Editor: Pat Williams. E-mail pwilliams@creditman.co.uk
John Arnold. E-mail jarnold@creditman.co.uk
Site: Business Credit Management UK
URL: http://www.creditman.co.uk
Issue: 52
Dated: 1st March 1998
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKMANUFACTURERS' ORDERS UP SLIGHTLY IN FEBRUARY - CBI SURVEY
Manufacturers reported a slight increase in total orders in February, according to a Confederation of British Industry survey out last week. Export orders, however, remain weak.
The CBI's monthly industrial trends survey for February shows that 24 per cent of manufacturers consider that their order books were fuller than normal, while 22 per cent said that they were below normal, which gives a positive balance of two per cent. This is the first positive balance reported since August 1995, other than a positive balance of two per cent reported in December 1997.
Export orders still remain weak and have not improved since January. A negative balance of 31 per cent of manufacturers reported below normal export orders in February. This is similar to the negative balances of 31 per cent in January, and 29 per cent in December. February 1996 was the last survey when manufacturers said that their export orders were above normal.
Sudhir Junankar, CBI's Associate Director of Economic Analysis, said: "Exports are still being hit by the strength of sterling, which held up against the Mark during the February survey period. Concerns about the East Asian economic crisis now also appear to be having a dampening effect on exports. The manufacturing picture, however, is not totally bleak. Total orders have risen slightly reflecting an improvement in domestic demand, and this is helping to underpin manufacturers' expectations of moderate output growth. Inflationary pressures within manufacturing remain encouragingly weak, with domestic price expectations in February the lowest ever recorded for this time of year."
Stocks of finished goods were run down slightly in February, although they remain more than adequate to meet expected demand. February's balance was plus 13, compared with balances of plus 17 per cent in January and plus 11 per cent in December.
Manufacturers' output growth expectations remained positive in February. This is the fourth consecutive survey expecting a modest increase in output. Eleven per cent of manufacturers expect higher output over the coming four months, up from nine per cent in January and ten per cent in December. Output expectations, however, remain much lower than was recorded a year ago.
Domestic prices are expected to fall over the coming four months. February's balance of minus three per cent compares with plus one per cent in January and plus three in December. The price expectations for February are the lowest ever recorded for this time of year, suggesting that the outlook for price inflation is promising.
The CBI's monthly industrial trends survey for February was carried out between 27 January and 18 February. 1,158 manufacturing firms responded to the survey, from across 50 industries which account for about half of the UK's manufacturing exports and two million employees.
During the survey period sterling averaged 1.64 against the dollar, unchanged from January's survey average, but was up slightly from 2.95 to 2.97 against the Mark.
ECONOMIC GROWTH WILL BE LOWER THAN EXPECTED IN 1998 AND 1999 - FORECASTS CBI
UK economic growth is likely to be lower than expected in 1998 and 1999, according to the latest forecast from the Confederation of British Industry out last week. The CBI's quarterly economic forecast shows that GDP grew at 3.3 per cent in 1997, 0.2 percentage points less than had been expected in November. GDP growth is expected to average 2.2 per cent this year, but slow to an annual rate of 1.7 per cent by the end of the year. The downward revision of 0.3 per cent for 1998 since the CBI's November's forecast is mainly due to the impact of the east Asian economic crisis. Growth is expected to slow down further in 1999 to average 2.0 per cent, a downward revision of 0.2 per cent.
Short-term interest rates are forecast to stay at 7.25 per cent through 1998. Base rates are expected to fall through 1999, to end the year at 6.25 per cent with underlying inflation staying within the Government's 2.5 per cent target.
Underlying retail price inflation is expected to end the year at 2.3 per cent, below the 2.5 per cent official target and the CBI's previous forecast of 2.8 per cent. RPI - excluding mortgage interest payments - is expected to rise slightly in 1999 to end the year at 2.5 per cent. Output price inflation is expected to increase slightly through 1998 to end the year at 2.4 per cent, before falling to 1.6 per cent by the end of 1999.
Kate Barker, the CBI's Chief Economic Adviser, said: "Our forecast, while pointing to a slowdown, gives a reasonably attractive outlook for the whole economy. We expect growth to moderate and inflation to meet the Government's target."
She added: "However, with sterling likely to remain strong in the first half of 1998 export growth is expected to be weak and the manufacturing sector will continue to be hard-pressed. Looking ahead to 1999, manufacturers should get some relief from the projected one percentage point cut in base rates together with an easing back in the strength of sterling against the dollar and mark."
The CBI's forecast suggests that consumer spending will grow by 3.8 per cent in 1998 and ease to 1.9 per cent in 1999. This will contribute 2.4 and 1.2 percentage points to economic growth in those years. Sudhir Junankar, CBI's Associate Director of Economic Analysis, said: "Our forecast points to a sharper than expected fall in economic growth in 1998 and 1999. The east Asian economic crisis is clearly an important external shock which will slow down UK growth this year. However, the UK's export prospects are likely to be helped by better growth in continental Europe and the USA. By next year the UK's economy seems likely to enjoy moderate, but more balanced growth boosted by stronger exports and higher private investment with less reliance on the consumer.
