Editor: John Arnold. E-mail jarnold@creditman.co.uk
Pat Williams. E-mail pwilliams@creditman.co.uk
Site: Business Credit Management UK
URL: http://www.creditman.co.uk
Issue: Vol 4 Issue 43
Dated: 3 December 2000
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKTRADE MINISTER PLEDGES GOVERNMENT SUPPORT FOR UK MOTOR MANUFACTURING INDUSTRY
Britain's motor manufacturers were last week told the Government was putting its nozzle where its fuel tank was to provide the right conditions for industry growth.
Speaking to the Society of Motor Manufacturers and Traders, annual dinner, Trade Minister, Richard Caborn said: "This Government is not an anti-car administration. We are working in very close partnership with the motor industry to address its needs in a global economy. We are determined to develop the right environment for the sustainable growth of this crucial sector of our economy.
"Since 1997 over £2.7 billion of new investment and nearly 10,000 new jobs have been announced in the UK car manufacturing industry. Last year we saw the highest UK car production since 1972 and car exports were the highest ever. I am determined that this success story will continue as the Government is committed to maintaining the UK as a world class base for the automotive industry."
He added: "We are working hard with the UK automotive industry to help improve its competitive position in the face of increasing global competition. Our approach aims to help the industry face the challenges of ever more demanding consumers; the globalisation of major companies; and the IT revolution."
Mr Caborn acknowledged that the automotive industry was going through a period of rapid change due to global competition but said the Government was playing its part in helping business to cope with the change to ensure wider opportunity for all.
He outlined a series of initiatives put in place by the DTI to boost the motor manufacturing sector including:
Addressing the audience of motor industry leaders at the Hilton Hotel, Park Lane, Mr Caborn said the sector was in good shape with widespread new investment in the industry.
Mr Caborn added: "The Secretary of State, Stephen Byers recently made an Order to increase competition in the supply and sale of new cars.
"The measures introduced at the beginning of September will ensure greater competition in the new cars market. Indeed, over recent weeks we've seen manufacturers cut list prices by 10 to 20 per cent.
"But more can be done and I am sure the industry will respond to that."
The global industry is estimated to have generated £500bn last year producing nearly 50 million cars and commercial vehicles and directly employing over 5 million people in OECD countries alone.
The UK share of this market is worth nearly 8%. It accounts for 850,000 jobs, both direct and indirect; represents 5.3% of GDP; and contributes 11.3% of UK exports.
In the UK alone seven volume carmakers and seven commercial vehicle outfits between them produce 1.7 million passenger cars and 230,000 commercial vehicles per year.
17 of the world's top 20 first-tier suppliers manufacture here. The components sector alone is worth £12 billion and employs 150,000.
(Figures from SMMT statistics).
PRICES EXPECTED TO GO ON FALLING, SAY MANUFACTURERS IN CBI SURVEY
Manufacturers expect domestic prices to fall further over the next four months as a result of continuing competitive pressures. This is the main finding of a monthly survey of industrial trends, recently published by the Confederation of British Industry.
Fourteen per cent of manufacturers expect to raise domestic prices, while 27 per cent expect to see them fall. The balance of minus 13 per cent is the least negative in a monthly survey since March this year, but that may be only a reflection of seasonal list price effects. Expectations remain weaker than those recorded in November of last year.
Output expectations for the coming four months have slipped back from moderately positive in September to broadly stable this month. Twenty four per cent of manufacturers said they anticipated a rise in output, 23 per cent a fall. The balance of plus one per cent compares with plus five per cent in September.
Total order books were below normal in September and are slightly more so in this survey. Fourteen per cent said order books were above normal, 31 per cent below normal. The balance of minus 17 per cent compares with minus 15 per cent in September.
Export orders remain well below normal, though the balance figure is the same as September. Fourteen per cent said export order books were above normal, while 45 per cent said they were below giving a balance of minus 31 per cent.
Sudhir Junankar, CBI Associate Director of Economic Analysis, said: "The relentless downward trend in prices seems set to continue as companies face intense competitive pressures. Sustained growth in overseas markets is helping exports.
Despite this the weak euro is still hampering UK manufacturers' ability to trade profitably. However output is set to hold up in the coming months."
Stocks of finished goods have been run down slightly. The balance of plus 11 per cent of firms reporting more than adequate stocks is now below the long-term average recorded in the monthly surveys. But stock levels remain more than adequate to meet expected demand.
The survey was carried out between 25 October and 15 November 2000 and there were 785 responses.
