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 14
Dated: 8 April 2001
Welcome to the Business Credit News UK.
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UKCBI PRAISES BANK FOR ACTING ON INTEREST RATES
The Confederation of British Industry last Thursday praised the Bank of England for acting to soften the business impact of a slowdown in the US economy.
Director-General Digby Jones, who this morning returned from a fact-finding mission in Washington, said: "We do not expect the UK to go into recession, but it is clear there are stormy waters ahead.
"Both manufacturing and service sectors are seeing the effects of the problems in America. Although the UK's economic fundamentals are strong, down the line business pessimism could feed through to consumers.
"With earnings still subdued, despite a fall in unemployment, this was a good time to take pre-emptive action."
The CBI delegation to Washington comprised Sir Iain Vallance, Sir Martin Sorrell, Lord Blyth and Digby Jones.
During the four-day visit the group met senior officials from the American administration and Chairman of the Federal Reserve Alan Greenspan.
CHAMBERS WELCOME RESPONSIBLE DECISION ON RATES
Reacting to Thursday’s decision by the Bank of England’s Monetary Policy Committee to cut interest rates to 5.5 per cent, Ian Fletcher, Chief Economist at the British Chambers of Commerce said:
"This is a responsible step that will help shore up business confidence in the face of deteriorating global economic conditions and the foot and mouth outbreak at home.
“Against the backdrop of a prudent Budget, and almost two years of below target inflation, the Bank had ample scope to reduce interest rates. The Monetary Policy Committee must remain on high alert to act with further cuts in the months ahead.”
IPO MARKET COMES TO A STANDSTILL
KPMG CORPORATE FINANCE ASSESSES THE DOWNTURN
UK IPO activity in the first quarter of the year has fallen away almost entirely. Only two companies have joined the Official List in the last three months and one of these, Orange, was an international company which represented virtually all of the £3.99bn raised.
Neil Austin, Head of New Issues at KPMG Corporate Finance, comments: "The IPO market is dead. This is the lowest level of activity we have seen for over a decade and there is no evidence of a pick up."
The two trading companies to float in the quarter were Orange SA which was dual listed in London and Paris on 16 February and raised £3.99bn (euro 6.255bn) and Caffe Nero plc which started trading on 23 March and raised £9m. In addition, 12 investment trusts and VCTs were launched seeking to raise £309m.
This shows a dramatic down-turn after quarter four - the busiest in 2000 - which saw 31 trading companies (plus15 investment trusts and VCTs) join the Official List, although activity did tail off by December indicating that the market was slowing.
Austin remarks: "The significant fall in all stock markets shows continuing uncertainty has led to a paralysis in the flow of equity issues. No-one is yet able to call the bottom of the slump and restore the degree of comfort needed to encourage institutions to get their cheque books out."
Across Europe the picture is similar with the number of IPOs at very low levels in key markets such as Germany, France (which, like the UK, is dominated by the Orange float), Italy, Denmark, Switzerland and Sweden whilst the rest of Europe recorded zero activity. This quarter a total of some e9bn was raised throughout Europe which is only a third of the money raised for the same period last year.
Deals in the pipeline look thin with the exception of the Michael Page listing which is due to go unconditional next week raising a total of £536m.
Austin concludes: "It is difficult to predict how the year will progress. Looking at data for the last five years IPO levels have not borne any particular correlation with the direction of the market. Whilst it is fair to say that the market never remains closed for long, the killer is uncertainty and we are unlikely to see any resurgence in activity while confidence is low."
RETAIL SALES GROWTH REMAINS ROBUST BUT EXPECTED TO SLOW IN APRIL - CBI
Annual retail sales grew in March at a similar rate to February. But sales growth in March was below expectations and is forecast to slow in April, according to a survey published last Wednesday by the Confederation of British Industry.
The CBI's latest monthly Distributive Trades Survey, carried out between 1 and 21 March, shows 49 per cent of retailers reporting a rise in sales volumes compared to a year ago while 19 per cent reported a fall. This gives a balance of 30 per cent, which compares with 32 per cent in February and 36 per cent in January.
The three-month moving average, which smooths out month-to-month fluctuations, rose to its highest level since May 2000 and is above the long-term average balance for sales in the survey.
Sales in March were moderately above average for the time of year, though less so than the previous two surveys. Business is expected to be slightly above average over the coming months.
Stores reporting the sharpest increase in annual sales volumes were grocers and those selling footwear and leather, durable household goods, furniture and carpets. Booksellers and stationers and stores selling clothing and hardware goods reported less steep increases in sales. Chemists reported a moderate fall while off-licences and specialist food stores reported significant falls in annual sales volumes.
Alastair Eperon, Chairman of the Distributive Trades Panel, said: "Sales volume growth remains robust, but the optimism of last month has been disappointed. With sales now expected to grow more slowly in April, retailers will be monitoring the effect of the US slowdown on the European and UK economies."
