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 2
Dated: 16 January 2000
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
"Optimising Credit Performance in the New Millennium - Make the first collection quarter of the New Millennium your best ever!
It's that time of year again - you know, when the auditors/ bank/ FD are all saying "something must be done about debtors". Kennard & Co are putting on a one day credit management training workshop in Stoke on Trent on Wednesday, 9th February to help maximise your cash collection and minimise bad debts.
The workshop is pitched at ICM Intermediate level and is designed to encourage networking. It has been deliberately organised at a convenient venue for the Potteries so that participants don't have far to travel in the winter weather.
The trainer is Russell Kennard, MBA AIMC who has worked for several of the big companies in the area and was responsible for establishing the local MICM (Grad) course at Stoke College. A lot of interest has been shown already so book early to avoid disappointment!
Further details: Mobile 07747 845 257 Email: arkmba@btinternet.com " Website: www.arkennard.co.uk
UKNEW CBI CHIEF SAYS RATE RISE IS "UNSURPRISING BUT STILL DISAPPOINTING"
The Confederation of British Industry said the decision to raise interest rates is "unsurprising but still disappointing".
Digby Jones, the CBI's new Director-General, said: "We recognise that there is a risk to the government's inflation target if economic growth is not checked a little. It is better to nudge the tiller now rather than make a major change at a later date.
"But the rise will be unwelcome to exporters and small manufacturing firms that are struggling to keep their market share in the face of continued sterling strength.
"Recent data has been positive, but downward price pressures on retailers indicates that we are some way off a consumer boom. Indeed, there is little sign of rising inflation in many parts of the industrial scene.
"Growth should be given more of a chance. The Bank should now leave rates on hold until the post-Millennium trends become clear."
RATE RISE "DISAPPOINTING BLOW" SAY CHAMBERS
Reacting to the decision by the Bank of England’s Monetary Policy Committee to raise interest rates by a quarter point, Dr Ian Peters, Deputy Director General of the British Chambers of Commerce (BCC) said:
‘’This is a disappointing blow for British business. With the strong pound and fierce competition keeping prices firmly in check, the Monetary Policy Committee could well afford to have left rates on hold.
‘’Our main concern is the impact that this rise will have on exporters struggling with an already over-valued pound. Continued interest rate rises in 2000 hold the danger of undermining the fragile recovery in the manufacturing and traded sectors.
"Recent insolvency figures show clearly that many businesses are surviving with virtually no profit margins because of the fierce competition they are facing both at home and from abroad.’’
LIDDELL BACKS BRITAIN'S BEST IN EUROPEAN ENTERPRISE AWARDS
Helen Liddell, European Competitiveness Minister, encouraged businesses and young entrepreneurs across the UK to put themselves to the test, in the European Awards for the Spirit of Enterprise. She said "Europe is our future - it needs to be fertile ground for our entrepreneurs."
The DTI has backed the awards with a prize fund of £21,000 for winners of the national level competition, to encourage prospective participants and help celebrate the winners' success.
Speaking (8.00 am, 13 January) to an audience of business and civic leaders at the Autoquest Stadium in Widnes, Mrs Liddell set out her vision for UK engagement in Europe. She said:
"As a nation we are richer and more powerful because we are members of the European Union. The good news messages about our membership are rarely heard. But Europe is Britain's marketplace, worth £120 billion each year to UK businesses. And all this trade means jobs, millions of UK jobs.
"So Europe is our present and our future. We must be fully engaged in Europe so we can help to shape that future. This Europe-wide enterprise competition fits well with the determination of the UK Government to challenge entrepreneurs to take the lead in Europe. To deliver sustainable growth, Europe must first create a positive environment for our entrepreneurs."
The Awards are closely backed by the Department of Trade and Industry, alongside the European Commission. This is the first time the UK has participated in the Awards. They have run in other European Countries since 1991.
"Young people with good and thriving business ideas deserve recognition. Without keen young entrepreneurs, Europe will not compete effectively in the global scope. We are against the stiffest competition, but we have the talent and the creativity. I am certain we will be able to take our place with the Best in Europe."
DTI backing will help to achieve positive publicity for UK winners, boosting their business prospects. Aerophile SA, a French participated in the awards in 1994 as a under-developed business idea. The business is now a world leader in its field, providing hot air balloons for events in a number of countries including China and Australia.
The European Awards for the Spirit of Enterprise were launched on 4 January 2000 in 15 European member states, including the UK.