Sterling averaged 1.69 euros (DM 3.30) and $1.44 over the survey period compared to 1.67 euros (DM3.27) and $1.46 in the October survey and 1.64 euros (DM3.20) and $1.45 in the September survey
Companies face a bad debt meltdown from badly run dot.coms, according to leading finance provider NMB-Heller.
Latest figures from the company suggest that despite their bad publicity, over 90% of businesses fail to credit check a dot.com before supplying it. This fact, combined with the speed with which dot.coms are setting up and failing, could leave thousands of financially stricken suppliers struggling to cope with the resulting bad debts.
This year alone 130 internet companies have failed across Europe and the US including many with a major UK presence such as Boo.com which owed creditors £178 million and former Prime Minister's son James Major's dot.com business which collapsed with debts of almost £300,000. Such company failures are wreaking havoc on virtually all sectors of the UK economy - but according to NMB-Heller figures they are particularly damaging design, printing, IT, telecoms, recruitment, web design, marketing services and advertising sectors.
A key problem according to NMB-Heller is the fact that the majority of businesses still do not credit check their customers. Its figures suggest only one e-business order out of fifteen is checked to assess whether the potential customer is credit worthy. The reason for this is the speed of response the dot.com revolution demands, as Stuart Parker, Chief Executive of NMB-Heller explains:
"Whilst there have been many high profile dot.com failures, e-commerce is still going to be a fundamental part of all our futures. So businesses are understandably keen to capitalise on this growing sector of the economy by supplying its rising stars. But in e-business, two months is equivalent to a year - so suppliers to the sector have got to be ready to respond quickly. Sadly with credit checking already the exception rather than the rule for most businesses, such demand for speed means few are credit checked or covered with bad debt protection."
According to NMB-Heller, over fifty percent of new businesses fail in their first four years but with dot.coms the failure rate is even higher, they are failing at a current rate of one a day and the debts they leave behind are huge. Stuart Parker again: "We believe the failure rate is closer to 75% in the first two years. Yet all dot.coms have ambitious plans from day one. Success typically means growing big very fast, but that means running up debts very fast too, which if the companies fail their suppliers can spend years recovering from."
Figures from NMB-Heller illustrate this point. A print company facing a £20,000 bad debt with a profit margin of 8% will have to sell £250,000 additional print simply to recover to its position before the debt was incurred.
# = pounds sterling
COMPANY LAW REVIEW ANNOUNCES THIRD AND FINAL CONSULTATION
Further proposals for a modern and effective framework of company law were published on the 30 November 2000 by the independent Steering Group responsible for the Company Law Review.
The consultation document "Modern Company Law for a Competitive Economy: Completing the Structure" invites views on a number of important new proposals for reform as well as reporting the outcome of earlier consultations.
The main new proposals are:
The document confirms the Steering Group's proposals for a major simplification of the law for private companies and for a statutory statement of directors' duties. It develops further its proposals for improved company reporting.
Speaking on behalf of the Steering Group, John Parkinson (Professor of Law, Bristol University) said:
"We believe that the Company Law Review is on course to recommend a radically updated framework of company law in our final report due next May.
"Most of the proposals we made in March have received wide support and we have therefore taken them forward; but the responses have also helped us to make a number of improvements.
"Our proposed statement of directors' duties was widely welcomed. This would require directors to act in the best interests of shareholders, while recognising the importance of wider interests. This inclusive approach would be underpinned by improved disclosure, principally through the new operating and financial review (OFR).
"We have now strengthened the OFR with a proposal that the process by which it is prepared should be audited. We believe that our proposals will encourage companies to be responsive to wider interests in a way which will support business success and competitiveness.
"A streamlined timetable for publication of accounts and reports will make best use of new technology and give shareholders better, more timely access to information."
Colin Perry (Chairman, LTE Scientific Ltd, former Chairman, CBI SME Council) added:
"This consultation document reinforces our commitment to "think small first". We were pleased at the high level of support received for our proposals in Developing the Framework. Our proposals will greatly simplify the way in which private companies operate and offer a regime suited to the needs of small companies.
"The proposal we make for a Companies Commission builds on the present FRC and Accounting Standards Board (ASB). However, it would have a substantially wider remit to keep company law under review and have responsibility for detailed rules and regulations.
"This would ensure that our law is able to respond quickly and effectively to changing needs and circumstances.
"A Private Companies Committee would have a specific brief to ensure that the law fully reflects the interests of small companies."