Wholesalers said sales volumes grew significantly in the year to March and by much more than reported or expected in February's survey. Fifty-eight per cent of firms reported a rise in sales volumes compared with a year earlier while 15 per cent reported a fall. This gives a balance of 43 per cent, which compares with 24 per cent in February and 28 per cent in January.
The three-monthly average rose to its highest level since April 1998. Sales volumes in April are expected to moderate but still grow at a robust rate. Orders placed on suppliers increased strongly in March, at the quickest rate since September 2000.
Motor traders reported a big increase in annual sales volumes in March, to the greatest extent since August 1988. But sales growth is expected to fall in April. Orders placed with suppliers rose at the fastest rate since August 1983, and this trend is also expected to moderate in April.
The Distributive Trades Survey (DTS) covers over 20,000 outlets of firms responsible for 40 per cent of employment in retailing. It includes measures of sales volumes on a monthly basis and compares them with a year earlier to indicate trends in activity across the distributive trades. It was first introduced in 1983 and the retail results form the UK component of the EC survey of retail trades.
A new initiative to help businesses affected by foot and mouth disease was announced on the 6 April 2001 by Trade and Industry Secretary Stephen Byers.
Tourist and retail businesses suffering cash-flow problems due to the effects of the disease will now be able to apply for loans of up to £250,000 from the Small Firms Loan Guarantee Scheme (SFLGS).
There will also be greater flexibility on the repayment of existing loans. Many rural businesses including holiday accommodation, e.g. B&Bs, holiday cottages, campsites and caravan parks and manufacturers are already eligible for loans under this scheme but they will now be able to benefit from greater flexibility for their repayment.
These changes mean that the SFLGS will now be able to underwrite an extra £120 million in additional loans.
Changes to the loan scheme include:
Stephen Byers said:
"This is a further way the Government can provide significant targeted support to those businesses directly affected by foot and mouth disease, building on the measures already announced like extended rate relief and flexibility on tax payments.
"There are no quick fixes, but we must and we will do all we can to alleviate some of the problems that businesses across the country are facing now.
"It is important that businesses receive this help as quickly as possible and I am pleased to say that the banks have agreed to treat with urgency all applications for loans from businesses affected by foot and mouth disease.
"Making it easier for firms to get financial support will make a significant contribution towards helping those businesses most badly affected at this difficult time."
If the owners of a business took out a £15,000 loan under this scheme at an interest rate of 8.75% for example, during the capital repayment holiday they would pay back just under £30 a week including the premium.
The Small Firms Loan Guarantee Scheme is administered by the Small Business Service and was introduced to fill a recognised gap in the market for small firms access to finance. It assists viable small firms that are unable to raise conventional finance because of lack of security. The Scheme provides a guarantee which encourages banks and other financial institutions to lend where they would normally be unable to do so. Loans are given for fixed terms, with a minimum of two years.
New loans taken out under the scheme will still be eligible for the 10 year maximum repayment time and two year capital repayment break.
The Scheme currently provides an 85 per cent guarantee on qualifying loans up to a maximum of £250,000 for established businesses that have been trading for two years or more at the time of application. For other businesses the guarantee is 70 per cent on qualifying loans up to a maximum of £100,000.
These temporary changes will be in place until the end of December 2001 and then subject to review. The changes only apply to existing businesses adversely affected by foot and mouth disease and the Small Business Service will monitor the implementation of this extension.
There are 19 lenders participating in the Scheme including all the main banks and a number of other financial institutions. All applications for new loans or changes to existing loans are made direct to lenders who are responsible for all commercial decisions.
Further information on the SFLGS can be found at http://www.businessadviceonline.org/SFLGS
CREDIT 2001 SCORES A WINNER
According to figures just released by Credit 2001, 1695 top decision-makers from 12 countries, including finance and credit professionals from 440 of the biggest companies in the UK attended Credit 2001 in March at Olympia.
Over 26% of the visitors were from companies employing in excess of 500 people, 18% were from companies with a turnover exceeding £500 million on and over a quarter represented companies with a turnover of £100million. Almost one in five had over 26 staff in their credit departments and many visitors were Board Directors.
With the Show succeeding in attracting real decision-makers - many of whom attend no other exhibition - Credit 2001 confirmed its position as the UK's biggest and best show for reaching the commercial and consumer credit industry.
No only did the Show attract the highest calibre of people, but also it caught them in the mood to buy. Almost two thirds of visitors had major purchasing power and were looking for new products and services. This ability and desire to purchase translated into real business for many of the 70 exhibitors.
There were a number of new initiatives at this year's event including a Venture Village, a specific area exclusively for small businesses to meet leading credit services buyers under one roof. These features in combination with free credit briefings with industry professionals, plus a top-level two-day summit, and the Show forming part of National Credit Week all made the event bigger than ever.
Buoyed by this success, organisers, Advanstar, are planning to build on the Show for next year. A series of announcements will be made nearer the time. The combined exhibition and conference, Credit 2002, will be held at Brompton , Earls Court in March. For further information about Credit 2002 please contact Fran McIntyre on Tel: 0208 987 0900.
