries.





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

    [email protected]

    Methelpsmotorbikemechanicsshift intotopgearWIRRAL Met Collegeand Southport accidentclaims companyPlantec have achieved atraining first.Three Plantec motor-

    cycle mechanicsreceived Master Tech-nician grading of theAutomotive TechnicianAccreditation (ATA) atthe colleges Motor-cycle TechnologyCentre.This is the first time

    an independent organ-isation, rather than amotorbike manufac-turer, has been awar-ded this qualification.Wirral Met engineer-

    ing curriculum leaderDawn Pierce said:Their training at thecollege to bring themto Master Techniciangrade puts them at thetop of their field, andwe are proud to havetaken them to thislevel.She said it was import-

    ant that their skillsand knowledge on therepair of motorcycles,after they had been in-volved in road accid-ents, was impeccable.

    PHARMACEUTICALS group Novartis hasreported a strong start to the year.The Swiss-based business, which employs

    approximately 700 staff at its Speke plant,provided a trading update covering the firstquarter that revealed improved sales growthof 16% during the three months of around8.75bn, after conversion from US dollars.However, it said the 4% growth in operating

    income of 2.5bn was impacted by the absenceof sales of its H1N1 swine flu pandemic fluvaccines last year, which have not been rep-licated this year.Novartis said sales in its vaccines and diag-

    nostics division were down by 73% when com-pared with the 687m of H1N1 revenues lastyear, which resulted in the operation turningin a small loss.The report showed that, excluding the H1N1

    effect, sales for vaccines and diagnostics wereahead by 43%.Free cash flow for the Basel-based group

    stood at 1bn in the period.The latest update also revealed that the

    group has received approval to use Aflunov, itsinfluenza vaccine to help prevent avian flu(H5N1), in the European Union.Novartis chief executive, Joseph Jimenez,

    said: Contributions from all businesses led toa good start in 2011, as we achieved 14%growth (on constant currency conversionrates) in the first quarter.The Novartis plant, on Speke Boulevard,

    produces conventional flu vaccines which areinvariably exported to the North Americanmarket.A swine flu pandemic, declared by the World

    Health Organisation, in June, 2009, sparked ascramble for a vaccine among the worldsmajor drugs companies.Novartis produced its version at several

    European locations, including Speke, provid-ing supplies for several governments.

    FOR the latestnews from thecreative sector


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  • 6 Wednesday, April 20, 2011









    The Barclaycard call centre, in Wavertree Technology Park

    PROPERTY firm King Sturge and residentialdevelopment One Park West have signed apresenting sponsor agreement with NorthernVision for this years Liverpool InternationalTennis Tournament.One Park West owner Grosvenor will use

    the sponsorship package as a marketing toolfor the scheme.King Sturge is the agency marketing the 326

    apartments close to Liverpool One.King Sturge partner Martyn Green said:

    When we looked at the sponsorship package,we felt it fitted the brand perfectly and being alocal event appealed to our target market.Dan Symonds, of Grosvenor, added: It was

    apparent that One Park West and the Liv-erpool International Tennis Tournament hadsimilar clients, and it made sense to joinforces.We are impressed by the growth of the

    tournament and are pleased to be a part of it.

    [email protected]

    ONE of Liverpools best-known businessmenhas been appointedchief executive of inter-national managementcompany, Congrex.David Wade-Smith

    replaces current Con-grex CEO Dr LaythBunni.Along with his

    brother, Robert, MrWade-Smith was afounder of the iconicWade Smith retailempire.He also founded

    smart card companyLivesmart, where heretains an interest, andwas former chairmanof Liverpool Chamberof Commerce.He will also continue

    his role as businessadvisor to the cabinetat Liverpool City Coun-cil.Congrex organises

    conferences, meetingsand events for compan-ies and organisations.

    New rolefor storefounder

    AN OFFICE building in Liv-erpool, housing 1,200 bankworkers, has changed handsin a deal worth 10.45m.The building, in Wavertree

    Technology Park, is occupiedby the Barclaycard division ofbanking giant Barclays.The Mountgrange Jeeves

    Fund has sold the site to theKenyan-based Sameer Group.The 94,000 sq ft office has 12

    years remaining on its leaseand is home to Barclays per-sonal telephone banking andBarclaycard operations.The bank has occupied the

    premises since 1988 and it isone of the largest call centresin its portfolio.The purchase by the

    Nairobi-based investorsreflects a net yield of 7.75%.

    Sameer was advised on thedeal by the North West CapitalMarkets team at CB RichardEllis.Robin Jones, senior sur-

    veyor in the team, said:Although the UK is feelingthe effects of the recession andGovernment cutbacks, thisdeal highlights that the UK,and the North West in partic-ular, are still attractive targetsfor international investors.In February, Barclays

    announced that the jobs ofaround 200 workers at theWavertree site would be trans-ferred overseas.Barclaycard said it would

    attempt to redeploy as manypeople as possible within theWavertree site or at its base inKirkby.The company said it pro-

    posed to move customer ser-vice work from the sites in anefficiency drive.

    From left, Martyn Green, Dan Symonds andAnders Borg, of Northern Vision

    Iris ZhangUniversity of LiverpoolStudent

    Nairobi from 391 rtn

    Miami from 418 rtn

    Seoul from 450 rtn

  • 7Wednesday, April 20, 2011



    PointersfromBarclaysexpertLIVERPOOL saversshould see some relief,as interest rates finallystart to head north.Henk Potts, equity

    strategist for BarclaysWealth, provided anoverview of the chal-lenges and opportunit-ies in markets over thecoming year to approx-imately 100 clients atthe citys Walker ArtGallery last night.Although the global

    economy will continueto recover, he expectsthe US to lead Europeand the UK due to thesevere fiscal tighten-ing taking place here.

    And while he fore-casts just 2% growthfor the UK next year, hepredicts the Bank ofEngland will raiseinterest rates by aquarter per cent nextmonth, with two morehikes later this year.There is a slightly

    better picture emergingfor savers, as ratesstart to go a little bithigher, but in historicalstandards they willremain relatively low.He sees equities as

    the best bet for invest-ment, aided by astrong bounce back incorporate profits.But he added: We

    are also positive aboutsterling and expect it toreach $1.82 and 1.25euros over the next 12months.

