UNWINS, one of Britain’s biggest off-licence groups, has been forced to seek an emergency cash injection to see it through the Christmas trading period.

The group, which operates nearly 400 stores across the UK, received a multi-million-pound payment from its owner, DM Private Equity within the past fortnight. It is understood the money will cover general working-capital requirements, including payments to suppliers.

The injection comes only months after DM bought Unwins in a deal valuing the company at just over £30m. The extra cash will not prevent a fresh round of job cuts, with some 130 staff expected to be made redundant.

Unwins’ plight highlights the growing pressure on specialist drinks retailers from the buying power of the big supermarket groups. Terra Firma, the private-equity group that owns Unwins’ larger rival, Threshers, is rumoured to be looking to offload its investment.

Unwins has also suffered supply-chain problems that have resulted in severe stock shortages. Unwins and DM Private Equity both refused to comment. DM bought the company in March, bringing an end to 84 years of ownership by the Wetz family.

Deloitte gets appointment with Filofax

THE private-equity group Dunedin has recruited Deloitte to sell Filofax, the company behind the favourite accessory of the 1980s’ yuppie. Luxury-goods experts said the firm, which makes not only the iconic personal organiser but a range of leather goods, including wallets and briefcases, could fetch as much as £50m.

Dunedin bought Filofax four years ago for just £17m from the American group Day Runner, which had paid £50m three years earlier to take the company private. Then sales dwindled as busy businessmen switched to electronic organisers. But Filofax has staged something of a comeback, re-inventing itself as a luxury brand and branching out internationally. More than half its sales now come from overseas.

Dunedin and Deloitte refused to comment.

Guthrie returns to float property vehicle

LEISURE entrepreneur Michael Guthrie, who as chairman and chief executive led the management buyout of Grand Metropolitan’s leisure portfolio in the 1980s, is making a return to the market with a new property vehicle called Mission Capital. He has teamed up with Neil Sinclair and his daughter, Emma, a former corporate-finance banker at NM Rothschild, and Robert Burrow and Giuseppe Ciardi, to list a company on AIM. The group is raising £3m.

The intention is to acquire assets and businesses related to property. The company will be chaired by Sinclair. Guthrie and Ciardi, a hedge-fund manager, will be non-executive directors.

Legal move over derailed trams plan

THE agency that runs public transport on Merseyside, MerseyTravel, may tomorrow decide to seek a judicial review of the government’s decision to block a new tram system for the region. Alistair Darling, the transport secretary, recently decided to withdraw £170m of funding. MerseyTravel has since sought legal advice on a judicial review from David Pannick QC.

Steel group warns of Russian instabilty

NOVOLIPETSK, the Russian steel group that plans to list in London this year, has warned prospective shareholders that its business could run the risk of disruption from political, social and legal instability in its home country. The group’s prospectus, circulated to investors last week, also reveals that recent deals could be challenged because it did not seek prior approval from minority shareholders. The listing, which is being handled by UBS and Merrill Lynch, is expected to value Novolipetsk at close to £6 billion.

Three on final lap of Silverstone race

THE battle to secure the rights to redevelop Silverstone, the Northamptonshire motor-racing circuit, is about to take the chequered flag. Three consortiums — consisting of St Modwen and Northern Racing; Development Securities and Wellcome Trust; and Kilmartin and Bank of Scotland — have made it through to the final stage of tendering for the £600m project. The British Racing Drivers’ Club, Silverstone’s owner, will recommend one of the bids to members in the new year.