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 18
Dated: 6 May 2001
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKBYERS HAILS INWARD INVESTMENT FIGURES AS "RINGING ENDORSEMENT" FOR UK
Ernst and Young figures show that UK is Europe's favourite place to invest
Trade and Industry Secretary Stephen Byers today hailed new inward investment figures released by accountants Ernst and Young as a "ringing endorsement" for the UK.
The figures show that the UK is the favourite place for inward investment among European countries. The company's Investment Monitor Report covering the year 2000 shows that:
The report also shows that:
Welcoming the figures, Stephen Byers said:
"We are the number one location for inward investment as a result of the economic stability we have achieved.
"These figures are a ringing endorsement of our policies. The UK has again proved itself as Europe's location of choice for inward investment projects.
"We have built solid foundations and established our international reputation as a centre of excellence for engineering and research development. Already this year we have had announcements of new UK R&D centres by leading Japanese technology companies Matsushita and Fujitsu.
"These figures show the benefits brought by the creation of a stable economy, but there is no room for complacency. It is vital that at a time when many sectors of industry are going through major restructuring due to the slowdown in the world economy, we are in a position to seize the opportunities that are available."
Foreign Direct Investment (FDI): UK Inward Stocks Foreign Direct Investment (FDI) stock in the UK in the fourth quarter of 2000 was at a record level of £323.5 billion, an increase of £84 billion or 35% over the same quarter in 1999. Source ONS.
Foreign Direct Investment (FDI): UK Inflows The flow of Foreign Direct Investment (FDI) into the UK in the fourth quarter of 2000 was £5.6 billion compared with an inflow of £47.3 billion in the third quarter of 2000. The total flow of Foreign Direct Investment (FDI) into the UK in 2000 was £86.2 billion compared to a total of £52.1 billion in 1999 an increase of 65%. Source ONS.
Foreign Direct Investment (FDI): EU Inflows The UK increased its share of the EU total of inward FDI stocks from 22.3% in 1998 to 23.9% in 1999. Source: UNCTAD World Investment Report 2000.
ANNUAL RETAIL SALES GROW AT HEALTHY RATE - CBI
Annual retail sales grew steadily in April at a similar rate to the first three months of the year. The increase was slightly quicker than predicted but firms expect sales to grow more slowly in May, according to a survey published last Wednesday by the Confederation of British Industry.
The CBI's latest monthly Distributive Trades Survey, carried out between 4 and 24 April, 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 30 per cent in March and 32 per cent in February.
The three-month moving average, which smooths out month-to-month fluctuations, remained broadly similar to the previous survey when it rose to its highest level since May 2000.
Sales in April were modestly above average for the time of year, slightly more so than in the previous survey. Retailers had expected sales to be only just above average during April. Business is expected to continue to be above average for the coming month.
Reporting the highest increases in sales compared with a year ago, were grocers and stores selling footwear and leather goods. Reporting less significant increases were chemists and stores selling hardware, china and DIY and durable household goods. Modest increases were reported by clothing retailers, booksellers and stationers and stores selling furniture and carpet, while specialist food stores reported a significant fall.
Orders placed on suppliers rose at the fastest rate since May 2000, more quickly than expected. Forty-eight per cent of retailers reported that orders were up while 23 per cent said they were down. This gives a balance of 28 per cent, which compares with 15 per cent in March and 16 per cent in February.
Alastair Eperon, Chairman of the Distributive Trades Panel, said: "The survey suggests that retailers are expecting sales volumes to continue to grow at a healthy pace. The U.S. slowdown does not yet seem to be affecting consumers' confidence. But other official retail data suggest that the rise in sales volumes is broadly in line with the rise in value, implying that there is very little upward pressure on prices."
Wholesalers said sales volumes increased substantially in the year to April although not as quickly as in the previous survey. Fifty-three per cent of firms reported a rise in sales volumes compared with a year earlier while 27 per cent reported a fall. This gives a balance of 26 per cent, which compares with 43 per cent in March and 24 per cent in February.
Stock levels fell to below adequacy during April, with 19 per cent of firms saying they were higher than adequate and 26 per cent saying they were lower. The negative balance of minus 7 per cent was the lowest in the survey's history.