Comments are invited on the proposals by 28 February 2001.
The members of the Company Law Review Steering Group are:
Completing the Structure
Summary of Main Proposals
This consultation document develops the Steering Group's "think small first" approach, confirming the simplifications already proposed for private companies.
It also:
The Government's commitment to support viable businesses and encourage entrepreneurship was demonstrated on the 1 December 2000 when the Insolvency Act 2000 received Royal Assent.
The Insolvency Act will:
Competition and Consumer Affairs Minister, Dr Kim Howells said:
"I am delighted that this Act has received Royal Assent.
"The new provision in the CVA procedure will help give more time to businesses experiencing short-term problems to agree a rescue proposal with their creditors.
"This will stop creditors taking legal action against the assets of the company before it has had the chance to agree a solution to the problem with them."
On the speeding up of the procedure to disqualify company directors, Dr Howells added:
"The power to disqualify unfit company directors is an important safeguard for consumers, to protect them and the rest of the market place against rogue directors.
"Currently disqualification can only be achieved by means of legal proceedings and there are often delays in getting disqualification cases through the courts. The Insolvency Act 2000 provides that, where there is agreement, disqualification can be achieved administratively."
"The procedure should now be more efficient and effective, ensuring that consumers and the business community are given earlier protection, in some cases at a reduced cost."
Implementation of the Act will take place when the necessary secondary legislation is ready next year.
The initial period of the CVA moratorium will be for 28 days. This period can be extended by up to a further two months.
The Insolvency Act 2000 makes other technical amendments to improve the operation of the current provisions in the Insolvency Act 1986 and the Company Directors Disqualification Act 1986.
INTERNET TRADER WOUND UP ON PETITIONS PRESENTED BY THE DTI
Smartalk Ltd traded on the Internet and by advertising in the local and national press and in IT and PC magazines offering computers to the public in return for a payment of £100 and the obligation to complete a monthly questionnaire on the Internet that would generate saleable market research information. Additional charges were made for upgrades.
A petition by the Secretary of State for Trade and Industry was presented following an investigation carried out by the Department'sCompanies Investigation Branch (CIB) under section 447 of the Companies Act 1985.
On the application of the Secretary of State the Court appointed the Official Receiver as provisional liquidator of the company on 6 October 2000. The role of the Official Receiver as provisional liquidator was to protect and preserve the assets and financial records of the company until the hearing of the petition.
The Official Receiver as provisional liquidator has been notified to date of over 7,000 potential purchasers who have paid for, but did not receive, computers, generating in excess of £650,000 in revenue for the company.
The principal grounds for the petition was that its business was unsound in that in a short space of time the company had attracted thousands of customers to pay in advance £100 for a PC together with a promise to complete a monthly questionnaire. The PCs cost the company £535 (including VAT). The company purported to be viable by claiming it could exploit the information on the questionnaire and that it could sell advertising links on its website.
However, it had received no income from those sources and had no realistic prospect of receiving any significant amounts in future. It would be absolutely impossible for the company to fund the purchase of PCs to the majority of the customers who had paid. The company was also grossly under capitalised and had no access to any sort of funding, being totally reliant on income from new customers. Accordingly the company was insolvent and unable to pay its debts.
At the hearing of the petition on 22 November 2000 the Court made a winding up order against the company and the Official Receiver was appointed as the liquidator.
The Official Receiver is presently unable to indicate whether creditors of the company will receive any distribution from the available assets. The Official Receiver will, however, issue claim forms and his report to creditors as soon as possible and certainly within the next few weeks.
Smartalk Ltd was incorporated in England as a private limited company on 21 January 1999. Its registered office is at Lifestyle House PO Box 200 Marathon Place Moss Side Industrial Estate Leyland Preston PR5 3QN. Its directors have been Julia Anne Rae and Johnson Williamson who also acted as the company secretary.
The petition was presented under section 124A of the Insolvency Act 1986.
Any one who has paid money to the company and has not yet contacted the Official Receiver should contact :
Mr M Boyall
Official Receiver
Public Interest Unit
The Insolvency Service
21 Bloomsbury Street
London WC1B 3SS
Tel. No: 020 7637 6425
Fax. No: 020 7637 6390
DTI PETITION TO WIND UP MARCHANT FOXE LIMITED
The Secretary of State for Trade and Industry has presented a petition in the High Court to wind up in the public interest MARCHANT FOXE LIMITED following investigations by Companies Investigations Branch of the DTI under section 447 of the Companies Act 1985 (as amended).