"The PSBR is expected to be £7.9 billion in 1997/8 (1 per cent of GDP), £3.4 billion in 1998/9 (0.4 per cent of GDP), and to be in balance in 1999/2000.
The CBI expects that unemployment will fall to 1.31 million by the end of this year, but rise slightly to 1.34 million by the end of 1999. However, total employment is expected to rise by almost 489,000 over the two years to the fourth quarter of 1999.
In the medium-term the CBI expects economic growth to average 2.5 per cent a year over the 2000-2002 period. This would be consistent with underlying RPI averaging 2.5 per cent a year, which is in line with the Government's inflation target.
TIME TICKING AWAY TO DEAL WITH MILLENNIUM BUG - CBI
Companies only have 20 months to make sure that their electronic systems and computer chips can cope with the millennium date change. This means that companies must carefully plan their use of time and resources if they are to check all their electronic equipment and where necessary get it reprogrammed before 1 January 2000, according to Peter Agar, Deputy Director-General of the Confederation of British Industry.
Just one unprepared company in a supermarket supply chain could mean the food not reaching the shelves on time. Companies which have not already taken action may only have time to deal with the issues which are absolutely critical to keeping their business running. The date change may result in simple things such as cash tills not working, carpark barriers getting stuck, accounting programmes adding years on interest to bank accounts, time locks and security devices not allowing access to work held on computer, and traffic lights no longer being synchronised.
Mr Agar said: "Over the last 18 months companies have definitely become more aware of the issue. But the amount of action being taken is still disappointing. On the whole larger companies have made a lot of progress to get their computer software millennium compliant. The smaller companies have not yet been so active."
He added: "The message to all companies is that the date change will affect you. If you want to stay in business, plus keep your business partnerships, you must act and act fast. There are some common solutions to the problem so companies can learn from one another, and we urge them to share best practice. After all if one of your key suppliers fails to get its computer systems upgraded it could have an impact on your business."
Mr Agar said: "But I would not want to suggest that all is doom and gloom. By checking all their computer systems and sharing best practice companies may also find more efficient ways of working."
To stimulate companies to act now the CBI has produced a brief which outlines what four companies - Sainsbury's, Rover, Guardian Royal Exchange, and Yorkshire Electricity - have done to get ready for the year 2000.
SAINSBURYS started work on testing and converting its computer software in 1995, with a budget of £40 million and completion targeted for 1998. The year 2000 compliance team is headed by a board director, and has a staff of 170 in the UK, two software factories in India, contract programmers and several UK outsources.
Sainsbury's have:
Produced an inventory of all their IT systems;
Contacted all their suppliers to make sure that they are checking their own systems;
Set up a helpline for all suppliers;
Set up a testing programme for all equipment with embedded computer chips.
ROVER have been getting ready for the date change since 1996. They set up a Millennium Programme Office as a single port of call. Information is shared and best practice developed.
They have:
Drawn up a Millennium Charter to make sure that Rover Group does not fail as a business due to electronic problems;
Defined their goal as becoming millennium compliant at minimum cost and on time, while running business as usual;
Designed a programme to identify and test all electronic devices;
Carried out risk assessment across their entire business.
LONDON READY FOR THE EURO
Bank of England Deputy Governor, David Clementi, last week predicted that London would become "the international financial centre for the euro", when he addressed members of Hong Kong's financial and business communities at a British Chamber of Commerce lunch.
Mr Clementi was in Hong Kong as part of the Bank's international roadshow to outline London's preparations for European Economic and Monetary Union (EMU). Mr Clementi said that, although the United Kingdom will not adopt the euro as its domestic currency at the start, financial institutions based in London see the single European currency as a "major opportunity" for Europe's leading financial centre.
Mr Clementi confirmed that London will be ready for the single European currency, and will offer the full range of euro services in wholesale financial markets, efficiently and competitively, from 1st January 1999.
London is one of the world's three leading financial centres. Its strength is based on the liquidity of its markets and the size of its international financial business - neither of which is related to the UK's domestic currency.
It is the world's main centre for international bond trading, OTC derivatives trading, cross-border bank lending, foreign equities and foreign exchange trading, and a leading centre for futures, fund management, insurance and other financial services.
London's position is underpinned by its:
Mr Clementi emphasised that no-one in London is complacent: "London does not hold it pre-eminent position as of right. It continually has to earn it". That is why, he said, "London must be ready in practice for the euro, and we are confident that it will be".
In this, he emphasised, he was reflecting the confidence of international financial institutions based in London. This confidence was reinforced by Mr Win Bischoff, Chairman of Schroders, in his speech at the lunch.
SINGAPORE
Contributed by Bernice Kuo, kuopb@singnet.com.sg
Preparation For Slow EconomySingapore business are bracing themselves in preparation for slow economy in view of the regional financial crisis that hits Indonesia, Malaysia, Thailand, and South Korea. Singapore's close proximity with the neighbouring countries current turmoil will create an impact on Singapore's domestic & external economy. The demand from overseas countries like US, and Europe will not be affected, however, demands for goods & services from the neighbouring countries in Indonesia, and Malaysia, will affect Singapore. The strength of the Singapore dollar and the export services which Singapore serves as a main business hub for air & sea services to the region are likely to cause a slowdown in economy. Many Singapore business are prepared to hold back investments in view of the uncertainty. Overseas countries with trading relations, were urged to assist the affected Asian countries, so as to prevent the crisis from "spreading" world-wide, which may affect their exports growth, and business earnings.
