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 5 Issue 9
Dated: 4 March 2001
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
This is a new feature at the show and I am very pleased to be your host for the tour. It will be great to meet you. Please come and say "hello".
If you have not registered for Credit 2001 be quick and save yourself 10.00 pounds sterling. Go to www.creditevents.com NOW
John Arnold
UKNEW REGIONAL GDP FIGURES SHOW THE NEED FOR AN ACTIVE REGIONAL INDUSTRIAL STRATEGY
Stephen Byers, the Trade and Industry Secretary, said on the 27 February 2001 that the release by the Office of National Statistics (ONS) of Regional GDP figures for 1999 showed the need for an active regional industrial strategy.
The provisional figures from the ONS reveal that:-
Commenting on the figures Stephen Byers said:
"These figures show why it is so important to have an active regional industrial strategy. "Our regions were at the heart of the industrial revolution. They must now be at the centre of the knowledge based economy of the future.
"I welcome the fact that for the first time every region has its GDP per head over £10 000, showing that our economic policies have brought economic stability not just for the country as a whole, but for each part of it. But it is also clear that there are unacceptably wide economic gaps between regions."
"The challenge for government is to put in place the measures that will allow every region to prosper. Policies that will widen the winners' circle so that every region can benefit from our strong economic performance. "This means that we must give particular attention and support to the needs of weaker regions. This must involve allowing more strategic decisions to be taken at a regional level.
"Earlier this month we announced measures to support regional economic development. Today's figures show that the regional agenda will not go away and must be addressed in a positive and constructive way."
ECONOMIC CONDITIONS
America's economic gloom continued. Fourth-quarter growth in GDP was revised down to 1.1% from 1.4% at an annual rate. American consumer confidence hit its lowest point since June 1996 after suffering its fifth monthly drop in a row in February, according to the Conference Board.
Economic conditions in Europe are mixed. France's GDP grew in the year to the fourth quarter by a healthy 2.8%. But Germany's GDP was only 1.9% higher over the same period (and in the fourth quarter itself, grew by just 0.2%). Euro-area inflation fell to 2.4% in the year to January from 2.6% in December. Unemployment rose by a tenth of a percentage point; Greece was included in the figures for the first time.
Source - The Economist
OPTIMISM IMPROVES AS RETAIL SALES REMAIN ROBUST - CBI
Annual retail sales slowed slightly in February but growth remains robust and volumes are expected to pick up in the year to March, according to a survey published last Thursday by the Confederation of British Industry. Optimism has improved to the greatest extent since May 2000. A balance of 31 per cent of firms expect business to improve over the next six months compared to two per cent in the November survey.
The CBI's latest quarterly Distributive Trades Survey, carried out between 1 and 20 February, shows 55 per cent of retailers reporting a rise in sales volumes compared to a year ago while 23 per cent reported a fall. This gives a balance of 32 per cent, which compares with 36 per cent in January and 16 per cent in December. The balance for February 2000 was 47 per cent.
The three-month moving average, which smooths out month-to-month fluctuations in sales volumes, rose to its highest level since July 2000. But underlying volume growth remains lower than the levels for the first half of 2000.
Sales in February were above average for the time of year and are expected to be further above average during March. Fifty-four per cent of retailers expect sales to go up in March, while 15 per cent expect them to come down. The balance of 39 per cent compares with an expectation of 43 per cent for March last year.
Orders placed on suppliers rose in the year to February at a similar rate to January, but are now expected to grow more quickly in the year to March. Prices remained broadly unchanged compared with a year earlier and they are expected to fall modestly over the coming months.
Alastair Eperon, Chairman of the Distributive Trades Panel, said: "Retailers will be encouraged that sales growth has remained robust beyond the January sales period. The pressure on prices remains a concern as retailers expect a slight fall in the coming months. Nevertheless confidence has improved since the autumn."
Grocers reported the largest increases in sales volumes. Stores selling durable household goods, booksellers & stationers and furniture and carpet retailers also reported strong growth in annual sales volumes. Chemists, clothing and hardware stores reported smaller increases while footwear and leather retailers reported sharp reduction in sales volumes.
Investment intentions are the most positive since May 1998. Employment grew a little more quickly than expected but it is set to slow slightly over the coming months. Twenty-eight per cent of respondents expect employment to be up in March compared to a year earlier, 17 per cent expect it to be down.
Wholesalers' annual sales volumes rose less quickly in February than in the previous survey but they still exceeded expectations. Annual sales growth is expected to be slightly slower in March. Business was viewed as substantially above average for the time of year.
Stocks in relation to expected demand were at their most negative since the survey began in 1983. Stocks are expected to be just sufficient during March. Prices fell at a similar rate as in May and August 2000. A slightly greater decline in prices is now expected. Business optimism has improved significantly and to the greatest extent since February 2000.
Motor traders' annual sales volumes grew substantially and at the same rate as in January. A larger rise is expected in the year to March. Business is viewed as well above average for the time of year, for the first time since February 1999.
Commercial Credit Management: new rules, new roles, new technologies
This year’s programme is based on research with Credit Managers from a wide range of sectors across the UK. We have built a programme around the needs and desires of professionals like you - leading credit managers at the sharp end of the business.