    Face-to-facenetworkingcanstill trumponlinecommunication

    HOUSEBUILDER Redrow is predictingsignificant progress this year, des-pite announcing its intention in a trad-ing update to pull out of its operationscovering Scotland.The Ewloe business, headed by Liv-

    erpool entrepreneur Steve Morgan,has reported improved sales activityfor the period from January 1 to April17.It revealed that net private reser-

    vations for the year so far haveincreased by 2%, at 1,819 properties,

    compared with 1,778 in 2010. Mean-while, the order book showed a 6%improvement at 139m and, althoughthe business endured a slow first half,it anticipates legal completions to bemarginally ahead of their level in theprevious year.And while house prices have been

    stable, Redrow has reported anincrease in its average selling price,driven by the Steve Morgan-inspiredshift to its New Heritage Collection ofhouses which is aimed at young fam-ilies.This will help the group in its aim to

    improve margins, coupled by its recentstrategy of focusing on the lucrative

    London and South East regions.However, this has contributed to a

    rise in net debt, from 52m last year to80m, as the group increased invest-ments in land for development.It has also involved a review of

    group strategy which has concludedthat the returns on its Scottish oper-ations are insufficient to warrant con-tinuation, so the business will beoffered for sale.The statement concluded: Although

    the economic outlook remains uncer-tain, we have been encouraged by theperformance of the groups New Her-itage Collection.Sales per outlet are at the top end

    of industry comparables and reserva-tions since the beginning of Januaryare encouragingly ahead of last year.We expect this years results to

    show further significant progress.Liverpool stockbroker Panmure

    Gordon welcomed the fairly positiveupdate and maintained its hold callon its stock.Analysts Mark Hughes and Rachael

    Waring said: Sales rates are aheadyear-on-year, while cancellation ratesand underlying prices are stable.We are encouraged that the recov-

    ery story continues, but believe theshares are fairly valued at currentlevels.







    CRUISE ships dominate the sprawl-ing waterfront of the most famouscity in Americas sunshine state.With good reason, Miami is firmly

    established as the cruise capital ofthe world.Ships arriving and departing there

    barely turn heads. In some cities, itis trains and buses that arrive likebananas (in bunches). Off SouthBeach, its multi-million dollarliners. Recently, though, one cruisedeparture did stir more than passinginterest ashore. On board were two ofBritains most successful entrepren-eurs.And theirs was no millionaires

    cruise to a hideaway retreat.Quite the opposite, as Sir Richard

    Branson and Sir Ronald Cohenjoined forces to provide the headlinedouble act at a major conference for

    entrepreneurs. While front-of-houseprofile and awareness-raising hasbeen at the heart of the Virgintycoons success, Sir Ronalds suc-cessful development of theprivate equity firm, Apax,has taken a less limelight-lit route.Despite their different

    styles, the pair providedsufficient incentive for del-egates to clamour for theinvitation-only $3,000 aticket places on board.The event was the latest

    from the Summit Series, an organ-isation set up by four friends in theUS who say they have identified the

    value to be derived from bringingpeople together in an era increas-ingly dominated by online com-munication.

    In a sound bite thatwould not be out of place ina spin doctors little blackbook, one of the organisersopined: The idea is thatthere is a voice for youngthought leaders, entrepren-eurs and people who movethe needle.Strip away the layers of

    spin, and a meaningful anduseful purpose emerges.Weigh up the fact that your aud-

    ience of needle movers is effectively

    captive on board a bobbing shipheading for the Caribbean, and youbegin to get some idea of the poten-tial for those who made it up thegangway to both learn and teach.Whats especially fascinating is the

    promoters assertion that good,old-fashioned look em in the eyecommunication can still trump allmanner of web-based efforts tospread ideas and intellect.Its a good example of old and new

    ideas being brought together. Asmart move by those involved, andrich pickings for those on board.


    Supermarketgiantgives500toMerseysidehospiceSAINSBURYS in Liverpoolscentral business district isgiving 500 to MerseysideChildrens hospice, ClaireHouse.The cash, donated by the

    Old Hall Street store, will gotowards the cost of a charityfundraising event.The stores charity co-ord-

    inator, Geo Harris, said:Im very happy Sainsburyshas offered this grant itwill help Claire Houseaccommodate its childrenwith new and improvedfacilities and equipment.It sounds clichd, but I

    really do want to make a dif-ference and this grant willdo just that.Being a part of Sains-

    burys, Im able to create apositive outlook on charityand awareness to the com-munity. When we heardabout Claire House Chil-dren's Hospice, we werereally pleased to be able tohelp out.Ms Harris and staff at the

    store raised thousands ofpounds for the charity lastyear. They organised a seriesof events, including one tocoincide with last summersWorld Cup, and Ms Harrisalso took part in a charityabseil. From left, Geo Harris, from Sainsburys Local, with Claire Bear and Tony Langan, a volunteer at Claire House

    [email protected]

    MATT JOHNSON is chairman ofMando Group

    Henk Potts

  • 8 Wednesday, April 20, 2011

    Britainmustdomoretoattractforeign investors

    LFC deal boost to Boston linksCouldLiverpoolFCstakeoverbyaBostongroupboostthecitystradewithNewEngland?AlistairHoughton reports

    Boston, the capital ofMassachusetts, hopes to attractmore investment fromLiverpool

    LDPbusiness .co.ukLDPbusiness

    FENWAY Sports Group (FSG) may be themost high-profile Boston business toinvest in Liverpool, but it looks as thoughit wont be the last.Liverpool has a long history of trade

    with the US, and has long celebrated itslinks to New York.But the city now boasts a new transat-

    lantic connection thanks to Boston RedSox owner Fenway, which bought Liver-pool FC in October.That connection inspired the UKs con-

    sulate in Boston, Massachusetts, toorganise a trade mission to Liverpool lastweek a mission which will be recip-rocated later this year.With Liverpools profile in Boston on

    the up, UK Trade and Investment believesthe time is right for businesses in NewEngland and Merseyside to reach out toeach other. Last weeks small trade mis-sion was, it hopes, just the start.The six-strong delegation included

    Mike Cavaretta, a video games industrylawyer, Rick McKenna, president andchief executive of Boston marketingagency WCM Partners, Panos Panay,founder of music industry website Son-icBids, and two academics from BostonsNortheastern University.Their visit included trips to Liverpool

    Science Park, the University of Liverpool,Liverpool John Moores University, a net-working event at Liverpool Chamber ofCommerce and a creative industries sem-inar at law firm DWF.The Boston delegates also saw how Liv-

    erpool can play as well as work. As soonas they arrived in the city, they werewhisked to the Grand National at Ain-tree. They were also given a tour of thecity and went to Anfield to watch Liv-erpool FC take on Manchester City.Sports fan Mr Cavaretta agreed that

    the timing of the trade mission wasimpeccable.He said: With FSGs investment in

    Liverpool FC, were going to see a lotmore Bostonians coming to Liverpool andLiverpudlians coming to Boston justbecause of that.FSG has a TV network in Boston the

    New England Sports Network. Theyvestarted showing Liverpool FC gamesthere.My prediction is that were

    going to have a lot more Liv-erpool FC fans in the Bostonarea in the next few years.Thats going to create opportun-ities.Tourism is very big here.

    Youre going to get a bunch ofBostonians coming here to seeLiverpool games. As a naturalconsequence of that, more busi-ness will be transacted between the twocities.Mr Cavaretta, game developer attorney

    at law firm Morse Barnes-BrownPendleton, founded video games tradebody New England Games SpecialInterest Group.He said the visit opened his eyes to

    potential opportunities for his clients andfriends in the New England video gamingsector.It was exciting, incredibly useful and

    eye-opening, he said. I have met a lot ofcontacts that I think will be very useful tosome of my clients back home.I have made some relationships that

    would be useful in perhaps bringing someLiverpool-based people to Boston.I work with lots of early-stage tech-

    nology companies, especially in interact-ive entertainment and gaming.I can see a lot of opportunities for

    games companies here to work withgames companies over there.Mr Cavaretta believes that Liverpool

    and Boston, both proud port cit-ies, are closely aligned cultur-ally.He said: Theres a strong

    heritage here based on the citysworking-class roots, whichpeople here are very proud ofand which put them in a reallygood position for future success.We have the same feeling inBoston as well.