Motor traders continued to report an increase in annual sales volume, although much slower than in the previous survey. Sales in March were likely to have been inflated by the impact of the half-yearly number plate change. April's rise was similar to the rates reported in the first two months of the year. Sales growth is now expected to ease further in the coming month.
CBI CHIEF HITS OUT AT "DAMAGING MYTHS" ABOUT UK COMPANY PLANT CLOSURES
The Confederation of British Industry last Thursday criticised a string of "damaging myths" about consultation rules governing company plant closures.
Digby Jones, Director-General, said it is untrue to say multinational companies:
choose to shut British plants simply because of UK redundancy law deliberately tell the media about redundancies before telling staff.
He also rejected claims that UK redundancy rules: do not currently require meaningful consultation need to be overlaid by a proposed EU directive on information and consultation.
Digby Jones made the remarks in Edinburgh when he addressed a dinner for some of Scotland's most senior business leaders.
He said: "Nobody likes to see factories close down and people losing jobs - no employee, no trade unionist, no politician and certainly no employer. But it will not help anyone if we allow damaging myths to become accepted facts.
"So let's be clear. It's naive to believe one-off redundancy costs are the main reason for closing one factory over another. Firms have many other long-term issues to consider like skilled labour, productivity, taxes, proximity to market, transport, communication, exchange rates and capacity."
Digby Jones argued that UK redundancy rules are challenging and offer meaningful consultation, contrary to perception. "In reality, firms must discuss timing and implementation of redundancies plus the decisions behind them. Failure to consult leads to stiff penalties.
"Of course, companies take making people redundant extremely seriously so consultation rarely reveals startling new facts. But the possibility of changing the original decision does exist and that means meaningful consultation can and does take place."
He added that it is nonsense to pretend companies deliberately tell the media before telling staff. "It must be appalling to hear about redundancy on the radio, but let's not pretend this happens at the instigation of management - they are equally appalled.
"With the best security in the world, organisations can still fall victim to a leak. But the first priority for an employer will always be to comply with the law of the land and inform both the workforce and shareholders as soon as possible."
The CBI is participating in a government review of UK redundancy law, alongside the Trades Union Congress. But Digby Jones urged ministers to continue resisting pressure for a European Directive on information and consultation.
"When it comes to UK redundancy rules, the EU directive is a red herring because it would simply overlay the existing rigorous requirements and add yet another raft of red tape. The vast majority of companies consult happily with employees in any event.
"Naturally, trade unions support the proposed directive because it offers consultation rights on a range of day-to-day management decisions, not just plant closures. But a one-size-fits-all rule is not the way to get the unemployed into work or more productive businesses creating better jobs."
He concluded: "Of course people get angry and frustrated about redundancies - we're talking about their livelihoods and futures. But we risk even more jobs and much-needed inward investment if we prevent companies from reacting quickly to changing market conditions."
With effect from 1 April 2001, international credit insurer NCM has further strengthened its position in Scandinavia with the acquisition of BG Garanti Forsikringsselskab A/S and BG Factoring A/S from Danske Bank A/S. This is in line with NCM's strategy of offering its customers all relevant services related to sales and receivables, including different kinds of guarantees, outsourcing, financing and debt collection.
BG Garanti A/S' credit insurance activities will be integrated in NCM EKR Kreditforsikring, which already insures about 25% of all Danish exports (more than 100 billion Danish kroner after the integration). It has 27 employees and is, apart from Copenhagen represented in Stockholm,Oslo and Helsinki. With this acquisition, NCM will be the second largest guarantee insurer in Denmark and an important player in the Nordic region. With the acquisition of BG Factoring A/S and its 13 employees, which will be integrated in NCM Forenede Factors A/S (Denmark's leading factoring company with a 33% market share), NCM cements its solid leadership and quality position in Scandinavian factoring.
The NCM Group, a privately owned company with its headquarters in Amsterdam , annually insures more than Euro 172 billion of business worldwide against the risk of non-payment. It has invested heavily in customer service and technological innovation and operates in Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Japan, Malaysia, The Netherlands, Norway, Spain, Sweden, UK and USA.
Swiss Re is NCM's majority shareholder (90%). ABN AMRO Bank and ING Bank each hold 5%.