ECGD CEMENTS SUPPORT FOR ROLLS-ROYCE INVESTMENT IN BANGLADESH
Trade Minister, Richard Caborn, has announced Government backing for Rolls-Royce Power Ventures' investment in a Bangladeshi power plant.
Power generated by the plant will help create jobs in the local community, based near Dhaka. ECGD backing will help supply a local cement factory with a reliable source of electricity and also help redress Bangladesh's power shortfall.
Mr Caborn said:
"Power is a crucial part of the development of Bangladesh's economy and UK investments such as this have a very important role to play in assisting this. Production of cement will mean a reduced import bill for the country and add impetus to the growth of the economy. This is exactly the sort of scheme ECGD's Overseas Investment insurance is designed to help."
Rolls-Royce Power Ventures' US$ 9.33 million investment was backed by ECGD's Overseas Investment Insurance scheme, which protects the return on investments made by UK companies against political risks.
The 10.9 megawatt gas-fired power plant is owned by Meghna Energy Limited, a subsidiary of Rolls-Royce Power Ventures. New employment opportunities at the plant will be in addition to the 600 jobs already created at the Kafco Fertiliser Complex in nearby Chittagong which is also being insured by ECGD.
ECGD, the Export Credits Guarantee Department, Britain's official export credit agency, is a separate Government Department responsible to the Secretary of State for Trade and Industry. Its main functions are to underwrite bank loans to enable overseas buyers to purchase capital and project related goods/services from the UK, and to insure the return on investments made by UK companies in overseas enterprises.
Rolls-Royce Power Ventures are now looking at a number of further investment opportunities across Bangladesh. Rolls-Royce Power Ventures, a subsidiary of Rolls-Royce plc, provides innovative energy solutions to organisations world wide. The company works in partnership with a variety of clients - industrial, utility, government - to develop, finance, build and manage the best solutions for a wide range of power needs.
ECGD's Overseas Investment Insurance scheme provides insurance for UK investors against the main political risks of expropriation, war, restrictions on remittances and breach of government undertakings.
NEW CIVIL PROCEDURE RULES ARE WORKING WELL
"The new Civil Procedure Rules are working well," LCD Minister David Lock MP said last week.
The Government has published its first evaluation of the Civil Procedure Rules introduced two years ago. The report, Emerging Findings: an early evaluation of the Civil Justice Reforms, is available on the LCD website (http://www.open.gov.uk/lcd - see What's New?)
New rules and practice directions were implemented in April 1999 as part of the Lord Chancellor's civil justice reform package. The aim was to improve access to justice by making the civil justice system less confusing, cheaper and quicker.
The new rules set out in detail how the High Court and County Courts operate. Changes included:
David Lock said: "I am very pleased to announce that the report indicates these objectives have been broadly realised.
"Overall there has been a drop in the number of claims issued in the types of claim where the new Civil Procedure Rules have been introduced. And, although offers to settle can be made at any time during proceedings, it would appear they are being used more often in the early stages of a claim so that trials are avoided.
"There is also evidence that settlements at the door of the court are now fewer and settlements before the hearing day have increased.
"Furthermore, there has been a rise in the number of cases in which Alternative Dispute Resolution is used which suggests that, since the introduction of the Civil Procedure Rules, parties are now more likely to try alternative means of settling claims. This is indeed good news for litigants, lawyers and the courts alike."
Case management conferences are proving successful and are a proving to be a key factor in making litigation less complex.
The time between issue of claim and hearing for those cases that go to trial has decreased and the number of appeals in the course of proceedings has fallen sharply.
However, the time between issue and hearing for small claims has risen since the introduction of the Civil Procedure Rules. This may be because of the increase in the value of cases now treated as small claims. Professor John Baldwin of the University of Birmingham is conducting some research into the experiences of litigants in small claims cases at the upper end of the value band which may shed further light on this. His report is due later this year.
Other areas also appear to have benefited from the introduction of the rules.
The introduction of pre-action protocols is working well to promote settlement before issue and are reducing the number of ill-founded claims.
The use of single joint experts seems to have contributed to a less adversarial culture, earlier settlement and may even be cutting costs.
In some areas it is still too early for definitive views to be reached.
The picture regarding costs is still unclear as statistics are difficult to obtain and there is conflicting anecdotal evidence.
Similarly the views of litigants in person are difficult to obtain, as they tend to use the system only once. Anecdotally it appears that courts are providing the assistance required, however, research is being undertaken to assess their views.
COMPANIES WITH SEPTEMBER OR DECEMBER YEAR ENDS AND OUTSTANDING RETURNS
A deadline is fast approaching. If a company fails to file its Company Tax Return, the Inland Revenue has the power to issue a determination of the tax liability, calculated to the best of its information and belief. It can be expected to do so - this is a key enforcement lever. The tax charged, whatever the amount, becomes collectible immediately. The only way a company can restrain enforcement action is by filing its return.
Although such a determination may be made at any time after the filing date, normally the Revenue considers cases for determination 18 months after the end of what it believes to be the company's accounting period. Its computer system will generate lists of cases where no return has been filed at this point. This coincides with the date at which tax-related penalties for late filing are incurred.
