Top 10 North West business stories of August 2015

As the year finally draws to a close, our North West correspondent looks back over 2015 to pick out some of the top stories to grace our readers’ screens.

Here, in no particular order, we’ve listed 10 of the most impactful or most intriguing news stories of August.

Government gives nod of approval to controversial Lime Street redevelopment plans

To the cheers of some and the chagrin of others, the Government decided not to stand in the way of plans to revamp a historic building on Lime Street in Liverpool.

While the city council’s planning committee granted property firm Neptune Developments permission to deliver the £35m project, some local groups were dismayed that the plans would not preserve the site’s iconic facade.

Fairpoint expands through seven-figure acquisition

Fairpoint Group, the financial services provider, expanded by acquiring law firm Colemans-CTTS for an initial consideration of £9m. As part of the deal, Lancashire-headquartered Fairpoint also snapped up CT Support Services Limited and Holiday TravelWatch Limited.

To fund the expansion, Fairpoint extended its existing five-year debt facility with Allied Irish Banks from £20m to £25m.

North West businesses gloomy over cashflow woes

In August, Lloyds Bank’s Business in Britain survey discovered that a large number of North West firms (around one in five) are experiencing cashflow issues.

The situation was not universally expected to improve, with a further 40% predicting that their cashflow problems would worsen in the second half of 2015.

Co-op Bank looks set to remain unprofitable until at least 2017

In August, a troubled Co-op Bank announced that it had made further losses and did not expect to become profitable for another two years.

While the bank’s performance was slightly better than expected, it reported a pre-tax loss of just over £204m in the first half of 2015, which is £127m more than the losses made during H1 2014.

Market research company RealityMine expands overseas following £750k boost

After securing a £750k boost earlier in the year from the North West Fund for Digital and Creative, Manchester-based market research tech firm RealityMine doubled its turnover and staff count.

Further, the six-figure investment helped RealityMine expand in Australia and the US, launching its first Sydney office and opening new facilities in Chicago and San Jose.

Plans for multi-million pound St. John’s development submitted

Property investment company Allied London submitted planning applications for all phases of St. John’s, its multi-million pound development on the former ITV site in Manchester.

The plans, phase one of which has since been given the greenlight, encompass a neighbourhood for business, culture and city living in the heart of the Northern Powerhouse.

Lookers reports a positive half-year performance

Stretford-headquartered car dealership chain Lookers reported a strong half-year performance in August, making 2015 (up to June 30) its seventh year of growth in a row.

In the six months to the end of June, Lookers’ profit before tax rose by 6% to £39.9m, while the firm managed to shrink its net debt to £38.2m, down from £51.9m in January 2015.

Retail space in Manchester named as the UK’s most underpriced

New research from global real estate services firm DTZ, published in August, found that retail space in Manchester is the most underpriced in the whole of the UK.

The firm’s Manchester-based senior director, Bruce Poizer, reported seeing a “strong interest” in the city’s property market from both domestic and overseas investors

Cities in the North dominated DTZ’s UK Fair Value Index, with Newcastle’s industrial space coming second and Leeds’ retail space third.

Liverpool John Lennon Airport strikes long-term investment deal with The Peel Group

The Peel Group, which invests in transport, real estate and other sectors, announced a long-term deal with Liverpool John Lennon Airport’s (LJLA) lenders, underpinning a major five-year investment programme.

The agreement would see the airport’s bank debt slashed and provide funding to refurbish and expand LJLA’s offering.

New gym and cafe to boost Knutsford’s fitness community

Wilmslow design firm Mather & Co. and Knutsford-based WhiteBox Architecture were given planning consent for their project to expand the health and fitness facilities at The Mere Golf Resort & Spa in Cheshire.

To be known as The Cube, we learnt that the 5,650 sq ft expansion would include a new cafe, two workout areas and changing facilities.

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