Swiss Re is one of the world's leading reinsurers, with over 70 offices in more than 30 countries. In the 2000 financial year, the volume of premiums earned accounted to CHF 22.1 billion and the result after tax reached CHF 2.97 billion. Swiss Re is rated "Aaa" by Moody's and "AAA" by Standard and Poor's.
Statistics showing insolvencies in the first quarter 2001 were published on the 4 May by the Department of Trade and Industry.
COMPANY INSOLVENCIES
There were 3,681 company insolvencies in England and Wales in the first quarter of 2001 on a seasonally adjusted basis. This was a decrease of 0.6% on the previous quarter and an increase of 8.1% on the same period a year ago.
1.1% of active companies became insolvent in the twelve months ended Q1 2001, the same as the previous quarter and the corresponding quarter in 2000.
INDIVIDUAL INSOLVENCIES
There were 7,399 individual insolvencies in England and Wales in the first quarter of 2001 on a seasonally adjusted basis. This was an increase of 2.2% on the previous quarter and a decrease of 2.2% on the same period a year ago.
Number of Insolvencies in England and Wales (seasonally adjusted)
Percentage change
2000 2000 2000 2000 2001 Q1 2001 on:
Q1r Q2r Q3r Q4r Q1p Q4 2000 Q1 2000
Companies 3,407 3,467 3,741 3,703 3,681 -0.6 % 8.1%
Individuals 7,563 7,514 7,212 7,239 7,399 2.2 % -2.2%
p = provisional, r = revised
The Official Insolvency Statistics are the most comprehensive record of the number of insolvencies and bankruptcies and provide a more accurate picture for analysing business conditions. The figures include businesses and individuals, with a breakdown by type of insolvency procedure. The figures treat Scotland separately (as insolvencies are defined differently in Scotland) and give an industrial analysis (for which the figures for England & Wales are published one quarter in arrears).
The statistics are derived from administrative records of the DTI Insolvency Service and Companies House Executive Agencies. The figures for company insolvencies are made up of compulsory liquidations (winding-up orders made by the courts) and creditors' voluntary liquidations registered at Companies House. Figures for individual insolvencies comprise bankruptcy orders and individual voluntary arrangements under the Insolvency Act 1986 and deeds of arrangement under the Deeds of Arrangement Act 1914. Individual voluntary arrangements and deeds of arrangement are included under one column for the first time.
Numbers of insolvencies are not directly comparable with numbers of new business formations. Statistics of business starts and stops that are directly comparable with each other have been assembled from VAT records and are published by the Department of Trade and Industry.
A company or individual with debts that they are unable to pay as they fall due is said to be insolvent.
Insolvent companies are dealt with under the Insolvency Act of 1986. They can either be the subject of a compulsory liquidation (winding-up) order obtained from the Court by a creditor, member or director or themselves pass a resolution, subject to the approval of a creditors' meeting that the company be wound up voluntarily (creditor's voluntary liquidations).
The Insolvency Act 1986 also introduced the procedures of company administration orders and company voluntary arrangements. The administration procedure gives a period of time during which creditors are restrained from taking action and a court appointed administrator puts forward proposals to deal with the company's financial difficulties. The Company Voluntary Arrangement procedure aids business by enabling a company in financial difficulty to come to a binding agreement with its creditors.
Receivership appointments comprise administrative receivers appointed under the 1986 Act and certain other receivership appointments, for example under the Law of Property Act 1925. Due to the use of the same statutory documentation for different types of receivership, it is not possible to give a breakdown between them.
For individuals the term bankrupt is used to indicate insolvency.
Insolvent individuals in England and Wales are dealt with mainly under the Insolvency Act 1986. A bankruptcy order is made on the petition of the debtor or his creditor when the Court is satisfied that there is no prospect of the debt being paid. (Figures for bankruptcy orders include administration orders, which are bankruptcy orders relating to the estate of a deceased debtor). There are also individual voluntary arrangements and deeds of arrangement, which enable debtors to come to an agreement with their creditors.
Insolvent individuals in Scotland are subject to sequestration under the Bankruptcy (Scotland) Act 1985. (There are no deeds of arrangement or individual voluntary arrangements in Scotland). The Bankruptcy (Scotland) Act 1993 amending the 1985 Act came into force on 1 April 1993 and will have affected the number of sequestrations in the Scottish Courts.
