North West firms’ market value up 5% to £43.7bn
UPDATE 1 — The North West’s listed companies added £2.1 billion to their stock market values in the second quarter of 2017, according to Deloitte….
Articles by Northern Financial Review
Skipton savings balances up to £14.6 billion
Skipton Building Society said it increased its membership by almost 26,000 to more than 886,000 and recorded a 19% increase in underlying group profit before tax…
Stonegate in £100m offer for Revolution Bars
Manchester-based Revolution Bars Group plc said it received a conditional proposal from Slug & Lettuce owner Stonegate Pub Company Limited to acquire Revolution “on a recommended…
Feed, food and fuel firm NWF revenue soars to £556m
Chesire-based NWF Group plc, the agricultural and distribution business that delivers feed, food and fuel across the UK, said revenue rose 19.3% to £555.8 million,…
Greggs plans ‘Drive-Thrus’ as H1 sales rise to £453m
Newcastle-based bakery and “food-on-the-go” retailer Greggs said its sales for the 26 weeks to July 1, 2017, grew 7.3% to £453 million, with like-for-like sales in…
McColl’s deal to take Morrisons wholesale to £1bn
Bradford-based supermarket group Morrisons announced a long-term wholesale supply initiative with convenience retailer McColl’s which it said will take its wholesale supply sales eventually to more than…
Shares of Yorkshire Bank owner soar after trading update
UPDATE 2 — Shares of Clydesdale and Yorkshire Bank owner CYBG rose about 9% after it announced a positive trading update for the three months…
Stobart aircraft leasing buys three jets for $56m
Stobart Group said its aircraft leasing business Propius Limited signed an agreement with a special purpose company managed by GOAL German Operating Aircraft Leasing to…
Bonmarché sales boosted by online success
Wakefield-based Bonmarché, the discount fashion retailer aimed at women over 50, said its total sales for the 13 weeks ended July 1, 2017, increased by…
Provident Financial profits fall 45% amid agent woes
Bradford-based home credit firm Provident Financial said its first half statutory profit before tax fell 45.6% to £90 million amid ongoing problems with its move from using self-employed…
Cussons profit up 5% despite Nigeria currency woes
Manchester-based soaps and consumer products company PZ Cussons said its reported revenue fell 1.5% to £809.2 million but statutory profit before tax rose 5% to £88 million…
Newcastle’s Sage buys cloud firm Intacct for $850m
Newcastle-based Sage Group, the UK’s largest tech company, said it agreed to acquire San Jose-based Intacct Corporation, a provider of cloud financial management products in North America…
‘Rail electrification U-turn would derail Powerhouse’
UK Transport Secretary Chris Grayling has been criticised after supporting London’s multi-billion Crossrail 2 plans just days after hinting that rail electrification plans for northern…
Sports Direct profit slumps, but outlook lifts shares
Mike Ashley’s Sports Direct International said its reported profit before tax fell 22.2% to £281.6 million in the year ended April 30, 2017, but the firm’s shares…
Drax makes £83m loss amid coal asset depreciation
Shares of Selby, North Yorkshire-based power company Drax Group fell more than 3% on Wednesday after it said “increases to depreciation and amortisation costs and unrealised…
London Midland extension for Newcastle’s Go-Ahead
Newcastle-based transport group Go-Ahead Group said the Department for Transport (DfT) announced an eight-week extension to its current London Midland franchise, from 15 October to…
Legal move as Gateshead’s Sevcon bought for $200m
Nasdaq-listed Gateshead company Sevcon, which makes components for low carbon vehicles, said it agreed to be acquired by Michigan-based BorgWarner for $22 per share in cash. “The total…
UK firms pay record £33bn dividends in Q2
UK companies distributed an all-time record £33.3 billion in dividends in the second quarter, beating the previous record of £29.1 billion set in Q2 last…
High speed rail confirmed for north of England
UK Transport Secretary Chris Grayling has confirmed plans to extend Britain’s HS2 high speed rail lines from Birmingham to the North-West, East Midlands and Yorkshire. The…
Peel starts phase two of £400m Liverpool2 terminal
Peel Ports Group, owner of the Port of Liverpool, said it “pressed the button” on the second phase of its expansion programme at the Liverpool2…
Revenue tops £200m at Leeds-based Callcredit
Leeds-based Callcredit Information Group reported record results and launched a new identity “designed to position the business for continued growth both in the UK and…
Endless buys corporate travel firm CTI
Leeds-based private equity investor Endless LLP said it acquired a majority stake in Manchester-based business travel management company CTI for an undisclosed sum. The deal,…
€1.6bn Dutch rail contract for Sunderland’s Arriva
Sunderland-based passenger transport giant Arriva — part of Deutsche Bahn — announced it will operate the regional rail transport in the north of the Netherlands for another 15…
