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 32
Dated: 13 August 2000
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
We are now going to have our summer holiday break. We look forward to being back with you on the 10 September 2000.
UKSMALL AND MEDIUM ENTERPRISE (SME) STATISTICS FOR THE UK, 1999
There were an estimated 3.7 million active businesses in the UK at the start of 1999 according to headline statistics published on the 7 August 2000.
The statistics contain a size breakdown of the number of businesses in the UK, from small traders with no employees to those with 500 or more employees. They also show the contribution to employment and turnover made by businesses of different sizes, industry by industry.
Trends in the number of businesses
The stock of enterprises has now been at a similar level for the fifth successive year following falls in 1992 and 1993 (see Figure 1). The business stock is 1.3 million higher than in 1980 (the first year for which comparable figures are available). Most of the growth in the business population between 1998 and 1999 has been in the 1-4 employee category.
Businesses with and without employees
Of the 3.7 million businesses in 1999, over 2.3 million were 'size class zero' businesses - those made up of sole traders or partners without employees. The number of size class zero businesses has fallen since the start of 1998 especially in the agriculture, construction and wholesale/retail sectors.
At the start of 1999, 1.3 million businesses were employers, an increase on the 1998 figures. The increase is mainly due to the rise in businesses with one employee. 1998 also saw improved survival rates for businesses.
Table 1: Number of businesses, employment & turnover by size of enterprise, start 1999
1excluding VAT. Finance Sector turnover excluded from turnover totals
Small, Medium and Large Businesses
Of the entire business population of 3.7 million enterprises, only 24,000 were medium sized (50 to 249 employees) and less than 7,000 were large (250 or more employees). Small businesses, including those without employees, accounted for over 99% of businesses, 45% of non-government employment and (excluding the finance sector) 38% of turnover. In contrast, the 7,000 largest businesses accounted for 45% of non-government employment and 49% of turnover (see Figure 2).
Industry Patterns
At the start of 1999, at least 98% of businesses in all but the electricity, gas and water supply sector were SMEs.
The share of employment provided by SMEs varies greatly from one industry to the next. In construction 84% of employment is accounted for by SMEs while in finance it is only 21%. Table 2 shows the difference between sectors in more detail.
More detailed industry figures available in the Statistical Bulletin Small and Medium Enterprise (SME) Statistics for the UK 1999 (to be published in September), show employment was particularly reliant on small businesses in areas as diverse as manufacture of leather clothes, recycling, motorcycle repairs and real estate activities.
Of the 2.3 million enterprises with no employees, 24% are in the construction sector and 18% in business related services.
Table 2: SME share of businesses, employment and turnover by industry, start 1999
1Finance sector excluded from turnover
Regional Analysis
Small and medium enterprises accounted for over 99% of businesses in all regions. The share of employment in SMEs was highest among Northern Ireland based businesses and lowest among those based in London. The share of turnover in SMEs was also highest among Northern Ireland based businesses, and was lowest among those based in London, the South East, North East and Yorkshire and the Humber (see Table 3).
Table 3: SME share of businesses, employment & turnover by Government Office Region, start 1999
All tables are available from the DTI website
1excluding VAT Finance sector excluded from turnover
National Statistics
National Statistics are produced to high professional standards set out in the National Statistics Code of Practice. They undergo regular quality assurance reviews to ensure that they meet customer needs. They are produced free from any political interference. You can find a range of National Statistics on the Internet - www.statistics.gov.uk
The Statistical Bulletin Small and Medium Enterprise (SME) Statistics for the UK, 1999 will be available in September from Small Business Service, Level 2, St Mary's House c/o Moorfoot, Sheffield S1 4PQ, priced £20 a copy. It contains a size breakdown of the number of businesses in the United Kingdom. It shows the contribution to employment and turnover made by businesses of different sizes, in each of the UK's 200 main industries and services. Industry data by region are also included. The Bulletin is an aid to economic planning, marketing, business surveys and research.
For general enquiries into these statistics contact 0114 2597538.
DTI website: http://www.dti.gov.uk
SBS website: http://www.businessadviceonline.org
BRC-KPMG JULY RETAIL SALES MONITOR
Manufacturing, Retail and Distribution
Low Prices Hit Sales Values
The British Retail Consortium-KPMG Sales Monitor for July recorded a slight weakening in retail sales growth. Like-for-like sales increased by 2.2% in the year to July, compared with 2.8% increase year-on-year in June. The rate of growth in total sales slowed from 5.2% in June to 4.7% in July.
The three-month trend rates of growth reduced from 6.8% to 5.2% for total sales, and from 4.3% to 2.7% for like-for-like sales.
Price deflation and poor weather during much of the month combined to dampen sales values.
Some retailers began their summer discounting earlier than last year; resulting in a boost to sales in June rather than July. Other retailers began their summer sales at the end of July, which will boost sales growth in August. Bridget Rosewell, Chief Economic Adviser to BRC, comments:-
"The position over the last three months shows that retail sales are growing at somewhat below the average rate for the last four to five years. At present there are no signs of either boom or slump in the figures and this supports the decision of the Monetary Policy Committee to keep interest rates on hold. If anything, these figures indicate a weakening in sales growth rather than the reverse."
