Change of ownership for MIDAS

The formal ownership of MIDAS, Manchester’s investment and development agency, has changed to mirror its ongoing drive to attract more businesses and employment to the City Region.

MIDAS is now owned by the Association of Greater Manchester Authorities (AGMA), the body that represents the ten local authorities of the area.

Historically, the agency was technically owned by the Commission for the New Economy, formerly Manchester Enterprises, the economic development agency for Greater Manchester. MIDAS acts on behalf of the ten Local Authorities to attract investment to the City Region by promoting Manchester as a leading European business location.

The local authorities - Bolton, Bury, Manchester, Oldham, Rochdale, Salford, Stockport, Tameside, Trafford and Wigan - supported the switch to strengthen and ensure the most effective working relationship with MIDAS.

In the latest GDP Global Development-IPA Performance Benchmarking Programme MIDAS was rated in the Top 10 best performing investment promotion agencies in the world, alongside Invest in France, IDA Ireland and Scottish Development International.

The ratings resulted from a survey of more than 200 agencies worldwide. The programme analysed the handling of enquiries, marketing strategies and investment materials and the level of service offered to investors.

The Northwest Development Agency (NWDA) will continue to support MIDAS and its initiatives to secure investment and jobs for the City Region and the North West economy.

The local authorities are represented on the board of MIDAS, chaired by Michael Oglesby, chairman of property developer Bruntwood, and including senior representation from private sector organisations including Tesco, KPMG, Co-operative Financial Services and the Manchester Evening News - reflecting MIDAS’ strong bond with privately-owned businesses driving Manchester’s success

Colin Sinclair, chief executive of MIDAS, said: “The change in ownership reflects our total commitment to working with the ten local authorities to secure further investment and employment for the City Region.

“We are agreed that this is the best way forward to maximise the benefits of our strong and proven working relationship for the economic benefit of Greater Manchester.”

In 2008-09 MIDAS exceeded its targets by directly assisting in the creation and retention of 4,735 jobs across Greater Manchester, despite the global recession.

Barbara Spicer, chief executive of Salford City Council and AGMA member, said: “AGMA’s ownership of MIDAS is a positive move for all concerned and can only help to strengthen the agencies’ joint effort to exploit further opportunities for development and inward investment.”