There are three stages to the competition: regional, national and European, with the winner of each stage automatically progressing to the next until a European winner is announced. At each level the awards celebrate enterprise in four key areas:
Award Timetable
The deadline for all applications to reach the JEE website is 31 March 2000. Regional awards ceremonies will take place in May 2000, national awards in Early June 2000. The European awards ceremonies will hold in late June 2000.
Further Information Candidates wishing to take part can contact JEE, the organisers of the Awards on freephone 0800 3280738 for further information or visit their website http://www.jee.org/
Companies House now includes insolvency details on its web site (www.companies-house.gov.uk) as part of its company names directory.
Wherever relevant, details of company insolvency can be viewed without charge. The type of insolvency will determine the details available but, generally, the service will include practitioners' details and significant case details.
Commenting on this addition to Companies House's services, John Holden, Registrar of Companies, said:
"The information which Companies House makes available to people is vital to confidence in business. By making insolvency details more readily available, we are reinforcing the principle of accessibility of company information through the Register and supporting the need for transparency in the conduct of business."
Companies House is an executive agency of the Department of Trade and Industry. It is responsible for the incorporation and dissolution of limited companies, for the registration of information supplied by them to the registrar of Companies, under the Companies Acts and related legislation, and for making this information available to the public.
The types of insolvency are: Administrative Receiver, Receiver Manager, Voluntary Liquidation (Creditors), Voluntary Liquidation (Members), Compulsory Liquidation, Corporate Voluntary Arrangement, Administration Orders, Receiver (Scottish Companies).
*** 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 17/01/2000 to 25/01/2000 Number of Creditor meetings : 150 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 17/01/2000 Callmark Ltd 11.00 am Aberdeen 18/01/2000 Slipstream Publications Ltd 10.00 am Edinburgh 20/01/2000 Trueblue Computing Ltd 10.00 am Edinburgh 23 Administrator Calling a meeting of Creditors 17/01/2000 Crisco Carpets (Contracts) Ltd 11.30 am Birmingham Crisco Carpets (Floorstyle) Ltd 11.45 am Birmingham Crisco Carpets Ltd 11.00 am Birmingham Italian Kitchen (Covent Garden) Ltd 12.00 pm London Roseco Ltd 12.00 pm London 48 Receiver calling unsecured Creditors Meeting 17/01/2000 Billam (Birmingham Realisations) Ltd 02.00 pm Birmingham Drakes Confectionery Ltd 11.00 am London Melloross Foods Ltd 11.00 am Reading 18/01/2000 Billam (Sheffield) Realisations Ltd 10.00 am Sheffield Billam Leisure Products Ltd 11.00 am Sheffield Billam Plc 11.30 am Sheffield Billam Supplies Ltd 11.45 am Sheffield 19/01/2000 Advantage Healthcare (T1 2 3 4 etc) Lt 11.00 am London Care Focus (Special Advantage) Ltd 11.00 am London 21/01/2000 Advantage Healthcare (T12) Ltd 11.00 am London Advantage Healthcare (T12) Subco Ltd 12.00 pm London Manorgate Airtime Ltd 02.30 pm London 25/01/2000 Solomons Ltd 10.30 am Southampton 98 Creditors Voluntary Liquidations 17/01/2000 Cottismore Gardens Ltd 11.00 am Thatcham D Slater Garages (Southern) Ltd 03.00 pm Bournemouth Eastern Engineering Services Ltd 12.00 pm Nottingham Foster Financial Computing Ltd 11.30 am Southend-on-Sea Gearcare Ltd 10.15 am Weybridge Grange Homecare Ltd 10.30 am Leeds Kirkdale