    At the same time, like Boston, theresa very strong history here of inter-national trade and finance.Theres a lot of cultural similarities

    between the two.I can see there being a lot of cross-pol-

    lination between the two cities in thefuture.Mr Cavaretta said he was impressed by

    Liverpool Science Park, and said thebuilding could be an ideal home for NewEngland investors.

    Its very exciting seeing the thingstheyre doing there, he said.They had some incentives there for

    international companies to come andestablish a presence there.I have a couple of clients particularly

    who I know will be interested in that gaming clients. Theyre expanding inareas that would be of particular interestto English and Continental Europeanfolks.It would really make sense for them to

    establish a presence here, to take advant-age of the proximity and the local talentto help them properly address these mar-kets. I plan to tell them about the oppor-tunities there.Its similar to what we have in Boston

    at the Cambridge Innovation Centre itsin the same building as UKTI. That couldbe a good resource for Liverpool-basedcompanies looking to establish a presencein Boston.Jane Ollerhead, of the British consul-

    ate in Boston, said the visit had beenaction-packed.The Liverpool trade mission was

    organised, she said, following Massachus-etts governor Deval Patricks visit to theUK in March.We were inspired by the announce-

    ment of the Fenway Sports investment inLiverpool FC, she said.Also, Boston and Liverpool have such

    a lot in common.We were really encouraged by the

    BRITAIN has for manyyears prided itself onhow it has consistentlysucceeded in winningmuch more than its fairshare of foreign directinvestment, compared tomost other countries inthe world.The only place that has

    traditionally attractedmore investment dollarsis the US.But the recession, com-

    bined with changes to thetax regime in the latteryears of Gordon Brownstenures as Prime Minis-ter and Chancellor,appears to have changedthat.China now attracts

    more inward investmentthan Britain, and manyother nations are seen bysome in business to bemore attractive.At least thats the gist

    of a report published bythe Confederation of Brit-ish Industry yesterday,which called on the Gov-ernment to bolster theUKs attractiveness toinvestors. The businessleaders organisationwarned that, withoutaction, Britain would loseinvestment and jobs.Do we really believe

    this? At one level, thefacts would seem to speakfor themselves. Foreigninvestment in the UK fellsignificantly during theglobal recession from$186.4bn in 2007 to$45.7bn in 2009.As well as high taxes,

    the CBI identifies themain obstacles to foreigninvestment as red tape,poor infrastructure and alack of skills in science,technology, engineeringand mathematics.On the other hand,

    though, there are plentyof factors that work inBritains favour. The Eng-lish language being top ofthe list. As well as that,the current governmentset its own direction atthe time of the lastBudget: the Budget forgrowth, as it was called.As well as cutting corpor-ation taxes, there hasbeen a clear commitmentto cutting the top 50p rateof tax.While foreign direct

    investment makes a dif-ference to UK prosperity

    and jobs, the fact is thebulk of future growthwill come from enterpris-ing people starting theirown businesses. It is tosupport these people thatwe need to make thechanges the CBI are call-ing for.

    WHEN the Liberal Demo-crats won control of Liv-erpool City Council fromFrank PrendergastsLabour-led local adminis-tration in 1998, therewas considerable celeb-ration among local busi-ness leaders.That was 13 years ago,

    and despite the fact thatTony Blairs New Labourproject was in full swingnationally, the feeling inthis city was the localLabour Party remainedan obstacle to inwardinvestment and businessconfidence.For years after the 1998

    elections, the citys busi-ness community andcommentators opinedhow the switch in controlto a business-friendlyadministration was a bigfactor in encouragingregeneration.So it is surprising to

    see the degree to whichthe Lib-Dems in Liver-pool have imploded.Apparently, their ranksare so thin that the partyis unable to find suf-ficient real candidates tostand at the forthcominglocal elections, resultingin the use of a paper can-didate in the form of War-ren Bradleys son.What does it all mean

    for the citys economy?Does it matter that theparty once lauded as bestfor Liverpool businesshas little or no chance ofwinning a majority nextmonth?Council leader Joe

    Anderson has made somegestures to improveLabours standing withbusiness, includingappointing DavidWade-Smith as anadvisor to his cabinet.Arguably, as long as we

    avoid any outright con-flict with central govern-ment, it may not matterwhich party runs thecouncil, as long as thecity is seen to be well-governed.



  • 9Wednesday, April 20, 2011

    LFC deal boost to Boston links

    Trade mission building onUKs Massachusetts links

    Members of the Boston delegation, including Mike Cavaretta,far right, inspect Fenway Sports Groups Anfield investment

    the big featureINASSOCIATIONWITH





    announcement that Liverpool hadbecome one of 21 Enterprise Zones namedby the Government.We were really keen to find oppor-

    tunities for Boston businesses to invest inLiverpool.The pillars that drive Liverpool are

    similar to Boston. Technology, health-care, the creative industries its thesame as Massachusetts.The governor came here last month

    were hot on the heels of that.Its been a first, exploratory mission.

    The good news is that our del-egates had some great conver-sations, and met some reallygood business partners.The people of Liverpool

    exceeded our expectations. Itwas a really vibrant place toshow our delegation.Liverpool Chamber is now

    working with the British consul-ate in Boston, as well as with theGreater Boston Chamber of Commerce, toplan a return visit to Boston later thisyear.Jenny Stewart, the chambers head of

    client services, said the mission hadopened the Bostonians eyes to the oppor-tunities available in the North West.She said: A number of them had a

    certain view about Liverpool, that it wasa tired city. They got the shock of theirlives when they got here and found it wasalive and buzzing.

    The city looked wonderful. It was apleasure to meet people who wanted to dobusiness. They left with the impressionthat they could do business here.One of the most important contacts

    we made was WCM Partners, a marketingagency from the States that wants to opena Liverpool office.They dont necessarily want to be a

    full-service agency in Liverpool, but theywant to think about how they can helpbusinesses work in the States.Mike Taylor, deputy chief executive of

    regeneration agency LiverpoolVision, said Liverpool had beenworking with Boston since 2005,when a Mersey delegation vis-ited Massachusetts. But theFSG deal, he said, could onlyhelp to further cement linksbetween the cities.He said: Our guests from

    Boston left with a very positiveimpression of Liverpool, both of

    its look and feel and its business land-scape.There was a strong interest from them

    in our creative, digital and music sectors,key growth areas in Liverpool.We were also able to impress upon

    them where trading and investmentopportunities lie, and where we can learnfrom each other, and this trip was just thelatest for a relationship that will continueto grow and flourish, especially with thearrival of FSG in Liverpool.

