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 37
Dated: 7 October 2001
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKUK INTEREST RATE CUT
CBI WARMLY WELCOMES RATE CUT DECISION
The CBI last Thursday warmly welcomed the Bank of England's quarter-point cut in interest rates.
Ian McCafferty, Chief Economic Adviser, said: "The Bank has made the right decision. Even before September 11 survey evidence suggested that the economy was weakening. Since the tragedy we have seen the deterioration in trading conditions in the US and elsewhere in Europe, coupled with job cuts in the UK. Together these will keep the lid firmly on inflation."
RATE DECISION TOO CAUTIOUS FOR CURRENT CLIMATE
Reacting to the Bank of England's decision to cut interest rates to 4.50 per cent, Ian Fletcher, Chief Economist at the British Chambers of Commerce said:
“A quarter per cent cut represents more of a gentle nudge to the economy than the decisive push that business was seeking.
“The economy is well positioned to avoid recession, but a more significant interest rate cut would have sent a clearer signal that the Bank is prepared to stop any slide gathering momentum.
“Under normal circumstances we would welcome a quarter point cut. But these are not normal circumstances, and with inflation well under control the Bank has the scope to act more decisively and more boldly in cutting interest rates.”
GRIFFITHS LAUNCHES £2.7 MILLION CAMPAIGN TO GIVE SMALL BUSINESSES AN UNFAIR ADVANTAGE
Minister for Small Business Nigel Griffiths has launched a new national TV and print advertising campaign aimed at encouraging owner-managers of the UK's 3.7 million small businesses to contact their local Business Link for advice.
Research shows that the most important lesson successful small business owners can give to those thinking of starting up is to research the market thoroughly and seek professional advice, although, 82% of UK small businesses think they don't need it!
There are 45 Business Link centres across England that have already helped over 105,000 clients ranging from established businesses, people considering starting up a business and a range of individuals making enquiries on small business related matters.
They regularly offer advice and access to experience practitioners on:
"Small businesses are the life blood of the economy. They employ 12 million people and contribute £1 trillion to the UK economy each year.
"That is why it is crucial our businesses get the best advice possible.
"The Business Link network can be a stepping stone to funding as well as advice. It can be your unfair advantage over your competitors."
The campaign, entitled 'The Unfair Advantage', runs until the 14th October and aims to raise awareness of the need for small business advice among the UK's small businesses and establish Business Link as the best place to go for it.
Head of the Small Business Service David Irwin said: "The advertising campaign is part of an overall marketing push to increase the awareness of the re-structured Business Link service.
"The wealth of information that the Business Link network has to offer small firms has never been so easy to access but there is no greater barrier to advice than not knowing what is out there.
"The Business Link network today provides a national service backed with local knowledge. The flexibility of this service means you can easily get advice and support geared to the individual needs of your business, help when and where you need it."
Dr Peter Collett, a psychologist specialising in culture and management style, believes that attitudes have to be changed to encourage people to ask for advice. He explains:
"People who run their own business are usually extremely confident and self assured - they need to be in order to survive. But they sometimes feel hesitant about asking for help, particularly if they feel they ought to know the answer.
"What makes them so effective up to now often prevents them from being even more successful in the future."
Small Business Service
The Small Business Service (SBS) was launched in April 2000 to provide a single organisation in Government dedicated to helping small firms and representing them within Government. Its mission is to build an enterprise society in which small firms of all kinds thrive and achieve their potential.
For general enquiries please contact:
SBS Enquiry Line
T: 0114 259 7788
UK IPO MARKET GRIPPED BY INERTIA - KPMG CORPORATE FINANCE LOOKS AT QUARTER 3 ACTIVITY
The UK IPO market has rarely been quieter according to the latest quarterly report by KPMG Corporate Finance. The survey shows that the route to market is all but closed at present.
This quarter, only two trading companies joined the official list - Friends Provident (£2.28bn) and Parkman (£19m). The total money raised in the third quarter was £2.84bn. In September, an investment trust was the only entrant.
Neil Austin, Head of New Issues at KPMG Corporate Finance, comments: "The IPO market had virtually ground to a halt even before the tragic events in the US. This has created a great deal more uncertainty so investors will continue to sit on their hands."
He continued: "Companies had stopped short of the final stages of flotation waiting for the outlook to brighten. Now the pipeline is empty. Companies looking for an IPO have had to deal with a poor market all year. The situation has now got even worse especially as share prices have dropped by so much. The hope is that stability will return early next year and we will see investors seeking to support IPOs by the Spring."
This year the bulk of activity has been made up of investment trusts and VCT launches. Out of 49 newcomers this year, 41 were investment vehicles seeking to raise £2.28bn.