Bill Moyes, BRC’s new Director General, comments:-
"These figures bear out recent survey evidence of reduced consumer confidence and lower consumer credit. Many retailers experienced a reasonable month in terms of customer footfall and volume of sales. However value of sales continued to be hit by discounting in an already deflationary environment."
The July Monitor covers four weeks from 2 to 29 July and provides the most up-to-date reflection of recent retail performance. The August Monitor will be published on 4 September, embargoed to 00.30 hours on 5 September. The data is collected and collated for BRC by KPMG.
THE EURO
The Euro continued its recent decline. A string of encouraging news suggested that America's boom continues; disappointing unemployment and industrial production numbers from Germany left Europe's single currency to slide.
Source - The Economist
Contributed by UK Companies House
What is an LLP?
It is an alternative corporate business vehicle that gives the benefits of limited liability but allows its members the flexibility of organising their internal structure as a traditional partnership.
When will they appear?
Legislation is currently going through Parliament. We would expect to see LLPs incorporated by early 2001.
How much will it cost to set up an LLP?
This has yet to be determined.
What is the difference between a member and a designated member?
Designated members are responsible for carrying out certain duties including some of those that would normally be carried out by a company director or secretary. They include such things as:
Although the above duties are specifically with the responsibility of designated members, the LLP regulations will provide for any member of the LLP who "knowingly and wilfully authorises or permits a default" to be subject to a financial penalty (as set out in Section 730(5) of the Companies Act 1985, Schedule 24).
What are the disclosure requirements?
They are similar to those of a company. LLPs will be required to provide financial information equivalent to that of companies including the filing of annual accounts. Among other things, they will also be required to:
Can a company re-register as an LLP?
No, it is not possible to convert either way.
How can I become an LLP?
Incorporation will be by registration at Companies House, similar to the way in which one becomes a company.
How will an LLP be taxed?
An LLP will be taxed as a partnership. The internal structure of the LLP will be similar to that of a partnership. The members will provide working capital and will share any profits. Income derived by the members from the LLP will be closer to that of a partnership than to the dividends paid by companies.
The Bill also provides that any partnership converting to an LLP will receive relief from stamp duty on any property transferred in the first year, subject to conditions.
Members will be liable to pay Class 2 and Class 4 National Insurance contributions.
For further information on Tax and National Insurance please visit the Inland Revenue Website: www.inlandrevenue.gov.uk
Who will be liable/Who will claims be made against?
The LLP will be a separate legal entity and while the LLP itself will be liable for the full extent of its assets the liability of the members will be limited.
In the main, any third party would usually contract with the LLP rather than with the members themselves and in those circumstances it would be the LLP which is liable.
It would though, under certain circumstances, be possible to bring a claim for economic loss against an individual member who has been negligent. Any such claim would be a civil action outside the contract as the party would have contracted with the LLP. The outcome of any such claim would not be easy to forecast but recent case law suggests that the courts would, when making any decision, have regard as to whether or not the LLP member assumed personal responsibility for the advice, whether the client relied on the assumption of responsibility and whether such reliance was reasonable.
What sort of organisation can become an LLP?
Any new or existing firm of two or more persons will be able to incorporate as an LLP.
Can I incorporate an LLP in Scotland as well as England/Wales?
Yes.
Will LLPs be available to charities?
No. LLPs are only available to any lawful business that is carried out with a view to a profit.
Further information in respect of Companies House involvement can be obtained from:
Phil Coates
Policy & Planning
Companies House
Crown Way
CARDIFF CF14 3UZ
Tel: 029 2038 0208
E-mail: pcoates@companieshouse.gov.uk
Further information on LLP's and the bill can be obtained from:
www.dti.gov.uk/cld/llpbill/index.htm
John Spurgeon
Company Law & Investigations Directorate 2d
Department of Trade & Industry
Bay 4100
1 Victoria Street
LONDON SW1H 0ET
Tel: 0207 215 3858
E-mail: john.spurgeon@dti.gov.uk
GRAYDON UK LAUNCH ePATROL
London, 12 August 2000.
Graydon UK, (www.graydon.co.uk), are preparing to launch a new product with their new credit risk portfolio management service that will be available to registered users via the Internet.
"ePatrol" is the first product of its kind to be available in the UK via the Internet that combines interactively users' own key customer ledger credit data with up-to-date Graydon Credit Rating and key financial data in one.
"ePatrol" is aimed at the Credit Managers handling medium to large ledgers of active customer accounts and provides portfolio risk analysis and tracking online with additional capabilities of management reporting and connection 24 hours a day 7 days a week. It will be designed to be combined with their existing credit risk monitoring/early warning service.
"Early interest in this service has come from a variety of business sectors, including computer and telecoms companies," notes Gordon Skaljak, Marketing Manager for Graydon UK Ltd. "The nature of this product makes it highly appropriate for a wide range of businesses. The highly interactive and dynamic nature of ePatrol will make it extremely popular with credit risk managers handling medium to large customer ledgers."
The launch is planned for the end of August.
