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: Vol 4 Issue 10
Dated: 12 March 2000
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKCBI REACTION TO THE DECISION TO KEEP RATES ON HOLD
Exporters will get some breathing space - Kate Barker
The Confederation of British Industry last Thursday backed the Bank of England's decision not to put up interest rates.
Kate Barker, CBI Chief Economic Adviser, said: "Keeping rates on hold will give exporters some breathing space. Yesterday's manufacturing data was a clear indicator that many firms are not yet out of the woods.
"Rising productivity and strong sterling are containing inflation for now. Looking ahead, the recent spate of rate increases should slow economic growth and dampen down the cost rises we are seeing in the service sector.
"The threat to the inflation target was not sufficient to warrant a further rate increase. Indeed, there are few signs of inflation in many sectors of the economy."
RATES MUST REMAIN ON HOLD, SAY CHAMBERS
Reacting to the decision by the Bank of England’s Monetary Policy Committee to leave interest rates unchanged, Dr Ian Peters, Deputy Director General of the British Chambers of Commerce (BCC) said:
‘’UK business will breathe a sigh of relief. Four rate rises in the last six months have inflicted severe pressure on manufacturing and exporters. The overvalued pound has led to a sharp deterioration in the trade deficit and the squeeze on margins could hit investment.
‘’We welcome the Monetary Policy Committee’s recognition that the strong pound and intense competition are keeping the lid on inflation. There is clear evidence that economic growth is slowing in response to previous rate rises and the excessive strength of sterling.
‘’The MPC must not raise interest rates further unless there is clear evidence of real inflationary pressures in the economy. Business is burdened by rates at twice the level in euroland, despite UK inflation undershooting the 2.5% target for the last ten month's’
HEWITT ANNOUNCES CHAIR OF SMALL BUSINESS COUNCIL
Small Business and E-Commerce Minister Patricia Hewitt on the 7 March announced that William Sargent has been appointed as the first Chair of the Small Business Council (SBC).
Ms Hewitt said:
"William Sargent's experience of running the FrameStore Group makes him ideally suited for the part of Chair of SBC. He understands the issues facing small businesses. I am sure that he will bring great commitment and enthusiasm to the post."
The Small Business Council will be an advisory non-departmental public body independent of Government, with up to 20 members. It will advise David Irwin, who took up post yesterday as the Chief Executive of the Small Business Service, and will report at least annually to the Secretary of State for Trade and Industry on the needs of small businesses.
Mr Sargent is at present the Joint Chief Executive of the FrameStore Group, a leading company in the creation of digital special effects for the advertising media, film and television industry - which he co-founded in 1988. In 1999, Framestore completed its work on the ground-breaking series 'Walking with Dinosaurs', which appeared on BBC television, attracting an record-breaking audience of 19 million.
The posts of Chair and SBC members are unpaid, and carry no right to pension or gratuity on termination, but reasonable travel and subsistence expenses incurred on the business of the Council will be reimbursed at the rates applicable to senior civil servants. The appointment is made initially for a period of three years, which may be extended once, for another term of three years. The Chair is being appointed in advance of the members of the Council.
It is planned to have the SBC in place by April 2000, when the Small Business Service comes into operation.
Mr Sargent holds no other Ministerial appointments. He has not taken part in any political activity within the past five years.
Biographical Details
Mr Sargent is a business studies graduate of Trinity College in Dublin. He is joint chief executive and co-founder in 1986 of FrameStore Group. FrameStore is one of the world's leading companies in the creation of digital images and services for the advertising, media, film and television markets and works with most of the leading film studios in Los Angeles, as well as the major British and American broadcasters and advertising agencies.
Over the past decade the company has won most major craft awards in the UK and USA including four consecutive Primetime EMMY awards. In 1997 it acquired The Computer Film Co. CFC's software team have been awarded two Technical Academy Awards (Oscars) in 1994 and 1996.
During autumn 1999 FrameStore's `Walking with Dinosaurs' series became the first factual series to achieve a number one rating with an audience of 19 million viewers in the UK. The series is sold to over 100 countries. The two companies received Millennium Product status in December 1999.
Mr Sargent has also worked for the Chancellor Gordon Brown and Secretaries of State for Trade and Industry Margaret Beckett and Peter Mandelson on their Productivity Seminars in 1998 and 1999 as well as being a working party member under Margaret Beckett and Peter Mandelson which created the Competitiveness White Paper launched in December 1998.
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'CONCERN FOR BUSINESS AS OVERSEAS LATE PAYMENT REACHES ALL-TIME HIGH'
UK exporters are facing the worst ever payment delays according to results from the latest Credit Management Quarterly Survey, published in two weeks time. During the last quarter, almost half of respondents to the survey indicated that overseas customers always pay late, an increase of 10% on the previous year.
These figures are in stark contrast to the domestic market which has seen late payment by larger firms improve significantly in recent months. Professor Nick Wilson, Head of the Credit Management Research Centre says of these latest findings, "Our previous work has shown that UK exporting manufacturers are more likely to invoice in sterling than deal in foreign currency. The strength of sterling has been instrumental in increasing the price of UK exports and could be a primary reason for the increase in late payment from overseas customers".
This latest survey also shows a significant reduction in the number of manufacturers reporting improved export sales this quarter (Q8). As can be seen in the chart below this downward trend is forecast to continue in the near term.