New Themes with New Focus
You told us you wanted practical sessions that were focused on helping you in your work today. To avoid you having to sit through sessions that may not be relevant, we have divided the Summit into two one-day sessions with their own targeted themes. See below for further details, or turn over to have a look at the full programme.
Day One: Credit Management: professional developments and opportunities
- this day will focus on the key management issues facing you now, from overcoming the UK’s late payment culture to keeping up-to-date on the myriad legal questions you have to grapple with every day. New career opportunities for Credit Managers will be assessed with an in-depth look at two interesting opportunities; commercial scoring and customer management.
Day Two: Credit Management, the Internet and Other Important Technologies for the Future
-this day will provide you with all you need to know to get bang up-to-date with the technological revolution facing business today. From E-commerce to knowledge management, and from keeping the lid on bad debt while reducing transaction time, you need hard facts now. In just one information-filled day you will have all the key elements explained and will leave with the knowledge that that you now know what you should be doing – and why!
Building on the best of last year’s event, Summit highlights include the new Solve It! sessions, Panels of Experts and the Collections Debate that pits NACAB against the collections industry - giving each party a chance to have their say.
As usual, places are limited so book now by phoning Vicki Armstrong – Smith on 01244 393454 to avoid disappointment. Don't forget you also get free entry to the Exhibition, plus exclusive access to the VIP lounge, with free drinks and refreshments.
I look forward to meeting you there.
Fran McIntyre
Event Manager
PS. For up to date information regarding the event and summit please visit www. creditevents.com
NCM EXPANDS UK OFFICE NETWORK
NCM, the international trade credit insurer, has opened a new office in Reading in response to customer demand.
NCM, which has a presence in 14 countries worldwide and UK offices in Belfast, Birmingham, Cardiff, Glasgow, London and Manchester, protects over £30 billion worth of trade each year in UK and Ireland alone.
To improve customer service, NCM recently reorganised its Corporates Business Unit in order to develop closer links with both them and with brokers. The new Reading office will complement NCM`s servicing capabilities in the South and South East.
The Corporates Business Unit, which deals with a wide range of UK based customers, provides insurance against commercial and political risks, at home and abroad, in over 250 countries
Laurence Easterbrook who heads up the five-strong Reading team said: "Many of our key customers and brokers are based around this region. Opening a new office on their doorstep is one of the ways in which we are strengthening our regional presence throughout the UK. By reorganising and locating our account management teams so that they are physically closer to their clients, we aim to make contact easier and ensure we provide the optimum service. We are of course, still supported by the market and trade sector expertise of our buyer underwriters worldwide"
The official opening ceremony, at which Jon Lindsay, Regional Director UK, 'cut the ribbon' was attended by brokers and customers from the area.
The NCM Group, a privately owned company with headquarters in Amsterdam, annually insures more than EURO 126 billion ( £85 billion) of business worldwide against the risk of non-payment. It has invested heavily in customer service and technological innovation and has operations in Belgium, Canada, Denmark, France, Germany, Ireland, Italy, Malaysia, The Netherlands, Norway, Spain, Sweden, USA and UK. The majority of NCM's shares (90 per cent) are owned by Swiss Re, one of the world's leading reinsurers.
For further information, please contact Annette Stafford on 029 2082 495 or Angela Magee on 029 2082 4489
FCIB's 106th INTERNATIONAL ROUND TABLE CONFERENCE IN EUROPE
Hilton Budapest Hotel
Hess Andras Ter 1-3, H 1014 Budapest, Hungary
23rd April 2001 - FCIB'S International Conference
Moderator: Peter Roff, Business Finance & Credit Focal Point, Shell Chemicals Ltd, UK
Discussion Panel: Klara Boor, Credit & Collections Control Manager, Alcoa-Kofem Kft, Hungary
Luc Docus, Manager Finance Operations, Pharmacia & Upjohn NV/SA, Belgium
Ashok Kampani, Credit Manager, Ingersoll-Rand International Sales Inc., Switzerland
Ger van Rosmalen, Manager Foreign Department, F.van Lanschot Bankiers NV, The Netherlands
24th April 2001 - FCIB's International Workshop
Leading Edge Credit Management - Will It Be Through The Internet?
Presented Jointly by Citibank, N.A. and PricewaterhouseCoopers
This Workshop will examine how the Internet will continue to revolutionise the life of the Credit Manager through each step of the Supply Chain process by both presentation and a series of case studies.
This is the latest in a series of conferences FCIB has conducted in various European commercial centres to study and discuss a wide variety of international trade credit and finance questions and topics submitted by the membership. FCIB has been providing a full range of international credit and financial services since 1919. The European Chapter was established in 1967 and FCIB now serves members located in some 30 countries worldwide.
Further information may be obtained from Tim Lane, Director of European Operations on 01865 481 630 or email timlane@fcib-europe.org
BRITISH FIRMS BUILDING BRIDGES IN JAMAICA WITH ECGD BACKING
From Chepstow to Kingston, Jamaica, UK companies are building bridges around the world, thanks to Government help for British exporters.
