A third of surveys undertaken as part of the transaction process on commercial property in Manchester and the North West are now being instructed by the vendors, compared to just over one in ten five years ago.

Traditionally, technical due diligence building surveys have been commissioned by the purchaser once the first phase of negotiations was undertaken and initial terms agreed. However, Manchester based commercial property consultancy Malcolm Hollis has found that there is a growing trend for vendors to take control of the process to speed up deals and reduce the risk of valuation challenges.

Malcolm Hollis, which carries out a high volume of transaction led surveys every year and is the largest independent surveying firm in the UK, studied the pre-acquisition surveys undertaken on £1.7bn of commercial property transactions coordinated from Manchester between June 2017 and January 2019. It found that 34 per cent were vendor led instructions, compared to just 14 per cent in 2012-13.

David McBride, partner at Malcolm Hollis, said: “Vendor led surveys are growing in popularity as the market in Manchester becomes increasingly competitive. Sellers are seeking an edge to speed up transactions by retaining control of the process, which facilitates the early identification of any issues with the building and the associated documentation, so they can be mitigated or placed in the appropriate context before going to market.”

According to McBride: “Investors now expect quality technical due diligence information before committing their own resources and capital to a sale”. He also warns that whilst it is a growing trend, the quality of many reports being produced by sellers fall below a standard that many investors require, saying: “Broad-brush vendor due diligence is likely to be more detrimental to the process than leaving the purchaser to commission their own. Purchasers want to see evidence that an asset has received a thorough health check that can just be rubber stamped by their professional team and funders, usually via a reliance letter.  Too often though vendors don’t take the steps to make further detailed investigations and mitigate any red flags prior to going to market.  We are regularly asked by investors acquiring assets to validate vendor reports and the range and consistency of quality is shocking.  The accuracy of the vendor report is fundamental to developing trust between the parties and streamlining the transaction process.”

An award-winning research company has gone from strength-to-strength and created eight new jobs following support from GC Business Growth Hub.

The Insights People launched in 2017 and has quickly established itself as a global leader in kids and family market intelligence.

Through its Kids Insights service, the company surveys more than 1,600 different children a week (80,000 a year) across six countries, including the US, UK, France and Germany.

The company’s CEO, Nick Richardson, initially approached the Hub, part of The Growth Company and part-funded by the European Regional Development Fund, in 2017 looking for support developing both the firm’s online platform and range of client-facing products.

As well as helping with this, Hub advisor Paul Halliday also acted as a sounding board for Nick as the company looked to implement its aggressive targets.

In addition, Paul also put The Insights People in touch with the Department for International Trade (DIT) so that the company could benefit from the support of the British Government in its efforts to expand overseas. Among other assistance, the DIT team in the North West provided the company with funding support to help them attend the Kidscreen conference in Miami and the MIP Junior conference in France, both in 2018, with the trip to Miami leading directly to the launch of The Insights People’s Kids Insights US service and the opening of a US operation in New York in October 2018.

Furthermore, the Hub also supported the company’s entry into the 2017 Innovation Showcase Competition with its participation in the final at Venturefest Manchester 2017 leading directly to investment from Adam Kara, who is now a non-executive director of the company.

The Insights People now employs 15 members of staff, among the eight roles created with assistance from the Hub, a chief commercial officer, a developer and a researcher were all hired.

The company is also currently in discussions with one of Greater Manchester’s leading universities to establish a strategic partnership to collaborate on a range of projects including the utilisation of Artificial Intelligence (AI) to develop the next phase of ground-breaking portal developments.

Nick Richardson, CEO of The Insights People, said: “Our vision has never changed, but with such an aggressive growth strategy we have needed to not only recruit a team of highly capable individuals who share our vision but have the aptitude to make it happen.”

Paul Halliday, added: “It is a joy to see the success The Insights People have had since I first met them. Nick and his team are a very talented and dedicated bunch operating in what is a fascinating area of research, the thoughts and concerns of our children, including such things as their favourite brands, their media consumption and the activities that make up their everyday lives – and so, it is no surprise that such high-profile brands have signed up to receive the company’s insights.”

The Lord Mayor and Mayoress of Manchester were just some of the high profile faces in attendance as the official portrait of the new High Sheriff of Greater Manchester, Mark Adlestone OBE DL, was hung at Manchester Crown Court.

Mr Adlestone, who is also the chairman of 100-year-old jewellers Beaverbrooks, was chosen by Her Majesty the Queen to become the High Sheriff in March, and was officially installed in April.

He will now take on the role for 12 months as an unpaid Keeper of The Queen’s Peace in Greater Manchester. One of the main features of a High Sheriff role is to support and contribute to the voluntary sector, encouraging the growth and development of charities.

Mark, who was awarded an OBE for his services to business and charity in the North of England in 2015, introduced the concept of charitable giving at Beaverbrooks, which donates 20 per cent of its retained profits to charity. Since 2000, the company has donated in excess of £13m to over 750 charities.

Mark, who was appointed Deputy Lieutenant of Greater Manchester in 2017, and also recently appointed UK’s Best Leader by Best Companies 2019, said: “The High Sheriff is a well-established tradition and it is a great honour for me to take up the role, especially in Beaverbrooks’ 100th birthday year. I look forward to supporting Greater Manchester and making further contributions to the community.”