These findings come after the Bank of England's February Inflation Report indicated a deterioration in UK export markets in recent months, mainly due to the high exchange rate.
Professor Wilson welcomes the latest decision this week by the Bank to hold interest rates saying, "business leaders have raised concerns for some time that the strong economic recovery seen towards the end of last year has not continued. Our latest survey provides real evidence of the negative impact of a strong sterling on UK manufacturers engaged in overseas trade.
The Credit Management Quarterly Review is the only survey of its kind to take information from a panel of up to 1000 credit professionals responsible for a combined turnover of £43 billion. During the last two years the survey has built up a rich data bank and is used by leading companies to benchmark against key areas of business activity and trends in credit management practice.
Findings from the survey are made available to the Bank of England and to Central Government to evaluate the impact of the Late Payment of Commercial Debts (Interest) Act 1998.
ECGD HELPS UK CONTRACTORS UPGRADE INTERNATIONAL AIRPORT IN GHANA
Richard Caborn, the Minister for Trade, today announced that ECGD backing had enabled a consortium of British and Danish contractors win a contract to upgrade the Kotoka International Airport in Accra, Ghana.
Brentford-based Skanska Africa Ltd has been commissioned by the Ghana Civil Aviation Authority to construct, install and commission, amongst other things, a runway extension, new radar and air traffic management systems, and the complete refurbishment of an airport terminal. Other members of the consortium are P W Ltd of the Isle of Man and Intertec Contracting A/S of Denmark.
ECGD will be underwriting a US$44.5 million loan, negotiated and co-arranged by HSBC Investment Bank plc and co-arranged by Paribas, to help finance the project. The Danish and Swedish export credit agencies, EKF and EKN, have agreed to provide ECGD with reinsurance for the goods being supplied from Denmark and Sweden.
Mr Caborn said:
"I am delighted that ECGD has been able to back this important development in Ghana. This will not only provide valuable work for companies in the UK but will also help Ghana move further towards meeting its "Vision 2020" Programme in which Kotoka would become the country's gateway to West Africa. The airport is already such an important outlet for Ghana's valuable agricultural exports."
This is the first time that ECGD has used its "one stop shop" arrangements to help finance a deal with both EKF and EKN. It is also the first time that banks have used a structured financing in Africa in support of an airport project (in this case overflight fees will be paid into an escrow account to repay the loan).
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. One of its functions is to underwrite bank loans to enable overseas buyers to purchase capital and project related goods/services from Britain.
LEGAL CASE CASTS LIGHT ON SHADOW DIRECTORS
Bans totalling 16 years imposed by Court of Appeal
An important legal milestone was reached which has broadened the definition of "shadow director", and increases the likelihood of Courts disqualifying those not named as company directors but who nevertheless direct and control a company and have acted in an unfit way.
In a recent disqualification case of Euro Express, a West Sussex travel agency owing creditors £4.6 million, the "shadow directors" who controlled the company activities were legally disqualified from such future involvement in companies for periods totalling 16 years.
The Court of Appeal held that the use of epithets or description such as "puppet master" may be misleading when used in place of the statutory definition.
Lord Justice Morritt stated that the purpose of the legislation is to identify those, other than professional advisers, with real influence in the corporate affairs of a company. It is not necessary that such influence should be exercised over the whole field of its corporate activities and can include giving advice to a company. This is the broadening aspect of the definition, which was crucial to this appeal by the Secretary of State.
He also stressed that "lurking in the shadows may occur but is not an essential ingredient to the recognition of the shadow director".
DTI Minister with responsibility for the Insolvency Service, Dr Kim Howells, said:
"This was an important case which will help in our continued fight to disqualify unfit directors, even when they are not named directors and registered at Companies House, but still directing or controlling a company. This may include consultants and advisers. By broadening the definition of "shadow director", the public will get greater protection, and more peace of mind that if someone has been involved in running a company in an unfit way, we have the ability to bring them to book".
John Deverell was, the trial judge heard, the effective founder of Sussex-based Euro Express, which originally traded as a bucket shop holiday flights operator on the Gatwick/Nice route. In April 1991 the company diversified into the school ski holiday market, trading as Kaleidoscope.
Peter Hopkins joined John Deverell as the main players behind Euro Express and Kaleidoscope, a division of Euro Express involved with the schools ski market. That, the Judge concluded, was an area Hopkins knew "to perfection".
To operate in the schools ski market, Euro Express directors had to assure The Civil Aviation Authority and ATOL the company could pay compulsory £472,000 bond required for Euro Express Limited so that Kaleidoscope could operate in the schools ski market.
Mr Deverell was a "prime mover" in the window dressing of the account, which was intended to deceive the Civil Aviation Authority. The Court of Appeal heard various statements of daily management activities that occurred in Euro Express.
The original Trial Judge had concluded that Mr Deverell and Mr Hopkins were at the heart of the deception of the Civil Aviation Authority to which they made assurances they could fund a schools ski agency. Mr Deverell had been concerned with two previously failed companies while Mr Hopkins was an undischarged bankrupt, and this conflicted with ABTA rules.
Others in Euro Express regarded them as important and powerful. The board directors were accustomed to acting upon directions or instructions given by Mr Deverell or Mr Hopkins, and staff generally were accustomed to being bossed around by Mr Deverell, the court heard. Notwithstanding this, the Trial Judge did not find them to be shadow directors.