    LIVERPOOL may be growing itslinks with Boston, Massachu-setts, but the business linksbetween the UK and the NewEngland state are alreadystrong.According to the US Bureau

    of Economic Analysis, morethan 40,000 Massachusetts res-idents go to work each day fora British company.The same research shows

    that US citizens working for UKfirms earn, on average, over40% higher compensation thanthe average US householdincome.There are more than 210 sub-

    sidiaries of British firms in Mas-sachusetts, particularly concen-trated in banking, hi-tech, lifesciences, and manufacturing.Meanwhile, 253 Massachu-

    setts-based companies haveoperations in the UK.

    The UK is the largest marketfor Massachusetts exports.Some 17% of Massachusettssexports are sold to the UK,primarily metals, chemicals,computers/electronics, andmachinery.Governor Deval Patrick, of

    Massachusetts, visited Londonand Cambridge last month aspart of the states ongoing bidto attract more hi-tech invest-ment.He said: Massachusetts is an

    unparalleled leader in theglobal economy and a trail-blazer for the nation.To continue to compete on

    an international level andcreate new jobs here at home,wemust look outward to newmarkets, and position Mas-sachusetts as the North Amer-ican destination for businessgrowth,.



    ICE-CREAMmakerFredericks Dairiesmaintained its strongperformance as it con-tinued to shrug off thedampening effect ofanother relatively wetBritish summer.The Skelmersdale

    firm manufacturesprivate label ice cream,has exclusive rights tomanufacture and sup-ply Cadbury, Del Monteand Tate & Lyleice-cream, and alsoproduces the Freder-icks, Antonios andAntonio Federicibrands.Pre-tax profits were

    flat, at 2.66m, whilesales rose 1.6% to39.2m in the year toAugust, 2010.Although employee

    numbers dropped byabout 10 to 190, staffcosts rose 10% to7.32m. The two direct-ors brothers FrankFrederick and PhilipFrederick, the grand-sons of founder Ant-onio Frederici onceagain split 960,000,with the highest paidreceiving 580,000,while no dividend waspaid.In accounts filed at

    Companies House, thedirectors said: Thebusiness has success-fully negotiated fourconsecutive and nowtypically wet Britishsummers with improv-ing performance yearon year.Through improved

    procedures and tightstock management, thefiresales that were typ-ical of previous yearshavent been required.Moreover, more

    accurate planning hasallowed a better match-ing of production tosales, thus minimisingstock holding costs.Despite the stable

    performance overall,the company sawmarked variationwithin its ranges.Specifically, new

    product development inchild lollies hasincreased market shareto 10% with growth of133%, it added.However, due to the

    huge trading of theMagnum brand by Uni-lever, Cadbury stickssuffered a 20% declineyear on year during thesummer.


    Ice creamfirms mixremainsconsistent

  • 10 Wednesday, April 20, 2011

    Fashion chainto restructuredivisionsCLOTHING retailer Gaphas announced it iscombining itsinternational divisionsinto one leadershipstructure, being runout of the UK.The division will be

    led by current presid-ent of internationalStephen Sunnucks.Gap also revealedplans to take its OldNavy brand internat-ional in 2012, startingwith Japan.

    Beer companyin volume riseTHE maker of beersincluding Peroni andGrolsch reported a 3%rise in beer volumesin the first threemonths of 2011.London-based

    brewer SABMillersaid underlying beervolumes for its fullyear throughMarchwere up 2%, whileprice rises pushed itsannual revenues 5%higher.

    Profits surgeTOYS and gamesdesigner CharacterGroup reported a 78%surge in pre-taxprofits to 6.6m in thesix months to the endof February.The NewMalden,

    Surrey-based com-pany, which includesDoctor Who figurinesamong its products,saw revenues rise35% to 58.1m in thesame period.

    Sharp fallWHITEBOARDmakerPromethean Worldreported a sharp fallin revenues to 41.9min the three monthsto the end of Marchfrom 53.9m.The group said

    first-quarter interact-ive display systemrevenues were 36.6mand learner responsesystem revenueswere 5.3m.

    briefing Caterers looktomanagethesoaringcostoffood

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

    Were reluctant to pass on rising costs to our clients top chefs and Pickled Walnut founders JamieAnderson, left, and Mark Kershaw







    SPRING and summer is traditionally abumper time for the catering sector. Itis the time when many people chooseto get married, and also when a wholehost of outdoor events are held.However, the sector is facing a tough

    challenge as wholesale food prices con-tinue to rise, the VAT hike starts tobite and firms cut back on entertain-ing, amid grim economic conditions.In what is a hugely competitive mar-

    ket, caterers are reluctant to pass onextra costs to customers.Wirral-based Pickled Walnut

    acknowledges the dilemma theindustry faces.The company is run by two chefs

    Jamie Anderson and Mark Kershaw.Jamie was trained by Michelin Starredchefs and worked at a variety of hotelsand restaurants across Europe including circus troupe Cirque deSoleil.The business has achieved a number

    of successes, since launching in 2005 including being awarded Small Busi-ness of the Year in 2007 and YoungBusiness Entrepreneur in 2009. Theyhave also had the privilege of cateringfor the likes of Gordon Brown, PrinceCharles and tennis champions MartinaHingis and Goran Ivanisevic.It has catered for events including

    the Liverpool International TennisTournament, Manchester Masters andNottingham Masters.It has worked in Liverpools

    best-known venues, including StGeorges Hall and the Sefton ParkPalm House.Jamie said: Increased costs have

    definitely impacted on the business,but we are reluctant to pass them on toour clients.Also, a lot of our events are planned

    12 months in advance, so we are oftenalready working to an agreed price.The ratio between private and cor-

    porate clients is around 50/50, and wewould like to keep it that way we donot want to put all our eggs into onebasket. We can cater for a buffet lunchfor six right up to a dinner for 2,000people.What we are finding is that because

    of the public sector cuts, the number ofcivic functions is falling and corporateclients are pushing us harder on price.We are also seeing people invite

    fewer guests to their wedding wherethey might have invited 150, now theymay cut that to 100.However, despite the tough climate,

    the business is continuing to do well so well, that Jamie and Mark canafford to turn work down if the price isnot right.We were asked to cater at the Liv-

    erpool International Tennis Tourna-ment again this year, but we turned itdown because the margin was notthere for us, added Jamie.June is a premium time for us, so

    wed have no trouble filling the dateanyway. We dont want to risk thebrand by coming too far down onprice.Pickled Walnut employs 15 full-time

    staff and may take on up to 200 morefor large events.Jamie says the firm has ambitions

    to get into the contract catering mar-

    ket for big football clubs, but insistsquality will always be at the forefront.He added: The rules in this busi-

    ness are very tight and they are get-ting tighter all the time.There are quite a few cowboy oper-

    ators out there they are often notinsured and dont provide the qualityor safety that we do.We are two chefs and that is our

    selling point.Liverpool city centre-based Bean

    Coffee is also working hard to avoidpassing on its rising wholesale costs toits customers.The business owned by Jon Whyte

    and Vip Bhatt operates two coffeeshops at Brunswick Business Parkand Princes Dock.