Insolvent partnerships may either be wound-up like an unregistered company under the Insolvency Act 1986, or the estate, if the partnership may fall to be administered following joint bankruptcy orders against the partners.
HOTEL FIRM HIT BY FOOT AND MOUTH IS IN ADMINISTRATION
The Foot and Mouth disease crisis has dealt a final blow to a North West-based hotel services company which has been put into the hands of administrators. Business turnaround specialists from KPMG Corporate Recovery are now hoping to sell all or parts of Minotel Great Britain as a going concern following a difficult trading period over the last 12 months.
The company, based in Springfield Road, Blackpool, offers marketing opportunities for more than 130 independent UK hoteliers. They pay annual subscriptions for the use of Minotel Great Britain’s central reservation service, group purchasing arrangements and the use of a brand name and trademark.
Many hoteliers have indicated non renewal of their membership because of the foot and mouth outbreak, resulting in a projected cancellation rate of 40%. Eight of the company’s 13 staff have been made redundant in a restructuring operation designed to enable the company to continue trading while a buyer is sought.
The company has been fundamental in the development of the online reservations website, www.minotel.com, which is used by all of the affiliated members of Switzerland-based Minotel International.
Minotel International is a non-profit making organisation which supports the sales and promotion of over 700 hotels throughout Europe through affiliated members, including Minotel Great Britain.
Joint administrator Paul Flint, a Manchester-based director at KPMG Corporate Recovery, said: “Minotel Great Britain has been badly hit by the effects of foot and mouth disease on the hotel business across the country. In addition, long haul traffic coming into the UK and Europe has been significantly affected, with cancellations running at around a third.
“Membership for 2002 has to be booked by 31 May this year and it seems that many hoteliers have been deterred as a result of concerns over foot and mouth and general uncertainty in the hotel trade.”
EDGBASTON GROUP GOES INTO RECEIVERSHIP
Myles Halley and Allan Graham of KPMG Corporate Recovery have been appointed Administrative Receivers (23 April 2001) to Edgbaston Group.
Edgbaston Group was formed after a management buyout from Newman Tonks in 1995. Over recent years the group has disposed of several of its divisions, including, most recently, Plastic Engineering (Leamington) Limited in early March this year.
The remainder of the Group comprises:
Myles Halley said: 'Both businesses are continuing to trade and I am hopeful of achieving a sale as a going concern.'
There are several parties who are known to be interested in acquiring both divisions.
COMPANY WINDING UP AND BANKRUPTCY PETITION STATISTICS FIRST QUARTER 2001
The Lord Chancellor's Department has published statistics for company winding up, and creditors' and debtors' bankruptcy petitions issued in the High Court and county courts of England and Wales during the first quarter of 2001.
In the first quarter of 2001 the following number of petitions were issued:
Table 1 shows the number of company windings up, and creditors' and debtors' bankruptcy petitions issued for each year by quarter, since 1995.
Figures on insolvency petitions are published on a quarterly basis. The publication date for the figures covering the second quarter of 2001 will be Friday 4 August 2001.
The 2001 figures are provisional and liable to revision to take account of any late amendments.
No assumption can be made from these statistics about the number of companies that go into liquidation, or the number of individuals made bankrupt.
INSOLVENCY
A company or individual with debts that they are unable to pay is said to be 'insolvent'.
COMPANY WINDING UP
When it becomes necessary to terminate a company's existence, whether owing to insolvency or for some other reason, the process is called 'winding up'.
There is a restriction on proceeding that may be commenced in county courts which is based on the paid-up capital of the company. Well over half of winding up proceedings are commenced and handled in the Chancery Division of the High Court at the Royal Courts of Justice in London and at the eight provincial High Court centres.
Company winding up proceedings will normally be commenced at the court centre local to the registered office of the company, which will not necessarily be situated in the same geographical area as the company's base or operational area. The relative regional levels of winding-up activity do not therefore necessarily reflect the geographical distribution of the companies involved.
INDIVIDUAL BANKRUPTCY
For individuals the term bankrupt is used to indicate insolvency.