The Secretary of State appealed to the Court of Appeal after an earlier High Court decision that Deverell and Hopkins could not be disqualified because they were not considered to be shadow directors.
Mr Deverell and Mr Hopkins had pleaded that they were not directors, so they were able to walk away from the disqualification case heard on 11 May 1998 when the Court disqualified other Euro Express directors, namely:
Euro Express traded from Vanguard House, London Road, Burgess Hill, West Sussex. It began trading in 1986 and went into voluntary liquidation in March 1993 owing creditors and estimated £4.6 million.
RECORD NUMBER OF DIRECTORS BANNED IN '99
Hotline tip-off secures first convictions
The fight against dodgy directors hit a record high last year with almost 1,500 unfit directors being banned from the boardroom. The staggering 10 per cent increase reinforces the Government's commitment to stamp out bad practice in business.
The public's co-operation with the Insolvency Service has also paid off as the first convictions resulting from the 'dodgy directors' hotline were secured, one of which has resulted in a jail sentence.
Dr Howells said:
"My message is loud and clear: 'We mean business - directors of failed companies who have shown by their conduct that they are unfit to manage companies will be banned'.
"Although the past twelve months has been a record year for bans we must ensure they are accompanied by an effective means of enforcement. The true success of the hotline, and the part the public has to play in this issue, is now coming to fruition.
"The rogue directors 'hotline', which was set up two years ago, enables members of the public and business to blow the whistle on banned directors or bankrupts who are attempting to avoid their bans by acting as directors behind the scenes or using nominee directors as fronts. The public play a major part in our crackdown."
Dr Howells added:
"Each phone call is followed up and there are currently 213 cases with the Department's solicitors. Investigations are thorough and necessarily take time to come to court, and I welcome the message from the court that they will not tolerate this socially unacceptable behaviour either."
"The public and business needs to be vigilant when dealing with new suppliers and customers. Establishing previous track records is an effective way of reducing the risks.
"This Government is playing its part by rooting out abuse and disqualifying those directors who abuse their positions. Under proposals currently before Parliament, we intend to introduce a fast track system of disqualifying directors, which will cut out the courts and dramatically reduce the time it takes to conclude disqualification, if the director agrees. In this way legitimate enterprise can be promoted whilst ensuring irresponsible risk taking is discouraged."
So how can you do your bit? How do you find out if someone is banned from acting as a director? or check if someone is an undischarged bankrupt?
The details of every director who is banned is registered at Companies House. The public can search this by:
Details of bankruptcies can be obtained by:
There is no charge for this service, and the results will be posted to you.
Those who have information on anyone defying a disqualification or Bankruptcy Order should contact the Hotline on 0845 601 3546. Calls will be charged at local rates.
The disqualification statistics relate to the directors of failed companies in liquidation, administrative receivership or administration.
Section 6 of the Company Directors Disqualification Act 1986 allows the court to make a disqualification order of between two and 15 years for unfit conduct as a director. This is the section used by The Insolvency Service.
There were
1,489 disqualifications under Section 6 of the CDDA in 1999;
1,359 in 1998; and
1,219 in 1997.
QUARTERLY DIRECTOR DISQUALIFICATION STATISTICS FOR FOURTH QUARTER OF 1999
(1 OCTOBER TO 31 DECEMBER 1999)
Q4 Q4 Year Year
ended ended
31 Dec 31 Dec
1999 1998 1999 1998
Disqualification reports and
returns received (companies)
Official Receivers 610 598 2561 2090
Insolvency Practitioners
- England & Wales 821 828 3253 3189
- Scotland 42 53 188 191
TOTAL 1473 1479 6002 5470
Disqualification proceedings
commenced (directors)
From Official Receivers' reports 84 65 462 358
From Insolvency Practitioners'
reports - England & Wales 229 248 949 837
- Scotland 11 24 64 80
TOTAL 324 337 1475 1275
Disqualification orders made by
courts
From Official Receivers' reports 77 110 457 465
From Insolvency Practitioners'
reports - England & Wales 235 226 957 825
- Scotland 9 6 75 60
TOTAL 321 342 1489 1350
There have been the following number of disqualification orders made
under Section 6 of the Company Directors Disqualification Act 1986 in
the last two years:
Length
(years)
2 236
3 461
4 534
5 497
6 347
7 307
8 203
9 115
10 70
11 14
12 34
13 7
14 4
15 10
TOTAL 2839
TYPE OF BUSINESS AND THE GEOGRAPHICAL SPREAD OF DISQUALIFICATIONS
QUARTER 4 - DISQUALIFICATION STATISTICS
Type Of Business No of %
Directors
Textile & Clothing Manufacture 46 14%
Construction & Demolition 45 12%
Manufacturing (other types) 25 8%
Engineering 22 7%
Retail (other types) 21 7%
Road Transport 14 4%
Home & Garden Improvement 10 3%
Computer Services 9 3%
All Wholesale 9 3%
Paper & Publishing 9 3%
Leisure: Hotels, Pubs & Restaurants 7 2%
Manufacture of Timber 7 2%
Estate Agents & Developers 6 2%
Electrical & Plumbing 6 2%
Recreational Services 6 2%
Furniture Manufacture & Retailers 5 2%
Motor Vehicles, Sales, Repairs & Petrol 5 2%
Retail of Electrical Goods 5 2%
Management Services 4 1%
Metal Manufacture 4 1%
Insurance 3 1%
Other Catering 3 1%
Decorating and Smallworks 2 1%
Medical Services 2 1%
Residential Accommodation 2 1%
Manufacture of Chemicals 1 0%
Licensed Premises 1 0%
Repairs of Consumer Goods 1 0%
Labour Supply: Management
& Business Services 0 0%
Others 41 13%
TOTAL 321 100%
Geographical Spread No of
Directors
London & South East 117 37%
North 77 24%
Midlands 55 17%
South West 23 7%
South 18 6%
East Anglia 11 3%
Scotland 11 3%
Wales 9 3%
TOTAL 321 100%
THE INSOLVENCY SERVICE HOTLINE CONVICTIONSWILFRED PHILIP PRINCE
On 3 December 1999, at Luton Crown Court, Wilfred Philip Prince of 72 Balliol Road, Kempston, Bedford MK42 7HX was found guilty of a breach of Section 360 of the Insolvency Act 1986 and sentenced to 12 months imprisonment.