Engineering Ltd 02.00 pm Newcastle-u-Tyn L T A Retail Ltd 10.30 am Warrington Makin Logic Ltd 12.00 pm Glasgow Mane Construction Ltd 11.15 am Peterborough Musical Theatre Ltd 12.00 pm London P & P Manufacturing Ltd 11.30 am Bingham P M H Industrial Flooring Ltd 03.30 pm Truro Parman Industrial Electrics Ltd 11.30 am London Secker Support Ltd 03.15 pm London Specialised Const & Remedial Serv Ltd 02.30 pm Warrington Springfield School Ltd 12.00 pm Southend-on-Sea Tiptel Ltd 11.15 am London 18/01/2000 Allrich Seafoods Ltd 02.00 pm London Automated Training Systems Ltd 03.15 pm London Casinorosso Communications Ltd 11.00 am London Computer Mania Ltd 12.30 pm Bournemouth Control Lock Ltd 10.30 am Cambridge Everitt Fabrications Ltd 12.00 pm Manchester GCS Data Products Ltd 11.00 am Tunbridge Wells Jordans (Coventry) Ltd 11.00 am Birmingham Kennedy Building Products Ltd 11.30 am Southampton Kwik Fruit (Chester) Ltd 11.00 am Liverpool Magazzino Itallano Ltd 10.30 am Harrow Magnum Civil Engineering Ltd 02.30 pm London Menusearch 2000 Ltd 02.00 pm London Mobi-Deque Ltd 11.00 am London Mutual Building Co Ltd 12.00 pm Longford P & D Patternmakers Ltd 11.30 am Dudley Prestige Heating Direct Ltd 11.30 am Altrincham R J Supplies Wholesale Ltd 02.30 pm Paisley SP & C Timber Products Ltd 10.30 am Hereford Strata Windows Ltd 11.00 am Bolton Strombuzz Ltd 10.30 am Paisley TRU Construction Ltd 02.30 pm Richmond Taskforce Labour Hire Ltd 12.00 pm London Tornstar Ltd 03.00 pm London Wilburne Wholesale Meats Ltd 11.30 am Bingham Zedd Clothing Ltd 11.00 am London 19/01/2000 BSS Furniture Ltd 11.00 am Nottingham Bassaleg Construction Ltd 11.30 am Cardiff Business Net UK Ltd 11.00 am Manchester Compact Distribution Centre Ltd 11.30 am Altrincham Electronic Point of Care Ltd 03.30 pm London Formprime Windows Ltd 11.00 am Birmingham Halla Euro Enterprise Ltd 12.00 pm West Drayton Lady Meagan Ltd 11.30 am Manchester M S Computer Associates Ltd 03.15 pm London Oakwood Furniture Frames Ltd 10.30 am London Partner Foods Ltd 03.00 pm Calder Grove Personnel Business Services Ltd 02.30 pm London Picture Perfect Studios Ltd 11.00 am London Real Fashions Ltd 12.00 pm London Ringlex Ltd 11.00 am Leicester Selekta Services Ltd 12.00 pm Manchester Skewen UPVC Ltd 12.00 pm Wenvoe Steel Recovery & Demolition Serv Ltd 11.00 am Washington World Computer Supplies Ltd 11.00 am Birmingham Zircon Events Ltd 12.00 pm London 20/01/2000 Brackenlea Ltd 11.00 am Manchester Fearnley Construction Ltd 11.00 am Manchester Fearnley Developments Ltd 11.00 am Manchester Fearnley Holdings Ltd 11.00 am Manchester Forward Food Ltd 11.00 am London G S M 96 Ltd 11.30 am Swindon Greville Crowder Ltd 11.00 am Birmingham Hi-Tech Replacement Windows Ltd 11.30 am Manchester Hyland Nicholson Ltd 03.30 pm Southampton Onesustain Ltd 11.00 am Manchester Parafaite Ltd 03.30 pm London Pathmagnitude Ltd 11.00 am Manchester Projectsport Event Management Ltd 10.30 am London Pteridium Ltd 11.00 am Manchester Rainbow Amusements Ltd 11.30 am Kettering Ramsgate Marina Cruising Club Ltd 11.00 am London Rangeintuition Ltd 11.00 am Manchester Relay (Northern) Ltd 11.30 am Liverpool Sophie Ltd 11.00 am London Swallow Tandems Ltd 11.30 am Shrewsbury Teamster Exhibitions Ltd 11.00 am Birmingham Zedos Leisure (UK) Ltd 12.00 pm Manchester 21/01/2000 2814455 Ltd 10.00 am London B & H Cleaning Serv (Melton Mowbray) L 10.30 am Nottingham Caradus Ltd 10.15 am Worthing Cavan Ltd 11.00 am London Clearwater Group Ltd - The 12.15 pm Aldridge Clearwater Oils Ltd 10.30 am Aldridge Depot Tool Making Co Ltd 02.30 pm Walkden E J Mining Ltd 10.30 am Leeds E P S (Site Services) Ltd 11.00 am Sheffield Engine Machining Services