A few well established companies with a strong story found investor interest. In total, eight such trading companies floated raising a total of £7.39bn - a figure boosted by the Orange (£3.99bn) and Friends Provident (£2.28bn) listings. Since then they have enjoyed mixed fortunes. On average they have under-performed the stock market by around 7% and all are currently trading at a discount to their IPO price.
Tony Fry, KPMG Transactions Services, remarks: "In the current climate, there will be a move towards quality with business models coming under increased scrutiny. When the market re-opens only companies with a proven track record and good management will succeed. The recent changes in the composition of the FTSE 100 share index illustrates the current preference for traditional companies over those with untested business models. Companies such as these are likely to return to market first."
Commenting on the outlook, Neil Austin said: "The attacks on the US and the consequences of a reaction have added a significant layer of uncertainty to an already inactive market. This comes at a time when the market was looking for renewed confidence and stability."
He concludes: "At present it is impossible to predict the timing of any recovery. What is certain is that the IPO market cannot just be switched back on. Even when the market picks up we are looking at a time lag of up to six months whilst companies prepare for flotation."
RETAIL SALES REMAIN ROBUST DESPITE TERRORIST ATTACKS IN U.S. - CBI
Retail sales volumes grew at the fastest pace for five years in September despite the terrorist attacks in the United States, according to the CBI's latest Distributive Trades Survey out last Wednesday.
Seventy per cent of companies responded to the survey after the attack. Sixty-two per cent of retailers said sales were up in September compared with a year ago, eight per cent said sales were down. This gives a balance of plus 54 per cent, which compares with plus 49 per cent in August and plus 44 per cent July. The underlying trend, shown by the three-month moving average, has also risen, confirming consumers' willingness to spend.
Grocers reported the sharpest increase in the year to September, followed by stores selling footwear and leather, specialist food and durable household goods. Sales grew less quickly among chemists, off-licences and stores selling hardware, china and DIY products, clothing, furniture and carpets.
Alastair Eperon, Chairman of the CBI's DTS Panel and a Director of The Boots Company, said: "The attacks in the United States may have dented UK consumers' confidence but so far there is little evidence of any effect on their spending.
"Today's results are more up-beat than many had feared. However, retailers remain anxious that external pressures, brought about by a global slowdown, will have an impact on their trading prospects.
"So far consumers seem willing to spend, thereby helping to stave off an economy-wide recession. But with inflation under control, another cut in interest rates is needed to steer the economy through difficult times."
Wholesalers' sales volumes were stable in September, despite expectations of strong growth. Thirty-nine per cent of wholesalers said sales were up, 41 per cent they were down. This gives a balance of minus two per cent, the weakest since October 2000 and compares with plus 24 per cent in August and plus nine per cent in July.
Wholesalers expect growth to remain stable in the coming month. The three-month moving average however, shows modest volume growth and business is considered to be slightly above average for the time of year.
Motor traders' sales volumes grew at the fastest rate since August 1988. The increase in demand may be partly due to the change to a new format for car number plates. Motor traders expect sales to remain unchanged in the coming month. They said business is above average for the time of year to the largest extent since August 1988.
FOREIGN & COMMONWEALTH OFFICE - Travelling Overseas
The FCO try to do as much as they can to help British nationals overseas. They have over two thousand staff around the world and in the FCO in London dedicated to providing British nationals with the best possible assistance – without regard to race, colour or creed.
How The FCO Can Help You
Visit http://www.fco.gov.uk/travel/
AIRLINES
Swissair, in trouble even before September 11th, filed for bankruptcy and a moratorium on debts of SFr17 billion ($10.6 billion). Switzerland's biggest banks, UBS and Credit Suisse, planned to subsume Swissair's airline services into Crossair, a regional carrier, after paying SFr260m for its 70% stake in Crossair. Swissair's aircraft were temporarily grounded until the government offered an emergency loan to get them flying again.
Sabena, Belgium's flag carrier, in which Swissair owns a 49.5% stake, also filed for bankruptcy protection. A promised payment of EURO130m ($120m), part of a cash injection by Swissair, evaporated along with the airline. Belgium's government pledged cash to keep Sabena in business for one more month.
The European Court of Human Rights added to the troubles for airlines by ruling that noisy late-night flights at London's Heathrow airport violate The Human Rights of nearby residents. Services may have to be stopped or made quieter. Other European airports may have to take similar action.
Source - The Economist
EFIC ALLIANCE WITH NCM IS A WIN FOR AUSTRALIAN EXPORTERS
Amsterdam, 05 October 2001- The Australian Trade Minister Mark Vaile has announced that the international export credit insurer NCM has been selected as the preferred alliance partner for the Australian Export Finance and Insurance Corporation's (EFIC) short-term export credit business. EFIC is Australia's official Export Credit Agency owned 100% by the government. The short term business has about 3.5 billion EUR in insured turnover.
