A quartet of the biggest banks in the country are moving closer to an agreement with the government to lend up to £180 million to small businesses in 2011.
The agreement, known as 'Project Merlin,' is aiming to secure a commitment from banks to ensure improved lending to small and medium-sized businesses.
HSBC, Royal Bank of Scotland, Lloyds and Barclays are the banks involved in the talks, which could culmi... Continue Reading
Employees of pioneering Scottish micro-screen company, Forth Dimension Displays, have landed windfalls averaging £20,000 after the company was sold for £7 million to US-based LCD developer, Kopin.
The company had established an exemplary international reputation for its high-resolution screens and simulation technology. They signed a landmark deal last year with the US Army to provide simulator training helmets for helicopter pilo... Continue Reading
Technology and electronics firm Acal has strengthened its electronics division with the acquisition of a provider of electronic communications and fibre optic components.
Acal, which specialises in supplying wireless LAN equipment, web servers, magnetics and satellite communication systems, has acquired CompoTron from BW Holding.
CompoTron, which supplied its goods to the European industrial electronic markets, was pu... Continue Reading
Following its administration late last year, hotdog manufacturer Westler Foods has been acquired by a new company.
The Malton, Yorkshire-based business - which produced food products in canned and pouched form for brands including Chesswood, BigMex, Westlers and Multi Menu - originally fell into administration due to a funding gap linked to its pension scheme.
Howard Smith and Mark Firmin of KPMG's restructuring p... Continue Reading
A legal loophole that allows breweries to prevent the re-opening of pubs they have sold off is to be reviewed by the government.
Communities and Local Government Minister, Bob Neill, announced the review into the 'restrictive covenants' after groups of supporters of local pubs claimed that large breweries were using them to limit competition.
He said that changes to the restrictive covenants would allow local ... Continue Reading
One of Carlisle's best-known hotels has come onto the market after a gym and leisure facility based there was closed down last year.
The Cumbria Park Hotel, located on Scotland Road in Stanwix, is one of the Best Western chain of hotels. Described as 'a well presented city centre hotel', The three-star Cumbria Park Hotel comprises 53 bedrooms, restaurant and lounge bar, event and function rooms and landscaped gardens a... Continue Reading
The number of mergers and acquisitions looks set to rise over the coming months as businesses aim to restart their growth plans in 2011, according to a corporate finance expert.
Head of corporate finance at KPMG's Leeds office, Christian Mayo, said that deals of 'a strategic nature, to facilitate growth,' would dominate in 2011, with volumes increasing even further towards 2012.
"I expect 2011 to be the ye... Continue Reading
Confidence among small and medium-sized enterprise (SME) owners appears to be growing, following research which revealed that a quarter plan to hire more staff in 2011.
Orange surveyed more than 2,000 SME owners and discovered that 26 per cent of them had plans in place to hire more employees than they had done this year.
Alongside plans to grow their businesses with staff acquisitions, many owners reported that they f... Continue Reading
The Government has announced that it is opening up public sector procurement contracts to small and medium-sized enterprises and a survey has found that over 50 per cent of SMEs intend to bid for such contracts.
The survey was carried out by online business marketplace PeoplePerHour.com and found that
SMEs voiced some concern that bigger players will win the most lucrative contracts.
SMEs are sometimes seen to hav... Continue Reading
Small and medium-sized businesses will be able to bid for increasing amounts of public sector work following changes to government procurement rules.
Originally rolled out in 2003, the two-tier procurement code was a disincentive for small businesses to bid for government contracts. This was because the salary and conditions of employees taken on by private firms who then take over public-sector contracts. would be matched to the fo... Continue Reading
A company financially backed by a US-based private equity firm is considering acquiring the assets of collapsed mining company Powerfuel.
Powerfuel, the UK's most advanced clean coal company and the owner of Hatfield Colliery, fell into administration last week after being unable to plug a large funding gap. The firm needed to raise £635 million to pay for the construction of the country’s first clean coal plant, but was una... Continue Reading
A representative from the Forum of Private Business (FPB) has said the organisation expects to see a rise in the number of businesses put up for sale as times continue to be tough for smaller businesses.
The FPB spokesman, Phil McCabe, said small and medium-sized enterprises (SMEs) were still likely to struggle as the economic recovery has failed to pick up any particular speed and draconian austerity measures have already started t... Continue Reading
The Dixie Queen, the Thames-berthed mock paddle steamer which doubles as a restaurant, bar and tourist attraction, is up for sale.
The boat, which is a replica of a 19th-century Mississippi paddle steamer, is based at Butler's Wharf Pier in London and offers dining, private events and tourist trips. It is for sale for offers over £2.6 million.
The Dixie Queen has been moored on the Thames for the last ten years, s... Continue Reading
Coventry-based CJ Haughey Construction, the groundworks contractor, has fallen into administration, citing 'over-ambition' as the reason for its demise.
Founded 11 years ago by Chris Haughey, the firm has blamed the taking on of a £17 million contract at Pembroke Power Station for the administration, calling it a 'bridge too far.'
Haughey said, “Our targets were in hindsight probably too ambitious... Continue Reading
There are around 20 potential buyers interested in the Odeon cinema on Clark Street in Edinburgh, according to reports in The Scotsman Newspaper.
The Grade-B listed building has been on sale since 5 January and the sales agency, Montagu Evans, says the interest has mostly been from leisure developers.
The agency stated, "It really is a bit of a mixed bag. I think it's safe to say the interest is not really for offic... Continue Reading
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