The petition was heard on 22 November 2000.
Marchant Foxe Limited traded as fine art consultants supplying limited edition prints to the public.
The registered office of Marchant Foxe Limited is The Glass Mill, 1 Battersea Bridge Road, London. SW11 3BG.
The petition was presented under Section 124A of the Insolvency Act 1986.
DTI WINDS UP DEBT COLLECTION COMPANIES
The Department of Trade and Industry secured Winding Up Orders against Nationwide Corporate Investigation Services Limited and Nationwide Corporate Legal Services Limited on 9 and 22 November 2000 respectively.
The Orders were made in the High Court of Justice following petitions that the companies should be wound up in the public interest. These petitions were presented by the Secretary of State for Trade and Industry on 3 November 2000, as a result of enquiries made by the Companies Investigation Branch of the DTI under the provisions of Section 447 of the Companies Act 1985.
The companies contracted to provide debt collection services to small companies and other unincorporated businesses throughout England and Wales on payment of an annual subscription fee and commissions on sums collected. The companies guaranteed to refund subscription fees paid if they failed to recover the customers' debts.
The debt recovery agreements were cleverly contrived to confuse and mislead customers as to the extent of the guarantee and the circumstances in which refunds would be made, so that the guarantees were unenforceable in practice.
The directors failed to maintain adequate accounting records and accordingly it has not been possible to establish the full extent of the companies' income nor whether the amounts collected from customers' debtors have been paid over to those customers.
The Official Receiver has been appointed Liquidator of the companies.
Nationwide Corporate Investigation Services Limited and Nationwide Corporate Legal Services Limited were both incorporated on 4th September 1998 and traded from Liverpool, Merseyside.
The registered office of both Nationwide Corporate Investigation Services Limited and Nationwide Corporate Legal Services Limited is at Lombard Chambers, Ormond Street, Liverpool, L3 9NA.
DTI PETITION TO WIND UP HUNTLEY MALET GROUP LIMITED AND RUTLAND ENGINEERS LIMITED (TRADING AS "COMPACT ORBITAL GEARS")
The Secretary of State for Trade and Industry has presented petitions in the High Court to wind up in the public interest Huntley Malet Group Limited and Rutland Engineers Limited following investigations by Companies Investigations Branch of the DTI under section 447 of the Companies Act 1985 (as amended).
On the application of the Secretary of State the Court appointed the Official Receiver as provisional liquidator of both companies pending the hearing of the petitions on Wednesday 17 January 2001 at 10.30 am.
Huntley Malet Group Limited is a non trading holding company which, since October 1998, has acquired seven engineering subsidiaries, two of which have subsequently been wound up. Rutland Engineers Limited was acquired by the Group in March 2000.
The registered office of Huntley Malet Group Limited is Fryern House, 125 Winchester Road, Chandlers Ford, Hampshire and the company trades from Primrose Cottage, Winsor Road, Winsor, Nr Cadnam, Southampton, SO40 2HN. The registered office of Rutland Engineers Limited is also Fryern House and the company trades from factory premises at Brynberth Industrial Estate, Rhyader, Powys, LD6 5EW.
The petitions were presented under Section 124A of the Insolvency Act 1986.
DEBT ADVISORY COMPANY WOUND UP ON PETITION PRESENTED BY THE DTI
A winding up order in the public interest was made yesterday in the High Court against Direct Debt Solutions Limited, formerly Nationwide Insolvency Partnership Limited, which traded from 40A Preston New Road, Blackburn, Lancashire, BB2 6AH.
The company's business consisted of advising upon and arranging individual voluntary arrangements (IVAs) and informal repayment schemes for people pressed by debt and from whom the company took monthly payments by way of standing order.
The company advertised its services in the national press and the internet.
The petition was presented following an investigation carried out by the Department's Companies Investigation Branch (CIB) under section 447 of the Companies Act 1985.
On the application of the Secretary of State the Court appointed the Official Receiver as provisional liquidator of the company on 28 September 2000.
The role of the Official Receiver as provisional liquidator was to protect and preserve the assets and financial records of the company until the hearing of the winding-up petition. By virtue of the winding up order the Official Receiver is now the liquidator of the company.
The sole recorded director of the company is Mr Roger Douglas Wallis who received commissions of £78,766 from the company. He was formally appointed on 1 June 2000 following the resignation on the same day of Mr David Stephen Aston. The secretary of the company is Ms Annie Marie Catherine Poulter.