Ltd 11.00 am Nr Worksop Eurobay Ltd 11.00 am London G A R D Scaffolding Ltd 11.30 am Guildford Gainmore Construction Ltd 11.00 am Reading Harry Lester Ltd 11.30 am London Jenny Cheshire Ltd 11.00 am Leicester Marketforce Trading Ltd 11.00 am London Module Windows Ltd 11.00 am Northampton North Downs Brewery Ltd 10.15 am Epsom Rabo Ltd 01.30 pm London Rainflow Ltd 04.00 pm London S D T Holdings (UK) Ltd 11.00 am London Selborne Finance Ltd 12.00 pm Manchester Waterside Litho (Chesham) Ltd 11.15 am Gerrards Cross Welwyn Garden Ltd 03.00 pm London 24/01/2000 AMP (Southern) Ltd 12.00 pm London ANC Direct Deliveries Ltd 12.00 pm Manchester D P Realisations Ltd 10.30 am Birmingham EWP Group Plc 11.30 am Norwich English Woodland Products Ltd 12.30 pm Norwich Geoff Lee Ltd 03.00 pm Welling Hopton Timber Products Ltd 12.00 pm Norwich Impact Print Ltd 11.30 am Manchester Showcase Entertainment Ltd 11.00 am London Talk2 International Ltd 12.00 pm Aylesbury 25/01/2000 Beta Steels Ltd 10.00 am Cannock Ferrygold Styles Ltd 10.00 am London House Hunters Ltd 03.30 pm Leicester Redwood Products Ltd 10.30 am Bromsgrove Sea Plate Ventures Ltd 11.00 am Leicester Semmiters Ltd 11.00 am Brighton Starion Security Ltd 10.30 am Derby Tufton and Farmer Ltd 11.30 am Maidstone Woodstone Engineering Services Ltd 12.30 pm London
TW LW TW LW
USA 1.65 1.64 Canada 2.40 2.37
Austria 22.06 22.03 Portugal 321.46 321.10
France 10.51 10.50 Belgium 64.68 64.61
Finland 9.53 9.52 Italy 3104.78 3101.22
Germany 3.13 3.13 Sweden 13.90 13.76
Holland 3.53 3.52 Switzerland 2.58 2.56
Spain 266.80 266.49 Ireland 1.26 1.26
Australia 2.50 2.49 Denmark 11.93 11.91
Hong Kong 12.84 12.76 Euro 1.60 1.60
Africa Com 10.07 10.04 Saudi Arabia 6.19 6.15
India 71.86 71.42 Malaysia 6.27 6.23
Singapore 2.75 2.71 Norway 13.17 13.02
Japan 175.130 168.98
TW This week LW Last week.
Bespak announced pre-tax profits of 6.74 million pounds, after exceptional charge, on turnover of 43.7 million, for the six months ending 29th October 1999. Earnings per share stand at 20.3p.
Chemring announced pre-tax profits of 4.31 million pounds, on turnover of 65.4 million, for the year ending 31st October 1999. Earnings per share stand at 14.4p.
Dixons announced pre-tax profits of 299.4 million pounds, after exceptional credit, on turnover of 1,721 million, for the twenty eight week ending 13th November 1999. Earnings per share stand at 62.9p.
Reg Vardy, the car dealer, announced pre-tax profits of 14.5 million pounds, on turnover of 667.4 million, for the six months ending 31st October 1999. Earnings per share stand at 17.7p.
Savills, the property consultants, announced pre-tax profits of 8.84 million pounds, on turnover of 64.2 million, for the six months ending 31st October 1999. Earnings per share stand at 11.3p.
British Telecom made a white-knight rescue of ESAT, Ireland's second-largest telecoms company, agreeing to pay 1.5 billion pounds ($2.5 billion) to thwart Telenor, Norway's national telecoms company.
Source - The Economist
The Really Useful Group, owned by Lord Lloyd Webber, a composer, bought ten London theatres for 87.5m pounds ($144m) from Stoll Moss in partnership with NatWest Equity Partners. Lord Lloyd Webber will now be able to stage his hugely successful musicals in his own theatres.
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:Proposed acquisition by Lend Lease Corporation of certain assets of the Peninsular & Oriental Steam Navigation Company namely Bovis Group Plc
Proposed acquisition by Experian Limited of the remaining 99 per cent of Choicepoint Limited
Proposed acquisition by Dana Corporation of assets of GKN PLC, namely its medium and heavy propellor shaft business.