BUSINESS LOANS TO HUSBANDS GUARANTEED BY WIVES - SOME LEGAL DIFFICULTIES
Contributed by Stephen Cowan, Yuill & Kyle, Debt Recovery Lawyers, Scotland, 0141 332 7107
E-mail scowan@yuill-kyle.co.uk Website www.debtscotland.com
It is not unusual for a husband to borrow money from a bank for his business secured over the matrimonial home. If the business fails with the loan remaining unpaid ultimately the bank may call up the security forcing the sale of the property. The wife will call "foul". Why should she lose her house for a business failure for which she has no responsibility?
These were the circumstances presented in the Sheriff Court action of The Royal Bank of Scotland v Walter Gibb Clark and Others. The wife argued the security was flawed because the bank failed to advise her the house was at risk when she signed the security- despite the fact she was legally represented (albeit the family lawyer represented both her and her husband).
The court decided it was unnecessary for the bank to give the advice she thought was vital for the security to be valid. In reaching its decision the court examined the duty owed by the bank (as lender to the husband) to a wife guaranteeing the husband's business obligations. Initially the court accepted the bank would be required to show it had acted in good faith for the guarantee to be valid.
But what does the law require to demonstrate "good faith"? The court answered this by first examining the circumstances where a duty would arise by saying the bank would owe a duty "..If the circumstances…are such as to lead a reasonable man to believe that owing to the personal relationship between the debtor and the proposed cautioner the latter's consent may not have been fully informed or freely given".
If there were no particularly close relationship between the borrower and guarantor then a duty of good faith by the bank would not arise.
So what will financial institutions have to do to ensure they operate within the law?
Basically the court said, in referring to similar cases, "it would be sufficient for the creditor to warn the potential cautioner of the consequences of entering into the proposed cautionary obligation and to advise him or her to take independent advice".
But the wife's lawyer argued obviously as there was a close personal relationship between husband and wife (which the bank would have known about) they should have been aware her consent to the guarantee may not have been fully informed or freely given. This would, in turn, trigger the bank's duty. -This meant they would have to demonstrate the wife had freely given her consent to the security by her having got independent legal advice. As the same lawyer who advised her husband had advised her then how could the advice be independent?
The court followed a common sense approach by saying just because the same lawyer represented both the husband and the wife did not mean consent was not freely given. Indeed the court was of the opinion the bank would not even be required to consider the quality of the advice given .Nor would the bank be obliged to advise the wife she should consider taking separate legal representation or, indeed, the consequences of entering into the guarantee.
It is helpful the law in both Scotland and England have reached similar conclusions. In reviewing its decision the court emphasised the English Appeal Court had reached the same result in the case of The Royal Bank of Scotland v Etridge (No 2). The Sheriff seemed content both legal systems were operating "in tandem". It will be obviously helpful to banks to know their legal obligations are identical both north and south of the border.
HEVER TIMESHARE AND HORSE RACING COMPANIES WOUND UP ON PETITIONS PRESENTED BY THE DTI
Holiday makers who lost thousands of pounds buying worthless shares in a property company, thinking they were investing in timeshare, had their worst fears confirmed this week after Hever Worldwide Properties plc and nine other linked companies were wound up in the public interest by the High Court.
The petitions by the Secretary of State for Trade and Industry were presented following investigations carried out by the Department's Companies Investigation Branch (CIB) under section 447 of the Companies Act 1985.
Hever Worldwide Properties plc invited members of the public to subscribe for shares in the company to which points conferring an entitlement to use holiday accommodation through Hever Vacation Club were attached. The accommodation was at holiday resorts both in the UK and abroad, most notably at Hever Golf and Country Club at Hever in Kent and at Long Beach Club, Magosa, Northern Cyprus.
In all over £7 million was raised from members of the public from the promotion of the company's shares through the issue of four prospectuses. Hever Vacation Club was inextricably linked with these arrangements.
The principal grounds for the petitions against Hever Worldwide Properties plc and Hever Vacation Club arose out of the promotion of the company's shares to facilitate the sale of timeshare holidays to members of the public. In the course of promoting these shares and holidays, various misleading statements and misrepresentations were made. A substantial proportion of the money subscribed by members of the public was paid to Casterbridge Properties Limited with Hever Worldwide Properties plc receiving "occupation rights" of uncertain value at the holiday resorts.
Monaman Limited, Casterbridge Properties Limited, Hever Country Hotel Limited, Hever Country Hotel Title Limited and Fanlight Finance Limited were all involved in a related scheme to develop, market and run a hotel and timeshare resort at Hever Golf and Country Club.
The principal grounds for the petitions against Monaman Limited, Casterbridge Properties Limited, Hever Country Hotel Limited, Hever Country Hotel Title Limited and Fanlight Finance Limited relate to various complicated property transactions. These involved the sale and purchase of "occupation rights" without any professional or independent valuations being carried out, to the absence of proper accounting records and to the lack of planning consent for a timeshare resort at Hever Golf and Country Club.