A UK consortium of Kier International and Mabey & Johnson has secured the £14.9 million contract to supply steel flyover bridges in Kingston and Montego Bay, following ECGD backing for the project.
The Export Credits Guarantee Department backed a £12.1 million loan from Citibank NA to help finance the project which will help ease pollution and traffic congestion in Jamaica.
Trade Minister, Richard Caborn said:
"I am pleased a UK joint venture with ECGD backing has been successful in winning this order. This work will not only benefit the people of Kingston and rural communities in Jamaica, but will also have a positive impact on jobs here in the UK."
Mabey and Johnson will supply the steelwork needed for six flyover bridges in Kingston and Montego Bay and 20 rural bridges, from their two factories in Chepstow and Lydney, Gloucestershire. The contract will safeguard 200 UK jobs in Gloucestershire and create 50 in Jamaica.
Kier International will undertake construction of the project, issued by the Jamaican Ministry of Transport and Works and backed by the island's Ministry of Finance and Planning. The bridges will help the rural economy by improving the quality of life in the poorer regions and boosting local agricultural production.
ECGD, the Export Credits Guarantee Department, Britain's official export credit agency, is a separate Government Department responsible to the Secretary of State for Trade and Industry. Its main functions are to underwrite bank loans to enable overseas buyers to purchase capital and project related goods/services from the UK, and to insure the return on investments made by UK companies in overseas enterprises.
Export insurance for Kier and Mabey & Johnson is also being provided through an Export Insurance Policy (EXIP) which protects UK exporters against the main political and commercial risks of not receiving payment from abroad once goods have been shipped or contractual services have been performed.
OFT ANNOUNCES NEW APPROACH TO FAIR TRADING
The OFT is adopting a more rigorous approval scheme for codes of practice.
The criteria for new OFT-approved codes are outlined in a consultation document published last week. Effective compliance and disputes resolution are important requirements.
The new approach has two linked stages, corresponding to the OFT's powers and resources now, and the situation when key legislation changes have been made and OFT's resources increased. At stage one the OFT will encourage codes that actually promise to deliver. At stage two, the OFT will give a 'better trader' logo to codes that prove they can deliver. Test will include compliance audits, evidence of effective dispute resolution, mystery shopping and complaint handling.
Sectors for priority targeting by the OFT include: used cars, car repair and servicing, credit, funerals, travel, estate agents and direct marketing.
Trade associations currently sponsoring codes of practice will have to prove they meet the new criteria. They will not be able to claim existing OFT support beyond December this year.
John Vickers, Director General of Fair Trading, said:
'Voluntary codes of practice can protect consumers' interests well but only if they work. Success so far has been decidedly patchy. Effectiveness is ultimately down to what businesses do and consumer awareness.
'The OFT can offer proactive encouragement for codes that promise and prove they deliver benefits to consumers. Good codes bring consumer benefits that go beyond the requirements of law. They provide machinery for compliance and ready redress for consumers.
'There can be no presumption that codes supported in the past will necessarily be approved. A fresh start is needed.
'Sponsors of existing codes can continue to refer to OFT support for the rest of this year and we hope many will want to be part of the new regime, along with new code sponsors. Robust codes of practice, properly administered will benefit business and consumers.'
The OFT currently supports codes involving 42 trade associations in 24 sectors.
The OFT's new approach to consumer codes of practice - a consultation paper will be available on the OFT website www.oft.gov.uk
The following are supported by the OFT for their credit codes:
Credit Services Association Limited, Finance and Leasing Association, London Personal Finance Association Limited, The Consumer Credit Association of the United Kingdom, The Consumer Credit Trade Association, The National Consumer Credit Federation.
The leading online off licence, Lastorders.com, is in voluntary liquidation following a decision by the shareholders and directors to appoint KPMG Corporate Recovery as liquidators.
Edinburgh-based Lastorders, which began trading in July 1999, was one of the first companies in the UK to launch a web-based ordering and delivery service for beers, wines and spirits to consumers (b2c). Since then, the company has developed a business to business (b2b) service and an outsourced service for major brewers and spirits producers (ASP model).
The business employs 15 staff and has an annualised turnover of around £1m.
The liquidation was caused by lower than forecast sales from the consumer division, where take-up fell significantly short of targets and ultimately led to considerable trading losses. Intense price-led competition from well established competitors, delivery costs and timing only during business hours were factors in the slower than anticipated sales take-up. Lastorders had recognised this and moved to develop its b2b and ASP services. This however required additional finance, which was not available within its existing funding agreement with its investors. As a group its institutional investors were unable to provide additional funding and no other investors were prepared to take part. The company therefore ceased trading last week and steps were taken to put the company into liquidation. Joint liquidator Gary Fraser said: 'Lastorders.com has a high profile business model, leading edge technology and a strong brand name. We will be marketing the brand and technology for sale and are hopeful that there will be considerable interest in the business and assets.'
He added: 'The difficult trading conditions faced by Lastorders will be experienced by other dotcom and technology companies trying to restructure their business to meet changing market conditions. For any technology companies facing these issues, our recommendation would be to seek expert advice sooner rather than later.'