The petition was initially opposed by the company, as was the application for the appointment of the Official Receiver as provisional liquidator. In opposing the matter the company, through its director Mr Wallis, gave various undertakings to the Court which were not complied with.
The registered office of the company is at 40A Preston New Road, Blackburn, Lancashire BB2 6AH.
The petition was presented under section 124A of the Insolvency Act, 1986.
All public enquiries concerning the business affairs of all the above companies should be made to the Official Receiver at the following address:
The Official Receiver
The Insolvency Service
Public Interest Unit
PO Box 203
21 Bloomsbury Street
LONDON WC1B 3QW
Telephone: 0207 637 6425
DAEWOO
Creditors of Daewoo Motor, an insolvent South Korean car maker, agreed to provide further loans of 728 billion won ($605m), after the unions had accepted a restructuring that would include job cuts and sales of assets. This may help to persuade General Motors and Fiat to buy Daewoo.
*** 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 04/12/2000 to 12/12/2000 Number of Creditor meetings : 189 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 05/12/2000 Decor Colours & Coatings Ltd 02.00 pm Glasgow Reilly Reinforcements Ltd 11.00 am Glasgow Velitar Ltd 10.30 am Edinburgh 06/12/2000 Castleton Homes Ltd 12.00 pm Glasgow 07/12/2000 Europrep Ltd 10.00 am Edinburgh 08/12/2000 Gillespie Group (Scotland) Ltd 12.00 pm Glasgow 11/12/2000 Q M Retail Ltd 10.00 am Glasgow 12/12/2000 Forrest Plant Ltd 11.00 am Glasgow George E Packer & Sons Ltd 10.00 am Hamilton Tobar Mor Ltd 11.00 am Glasgow 23 Administrator Calling a meeting of Creditors 04/12/2000 Independent Energy Holdings Plc 10.00 am Birmingham York Gas Ltd 11.30 am Birmingham 08/12/2000 Town & Country Driveways Plc 10.30 am Manchester 12/12/2000 G Clifford Morris Ltd 10.15 am Manchester 48 Receiver calling unsecured Creditors Meeting 04/12/2000 Independent Energy UK Ltd 02.00 pm Birmingham 11/12/2000 Business Supplies Wholesalers Ltd 10.00 am Birmingham 12/12/2000 Networking Solutions (UK) Plc 10.30 am Leeds 98 Creditors Voluntary Liquidations 04/12/2000 Action Potential Simulation Therapy Lt 02.00 pm London BCP Partitions & Storage Equipment Ltd 11.30 am Chester Bennett & Cunningham Ltd 11.30 am Stockport Davanstar Civil Engineering Ltd 03.00 pm London Directsource Ltd 11.30 am Stoke-on-Trent Elmwood UK Ltd 11.30 am London Friendly Consultants Ltd 03.00 pm London Gormagh Construction Ltd 10.15 am Ilford Ioco Ltd 11.30 am Leicester M W Marshall (Sterling) Ltd 11.00 am London T & L Ford (Builders) Ltd 10.30 am Leeds Taylermade PVC Systems (SE) Ltd 03.00 pm Swansea Torby Manufacturing Ltd 10.30 am Dunfermline UK Tippers Ltd 10.30 am Warwick 05/12/2000 A P Contractors Ltd 11.00 am Harpenden Ausbar Construction Ltd 11.30 am Hereford BFT Mechanical Services Ltd 10.30 am London Bedding & Sofabed Co Ltd - The 04.00 pm London Benham Exhibitions Ltd 11.00 am London Business To Business Publishing Ltd 11.30 am London Castlebrook Associates Ltd 11.15 am London Chellow Mount Nursing Home Ltd 10.30 am Huddersfield Clydelady Ltd 12.00 pm London Compupeople Ltd 02.30 pm London Cosgrove Camping & Leisure Ltd 11.30 am Sileby Cosma-Tec Print Finishers Ltd 11.00 am Halsall County Home Improvements Ltd 11.30 am London Datec Ltd 12.30 pm Nottingham Electra Steels