On the application of the Secretary of State the Court appointed the Official Receiver as provisional liquidator of these six companies and Hever Vacation Club on 5 October 1999. The role of the Official Receiver as provisional liquidator was to protect and preserve the assets and financial records of these companies and the club until the hearing of the winding-up petitions.
The petitions (and the application for the appointment of the Official Receiver) were opposed by the companies and the club and a trial date for the petitions was fixed by the Court to commence on 2 October 2000 with a time estimate of four to six weeks.
Following further inquiries by CIB into Hever Management Limited, which managed the Hever Golf and Country Club site, a petition to wind up that company was also presented in the public interest and, after another disputed hearing, the Official Receiver was appointed provisional liquidator of that company on 22 March 2000.
The principal grounds for the petition against Hever Management Limited were that the company failed to maintain proper accounting records, failed to maintain a "Management Expense Account" or other separate bank account for management charges collected from members of the public, failed to set up a sinking fund in order to provide for long term repairs and maintenance and made unexplained payments to the Popely brothers (see notes below) or to companies controlled by them. This included the purchase and sale of a Bayliner Ciera 3055 Sunbridge motor boat.
The Official Receiver was given leave by the Court on 26 May 2000 to sell the various Hever companies' timeshare interests and also to dispose of the business and assets of Hever Management Limited (consisting principally of the management of the hotel and timeshare site at Hever in Kent) to various companies, some of which are associated with an Action Group formed to represent the interests of members of the public who had dealt with the foregoing companies.
A case management conference was held before Mr Justice Park on 1 August 2000 to prepare for the trial due to commence on 2 October 2000. Without any prior notice, representatives of Hever Worldwide Properties plc, Hever Vacation Club, Casterbridge Properties Limited, Monaman Limited and Hever Management Limited withdrew their defence to the petitions. The Judge made winding up orders in the public interest against these four companies and the club.
In the cases of the other three companies, Hever Country Hotel Limited, Hever Country Hotel Title Limited and Fanlight Finance Limited (all of whom were not represented at the foregoing case management conference), the Judge adjourned the matter to 11 August 2000 so that they could be given another opportunity to attend Court. In the event these three companies no longer resisted the petitions and at the adjourned hearing on 11 August the Judge after hearing representations from Mr Peter Hutchinson of Hutchinson & Co Trust Company Limited, made winding up orders in the public interest against them.
On 9 August 2000 the petitions presented by the Secretary of State against Hever Racing Club plc and Hever Racing Club 1 were heard by the Court. The petitions were unopposed and winding up orders were made in the public interest.
Hever Racing Club plc was formed to own and race horses. It also raised money from the public by way of a prospectus. It offered for subscription shares in the company in order to operate a racing club called Hever Racing Club 1. The club was to lease racehorses from the company.
The horse described by Hever Racing Club plc as the flagship in the string of horses was "Hever Golf Rose", a moderately successful sprint filly. Contrary to the arrangements set out in the prospectus, it is unclear which, if any, horses Hever Racing Club plc in fact owned and/or leased to the club, or what became of them.
Membership of Hever Racing Club 1 was initially restricted to shareholders of Hever Racing Club plc. However, membership was subsequently opened to non-shareholders. Many of these people had bought timeshare accommodation at Hever Golf and Country Club and been offered "free" membership as an inducement to purchase their timeshare weeks.
The principal grounds for the winding up of Hever Racing Club plc and Hever Racing Club 1 were that money was raised from the public by false and misleading statements, no separate account was maintained for subscription monies received from members of the public, that the money raised was not returned to the subscribers when the minimum subscription of £125,000 was not reached, no proper accounting records were maintained and that substantial and unexplained sums were paid to entities connected with the Popely brothers.
As a result of the winding up orders the Official Receiver is the liquidator of the eight companies and two unregistered clubs.
Hever Worldwide Properties plc (formerly Hever Worldwide Vacation plc and Hever Worldwide Property Club plc) was incorporated in England as a public company on 6 November 1997. Its registered office is Kings Parade, Lower Coombe Street, Croydon CR0 1AA. Its directors have been Mr Ronald Albert Popely, his brother Mr John Henry Popely (who resigned on 18 June 1999), Mr Michael Ellis Harris, a solicitor (who resigned on 5 July 1999) and more recently Mr Mark Stanley Agombar, a solicitor. The company secretary is Mr William Watson, a chartered accountant.
Hever Vacation Club is an unincorporated association based at Hever Golf and Country Club, Hever Road, Hever, Kent TN8 7NP.
Monaman Limited (formerly Hever Castle Golf and Country Club plc and Hever Golf and Country Club plc) was incorporated in England as a public company on 15 April 1993. On 30 May 1998 the company re-registered as a private company. Its registered office is Kings Parade, Lower Coombe Street, Croydon CR0 1AA. Its directors have been Mr Ronald Albert Popely (who resigned on 5 July 1999), his brother Mr John Henry Popely (who resigned on 29 May 1996), Mr Malcolm James Cunningham (who resigned on 11 July 1997) and Mr Stephen William Dickson. The company secretary is Mr Russell Lindsay Miller, a chartered accountant.
