Editor: Pat Williams. E-mail pwilliams@creditman.co.uk
John Arnold. E-mail jarnold@creditman.co.uk
Site: Business Credit Management UK
URL: http://www.creditman.co.uk
Issue: 49
Dated: 8th February 1998
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKBANK OF ENGLAND LEAVES INTEREST RATES UNCHANGED
The Bank of England's Monetary Policy Committee voted, on Thursday 5th February 1998 to leave the Bank's repo rate unchanged at 7.25%.
COMMENT ON INTEREST RATES
Kate Barker, Chief Economic Adviser at the Confederation of British Industry, said today (Thursday): "The CBI is pleased that interest rates have again been left on hold. The balance of new evidence since the January meeting points to a slowing economy. In particular, the UK's external trade may now be weakening, as the Asian crisis exacerbates the considerable problem posed for exporters by strong sterling.
The domestic economy, while still robust, is not strengthening further. The upward wage pressures in some parts of the economy are more likely to be absorbed by lower margins than passed on in higher wages; and aside from wages, cost pressures are benign, with oil and commodity prices falling."
GOVERNMENT SUPPORT FOR JAGUAR X400 ANNOUNCED
Government support to the Ford Motor Company for investment in the production of the new Jaguar X400 at Halewood, Merseyside was announced last week by Margaret Beckett, President of the Board of Trade.
The investment will safeguard 2,900 jobs on Merseyside, with the prospect of a further 500 new jobs after 2002.
MARGARET BECKETT ANNOUNCES #123 MILLION PUBLIC/PRIVATE PARTNERSHIP WITH BRITISH AEROSPACE FOR NEW AIRBUS A340 - 500/600
Margaret Beckett, President of the Board of Trade, announced today that the Government has agreed a public/private partnership with British Aerospace involving a long term investment of up to #123 million towards the design and development of the new wing for the new Airbus A340 -500/600.
The investment will directly secure over 2,000 jobs in the UK at British Aerospace and its suppliers.
JANUARY SALES PROVED GOOD NEWS FOR RETAILERS - CBI
Growth in annual retail sales remained steady in January with all sectors reporting volume increases, according to a Confederation of British Industry survey published last week.
The CBI's Distributive Trades Survey, which covers sales from 8 to 28 January, shows that 57 per cent of retailers reported increased sales volumes compared with the same time a year ago, while 21 per cent said they were down, leaving a positive balance of 36 per cent of firms reporting growth.
The annual rate of increase was slightly less than expected and remains below that reported this time last year. However the three monthly average shows that underlying sales remain on a steady upward trend.
Retailers regard business as well above average for the time of year with a positive balance of 20 per cent of firms reporting an increase, the highest figure since September 1996.
The growth in orders placed with suppliers slowed markedly in January, increasing at the slowest rate since August 1997. Stock levels were run down slightly in January although they remain more than adequate to meet expected demand.
Alastair Eperon, Chairman of the CBI's Distributive Trades Survey Panel, said: "Last month's growth reported by all retail sectors is good news. However it may represent increases in volumes achieved through price discounting in the January sales rather than reflecting a significant increase in consumers' spending.
Retailers' expectations for February point to steady sales growth, therefore posing no threat to the Government's inflation target.
"All sectors in retailing reported growth in sales volumes with footwear and leather shops showing a marked pick up, possibly reflecting significant discounting in January. The clothing sector reported continued strong growth as did booksellers and stationers. The sectors most closely linked to the housing market such as furniture and carpets, durable household goods and hardware, china and glass reported continued expansion, although there are signs of a slowdown in annual sales growth in these sectors over the past month.
Grocers reported further year on year increases in volumes and confectioners and off-licences saw moderate rises. Chemists reported a slowdown in sales growth between December and January. Wholesalers' volumes picked up markedly in January, increasing well above expectations. Volumes are expected to increase further in February, although at a slower rate.
Orders placed with suppliers also rose sharply, increasing at the quickest rate since January 1997. Stock levels remain more than adequate to meet expected demand.
Motor traders' annual sales volumes slowed in January, broadly in line with expectations this trend is expected to continue in February. Despite the slowdown in volume growth, motor traders still consider business as above average for the time of year. Orders placed with suppliers slowed in January compared with the preceding months and stock levels were run down considerably.
INCREASED PROTECTION FOR CONSUMERS
Increases in monetary limits and fees under the Consumer Credit Act were announced last week in the House of Commons by Nigel Griffiths, Competition and Consumer Affairs Minister. The rise from #15,000 to #25,000 will protect many more consumers.
Mr Griffiths said:
"As a result of increasing the limit of loans now covered by the Act by #10,000, many housebuyers will gain protection when they take out loans for house purchase and other loans secured on property, for example house extensions financed by second mortgages. This will be particularly relevant to consumers who can't get loans from traditional banks and building societies."