Section 360 of the Insolvency Act 19086 prohibits an undischarged bankrupt from obtaining credit in excess of the prescribed amount (£250) without disclosing his bankrupt status to the lender.
Enquiries into Mr Prince's affairs were commenced following a complaint made to The Insolvency Service Hotline (Tel No. 0845 601 3546). The enquiries were carried out by officials from Prosecution Section of The Insolvency Service Agency, the Official Receivers Office Northampton and Legal Services Directorate of the DTI.
MICHAEL ROBERT BYERS
On 6 December 1999, at Shrewsbury Magistrates Court, Michael Robert Byers of 2 Oak Drive, Minsterley, Shrewsbury SY5 0DE was found guilty of a breach of Section 11 of the Company Directors Disqualification Act 1986 and of 3 counts of breach of Section 1 of the Forgery and Counterfeiting Act 1981. He was sentenced to 120 hours of community service on each count, the sentences to run concurrently.
Section 11 of the Company Directors Disqualification Act 1986 makes it an offence for an undischarged bankrupt to act as a director of a company.
Enquiries into Mr Byers' affairs were commenced following a complaint made to The Insolvency Service Hotline (Tel No. 0845 601 3546). The enquiries were carried out by officials from Prosecution Section of The Insolvency Service Agency, the Official Receivers Office Stoke and Legal Services Directorate of the DTI.
PETER ALBERT GRINDLE
On 26 January 2000, at North Gloucestershire Court, Peter Albert Grindle of 44 The Richmonds, Abbeydale, Gloucester GL4 9YA was found guilty of a breach of Section 13 of the Company Directors Disqualification Act 1986 and a breach of Section 216 of the Insolvency Act 1986. He was sentenced to 160 hours of community service on each count, the sentences to run concurrently. He was also disqualified from acting as a director for 5 years.
Section 13 of the Company Directors Disqualification Act 1986 makes it an offence to contravene a disqualification order.
Section 216 of the Insolvency Act 1986 makes it an offence for a person to be a director of any company that is known by a prohibited name. Such a name becomes prohibited if it is a name by which a liquidating company was known or similar to that name.
Enquiries into Mr Grindle's affairs were commenced following a complaint made to The Insolvency Service Hotline (Tel No. 0845 601 3546). The enquiries were carried out by officials from Prosecution Section of The Insolvency Service Agency and the Legal Services Directorate of the DTI.
DTI PETITIONS TO WIND UP CROFT & DUPONT LIMITED
The Secretary of State for Trade and Industry has presented a petition in the High Court to wind up in the public interest, Croft &Dupont Limited following an investigation under Section 447 of the Companies Act 1985 (as amended).
On the application of the Secretary of State the Court appointed the Official Receiver as provisional liquidator of Croft & Dupont Limited on 7th March 2000 pending the hearing of the petition on 12 April 2000.
Croft & Dupont Limited sold wine mainly from from the Bordeaux region of France to customers based predominantly in Ireland. The sale price included storage of the wine for five years. The enquiry revealed that a substantial proportion of the wine ordered by customers has not been purchased by the company which appears to have ceased trading and vacated it's trading premises. To a lesser extent the company has also been selling champagne to customers who have their name or logo printed on the label.
The registered office of Croft & Dupont Limited is 72 New Bond Street, London W1Y 9DD.
The petition was presented under S 124A of the Insolvency Act 1986.