Gerard van der Stelt, Chairman of the Managing Board of NCM, said: "NCM is very pleased to be EFIC's preferred partner in this alliance. It is the first time we are setting foot on the Australian continent where EFIC has a strong presence. The organisation possesses an excellent distribution network and is a leader in the Australian credit insurance market. EFIC will benefit from NCM's international know-how, from our integrated data-networks and our experience and track record in working with state credit insurers."
Mark Vaile said: "NCM's alliance with EFIC will build on EFIC's strengths, bringing together two corporations with complementary skills and experience to provide an improved range of services to Australian exporters, particularly small to medium sized enterprises. NCM has proven and successful experience in servicing exporters through this kind of transition."
This development is good news for Australian exporters, as it will increase the opportunities for exporters to compete more effectively in international markets, especially at a time of increased uncertainty in the world economy. NCM is a strong player on both the European and North-American markets so this offers EFIC an opportunity to tap into new export markets.
NCM will use the alliance period of up to two years to demonstrate to Australian exporters its ability to meet their requirements. Once this had been demonstrated to the government's satisfaction, the government will withdraw from those elements of EFIC's business that NCM would be better placed to provide to Australian exporters in the rapidly evolving credit insurance market.
Mark Vaile said the government would retain the ability to support Australian exporters through that part of EFIC not subject to the alliance and contingent purchase and through continuance of the National Interest Account. EFIC's medium-long term export finance services would not be affected by these developments.
The announcement of the preferred alliance partner of EFIC's short-term business will be followed by a short period of final due diligence as well as the negotiation and execution of relevant contractual agreements with EFIC and the Commonwealth. Subject to final agreement and execution of the contractual arrangements, the alliance is expected to come into effect in early 2002.
About NCM
The NCM Group is a privately owned company headquartered in Amsterdam. In the 2000 financial year it insured business transactions worth EUR 172 billion (excl. Società Italiana Cauzioni) against the risk of non-payment, and revenues totaled EUR 528 million (excl. activity on behalf of the Dutch State). The financial result before tax and the addition to the equalisation provision, was EUR 55 million. NCM services more than 20,000 customers world-wide, helps them trade safely in 250 countries, can provide access to information on 30 million companies world-wide and processes one million requests for buyer risk assessments yearly. It employs approximately 1800 people. For more information: www.ncmgroup.com
About Export Finance and Insurance Corporation (EFIC)
EFIC is Australia's Export Credit Agency - a Commonwealth Government statutory authority whose role is to help increase Australia's export trade by offering a range of insurance and finance services to exporters and investors doing business overseas. EFIC's short-term credit insurance services that are the subject of the planned alliance with NCM provide exporters with protection against non-payment by the overseas buyers where the goods or services are being sold on terms normally less than 180 days. EFIC's export finance services involve longer-term loan, guarantee and insurance facilities that assist the export of capital goods and related services from Australia or facilitate investment by Australian companies in overseas projects. These services are not the subject of the planned alliance.
Last year, EFIC supported some 3.7 billion EUR of exports to 171 countries. Of this amount, some 3.5 billion EUR was underwritten by way of short-term credit insurance services. EFIC employs about 160 people. More information about EFIC can be found on EFIC's website - www.efic.gov.au
JOHNSON LAUNCHES MEASURES TO PROTECT THREATENED DIRECTORS
Draft regulations published on the 3 October will allow threatened directors to keep home details private
Company directors under threat of violence or intimidation will be able to apply to keep their home address private, under new draft regulations published last week.
A consultation document published by Consumer and Competition Minister Melanie Johnson, proposes allowing directors to apply for a Confidentiality Order to prevent their home address appearing in future on public records at Companies House.
This measure will only apply to directors who can demonstrate that they (or someone who lives with them) may be at risk of violence or intimidation if their address continues to be publicly available. They will be allowed to file a service address as an alternative.
Melanie Johnson said the new regulations would, for example, help to prevent the sort of abuse and threats which were made against the directors of the Cambridgeshire-based biotechnology firm, Huntingdon Life Sciences.
"Having directors' home addresses on the public record is a key part of making sure business activity remains transparent and accountable. But as events at HLS have revealed, this information can be used by some people to track down and abuse directors at their homes. Why should those engaged in legitimate business, for example vital medical research live in fear? This must be stopped.
"These draft regulations will, when they become law, help prevent more cases of intimidation. Directors will still have to supply their private addresses, but these details will now only be available to legal and regulatory bodies.
"We must stress that only directors who are at genuine risk will be able to benefit from this provision. We will not grant confidentiality orders in other circumstances.
"The biotech and research industries are a vital part of the UK economy. We are determined to support them, and protect their employees from further terrorisation."