MALAYSIA
Contributed by Bernice Kuo, kuopb@singnet.com.sg
Overcoming EconomySome understudying changes were made to allow non-bumiputras to buy problematic bumiputras companies due to the economy downturn. The idea is to allow non-bumiputras to acquire shares in bumiputra companies so as to enable Malaysian companies to continue in the hands of Malaysia, and to help the country to have a quicker turnaround economy. Also, if the bumiputras companies could afford to take over the problematic bumiputras companies, it should be offered in the local open market, as well as preserving the rights & interests of bumiputras. Companies' shares are becoming cheaper and that the stakes could be taken over by the foreigners, unless the Malaysians business are willing to help.
The bill received its third reading last week in the House of Lords.
The latest amendments include the clarification that any part of a debt which qualifies for statutory interest will be subject to the Bill, regardless of whether some other part of the debt is excluded from the Bill.
REPLACEMENT CAR PANELS CARTEL REFERRED TO COURT
To restrict competition, three of the leading independent importers of replacement car parts for UK and European marque cars secretly agreed not to supply a prospective new entrant with parts.
This was claimed last week by John Bridgeman, Director General of Fair Trading, who has referred the arrangement between the three companies to the Restrictive Practices Court.
The three suppliers are Saltofix Limited of Oswestry, Shropshire;
Marrs Property & Investments Limited, formerly and at all material times known as Veng (UK) Limited of Coventry, West Midlands; and Bryans Skeldon Limited, formerly and at all material times known as Pop-On Body Spares Limited of Ayr.
Mr Bridgeman said:
'Yet another cartel has been uncovered and investigated by the Office of Fair Trading's Cartels Task Force. It appears that the purpose of this agreement was to prevent increased competition in an attempt to maintain prices at a higher level than would otherwise have been possible with true competition in the market place.'
The agreement was entered into in or around April 1994; it is not clear how long the agreement was in effect.
Mr Bridgeman has applied to the Court for orders restraining the parties from giving effect to the agreement, or similar agreements, and from enforcing any other registrable agreement which has not been submitted to the Office of Fair Trading in time.
If the Restrictive Practices Court decides that the restrictions are against the public interest it will prohibit the cartel operators from reviving the arrangement and from entering into agreements with similar effect.
Mr Bridgeman concluded:
'The length of time which has elapsed since this investigation commenced [in July 1996] is another clear indication of the need for the improved powers of investigation which are proposed in the Competition Bill, which is currently going through the parliamentary process. Had it been possible to apply the new powers to this case it would have enabled the Office's investigators to act more quickly and decisively to protect the public than has proved possible under the existing law.'
ASIA'S FRIENDS IN NEED WILL REAP REWARDS - MARGARET BECKETT
President of the Board of Trade addresses Engineering Employers' Federation
British companies should not pull out of Asia if they can avoid it as local economies will recover in the medium term, the President of the Board of Trade, Margaret Beckett, advised last week. Mrs Beckett was speaking at the Engineering Employers' Federation annual dinner.
In a wide ranging speech, Mrs Beckett discussed a series of major themes. She said:
The financial crisis in Asia
"Adverse developments in a major region of the world economy cannot be good news for our exporters, especially for companies operating in Asian markets that have been particularly hard hit. Those markets are bound to grow more slowly for a while, if they grow at all, as they adjust and lay the ground for eventual recovery. I believe strongly, however, that we must keep a sense of perspective.
"None of us should forget Asia's formidable strengths. Theirs is a huge market. There are many hardworking inventive people with a well honed sense of business. Educational levels are high in many countries. So are rates of saving.
"So the message I wish to give to our companies is to try to stay with your clients both in Asia, and in markets threatened by more intense Asian competition, and to do this for as long as you can sensibly afford. You should not, if at all possible, abandon market positions that have been hard to build up. You should be prepared to be flexible, and to reschedule, rather than to abandon, previously agreed arrangements. Without any doubt, the various Asian countries affected by this crisis will recover. People remember a friend in need."
Avoiding protectionism
"It is through increasing their exports that Asian countries in difficulty can set out on the road to recovery. I think we have to accept this judgement, and not be tempted to think in terms of increased trade protection, since this would almost certainly damage our long term interests. I believe the most positive action now available to us is to press ahead with increasing trade liberalisation, which is beginning to make exciting progress in services as well as manufactured goods."
The strength of sterling
"Another issue is the level of sterling. I understand why some firms find it difficult to deal with a pound that has appreciated by as much as a fifth against the main continental currencies in a relatively short period of time. Many firms are examining ways in which they can increase their efficiency, concentrating even more of their activities in trades that depend less on price and more on quality, and on meeting the needs of their customers.
"I know that the Bank of England is fully aware of the circumstances of manufacturers, and of the problems exporters are having to deal with. The judgement they are now charged to make each month cannot be easy, but we must all remember that they have to take a view across the whole economy, not just a part, even as important a part as manufacturing.