Companies may have decided not to file returns before the filing date because, for example, they were - and are still - unable to sign off on the transfer pricing or CFC aspects of their returns.
A determination made under these rules will be similar in appearance and scope to an estimated assessment made under the pre-self-assessment rules. However, there is no right of appeal. Once made, it can only be displaced by submission of the outstanding return. Until the return is filed the determination stands in place of the self-assessment for all collection and enforcement purposes.
Companies with 30 September period ends will normally be reviewed by their Inspector for potential determination at the end of this month. Clients with 31 December period ends can expect to be subject to review in just over three months' time, if not before.
Companies may come under significant pressure to file outstanding returns quickly, or face enforcement action from the Collector. Steps taken now to complete delayed returns could avoid the Revenue precipitating a timetable for filing at a later date that might be difficult to meet.
R3, the body representing professionals who deal with individuals and businesses in financial crisis, last week called for a statutory framework for regulation of unlicensed debt advisors and for consumer credit licenses issued by the Office of Fair Trading (OFT) to be scrapped.
"Cowboy debt advice is a massively growing problem" claimed R3 president, Stephen Gale, of solicitors Herbert Smith.
"A number of unscrupulous companies and individuals appear to be taking non-refundable four figure fees from people merely in order to place them in debt-repayment arrangements that they cannot afford. All they care for is their fee and, in some cases, it appears they may incite their victims to commit fraud in order to get it. Often, all they achieve is to get their clients deeper into debt.
"These organisations are required to hold a consumer credit license from the OFT, a scrap of paper that is often their only claim to professionalism and probity. In reality, it is worthless. OFT licenses have been held in disrepute for some time now and should be scrapped in favour of proper regulation with statutory backing.
"In recent days and weeks a number of these operations have, rightly, been exposed by the media. However, there is a real danger that this attention could cast a shadow over a rescue procedure, the Individual Voluntary Arrangement, which has proved a lifeline for thousands of self-employed people and small businessmen in recent years.
"IVAs provide a no-stigma solution to personal insolvency that enables a debtor to stay in business and which gets better returns for creditors too. Sadly, unlicensed debt advisors are recommending this solution to people with few or no assets and without making any attempt to explain the alternatives. They do not tell debtors of the uncertainty involved in pursuing an IVA or that, in many cases, the immediate lifting of the burden of debt that comes with bankruptcy may be a far more appropriate choice",
The arrangements suggested by cowboy debt advisors can last as long as five years and the monthly repayments are often set unrealistically high, (in order to encourage creditors to vote for the arrangement) causing the arrangement to fail and leading to bankruptcy.
IVAs have to be presented to the court by a licensed insolvency practitioner and 75% of creditors (by value) must vote in favour of the arrangement for it to be valid. It is not a guaranteed solution.
R3 advises individuals concerned about their personal financial situation to consult their professional advisor or a licensed insolvency practitioner and to communicate as fully as possible with their creditors: most banks, building societies and credit card companies now have a positive attitude to dealing with debt.
Licensed insolvency practitioners should not take commissions for introductions to cases. They are also bound to provide best advice. A register of licensed insolvency practitioners can be found at www.r3.org.uk
Licensed insolvency practitioners will advise debtors about the range of options that are open to them and will ensure proposals made to the court are realistic and achievable. If an IVA is the solution, once it is agreed the licensed IP acting supervises the arrangement and ensures payments are made to creditors.
R3 is concerned that a few insolvency practitioners may be working with unscrupulous debt advisors and has set up an email hotline for public complaints, which will be passed directly to the individual's regulatory body. The address is badadvice@r3.org.uk
For further information, please contact:
Andrew Smith tel. 020 7251 1500 andrew.smith@smithgrundon.co.uk
Bella Pagan tel. 020 7251 1500 bella.pagan@smithgrundon.co.uk
Octavia Goredema tel. 020 7251 1500 octavia.goredema@smithgrundon.co.uk
R3 (The Association of Business Recovery Professionals) is the leading professional business recovery body. Besides fulfilling the role of a professional institute for the insolvency and business rescue profession, it aims to become the centre of professional excellence for those working with underperforming businesses from rescue right through to insolvency.
It has evolved from what was SPI (the Society of Practitioners of Insolvency) and has widened the audience from which it can accept members (previously restricted to licensed insolvency practitioners alone) to include professionals who can demonstrate a high degree of experience and competence in the rescue, recovery and renewal of businesses. The new organisation continues to fulfil the role of a professional insolvency institute. Exceptions to this are licensing, regulation and discipline which are carried out by those bodies recognised by the Secretary of State as able to grant insolvency licences - the Recognised Professional Bodies (RPBs). The other exception is examination, which is undertaken by the Joint Insolvency Examination Board (JIEB).
