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Brothers in arms
Three of the biggest brains in business have spoken exclusively to 'It's the Business' to give us their take on the credit crunch and their opinions on how long the recession will last.
Brothers Martin, Brendan and James Ainscough know a thing or two about business as they sold their company Ainscough Crane Hire in October 2007 for a massive 255m.
Although officially 'semi-retired' the trio are major shareholders in the Ainscough Group, which owns Leyland Business Park, Farington Business Park and a host of other strategic sites across the country.
Martin, 56, says the immediate future for the economy looks gloomy but reckons the longer term picture is more encouraging.
"I think we're in unprecedented times," he said. "We have got low interest rates, which is very unusual. You have got poor liquidity in the banking system and banks need liquidity.
"The last 12 months have principally been about high-level finance where there has been a lack of confidence, share prices have been falling. It's been at the city end.
"It's now happening to people on the street. At the end of the day this recession will affect everybody.
"I think we'll be in for a bumpy ride for the next 12 months. Some people have negative equity (on their homes).
"Having said all that I am a big believer that the world never stops. Once we have got some confidence back – that could be 12 months or longer – I think we will see some recovery.
"We've gone downhill very quickly. I sincerely hope and think that things will start to improve and when things start to improve I think they'll move relatively quickly."
The brothers are continuing to put their own money where their mouths are by continuing to invest millions of pounds into the regeneration of Leyland Business Park in Centurion Way.
"We see Leyland Business Park as a long-term investment and that's why we're prepared to invest in it," said Martin.
"A site like ours is a mix of the old and the new. Matrix Park (in Buckshaw Village) is a new development. We're aiming at the middle market."
His brother Brendan, 54, said the key word in any recovery is confidence.
"From our point of view it's very tough for a lot of people," he said. "On the other side of the coin it creates opportunities for entrepreneurs. The main thing is getting some confidence back.
"In the last recession we worked very hard to get through but we did very well because the line of business that we work in creates opportunities."
Younger brother James said that all economies have highs and lows.
"My opinion is it's all cyclical," he said. "It's like a seven-year cycle."
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Weather for Leyland
Saturday 04 February 2012
Today
Heavy sleet
Temperature: 2 C to 4 C
Wind Speed: 22 mph
Wind direction: South east
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