The document: 'Directors' Home Addresses - a Consultative Document is available from the DTI website at: http://www.dti.gov.uk/cld/current.htm
Comments are invited by 9 November 2001. It is intended to lay the Regulations referred to in the consultative document during November. These will be debated in the House of Commons and House of Lords.
The Amendments to the Companies Act 1985 were introduced by Section 45 of the Criminal Justice and Police Act which obtained Royal assent in May 2001.
At present, directors must file details of home addresses which are recorded on the company's own register and notified to Companies House. This information is usually publicly available from Companies House. The regulations will allow a service address to be filed instead of a private address. Private addresses will be kept on a secure register. The Consultative Document describes the application process; how to appeal against rejected applications; conditions for service address; duration and revocation of Confidentiality Orders; access to the secure register and offences for disclosure of confidential information.
Company secretaries and permanent representatives of overseas companies can also apply for a Confidentiality Order.
BRITISH COMPANY TO PROVIDE AIRLINE CATERING SERVICES IN JORDAN FOLLOWING ECGD DEBT SALE
The Export Credits Guarantee Department (ECGD) has sold £23 million of Jordanian Government debt to Alpha Flight Services Overseas Ltd which the company has used to buy the flight catering operations at the country's Queen Alia and Marka Airports.
The deal is the first under the ECGD-Jordan Memorandum of Understanding, signed in January 2001, which allows up to £90 million of debts to be converted into investment in suitable projects in Jordan.
Minister for Trade Baroness Symons said:
"This is very good news for all those concerned. Alpha plans to develop the food catering services at the two Jordanian airports, reducing the reliance on imports and providing opportunities for local firms to supply more fresh produce from surrounding areas.
"This could lead to new jobs being created in the local economy as well as helping to develop the skills base of the existing workforce - a significant benefit in a country with serious unemployment problems."
Lionel Wilton, Alpha's Business Development Director for the Middle East, said:
"We are delighted to be the first company to be able to use the debt-swap agreement between the Jordanian and British Governments and look forward to the exciting opportunities that this deal creates for Alpha."
Jordan is one of 38 countries covered by ECGD's Debt Conversion Scheme where ECGD is able to swap debt to support projects of economic or social benefit in the debtor country. The Jordanian Government's remaining debt to ECGD is £280 million.
Under ECGD's Debt Conversion Scheme, the benefits to the three parties involved in the transactions are as follows:
ECGD, Britain's official export credit agency, is a separate Government Department responsible to the Secretary of State for Trade and Industry. One of ECGD's main functions is to underwrite bank loans to enable overseas buyers to purchase capital and project related goods and services from the UK, and to insure the return on investments made by UK companies in overseas enterprises.
Alpha Flight Services Overseas Ltd is part of Alpha Airports Group Plc which is the largest supplier of integrated airport services in the UK, covering retailing and catering both at airports and onboard airlines. More recently, the group has added international locations in mainland Europe, North America, Australia and the Indian sub-continent. The company is a leading provider of flight catering services to the world's leading airlines providing over 60 million meals per annum and services to over 400,000 flights.
THOUSANDS OF SMALL BUSINESSES FACE PROSECUTION UNDER NEW DATA PROTECTION LEGISLATION
Thousands of small businesses in the UK may face prosecution under new provisions about to come into force under the 1998 Data Protection Act because they are unaware they are affected, according to findings by Experian, the business information group. Experian's research reveals that many small companies remain unaware of their obligations when it comes to processing and managing personal data and many lack appropriate systems for making data accessible to the individuals concerned, which is a condition of the Act.
A common misconception among smaller companies is that Data Protection legislation only applies to computer held records when, in reality, the new rules cover all personal data including hand written paper entries and manually maintained systems.
The 1998 Act - which requires all companies to be compliant for manual records by October 2001 - applies to any records relating to an individual or from which an individual can be identified. In the case of small businesses, this is likely to include information held on individual customers, sole traders, partnerships, company directors and shareholders. The Act requires that the collection and processing of all personal information requires active consent from the individual concerned yet Experian's research indicates that most SME companies will not have obtained consent to manage or process such personal information.
Mike Bradford, Experian's Director of Data Protection and Compliance, commented: "It is evident from our findings that many smaller companies have little awareness of the fact that the new Data Protection law affects them.
"For smaller companies selling to the trade or general public, personal information is also likely to cover sales records, credit payment accounts, mailing lists, customer orders and any notes on customers. Notes might typically include everyday comments such as 'keeps disputing invoices' or 'high proportion of suspect returns'. The Act also covers notes on a company's intentions towards a customer, for example, 'reduce credit limit' or 'insist on cash up front'.
"All records come within the terms of the Act if they can be used to identify an individual, no matter how they are filed. They do not need to be filed by name, but could, for example, be filed by amount of business transacted, geographical location or type of business. So long as the personal information within these files can be used to identify the individuals concerned, then they are covered by the Act as personal data."