FRANK USHER LIMITED: IN ADMINISTRATIVE RECEIVERSHIP
Roger Oldfield and Jane Moriarty of KPMG Corporate Recovery, at the request of the directors, were appointed joint administrative receivers to Frank Usher Limited on the 19 February, the designer, manufacturer and wholesalers of women’s sub couture, which turned over £18m at its last year end.
The business, which incorporates the brand names of Frank Usher, Dusk, and Coterie, employs 118 people, including an in-house design team. It is based in Hendon, north west London (headquarters and warehouse) and has a showroom in London, W1.
Jane Moriarty, KPMG Corporate Recovery Partner said: 'Frank Usher is a very strong and well-established name within the fashion industry which generates sales throughout the world.
'We are continuing to trade the business as a going concern as we look for a buyer, and we urge any interested parties to contact us as soon as possible.'
ANOTHER MIDLANDS MANUFACTURER IN TROUBLE
The problems facing Midlands manufacturers have been demonstrated again as another local firm has gone into administration.
Willenhall-based Morgan Platts, a drop forging business, requested that administrators be appointed after they had been badly affected by trading conditions as well as the insolvencies of several other firms in the industry. Myles Halley of KPMG Corporate Recovery in Birmingham was appointed as the administrator on the February 26th.
Morgan Platts employs 150 staff and has an annual turnover of £7.5 million. The majority of its customers (about 60%) are in the automotive industry, fifteen per cent are in the construction industry while the remainder are more general engineering firms.
Rover accounts for a large chunk of the products which Morgan Platts supplies to the automotive industry, both directly or indirectly. Additionally, Ford, Toyota and Isuzu are all supplied indirectly by the company, through various first tier suppliers.
As well as being directly affected by the collapse of Transtec, Morgan Platts has also suffered from the price pressures arising from the strength of the pound. Production problems over the last six months have also added to the concerns facing the company.
Commenting on the announcement, Myles Halley said: 'While Morgan Platts is in administration, we will aim to continue trading the business with the hope of selling it as a going concern. We do have hopes for concluding a sale as the company supplies some very big names, particularly in the automotive industry – something which should make it attractive to a potential buyer. In fact, we are already talking to one interested party.'
Mark Adams, a director of Morgan Platts, commented: 'This is a decisive restructuring of the business with the single aim of bringing forward the point at which Morgan Platts once again becomes a stable profitable company supporting a global market. With the tremendous support that we have received from our bankers, customers, suppliers, and investors, we believe the strategy to secure the ongoing future of Morgan Platts, to the benefit of all stakeholders, can be executed.'
*** FORTHCOMING CREDITORS MEETINGS ***
Contributed by http://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
For more detailed information on each topic please search the databases at http://www.insolvency.co.uk/database.htm
From 05/03/2001 to 14/03/2001 Number of Creditor meetings : 243 Section Company Venue Liquidator 138 Scotland - Interim Liquidator calling Creditors Meeting 06/03/2001 Sands Tenpin Ltd Glasgow W D Robb Team Scotland Tenpin Events & Manage L W D Robb 09/03/2001 Apex Electrical Serv (Strathclyde) Ltd W D Robb 13/03/2001 Kyle Transport Ltd Glasgow Deloitte & Touche R&M Chillspeed Ltd Glasgow Kroll Buchler 23 Administrator Calling a meeting of Creditors 08/03/2001 Cruising Club Ltd - The Worcester Smith & Williamson Hull City Asso Football Club Ltd -The Kroll Buchler 09/03/2001 Breathe.Com Ltd Manchester PricewaterhouseCoop Direct Lighting (Rental) Ltd London Smith & Williamson 48 Receiver calling unsecured Creditors Meeting 05/03/2001 Collag Ltd Bristol PricewaterhouseCoop Portman Agrochemicals Ltd Bristol PricewaterhouseCoop 06/03/2001 ISC (Northern) Ltd Sheffield Poppleton & Appleby Nighthawk Security Ltd Ipswich Valentine & Co 07/03/2001 Doncaster Kitchens Ltd Wakefield PricewaterhouseCoop Fitted Kitchens Plus Ltd Wakefield