Proceedings for bankruptcy can be commenced at county courts with the appropriate jurisdiction, or in the Chancery Division of the High Court, either by a creditor (the person to whom the debt is owed) or by a debtor (the person who owes the debt).
INSOLVENCY AND BANKRUPTCY PETITIONS FILED
Table 1
Year Quarter Companies Creditors Debtors
winding-up bankruptcy bankruptcy
petitions petitions petitions
1996 1 3 094 5 603 3 030
2 2 865 5 314 2 617
3 3 025 5 269 2 614
4 2 996 5 082 2 428
11 980 21 268 10 689
1997 1 2 998 5 209 2 613
2 2 724 5 231 2 431
3 2 695 4 812 2 380
4 2 741 4 291 2 212
11 158 19 543 9 636
1998 1 3 122 4 157 2 665
2 2 849 4 616 2 500
3 2 840 4 562 2 522
4 2 960 4 420 2 693
11 771 17 755 10 380
1999 1 3 294 4 748 3 230
2 2 748 4 433 3 221
3 2 748 4 466 3 006
4 2 525 3 849 2 936
11 315 17 496 12 393
2000 1 2 940 4 546 3 314
2 2 560 4 166 3 074
3 2 699 4 229 3 158
4 2 801 4 279 3 211
11 000 17 220 12 757
2001 1 3 124 4 775 3 630
*** 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
From 07/05/2001 to 15/05/2001 Number of Creditor meetings : 139 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 08/05/2001 A & D Transport Services Ltd 11.00 am Ayr 15/05/2001 Silicon Trading Ltd 03.30 pm Glasgow 23 Administrator Calling a meeting of Creditors 08/05/2001 Chromelink Ltd 10.15 am London Unica Communications Ltd 10.00 am London 11/05/2001 County Bookshops Ltd 10.30 am Birmingham Gabriel & Co Ltd 10.30 am Birmingham 15/05/2001 Multicare (Sales) Ltd 11.00 am Chorley 48 Receiver calling unsecured Creditors Meeting 08/05/2001 Francis Ward Holdings Ltd 11.00 am Manchester 09/05/2001 Blendregard Ltd 11.00 am Liverpool Fleetjet Ltd 10.30 am Louth Halcyon Leisure Ltd 11.00 am Louth Halcyon Travel Ltd 11.30 am Louth IFC Leisure Ltd 11.00 am Liverpool R W Appleby Ltd 10.00 am Louth 10/05/2001 Cookcraft Ltd 11.00 am Birmingham Lantrode Ltd 10.30 am Duxford Welcome Catering Spares Ltd 11.00 am Birmingham 11/05/2001 Crosrol Ltd 11.00 am Leeds Re-Trex Plastics Technology Plc 10.30 am Manchester 14/05/2001 Hilton Seafood Services Ltd 11.00 am Nottingham 67 Scotland - Receiver calling Meeting of unsecured Creditors 08/05/2001 Acreforth Ltd 03.00 pm Glasgow Bordercrown Ltd 03.00 pm Glasgow Braidmount Ltd 03.00 pm Glasgow Braidrise Ltd 03.00 pm Glasgow Burghbreak Ltd 03.00 pm Glasgow Jimmy Nicks Properties Ltd 03.00 pm Glasgow 11/05/2001 Red Noon Ltd 03.00 pm Aberdeen 84 N. Ireland - Creditors Voluntary Liquidation 08/05/2001 Draperstown Manufacturing Co Ltd 02.00 pm Comber S Osborne & Co Ltd 10.00 am Belfast Vate Ltd 11.00 am Belfast 11/05/2001 Erinwood Manufacturing Ltd 10.30 am Belfast 14/05/2001 Flashlamp Ltd 03.00 pm Belfast 98 Creditors Voluntary Liquidations 07/05/2001 Automotive Solutions Ltd 12.00 pm Lewes 08/05/2001 Arlandia Ltd 11.00 am London Army & Navy Stores Ltd 11.30 am Cardiff Astles of Wallasey Ltd 12.00 pm Liverpool At Ricochet Ltd 10.30 am Bristol Bitsofpc.Com Ltd 11.30 am Manchester Blenheim Management Ltd 12.00 pm London Caribbean Experience Ltd - The 12.00 pm London Carrington UK Ltd 11.00 am Birmingham Douglas & Hass Ltd 12.00 pm London Ellison Engineer & Construction Co Ltd 11.00 am Newbury Erecruitment.Com Ltd 10.00 am St Albans Harwood Construction Ltd 01.00 pm Birmingham Indigocolours Ltd 11.00 am Leeds Lodge Hotel (Great Yarmouth) Ltd - The 02.00 pm March Major Print & Design Ltd 11.00 am Liverpool Mondlane Ltd 11.30 am London P E Young & Co Ltd 10.15 am Salisbury Piazza Services Ltd 11.00 am Newcastle-u-Tyn R C W Steels Ltd 11.00 am Birmingham RJP Positioning Clip Ltd 12.00 pm Southampton Square Format Ltd 10.30 am Warwick Trash Media Plc 11.00 am Staines Tricast (Sales UK) Ltd 10.30 am London Worldweb Recruit Ltd 12.00 pm London 09/05/2001 A D S Building Management Ltd 10.30 am Reading Autostop Service Centres Ltd 12.00 pm Hale BCR Marketing Ltd 02.00 pm London Bloxham Group Ltd - The 12.00 pm London Clearstream Construction Ltd 12.00 pm London Connosisseur Games & Gifts Ltd 11.00 am London Cornex Intec Ltd 11.00 am Southampton Cosyhome Improvements Ltd 12.00 pm Maldon Darkes Development Ltd 12.00 pm Plymouth Ely Valley Management Services Ltd 02.00 pm Swansea Euro Boiler & Suppliers Ltd 10.15 am Glasgow Gentle Stream Ltd 12.00 pm London Goldtron Ltd 03.00 pm London Grantham Joinery (Baxter Bros) Ltd 11.00 am Grantham Head Security Ltd 11.00 am Sunderland J Patrick & Co (Decorators) Ltd 10.30 am Birmingham Janwear Ltd 11.00 am Leicester Malbeth Ltd 10.00 am Sheffield Manchester Yarn Salvage Co Ltd 12.00 pm Manchester Metfin Ltd 11.00 am London Nemesis Info Systems Ltd 12.00 pm Swansea Nikam Metal Finance Ltd 11.30 am London P J O'Rourke Ltd 11.30 am Manchester Pacific PC Ltd 10.00 am St Albans People in Print Group Ltd 11.15 am Tunbridge Wells Redarch Technologies Ltd 11.30 am Bury Sakhalin Petroleum Plc 11.30 am London Sound & Vision Research Ltd 12.00 pm London Top - Q - Ltd 03.45 pm London Truechoice Ltd 11.30 am Preston Woodtec Ltd 12.00 pm Cardiff 10/05/2001 A S M Europe Ltd 11.00 am Sheffield Bec (UK) Ltd 12.00 pm Glasgow Big Picture International Ltd - The 02.15 pm London Boston Mans Shop (Blackpool) Ltd - The 11.30 am St Annes Brightstar Developments Ltd 11.00 am Bristol Capital City Contracts (London) Ltd 02.15 pm London Chessboard Marketing Services 1998 Ltd 11.00 am Edgware Creativity Online Ltd 11.00 am London Derek Brown Engineering Ltd 11.00 am Preston ETS Worldwide Ltd 02.15 pm London Edgestyle Ltd 11.00 am Sheffield Ferada Associates Ltd 10.45 am London G1 Systems Ltd 11.00 am London Gateway Corporation Ltd 02.15 pm London Global Media Corporation Ltd 12.30 pm London Larkstyle Brickwork Ltd 11.15 am London Plant Metal Ltd 11.00 am Bolton Primatronic Plc 11.00 am Watford Raven Flooring & Interiors Ltd 10.15 am Thornaby Ringers Global Communications Ltd 02.15 pm London Sangeeta (UK) Ltd 11.00 am London Select Designs & Marketing Ltd 02.00 pm Halesowen Telemedia Corporation Ltd 02.15 pm London Tiabond Ltd 11.00 am Harpenden 11/05/2001 Bellpoint Management Ltd 12.00 pm London Booth Erection Site Services Ltd 11.00 am Newcastle-u-Tyn Corintha Commercial Developments Ltd 11.30 am Newcastle-u-Tyn E-Two Hundred Ltd 11.30 am Birmingham Fleet Car Contracts Ltd 11.00 am Stevenage Gateway Computer Solutions Ltd 11.00 am London Hi-Tech Enterprise Ltd 10.15 am Newcastle-u-Tyn Live - O - Ltd 02.30 pm London Natural Is Best Ltd 10.30 am Liverpool Norvite Ltd 11.00 am Sunderland Powermedia (UK) Ltd 02.30 pm Manchester Premier Press Ltd 11.00 am Manchester Ridgeway Electronic Services Ltd 11.30 am Manchester Russell Candler Racing Ltd 12.00 pm London S A B (Data) Supplies Ltd 03.30 pm Lutterworth Sales Direction Ltd 10.45 am London Sky Science Ltd 11.30 am Guildford Stretton Services Ltd 02.30 pm London Wildmedia Ltd 11.00 am London 14/05/2001 Devcoplan Ltd 03.00 pm Ossett Dong Tam Ltd 02.30 pm London Tradebuys Ltd 11.00 am London 15/05/2001 A1 Personnel Ltd 11.30 am Blackburn Mexstar Ltd 11.00 am London Scan Image Services Ltd 11.30 am London Solargen Energy Corporation Ltd 11.30 am London Wolf Wilson Ltd 11.30 am Lutterworth