This change means that most consumers who take out unsecured consumer loans will be protected under the Act. This covers:
The Consumer Credit Order being debated is expected to come into effect on 1 May 1998.
NEW BUSINESS INCUBATION CENTRE - BUILDING 'HOT HOUSES' FOR ENTERPRISING SMALL FIRMS
A new centre to boost Britain's ability to grow its enterprising and innovative small firms was launched last week by Small Firms Minister Barbara Roche. The UK Business Incubation Centre is sponsored by a public-private partnership and will increase the quality and quantity of business incubation in the UK.
Business incubators are 'hot houses' for start-up firms with high potential and commitment to growth. Incubation can help start-ups and micro-businesses especially, by addressing the common reasons for failure such as a lack of business skills or difficulties accessing know-how or finance. Business incubators can help start-up firms access intensive support networks, including; investors, academic institutions, science parks, business angels and business champions.
Commenting on the importance of the UK Business Incubation Centre, Mrs Roche said:
"I am pleased that a public-private partnership involving Sector Challenge funding from DTI has enabled the Centre to be established. I look forward to the contribution the Centre will make to helping such firms by maximising the effectiveness of the business incubation process in the UK."
The Centre's work will be overseen by the Enterprise Panel, a group set up in 1995 by the Treasury, whose report on business incubation Growing Success recommended that a Centre be established. The members of the Panel come from both public and private sectors, including established business support organisations, with which the Centre will be co-ordinating its activities.
Financial support is being provided by Midland Bank, Aston Science Park, Aston University, the Prudential and the UK Science Park Association, and by receiving up to #245,000 from DTI through the Sector Challenge over three years. The project is also supported by a wide range of other organisations including the Business Link Network Company, the TEC National Council, UK Business Innovation Centres, Welsh Development Agency and Scottish Enterprise.
# pounds sterling
SINGAPORE
Contributed by Bernice Kuo, kuopb@singnet.com.sg
Enhance Singapore BusinessSome selected businesses gave recommendations to enhance the finance & banking industries, in areas of fund management, treasury & risk management, corporate finance, debt issuance, insurance, trust companies, etc. In the midst of the regional economic & financial crisis, Singapore is not badly affected, and that Asia's fundamentals are not affected by the turmoil. Singapore still has the resources to continue with programmes in science & technology, and setting up broadband optic fibre network by end of this year. Steps were recommended to liberalise trust business, to enable Singapore to compete internationally, and to promote the development of the offshore trust business. Other recommendations are to review rules that govern fund managers; extending tax incentives & reviewing tax laws in cross border leasing to companies in project finance, debt distribution & leasing services; abolishing withholding tax on distributions, and on debt papers, in fund & risk management sectors; and raising investment limits in the insurance fund, as an incentive for people to save in the midst of current economy climate.
Export orders among SMEs fell markedly over the past four months and at a faster rate than across manufacturing industry as a whole, according to the Confederation of British Industry's SME trends survey carried out with chartered accountants Pannell Kerr Forster. However, the fall in export orders was not as sharp as reported last October, when it was the fastest recorded for 19 years.
A negative balance of 26 per cent of SMEs reported a fall in their export orders over the past six months, compared with a negative balance of 29 per cent in October. For manufacturers overall the balance was negative 21 per cent in the four months to January.
Over the coming four months SMEs expect export orders to continue falling, but at a slower rate. SME's export expectations remain lower than those among manufacturers as a whole.
Optimism about export prospects fell for the fifth successive survey, with a negative balance of 21 per cent recorded in January. Small companies were less optimistic than the medium-sized companies. Prices remain the main constraint on SMEs ability to win export orders over the next four months, but have eased slightly as a constraint since October.
Political and economic conditions abroad - perhaps reflecting concerns about the East Asian economic crisis - have become more of a constraint on export orders, especially for medium-sized companies.
Tony Bonner, Chairman of the CBI's SME Council, said: "SMEs are suffering particularly badly from a fall in export demand. The strength of sterling together with the potential impact of the East Asian economic crisis mean that tough trading conditions for exporters are likely to continue. As a result export optimism has fallen for the fifth successive survey and business confidence is at a five year low among SMEs."
Business confidence among SMEs fell at the fastest rate since October 1992, with a balance of 11 per cent more SMEs reporting optimism down than up. This compares with negative 3 per cent in October and positive 11 per cent in January last year. Again small companies were less optimistic than medium-sized companies.
John Alexander, Partner at Pannell Kerr Forster, said: "This is the first time since the end of the early 1990s recession that the managers of SMEs have expressed so little confidence in the future. Lean resources and tight margins mean that the squeeze on exports hits the small firms hardest. As SMEs are seen to be the seedcorn for growth in the UK, their lack of confidence in the future must be a major concern."