Casterbridge Properties Limited is a company registered in St Vincent and the Grenadines. It is based at Hever Golf and Country Club, Hever Road, Hever, Kent TN8 7NP. According to Mr Bryan Jeeves OBE of St Vincent Trust Services in Liechtenstein, he, together with his son Mr Alexander B Jeeves (Honorary Consul for St Vincent and the Grenadines) and Miss Petra Fiel acted on behalf of Casterbridge Properties Limited whose sole appointed director is Corporate Directors Limited which is also based in St Vincent and the Grenadines.
Casterbridge Properties Limited has no connection with a company incorporated in England of the same name (company number 3047184) whose registered office is Casterbridge, The Thatchway, Angmering, BN16 4HJ.
Hever Country Hotel Limited was incorporated in England as a private company on 9 January 1995. Its registered office is Thames House, Roman Square, Sittingbourne, Kent ME10 4BJ. Its sole director has been Mr John Henry Popely. The company secretary is his wife, Mrs Anne Patricia Popely.
Hever Country Hotel Title Limited was incorporated in England as a private company on 21 November 1994. Its registered office is 5 Priory Court, Tuscam Way, Camberley, Surrey, GU15 3YX. Its directors are HTC Nominees Limited and HTC Secretarial Services Limited. The company secretary is HTC Secretarial Services Limited.
Fanlight Finance Limited is a company registered in St Vincent and the Grenadines. It is based at Unit 4, Walsham Enterprise Centre, Rectory Road, Grays, Essex. Its only director is Lex Services Limited, part of the Jeeves Group of companies based in Liechtenstein.
Hever Management Limited was incorporated in England as a private company on 8 December 1997. Its registered office is Hever Golf Club, Hever Road, Edenbridge, Kent TN8 7NP. Its directors have been Mr Ronald Albert Popely (who resigned on 5 July 1999), Ms Jane Camille Hawley (who resigned on 7 October 1999) and Ms Dawn Humphrey. The company secretary is Mr Russell Lindsay Miller, a chartered accountant.
Hever Racing Club plc was incorporated in England as a public limited company on 29 August 1995. Its registered office is at Hever Road, Hever, Edenbridge, Kent TN8 7NG. Its directors have been Mr Malcolm James Cunningham, Mr Thomas Joseph Naughton and Mr John Francombe MBE. The company secretary is Mr Russell Lindsay Miller, a chartered accountant.
Hever Racing Club 1 is an unincorporated association based at Hever Golf and Country Club, Hever Road, Hever, Kent TN8 7NP
The petitions were presented under Section 124A and section 221 (5) of the Insolvency Act 1986.
All public enquiries concerning either company should be made to:
THE OFFICIAL RECEIVER
Public Interest Unit
21 Bloomsbury Street
London WC1B 3SS
Tel No: 020 7637 6544
Further information on company investigations is available from http://www.dti.gov.uk/cld/comp inv.htm
*** FORTHCOMIMG 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 14/08/2000 to 22/08/2000 Number of Creditor meetings : 219 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 17/08/2000 Beechwood Join & Build (Scotland) Ltd 02.00 am Glasgow 23 Administrator Calling a meeting of Creditors 15/08/2000 Apex Cleaners Ltd 11.30 am Manchester European Commercial Pressings Ltd 11.00 am Birmingham Rotapak Ltd 10.00 am Rotherham SEP Presstech Ltd 12.30 pm Birmingham 16/08/2000 Brownjay Ltd 02.30 pm Southampton Tech Direct Europe Plc 12.00 pm London 17/08/2000 Camber International Ltd 11.00 am Leicester W H Wootton (Builders) Ltd 10.00 am Nottingham 21/08/2000 G & J Enterprises Group Plc 10.00 am Birmingham 48 Receiver calling unsecured Creditors Meeting 14/08/2000 International Data Ltd 11.30 am Ringwood TBS Cygma Plc 11.00 am Manchester 16/08/2000 ISUK Realisations Ltd 10.00 am London Rushmoor Ltd 11.00 am London UK Insulation Supplies (Scotland) Ltd 11.00 am London 17/08/2000 SFL Realisations Ltd 10.30 am London Westerly Group Ltd 11.00 am Reading 18/08/2000 Carrisway Ltd 11.00 am Liverpool 22/08/2000 Razorsharpknife Ltd 10.30 am Leeds 67 Scotland - Receiver calling Meeting of unsecured Creditors 17/08/2000 Face Two Face Promotions Ltd 10.00 am Glasgow 21/08/2000 Fruit of the Sea Ltd 12.30 pm Aberdeen 84 N. Ireland - Creditors Voluntary Liquidation 15/08/2000 Causeway Contractors Ltd 11.00 am Belfast 98 