    It also runs a successful cateringoperation, but Jon admits managingrising costs is a challenge.He said: We are seeing increases in

    the costs of things like bread and milkbut we are trying not to pass thosecosts on.The corporate market is tough at

    the moment. The public sector is notspending as much as it used to.We still cater for meetings, but we

    find clients are becoming a little bitmore frugal ordering less per personthan they might have done previously.We want to make sure we offer

    value, but at the same time we do notwant to compromise on quality.Some products pine nuts at the

    moment, for example have become

    too expensive. We are always review-ing that kid of thing.However, despite the economic

    environment, Jon insists the cateringside of the business is growing, record-ing year-on-year growth.We have only been trading for two

    years so we are at an early stage ofdevelopment, he said.We have traded through a recession

    so we have only ever really known anegative trading environment.Liverpools Willow Catering has

    been run by founder Phil Brown for 28years. Its speciality is mobile catering vans selling food at major eventsincluding football matches, race meet-ings and concerts.Willow operates all over the country.The company has also set up, a servicefor people who want something a bitdifferent for their wedding guests. Wil-low will turn up at the reception witha van selling fish and chips or burgers,or even ice creams.Phils son, Thomas Brown, says the

    concept is growing in popularity.People love it and we have done a

    number of weddings including for afew footballers. We will do whateverpeople ask for.Thomas says, thanks to Willows

    hard-won reputation, business is goingwell, but he admits rising costs are achallenge.Food and oil have gone up, he

    added. We havent raised our pricesyet, but we may have to look at it.

    [email protected]om

    Building Trade



    5 Day Turnaround

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


  • 11Wednesday, April 20, 2011


    Tescos profits rose 2.3%, to 3.8bn, in the year to FebruaryPicture: ALI WAGGIE

    Bankswereletoff lightlyonlending,sayMPs

    UKCoalrecords100mloss Firmintalks

    THE Government did notdo enough to punish tax-payer-backed banks whenthey failed to hit targetsfor lending to small busi-nesses, MPs said today.The Treasury lacked

    effective sanctions againstRoyal Bank of Scotlandand Lloyds when businesslending fell short by 30bn,a report from the Public

    Accounts Committee(PAC) revealed.The Treasury looked at

    various sanctions butdecided each had a down-side which outweighed thebenefits, the report said.The PAC said this wasnot satisfactory and thedepartment should con-sider appropriate sanc-tions.

    The PAC report waslooking at the TreasurysAsset Protection Scheme,launched in January, 2009,to protect RBS and Lloyds,which are 84% and 43%taxpayer-owned followingmassive state bail-outs inthe financial crisis.Margaret Hodge MP,

    chair of the PAC, said thescheme helped restore

    confidence and maintainfinancial stability andTreasury staff should becommended.But she added there

    were areas for concern.Ms Hodge said: The

    Treasury appears to lackstrong determination touse its influence toincrease lending to smallbusinesses.

    We expect it to findeffective mechanisms toensure the banks meettheir lending commit-ments.RBS had a target of

    16bn of business lendingbetween March 1, 2009,and February 28, 2010, butit received repayments of6.2bn, missing its targetby 22bn.

    THE UKs biggest coal pro-ducer has admitted todeep-rooted problemsafter it recorded losses ofmore than 100m for thesecond year in a row.Doncaster-based UK

    Coal, which has three deep

    mines in the Midlands andYorkshire and employsnearly 3,000 people, hasalready taken someimmediate and difficultsteps to improve perform-ance, while it works on afull strategic plan that it

    hopes will identify a viablebusiness model.In a stark assessment of

    the business, new chair-man Jonson Cox said pro-duction levels were consist-ently short of expectations,while costs have grown.

    THE owner of the UKs biggest natur-ist holiday operator today confirmedit was in takeover talks followingrumours of a bid approach valuingthe firm at 40m.Travelzest owns nudist firm Peng

    Travel, as well as luxury brands suchas Best of Morocco.

    SUPERMARKET giant Tescoadmitted yesterday that it mustdo better in the UK, after miss-ing growth targets and seeingsales fall on a year ago.The retail giant promised new

    products and services after reveal-ing a 0.7% drop in fourth-quarterUK like-for-like sales, excludingVAT and fuel.Its fast-growing Asian business

    helped offset a tough domesticmarket, with Tesco reportinganother year of record underlyingprofits up 12.3% to 3.8bn in theyear to February 26.But new boss Philip Clarke said

    the UK performance was not goodenough as it failed to keep up withrivals in areas such as clothingand electricals.We didnt achieve our planned

    growth in the year, and this wasonly partly attributable to thedeterioration in the consumerenvironment during the secondhalf, the group said.We can do better and we are

    taking action in key areas forexample, to drive a faster rate ofproduct innovation and toimprove the sharpness of ourcommunication to customers.The sales results mark a tough

    debut for the new chief executive,who took over from Sir Terry

    Leahy last month. Thefourth-quarter sales fall marksthe first such dip into negativeterritory for nearly two years.It last saw sales excluding VAT

    in the red during the secondquarter of the 2009/2010 financialyear, when the UK was in themiddle of recession.Mr Clarke vowed to up Tescos

    game as part of a six-point planfor the year ahead.He said the group would have to

    tap into a trend for far more cau-tious consumer spending.He said: Customers are look-

    ing for value, theyre looking toadjust to higher levels of inflation,to higher levels of tax, to the fuelprices so theyre looking forvalue, eating out less, using cars abit less, acclimatising to the eco-nomic situation.What weve got to make sure

    we do is set the business up totrade in those circumstances.The group also hinted at new

    and improved food lines toimprove UK trading and pointedto recent launches, such as itsmove into the second-hand carmarket through Tesco Cars, as anexample of recent product innov-ation.While Mr Clarke stopped short

    of waging a price war, expertswarned the non-food drive couldspell further hardship for highstreet retailers.Matthew McEachran, at Singer

    Capital Markets, said: With over

    5bn of sales and space potentiallyincreasing by around 10% a year,intensification of their offer willresult in more pressure for a num-ber of general retailers, includingthose already having to competeharder.Tesco's UK general merchand-

    ise sales dropped 3.3% in thesecond half, as it under-performedin clothing and electricals.But the group is not the only

    major chain suffering as UK

    consumers move to tighten theirbelts.Sainsburys recently shocked

    the market with its fourth-quarterfigures, which showed like-for-likegrowth of 1%, implying an under-lying fall of up to 1% when VAT isstripped out.Tesco gave little hope that retail

    conditions would improve thisyear. It said trading would remainchallenging, particularly onnon-essential items.