Mike Bradford concluded: "Under the new legislation, anyone is entitled to apply to a business to obtain all the data held on them. There are penalties, including fines, for non-compliance regarding the content of personal files and the way they are compiled and accessed."
Experian has produced a free booklet entitled A Simplified Guide to the Data Protection Act which is designed to assist businesses holding personal information on customers, suppliers, directors, shareholders or others.
The booklet is available to businesses in PDF format on Experian's web site. For a copy of this booklet go to www.nationalbusinessdatabase.com (Data Protection Advice Centre, PDF Files, DP Booklet)
Essential advice in the booklet includes:
AUSTRALIAN DEBT COLLECTOR SEES GOOD TIMES IN THE BAD TIMES
The following release was provided by CollectionIndustry.com. For additional information please visit, http://collectionindustry.com
October 5, 2001 — Difficult economic conditions often spell good news for the debt collecting industry, Collection House Ltd chairman Dennis Punches said today.
Speaking at the first annual general meeting of the accounts receivable business, Mr Punches said Collection House had strength in the balance sheet to achieve a momentum that would last for years.
Mr Punches, the former chairman of the US debt collector Payco American Corp for 26 years, told shareholders debt collecting agencies could grow during economic downturns.
"I have lived through three major hiccups in the US/global economy - I don't like the word recession," Mr Punches said.
"During these events my previous company had its greatest period of growth.
"The peaks and valleys of our economic cycle are very necessary ingredients for our existence."
He said a company such as Collection House acted as a catalyst in the life cycle of a credit economy.
"Manufacturers, retailers and consumers all must function evenly in a perfect economy but if they don't, and they rarely have, they get out of sync," Mr Punches said.
"One can't pay the other in a timely manner, everybody gets worried and confused."
That was where Collection House came in, acting as a catalyst which either sped up or slowed down the reaction without becoming a part of it, Mr Punches said.
The Brisbane-based company reported a net profit of $A9.3 million ($US4.59 million), 12 per cent above the prospectus forecast of $A8.3 million ($US4.1 million), from an operating income of $A56 million ($US27.64 million).
When it floated last October 4, it raised $A29.7 million ($US14.66 million) though the public issue price of $1.
Collection House shares were steady at $4.25 on Friday.
CUSTOMERS PAID FOR COMPUTERS WHICH NEVER CAME
Five Essex computer companies which promised state-of-the-art computers at bargain basement prices but failed to deliver have been put out of business after a DTI investigation.
Nu-Tech Supplies Limited, Oracal Systems Limited, Pastel Holdings Limited, which all traded from the same address in Braintree; Norad Marketing Limited of Rayleigh; and Triteck Electrical Limited of Maldon were wound up in the High Court on 3 October 2001 in the public interest.
In his summing up, Mr Registrar Baister said: "the companies have been carrying on a business dishonestly".
Consumer and Competition Minister Melanie Johnson said she was delighted with the Court's decision.
"The minority of companies who think they can get away with deliberately cheating their customers should watch out. We will do everything we can to stop you as this judgement shows."
Nu-Tech Supplies and Oracal Systems, which traded as a single business under the control of Mr Dean Edward Morter, claimed to sell computer equipment and PCs to both business and the public. However, many customers who had paid for their orders in advance never received their goods.
Both companies were found to be insolvent with no adequate accounting records.
Pastel Holdings, also controlled by Mr Morter, was set up in October 2000. Investigators from DTI's Companies Investigations Branch (CIB) discovered that this company was formed as a way of persuading dissatisfied Nu-Tech and Oracal customers to wait even longer for their goods. A standard letter with false and misleading information was sent from "Pastel Holdings plc".
Mr Morter himself admitted that the use of "plc" in the name was a "wild and wonderful" idea to get out of trouble and that Pastel was supposed to be the "big brother" of the three companies. DTI investigators found the company had no assets and no proper accounting records.
Triteck Electrical Limited advertised its computer systems and accessories to members of the public through advertisements and web sites, but again, customers paying in advance never received their orders. The company claimed to be established and substantial, but investigators found it traded from a small office above a Maldon hairdressing salon. One of the directors, Mr Simon Manthorpe, was also closely involved with Nu-Tech and Oracal.
The company was found to be insolvent and had no adequate accounting records.
Norad Marketing Limited also offered to supply computer equipment through advertisements and web sites and similarly had close ties with Mr Morter's companies. Its accounting records were found to be inadequate and it could not supply the range of services it claimed to provide.
Petitions to wind up the companies were presented on 14 August 2001 and followed investigations carried out by the Department's Companies Investigation Branch (CIB) under section 447 of the Companies Act 1985. This enables investigators to require a company to produce its records. If it is in the public interest the Secretary of State may use the information obtained to petition the Court to wind up a company or to disqualify the company directors.