Creditors Voluntary Liquidations 14/08/2000 Bennett Bros (Contractors) Ltd 03.00 pm Swansea Burngate Ltd 11.00 am Liverpool Craig Arnolds Ltd 11.00 am Nuneaton Daniel Peters Ltd 11.00 am Birmingham Eastcote Garden Centre (1997) Ltd 03.00 pm Pinner FMFS Ltd 03.00 pm Leeds Frank Kelly Systems Ltd 10.00 am Cheltenham I D C Videoworld Ltd 02.30 pm Warrington JNGC Watford Ltd 02.30 pm London Midas Clothing Ltd 10.00 am London Midland Freight Co Ltd 12.00 pm Worcester Midland Tyre Supplies Ltd 11.00 am Wolverhampton Monatee Group Ltd 02.30 pm Leeds P D Kelly Ltd 03.00 pm Birmingham PJ Design Consultants Ltd 11.30 am Bolton Paxman & Wood (Insurance Brokers) Ltd 11.30 am Croydon Pinklady Ltd 02.30 pm London QIQ International Ltd 03.30 pm London Relling Sails Ltd 11.00 am Southampton Second Generation Pine Ltd 11.30 am Manchester Skyplus Ltd 10.00 am Darwen Spiller The Builder Ltd 11.00 am Bristol 15/08/2000 Allied Plumbers & Electricians Ltd 11.30 am Bradford Alpha Telecom Ltd 02.00 pm St Helier Amptec Heating Technology Ltd 11.00 am Chandlers Ford Apollo Distribution & Storage Ltd 10.00 am Barnwood Ashcroft & Williamson Ltd 11.00 am Altrincham Bios (Consult & Contract Research) Ltd 10.30 am London Burns (Jewellers) Ltd 12.00 pm Manchester Burns Jewellers (Manchester) Ltd 11.30 am Manchester CJ Plant Sales Ltd 12.00 pm Southampton Continental Transportation Ltd 12.00 pm Mitcham Crest Catering Equipment Ltd 10.30 am Newcastle-u-Tyn D & R Holdings Ltd 11.00 am Swindon Davis UK Ltd 11.30 am London Elmbridge Construction Ltd 11.45 am London Elmbridge Contracts Ltd 11.30 am London Essex Connect Ltd 11.30 am London Eveerge Ltd 11.00 am Norwich Fallows Ltd 11.00 am Liverpool Fibreply Ltd 11.30 am Manchester First Time Films Ltd 11.30 am Rotherham Foundrite Ltd 12.00 pm Liverpool Gal Ltd 11.00 am London Gramforce Ltd 12.00 pm London Greenacres Construction (UK) Ltd 10.30 am Sheffield H Beach & Son Ltd 11.00 am Birmingham Howard & Drews (BA) Ltd 11.00 am Manchester John Anthony Signs (Northern) Ltd 12.30 pm Kenton K E M Engineering Ltd 02.30 pm London Linx Products Ltd 11.30 am Preston M C Travel Ltd 11.15 am Bradford-on-Avo Mechanical Electrical Services Ltd 12.00 pm Swindon Monarch Woodcraft Ltd 11.00 am Hornchurch Netwave Computer Systems Ltd 12.00 pm London Omega Tutamen (Consultants) Ltd 11.30 am London Pathwalk Ltd 11.30 am Manchester Powermark Plc 11.00 am London Romoth Developments Ltd 10.15 am Worthing Rosscold Ltd 11.00 am Bristol Sewells Caravan Centre Ltd 11.30 am Carlisle Sheldon Catering Butchers Ltd 11.30 am Walsall Site & Fabricat Egineers (Product) Ltd 11.30 am Altrincham Something Special (Wed Specialist) Ltd 02.30 pm London Sterncross Ltd 11.00 am London T & M Engineering (Blackburn) Ltd 11.00 am Preston Turnstile Systems Ltd 11.30 am Swindon Wescot Hides Ltd 12.00 pm Glasgow Xtraz Ltd 11.00 am Glasgow 16/08/2000 Ambest Ltd 10.05 am Egham Blessarch Ltd 12.00 pm Birmingham Bonjour Publications Ltd 11.00 am London Burlington Commodities Ltd 11.00 am London Cedar (North East) Ltd 03.00 pm Newcastle-u-Tyn Choicemode Solutions Ltd 11.00 am Bristol Coralbeech Ltd 12.30 pm Weybridge Debdale Leather Co Ltd - The 03.30 pm Lutterworth Friendly Forecourts (Wall Heath) Ltd 11.00 am Birmingham GDA Promotions Ltd 11.00 am Harpenden Gilbert Tansley Hair & Beauty Acad Lt 02.30 pm Leicester Graham Cooper Developments Ltd 11.15 am Manchester Harley Restaurant Ltd 11.00 am London Hibbert Fine Art Ltd 11.00 am Sheffield J C I (Pipework) Ltd 11.00 am Birmingham Jee Hong Ltd 10.30 am Newcastle-u-Tyn Jewelmarc Ltd 11.00 am London Keeperscrest Ltd 10.45 am Coventry Marlex Ltd 10.30 am Birmingham Multiprint Solution Co UK Ltd - The 10.30 am Bradford Netplan Systems Ltd 10.30 am Bromsgrove Omega Electrical Contractors Ltd 12.00 pm Nottingham P A J Contractors Ltd 11.30 am Preston P W Ltd 12.00 pm Glasgow Perrwtt & Son Ltd 11.00 am Barnwood Repton Homes Ltd 02.00 pm Brentwood Spartan Trade Frames Ltd 10.30 am Exeter Students Bookshops Ltd 11.30 am Keele Victorian Antiques & Exports Ltd 10.00 am London Visitor Guides Ltd 11.00 am London Ymrod Ltd 11.00 am Gosforth 17/08/2000 BRD Contracts Ltd 10.30 am Bromsgrove Beacon Tools Ltd 11.30 am Preston Chantilly Seafoods Ltd 04.00 pm London Cinderford Engineering Ltd 11.00 am London Coepel Ltd 