"So let me repeat my encouragement to firms to press ahead with work to make their businesses depend less on relatively price sensitive trades and, as with Asia, to do all they can afford to avoid sacrificing long term market relations, for instance in supply chains, especially those in which much time and effort have been invested."
Macroeconomic stability
"I am convinced that our determination to achieve more stability in macroeconomic policies will lead to a more stable exchange rate that suits more of our traders better than now. The Government is doing its level best to provide the macroeconomic stability and we have made that a clear priority. I am determined to do all I can to help businesses to improve their performance and have set in train a process of consultation with business under the banner of Competitiveness UK to identify what needs to be done."
*** Forthcoming Creditors Meetings ***
Contributed byhttp://www.insolvency.co.uk
For more detailed information and ALL the British Isles insolvency's (liquidation's, receiverships, administrations, dividends, creditors) please visit http://www.insolvency.co.uk
From 02/03/98 to 10/03/98
Number of Creditor meetings : 222
Section Company Time Venue
138 Scotland - Interim Liquidator calling Creditors Meeting
05/03/98
TCF Realisations Ltd 11.00 am Glasgow
09/03/98
Computer Investments (Scotland) Ltd 12.00 pm Edinburgh
Jolly Giant Toy Superstore Ltd 03.00 pm Glasgow
10/03/98
Delta Partnership (DCM) Ltd 12.00 pm Glasgow
23 Administrator Calling a meeting of Creditors
06/03/98
Lamberhurst Vineyard Ltd 11.30 am Chatham
09/03/98
Medd Holdings Ltd 11.00 am Leeds
48 Receiver calling unsecured Creditors Meeting
02/03/98
Cristie Electronics Ltd 11.00 am Bristol
Derbynell Ltd 10.30 am Bradford
Firstrisk Ltd 10.30 am Bradford
Forshaws (Confectioners) Ltd 10.30 am Bradford
Fortisfield Ltd 10.30 am Bradford
Gableprime Ltd 10.30 am Bradford
Lightcabin Ltd 10.30 am Bradford
Miltquest Ltd 10.30 am Bradford
Mr Beverage Ltd 10.30 am Bradford
Normanton Foods Ltd 10.30 am Bradford
Normanton Sugars Ltd 10.30 am Bradford
Olympian Products Ltd 10.30 am Bradford
Quillvine Ltd 10.30 am Bradford
Sheridell Ltd 10.30 am Bradford
Sugar Solutions Ltd 10.30 am Bradford
Suitecity Ltd 10.30 am Bradford
Sweeteners (UK) Ltd 10.30 am Bradford
Terimark Ltd 10.30 am Bradford
Total Craft Ltd 10.30 am Bradford
YFG (Nuts) Ltd 10.30 am Bradford
YFG Engineering Ltd 10.30 am Bradford
YFG Ltd 10.30 am Bradford
YFG Nominees Ltd 10.30 am Bradford
Yorkshire Business Conference Ltd -The 10.30 am Bradford
Yorkshire Dried Fruit Ltd 10.30 am Bradford
Yorkshire Food Group Plc 10.30 am Bradford
Yorkshire Food Ltd 10.30 am Bradford
Yorkshire Foods (Europe) Ltd 10.30 am Bradford
Yorkshire Foods Ltd 10.30 am Bradford
04/03/98
Brampton Manor Ltd 11.00 am Nottingham
Funday Ltd 11.00 am Nottingham
Key Health & Fitness Club Ltd -The 11.00 am Nottingham
Station UKTV Ltd 11.00 am Nottingham
06/03/98
ANC Gravesend Ltd 10.00 am London
Noel Tatt Ltd 10.00 am Maidstone
84 N. Ireland - Creditors Voluntary Liquidation
04/03/98
Northern Direct Community Bus Sup Ltd 12.30 pm Dongannon
95 Members converting to Creditors Voluntary Liquidation
04/03/98
Morton Fine Wines Ltd 11.00 am Altrincham
98 Creditors Voluntary Liquidations
02/03/98
A C R Packaging Ltd 11.00 am Sheffield
A1 Van Parts Ltd 03.00 pm Manchester
Artistic Furnishing Ltd 10.15 am Leeds
Beamleap Constuction Ltd 11.00 am Sheffield
Boag Brothers (Builders) Ltd 12.00 pm Glasgow
Cannon Consultants Ltd 11.30 am Manchester
Creed Stone Spencer & Associates Ltd 03.00 pm London
Crown Dairy Ltd 10.30 am Carmarthen
Developing World Ltd 11.00 am London
Enton Ltd 10.30 am London