***ADVERTISED WINDING UP PETITIONS***
Details of Petitions advertised for the period 19 to 30 March 2001 are now available at http://www.creditman.co.uk/insolven/cwup3003.html
*** 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 09/04/2001 to 17/04/2001 Number of Creditor meetings : 214 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 09/04/2001 G S Plant Hire Ltd 11.00 am Glasgow 10/04/2001 A & W Builders Ltd 03.00 pm Paisley Easy Access (Scaffold) Ltd 10.00 am Glasgow 11/04/2001 Nationwide Carpets Ltd 12.00 pm Glasgow 17/04/2001 Flower Co (UK) Ltd - The 10.30 am Edinburgh Heritage Classic Furnishings Ltd 03.00 pm Glasgow 23 Administrator Calling a meeting of Creditors 09/04/2001 Blue Chip Advertising Ltd 10.30 am London Save Group Plc 10.30 am London Save Petroleum Ltd 10.30 am London Save Service Stations Ltd 10.30 am London Winchendon Estates Ltd 10.30 am London Winchendon Property Investments Ltd 10.30 am London 10/04/2001 Art Glass Ltd 10.00 am Bradford Blue Thane Ltd 11.00 am Manchester Century Car Rental Ltd 02.00 pm London City Data Electronic Publishing Ltd 10.30 am London East Lancashire Paper Mill (Hold) Ltd 11.00 am Manchester East Lancashire Paper Mill Co Ltd - Th 11.00 am Manchester Glentarget Ltd 11.00 am Manchester 11/04/2001 Aerpac UK Ltd 11.00 am Glasgow 12/04/2001 NECP (Computers) Ltd 02.30 pm Manchester Scotia Holdings Plc 10.30 am London Scotia Pharmaceuticals Ltd 10.30 am London Scotia Quantanova Plc 10.30 am London UK Metal Processors Ltd 11.45 am Manchester UK Tyre Processors Ltd 10.15 am Manchester 17/04/2001 CCS Ltd 11.30 am Solihull Nisar Ltd 10.00 am Solihull 48 Receiver calling unsecured Creditors Meeting 10/04/2001 Egerton Care Ltd 10.00 am Sheffield 11/04/2001 H Adamson Flooring Co Ltd 11.00 am Sunderland 12/04/2001 Carkeek (Properties) Ltd 11.00 am Plymouth Carkeek Developments Ltd 11.00 am Plymouth Carkeek Holdings Ltd 11.00 am Plymouth Carkeek Ltd 11.00 am Plymouth Harris & Sons (Plymouth) Ltd 11.00 am Plymouth Isaac & Uren (Engineers) Ltd 11.00 am Plymouth Television Education Network Ltd 11.30 am London 17/04/2001 Delprint Display Ltd 02.30 pm Manchester 67 Scotland - Receiver calling Meeting of unsecured Creditors 17/04/2001 Shaw & McInnes Ltd 11.00 am Glasgow 84 N. Ireland - Creditors Voluntary Liquidation 10/04/2001 R H Franchises Ltd 02.30 pm Belfast 98 Creditors Voluntary Liquidations 09/04/2001 A & P Carpentry & Joinery Ltd 11.00 am Glasgow Admiral Corporation UK Ltd 11.00 am Southampton Arrowe Ltd 11.00 am Liverpool Bare Boards Productions Ltd 12.00 pm Manchester Chapel Place Ltd 11.00 am Barnet Colour Pride Print & Design Ltd 10.30 am Bromsgrove Darwin & Bean Ltd 11.00 am Sheffield Dynamic Circuits Ltd 02.00 pm Shildon Executive Computers (UK) Ltd 03.30 pm Lutterworth G Wiseman Ltd 12.00 pm London GBR Business Services Ltd 11.00 am Grimsby Garyvale Ltd 11.30 am London Global Canvas Ltd 11.00 am London Greatstart Ltd 10.00 am Birmingham Gulliver Safety Glass Ltd 11.00 am Sunderland Interactive Health Ltd 10.30 am Gerrards Cross Keytrades IT Ltd 11.00 am London Lal Qila Restaurant Ltd 11.30 am Liverpool Leadingside Ltd 03.30 pm Slough Lepharma Ltd 11.00 am London Leverrent Ltd 11.15 am Southend-on-Sea Net Position Ltd 12.05 pm Southend-on-Sea RR & Building Contractors Ltd 03.00 pm Chelmsford Rabbit Digital Ltd 11.00 am London Ridgemill Seafoods Ltd 10.00 am Perth Studio Fish Ltd 11.00 am Harpenden Virtual Holdings Ltd 12.20 pm Southend-on-Sea Waldham Ltd 02.30 pm Southend-on-Sea Wings Restaurant (Barnet) Ltd 11.00 am London 10/04/2001 A & M Construction Group Ltd 03.00 pm Hounslow Aceline Design Ltd 03.30 pm Washington All Signs & Labels Ltd 02.00 pm London Alpha Marketing Services (UK) Ltd 11.00 am Newbury Bettina of London Ltd 12.00 pm London Chester House Midlands Ltd 10.30 am Derby Coating & Finishing Services Ltd 02.00 pm Halesowen