Ltd 11.00 am Birmingham Exact Systems Ltd 03.30 pm Lutterworth Fruitbadger Ltd 11.30 am Manchester Garde A Manger Ltd 11.00 am Northampton Glass Concepts Ltd 03.00 pm Birmingham Glenthorpe Corporation Ltd 11.45 am London Glenville Corporation Ltd 12.15 pm London Impact Idustrial Flooring Ltd 11.30 am Manchester Imtec Group Ltd - The 11.00 am London Incorporate I T Ltd 10.30 am Yarm Internet Services Directory Ltd 11.30 am Manchester J Oughton (Hauliers) Ltd 11.00 am Gosforth Jay Engineering (Millwrights) Ltd 11.00 am Leith Kailash Construction Ltd 10.30 am Harrow Legion Engineering (UK) Ltd 10.15 am London Marketing Links Ltd 12.15 pm Southampton Multiconnect Ltd 12.00 pm Reading Nucleus Support Services Ltd 02.30 pm Edinburgh Orion Distribution Ltd 11.00 am Bristol People Energy Training Ltd 12.00 pm Corsham Primetone Builders (City) Ltd 11.30 am Woodford Green R T Platts Chemists Ltd 11.00 am Stockton-on-Tee Rella Ltd 11.00 am London Ridgecrown Associates Ltd 10.45 am London Sentinel Instrumentation Systems Ltd 11.30 am Aberdeen W W Cables & Components Ltd 02.30 pm Bedford Windowbadger Ltd 10.45 am Manchester Wings International Ltd 10.30 am London 06/12/2000 Abbey Locate Ltd 11.30 am Altrincham Andover Catering Equipment Ltd 11.30 am Southampton Bedrock Crushing & Recycling Co Ltd 10.15 am London Benjamin Bentley & Partners (Comm) Ltd 10.30 am Sheffield Car Fleet Care Ltd 03.30 pm Slough Century 2000 Supplies Ltd 12.00 pm Stourbridge Citikey Ltd 12.00 pm London Class Price Ltd 11.00 am Leeds Dash London Ltd 12.00 pm London Data Communications Associates (UK) Lt 10.30 am Bristol Fagans Ltd 12.00 pm London Fezzy Eggs Ltd 03.30 pm Lutterworth Fine Color Wallcoverings Ltd 10.45 am Manchester Goldings of Holborn Ltd 10.30 am London Guppys (Bridport) Ltd 02.30 pm Plymouth Guppys Properties Ltd 02.30 pm Plymouth Holdridge Ltd 11.00 am London Hope Inns Ltd 12.00 pm Hale Ian Phillips Electrical Services Ltd 11.00 am Newcastle-u-Lym J E Pollard Ltd 11.00 am Chatham J F Composts Ltd 11.30 am Nottingham K&S Print Distribution Services Ltd 12.00 pm Reading Kempmere Wholesale Ltd 11.30 am Leeds L E Marketing Ltd 11.00 am Halsall Life-Line Finance Ltd 11.15 am Bately Millennium Mechanical Services Ltd 11.00 am Basingstoke Ornamental Ironwork Ltd 10.30 am Bromsgrove Rapidinsure Plc 11.30 am London Rapidinsure.co.uk Ltd 11.30 am London Reape Bros Contractors Ltd 11.00 am Swindon Starlink Ventures Ltd 10.00 am Birmingham Summer Hill Flowers Ltd 11.00 am Birmingham Vocational Prospects Ltd 10.00 am Ilford William Sharp (Services) Ltd 02.30 pm Walsall William Sharp (Structural) Ltd 11.30 am Walsall 07/12/2000 360 Images Ltd 11.30 am Crawley Ankalad Ltd 11.15 am Tunbridge Wells Antles Trade Windows Ltd 11.30 am Altrincham Arthur Shufflebotham & Sons Ltd 11.00 am Swansea Aspire (Financial Planning) Ltd 12.00 pm Walsall Auto Keys (Nationwide) Ltd 10.30 am Hatfield Best Casuals Ltd 10.30 am Warrington Bridon Architectural Systems Ltd 11.00 am Gosforth Cardington Consultants Ltd 12.15 pm London Coastbell Ltd 11.00 am Southend-on-Sea Geany Developments Ltd 11.00 am Oldham Gransden Corporation Ltd 10.45 am London Indexco Ltd 10.30 am Epping Longacre Contracts Ltd 11.15 am London MNI Site Services Ltd 11.00 am Portswood Marchmart Ltd 03.00 pm London Medwise Associates Ltd 11.45 am London Mjorud Koltek Ltd 10.30 am Sandy Multirib Profiles Ltd 12.00 pm Cardiff