Fintex Computer Consultants Ltd 02.30 pm Henley-on-Thames
Glynn Millar International Ltd 11.00 am London
H & P Security Systems Ltd 11.15 am Sidcup
Honeysuckle Ltd 03.30 pm London
House of Loud Ltd 11.00 am London
Humverside Office Equipment Ltd 10.30 am Driffield
Malt Star Ltd 03.00 pm London
Mind Stickers (UK) Ltd 11.00 am London
Nagle Promotions Ltd 03.30 pm Lutterworth
New Look Wallpapers & Paints Ltd 11.30 am Manchester
Oaklea Construction Ltd 11.00 am Brighton
Orfoods Ltd 12.00 pm Glasgow
P H E (South West) Ltd 10.30 am Bodmin
Paper Boy Ltd 10.30 am Hornchurch
Protocure Ltd 12.00 pm Worksop
S M Magazine Distribution Ltd 10.30 am London
South Catering Ltd 04.00 pm London
Spectrum Advertising of Design Ltd 10.30 am Kingston-u-Thames
Spectrum Graphics & Signs Ltd 10.00 am Kingston-u-Thames
Standon Engineering Ltd 11.00 am Sheffield
Stirling Construction/Engineering Ltd 10.45 am Maidstone
United Magazine Distribution Ltd 11.30 am London
03/03/98
Centric Systems Ltd 11.00 am Reading
Chivers Ceramics Ltd 11.00 am Stoke-on-Trent
Chivers Ceramics Ltd 11.00 am Stoke-on-Trent
Clone Ltd 12.00 pm London
Corporate Control Systems Ltd 10.30 am Edinburgh
Elmo Benelux Ltd 11.30 am Manchester
Executive Travel (Silsoe) Ltd 12.00 pm London
Extraspace Systems Ltd 12.00 pm Worcester
F E L Ltd 11.30 am Altrincham
Hallmark Theatre Ltd 03.00 pm London
Joyce Trading 11.00 am Harrow
Kwiktowers Ltd 11.00 am Paisley
Maxwell Car Hire Ltd 03.00 pm Northwood
Microstrong Ltd 11.00 am London
Moss Painting Contractors Ltd 12.00 pm Glasgow
Mosscross 1998 Ltd 11.30 am Canterbury
O B Transport Ltd 11.30 am Liverpool
Optics International Ltd 01.30 pm London
Ouch Records Ltd 10.30 am Hornchurch
Peckleton Storage Company Ltd 02.00 pm Halesowen
Poppy Rose Leisure Ltd 12.00 pm Manchester
Poppy Rose Properties Ltd 11.00 am Manchester
Premier Motor Bodies Ltd 10.30 am Walsall
R C Service Point Ltd 11.30 am Southampton
RJS Transport Engineering Group Ltd 11.45 am London
Reis (London) Ltd 02.00 pm London
Silvercraft Ltd 04.00 pm London
Spa Process Technology Ltd 11.00 am Birmingham
Startex Construction Ltd 11.00 am London
Technical Support (UK) Ltd 12.00 pm Horley
Teleconnection Ltd 10.30 am Nottingham
V R Manfield Ltd 12.00 pm Stonehouse
04/03/98
Anglia Computers Ltd 11.00 am Felixstowe
Barton Cabins Ltd 01.30 pm Cambridge
Beehive Trading Ltd 10.30 am London
Bystar Ltd 02.00 pm London
Cantorial Estates Ltd 11.00 am Leicester
Capleon Fabrics Ltd 12.00 pm Manchester
Creative Communications (Graphic) Ltd 12.00 pm London
Dataway Systems Ltd 11.00 am Egham
Daylin Electronics Ltd 11.00 am Norwich
Elgold Ltd 04.00 pm London
Eversheds Ltd 10.30 am London
First Class Homes (Evans Avon) Ltd 10.30 am London
First Class Homes (UK) Ltd 10.45 am London
Foldring Ltd 10.30 am Dundee
Gem Flowers Ltd 11.00 am Sidcup
Glynns Estates Cleveland Ltd 10.30 am Yarm
Halastech Ltd 11.00 am Grimsby
Indexbloom Ltd 11.30 am London
Isaac Webster & Sons Ltd 10.15 am Batley
KWGS Ltd 11.00 am London
Lizco Ltd 03.30 pm London
Longborugh Builders Merchants Ltd 10.15 am Gloucester
Montex Technology Ltd 11.00 am London
Ocean Hygiene Ltd 03.45 pm Salisbury
Orchard Property Management Ltd 10.30 am London
P.W. Watts Construction Ltd 02.00 pm Newport
Paris Fashions Ltd 02.00 pm London
Prospect Flooring (1996) Ltd 04.30 pm London
Prospect Flooring Ltd 04.00 pm London
Route 66 (Casuals) Ltd 02.00 pm London
TCS Systems Ltd 02.30 pm Bromley
TRB Technologies (UK) Ltd 02.30 pm Norwich
Thomas Williams (Longborough) Ltd 11.45 am Gloucester
Tushingham Higgins Ltd 11.30 am Leeds
Woodside Plastering Contracters Ltd 10.15 am Croyden
05/03/98
A D Building Maintainance Ltd 10.00 am Edinburgh
A W Windows Ltd 11.30 am Lutterworth