The Official Receiver was appointed provisional liquidator of Nu-Tech Supplies Limited, Oracal Systems Limited and Pastel Holdings Limited on 14 August 2001 and provisional liquidator of Norad Marketing Limited and Triteck Electrical Limited on 21 August 2001. The Official Receiver's role was to protect and preserve the assets and financial records of the companies until the hearing of the petitions.
From 3 October 2001, the Official Receiver is now the liquidator of all five companies and has a responsibility to investigate why they failed and the conduct of the directors in relation to their affairs.
Nu-Tech Supplies Limited - incorporated 22 September 1998. Address : 8 The Centre, Lakes Industrial Park, Lower Chapel, Braintree, Essex CM7 3RM. Directors: Mr Dean Edward Morter and his wife Ms Johann Eileen Skingsley; Company Secretary: Mr Edward Charles Parker ACCA.
Oracal Systems Limited - incorporated 9 August 2000. Address: 8 The Centre, Lakes Industrial Park, Lower Chapel, Braintree, Essex CM7 3RM. Director: Mr Dean Edward Morter; Company Secretary: Mr Edward Charles Parker ACCA.
Pastel Holdings Limited - incorporated 5 October 2000. Address: 8 The Centre, Lakes Road Industrial Park, Lower Chapel Hill, Braintree, Essex CM7 3RU. Director: Mr Dean Edward Morter. Company Secretary: Mr Edward Charles Parker ACCA.
Norad Marketing Limited - incorporated 21 January 1999. Address: Unit 1, Millenium (sic) House, 41 Brook Road, Rayleigh, Essex SS6 7XJ. Also traded from South Park Business Centre, 310 Green Lane, Ilford, Essex. Director (until 1 April 2001): Mr Desmond Johnson; Mr Rachid Benkhedda (after April 2001). Company Secretary: Mr Roy McGaughey FCMA.
Triteck Electrical Limited - incorporated 9 August 2000. Address: Hillcrest House, 4 Market Hill, Maldon, Essex CM9 4PZ; Trading address: 48 Spital Road, Maldon, Essex. Directors: Mr Simon Manthorpe and Mr John Brian Goldsmith (also Company Secretary). Mr Manthorpe was a former employee of Nu-Tech Supplies Limited and the former secretary of Oracal Systems Limited.
The petitions were presented under Section 124A of the Insolvency Act 1986 on grounds of public interest. When the public is at risk, the Secretary of State may ask the Court to stop a company trading at once by appointing a provisional liquidator and winding it up. This is the quickest action the Department can take. The Court demands detailed and substantial evidence for this very serious step.
All public enquiries concerning either company should be made to:
THE OFFICIAL RECEIVER
Public Interest Unit
21 Bloomsbury Street
London WC1B 3SS
Tel No: 020 7637 1110
*** FORTHCOMING CREDITORS MEETINGS ***
For detailed information on the British Isles insolvency's (liquidation's, receiverships, administrations, dividends, creditors) please visit http://www.insolvency.com/cgi-bin/gazette/liq/nots.pl
TW LW TW LW
USA 1.48 1.47 Canada 2.33 2.32
Austria 22.33 22.05 Portugal 325.36 321.26
France 10.64 10.51 Belgium 65.46 64.64
Finland 9.64 9.52 Italy 3142.37 3102.82
Germany 3.17 3.13 Sweden 15.80 15.70
Holland 3.57 3.53 Switzerland 2.40 2.36
Spain 270.03 266.63 Ireland 1.27 1.26
Australia 3.01 3.01 Denmark 12.06 11.91
Hong Kong 11.55 11.50 Euro 1.62 1.60
Africa Com 13.36 13.10 Saudi Arabia 5.55 5.53
India 71.01 70.69 Malaysia 5.62 5.61
Singapore 2.61 2.61 Norway 13.11 12.91
Japan 178.04 174.08
TW This week LW Last week.
Marconi suffered further ignominy as its shares fell to a 30-year low after plunging by 29% in one day. The drop was prompted by a filing in America concerning its ability to match its first-half forecast, although the telecoms company denied that this constituted a profit warning. Dresdner Kleinwort Wasserstein, an investment bank, had already precipitated another tumble by issuing a report suggesting that Marconi's shares could be worthless.
Polaroid is teetering on the brink of Chapter 11 bankruptcy. The American photographic company's poor finances worsened considerably after the terrorist attack on America. Conditions for asset sales to reduce debts of $950m have deteriorated fast; banks and bondholders are waiting nervously.
Bayer confirmed that it would buy Cropscience, from Aventis, a Franco-German rival, for EURO7.3 billion ($6.7 billion) to make it the world's second-largest agrochemical concern. Aventis wants to concentrate on drug making. Bayer intends to eschew specialisation and stick by its ailing drug business, but is seeking a partner in Europe.