N Brown takes £40m hit for ‘flawed’ insurance
Shares of Manchester-based fashion retailer N Brown Group fell almost 4% after it announced that it “identified flaws in certain general insurance products which were…
Dart revenue £1.73bn, but shares fall amid Brexit fear
Leeds-based leisure and logistics firm Dart Group said its revenue rose 23% to £1.73 billion in the year to March 31 but profit before tax fell…
Manchester Airports Group revenue up to £838m
Manchester Airports Group (MAG) said its revenue rose 7.7% to £838.4 million and operating profit before significant items rose 9.1% to £210.2 million in the 12 months ended March…
Tesco-Booker deal to face in-depth investigation
The UK’s Competition and Markets Authority (CMA) announced that the proposed merger between Tesco and Booker is being referred for an in-depth, phase 2 investigation. The CMA said…
£100m Manchester Airport logistics plan under way
Icon Industrial, a logistics-focused joint venture formed by TPG Real Estate and Stoford Developments, said it acquired a 45-acre brownfield site adjacent to Manchester Airport…
Lake District wins World Heritage List status
Cumbria’s Lake District has been added to UNESCO’s World Heritage List. “Located in northwest England, the English Lake District is a mountainous area, whose valleys have…
Cochrane becomes interim CEO Of Carillion
Construction and outsourcing firm Carillion said on Monday it appointed Keith Cochrane — former chief executive of Stagecoach and Weir Group — as its interim…
Cheshire and Warrington LEP aims for £50bn GDP
Cheshire and Warrington Local Enterprise Partnership (LEP) has launched a new blueprint for the area’s economic growth setting out how Cheshire and Warrington can double…
Sales up 23% to £500m at Yorkshire’s NG Bailey
West Yorkshire-based NG Bailey, the family-owned engineering, IT and facilities services firm, said its sales increased 23% to £500 million and operating profit doubled from £6…
Manchester global city plan ‘adds £2.2bn to economy’
Leaders from the private and public sectors have joined together to launch the Greater Manchester Internationalisation Strategy, a three year framework for action which they…
Persimmon H1 revenue up 12% to £1.6bn
York-based house builder Persimmon said its revenue grew 12% to £1.66 billion in the six months to June 30 and that “consumer confidence remains resilient…
Virgin Money launches Manchester United bond
Virgin Money has launched a new “Manchester United Double Champions Bond” that it says offers savers a competitive interest rate of 1% fixed for one year…
Sheffield’s Sumo Digital buys Gateshead’s Atomhawk
Sheffield-based gaming giant Sumo Digital announced the acquisition of Gateshead-based digital art and design studio Atomhawk. Sumo Digital is backed by investment firm Perwyn. Terms of…
UKW buys Grimsby wind farm for £47m
Greencoat UK Wind plc (UKW) said it acquired Bishopthorpe Wind Farm near Grimsby from BayWa r.e. for about £47 million. Bishopthorpe has a capacity of…
Liberty House acquires Scunthorpe steel mills
Sanjeev Gupta’s metals and industrials group Liberty House has added to its network of UK steelworks with a deal to acquire 100% of the share…
Go-ahead for Sunderland seafront development
A major plan to breathe new life into Sunderland’s seafront has been given outline permission by the city council. A planning application from regeneration business…
£180m West Yorkshire transport plan approved
More than £180 million of investment in West Yorkshire Plus Transport Fund schemes in Bradford, Calderdale, Kirklees, Leeds and Wakefield was approved at Thursday’s meeting…
Co-op Bank agrees complex £700m rescue package
The troubled Manchester-based Co-operative Bank said on Wednesday it agreed a complex £700 million rescue package with its major investors that would shore up its…
Northgate shares fall as UK vehicle rentals slow
Shares of Darlington-based vehicle hire company Northgate Plc fell 16% after it said its profit before tax fell about 7% to £72.2 million in the year…
Findel revenue £457m; charges lead to £59m loss
Shares of Hyde-based online retailer Findel plc fell 4.5% after it said its revenue rose 11.3% to £457 million in the 53 weeks to March 31 — but…
Co-op Bank scraps sale to focus on raising capital
Troubled Manchester-based Co-operative Bank said on Monday it has dropped plans for a sale and will continue its “advanced” discussions with a group of existing investors…
Leeds’ Callcredit buys Spain’s Confirma group
Leeds-based Callcredit Information Group, which is backed by private equity firm GTCR, has acquired the Spanish Confirma group of companies — comprising Confirma Sistemas and Soluciones…
Doncaster Sheffield ‘fastest growing airport’
Doncaster Sheffield Airport said it has become the country’s fastest growing airport. It said the latest Civil Aviation Authority (CAA) figures showed the airport had…
Liverpool Region visitor economy worth £4.3bn
Liverpool City Region’s visitor economy is now worth £4.3 billion, last year welcomed more than 62 million visitors to the region and supports more than…