Aldershot Hydralics Ltd 11.30 am Guildford
B Smiler & Sons Ltd 12.00 pm London
Clark & Downe Ltd 12.00 pm Reading
Equus Arenas Ltd 11.00 am Gerrards Cross
Geoffs Engineering & Maintenance Ltd 11.00 am Nottingham
Golden Key People Ltd 03.30 pm Lutterworth
Gorival Ltd 10.30 am Birmingham
Lettsflex Ltd 11.00 am Nottingham
Memstor Corporation Ltd 11.15 am Hove
Offcial Kooler Manufact Co Ltd -The 11.00 am London
Pavlon Construction Ltd 11.00 am Leeds
Pride Raise Ltd 11.30 am Darlington
S C Containers Ltd 11.00 am Sheffield
SHS Publishing Ltd 10.30 am London
Strakers Ltd 10.00 am London
Westminster Media Services Ltd 11.00 am London
Westminster Publications Ltd 11.00 am London
06/03/98
A Corporate Total Service Ltd 01.00 pm Leeds
AMCO Trading (UK) Ltd 11.00 am London
Abba Styles Ltd 01.00 pm London
Acegrade Ltd 10.15 am Batley
Bishops Waltham Timber Preservat Ltd 12.00 pm Black Dam
Briden Cleaning Services Ltd 02.00 pm Leeds
C & D Evans Ltd 02.30 pm Leeds
Dormain Ltd 01.00 pm London
Downtown Recruitment Ltd 12.00 pm Manchester
Dunford Ltd 04.00 pm London
Ebley Pine Company Ltd 10.30 am Gloucester
Exclose 1996 Ltd 04.00 pm London
Focal Event Management Ltd 12.00 pm Manchester
Gideaward East Ltd 10.30 am Southend-on-Sea
Habcroft Ltd 12.00 pm Manchester
I R S GB Ltd 03.00 pm Northampton
Lionhead Group Ltd 11.00 am Leeds
M L B Multiskill Ltd 11.30 am Altrincham
MG Tec Ltd 11.30 am Cambridge
Manson Construction Ltd 11.00 am Sheffield
Master-Clean (UK) Ltd 01.30 pm Leeds
Premier Logistics Ltd 12.00 pm Reading
Raisekeen Ltd 11.30 am London
Retail Lighting Ltd 10.30 am Salisbury
Sandco 2 Ltd 10.30 am Lowgate
Sloan Power Electronics Ltd 11.00 am Newcastle-u-Tyne
Supreme Slitting Services Ltd 11.30 am Walsall
09/03/98
ATM Commercials Ltd 11.00 am London
Audio Video Surveillance Stores Ltd 11.00 am London
B H W Contractors Ltd 10.30 am Cambridge
Champagne De Venoge (U.K.) Ltd 11.00 am London
Crouch Chemicals Ltd 11.00 am London
FD Estates Ltd 11.30 am Guildford
FD Investments Ltd 11.30 am Guildford
Financial Direction Ltd 11.30 am Guildford
Force Adhesives & Accessories Ltd 11.30 am Halifax
Howdidoody Ltd 12.00 pm London
Millcroft Developments Ltd 10.30 am Sutton
Pro Scott (Golf) Ltd 11.00 am Newport
10/03/98
Benford Plant Ltd 11.30 am Solihull
Centreline Management Ltd 10.30 am London
D M H Bulk Services Ltd 10.30 am Northampton
Fancy Home Store Ltd 10.30 am Walsall
Greenfall Ltd 12.00 pm London
Heads Of The Valleys Transp Grp Ltd 02.00 pm Abergavenny
Jon Marsden Inns Ltd 02.15 pm London
Kitchen World (Europe) Ltd 12.00 pm London
L V W Supplies Ltd 11.00 am Wolverhampton
Laundrywise Ltd 03.00 pm London
Marshall Rayner Ltd 10.30 am Yarm
Mendflow Ltd 11.30 am Liverpool
Midland Converting Machinery Ltd 11.30 am Coventry
P J M (Birmingham) Ltd 01.30 pm Solihull
Roseland Hydronics Plc 11.00 am Colchester
Rourke Construction Ltd 11.30 am Lutterworth
S D A Ditribution (UK) Ltd 11.30 am London
Saunders-Roe Developments Ltd 10.30 am Reading
Saunders-Roe Group Ltd 10.30 am Reading
Tambik Ltd 10.30 am Reading
Trackmerge Ltd 11.00 am London
Tunic Computers Ltd 04.00 pm London
TW LW TW LW
USA 1.6495 1.6410 Canada 2.3465 2.3713
Austria 20.9074 20.9793 Portugal 304.314 305.308
France 9.9606 9.9973 Belgium 61.3100 61.5290
Finland 9.0170 9.0446 Italy 2932.50 2940.87
Germany 2.9726 2.9830 Sweden 13.2371 13.2968
Holland 3.3494 3.3613 Switzerland 2.4002 2.4058
Spain 251.810 252.660 Ireland 1.1947 1.2060
Australia 2.4777 2.4717 Denmark 11.3289 11.3652
Hong Kong 12.7762 12.7013 ECU 1.4952 1.5083
Africa Com 8.1403 8.0991 Saudi Arabia 6.1861 6.1549
India 64.6640 63.7860 Malaysia 6.3439 6.4373
Singapore 2.7331 2.7600 Norway 12.4232 12.4478
Japan 211.090 207.010
TW This week LW Last week.