Total new orders were virtually unchanged over the past four months, having fallen in October's survey. Over the coming four months orders are expected to increase slightly, although expectations are the least positive since October 1992 and have not been fully realised for over two years. SME output grew moderately, but expectations for the coming four months are the weakest reported since January 1993.
SMEs unit costs fell slightly over the past four months, but are expected to rise slightly over the coming four months. Domestic prices fell at a faster rate than had been expected, and although they are expected to rise over the coming four months expectations are the weakest reported in a January survey since 1990. Export prices fell sharply and are expected to continue falling, although at a slightly slower rate.
SMEs overall expect to spend slightly more on plant and machinery over the coming year. Uncertainty about demand remains the factor most likely to limit SME capital spending, with inadequate net return falling back as a limiting factor. The number of SMEs working below capacity remains fairly low, although it is higher than in manufacturing industry overall. A lack of orders remains the factor most likely to limit output. A lack of skilled labour remains important and has risen to an eight-year high for small companies. For UK manufacturers overall and medium-sized companies skills shortages have eased as a constraint since last October.
SMEs reported a moderate and above expected increase in employment over the past four months. For the coming four months small firms expect employment to rise a little further, while medium-sized companies expect a fall.
The CBI/Panell Kerr Forster SME Trends report was conducted between 11 December and 14 January. It covered 865 manufacturing companies with fewer than 500 employees. During the survey period the dollar averaged 1.64 against sterling and the mark averaged 2.95, up from $1.61 and 2.86 DM over the October survey period.
SETTING UP OF A FRAUD ADVISORY PANEL BY THE INSTITUTE OF CHARTERED ACCOUNTANTS IN ENGLAND & WALES
Ian McCartney, Minister for State at the Department of Trade and Industry, has welcomed the initiative by the Institute of Chartered Accountants in England & Wales' Audit Faculty to set up a Fraud Advisory Panel to assist the fight against fraud.
Mr McCartney said:
"I highly commend the Audit Faculty's initiative in setting up a Fraud Panel which I hope will play an important part in developing greater awareness of business fraud and the means of combating it. This is a step to be welcomed by both Government and the business community alike."
The Institute of Chartered Accountants in England & Wales's Audit Faculty has set up a Fraud Advisory Panel, under the chairmanship Mr George Staple QC. Its main objective is to reduce the incidence and impact of business fraud. A steering group has been set up to monitor the work of the Panel.
The panel, which met for the first time on 26 January 1997, consists of representatives of a wide range of bodies and firms in the financial sector, lawyers and those whose work is directly related with combating crime. The Panel has agreed initially to set up three working parties to establish essential facts about the nature and extent of fraud, to improve the prevention of fraud by identifying and disseminating current methods and by encouraging better and more training, and to contribute to improving investigation and prosecution as an effective deterrent to fraud.
BARBARA ROCHE CALLS FOR CLOSER UK-EGYPT TRADE LINKS
Barbara Roche, the Minister for Small Firms and Trade, will head a business delegation on a five day trip to boost trade between Egypt and the UK, leaving this weekend.
Mrs Roche said:
"Egypt is a key trading partner in the Middle East and we already enjoy a very good business relationship. In recent years, Egypt has successfully privatised a number of major state-owned companies while pursuing a stable fiscal policy. As a result, the business climate has improved significantly.
"In addition, annual round-table meetings between the Egyptian Business Association (EBA) and the UK Committee for Middle East Trade (COMET) have done much to enhance bilateral trade between Egypt and the UK. However I believe there is still more we can do to stimulate further growth in trade and investment for the mutual benefit of both countries.
"My hope now is that smaller companies will consider moving into the Egyptian market. I am particularly pleased that I will be accompanied on my visit by the directors of a number of small firms, all of which have a track record of doing business in Egypt. Together they are in a strong position to lead the way and show what can be achieved.
"I also hope that UK and Egyptian companies will take full advantage of EU Funds that are available to encourage partnerships and stimulate trade and investment between the European Union countries and those around the Mediterranean and in North Africa.
"The two most suitable ones are the Mediterranean Economic Development Area fund (MEDA) and The European Community Investment Partners fund (ECIP). At present, the UK contributes around 17% of the funding for these schemes, but the take up from UK companies is less than 1%. I would like to see far greater participation in these schemes by British SMEs.
"Immediately following my visit, DTI officials will meet Egyptian representative bodies to develop terms of reference for a New UK Partnership pilot project. The aim of the project will be to encourage collaboration between SMEs in the UK and Egypt to take full advantage of the EU programmes available."