PricewaterhouseCoop Home Warehouse Ltd - The Wakefield PricewaterhouseCoop Kitchen Warehouse Ltd - The Wakefield PricewaterhouseCoop Nutron Group Ltd Guildford Baker Tilly Plastibox Ltd London BDO Stoy Hayward Simply Kitchen Studios Ltd Wakefield PricewaterhouseCoop United Kitchens Ltd Wakefield PricewaterhouseCoop United Kitchens Manufacturing Ltd Wakefield PricewaterhouseCoop 08/03/2001 Suntel Telecommunications Plc London Harris Lipman 09/03/2001 E R Burgess Ltd Manchester Clarke Bell 12/03/2001 Kestrel (South Wales) Ltd Cardiff KPMG Landmark Home Furnishing (Southern) Lt BDO Stoy Hayward 14/03/2001 Pacific Gateway Exchange (UK) Ltd London Grant Thornton Quantum Electronics Manufacturing Ltd BDO Stoy Hayward Reska Products Ltd London Leonard Curtis & Co 67 Scotland - Receiver calling Meeting of unsecured Creditors 05/03/2001 Altamira Colour Ltd Glasgow Kroll Buchler 12/03/2001 Watts Optronics Ltd Glasgow Kroll Buchler 13/03/2001 Landmark Home Furnishing Ltd Glasgow BDO Stoy Hayward 95 Members converting to Creditors Voluntary Liquidation 12/03/2001 Condition Green Ltd Stanmore Parker Wood Folly Foot Farm Ltd Taunton Albert Goodman 98 Creditors Voluntary Liquidations 05/03/2001 Alabama Technology Ltd Chelmsford Morison Tenon Apple Mac IT Ltd London Kallis & Co Automo Patterns (Precision Equip) Ltd Levy Gee Blue (Europe) Ltd Chelmsford Morison Tenon Contracting Construction Ltd London Gerald Edelman Credit Zone Ltd Hindhead K S Tan & Co Domino One Ltd Eastcote Pitman Cohen Foxbury Trading Ltd Truro Byrne Associates Gillibrie Ltd Liverpool Parkin S Booth & Co London & Eastern Carpentry Cont Ltd Begbies Traynor Microclene UK Ltd Chandlers FordBKL Weeks Green Preston Abattoir Contractors Ltd Manchester BDO Stoy Hayward R Js Office Installation & Service Ltd Bhardwaj Sharkey Construction UK Ltd Aldridge K J Watkin & Co Shu-Rethanes Leicester Ltd Sileby Elwell Watchorn & Shu-Rethanes Ltd Sileby Elwell Watchorn & Southern (2000) Ltd Birmingham Moore Stephens Spectrum Savage Design & Print LtdLondon Kroll Buchler Tech Scion Solutions Ltd London Langley & Partners Tower Cabling Ltd Reading Bridgers Tristar Personnel Ltd London Sorskys Upstart Bars Ltd London Griffins Valentina Ltd London Kallis & Co 06/03/2001 A W S Ltd Preston Begbies Traynor ASI Netcommunicate Ltd London Horwath Clark Accel Finance Ltd Manchester Stephen Conn & Co Accommodation USA Ltd Northwood Bhardwaj Arlington Park Investments Ltd London A Segal & Co Automotive Parts International LtdBromsgrove Haden BLT Erection Services Ltd Darlington Paxton & Co Boleyn Decorating Contractors Ltd Southend-on-Sea Desdyne Ltd London Gerald Edelman FD Brands Ltd Guildford BDO Stoy Hayward Feature Fashions (Manchester) Ltd Salford Crawfords Godrey - Paul Fine Furniture Ltd Leicester KPMG Goldaid Ltd London Langley & Partners Grena Ltd London Kakouris & Hyatt Investments (County Hall) Ltd Ian Holland & Co Javelin Textiles Ltd Leicester KPMG KMA Shipping Ltd Cardiff Grant Thornton Mahal Restaurant Ltd Manchester Cosgroves Manormill Ltd Edgware Elliot Woolfe & Midas Colour Print Ltd Liverpool Parkin S Booth & Co New Windows (Leeds) Ltd Leeds Mazars Neville Patient Recruitment Solutions Ltd West Byfleet Gibson Hewitt Prism Ceramics Ltd London D Wald & Co R N Raggett (Builders) Ltd Bournemouth BKR Haines Watts R S A Labour Supply & Groundworks Ltd Sorskys SES Precision Engineers Ltd Woodford GreenHaslers Solitaire Employment Solutions LtdLondon Leigh & Co Tamnet Ltd Birmingham Poppleton & Appleby Therumour Ltd London Chantrey Vellacott U N Connection Ltd Leicester HKM Harlow Khandhia UK Black Links Ltd London Alexander Lawson & 07/03/2001 Amazon Leisure Ltd Hale Milner Boardman & Berry Whitehouse Ltd Birmingham Poppleton & Appleby Bombay Roma Ltd London Sinclair Harris Bookbiz Ltd Brighton Harris Lipman CF Leisure Direct Ltd Rochdale Nuttall & Co California Holidays Ltd London Smith & Williamson Chandler Construction (Wales) Ltd Bristol BKR Haines Watts Custom Set Ltd Birmingham Jacksons Downgreen Ltd Bristol Pitman Cohen Energy Save Ltd Tewkesbury Capital Insolvency Essex Landscapes (91) Ltd London Levy Gee Kings Ferry Wharf Ltd Birmingham KTS Dewey Kinsey Jones Ltd Manchester Stephen Conn & Co Landscape Channel Cable & Sat Broad Lt Begbies Traynor MEP Fabrications Ltd Nottingham Panos Eliades Magic Lantern Partnership Ltd Birmingham Nottingham Watson Matchworth Properties