Source - The Economist
Cenes Pharmaceuticals announced pre-tax losses of 20.5 million pounds, on turnover of 2.68 million, for the six months ending 30th June 2001.
T J Hughes, the discount retailer, announced pre-tax losses of 1.27 million pounds, after exceptional charge, on turnover of 78.1 million, for the six months ending 28th June 2001.
Manchester United announced pre-tax profits of 21.8 million pounds, after exceptional charge, on turnover of 130.6 million, for the year ending 31st July 2001. Earnings per share stand at 5.8p.
Ramco Energy announced pre-tax profits of 1.87 million pounds, on turnover of 8.87 million, for the six months ending 30th June 2001. Earnings per share stand at 6.5p.
Torday and Carlisle announced pre-tax losses of 2.21 million pounds, after exceptional charge, on turnover of 31.9 million, for the six months ending 30th June 2001.
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 acquisition by Prestbury West Coast Ltd of three commercial properties owned by MEPC Ltd
The British Chambers of Commerce last Thursday 4 October launch a new specialist task force of business leaders to address growing concerns that the UK’s small firms are failing to meet the competitive challenge of e-business.
The task force, set up to advise Ministers, and launched ahead of the government's 'e-business week' running from 8-12 October, will examine the nature and scale of e-business in the UK, and identify the key barriers holding back the UK’s small firms.
The group’s work, to be the focus of a major report in the Spring, will cover the range of issues from business support, confidence, e-security, cyber-crime and skills. The task force will also be conducting a major review on the effectiveness of the government's work to meet the needs of UK e-business, with outline recommendations to be presented to the E-Commerce Minister, Douglas Alexander MP at a meeting on 8 November.
Nick Penston of Cisco Systems and a member of the Chambers of Commerce taskforce said:
"The full potential for UK firms' development of e-commerce remains inadequately tapped, and the work of the task force will provide a solid base on which both business and government should work closely to build.
"The market remains supply led, and the critical task facing government and the industry is in demonstrating the sound economic and business reasons for embracing e-commerce. Small firms in particular need to recognise more and more quickly the benefits that e-business can bring to their processes, whether dealing with staff, suppliers or customers."
Membership of the task force is drawn from the Chambers of Commerce national network of 135,000 businesses, and brings together a compelling range of expertise, from training providers, through web design to e-commerce analysis and legal representation.
The British Chambers of Commerce E-business Task Force comprises of:
Nick Penston, Cisco.
Duncan Sandford, Director, Gemonline, Wigan.
Mark Abrams, MD, Myratech, Birmingham.
Stuart Armstrong, Cooksons.com Ltd, Manchester.
Martyn Cattermole, Assetz Ltd, Newport & Gwent.
Mark Collins, NEC Group, Birmingham.
Ted Davies, RowlanDavies, Warrington.
Bob Feltwell, Chief Executive, Suffolk Chambers, Suffolk.
Garry Haywood, Urban Strategy Associates, Liverpool.
Stephen James, MD Chamber Technologies, Luton & Bedfordshire.
Keith Miller, Digital Pool, Manchester.
Mike Murr, TMS Media, Norfolk Chambers.
Mike Pearce, Business Intranet Ltd, South Derbyshire.
Chris Sheerin, Director, Kite IT Ltd, Glasgow.
Paul Slaughter, MD, Teem Multimedia, Northumberland.
Peter Smith, Divisional Director SDL, Sheffield.
Andrew Sparrow, Lee Crowder, Law firm specialising in E-commerce, Birmingham
ALEXANDER ANNOUNCES NEW BOOST FOR E-ENTREPRENEURS
New portal to assist e-entrepreneurs weave lasting success on the web
E-commerce minister Douglas Alexander last week launched the latest stage of a £5.5m Government-funded initiative, Beyond Bricks, to ensure internet entrepreneurs access the help they need to turn their ideas into successful sustainable businesses.
Beyondbricks.com will provide:
Speaking at the launch, Mr Alexander said:
"Many of the first wave of 'dot coms' suffered well-publicised problems, but there is no doubt that the internet offers real opportunities for those businesses that are well-planned enough to exploit its potential effectively.
"There is an ever growing number of companies and consumers using the internet and e-commerce, looking for goods and services, buying online. Beyondbricks.com can help to give new ventures the firm foundation they need to flourish in a growing market.
"This initiative will help e-entrepreneurs to turn their bright ideas into lasting success stories."
Beyondbricks.com is a free online source of news, information, services and advice, giving e-entrepreneurs and internet start-ups access to information on issues ranging from fundraising, accounting and company law to design, marketing and PR.