Mrs Roche will be accompanied by the following company directors:
Robert Castro The International Development Corporation
John Dagnall Critical Skills Development
Dale Egee Egee Art Consultancy
Michael Fairburn Red Dragon Rail
Diana Letcher Exeter Enterprises
Tom Young Ecological Sciences
CLAIMS AGAINST FOUR INVESTMENT FIRMS THE INVESTORS COMPENSATION SCHEME STEPS IN
The Investors Compensation Scheme announced today that it has opened the way for customers of four former investment firms to lodge formal applications for compensation. The firms involved are:
Wimpey Insurance Life & Pensions Services Limited traded as financial advisers from offices at 27 Hammersmith Grove, London, W6 7EN. The firm was authorised by FIMBRA from February 1989 to June 1990 when authorisation was surrendered. The Scheme is aware of one claim relating to alleged negligent advice to transfer the deferred benefits of an occupational pension to a section 32 buy-out policy.
Barlow & Company traded as financial advisers from offices at 2 Carr Lane, Acomb, York, YO2 5HU. The firm was authorised by FIMBRA from November 1988 to January 1991 when authorisation was revoked. The Scheme is aware of two claims, one of which relates to alleged misappropriation of monies in respect of long term insurance contracts.
Robert St Clair & Company Limited traded as financial advisers from offices at High Brow, Gomeldon Hill, Winterbourne Gunner, Salisbury, Wiltshire, SP4 6JZ. The firm was authorised by FIMBRA from June 1989 to April 1991 when authorisation was surrendered. The Scheme is aware of one claim relating to alleged negligent advice to transfer the benefits of an occupational pension scheme to a personal pension plan.
Financial Services Centre traded as financial advisers from offices at 2b Sea Road, Fulwell, Sunderland, Tyne & Wear, SR6 9BX. The firm was authorised by FIMBRA from September 1988 to May 1991 when authorisation was revoked. The Scheme is aware of four claims, one of which relates to alleged negligent advice regarding investments.
The Investors Compensation Scheme is the rescue fund for customers of investment firms which have gone out of business. It was set up by law as part of the investor protection framework under the Financial Services Act 1986.
The Scheme can pay compensation of up to #48,000 each to private clients of UK authorised investment firms which fail, owing money to their customers. Since it was set up in 1988, it has stepped in to help customers of 358 failed firms and has paid out #121.6 million in compensation to over 10,700 investors.
For claims in relation to pension transfer and opt-out cases, the PIA Pensions Unit has to identify all personal pensions sold between 28 April 1988 and 30 June 1994, match them with departed firms, then consider the eligibility of a claim before doing a loss assessment. If a loss has been suffered by an investor, the case is then passed to ICS for determination. PIA will reject cases where no loss has been incurred.
Statistics showing insolvencies in the fourth quarter 1997 are published today (6 February) by the Department of Trade and Industry.
COMPANY INSOLVENCIES
There were 3,136 company insolvencies in England and Wales in the fourth quarter of 1997 on a seasonally adjusted basis. This was a decrease of 0.7% on the previous quarter, and a decrease of 3.9% on the same period a year ago.
1.2% of active companies became insolvent in the twelve months ended Q4 1997, the same as in the previous quarter and 0.2% less than the same quarter in 1996.
INDIVIDUAL INSOLVENCIES
There were 5,834 individual insolvencies in England and Wales in the fourth quarter of 1997 on a seasonally adjusted basis. This was a decrease of 4.8% on the previous quarter and a decrease of 10.5% on the same period a year ago.
Number of Insolvencies in England and Wales (seasonally adjusted)
Percentage change
1996 1997 1997 1997 1997 Q4 1997 on:
Q4 Q1r Q2r Q3r Q4p Q3 1997 Q4 1996
Companies 3,263 3,174 3,139 3,157 3,136 -0.7 % -3.9%
Individuals 6,520 6,243 6,216 6,129 5,834 -4.8 % -10.5 %
p = provisional, r = revised
DTI PETITION TO WIND UP EQUITABLE INVESTMENTS PLC
On 20 January 1998, the Secretary of State for Trade and Industry, Margaret Beckett, presented a petition in the High Court of Justice in London to wind up, in the public interest, Equitable Investments plc following enquiries made by the DTI under the provisions of Section 447 of the Companies Act 1985.On the application of the Secretary of State, the Court appointed the Official Receiver as provisional liquidator of Equitable Investments plc on 27 January 1998 pending the hearing of the petition on 4 March 1998.
Equitable Investments plc was incorporated on 8 June 1994 and traded as a finance broker on behalf of companies and small businesses seeking loan finance for development projects from Altrincham, Cheshire.
The company requested payment in advance from prospective borrowers, but no loan facilities were successfully arranged on behalf of prospective borrowers.
The enquiry found that the company's trading was controlled by an undischarged bankrupt and that it had no accounting records. It has not therefore been possible to establish the extent of the company's trading or its financial position.
The registered office of the company is at Grosvenor House, 45 The Downs, Altrincham, Cheshire, WA14 2QG.