Ltd London Singla & Co Navara Ltd London Morison Tenon Open Mind Consulting Ltd Stanmore Parker Wood Potters (Pegswood) Ltd Sunderland Jennings Johnson Rosetrade Ltd London Andrew & Co Spectrum UPVC Ltd Sutton Benedict Mackenzie Timberlane Ltd Ashford Gerald Edelman 08/03/2001 Albany Aerials Ltd Liverpool Huntington Moore Aldina Ltd London Andrew & Co And Cartographic Publishers Ltd London Chantrey Vellacott Anna Morris Ltd Bristol Bishop Fleming Baker Mechanical Services Ltd Sutton Mervyn E Smith & Co Bellew Publishing Co Ltd London Gerald Edelman Blue Chip Technology Ltd Marlow Chantrey Vellacott Brassed Off Properties Ltd Sheffield Poppleton & Appleby Brightwater Selection Ltd Manchester A H Tomlinson & Co CTC Transport & Forwarding Ltd Leeds PKF Cheam Export (Finance) Ltd Marlow Chantrey Vellacott Choice Music Ltd Birmingham Anderson Eden Clampward Ltd Birmingham HLB Kidsons D C Cook Insurance Services Ltd Sheffield Barber Harrison & Dunwoody Williams Ltd Lutterworth F A Simms & E & H Ltd Kingston upon Marks Bloom Edwin Pye (Contractors) Ltd Yarm John B Taylor & Co Felix Adams Associates Ltd Hereford HLB Kidsons Flagman Fork Truck Services Ltd Wolverhampton Muras Baker Jones & Hazelwick Technologies Ltd London A Segal & Co House of Iron Ltd Bristol Leonard Harris J V R Eurojobs Ltd London Hacker Young Jesco UK Ltd Newport Ray Purnell & Co Jordan Interiors Ltd Birmingham Poppleton & Appleby Motordome Ltd Leeds Bartfield & Co N Y Commercial Vehicles Ltd Bexley Langley & Partners New Generation International Ltd London Kallis & Co P X Technologies Ltd Leeds Bowers & Co Poppy Plant Centres Ltd London Silver Altman Ltd Pulp Moulding Systems International Lt Bowers & Co Right Fashions Ltd Leicester Vaghela & Co Soflec Ltd Halesowen Mayfields Sterling Progressive Ltd Guildford Baker Tilly Summa Corporation Ltd Leeds Bowers & Co Sunrise Textiles Ltd London Kallis & Co TVE Group Plc Southampton PricewaterhouseCoop Tandoor Parlour Ltd London Alexander Lawson & Thomas Brian Ltd Newcastle HLB Kidsons Tomlinsons (Rochdale) Ltd Leeds Bowers & Co Valecrown Marketing Ltd Chelmsford Berley 09/03/2001 A1 Pallet Services Ltd Bromsgrove Haden Aircraft Support & Services Ltd Wembley Dinesh Desai & Co Arc Clothing Ltd Manchester Casson Beckman & Astratel Ltd London Kallis & Co Basak Ltd London Arkin & Co Bell Construction Ltd Bristol NMGW Bloomsbury Ltd London Carter Backer Broadstone Processing Ltd Manchester Begbies Traynor CPC2K Ltd Preston Begbies Traynor City Plumbers Ltd London Valentine & Co Claimguard Assessors Ltd London Stewart T Bennett Clissold Interiors Ltd London Berley Countryside Taverns Ltd London Benedict Mackenzie D'Aguiar Marketing & Design Ltd London BDO Stoy Hayward D'Angelos Ltd Northampton Bhardwaj Decor Profiles (Exhibitions) Ltd Droitwich Haden Econofreight Ltd Woodford GreenHaslers Franklin Barber Plc London Berley Franklin Maintenance Ltd London Berley Granley Ltd London Leigh & Co HDC Resins Ltd Birmingham Poppleton & Appleby Highfield Leasing Ltd Edinburgh Deloitte & Touche J T Transport (Midlands) Ltd Leicester Casson Beckman & Jolly Good Chocolates Ltd Crawley Benedict Mackenzie Mantle Contracts Ltd London A Segal & Co Modern Office Supplies Co Ltd Eastbourne Bradshaws Nu-Lite Technologies Ltd Hull BKR Haines Watts OEA Ltd London Langley & Partners Phoenix Reactive Maintenance Ltd Worthing Levy Gee Pilkington Design Solutions Ltd Stockport Mazars Neville Power Jobs Ltd Salford Kay Johnson Gee S J Franklin & Co (Builders) Ltd London Berley Sterling Connect Ltd Birmingham Casson Beckman & Topmodern Ltd London Lane Heywood Davis Traditional Funeral Co Ltd Birmingham Poppleton & Appleby Window & Conservatory Co Ltd - TheNottingham HKM Harlow Khandhia Zennor Computing Ltd Chelmsford Morison Tenon 12/03/2001 Actheron (Dielife) Ltd Gosforth Tait Walker BVCD Technology Solutions Ltd London Ray Purnell & Co Cameron Scott (UK) Ltd Garforth Chadwick Stensland Christians of Beverley Ltd Hull HLB Kidsons Duet Direct Ltd Watford Moore Stephens Escape UK Ltd London Kallis & Co G R C Filtration (Services) Ltd Aylesbury Nunn Hayward G R C Filtration Spares Division Ltd Nunn Hayward Harte Ltd London Kakouris & Industrial Design Industries Ltd Halesowen Mayfields John Hearn Diesel Services Ltd Northampton Smith Dove Lyndene Micro Ltd Worcester Smith & Williamson Panos Fashions Ltd London Kallis & Co Ramage Building