Centrica to close gas facility off Yorkshire coast
British Gas owner Centrica said it would close its ageing Rough facility off the Yorkshire coast, the UK’s largest natural gas storage site. Analysts said the…
Co-op Bank confirms ‘advanced’ rescue deal talks
Manchester-based Co-operative Bank on Monday confirmed that it is in “advanced discussions with a group of existing investors with a view to a prospective equity…
North West exports up 21% to £8bn in first quarter
The fall of the pound helped the value of exported goods by companies in the North West of England rise 21% to £8 billion in the three months…
Billings hit £404m at gift card firm Park; CEO to retire
Birkenhead-based prepaid gift, reward and savings card firm Park Group said it achieved a 5.1% advance in billings to £404.5 million in the year to…
Nisa Retail hires Lazard to explore sale – report
Scunthorpe-based Nisa Retail, the member-owned convenience store group, is exploring a sale, according to a report on Sky News. The report said bankers from Lazard have…
Revenue up 19% to £249m at Harrogate’s Vp
Harrogate-based specialist equipment rental group Vp plc said revenue grew 19% to £248.7 million and statutory profit before tax rose to £30.3 million from £27.5 million in the…
Revenue falls to £331m at Hull’s KCOM
Hull-based communications firm KCOM said its revenue fell 5.15% to £331.3 million in the year to March 31 “due to the continuing decline of legacy network…
WYG appoints new CEO as revenue hits £152m
Leeds-based WYG, the AIM-listed project management consultancy, announced the appointment of a new chief executive as it unveiled results for the year to March 31, 2017, showing revenue up 14% to…
Leeds-based Endless buys recruiter Affinity
Leeds-based private equity investor Endless said it acquired CER Staffing Solutions Limited, trading as Affinity Workforce, from Capita plc for an undisclosed price. With revenues of £140…
Sage, Standard Life in pension auto enrolment venture
Edinburgh-based pensions and investment giant Standard Life said it has fully integrated its auto enrolment offering with Newcastle-based software giant Sage Group, the UK’s largest tech company. Standard…
Cumbria’s 45m visitors give economy £2.7bn boost
Cumbria and the Lake District attracted more than 45 million visitors in 2016 — and the visitors injected £2.72 billion into the region’s economy and provided employment for 36,240…
Plans lodged for Newcastle Quayside ‘North Shore’
Adderstone Group said it submitted updated plans for a proposed 124 apartment and commercial scheme on a vacant brownfield site on Newcastle Quayside. The 1.5…
United Utilities profit £623m on £1.7bn revenue
Warrington-based United Utilities, the UK’s largest listed water company, said underlying operating profit rose £19 million to £623 million on revenue down £26 million to £1.704 billion in the year to March 31….
Henry Boot shares up amid ‘very encouraging’ trading
Sheffield-based construction group Henry Boot plc said in an update for its AGM that its property trading and development activity levels since the beginning of 2017…
£62m MBO at Lancaster sign media firm Metamark
Private equity firm Primary Capital Partners announced the completion of a £62 million management buyout of Lancaster-based sign vinyl and digital print media firm Metamark (UK) Limited…
Leeds aims for crown as legal centre of excellence
Leeds Law Society and Leeds City Council have organized a top level conference to promote the city as “the UK centre of excellence for legal services…
£2 breakfast helps Greggs sales rise 7.5%
Newcastle-based bakery and “food-on-the-go” retailer Greggs said its total sales were up 7.5% in first 19 weeks of 2017, compared to a 5.7% rise for the…
Man Utd forecasts £570m revenue, but debt at £366m
Manchester United plc announced financial results for its 2017 fiscal third quarter and raised its revenue and profit guidance for the year. For fiscal 2017, Manchester United now…
H1 profit up to £123m at Yorkshire Bank owner CYBG
Clydesdale and Yorkshire Bank owner CYBG said on Tuesday its underlying profit rose 15% to £123 million in the six months to March 31 and that it remained on…
H1 revenue up 12% to £131m at Blackpool’s Victrex
Blackpool-based polymer company Victrex said its revenue rose 12% to £130.9 million and profit before tax climbed 5% to £50.1 million in the six months ended March 31. Victrex shares slipped…
Northern business leaders demand greater devolution
The North West Business Leadership Team (NWBLT) has joined business chiefs from around the UK in calling for greater devolution to British cities and regions as the…
Manchester’s CIS Tower sold for more than £65m
NOMA — the joint venture between Hermes Investment Management and the Co-op — said it exchanged contracts with Castlebrooke Investments for the sale of The CIS…
On the Beach revenue up 7.3% to £38.1m
Stockport-based beach holiday online retailer On the Beach Group said its revenue increased 7.3% to £38.1 million and profit before tax soared 33.8% to £9.9 million in the…