All public enquiries concerning the business affairs of the company should be made to the Official Receiver at the following address:
The Official Receiver
The Insolvency Service
PO Box 203
21, Bloomsbury Street
LONDON WC1B 3QW
*** Forthcoming Creditors Meetings ***
Contributed byhttp://www.insolvency.co.uk
For more detailed information and ALL the British Isles insolvency's (liquidation's, receiverships, administrations, dividends, creditors) please visit http://www.insolvency.co.uk
From 09/02/98 to 17/02/98
Number of Creditor meetings : 187
Section Company Time Venue
138 Scotland - Interim Liquidator calling Creditors Meeting
10/02/98
Delta Services Ltd 10.00 am Aberdeen
Premier Security Services (Scotl) Ltd 11.00 am Glasgow
11/02/98
Pine Furniture Warehouse Ltd - The 12.00 pm Glasgow
17/02/98
Greenacre Produce Ltd 10.00 am Edinburgh
Rowco International Group Ltd 10.00 am Edinburgh
23 Administrator Calling a meeting of Creditors
09/02/98
Colibri of London Ltd 10.00 am London
266 Ireland - Creditors Meeting to appoint liquidator
10/02/98
Averbrook Enterprises Ltd 04.00 pm Dublin
48 Receiver calling unsecured Creditors Meeting
11/02/98
Samtec Holdings Ltd 10.30 am Leeds
Samtec Ltd 10.30 am Leeds
Samtec Maintenance Ltd 10.30 am Leeds
Samtec Systems Ltd 10.30 am Leeds
12/02/98
Aiton Sub-Contracting Ltd 01.30 pm Derby
Dunn Engineering (South East) Ltd 01.32 pm Derby
Dunn International Ltd 01.34 pm Derby
Greenbank Industries Ltd 01.36 pm Derby
Hedgehog International Ltd 01.38 pm Derby
Prospect Engineering Ltd 11.00 am Derby
Prospect Industries Executive Ltd 01.40 pm Derby
Prospect Industries Ltd 01.00 pm Derby
17/02/98
Carbury Herne Ltd 10.30 am Cardiff
Metaltrak Ltd 10.30 am London
P D Q Stone Ltd 10.00 am Gloucester
67 Scotland - Receiver calling Meeting of unsecure Creditors
09/02/98
Bio-Logic Remediation Works Ltd 11.00am Glasgow
12/02/98
Telecom Sciences Corporation Ltd 10.30 am Glasgow
17/02/98
Langside Hire Ltd 12.00 pm Edinburgh
84 N. Ireland - Creditors Voluntary Liquidation
09/02/98
Teddy & Son Ltd 12.00 pm Coleraine
98 Creditors Voluntary Liquidations
09/02/98
Allan Haigh & Co Ltd 11.30 am Huddersfield
Annick Builders Ltd 12.00 pm Glasgow
Armour Electrical Ltd 03.00 pm London
Associated Power Tools Ltd 03.00 pm Salisbury
B.K.J. Ltd 12.00 pm London
Chaseride Ltd 11.00 am Newcastle-u-Tyne
Choice Contract Furniture Ltd 10.30 am Newcastle-u-Tyne
Comenet Technology Ltd 03.15 pm Gerrards Cross
Costas Building Contractors Ltd 03.00 pm London
Delcourt Ltd 12.00 pm London
Design and Fabrication Ltd 11.00 am London
E Jarvis Ltd 10.30 am Cambridge
F. Clayton & Coy Ltd 11.00 am Hornchurch
Frame Electronics Ltd 10.30 am Winchester
Hometaste Catering Ltd 11.30 am London
Image Technology Group Ltd 03.30 pm Lutterworth
Printed Image (UK) Ltd 11.30 am Stoke-on-Trent
R M N Marketing Ltd 02.00 pm London
RSD Transmissions Ltd 11.00 am Chatham
S.H. Daniel & Sons Ltd 10.30 am Southend-on-Sea
Serveside Ltd 03.00 pm London
Signature Conservatories Ltd 11.30 am London
Stockstyle Ltd 04.00 pm London
TSL (Services) Ltd 12.00 pm London
Telecom Amalgamated Solutions Ltd 11.30 am Salisbury
Typeword Ltd 11.30 am Manchester
Ultraflight Aviation Ltd 10.00 am Stoke-on-Trent
Videotext International Ltd 11.00 am London
Walham Green Ltd 11.15 am Leicester
Weatherglaze plc 12.00 pm London
10/02/98
Air Component Company Ltd - The 02.30 pm Birmingham
Air Components Ltd 11.00 am Birmingham
Arnold Grayson of London Ltd 11.00 am South Ruislip
Artmodex Ltd 11.00 am London
Bartube Ltd 11.30 am London
Beacon Management Services Ltd 11.00 am Bristol
Cafe Los Amigos Ltd 03.30 pm London
Carle & Montanari UK Ltd 11.30 am Brighton
Castle Investments Ltd 11.30 am Chester
Cederwood Projects Ltd 11.00 am London