Democlear Knitwear Ltd 11.30 am Nottingham Drewton Beck Ltd 11.00 am Harpenden Foxwood Installations Ltd 10.30 am Nottingham Guidehaven Ltd 11.30 am Harrow Haydon Daytune Ltd 10.30 am Cambridge Hertford Industries Ltd 02.00 pm London Impress Printing Services Ltd 11.00 am Newcastle-u-Tyn Industrial Supplies (1991) Ltd 11.30 am Barnsley Jabik Group Ltd 11.30 am Worthing KWA Graphics & Design Ltd 10.10 am Sidcup L L Partnership Ltd 11.45 am London Listapart Ltd 11.30 am Blackburn Mildale Ltd 11.00 am Aston Omega Fasteners Ltd 11.30 am Sileby Onstream International Ltd 11.00 am London P H Marketing Ltd 11.00 am Croydon Pro-Stel (UK) Ltd 11.00 am Birmingham Production Solutions (Scotland) Ltd 02.30 pm Glasgow Quite A Lot Ltd 11.00 am London Redgate Creative Ltd 03.00 pm Edinburgh Redgate Event Management Ltd 03.15 pm Edinburgh Redgate Group Ltd 03.45 pm Edinburgh Roval (Finishers) Ltd 10.15 am London Ruadh Ltd 03.30 pm Edinburgh Saltwest Ltd 11.00 am Liverpool Score Computer Services Ltd 10.30 am Birmingham Shannon House Construction Ltd 12.00 pm London Sydenham Motor Co Ltd - The 11.30 am Harrow T Q Logistics Ltd 10.30 am Paisley Tritech Ltd 10.30 am Driffield Westminster Work Mens Social Clb Ltd 11.30 am Chester Ystral Ltd 12.00 pm Wokingham 11/04/2001 Apache Security Ltd 11.00 am Hasall Apache Security Services Ltd 12.00 pm Hasall Automall Ltd 12.00 pm Matford Azrec Flooring Ltd 03.00 pm Lutterworth B C R Industries Ltd 02.30 pm Birmingham Bradway Services Ltd 02.00 pm Tunbridge Wells C1-One 3 Proactive Promotions Ltd 12.00 pm Nottingham Caston Ltd 11.00 am London Chartmode Plc 10.00 am London City 2000 Plc 11.00 am Birmingham Comtec (UK) Ltd 12.30 pm Tunbridge Wells Comtec Worldwide Ltd 01.15 pm Tunbridge Wells Conegrade Ltd 11.30 am Sileby Dairy Fresh Foods (Northern) Ltd 10.00 am Newcastle-u-Tyn Dantel Systems Ltd 11.30 am Preston Electric Vehicle Distribution Inter Lt 11.00 am Bristol Elite Glass & Blinds Ltd 10.30 am London Express Engineering Systems Ltd 10.30 am Wakefield Futures Cable Communications Ltd 12.00 pm London Golf Projects Systems Ltd 10.00 am Tunbridge Wells Guellers Restaurants Ltd 11.00 am Brighouse Hart Embroidery Ltd 12.30 pm Birmingham Hayley Industrial Services Ltd 11.00 am Leeds Holmesdale Computer Services Ltd 11.45 am London IT-Web Communications Ltd 11.30 am London Industrysuppliers.Com Ltd 12.00 pm Stanmore J L M (Welding & Fabrications) Ltd 11.00 am Swansea Kiki Kids Ltd 03.00 pm London Lania Ltd 11.00 am Stoke-on-Trent Mash Communications Ltd 11.00 am Manchester Network Exhibitionists Ltd 12.00 pm Manchester Nor-Comm Ltd 11.30 am Liverpool Orchard Street Builders Ltd 10.15 am Worthing P R S Building Services Ltd 04.00 pm London Provincial Associates Ltd 11.00 am Leeds Ringway Self Drive Ltd 11.30 am Lutterworth S M S Bailiffs Ltd 11.00 am Southend-on-Sea Sock Factory Ltd - The 03.30 pm Derby Strongbow Computing Ltd 10.30 am London Sunderland Dairy Co Ltd - The 11.30 am Newcastle-u-Tyn T D Equipment Ltd 10.30 am Stockport VTS Environmental Ltd 11.00 am Ipswich Whitehawk Management Ltd 11.15 am Southend-on-Sea Yew Tree Francis Ltd 11.30 am Walsall 12/04/2001 A F Metals Ltd 11.00 am Newcastle-u-Tyn A S International (2000) Ltd 03.00 pm Leeds AA Extrusions Ltd 12.00 pm Hale Active Lives Ltd 11.30 am Preston Add Developments Ltd 10.15 am London Amalgamated Trades Collection Ltd 02.00 pm London British Jeffrey Diamond 100 Ltd 10.30 am Wakefield Commercial Protective Systems Ltd 11.30 am Brighton Covertime Ltd 11.30 am Allerton Dhiman Bros (Knitwear) Ltd 10.30 am Oadby Duramite Electroplaters Ltd 10.30 am Cambridge Duramite Powdercoaters Ltd 12.00 pm Cambridge E-Sphere Ltd 10.00 am London Effective Theatrical Productions Ltd 03.00 pm London Excalibre Ltd 11.00 am Hayes F E L (UK) Ltd 02.00 pm Halesowen Force Ten Windows Ltd 12.00 pm Glasgow Gromathic UK Ltd 10.15 