    [email protected]

    Advertising Feature LCDP


    HERE at the Plus Dane Group, we describe ourbusiness as a neighbourhood investor becausewe pride ourselves on creating attractive, safeand well looked-after neighbourhoods.Not only does this serve to improve the qual-

    ity of life for those living in them, but it helpsto attract investment, generate growth andprovide jobs in the long term.Our ethos has

    been shaped bythose living andworking in ourneighbour-hoods, and weactively seek theopinions, feed-back and ideasfrom the peoplein these areas.One of the

    advantages ofgauging a widerange of opin-ions is that wecan come upwith innovativeways of work-ing, ensuring wemeet the needs of those living and working in aspecific area.For Liverpools commercial district, it is

    impossible to overstate the importance of howthe area appears to visitors and potentialinvestors. As the main hub for Liverpoolsbusinesses, it must be immediately recognis-able as a world-class, vibrant place to visitand invest in.Working in collaboration with the Liverpool

    Commercial District Partnership, we havealready implemented a unique street conciergeservice. This team of urban environmentalrangers has addressed the concerns flagged upby businesses in the area and respondedquickly to clean up any unsavoury hotspots.Our services are tailored to the commercial

    districts requests, so we can perform essentialmaintenance that is usually outside the remitof traditional council services.The Liverpool Commercial District Partner-

    ship has provided a collective voice for theprivate sector over the past five years, but inorder to continue and expand, the BID willneed to be approved.This will provide the resources to enable us

    to work with businesses to maintain andenhance the physical environment, therebyadding real value as a return on their invest-ment in the BID.More than 800 landlords and tenants will be

    balloted on the proposal next month, whichwill ask them to accept a levy equivalent to 1%of business rates.The numerous benefits that will undoubtedly

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    Erika Rushton,Enterprise Director atNeighbourhood investor,part of the Plus DaneGroup, considers theenvironmental benefitsof achieving BID status

    Erika Rushton

  • 12 Wednesday, April 20, 2011

    by Kate Creer, planning directorat DLA Piper, in Liverpool





    [email protected]om

    Competingagendasthreateningturmoil inUKplanningsystem

    PLANNING policy in the UK has hada turbulent time under the coali-tions reign, and last months Budget,which announced a streamlined sys-

    tem, offered little reassurance thatthings will improve.A presumption in favour of sus-

    tainable development is the neworder of the day and, on the surface,there seemed much for the develop-ment community to celebrate.The relaxation of planning rules

    and new incentives for developmentin certain areas are positive steps,and so its unfortunate that thesepro-growth measures might bedestined for a head-on collision withthe Governments other big idea forplanning localism.Designed to empower local com-

    munities with more involvement in

    planning decisions, the Localism Billhas been behind the thrust of all ofthe coalitions planning decisionssince coming to power.This included the contro-

    versial scrapping ofregional housing targetslast year.The new tactic for

    addressing housing short-ages allowing landlordsand developers to changethe use of commercialschemes without planningpermission is unlikely tosolve the problem.By their nature, commercial

    schemes are often located in areasunsuitable for residential develop-ment, particularly for family hous-

    ing. Scrapping the need forplanning permission wouldalso deprive local authorit-ies of valuable Section 106contributions paymentswhich often go towardsfunding the kind of infra-structure needed to create asustainable community.It is also directly in

    opposition to the localismagendas stated aim of giv-

    ing more powers to local communit-ies. This is also true of the reintro-

    duction of enterprise zones. In thecontext of localism, relaxing plan-ning rules in designated areas seemscontradictory.A pro-growth agenda is not to be

    sniffed at, but it must be a concernthat it could have the rug pulled fromunder it by the Governments owndrive to empower local communities.Its certainly another headache for

    planning authorities.Having already been labelled a

    chronic obstacle to economicgrowth by the Chancellor, planningofficers are now faced with the unen-viable task of balancing two seem-ingly incompatible agendas.

    Values areon the upCOMMERCIAL prop-erty values in the UKedged higher in March,gaining 0.3% against a0.2% rise in February,continuing their run-upfor a 20th consecutivemonth, data showed onMonday.Investment Property

    Databank (IPD) saidproperty values hadgained a total of 17%since late 2009, afterhaving fallen about45% during the globalfinancial crisis.All-property total

    returns comprisingboth income and cap-ital growth hit 0.9%for March, from a 0.7%gain booked in bothFebruary and January.Retail commercial

    property produced thelargest return, at 1%.


    FormerWirralchurchsoldatauctionfor185,000A FORMERWallaseyChurch was bought for185,000 at an Eddisonsproperty auction inManchester.The Grade II-listed St

    Johns Church and hall inLiscard Road occupies a 1.45acre site and was offered onthe instructions of the jointLPA receivers.In total, 79 (87%) of the 91

    lots which came under thehammer attracted buyers,generating proceeds of morethan 5.3m.Andrew Brown, of Eddis-

    ons, said: This is a verystrong performance and iswell above the national aver-age.Such was the unpreced-

    ented level of interest thatwe had customers queuingto get into the auction roomand had to delay the start ofthe sale.Investors are clearly

    attracted to propertieswhich have sensible reserveprices and offer good valuefor money.They want to see their

    hard-earned cash generatestrong rental returns ordeliver longer-term capitalgrowth.Eddisons next auction is

    on May 10.The Grade II-listed St Johns Church and hall, in Liscard Road, Wallasey, has a new owner

    Localismisanotherheadachefor theplanners

    LIVERPOOLS Albert Dock is thisweek reporting a rise in footfall dur-ing the first quarter of this year.The citys most visited free tourist

    destination saw footfall figures in Feb-ruary and March rise 30% and 12%respectively year-on-year, with the Feb-ruary half-term being one of thebusiest weeks in the month.The bars and restaurants at the

    Albert Dock benefited from an averageincrease of 17% in visitor numbers in

    March, with an average spendingincrease of 10%.The dock attractions, which include

    the Beatles Story, the Yellow BoatCruise and the Yellow Duckmarine,also reported an increase of 16% forboth visitor numbers and visitorspending.The dock has been developing a

    number of strategies to increase vis-itor numbers including a full eventsprogramme and the creations of agroups and tours offer, which was off-icially launched in early March at theGreat Days Out Fair.There has also been a 32% increase

    of traffic to the website and a dramaticincrease in e-newsletter sign ups andenquiries.The Dock will be hosting a number

    of events from an Easter Egg Hunt andParade at the weekend, to large-scaleentertainment over summer.The developments are part of an

    ongoing strategic campaign to furtherincrease the number of day-time vis-itors to the dock and capitalise on Liv-erpools tourist economy.Jeremy Roberts, chairman of the

    Albert Dock Business Tenants Asso-ciation, said: We are pleased to reportthese early results the year ahead is

    going to be action-packed, with somevery exciting events.The dock is one of the crown jewels

    of Liverpools tourist economy and allof the dock tenants continuously workvery hard to ensure every visitor hasan experience which makes them wantto return time and again.In recent years, the dock has refo-

    cused its strategy away from being aretail destination, instead aimingmore at the visitor market.There are now two hotels on site

    and the dock has benefited from thesuccess of the nearby Echo Arena andBT Convention Centre.



    100 PERWEEK07850 204481


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  • 13Wednesday, April 20, 2011







    [email protected]om

    Hope indeal onhall leaseLIVERPOOL Hope Uni-versity has this weekcompleted the assign-ment of the currentlease of Gerard ManleyHopkins Hall from Cos-mopolitan StudentHomes for the remain-ing 28 years of its lease-hold interest, for anundisclosed sum.The four-storey prop-

    erty comprises a stu-dent hall of residencewith 188 en-suite roomsin four to six bedroomapartments located atthe heart of LiverpoolHopes Creative Cam-pus.The hall had been

    operated by Cosmopol-itan Student Homes forseven years, followingthe sale by the uni-versity in 2003.Dr Ian Vandewalle,

    Pro Vice-Chancellor ofthe University, said:This acquisitiondemonstrates LiverpoolHope Universitys on-going commitment toinvest in the CreativeCampus.