All public enquiries concerning the company should be made to:
The Official Receiver
21 Bloomsbury Street
London WC1B 3SS
*** 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 13/03/2000 to 21/03/2000 Number of Creditor meetings : 244 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 15/03/2000 Cornerstone Regalia Ltd 10.30 am Glasgow 16/03/2000 Jim Dempster Motor Services Ltd 11.00 am Aberdeen 17/03/2000 Dockra Concrete Co Ltd - The 02.00 pm Glasgow Greenways Marketing International Ltd 12.00 pm Glasgow SBS Training Ltd 11.00 am Glasgow Scotflow Hydraulic Fittings Ltd 10.30 am Glasgow 20/03/2000 Scotmec Industrial Ltd 03.00 pm Glasgow 21/03/2000 Gasheat Services (Inverclyde) Ltd 12.00 pm Glasgow Portcroft Ltd 12.00 pm Edinburgh 23 Administrator Calling a meeting of Creditors 13/03/2000 Two Gates Wheels Ltd 10.30 am Birmingham 16/03/2000 Revcastle Ltd 11.30 am Allesley 17/03/2000 Gatesworth Ltd 10.30 am London Tomasz Starweski Ltd London 48 Receiver calling unsecured Creditors Meeting 13/03/2000 Silk Mill Sewing Ltd 11.00 am Nottingham 15/03/2000 Hereward Freight Group Ltd 11.00 am Peterborough Peacock Archer (UK) Ltd 02.00 pm Birmingham Peacock Archer Holdings Ltd 02.00 pm Birmingham 16/03/2000 S J A Dale & Sons Ltd 10.30 am Manchester 17/03/2000 Questview Properties Ltd 10.00 am London Somerley Spring Water Ltd 11.00 am Chandlers Ford 20/03/2000 H R Metals Ltd 11.00 am Birmingham Style Cut Garments Ltd 11.00 am Watford 95 Members converting to Creditors Voluntary Liquidation 17/03/2000 Undercliffe Rentals Ltd 10.30 am Leeds 98 Creditors Voluntary Liquidations 13/03/2000 Advance Training & Development Ltd 11.00 am Rochdale Ag-Bag Europe Ltd 11.00 am Leeds Architectural Salvage Centre Ltd - The 12.00 pm London Bluestar Networks Ltd 02.30 pm Hampshire Cantra Ltd 02.30 pm Chatham Capital Building & Refurbishment Ltd 12.00 pm London Chilldale Ltd 10.30 am London Clothes Shop Ltd - The 03.00 pm London D C Tomkinson & Co Ltd 11.30 am Manchester Excelsior Laserquests (Tunbridge W) Lt 10.30 am Maidstone Excelsior Management (UK) Ltd 11.30 am Maidstone Grass Roots Golf Co Ltd - The 10.15 am Colchester Hammer Hire Ltd 10.00 am Botley Hardy Home & Renovations Ltd 11.00 am Swindon Hendmere Ltd 11.30 am Halifax Hereward Freight Group Ltd 10.30 am Peterborough J A C Group Ltd 02.30 pm Northampton Jarod Partnership Ltd - The 10.30 am London K2 Marketing & Promotions Ltd 11.30 am Altrincham Lockcourt Ltd 11.00 am London M J Highway Technology Ltd 10.45 am Uckfield MPA Classique Fashions Ltd 11.00 am Rotherham McCarthy Brench Ltd 03.30 pm Slough Optimus Print & Design Ltd 02.30 pm Luton Reliance Shipping Services Ltd 11.00 am London Timepace Ltd 11.00 am Leicester 14/03/2000 A N Suites (Manufacturing) Ltd 12.30 pm Wootton A P L Data Communications Ltd 12.00 pm London Advanced Computer Connections Ltd 12.00 pm Hale Cumbria Car Hire Ltd 11.30 am Preston Danaid UK Ltd 03.00 pm Birmingham Fashions Alive Ltd 11.00 am London Feathers Project Ltd - The 03.00 pm London G & M Computer Services Ltd 10.45 am Manchester Garia Ltd 12.00 pm Huddersfield Grangefield Ltd 11.00 am London J & S Architectural Metal Work Ltd 03.00 pm London Ket Systems (South Wales) Ltd 03.00 pm Swansea Links Construction Ltd 02.30 pm Richmond Marvic (Northampton) Ltd 11.00 am Northampton Matdan Ltd 12.00 pm Bexley Media Forge Network Ltd 11.00 am Wolverhampton Media Forge Training Ltd 11.00 am Wolverhampton Montrose Entertain (Manage & Cons) Ltd 11.30 am London Motologic Plc 11.00 am London Network 5 Television Ltd 11.00 am Wolverhampton Oxford French Car Co Ltd - The 12.00 pm Reading RCL Controls Ltd 10.30 am Dunfermline Roof Doctor Ltd 10.30 am Droitwich Spa Runrail Projects (Brockhall Fencing) L 11.00 am Darwen Solar Room Conservatories Ltd - The 11.30 am Impington Spurbyte Ltd 02.30 pm London Standard Flat Roofing Co Ltd 11.00 am London Stebar Building Services Ltd 02.00 pm London Stephall Ltd 11.30 am Peterborough Techno-Projex International Ltd 10.30 am Wootton Teltec Consultants Ltd 03.30 pm London Tony Fletcher Transport (Lincoln) Ltd 11.30 am Nottingham Trip Ltd 12.00 pm London Whitsand Bay Promotions Ltd 11.00 am Plymouth Wholesale Meat Enterprises Ltd 11.30 am Walsall Wilson & Stafford Ltd 11.30 am Leicester Winstons Pizza Ltd 11.00 am Manchester 15/03/2000 A & C Hamilton