Beyondbricks.com also includes an innovative "Community Engine", where entrepreneurs, new companies, business advisors and service providers can come together and share knowledge and experience with their peers. Using specialist software, the community will also offer online profiling and matchmaking so that members will be able to locate the resources and help they need.
An ongoing series of regional events bringing together local and regional entrepreneurial networks, business advisors and entrepreneurs will also help the Beyond Bricks community become a UK-wide "virtual cluster" of activity.
Recent internet usage statistics highlight the potential market open to web-based businesses. More than 9 million homes, or 23 million adults, in the UK now have access to the internet. This figure has grown by nearly three times in the last two years.
Nearly three-quarters of these 23 million adults use the internet to find information about goods and services, and more than a third already choose to buy online. Beyondbricks.com aims to give new and emerging ventures a firm foundation to flourish in a growing market.
"Beyond Bricks" is part of the DTI's £5.5m Internet Mentoring Initiative. The Initiative aims to help create an environment which supports and nurtures companies using the internet as their primary route to market. The other elements of the Internet Mentoring Initiative are an Internet Incubator Fund and a Market Data Scoping Study. The Incubator Fund will stimulate the creation of business incubators which specialise in the unique needs of these companies. The Market Data Study will help internet businesses better understand their market, and help the Government know where guidance and support is needed.
The development and management of the Beyondbricks.com has been contracted out to the Metrodome Consortium. This is made up of: Wilson Harvey, a full-service PR and marketing firm specialising in technology companies; Metrocube, an Internet Incubator based in London; Venturedome, who help companies identify access sources of private sector funding; GroovyTrain, who develop and run online community sites.
8th and 9th October 2001 FCIB's 107th International Round Table Conference In Europe Brussels Hilton Hotel 38 Boulevard de Waterloo, 1000 Brussels, Belgium FCIB's International Conference 'The Art of Country Risk Analysis' Further information can be obtained from: Tim Lane, Director of European Operations, FCIB Corporation, 7200 The Quorum, Oxford Business Park North, Garsington Road, Oxford OX4 2JZ, England Tel: 44 1865 481630 Fax: 44 1865 481482 (From within the UK, substitute zero (0) for 44) E-mail: timlane@fcib-europe.org Monday 15 October Wessex Branch of the ICM Retention of Title - Speaker/Sponsor Fanshawe Lofts Venue - Royal Southampton Yacht Club 1 Channel Way, Ocean Village, Southampton SO14 3QF Time : 7.00 pm for 7.30 pm Refreshments provided Wednesday and Thursday 17-18 October Softworld Finance and Accounting Exhibition, NEC, Birmingham http://www.softworld.co.uk/af2001a/register.html Thursday 18 October Magazines in Credit 2001 Conference and Awards Grosvenor House Park Lane, London W1 Telephone Justin Barry on 020-7400-7534 for more information or e-mail justin.barry@ppa.co.uk or visit the website at www.ppa.co.uk/events/credit2001 Tuesday 30 October Collections 2001 Credit Today National Motorcycle Museum, Birmingham The inaugural Credit Today conference for the UK on Debt Management, Collections Procedures as well as the political issues and regulatory changes affecting your work For more details contact Carleen Bennett on 020 7407 4700 or visit www.credittoday.co.uk Tuesday 6 November ICM Credit Scotland 2001 The National Stadium, Hampden Park, Glasgow, G42 9BA Cost £50.00 including Buffet Luncheon and Refreshments E-mail carol_myers@hotmail.com Monday 12 November Wessex Branch of the ICM European Credit Checking - Speaker/Sponsor ICC Information Ltd Venue - Royal Southampton Yacht Club 1 Channel Way, Ocean Village, Southampton SO14 3QF Time : 7.00 pm for 7.30 pm Refreshments provided Thursday 22 November Sussex & Surrey Branch of the ICM Factoring/Invoice Discounting/Asset Finance Speaker: To be advised Venue - HSBC, Farncombe Road, Worthing Time: 7.00 for 7.30 p.m. Sponsored by HSBC 23 November Debt Sale & Purchase Credit Today, Savoy Hotel, London The second annual debt sale and purchase conference chaired by Rob Levick. For details e-mail carleen@credittoday.co.uk 4-6 December Online Information 2001 Olympia Grand Hall, London Monday 10 December Wessex Branch of the ICM Quiz Night - Sponsor Virtual Mailroom Ltd Venue - Royal Southampton Yacht Club 1 Channel Way, Ocean Village, Southampton SO14 3QF Time : 7.00 pm for 7.30 pm Refreshments provided Monday 14th to Thursday 17th January 2002 ICM Examinations Thursday 24 January 2002 Sussex & Surrey Branch of the ICM Annual General Meeting Followed by Dinner. Speaker: To be advised Venue - The Imperial Hotel, Hove Time: 7.00 for 7.30 p.m. 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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