TW LW TW LW
USA 1.43 1.44 Canada 2.20 2.23
Austria 22.16 22.12 Portugal 322.92 322.35
France 10.56 10.54 Belgium 64.97 64.86
Finland 9.57 9.56 Italy 3118.76 3113.30
Germany 3.15 3.14 Sweden 14.70 14.73
Holland 3.54 3.54 Switzerland 2.48 2.46
Spain 268.00 267.53 Ireland 1.26 1.26
Australia 2.77 2.86 Denmark 12.02 11.99
Hong Kong 11.21 11.25 Euro 1.61 1.60
Africa Com 11.53 11.68 Saudi Arabia 5.39 5.41
India 67.29 67.55 Malaysia 5.46 5.48
Singapore 2.61 2.63 Norway 13.03 13.13
Japan 175.52 176.80
TW This week LW Last week.
Vodafone raised #3.5 billion ($5.1 billion) in a quick-fire share placement to help finance its clutch of recent acquisitions. The markets are now braced for an even bigger rights issue by British Telecom.
EM.TV, a struggling German media group, announced losses for last year of DM2.8 billion ($1.6 billion), far higher than had been expected. To shore up its ailing finances, the company plans to sell the Jim Henson Company, creator of the Muppets, and, as part of an earlier rescue package, will transfer 20% of its 37.5% stake in Formula One motor racing to Kirch, another German media group. EM.TV interpreted losing these sources of revenue--for which it had greatly overpaid--as "a clear signal for a new beginning".
Objections by European regulators brought discord to a proposed merger between EMI, the British music group, and BMG, owned by Germany's Bertelsmann. EMI had attempted to team up with AOL Time Warner's Warner Music last year, but the same concerns, about an industry dominated by four big players rather than five, persuaded the competition watchdogs to block that deal.
AOL Time Warner began talks with NTL, Britain's biggest cable operator, about a possible broadband distribution deal in Europe. AOL Time Warner lacks a European distribution network but has content aplenty with which to entice NTL, which has 8.5m European subscribers.
General Electric's planned $40 billion takeover of Honeywell was cleared by American antitrust authorities. But the deal is still being scrutinised by the European Commission.
Reuters, a business-information group, bid #190m ($272m) for part of Bridge Information Systems, enhancing Reuters' own transaction services and trading technologies. Bridge, which is in Chapter 11 bankruptcy, accepted the offer, subject to confirmation by the bankruptcy courts.
The eponymous founders of Lernout & Hauspie, a Belgian speech-recognition software company, together with a former vice-chairman of the firm, were arrested and charged with false accounting and manipulating the company's share price. Once called Belgium's "Microsoft", L&H said that it would try to sell assets to pay off its prodigious debts, though the company could go bankrupt first.
Source - The Economist
Body Shop International announced pre-tax profits of 12.8 million pounds, after exceptional charge, on turnover of 374.1 million, for the fifty three weeks ending 3rd March 2001. Earnings per share stand at 5p.