Northern Amusements Ltd 11.00 am Leicester Overseas Medical Supplies Ltd 10.00 am London Pipeline 2000 Technologies Plc 11.30 am Cardiff Plantman Recruitment Ltd 11.00 am Tong Queenswell Management Ltd 10.15 am London R P Jeffery Landscapes Ltd 03.00 pm London Seebrooke Ltd 11.00 am Marlow Stowe Interiors Ltd 11.30 am London Traditional Events Ltd 02.00 pm Halesowen Zonus Ltd 02.30 pm London 08/12/2000 1st Call Aabans Ltd 10.30 am London AES Refurb Ltd 10.00 am Southam Asset Corporation Ltd 12.00 pm London Calipso Fashion Ltd 03.00 pm London Chester Interactive Systems Ltd 02.30 pm Birmingham Computer Relocations Ltd 12.00 pm London Cubic Egg Ltd 11.30 am London D B Cleaning Ltd 01.30 pm London Derrun Engineering Ltd 11.00 am Manchester Designstyle Ltd 12.00 pm London Dipona Ltd 04.00 pm London Domino Security Co Ltd 12.30 pm Manchester Eaglebray Ltd 11.30 am Torranyard Hazal Ltd 04.00 pm London International Hardware Systems Ltd 10.30 am Driffield J A Hamilton Studios Ltd 10.00 am London Jamaica Blue Mountain Coffee Shops Ltd 11.00 am London Lyte Optronics Ltd 10.30 am Cardiff Maival Ltd 12.00 pm London Official Publications (BPC) Ltd 11.00 am Sunderland Push One Ltd 03.00 pm London Sparrow Networks Ltd 12.00 pm Manchester Succubus Ltd 11.00 am Northampton Town & Country Travel Ltd 11.00 am Southend-on-Sea Williams Rigg & Co Ltd 10.15 am Bately 11/12/2000 Auto Panache Ltd 11.00 am Birmingham Beacon Business Systems Ltd 11.15 am Gerrards Cross Edward Frances & Co Ltd 12.00 pm London Euro Cafe (Ealing) Ltd 03.30 pm London G T Dallas Cars Ltd 11.00 am London HMT (Bradford) Ltd 10.15 am Leeds Ikon Digital Media Ltd 11.30 am Maidstone Imageactive Data Ltd 10.30 am Bournemouth Landmark 2000 Ltd 02.30 pm London Liongold Ltd 04.00 pm London Orrell Martin (Concret Engineers) Ltd 11.30 am Bolton Ransby Hoare Associates Ltd 11.15 am Bromley Salcrom Properties Ltd 11.00 am Chandlers Ford Workbench Software Ltd 10.30 am Cambridge 12/12/2000 Base Clothing Ltd 03.00 pm London Brunel Associates Ltd 11.00 am Bristol Burlin Cross & Henry Developments Ltd 11.30 am Manchester Dexter Wong International Ltd 11.30 am London Herbert Churchman Plc 11.00 am Edgware Hills Containers Northern Ltd 11.30 am Wakefield Mill Lane Garage Services Ltd 10.30 am Hertford Oxcroft Engineering Ltd 11.00 am Rotherham Rise-N-Recline Ltd 04.00 pm Worcester Swiftline Consultants Ltd 02.30 pm London Timeplus Software Ltd 03.00 pm London Universal Sports Betting Ltd 02.30 pm London WWWDot Ltd 11.00 am Birmingham
TW LW TW LW
USA 1.42 1.40 Canada 2.18 2.17
Austria 22.93 23.04 Portugal 334.10 335.72
France 10.93 10.98 Belgium 66.77 67.55
Finland 9.90 9.95 Italy 3226.82 3242.35
Germany 3.26 3.27 Sweden 14.47 14.54
Holland 3.67 3.69 Switzerland 2.52 2.54
Spain 277.29 278.62 Ireland 1.31 1.31
Australia 2.71 2.70 Denmark 12.56 12.48
Hong Kong 11.09 10.97 Euro 1.66 1.67
Africa Com 11.03 11.00 Saudi Arabia 5.33 5.28
India 66.65 65.88 Malaysia 5.40 5.34
Singapore 2.49 2.47 Norway 13.35 13.42
Japan 157.11 156.57
TW This week LW Last week.
Cazenove, the last bastion of traditional, blue-blooded stockbroking, announced that it would become a public company and abandon a partnership structure that has seen it through 177 years. Cazenove, which could be worth around GBP1.5 billion ($2.1 billion), is a niche outfit, but around half of the UK's top 100 companies are clients of the firm.