Clark & Clark Management Services Ltd 11.00 am Manchester
Clark & Clark Marketing Ltd 11.00 am Manchester
Conjem Ltd 10.30 am Perth
Corby Canvas Ltd 03.30 pm Lutterworth
E.A.S. Engineering Ltd 11.30 am Nottingham
Echotrend Ltd 11.30 am Hayling Island
Floorstyle Interiors Ltd 11.00 am Birmingham
Flywork Ltd 11.45 am London
GIM Manufacturing Ltd 11.00 am London
Global Phone Ltd 11.00 am London
Kade Construction Ltd 11.00 am Gerrards Cross
Macaw Marketing Ltd 10.30 am Leeds
Masterglass South East Ltd 12.00 pm Southend-on-Sea
Premiere Trading Company Ltd - The 12.00 pm London
Prestige Plastering & Dry Lining Ltd 11.30 am Southampton
Profit Achievers Ltd 02.30 pm London
Saint Davids Cleaning Services Ltd 10.00 am Swansea
Spice Merchants Ltd 12.30 pm London
TF Group Plc 03.30 pm London
TWS Technical Window Systems Ltd 02.30 pm Dudley
Wilkin Construction Ltd 12.00 pm Walsall
11/02/98
21st Century Recruitment Ltd 12.30 pm London
A Brown Meats Ltd 12.00 pm Worcester
AC Drives and Controls Ltd 11.00 am Hove
Academy Superstore 10.30 am Birmingham
Accident Link (UK) Ltd 11.30 am Blackpool
Argyle Design & Print Consultants Ltd 03.00 pm Glasgow
Bristol Lighting and Dynamo Co Ltd 10. 30 am Bristol
Cantina Restaurant Ltd - The 12.00 pm Bristol
Consultants Direct Ltd 11.00 am London
Crown Associates (UK) Ltd 10.30 am Blackpool
DMC Engineering Services Ltd 11.30 am Manchester
Eurotimber (Scotland) Ltd 11.00 am Edinburgh
Expresso Logic Ltd 11.00 am Ayr
Flatlodge Ltd 02.00 pm London
Harinville Construction Services Ltd 11.00 am London
I J S Contracts Ltd 10.30 am West Byfleet
Lanstar (UK) Ltd 02.00 pm Luton
Leicester Garment Finishers Ltd 03.30 pm Lutterworth
M S Plant Sales Ltd 11.30 am Blackpool
Nat Lifts Plc 11.00 am London
Northumbrian Precision Engineering Ltd 11.00 am Newcastle-u-Tyne
Now Designs Ltd 12.00 pm Hereford
Omage Exposure Ltd 03.30 pm Blackburn
Phone City (UK) Ltd 10.15 am Bristol
Pro-Fit Ltd 12.00 pm Glasgow
RSV Contracts Ltd 11.00 am Birmingham
Spinks Food Court Ltd 11.30 am Liverpool
Top Temps (Stafford) Ltd 10.30 am Lichfield
VJD Kitchens 7 Bedrooms Ltd 10.30 am London
Wildfire Services Ltd 11.00 am Bristol
12/02/98
A B Electrical Contractors (IOW) Ltd 12.00 pm Southampton
A Holding & Company (Builders) Ltd 11.00 am Liverpool
A R Cain Roofing and Construction Ltd 10.30 am Manchester
Anglia Wheelchairs Ltd 01.30 pm Cambridge
B & M Roofing Services Ltd 12.00 pm Bedford
Baylane Ltd 11.00 am Bromsgrove
C M Interiors Ltd 10.30 am Watford
C P & J Colegate Ltd 10.30 am Salisbury
Cardiff Electrical Repairs Ltd 12.00 pm Cardiff
Casa Bar Ltd 11.00 am London
Caterlodge Ltd 11.00 am Exeter
Cedarmount Properties Ltd 02.30 pm London
Centrics Ltd 11.30 am Chippenham
Chester and District Funeral Serv Ltd 11.30 am Liverpool
Clovers Leisurewear Ltd 10.30 am Leicester
Comco Engineers Ltd 10.15 am London
Crossleigh Ltd 10.30 am Southend-on-Sea
Docklands Car Auctions Ltd 10.00 am London
Etoncroft Ltd 10.00 am London
Franka Junior Ltd 12.00 pm London
Leisure Force Holdings Ltd 11.00 am London
Osborne & Nash Ltd 11.30 am Liverpool
Peacock & Archer Ltd 11.30 am Newcastle
Premier Trophies Promotions and In Ltd 10.00 am London
Priory Engineering and Machine Co Ltd 12.00 pm Birmingham
Routes to Work (Derby) Ltd 10.30 am Derby
Select Cards Ltd 02.00 pm Chorley
Solution 4U Business Systems Ltd 12.00 pm London
Solution 4U Ltd 12.00 pm London
Spatech Systems Ltd 11.00 am Birmingham
T S Seals Ltd 11.30 am Hereford
T.A.T Ltd 12.00 pm Manchester
Whispering Water Valley Ltd 12.00 pm Edgware
Whispering Water Valley Ltd 12.00 pm Edgware
Wilson Partitions Ltd 12.00 pm Cheltenham
13/02/98
Atlas Engineering (South Yorks) Ltd 10.30 am Sheffield
Atrium Antiques and Interiors Ltd 10.30 am Watford