am Bury Grovebank Decorators Ltd 12.00 pm Glasgow HSM Realisation Ltd 11.30 am Preston Hairstyle Media Ltd 11.30 am Preston Highpoint Leisure Ltd 11.00 am Bristol Hollinsend Ltd 10.00 am Sheffield Hubstyle Ltd 10.30 am Allerton Hyfab Ltd 11.30 am West Bridgford Kitchen Brewery Ltd - The 11.45 am Holmfirth London & Essex Accicent Repair Ctre Lt 10.00 am London M & H Bristol Parcel Express Ltd 12.00 pm Worcester MMP Mail Order Ltd 11.30 am Preston Mark Pritchard Motors Ltd 03.00 pm Derby Maxx Aerosonic Ltd 12.00 pm London Mech Eng UK Ltd 02.00 pm Newport Milner Electrical Engineers Ltd 10.30 am Bromsgrove Network Magazines Ltd 11.30 am Lutterworth Nolble Depositors Ltd 11.30 am Sileby Nucel Services Ltd 11.00 am Birmingham P J Print Ltd 10.15 am Blackburn Plastechnol Ltd 11.00 am Aldershot Premium Payment Plan Ltd 10.30 am Birmingham R & A Adams & Son Builders Ltd 10.45 am Sutton R Bond & Sons (Fish Merchants) Ltd 02.00 pm Allerton R W Frost Ltd 02.30 pm Kegworth Racom Sales Ltd 12.00 pm Manchester Shira Catering Ltd 11.30 am London Siel Imaging Ltd 12.00 pm London Tervido Ltd 11.00 am Northampton Torrington Interactive Ltd 11.00 am London Trench Technology & Training Ltd 10.30 am March Untold Magazine Ltd 11.30 am Preston Walker Roast Advertising Ltd 11.00 am London Westside Publishing Ltd 11.30 am Preston 17/04/2001 3rd Testament Games Ltd 10.30 am London Carglass Lincolnshire Ltd 11.00 am York Connect Lighting Systems (UK) Ltd 02.30 pm Fleet Diacat Ltd 11.30 am Crawley Disjointed Ltd 11.00 am Oadby Intensiti Technologies Plc 11.30 am London Manor Furniture Ltd 12.00 pm London Paragon Commerical Interiors Ltd 11.00 am London R G Contractors Ltd 11.30 am Ashford Trailer Production Co Ltd - The 11.30 am Wetherby Vivien Chemicals Ltd 10.30 am Crawley
TW LW TW LW
USA 1.43 1.43 Canada 2.26 2.26
Austria 22.03 22.25 Portugal 321.09 324.31
France 10.50 10.61 Belgium 64.60 65.25
Finland 9.52 9.61 Italy 3101.15 3132.25
Germany 3.13 3.16 Sweden 14.76 14.86
Holland 3.52 3.56 Switzerland 2.44 2.47
Spain 266.49 269.16 Ireland 1.26 1.27
Australia 2.96 2.90 Denmark 11.96 12.07
Hong Kong 11.20 11.21 Euro 1.60 1.61
Africa Com 11.67 11.52 Saudi Arabia 5.38 5.39
India 66.92 66.93 Malaysia 5.45 5.46
Singapore 2.60 2.58 Norway 13.07 13.09
Japan 180.85 175.41
TW This week LW Last week.
The car makers behind Formula One Motor Racing said they would form a rival championship. They are worried by the involvement of EM.TV and Kirch, two German media groups, in Formula One.
Global Stockmarkets found yet another cliff to jump from as American high-tech companies issued new profit warnings. The Dow Jones Industrial Average lost nearly 3% on the week, while the Nasdaq Composite plummeted by over 10%. Frankfurt, London and Paris joined Wall Street's dive.
Reuters, a business-information group, confirmed that it would offer up to 14.1% of its electronic stock exchange, Instinet, to the public via the Nasdaq market. When reminded of America's shrunken appetite for new equity, the company claimed that the move was strategic and not meant to raise cash.
The London Stock Exchange is thinking of leaving the City, where it has been for 200 years, for the open spaces of Canary Wharf. Clara Furse, who heads the LSE, also plans to take the exchange fully public this year after completing its demutualisation.
Klaus Esser, the former chief of Mannesmann, denied doing anything untoward in allowing the German telecoms firm to be bought by Vodafone, the British mobile telephony company. Mr Esser received DM60m ($30m) in severance pay after Vodafone beat Vivendi, the French conglomerate whose chairman is suing Mr Esser for defamation, to the prize.
The troubled BT is in talks to sell Yell, its yellow-pages business, to a private-equity consortium for nearly EURO5 billion ($5.4 billion). BT is saddled with debts of over $40 billion.
