Threadneedle sews up LV= investment portfolio deal

August 16, 2011
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Threadneedle, the Swindon-based investment business, has secured a deal to manage the £8.5bn investment portfolio of LV=, the former Liverpool Victoria insurance group. Adding these assets to Threadneedle’s existing business will push up its assets under management from £69bn to £77bn. Financial terms have not been disclosed but all of Bournemouth-based LV= Asset Management’s...

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Wincanton pulls out of Europe with £64m disposal

August 15, 2011
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Wincanton, the Chippenham-based distribution group, has offloaded all its mainland European interests to German rival Rhenus in a €74m (£64.2m) cash deal, allowing it to concentrate on developing its UK business. Wincanton had built up the European operation to include 38 distribution depots across Germany and 30 in France. The German operation included a...

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Bank of England slashes forecast amid stock market and euro crises

August 10, 2011
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The Bank of England has reduced its growth forecast for the UK economy from 1.8% to around 1.5% as the hoped for economic recovery falters amid global stock market crashes and the euro debt crisis. The Bank had already cut its forecast earlier this year and today’s further reduction signals its increasing concern that...

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Higher European growth protects Latchways from weak UK market

August 10, 2011
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Latchways, the Devizes-based safety equipment firm, today said continued growth in European markets more than made up for lower sales in the weak UK construction industry. Trading had been robust between April 1 and August 9 with revenues ahead of the same period last year, the firm said in a stock market update. New...

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Avon Rubber wins major US defence contract

August 10, 2011
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Wiltshire-based Avon Rubber’s protection division has landed a multi-million dollar contract with the US government to supply filters for use in gas masks it has already sold to Washington. Under the three-year contract, which is worth around $38m (£23.4m), Avon will deliver an unspecified number of its M61 filters to the US Department of...

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Computer firm joins prestigious Samsung retailer network

August 9, 2011
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SP Computers, one of Swindon area's largest independent computer companies, has become Samsung’s sole authorised independent retailer in the area after being approached by the Korean electronics giant to join the scheme. As an authorised retailer, SP has access to a wide range of Samsung offers which it can pass on to business and...

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Wincanton builds up fleet with new vehicles

August 9, 2011
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Logistics group Wincanton has invested £4.2 million in 27 new vehicles for its dedicated construction fleet. The vehicles will be used to carry building materials from bricks to tiles and aggregates for the Chippenham-based group's building sector customers. This investment follows the addition of 20 new curtain-sided teardrop trailers introduced earlier this year in...

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Bank of England keeps interest rates at 0.5% again

August 4, 2011
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Interest rates were pegged at their record low of 0.5% again today with all the signs pointing to no increase until next year. With most recent surveys and reports showing little or no improvement in the economy, the Bank of England's Monetary Policy Committee (MPC) was unlikely to raise rates at its regular monthly...

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Healthy outlook for Synergy as it agrees new bank funding

August 2, 2011
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Synergy Health, the Swindon-based international sterilisation services group, has secured a multi-million pound refinancing agreement to support its continued global expansion. Synergy, which employs more than 4,000 people worldwide and specialises in the medical devices and healthcare sectors, has expanded rapidly in recent years through a string of acquisitions. Last month it bought a...

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Taxman has e-traders in his sights, warn accountants

August 1, 2011
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Traders on eBay are being targeted for tax evasion by HM Revenue & Customs, warn PKF accountants and business advisers. “Targeting traders on e-marketplaces such as eBay is unlikely to contribute much directly to HMRC’s target of collecting additional tax of £7bn each year by 2014/15,” said Tony Moorby, director of tax at the South...

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