    A NEW 4m reception andnetworking area at LiverpoolInnovation Park (LIP) is ahuge boost for the cityregions knowledge economy,it has been claimed.The scheme, officially

    opened last week, provides abusiness gateway to the prom-inent Edge Lane site and a5,000 sq ft wifi-enabled net-working facility.LIP operator Space North

    West contributed 2.5m to theproject, with the EuropeanRegional Development Fundchipping in with 1.42m.LIP, which includes Waver-

    tree Technology Park, is oper-ated by Space North West, ajoint venture betweenAshtenne Industrial Fund andthe NWDA.At the launch, Sarah Lind-

    say, regional director of

    Ashtenne, said: By providingthe vibrant business environ-ment, accommodation andamenities modern businessoccupiers seek, we can retainhome-grown talent and eco-nomic growth, and this grow-ing cluster in turn becomesincreasingly attractive toother knowledge industriesoutside of the region consid-ering relocation or expansion.Two ground-floor office

    suites, comprised of 5,500 sq ftand 9,500 sq ft, have beencreated adjacent to the recep-tion, and are now available forrent.Also at the launch was Max

    Steinberg, chief executive ofLiverpool Vision.He said: Liverpool Vision

    is tasked with keeping themomentum going, lookingincreasingly overseas to forgestronger relationships inexisting and emerging mar-kets, and I am determinedthat Liverpool will becomeeven better known as an inter-national knowledge centre. From left: Prof Dennis Kehoe, Cllr Paul Brant, Sarah Lindsay, and Max Steinberg

    Advertising Feature Independent financial advice

    Takechargeofyourcashnowtosecure thefutureGLYN JONES, of Vale Finan-cial Services, wonders if youpaid into your ISA last taxyear.And he said: If you did it

    in March, 2011, why not pay inthis years now, and avoidbeing last-minute next year.He added: You could also

    benefit from an extra yearstax-free growth, or income, inthe meantime.Glyn says, as confusing as

    some of the recent and pro-posed changes may be, thereare some things which shouldbe automatic for the finan-cially astute.One is to use your ISA

    allowance, which is 10,680 inthe current tax year to April 5,2012, of which half could be incash.He continued: Perversely,

    the interest rates offered oncash ISAs are often lower thanthose on ordinary deposits, soyou need to check the rateyoure getting to make themost of any tax advantage.At least, when in an ISA,

    any withdrawals are not sub-ject to tax. Another method isto invest for your post-worklife, or, to be blunt, your pen-sion and retirement!

    Within new limits, any-thing you save into your planis topped up with tax relieffrom the Government.Glyn says the rules around

    pensions are changing as youread this, and it will no longerbe compulsory to buy anannuity at 75, although againthere are further rulesdesigned to ensure that youhave sufficient other guaran-teed income.He reports that annuity

    rates have been fairly constantfor some time, and nobodyknows if or when they willincrease.He said: There is down-

    ward pressure on them fromextended life expectancy, but Iguess most people, given thechoice, would prefer to livelonger on a slightly lower pen-sion than the alternative.It is vital, therefore, that

    you obtain the best rate avail-able. Remember you canchoose your annuity provider,and that any medical con-ditions should be declared, asthese can often result inhigher benefits beingobtained.Glyn says another topic

    attracting the regulators

    attention is assessing peoplesattitude to risk and, in addit-ion, a clients capacity forloss.He went on: In other

    words, you might well feel pre-pared to take a particularlevel of risk with your money,but realistically how muchcould you afford to lose andride out some losses?Glyn says there are various

    questionnaires which can beused to help reach an answerto these questions, but a trueunderstanding of your att-itude can best be obtained faceto face.This way, your IFA can bet-

    ter judge your responses tothe alternatives, and also youcan expand on the answersand raise any queries.He added: It will be rare

    that the same solution suitsany two people.This makes our role both

    interesting and challenging,but it is impartial anddesigned for the individual.

    VALE Financial Servicesis a member of pi FinancialServices, which is author-ised by the Financial Ser-vices Authority.

    Glyn Jones nobody knows if or whenannuity rates will increase

    IndependentFinancial Advisersin your area


    Security Financial ServicesTy Llwyd, Llanfaelog,Ty Croes, Anglesey LL63 5TY

    Contact: Richard JonesEmail [email protected]

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    Vale Financial [email protected]

    Studio One,Town Hall, Crown Lane, Denbigh LL16 3TBTel: 01745 814962 Fax: 01745 814446

    Contact: Glyn B. Jonesin[email protected]


    Rensburg Sheppards InvestmentManagement

    The Plaza, 100 Old Hall Street, Liverpool L3 9AB.Tel: 0151 227 2030. Fax: 0151 227 2444

    Email: [email protected]:

    Contact: Paul Brokenshar

    Why choose an independent financial adviserBecause it pays to take an unbiased view

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

    Authority or are directly authorised and regulated

  • 14 Wednesday, April 20, 2011


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

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

    96 39 Adv Medical 8714 -34

    2314 334 AEA Technology 334 -18 -14

    28712 241 Albany Inv Tst 284 -12 +3

    1251 764 AMEC 1140 +2 -29

    92 2012 Anglesey Mining 6812 -2 -10

    35714 22934 Balfour Beatty 32514 +112 -78

    41 29 Beale 3012

    594 49258 Compass Gp 563 +212 +812

    1258 478 Coral Prod 1012

    110712 89712 Dee Valley 110212

    49612 32214 easyJet 33114 +518 -434

    9112 5934 IS Pharma 8912 -12 -112

    96412 683 JD Sports Fashion 91512 +4612 +14

    250 1112 JJB Sports 2412 -1 -2

    3512 1534 Johnson Serv 3318 +38 +14

    49518 355 Nichols 485 xd -8 -378

    12112 8312 NWF 110 xd -212 -312

    4014 1934 Park Gp 3912 +212

    1257 76212 Rathbone 1190 +14 +20

    15178 9712 Redrow 12134 +318 +178

    14312 11434 RSA Insurance 13114 xd +158 -158

    3614 1914 Speedy Hire 2714 +14 -1

    5112 3534 Sportech 4234 +34

    39 2514 Telme Gp 36 +14

    5812 3234 UK Coal 3412 -414 -412

    2 78 Ultima 134

    1995 1688 Unilever 1954 +32 +39

    62812 507 Utd Utils 607 +212 +6


    DAILY POST REGIONAL INDEX 1199.41 up 11.25 0.95%

    In order to give a greater range of Unit Trustinformation, covering a larger number of trusts, thelist of funds changes each day as follows:UNIT TRUST MANAGERS DAYS PUBLISHEDA to Com ................................................... TuesdayF to Inv....................................................WednesdayJP to Pru...................................................ThursdayRoy to T.........................................................Friday