12.30 pm London Commercial Coachbuilders (Scotland) Lt 12.00 pm Glasgow Compuflo Systems Ltd 11.30 am London Coolman Catering Supplies Ltd 02.45 pm Driffield Cottage Bakery (2000) Ltd 11.30 am Cardiff Delamere Finishing Ltd 11.00 am Southport Delka Ltd 02.30 pm London Designermaker.com Ltd 10.30 am Watford Edwin Preston Ltd 12.00 pm Walsall Frisk Ltd 03.30 pm London Londoners Ltd - The 11.30 am London M Patchett 10.30 am London Motoreasy Ltd 10.00 am High Wycombe NMS Ltd 11.30 am Liverpool Norclare Installations Ltd 10.30 am Derby Panther Cleaning Services Ltd 02.15 pm Gerrards Cross Permacoat (Midlands) Ltd 02.30 pm Birmingham Pulse Graphics Ltd 11.00 am Chatham Q & M Technology Ltd 02.30 pm Reading S C A Nicholls Ltd 11.00 am Barnstaple SGH Services Ltd 11.00 am Guildford Speed 2746 Ltd 10.30 am London Trialcharge Ltd 11.00 am Rochdale 18/08/2000 2020 Group Ltd 11.45 am London Arcade Clothing (London) Ltd 11.30 am London Aytee Ltd 11.00 am Northampton Benavic Precision Engineering Co Ltd 10.30 am Bromsgrove Bridalwear International Ltd 11.00 am Manchester Cat Installation Ltd 11.00 am Northampton DAK Associates Ltd 11.30 am Bradford Data Wiring Supplies Ltd 11.00 am Northampton Derby Integrated Transport Service Ltd 02.00 pm Derby E C C (Spares & Services) Ltd 11.00 am Birmingham Emkirk Engineering Ltd 12.00 pm Bromsgrove GTSL Millennium Co Ltd 10.30 am London Gallopgate Ltd 12.30 pm London Goulden Contracting Ltd 02.30 pm Bristol Houstons Ltd 11.30 am Lutterworth Jevaro Ltd 11.30 am Birmingham Libra Multimedia Ltd 11.15 am Bromley Link Cafe Ltd - The 10.30 am Glasgow Midas Engineering Services Ltd 12.00 pm Crawley Mobile World Europe Ltd 11.00 am London Monberg Ltd 11.30 am Southampton Netfield Ltd 11.30 am Cheadle P J Plant Hire Ltd 10.30 am Driffield Premiership Promotions Ltd 11.00 am London Quickstroke Ltd 11.00 am Manchester R & G Clothing Ltd 10.30 am Birmingham R M L Ltd 12.00 pm Leicester Rod Dodds Fabrications Ltd 03.00 pm Newcastle-u-Tyn St Pancras Property Services Ltd 12.00 pm London Unisave Personnel Associates Ltd 12.00 pm Ampfield Upper Crust Mobile Catering Ltd 11.30 am Sailsbury Warley Alloys Ltd 11.00 am Wolverhampton Zgravity Ltd 11.45 am London Zoid Ltd 11.00 am London 21/08/2000 A C R (UK) Ltd 12.00 pm London Biz Consultancy Ltd - The 12.00 pm London Cyber Enterprises Ltd 11.30 am Lutterworth Destiny Mens Designerwear Ltd 11.00 am London Forge Marketing Communications Ltd 03.00 pm Northwood Grail Construction Services Ltd 11.00 am Basingstoke International Ctre for Digital Comm Lt 12.15 pm Wolverhampton J Tompsett & Son Ltd 11.00 am Brighton Jesmonite (Europe) Ltd 12.00 pm Birmingham Jesmonite Technologies Ltd 10.30 am Birmingham Northumbria Scaffolding Ltd 03.00 pm Gosforth Softerfit Ltd 10.30 am Leeds Stamcross Ltd 10.30 am London Superior Smoked Salmon Ltd 03.00 pm London Wansdown Joinery Works (Southern) Ltd 11.00 am London 22/08/2000 Armstrong Oiler Co Ltd 10.30 am Leeds City Estate Agents (London) Ltd 12.30 pm London Collyer Ensign Ltd 11.00 am Crawley Connell Joinery & Preservation Ltd 10.15 am Glasgow Escott Packaging Ltd 11.00 am Wolverhampton Eton Bridge Bookshop Ltd 03.00 pm London Everleigh Project Ltd - The 11.00 am Swindon Gratucrels Ltd 11.00 am Glasgow J P Tooling Ltd 10.30 am Bromsgrove JMA Signs (Southern) Ltd 02.30 pm Southampton James N Connell (Holdings) Plc 10.00 am Glasgow Nationwide Cleaning Services (NCS) Ltd 03.00 pm London Numorose Ltd 11.30 am Glasgow R E M Colour Print Ltd 12.00 pm London Rateagent Ltd 12.00 pm Guildford Repro Transport Agencies Ltd 10.30 am Ipswich SPQR Ltd 02.00 pm London Scot-Dansk Pine Co Ltd 02.30 pm Glasgow Taylor Mansell Landscapes Ltd 11.45 am Holmfirth Vitalbilt Ltd 10.30 am Glasgow Weld Fabrications Ltd 11.00 am London
TW LW TW LW
USA 1.50 1.49 Canada 2.22 2.22
Austria 22.95 22.50 Portugal 334.38 327.92
France 10.94 10.72 Belgium 67.28 65.98
Finland 9.91 9.72 Italy 3229.49 3167.07
Germany 3.26 3.19 Sweden 13.88 13.84
Holland 3.67 3.60 Switzerland 2.57 2.52
Spain 277.51 272.15 Ireland 1.31 1.28
Australia 2.60 2.59 Denmark 12.43 12.19
Hong Kong 11.72 11.66 Euro 1.66 1.63
Africa Com 10.50 10.48 Saudi Arabia 5.63 5.60
India 68.82 67.78 Malaysia 5.71 5.68
Singapore 2.58 2.58 Norway 13.50 13.39
Japan 163.13 165.25
TW This week LW Last week.