Source - The Economist
AEA Technology announced pre-tax profits of 2.7 million pounds, after exceptional charge, on turnover of 171.9 million pounds, for the six months ending 30th September 2000. Earnings per share stand at 2.4p.
Eidos, the computer games publisher, announced a pre-tax loss of 83.3 million pounds, after exceptional charge, on turnover of 57.6 million, for the six months ending 30th September 2000.
Christian Salvesen, the logistics group, announced pre-tax profits of 13.6 million pounds, after exceptional charge, on turnover of 349.1 million, for the six months ending 30th September 2000. Earnings per share stand at 3.7p.
SHL, the computer software supplier, announced pre-tax profits of 13.1 million pounds, on turnover of 70.9 million, for the year ending 30th September 2000. Earnings per share stand at 16.1p.
SSL International, the healthcare group, announced pre-tax losses of 14.9 million pounds, after exceptional charge, on turnover of 284.9 million pounds, for the six months ending 30th September 2000.
Severn Trent Water announced pre-tax profits of 112.8 million pounds, on turnover of 792.9 million, for the six months ending 30th September 2000. Earnings per share stand at 30.6p.
MERGER CLEARANCE
The Secretary of State for Trade and Industry has decided, on the information at present before him, and in accordance with the recommendation of the Director General of Fair Trading, not to refer the following merger to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Proposed acquisition by Prestige Acquisitions Ltd (a company formed by Nikko Principal Investments Ltd) of Powell Duffryn Plc
Proposed acquisition by Hill & Smith Holdings plc of Ash & Lacy plc
Proposed acquisition by Bayer AG of part of the crop protection business of Novartis AG
Merger of the Royal Institution of Chartered Surveyors and The Institute of Building Control
View the portal at www.intellectual-property.gov.uk
Budding innovators can learn how to make the most of their ideas and protect themselves from counterfeiters thanks to a new Intellectual Property (IP) web site launched last week by Minister for Consumer andCorporate Affairs Dr Kim Howells.
The site provides a comprehensive resource for businesses and inventors, with information on copyrights, trade marks, patents and designs. Users will be able to find answers to frequently asked questions, view the latest news and link to other IP-related sites. Special sections deal with IP as it relates to business, education and entertainment and there is information on how to profit from IP.
The site will also help people with concerns about using the property of others, for example by signposting them to the correct place to obtain a licence. There is information for both people with little knowledge of IP and more experienced users.
Launching the site at the DTI's conference today to raise awareness of IP and IP crime issues, Dr Howells said:
"Invention and creativity have a vital role to play in ensuring the continuing competitiveness of British industry. The Government is keen to help innovation by providing the appropriate tools for businesses to understand and make the most of their intellectual property rights. I hope that creators and users alike will find the new IP portal a useful source of information."
The idea for the portal came from a report by the Intellectual Property Group of the Government's Creative Industries Taskforce, a body set up to make recommendations on ways of improving respect for and understanding of intellectual property. The Group's recommendations were published in March 2000.
The web site address for the Intellectual Property Portal is www.intellectual-property.gov.uk
Saturday 13th January 2001 Yorkshire Ridings Branch of the ICM Annual Dinner Dance at the Cedar Court Hotel in Bradford This years event is being sponsored by ICC. Tickets are very reasonably priced at #27.50 per head and corporate tables are available (seating 10 to 12). We have also negotiated special room rates - #65 per double and #47.50 per single room. For tickets and further information, please contact Mr. Wayne Parker at wayne.parker@pinsent-curtis.co.uk or Ms Sally Atkin at sally.atkin@uk.pwcglobal.com 15th January Wessex Branch of the ICM Mock meeting of Creditors Royal Southampton Yacht Club Channel View Road, Southampton. 7pm for 7.30pm start Refreshments provided. 4th to 10th March National Credit Week 7th March Credit Today Awards 2001 Natural History Museum. London Wednesday and Thursday 7th and 8th March Credit 2001 The Event for the Commercial and Consumer Credit Industry Olympia London Thursday 8th March 2001 Companies House Seminar Swallow Hotel Peterborough Lynch Wood Peterborough Business Park Peterborough Registration 5.30pm - 6.00pm Wednesday, Thursday and Friday 24th to 26th October 2001 International Credit Exhibition & Conference The Westin Stamford, Singapore http://www.internationalcredit001.com Mailto:info@internationalcredit001.com # = pounds sterling If you have an event coming up which is credit management related and you would like us to make an entry in the Diary section please e-mail the details to jarnold@creditman.co.uk
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