    90932 741516 Cons 4%.................7734

    582732 4934 Cons 212% ..............5112


    8134 69 Cnv 312%.................7212

    10931321011516 Cnv 9% 11 ......... 1011516 -132


    61 50 Tr 212%................. 522132

    1171516 109 Tr 9% 12................10934

    10738 1032132 Tr 5% 12............. 1032532 -132

    121516 1152532 Tr 8% 13............. 1161132 -116

    114332 109532 Tr 5% 14................11014 -132

    112 105732 Tr 734% 12-15........10614

    32111323031132 Tr 212% IL 16 ....... 321116 -932

    142316 1322132 Tr 834% 17........... 135332 -18

    147132 13358 Tr 8% 21................13738 -116


    8334 6712 War Ln 312%......... 711316 -5332

    High Low Price Var 5Day High Low Price Var 5Day High Low Price Var 5Day Country Currency Tourist Buy Sell

    FTSE 100 INDEX


    KEYs............ dealing suspendedxd.............price ex-dividendxs......... price ex-scrip issuexr ........ price ex-rights issuexc ..... ex-capital distributionxa................................ ex-all......price value in sterling

    Those securities which haveincreased in value since the previ-ous close are shown in bold type.

    To assist in the analysis of themarket two figures are given foreach sector. Firstly an index (setat 100 on January 1 1992) togive a comparison in the perfor-mance of various market sectors.Secondly an indication of the per-centage change in the price of allthe securities within a sector sincethe previous close.

    Mar 28 - Apr 1 Apr 4 - Apr 8 Apr 11 - Apr 15 M T W T F5710






    20-Day Moving Average

    Oct 19, 2010 Apr 19, 2011

    TESCO Share price (pence)355390





    Australia dollars 1.47 1.551 1.556

    Canada dollars 1.49 1.561 1.563

    Denmark krone 8.09 8.492 8.502

    European Union euro 1.09 1.139 1.140

    Japan yen 127.59 134.410 134.510

    New Zealand dollars 1.93 2.071 2.075

    Norway krone 8.48 8.859 8.860

    Poland zlotys 3.99 4.520 4.529

    Sweden krona 9.75 10.164 10.174

    Switzerland francs 1.39 1.466 1.467

    Turkey new lira 2.33 2.494 2.504

    United States dollars 1.55 1.631 1.632

    Cancel Bid Offer Yield

    Fund Terms Price Price Gross


    Amer Spec Sits - 603.90 -

    American - 1826.00 0.32

    Gwth & Inc - 324.50 1.18

    Income Plus - 197.90 4.26

    Japan - 219.40 0.36

    Jpan Spec Sits - 124.30 0.72

    Spec Sits - 1955.00 0.61

    Sth East Asia - 764.00 0.15


    Euro Sel Opps - 882.07 1.16

    Income - 208.37 3.68

    Pratical Inv -156.41 167.92 4.41


    Index-Linked Acc -497.78 523.97 -

    International Acc -1006.32 1059.28 -

    Pacific Acc -246.10 259.05 -

    Property Bonds -1988.90 2071.77 -


    Balanced - 104.60 1.01

    British -264.50 264.50 3.11

    Gilt & FI - 62.94 3.50

    Gilt & Fixed -212.10 212.10 3.26

    Monthly Inc - 130.90 3.68


    European Smllr Cos A - 1019.40 -

    Sterling Bd Unit Tst - 53.57 55.97 4.40

    UK Equity Inc A - 437.00 2.95


    UK Advantage Inc - 273.10 1.10

    Capital -310.09 322.50 1.10

    European - 795.70 0.70

    Far East - 563.30 1.80

    Inc & Gwth - 204.40 3.30

    International - 415.30 0.40

    North Amer Acc - 457.90 0.10


    Sing ASEAN - 219.52 0.38

    High Low Funds Price Var

    Closing Indices

    FT-SE 100 INDEX 5896.87up 26.79 0.46%

    20DAYMOVINGAVERAGE 5958.23up 6.71 0.11%

    FTALL-SHARE 3062.29up 14.69 0.48%

    Aerospace & Defence

    Index 3331.14 1.08

    258 8512 Avon Rbbr 24612 -1

    36978 29434 BAE Systems 32638 -258

    73612 51958 Chemring 669 xd +12

    26738 19214 Cobham 22638 -34

    38078 26134 Meggitt 34518xd +518

    665 535 Rolls-Royce 628 +2

    15912 10438 Senior 150 +238

    Automobiles & Parts

    Index 4582.61 11.69

    23718 10914 GKN 196 +12


    Index 4662.56 20.03

    37078 25538 Barclays 29012 -18

    889 610 Bco Santander 71078 +2378

    73078 59614 HSBC 64058xd -314

    16678 1914 Ireland 2212 -38

    7758 5012 Lloyds Bnking 5838 -12

    58 3758 Ryl Scotland 4114 -12

    1959 1525 Stan Chart 1613xd -3


    Index 9475.82 146.35

    1342 900 Barr (AG) 1342 +5

    518 36412 Britvic 38918 +638

    1258 1025 Diageo 1200 +21

    2306 1827 SABMiller 2220 +2912


    Index 6903.86 97.93

    1749 901 Croda 1712 +12

    163 5834 Elementis 160 +638

    2100 1460 Johnsn Mat 1850 +18

    Construction & Materials

    Index 4075.34 25.64

    35714 22934 Balfour Beatty 32514 +112

    265 18512 Costain 228 xd -212

    1917 102734CRH 136558xd+618

    1383 88612 Kier Group 1315xd +1

    6312 2834 Low Bonar 5634xd

    12012 7834 Marshalls 11814 -134


    Index 8022.81 28.97

    44214 32614 Drax Gp 44018 +414

    44858 28412 Intl Power 32018 +138

    1325 1010 Scot&Sthrn 1300 -7

    Electronic & Electrical

    Index 2912.85 50.25

    705 38312 Domino Ptg 61512 +612

    179 9834 Laird 13018 +214

    316 16712 Morgn Cru 28738 +578

    774 256 Oxford Inst 742 -3

    377 126 Volex Gp 29514 -512

    Equity Inv Instruments

    Index 6009.31 32.60

    37778 29312 Alliance 36934xd -114

    14012 105 Br Assets 13358 +114

    870 577 Candover Inv 612 +412

    228 17118 DunedinIncGth 22538 +118

    142 10034 Dunedin Sml 136 -1

    46714 366 Edin Invst 45614 +78

    66012 53012 Edin US TrkTst 63812 +4

    31634 25138 Forgn & C 30478xd +214

    32334 206 Hend SmllrCos301 +212

    36278 27314 Law Dbnture 34378xd +312

    251 18614 Scot Am 24734 -38

    525 40978 Witan 50412 +3

    Fixed Line Telecoms

    Index 2321.98 12.82

    192 10978 BT Gp 18834 -34

    6334 4438 Cble&WCom 4578 -14

    92 4958 Cble&WWwd 4958 -1

    6512 41 KCOM 6014 -1

    Food & Drug Retailers

    Index 4639.11 43.77

    30614 25758 Morrison W 28514 +34

    395 31278 Sainsbury 33914 +14

    45438 37712 Tesco 39312 -612