Contractors Ltd Glasgow Stevenson & Kyles Starline Communications (Bearwood) Ltd A Segal & Co Starline Communications (W Ealing) Ltd A Segal & Co Starline Communications (Yiewsley) Ltd A Segal & Co Weatherguard Windows & Doors Ltd Southend-on-Sea 13/03/2001 Airpro Engineering Ltd Corsham 3 iP Alter Construction Ltd Fleet Rendell Thompson Balfour Builders Ltd London Berley Barrington House Publishing Ltd Liverpool Milner Boardman & Comprehensive Payroll Services LtdLondon Valentine & Co Couch Co Ltd - The Halesowen Mayfields Custom Golf Ltd York Smith & Williamson East Anglia Mouldings Ltd Southend-on-Sea G C Dress Manufacturers Ltd London Kallis & Co Grindiron Ltd Bristol NMGW Hanover Publishing Co Ltd - The Bournemouth Alexander Lawson & Harwood Oates Trading Ltd Sheffield Ratcliffe & Co J & E Enterprises Ltd London Poppleton & Appleby JB2000 Ltd Manchester Lewis Alexander & McKenzie Campbell Ltd Liverpool Milner Boardman & Micks Carpets & Wood Centre Ltd London Andrew & Co Multifix (Cardiff) Ltd Cardiff Barry Mitchell & Co N L Walling Ltd Liverpool Grant Thornton S P S Recruitment Ltd Birmingham Poppleton & Appleby Tialoc Energy Systems Ltd Milton Keynes Langley & Partners 14/03/2001 ATQ Consulting Ltd Haywards HeathE W Sheppard Anthony Laban Ltd London Valentine & Co B D A P S S Ltd Worthing Begbies Traynor Barnes & Halstead Ltd Manchester Casson Beckman & Base Clothing Ltd London Andrew & Co Corporate Direct (Scotland) Ltd Edinburgh Rothman Pantall George Aczel & Co Ltd London Gilderthorp & Hartnell Interactive Plc Sunderland Jennings Johnson Imperial Drinks Co Ltd London Ian Frances J & M Bridgett Ltd Nottingham BDO Stoy Hayward J S Liverpool Ltd Liverpool Bartfield & Co Links Phot Lab Ltd - The London Begbies Traynor Packing Crew Ltd Birmingham Poppleton & Appleby Packmaster Ltd Birmingham Poppleton & Appleby U K Brickwork Ltd Harrow Newman & Partners Work-place of Leicester (Develop) Ltd Elwell Watchorn & Work-place of Leicester Ltd Sileby Elwell Watchorn &
TW LW TW LW
USA 1.44 1.45 Canada 2.21 2.23
Austria 21.65 22.03 Portugal 315.45 321.09
France 10.32 10.50 Belgium 63.47 64.61
Finland 9.35 9.52 Italy 3046.69 3101.17
Germany 3.07 3.13 Sweden 12.24 14.49
Holland 3.46 3.52 Switzerland 2.41 2.45
Spain 261.81 266.48 Ireland 1.23 1.26
Australia 2.75 2.77 Denmark 11.74 11.95
Hong Kong 11.30 11.32 Euro 1.57 1.60
Africa Com 11.14 11.36 Saudi Arabia 5.43 5.44
India 67.42 67.52 Malaysia 5.50 5.51
Singapore 2.52 2.53 Norway 12.95 13.22
Japan 170.50 168.79
TW This week LW Last week.
DaimlerChrysler, the world's fifth-largest car maker, formally announced a restructuring plan. It predicted a rapid return to profitability for its loss-making Chrysler unit by 2002 and said that 9,500 jobs would go at struggling Mitsubishi Motors, in which it has a 34% stake. It had previously announced 26,000 job losses at DaimlerChrysler. Investors were unimpressed; the firm's shares and credit rating declined.
California sought to bring power transmission back under state control by striking a deal to buy the transmission systems of a near-bankrupt utility, Southern California Edison, for a whopping $2.76 billion. A similar deal with San Diego Gas & Electric seemed close. Pacific Gas & Electric held out for even more cash. The high prices represent a bail-out of sorts.
Pilkington, the British glass company, made a bid to introduce greater transparency to its business with the unveiling of its latest product, self-cleaning glass. This could be good news for the chamois, a diminutive antelope that provides top-quality leather used for polishing low-tech surfaces.
Source - The Economist
British American Tobacco announced pre-tax profits of 1,522 million pounds, on turnover of 24,831 million, for the year ending 31st December 2000. Earnings per share stand at 28.5p.
Croda International announced pre-tax profits of 48.4 million pounds, after exceptional credit, on turnover of 365.9 million, for the year ending 31st December 2000. Earnings per share stand at 24.4p.
Eidos, the computer games publisher, announced pre-tax losses of 68 million pounds, after exceptional charge, on turnover of 127.6 million, for the nine months ending 31st December 2000.
Elementis announced pre-tax profits of 42.1 million pounds, after exceptional charge, on turnover of 573.8 million, for the year ending 31st December 2000. Earnings per share stand at 7.9p.