Ltd 01.00 pm Sheffield A F Hayes & Co Ltd 11.30 am Leicester B & S Franks Ltd 11.30 am Manchester B C B (Telford) Ltd 12.00 pm Walsall B C B (W-Ton) Ltd 12.30 pm Walsall Belltec International Telecoms Ltd 11.30 am London Benfruit Ltd 02.30 pm Norwich Blazes (Southern) Ltd 10.15 am Worthing C R Turner Ltd 10.45 am Hertford CQ Technology Ltd 11.00 am Croydon Cam Indexing Ltd 12.00 pm Lower Sudbury Castle Groundworks Ltd 10.15 am Bury Churchfield Foods Ltd 11.30 am London Emblem Contracts Ltd 10.30 am London Fine Cuisine Ltd 11.00 am Manchester Futurelink Mortgage Services Ltd 11.30 am London H H Specialised Engineering Ltd 11.00 am Sheffield Holbay Consolidations Ltd 12.00 pm Ipswich Holywell Plant Services Ltd 11.00 am London Hudson & Thompson Ltd 11.30 am Leeds Kima Plastering Contractors Ltd 10.30 am Warrington Mediatel Joint Ventures Ltd 11.00 am London Metin Ltd 04.00 pm London NMG Ltd 02.30 pm Cambridge North West (2000) Ltd 11.30 am Preston Orca Technologies (UK) Ltd 11.30 am Southampton Ornamental Flora Ltd 11.00 am South Shore Paice & Sons Ltd 11.00 am Westerham Playzone Ltd 11.00 am Leicester Rainbow Publicity Ltd 11.00 am Northampton React 23 Ltd 10.30 am Lichfield Saxonwedge Ltd 12.00 pm London Sirdar Builders & Merchants Ltd 11.00 am London Streets of Enfield Ltd 12.00 pm London Technical Ventilation Services Ltd 11.00 am Birmingham Telegraphy International (NE) Ltd 02.00 pm London Telegraphy International (NW) Ltd 12.30 pm London Telegraphy International (SW) Ltd 02.30 pm London Telegraphy International Ltd 12.00 pm London Telnet Products & Services Ltd 03.00 pm London Thrapston Developments Ltd 11.30 am London Victor Ltd 11.00 am London W Enterprises Wines Ltd 11.15 am Dover 16/03/2000 AGL Systems Ltd 10.30 am Sevenoaks Advanced Protection Services Ltd 10.30 am London Artik Ltd 10.30 am West Byfleet Axis Jetting Ltd 12.00 pm Telford Balcombe Component Parts Ltd 03.30 pm London Barcham Green & Co Ltd 11.00 am Maidstone Beaver Maintenance Supplies Ltd 10.30 am Droitwich Spa Bolton Windows & Doors Ltd 11.00 am Bolton Centurion Hydraulic Sales Ltd 11.30 am Lutterworth Contour Fashions (Sales) Ltd 11.00 am Wolverhampton Copy Quick Ltd 12.00 pm London Corporate Technology (UK) Ltd 11.00 am Bolton Design & Present Ltd 11.00 am Manchester Envoy Design & Manufacturing Ltd 11.30 am Birmingham Envoy Marketing Ltd 11.30 am Birmingham Factory Brands Ltd 11.00 am Denby Dale Falcon Data Management Ltd 10.30 am London Govan Ltd 11.00 am London Ideal Electrical Ltd 11.45 am Kingston-u-Tham Kerbside Plant Ltd 10.30 am Tankersley Kingpin Labour Hire Ltd 10.30 am Liverpool Mobilink Communications Ltd 10.30 am Shepperton Mountain Window & Home Improvements Lt 11.00 am London Pennine United Ltd 10.15 am Bately Pne Worls (Merchandising) Ltd 03.00 pm Birmingham Prescom Publications Ltd 12.30 pm London Prime Fashions 95 Ltd 11.30 am Leicester Proveit Software Ltd 12.00 pm Bolton R R Folio Ltd 11.00 am Bristol Rehab North West Ltd 11.00 am Warrington Rolla-Glide Ltd 03.00 pm Billericay Saturn Steels & Plastics Ltd 11.00 am Rotherham Shay Garments Ltd 02.30 pm Birmingham Special Cleaning Services Ltd 10.30 am London Tavistock Group Ltd 10.30 am Southend-on-Sea Turntech (Bordon) Ltd 11.00 am Southampton Vital Fixings Ltd 11.30 am Altrincham Wholesale Windows Ltd 11.30 am Preston 17/03/2000 Abbeymore Services Ltd 01.30 pm Oadby Absolut Cardiff Ltd 10.15 am Whitchurch Apex Logistics Ltd 11.00 am Newton-le-Willo Ashmede Properties Ltd 12.00 pm London Aspect Printing & Design Ltd 04.00 pm London Ben Line Container Holdings Ltd 03.40 pm Edinburgh Ben Line Containers Ltd 03.30 pm Edinburgh Ben Line Group Ltd 03.50 pm Edinburgh Ben Line Offshore Contractors Ltd 03.35 pm Edinburgh Ben Line Steamers Ltd 03.45 pm Edinburgh Birmingham Instant Print Ltd 11.00 am Birmingham Broadleaf Furniture Ltd 11.00 am Barnet Cargo Bonding Co Ltd 11.00 am Mackworth Central Ducting Sales Vent Prod Ltd 10.30 am Nottingham Cobra Machinery Ltd 02.30 pm Warrington Correct Task Ltd 10.30 am Droitwich Spa Dalepak (Northampton) Ltd 10.30 am Bedford Ellerhold Building Services Ltd 10.30 am London Evans Group Ltd 12.00 pm Cardiff Farwin Services Ltd 11.00 am London Filebox Ltd 12.00 pm Cardiff Future Leisure (Distributing) Ltd 12.00 pm London Greenport Ltd 03.00 pm Wembley Hafren Wholesale