Belmont Security Consultants Ltd 11.00 am London
Central Manag. Corp for Consult. Ltd 10.30 am Sheffield
Ideal Media Company Ltd 03.00 pm London
Micro-Precision Gundrill Boring H Ltd 03.30 pm Bristol
OHM Ltd 11.15 am London
Suptoco Productions Ltd 11.30 am London
Washington Associates Ltd 03.00 pm Northwood
16/02/98
Fanshawe Somerset Ltd 12.00 pm London
Flamgard (Dampers) Ltd 11.30 am Cardiff
Hoistmuir Ltd 11.00 am Walsall
Priorywood (C) Ltd 03.15 pm London
Priorywood (CDA) Ltd 03.15 pm London
Priorywood (CF) Ltd 03.15 pm London
Priorywood (MD) Ltd 03.15 pm London
Puma Racing (Distribution) Ltd 12.30 pm Birmingham
Puma Racing (Models) Ltd 12.30 pm Birmingham
R.L. Nicholls (Plumbing & Heating) Ltd 11.00 am Reading
STF International Ltd 10.30 am Croydon
Steponce Trading Ltd 11.30 am Truro
17/02/98
Beech Contracting (South East) Ltd 12.00 pm London
Carpet Complex Ltd 02.30 pm London
Concept Conservatories Ltd 11.00 am London
D.A. Holmes Livestock Ltd 11.30 am London
Fiona Fashions Ltd 11.00 am London
Hyco Engineering Ltd 11.00 am Sutton Coldfield
Jackdaw Media Educational Trust 11.30 am Liverpool
London School of Decorative P'Work Ltd 02.30 pm London
Modeclass Ltd 12.00 pm London
Parallel (Marylebone) Ltd 11.00 am London
Pro-Trak International Ltd 10.30 am Southampton
Robin Hood Garage (1984) Ltd 11.30 am Sidcup
Thornvale Ltd 10.00 am London
Universal Security Ltd 11.30 am Southampton
TW LW TW LW
USA 1.6593 1.6630 Canada 2.4032 2.4107
Austria 21.0251 20.9172 Portugal 305.449 304.084
France 10.0098 9.9530 Belgium 61.6180 61.3300
Finland 9.0450 8.9900 Italy 2950.58 2934.53
Germany 2.9887 2.9727 Sweden 13.3320 13.1709
Holland 3.3674 3.3494 Switzerland 2.4083 2.4116
Spain 253.130 252.200 Ireland 1.1857 1.1813
Australia 2.4456 2.4758 Denmark 11.3874 11.3398
Hong Kong 12.8350 12.8791 ECU 1.5140 1.5083
Africa Com 8.1571 8.1753 Saudi Arabia 6.2232 6.2371
India 64.2800 64.1340 Malaysia 6.9359 7.6010
Singapore 2.7975 2.9530 Norway 12.4143 12.3107
Japan 205.620 209.850
TW This week LW Last week.
Facing competition from Texas Utilities and Japan's Nomura International, America's Pacificorp raised an offer it made for the firm last August by 11%, to 4.1 billion pounds ($6.7 billion), and agreed to assume 2.5 billion pounds of the Energy Group's debt. Energy Group agreed to the bid, but rival suitors may not be deterred.
Source The Economist
Great Universal Stores, a newly-ambitious British catalogue firm intent on selling by direct mail-order, launched a 1.6 billion pounds ($2.6 billion) hostile bid for ARGOS, which currently sells catalogue products from more than 400 of its own high-street stores in Britain. Argos firmly rejected the offer. Its share price, which had been declining, shot up by 43%.
Source The Economist
Magnox Electric is now a fully owned subsidiary of British Nuclear Fuels Ltd following the transfer of the Government's shareholding on 30 January, Science, Energy and Industry Minister John Battle said:
"I am pleased to report that the Government's shareholding in Magnox Electric was transferred to BNFL on 30 January 1998. Magnox is now a wholly owned subsidiary of BNFL. Full integration of the combined businesses of the companies is expected to be completed early in 1999, subject to the companies meeting the requirements of the relevant regulators."
Just as American Home Products was preparing to tie the knot with Smithkline Beecham, a British drug company, Glaxo Wellcome, another British drug firm, beat it to the altar. If the new deal proceeds, it will be the world's biggest-ever merger, creating a giant worth well over 100 billion pounds ($165 billion). With combined sales of $18.6 billion, the new Glaxo-SmithKline will become the world's biggest pharmaceutical firm.