Shiloh announced pre-tax profits of 1.13 million pounds, on turnover of 28.9 million, for the year ending 31st March 2001. Earnings per share stand at 14.1p.
Terence Chapman, the financial software consultant, announced pre-tax profits of 2.25 million pounds, on turnover of 21.8 million, for the six months ending 28th February 2001. Earnings per share stand at 2.6p.
Westbury, the housebuilders, announced pre-tax profits of 62.2 million pounds, after exceptional charge, on turnover of 491.5 million, for the year ending 28th February 2001. EArnings per share stand at 38.6p.
Whitbread Holdings announced pre-tax profits of 292.3 million pounds, after exceptional charge, on turnover of 3,095 million, for the year ending 3rd March 2001. Earnings per share stand at 39.9p.
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:Completed acquisition by Denplan Limited of BUPA DentalCover Limited
Proposed acquisition by Baxter Healthcare Corporation of 20% of Acambis plc formerly known as Peptide Therapeutics Group plc
Acquisition by Akzo Nobel BV of certain assets of Contract Chemicals (Gloucester) Ltd, namely its Chelates / Sequestrants Business
KIM HOWELLS REFERS PROPOSED ACQUISITION BY BLOCKBUSTER ENTERTAINMENT LTD OF CERTAIN ASSETS OF APOLLO VIDEO FILM HIRE LTD
Acting on the advice of the Director General of Fair Trading, Kim Howells, the Minister for Competition and Consumer Affairs, has decided to refer the proposed acquisition by Blockbuster Entertainment Ltd ("Blockbuster") of certain assets of Apollo Video Film Hire Ltd ("Apollo") to the Competition Commission.
Dr Howells considered that the acquisition raises competition concerns in respect of the video rental market in the UK. The transaction would have the effect of removing Blockbuster's main competitor in South London and the South East of England and would significantly reduce competition within a number of local video rental markets. The decision to make a reference does not in any way prejudge the question of whether or not the merger would be against the public interest. It is for the Competition Commission to report on this after investigation. The Commission are to make their report by 3 August 2001.
The number of businesses with Internet connections continue to grow, research published by Oftel reveals.
The new research, conducted among 700 small and medium enterprises (SMEs), shows that:
Commenting on these findings, David Edmonds, Director General of Telecommunications, said:
"The number of businesses with an Internet connection has increased by over ten percent in the past three months. Over sixty percent of surveyed businesses are now connected with others likely to be 'on-line' soon.
"This research also shows that demand for other telecommunications services from small and medium sized enterprises is growing too.
"Businesses are still making greater use of the choices available to them. The website www.telecomsadvice.org.uk, gives further independent advice on how businesses can take advantage of these choices, particularly for those who find it difficult to compare the different packages available."
This latest quarterly survey is part of Oftel's continuing programme of research and is used in ongoing policy work and market reviews.
Small and medium enterprises (SMEs) are defined as businesses with up to 500 employees and a minimum annual turnover of £50,000.
21 May Institute of Credit Management - Wessex Branch meeting How to Install a Debt Collection Package Royal Southampton Yacht Club Channel View Road, Southampton. 7pm for 7.30pm start Refreshments provided. 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. 22 May The Institute of Credit Management National Conference and Exhibition Cumberland Hotel, Marble Arch, London W1 European Outlook ICM Members £165.00 - Non-members £190.00 Retired & Student members £95.00 all plus vat Buffet Luncheon 8.30am to 5.00pm To register telephone 01780-722907 Fax 01780-721333 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. 22 June The Institute of Credit Management Fellows' Luncheon Dartmouth House Mayfair, London Tickets £42.00 plus vat To reserve places telephone 01780-722907 E-mail training@icm.org.uk 25 June Institute of Credit Management - Wessex Branch meeting How Credit Managers can get the most out of E-Commerce Presentation by Bill Chalker of the National Westminster Bank Plc Royal Southampton Yacht Club Channel View Road, Southampton. 7pm for 7.30pm start Refreshments provided. Friday 29 June Institute of Credit Management - Sussex & Surrey Branch Summer Social - Wine Tasting Bookers Vineyard Foxhole Lane, Bolney, West Sussex Time: 7.00 for 7.30 p.m. 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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