Co Ltd 11.30 am Cardiff Handella Ltd 12.00 pm London Harlow Grange (Brightons) Ltd 02.00 pm Glasgow Harrison Terry Retail Ltd 11.30 am Oadby Harrisons of Burton Ltd 03.30 pm Oadby Harrisons of Loughborough Ltd 04.00 pm Oadby Into Computers Ltd 11.00 am Exeter Landscape Services (Cheshire) Ltd 11.30 am Altrincham Loft Options Ltd 10.30 am Warrington Manorcraft of Nottingham Ltd 12.30 pm Nottingham Marchsale Ltd 11.00 am Manchester Midtown Services Ltd 02.30 pm Oadby Plastering Partitions & Screeds Ltd 10.30 am Aldridge Pressform Ltd 12.00 pm Birmingham Stylerate Ltd 11.30 am Manchester Taunton Communications Ltd 10.00 am Taunton Tenpress Transport Ltd 11.00 am Colchester Tring International Plc 02.30 pm London Turnkey Mechanical Services Ltd 11.00 am Birmingham W Jewkes Ltd 11.00 am Wolverhampton Worthpike Ltd 02.30 pm Portswood 20/03/2000 2000 Electro Services Ltd 12.00 pm London A W Heating Spares & Controls Ltd 12.00 pm Reading Albright Construction Ltd 11.00 am Brentwood Consolidata Holdings Ltd 11.30 am Cheadle D M Futures Ltd 11.00 am London Gangway Clothing Ltd 12.00 pm London Primet Ltd 11.30 am Manchester Sky Air Cargo Services UK Ltd 11.00 am London Yard Shoes Ltd 03.00 pm London 21/03/2000 A C Infrared Ltd 11.45 am Croydon Auld Bros (Distribution) Ltd 11.30 am London Castle Flooring Ltd 11.00 am London Corbetts Couriers Ltd 01.30 pm Cheltenham Cornelly Sales Ltd 11.30 am Edgware D S B Photographic Services Ltd 10.00 am Glasgow Dancing Fleas Productions Ltd 11.45 am London ETS (Transport & Storage) Ltd 11.30 am London Elfinsign Ltd 03.00 pm London Helvetex Ltd 10.30 am Birmingham Heritage Stone Ltd 10.00 am Hamilton Knott Quest Ltd 10.30 am Sheffield Lacara Ltd 10.30 am London Mann Garments Ltd 10.30 am Leicester Microtech Engineering Ltd 12.30 pm Gorleston-on-Se PJ Peripherals Ltd 11.00 am Hove Panel Shop Ltd - The 10.15 am Worthing Premier Contractors (Electrical) Ltd 11.15 am Bradford Regional Thai Taste Ltd 02.30 pm Paddington Sport & Leisure Publications Ltd 12.00 pm London TRT UK Ltd 12.00 pm Sandiacre Walkley Clogs (Elland) Ltd 10.30 am Halifax White Village Properties Ltd 11.30 am Sheffield White Waghorn Consultancy Ltd 02.30 pm London
TW LW TW LW
USA 1.58 1.58 Canada 2.31 2.29
Austria 22.62 22.51 Portugal 331.90 327.99
France 10.85 10.73 Belgium 66.32 65.99
Finland 9.84 9.72 Italy 3205.55 3167.86
Germany 3.23 3.20 Sweden 13.97 13.84
Holland 3.64 3.60 Switzerland 2.65 2.62
Spain 275.46 272.22 Ireland 1.30 1.28
Australia 2.61 2.63 Denmark 12.32 12.19
Hong Kong 12.32 12.34 Euro 1.65 1.63
Africa Com 10.32 10.06 Saudi Arabia 5.93 5.95
India 68.95 69.14 Malaysia 6.01 6.02
Singapore 2.71 2.72 Norway 13.39 13.22
Japan 169.81 170.57
TW This week LW Last week.
Coats Viyella announced pre-tax profits of 63.6 million pounds, after exceptional charge, on turnover of 1,680 million, for the year ending 31st December 1999. Earnings per share stand at 4.1p.
Country Gardens announced pre-tax profits of 7.57 million pounds, after exceptional credit, on turnover of 62 million, for the year ending 31st December 1999. Earnings per share stand at 20.4p.
Lavendon Group announced pre-tax profits of 8.47 million pounds, on turnover of 45.2 million, for the year ending 31st December 1999. Earnings per share stand at 24.2p.
SIG the insulation and roofing materials group, announced pre-tax profits of 42.3 million pounds, on turnover of 841.3 million, for the year ending 31st December 1999. Earnings per share stand at 24.4p.
MERGER CLEARANCE
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 to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Proposed acquisition by Dimension Data Holdings Limited of assets of Comparex UK Limited namely its European Networking business
Proposed acquisition by Old Mutual plc of Gerrard plc
Acquisition by Octel Corporation of OBOAdler Company Ltd
7 March 2000
PROPOSED MERGER BETWEEN HANSON PLC AND PIONEER INTERNATIONAL LIMITED
Kim Howells, Minister for Competition and Consumer Affairs, has decided, in accordance with the advice of the Director General of Fair Trading, to request the European Commission to refer to the UK authorities the proposed acquisition by Hanson plc of Pioneer International Limited under Article 9 of the EC Merger Regulation. This is currently being considered under the EC Merger Regulation.