Source The Economist
BSkyB has announced pre-tax profits of 128.6 million, on turnover of 691.8 million, for the six months ending 31st December 1997. Earnings per share stand at 6.8p.
Bryant Group, the housebuilders, has announced pre-tax profits of 21.3 million pounds, on turnover of 260.2 million, for the six months ending 30th November 1997. Earnings per share stand at 5.2p.
Energy Group has announced pre-tax profits of 259 million pounds, after exceptional charge, on turnover of 3,390 million, for the nine months ending 31st December 1997. Earnings per share stand at 15.7p.
ICI has announced pre-tax profits of 518 million pounds, after exceptional credit, on turnover of 11,062 million, for the year ending 31st December 1997. Earnings per share stand at 35.6p.
Photo-me International has announced pre-tax profits of 11.2 million pounds, on turnover of 94.9 million, for the six months ending 31st October 1997. Earnings per share stand at 9.57.
MERGER CLEARANCE
The Secretary of State for Trade and Industry has decided, on the information at present before her, and in accordance with the recommendation of the Director General of Fair Trading, not to refer the following merger to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Acquisition by Synbra UK Ltd of certain assets of Cookson Group Plc, namely Cookson Plantpak Ltd and Cookson Polymers Ltd.
Proposed merger of the phenolic businesses of Sasol Chemical Industries Limited and Merichem Company.
Acqusition by the Royal Bank of Scotland plc of GRS Holding Company Ltd, parent company of Angel Train Contracts Ltd.
Proposed acquisition by Hutchinson Ports (Europe) Ltd of MTS (Holdings) Ltd.
Source The Ecomomist
10 February 7.00 for 7.30pm North East Branch meeting of the ICM Money Advice to Small Businesses Presentation by The Citizens Advice Bureau Marina Posthouse Hotel, Hull 11 February 6.30 for 7.OOpm West Midlands Branch meeting of the ICM Creative Accounting - the balance sheet which lies Presentation by Cork Gully The Club Suite, Birmingham Chamber of Industry & Commerce, Harbone Road, Edgbaston, Birmingham + Wine & Buffet 12 February 6.15 for 6.3Opm West of Scotland Branch meeting of the ICM The Knock Presentation about the workings of HM Customs & Excise George House, 50 George Square, Glasgow + Buffet 16 February Bristol & West of England Branch meeting of the ICM 6.30 for 700pm Reading and Assessment of Company Accounts Nigel Smith of Dun & Bradstreet Stakis Hotel, Rossiter Road, Bath + Buffet 16 February 6.45 for 730pm Wessex Branch meeting of the ICM Credit Management in the Net Everything you ever wanted to know about the Internet Presentation by John Arnold. The Vine Inn, Romsey Road, Ower (Junc 2, M27) + Buffet 18 February 6.45 for 7.15pm Thames Valley branch meeting of the ICM International Credit Jan Hillenaar, European Credit Manager, 3 Com Europe Ltd John Crane (UK) Ltd, Buckingham Avenue, Slough + Buffet 18 February 6.00pm Merseyside & North Wales meeting of the ICM Branch A.G.M followed by presentation - Insolvency on Trial The Kilmore Room, Atlantic Tower Hotel. Chapel St. Liverpool + Buffet 24 February 6.30 for 700pm Swindon Branch meeting of the ICM Topic to be advised Goddards Hotel, Old Town, Swindon 26 February 6.00 for 6.30pm London Branch A.G.M followed by a Discussion on the Year 2000 - its impact on IT systems and general working environment, as well as the effect on trade credit generally. Trade Indemnity, 1 Canada Square, London E14 5DX + Buffet 3 March 7.00 for 7.30pm North East Branch meeting of the ICM How to Recover Debts Successfully Case studies on what to do and what not to do, by Robert Brown of R C Moorhouse & Co, Solicitors The Golden Lion Hotel, Lower Briggate, Leeds 4 March 6.30 for 7.OOpm West Midlands Branch meeting of the ICM The Fight Against Insolvency Presentation by Roger Lewis and Terry Lipscombe, Putsmans Solicitors The Club Suite, Birmingham Chamber of Industry & Commerce, Harbone Road, Edgbaston, Birmingham + Wine & Buffet 9 March Stoke-on-Trent Branch meeting of the ICM 6.30 for 700pm A G M & Quiz Evening Quiz presented by David Bull MICM (Grad), Branch Education Officer Chamber of Commerce, Festival Park, Etruria, Stoke-on-Trent + Wine & Buffet 10th - 12th March Credit 1998 Novotel Hotel, Hammersmith, London Free seminars - Exhibition Hall 19th May The ICM 1998 National Conference and Exhibition World Trade - The Credit Perspective The Cumberland Hotel, Marble Arch, London W1 Attendees and Exhibitors please call the Training Department at the ICM. Tel 01780-721888
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