Reckitt Benckiser, the household goods company, announced pre-tax profits of 447 million pounds, after exceptional credit, on turnover of 3,202 million, for the year ending 31st December 2000. Earnings per share stand at 45.2p.
Wilson Bowden, the housebuilder, announced pre-tax profits of 120.7 million pounds, on turnover of 726.8 million, for the year ending 31st December 2000. Earnings per share stand at 91.3p.
MERGER NEWS
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/s to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Proposed merger between Shire Pharmaceuticals Group plc and Biochem Pharma Inc
Completed acquisition by Close Brothers Group plc of Transamerica Insurance Finance Company (Europe)
Proposed acquisition by ScottishPower UK plc of Rye House Power Station
Acquisition by Gala Group Ltd of Ladbroke Casinos
Acquisition by Transocean Sedco Forex Inc of R&B Falcon Corporation
Proposed joint acquisition by The Charles Schwab Corporation and TD Waterhouse Group Inc of Aitken Campbell Limited
Proposed acquisition by Taylor Woodrow plc of Bryant Group Plc
Proposed acquisition by Algroup Trade Finishing Limited (trading as Celloglas) of Protecta Print Limited
KIM HOWELLS CLEARS PROPOSED ACQUISITION BY GLAS CYMRU OF DWR CYMRU
Dr Kim Howells, Consumer and Corporate Affairs Minister, has decided not to refer the proposed acquisition of Dwr Cymru Cyfyngedig by Glas Cymru Cyfyngedig to the Competition Commission. Dr Howells made his decision in accordance with the advice of the Director General of Fair Trading (DGFT) and the Director General of Water Services (DGWS).
Dr Howells said:
"The DGFT has advised me that this proposed merger has no adverse effects on competition in the water and sewerage industry. The DGWS has already announced that he is content for the proposal to proceed to the next stage, provided Glas Cymru agrees to certain licence modifications and meets certain conditions. I have therefore accepted the DGFT's recommendation not to refer the proposed merger to the Competition Commission."
In a speech to the Global Knowledge Conference in London last Monday, Chris Humphries, Director General of the British Chambers of Commerce demanded firm commitment from all government departments and regulatory bodies that they are ready to meet the government’s vision for UK e-business.
"Business remains unconvinced that the right foundations have been laid within individual departments and regulatory bodies to match the government’s online vision. Government has set a compelling agenda in its efforts to promote and develop UK e-business, but too often, too little thought is given to bedding down the infrastructure.
"It is essential to our competitiveness that we create in the UK the very best environment for e-business. While regulation remains the ‘mother’s milk’ of Whitehall, government must resist the tendency to over regulate and legislate unnecessarily in this fledgling business area."
Chris Humphries pointed to the Data Protection Commission’s ‘Draft Code of Practice in the use of Personal Data’, and the government’s ‘Lawful Business Practice Regulations’ as recent examples of overlapping and contradictory regulation on e-business.
"In the rush to legislate and regulate new technologies, government is in danger of disabling rather than enabling the development of e-business."
In his speech, Chris Humphries also issued a pre-election challenge to all political parties to reduce the tax and regulatory burden on business, and to invest heavily in the skills of the adult workforce.
"Britain has a higher proportion of business taxation than our main competitors, including the United States, Germany and the Netherlands. This, combined with unnecessary complexity, and the growing regulatory burden, requires urgent government action."
The British Chambers of Commerce (BCC) represents, through a quality assured, UK network of Accredited Chambers of Commerce, more than 135,000 businesses in all sectors of the economy, and of all sizes. Accredited Chambers seek to represent the interests and support the competitiveness and growth of all businesses in their communities and regions.
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 Tuesday 13 March Sussex & Surrey Branch of the ICM Alternative Dispute Resolution - Mediation Speaker: Russell Caller of Gillhams, Solicitors The Bridge House Hotel Reigate Time: 7.00 for 7.30 p.m. Sponsored by Gillhams, Solicitors 23 to the 24 April FCIB Corporation - A Global Association for Managers in Finance, Credit & International Business FCIB's 106th International Round Table Conference In Europe Hilton Budapest Hotel Hess Andras Ter 1-3, H 1014 Budapest, Hungary Further information may be obtained from Tim Lane, Director of European Operations on 01865 481 630 or email timlane@fcib-europe.org 21st to 23rd May, 2001 GARP Credit & Counterparty Risk Summit, London. For full programme details please visit www.garp.com or contact GARP on tel. +44 (0)20 7626 9300. Thursday 24 May Sussex & Surrey Branch of the ICM Telephone Collections Speaker: Manager of Equifax Risk Management The Imperial Hotel Hove Time: 7.00 for 7.30 p.m. Sponsored by Equifax Risk Management Monday 11th June Stoke on Trent Branch of the Institute of Credit Management Credit Management Organisations in Europe - an Overview International speaker Russell KENNARD, MBA AIMC Places at this event are limited - those interested in attending should contact Catriona COLERICK on Telephone Number (01782) 28 2430. Coffee and biscuits will be served from 1830hrs, the presentation will commence at 1900hrs and will be followed by a light buffet to facilitate networking and discussion. The venue is Knight & Sons premises in The Brampton, Newcastle-under Lyme, Staffordshire. 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 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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