Arriva, the transportation group, has announced pre-tax profits of 101 million pounds, on turnover of 1,421 million, for the year ending 31st December 1997. Earnings per share stand at 36.1p.
BASS won the battle for INTER-CONTINENTAL, giving the British brewer and hotel group a luxury-hotel chain to add to its Holiday Inn franchise. In cash and assumption of debt, Bass is paying Japan's Saison Group a hefty $3 billion for the chain.
Source The Economist
BRITISH AIRWAYS asked Boeing and Airbus to come up with "innovative" ways of financing aircraft deals, saying airlines are operating companies that have become burdened with assets. BA also asked the two big makers to submit tenders by March 16th for supplying up to 100 shorthaul aircraft, worth around 2 billion pounds ($3.3 billion). Boeing announced a new pay scheme for senior managers, tying their rewards partly to share-price performance over the next five years.
Source - The Economist
Capita has announced pre-tax profits of 18.3 million pounds, on turnover of 172.9 million, for the year ending 31st December 1997. Earnings per share stand at 6.51p, on increased capital.
Castle Plant Services, the plant hire subsidiary of Tarmac Construction, is joining forces with Wyseplant, a subsidiary of Bovis Construction, in a joint venture aimed at cost cutting. The new company is to be called Castlewyse. According to a report in last weeks Financial Times the merger could signal an intention to sell off the business.
GLAXO Wellcome and SmithKline Beecham had barely announced a merger deal, worth over 100 billion pounds ($165 billion), when they said tersely that it was all over. Too many chiefs could not agree on who should do what in the boardroom. To SmithKline, some reckoned, the deal had begun to look more like a take-over, not a merger of equals.
Source The Economist
HSBC Holdings pre-tax profits rose ten per cent, to 5 billion pounds last year, crimped by bad-debt provisions of 617m pounds that related mainly to Asian exposures. But investors reckoned the banking group had spread its interests wide enough to buck the Asian effect - the Midland Bank, for instance, increased profits by 28 per cent - and its shares rose 4 per cent. Pre-tax profits at NATWEST, fell 10 per cent to 1 billion pounds, largely because of a 706m pound loss at its investment-banking business, now being sold.
Source The Economist
Mayflower Corporation, the vehicle body manufacturer, has announced pre-tax profits of 33.3 million pounds, after exceptional charge, on turnover of 392.7 million, for the year ending 31st December 1997. Earnings per share stand at 10.2p, on increased capital.
Regent Inns has announced pre-tax profits of 9.04 million pounds, after exceptional credit, on turnover of 25.4 million, for the six months ending 3rd January 1998. Earnings per share stand at 9.2p, on increased capital.
Sema, the software and computer services group, has announced pre-tax profits of 64.1 million pounds, on turnover of 1,130 million, for the year ending 31st December 1997. Earnings per share stand at 39.1p, on increased capital.
Transport Development Group has announced pre-tax profits of 30.8 million pounds, after exceptional charge, on turnover of 529.1 million, for the year ending 31st December 1997. Earnings per share stand at 15.7p, on reduced capital.
Ultra Electronics has announced pre-tax profits of 18.1 million pounds, on turnover of 143.4 million, for the year ending 30th December 1997. Earnings per share stand at 20.3p.
George Wimpey, the housebuilder, has announced pre-tax profits of 63.1 million pounds, on turnover of 1,223 million, for the year ending 31st December 1997. Earnings per share stand at 12.06p.
MERGER CLEARANCE
The Secretary of State for Trade and Industry has decided, on the information at present before her, and in accordance with the recommendation of the Director General of Fair Trading, not to refer the following mergers to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Proposed acquisition by Quebecor Printing Inc of Watmoughs (Holdings) Plc.
Proposed acquisition by Grampion Country Food Group Limited of David A Hall Limited.
Acquisition by the Scotts Company of Levington Group Ltd.
Acquisition by Lafarge SA of certain assets of Redland plc namely its ready mixed concrete business in the Norwich area and the Leicester area.
JOHNSTON PRESS PLC'S PROPOSED ACQUISITION OF HOME COUNTIES NEWSPAPERS HOLDINGS PLC REFERRED TO THE MMC
Nigel Griffiths, Minister for Competition and Consumer Affairs, has today referred to the Monopolies and Mergers Commission (MMC) the proposed transfer to Johnston Press PLC of the newspaper interests of Home Counties Newspapers Holdings PLC. The titles concerned are listed below.
The reference in no way prejudges the public interest issues concerned; it is for the MMC to investigate and report their findings by 24 April 1998.
The titles to which the application relates are:
Weekly Paid for Titles:
Blue chip companies reveal their working methods on new CD-ROM
The ways in which UK companies have overhauled their working methods - in some cases re-inventing the way they do business with customers and partners - by harnessing new and emerging computing and communications technologies are detailed in a new CD-ROM launched today by Barbara Roche, Minister for Industry.
Entitled 'Working Co-operatively: people to people and business to business', this CD- ROM gives the views and experience of top managers in a series of interactive video clips from a wide range of companies including among others National Westminster Bank, Kvaerner John Brown, BAeSEMA, SmithKline Beecham and Country Casuals.
The CD-ROM has been launched as part of the DTI's Information Society Initiative Programme for Business.