Dr Howells said;
"The Director General of Fair Trading has advised that the proposed merger raises competition concerns in distinct markets in the UK which warrant further investigation. I agree and am therefore requesting the European Commission to refer the case to UK."
If the Commission refers this merger to the UK authorities, it will be considered under the merger provisions of the Fair Trading Act.
The proposed merger between Hanson plc and Pioneer International Limited was notified to the European Commission on 10 February 2000 under the terms of the EC Merger Regulation (Council Regulation 4064/89 as amended by Council Regulation 1310/97). In accordance with Article 19 of the Regulation the UK received a copy of the notification on 14 February 2000.
Under Article 9 (2)(a) of the EC Merger Regulation a Member State may inform the EC Commission that a merger threatens to create or to strengthen a dominant position as a result of which effective competition will be significantly impeded on a market within that Member State, which presents all the characteristics of a distinct market.
If the Commission considers that a merger threatens to create or to strengthen a dominant position as a result of which effective competition would be significantly impeded on a distinct market within that Member State it shall either:-
(a) deal itself with the case in order to restore effective competition on the market concerned; or
(b) refer whole or part of the case to the Member State concerned with a view to the application of the Member State's competition law.
The UK has previously made six Article 9 requests to the Commission for a case to be referred to the UK authorities. These requests were in the cases of Anglo American plc/Tarmac plc, Exxon Corporation/Mobil Corporation (1999), Electricite de France/London Electricity PLC (1999), Redland plc/Lafarge S.A (1997), GEHE and Lloyds (1996) and Tarmac/Steetley (1992).
Patricia Hewitt, Minister for E-Commerce and Small Business is visiting the USA from 13-16 March. She will be exchanging ideas on driving forward global e-commerce and responding to the challenges of the developing technologies.
Ms Hewitt said:
"The impact of e-commerce and modern technologies on business is global. If the UK is to play a leading role in the knowledge driven economy, we have to be able to co-operate as well as compete.
"The UK is a world leader in mobile telephony and digital television, and we have an estimated two year lead over the USA in these areas. But the USA has traditionally led the way in e-commerce and the use of the internet. Therefore it is crucial that we work together and learn from each other.
"If we are to maintain our lead in the e-revolution, we must continue to look forward and harness new and developing technologies. Things that think and e-science are the next big leap forward. The UK and the USA must both be ready to embrace this exciting future."
During the visit, Ms Hewitt will also meet key players in the USA's small business sector and the Small Business Administration (SBA). David Irwin, the new Chief Executive of the Small Business Service (SBS) will accompany her.
Ms Hewitt said:
"Small businesses are the lifeblood of the UK economy. Next month sees the launch of the Small Business Service (SBS). The first class support services the SBS will provide will play a major role in building an enterprise society in which all firms can thrive and fulfil their potential. I hope David and I can learn some important lessons when we meet our US counterparts in the SBA."
Patricia Hewitt is visiting the USA from 13-16 March. On Monday 13 March Ms Hewitt is in Washington, where she is meeting the US Small Business Administration, the Minority Business Development Agency and the US Department of Commerce. On Tuesday 14 March, the Minister is visiting the Center for Innovative Technology in Virginia and speaking at the Global Internet Summit. On Wednesday 15 March, Ms Hewitt travels to Boston, to visit the Boston Empowerment Center and the Computer Science and Media Laboratories at the Massachusetts Institute of Technology. She is also speaking at the Harvard Information Infrastructure Project and the Fletcher School of Law and Diplomacy, Tufts University. On Thursday 16 March, Ms Hewitt will be making company calls in Westchester and Connecticut.
14 to the 16 March 2000 Credit 2000 THE UK event for the Commercial and Consumer Credit Industry Olympia2, London Save #10.00 and register for FREE at www.creditevents.com 20 March 2000 Wessex branch meeting of the ICM - AGM The Southampton Yacht Club 1 Channel Way, Southampton 7.00pm for 7.30pm Sponsored by Croner Publications 17 April 2000 Wessex branch meeting of the ICM The Budget Presentation by Ian Nichol from PricewaterhouseCoopers The Southampton Yacht Club 1 Channel Way, Southampton 7.00pm for 7.30pm 26th April 2000 Companies House Seminar Pine Lodge Hotel Kidderminster Road Bromsgrove B61 9AB Registration 5.30pm - 6.00pm Seminars include a question and answer session and buffet 6.00pm - 9.00pm Cost 37.60 pounds Contact Tamara Bent tbent@companieshouse.gov.uk +44 (0)29 20380911 23 May 2000 The ICM National Conference and Exhibition Cumberland Hotel, Marble Arch, London W1 Credit Management in the Electronic Age For more details of the Conference or to exhibit phone the ICM Training department on 01780-722907 Tuesday 3 October 2000 ICM Credit Scotland 2000 (Conference and Exhibition) Hampden Park Football Stadium, Glasgow Anyone interested in attending (or exhibiting) should contact David Ancliffe on (0131 200 8686).
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