By selling its stake in Hong Kong's Pacific Century CyberWorks, Cable and Wireless added $1.5 billion to its acquisitions funds. The British telecoms company is also to sell its share of Singapore's MobileOne for $133m, bringing its war-chest to about $10 billion.
Shareholders of American General, an insurer, reacted with glee after AIG, an American insurance giant, moved to pre-empt an unpopular buy-out by Prudential, a British insurer, with a tender offer worth $24.6 billion. The news lifted Prudential's share price, because AIG is expected to win.
Source - The Economist
James Beattie, the department store group, announced pre-tax profits of 9.76 million pounds, after exceptional credit, on turnover of 114.2 million, for the year ending 31st January 2001. Earnings per share stand at 16.5p.
Bellway, the housebuilders, announced pre-tax profits of 35.1 million pounds, on turnover of 277.8 million, for the six months ending 31st January 2001. Earnings per share stand at 21.8p.
IS Solutions announced pre-tax profits of 0.547 million pounds, on turnover of 12.2 million, for the year ending 31st December 2000. Earnings per share stand at 1.2p.
Toad, the car security and audio group, announced pre-tax profits of 2.57 million pounds, on turnover of 33.6 million, for the 53 weeks ending 31st December 2000. Earnings per share stand at 3.5p.
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 Canada 3000 Inc of Royal Aviation Inc Completed acquisition by JDS Uniphase Corp. of SDL Inc
Proposed acquisition by First Reserve Corporation and Odyssey Investment Partners LLC of Dresser Equipment Group Inc
Proposed acquisition by Coats Viyella Plc of A.L.Paul Limited
Proposed acquisition by TBI plc of up to a further 65% of London Luton Airport Group Limited
Acquisition by Arriva plc of the assets of Wycombe Bus Company, a subsidiary of The Go-Ahead Group plc
The British Chambers of Commerce has called on the next government to create incentives for small firms to train and invest in information and communications technology, to work with business in building confidence in on-line trade, and to resist unnecessary regulation of e-business.
In a wide-ranging "Manifesto for E-Business", to be published online at www.britishchambers.org.uk, the British Chambers of Commerce urge commitment from all political parties to promote wider take-up of ICT skills, introduce tax credits for small firms to invest in training, and encourage schools and colleges to work with business to identify future ICT skills needs.
The Chambers' manifesto also calls on the parties to address the threat posed by limited business access to broadband services, through increased investment and a genuine commitment to drive the programme forward nationally. The Chambers warn that any further delay in giving business high-speed access could impact heavily on the UK's e-business competitiveness.
Sally Low, ICT Policy Adviser at the British Chambers of Commerce said:
"To exploit fully our potential in e-business, we need to get the foundations right. The next government's priority must be to enable, not disable e-business, by allowing the industry to lead, and by providing world-class e-business support structures.
"The next government above all must resist the urge to regulate unnecessarily. Already we see emerging a rush to regulate and legislate for these new technologies, with the result that much of the regulation and codes of practice are leading to duplication and confusion.
In their Manifesto for E-Business, the British Chambers of Commerce offer the following recommendations to the next government:
ON SKILLS:
A serious commitment to training and skills development with regard to ICT from government is vital. We believe there is a strong case for a tax incentive for ICT training through a tax credit linked to training or a tangible investment in ICT.
ON ACCESS:
Government must address the threat to e-commerce in the UK posed by limited access to broadband services, particularly ADSL by increasing the investment into widening access for business.
ON INVESTMENT:
It is vital that small businesses continue to invest and upgrade their ICT capability. We believe there is a strong case for permanently increasing the current 100 per cent capital allowance for SMEs for ICT hard and software.
ON CONFIDENCE:
There is genuine concern in business about the security of on-line transactions. Government should collaborate with business to build confidence in on-line trade.
ON INFRASTRUCTURE:
Government should ensure that government departments are genuinely e-competent to support business effectively.
ON TAX:
A simple, clear tax framework is essential to allow for future development. We would urge the government to scrap IR35 and work with business to define, who is and who is not allowed to call themselves self employed.
ON REGULATION:
It is essential to our competitiveness that we create in the UK the very best environment for e-business. Government must resist the temptation to over regulate a fledgling industry and stop introducing overlapping regulations.
23 to the 24 April FCIB Corporation - A Global Association for Managers in Finance, Credit & International Business FCIB's 106th International Round Table Conference In Europe Hilton Budapest Hotel Hess Andras Ter 1-3, H 1014 Budapest, Hungary Further information may be obtained from Tim Lane, Director of European Operations on 01865 481 630 or email timlane@fcib-europe.org 21st to 23rd May, 2001 GARP Credit & Counterparty Risk Summit, London. For full programme details please visitwww.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 W! 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 Wednesday, Thursday and Friday 24th to 26th October 2001 International Credit Exhibition & Conference The Westin Stamford, Singapore http://www.internationalcredit001.com Mailto:info@internationalcredit001.com# = pounds sterling If you have an event coming up which is credit management related and you would like us to make an entry in the Diary section please e-mail the details to jarnold@creditman.co.uk
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