Interactive Investor, the online personal finance company announced pre-tax losses of 13.4 million pounds, after exceptional charge, on turnover of 4.53 million, for the nine months ending 30th June 2000.
Perry Group, the motor retailer, announced pre-tax profits of 2.45 million pounds, after exceptional charge, on turnover of 229.8 million, for the six months ending 30th June 2000. Earnings per share stand at 6.1p.
QXL.Com announced pre-tax losses of 15.5 million pounds, after exceptional charge, on turnover of 1.88 million, for the three months ending 30th June 2000. (comparatives restated).
France Telecom sold its 49.9% stake in NOOS, a French cable operator, for 1.35 billion ($1.2 billion). NTL, the UK cable company, took 27% and Morgan Stanley Dean Witter, an American investment bank, bought 22.9%. The remaining portion was retained by Suez Lyonnaise des Eaux, a French utilities and telecoms group. France Telecom left the joint venture after Suez became a competitor by offering telecoms and data-transmission services.
Source - The Economist
Europe's competition watchdogs gave the all-clear to myaircraft.com, a business-to-business Internet venture backed by Honeywell and United Technologies that will allow aerospace companies to trade parts and services. Antitrust authorities are concerned about opportunities for price-fixing and collusion on B2B exchanges.
Source - The Economist
Barclays, the UK's fourth-largest bank, said it was in 5.5 billion pounds ($8.25 billion) takeover talks with Woolwich, a former building society. Woolwich would become Barclays's mortgage arm and add its much-admired online banking business, which uses the Internet and digital television, into the mix.
Source - The Economist
KPMG announced details of a spin-off of its consultancy arm from the main accountancy business, a move designed to satisfy the conflict-of-interest worries of American regulators. The consulting business could be worth up to $5.6 billion.
Source - The Economist
Profits at BP surged by 164% in the second quarter of 2000 to $3.6 billion, partly as a result of the high price of oil. The company, which claims that it is "beyond petroleum", expressed sympathy with UK motorists campaigning against high petrol prices.
Source - The Economist
UK experts, tasting an array of Expensive Bottled Waters for a consumer magazine, awarded top marks to a humble sample of tap water from Thames Water, a less-than-fashionable utility. Some of the water sampled costs more than 1 pounds ($1.5) a litre; Thames Water will fill a medium-sized bath for around 12 pence.
Source - The Economist
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:Acquisition by National Express Group plc subsidiary Airlinks, The Airport Coach Company Ltd of Capital Logistics.
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). Friday 6 October 2000 Swindon Branch of the ICM Seminar Telephone Collection Techniques Credit Scoring and Vetting Procedures Receiverships/Liquidations Prioritise Your Workload Cost 85.00 members, 95.00 non-members Lunch included and Refreshments Contact Barry Parkin on 01793-766471 during working hours Tuesday 17th October 2000 Chilterns Branch of the ICM Insolvency Reform and Corporate Restructuring To be held at Kodak, Hemel Hempstead 6.30 for 7.00pm Friday 24th November Chilterns Branch of the ICM Annual Dinner Your Branch Committee invites you and your Colleagues, Suppliers or Customers to a formal Dinner, a Speech and Toasts by our Special Guest Speaker. This Years sumptuous occasion is at Putteridgebury near Luton, one of the most beautiful of locations in the branch area. Tickets : #30 Per member, #50 Member & guest or A corporate table for the modest price of #275.00 For details, tickets & Table reservations please contact: Jennifer Scott 01992 553931, Stuart Hopewell 020 7465 5908, Friday 20 October 2000 Millennium Annual Dinner of the ICM Drapers Hall, City of London. # = pounds sterling
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