Welcoming the launch of the new CD-ROM, Mrs Roche said:
"Everybody should realise that you can't force technology into an organisation. This CD-ROM distils three years' work, involving 40 of the UK's most innovative organisations, who have analysed this premise and discovered how to marry technology with their people. This is an important message for UK companies. As we move into a global trading environment, electronic communications are key to building successful business partnerships within wider communities. For these partnerships to work, companies must understand the human and cultural implications."
David Moorhouse, Chief Executive of Kvaerner John Brown warns of the dangers of not bringing people on board when an organisation faces radical change:
"Management can make this work or destroy it. If what management does is pretend to align with the direction of the company (i.e. learn the language of this change and say the right words) but doesn't actually believe it in their hearts - then it will fail. These are the most dangerous people in your organisation because you don't recognise who they are."
Case studies and issues are organised into four sections, including:
Users of the CD-ROM can influence their companies thinking by using a facility for creating customised presentations. This includes:
The CD-ROM brings together the knowledge and best practice gathered from the Computer Supported Co-operative Working Programme, part of the DTI Information Society Initiative Programme for Business, which investigated how companies can benefit from flexible working.
Businesses can obtain copies of the 'Working Co-operatively' CD-ROM at no charge from the ISI Business Infoline, tel 0345 15 2000, email info@isi.gov.uk.
3 March 5.30 for 6.00pm Northern Ireland Branch meeting of the ICM Insolvency Presentation, including Bankruptcies and Liquidations Wellington Park Hotel, Belfast 3 March 7.00 for 7.30pm North East Branch meeting of the ICM How to Recover Debts Successfully Case studies on what to do and what not to do, by Robert Brown of R C Moorhouse & Co, Solicitors The Golden Lion Hotel, Lower Briggate, Leeds +Buffet 4 March 6.30 for 7.00pm West Midlands Branch meeting of the ICM The Fight Against Insolvency Presentation by Roger Lewis and Terry Lipscombe, Putsmans Solicitors The Club Suite, Birmingham Chamber of Industry & Commerce, Harbone Road, Edgbaston, Birmingham + Wine & Buffet 9 March 6.30 for 7.00 pm Stoke-on-Trent Branch meeting of the ICM Branch AGM & Quiz Evening Quiz presented by David Bull MICM (Grad), Branch Education Officer Chamber of Commerce, Festival Park, Etruria, Stoke-on-Trent + Wine & Buffet 10th - 12th March Credit 1998 Novotel Hotel, Hammersmith, London Free seminars - Exhibition Hall 10 March 6.45 for 7.00pm Sheffield Branch meeting of the ICM Branch Relaunch & Cutlers Hall Tour Guided tour + Buffet & Drinks 12 March 6.15 for 6.30pm West of Scotland Branch meeting of the ICM What's New at Companies House? Presentation by Jim Henderson, Registrar at Companies House, Edinburgh George House, 50 George Square, Glasgow + Buffet 13 March 7.30pm Kent Branch meeting of the ICM A Topical Matter Presentation by Roger Gale, MP, Thanet North The Archbishop's Palace, Maidstone + Buffet 16 March 6.30 for 6.45 pm Bristol & West of England Branch meeting of the ICM Branch AGM followed by Quiz Evening Quiz starts at 7.30pm sharp - teams of 4, guests invited Ashton Court Mansion, Ashton Court Estate, Bristol + Hot Buffet £5 per person 16 March 6.45 for 7.30pm Wessex Branch meeting of the ICM Branch AGM followed by presentation - Retail Solutions, Cheque Guarantee & Credit Reference Checks Presentation by Keith Liscott of Transax The Vine Inn, Romsey Road, Ower (Junc 2, M27) + Buffet 18 March 6.00pm Merseyside & North Wales Branch meeting of the ICM Careers Evening Intrum Justita, 47 North John Street, Liverpool Buffet 24 March 6.30 for 7.00pm Swindon Branch of the ICM Branch AGM Goddards Hotel, Old Town, Swindon 1 April From 10.00am Northern Ireland Branch NI.CRED-IT - Business Success through good Credit Management, followed by Branch AGM One-day conference and exhibition (AGM: 5.30 for 6.OOpm) Wellington Park Hotel, Belfast 1 April 6.30 for 7.00pm West Midlands Branch meeting of the ICM Global Credit Insurance Presentation by Simon Risebrow The Club Suite, Birmingham Chamber of Industry & Commerce, Harbone Road, Edgbaston, Birmingham + Wine & Buffet 19th May The ICM 1998 National Conference and Exhibition World Trade - The Credit Perspective The Cumberland Hotel, Marble Arch, London W1 Attendees and Exhibitors please call the Training Department at the ICM. Tel 01780-721888
To unsubscribe to this list please send e-mail addressed to listserver@insolvency.co.uk as follows:
unsubscribe credit-news your e-mail name and address
Name: Business Credit News UK
Address: credit-news@insolvency.co.uk
Commands: listserver@insolvency.co.uk
Business Credit Management UK: John Arnold jarnold@creditman.co.uk
Business Credit News UK: Pat Williams pwilliams@creditman.co.uk