Proposed acquisition by Whitbread plc of Swallow Group plc
EC COMMISSION REFERS ANGLO AMERICAN BID FOR TARMAC TO THE UK
Kim Howells, Minister for Competition and Consumer Affairs, on the 13 January 2000 welcomed the European Commission's decision to refer to the UK competition authorities the proposed acquisition by Anglo American plc of Tarmac plc under Article 9 of the EC Merger Regulation.
The UK requested the European Commission to refer the case to UK as it considered that the proposed merger raised competition concerns in distinct markets in the UK which warranted further investigation.
The case will now be considered under the merger provisions of the Fair Trading Act.
The proposed merger between Anglo American plc and Tarmac was notified to the European Commission on 23 November 1999 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 24 November 1999.
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.
The UK requested the EC Commission to refer the case to the UK competition authorities on 15 December 1999.
On referral of a case to a Member State, the Member State has four months to publish any report on the merger or to announce its findings.
Patricia Hewitt, the Small Business and E-commerce Minister on the 14 January 2000 announced that internet users at home and in the office will soon benefit from fast always-on access to the internet over radio links.
Ms Hewitt said the Government plans to make radio spectrum licences available for the new broadband fixed wireless access services in two tranches. It intends to make the 28GHz licences available this summer and 40GHz licences in the autumn. This follows the consultation 'Wireless in the Information Age'.
Business and domestic users will have access to broadband services, such as:
Ms Hewitt said:
"There is a high demand for interactive multimedia services that is set to grow dramatically over the next few years. Radio links can offer quick access to these services and more choice and benefits for consumers and the economy.
"I want to make sure that innovative services can be developed as quickly as possible and this will be a major consideration in our decisions on how best to package the spectrum and award licences."
The Government will put proposals to industry for spectrum packaging at the first meeting of a Broadband Fixed Wireless Access Consultative Group on 14 January (today) as well as seeking expert advice on financial and market issues.
Proposals for the number of licences to be awarded and the geographical scope of licences are expected to be announced in March.
In awarding licences the Government's overall aim is to secure the timely and economically advantageous development and sustained provision of broadband fixed wireless access services throughout the UK, for the long term benefit of UK consumers and the national economy.
Subject to this overriding aim the Government's objectives are to:
Anyone wishing to participate on the Broadband Fixed Wireless Access Consultative Group should contact the Agency by e-mailing: sonkej@ra.gtnet.gov.uk
The consultation document 'Wireless in the Information Age' was published on 5 July 1999. A copy of the document can be obtainedfrom thee Radiocommunications Agency via its website: www.radio.gov.uk or on request from the Agency's library:
Information and Library Service
Radiocommunications Agency
Wyndham House
189 Marsh Wall
LONDON
E14 9SX
The Agency received 51 responses to the consultation document. Those which were not submitted on a confidential basis will shortly be available on the Agency website.
The Agency has established the Broadband Fixed Wireless Access Consultative Group. They will facilitate the Government's ongoing consultation with industry and other interested parties on the award of spectrum licences for broadband fixed wireless access. Respondents to the consultation document and others from within the industry have been invited to the first meeting of the Group on 14 January.
AOL
In the world's biggest merger, AMERICA ONLINE, the world's biggest Internet service provider, agreed to take over TIME WARNER, the world's biggest traditional media company. The all-share deal valued Time Warner at $150 billion. Investors reacted with scepticism; shares in both companies slumped, although Time Warner's had previously climbed impressively.
AOL also teamed up with GENERAL MOTORS, the world's biggest car maker, in a deal to market cars over the Internet and to provide Internet access in-car. Not to be outdone, FORD, the world's second-biggest car maker, announced a tie-up with YAHOO!, an Internet portal, to provide similar services.
Source - The Economist
17 January 2000 Wessex branch meeting of the ICM Would we be better off under Scottish Law? Presentation by Bishop & Robertson The Southampton Yacht Club 1 Channel Way, Southampton 7.00pm for 7.30pm 10th February 2000 Companies House Seminar Shaw Hill Hotel Whittle - le - Woods Chorley Nr Preston Lancashire PR6 7PPW 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 17 February 2000 The ICM Construction Industry Conference "The Changing Face" Kingsway Hall, London WC2 A must for all those involved in the UK Building and Construction Industry 21 February 2000 Wessex branch meeting of the ICM Mock Meeting of Creditors The Southampton Yacht Club 1 Channel Way, Southampton 7.00pm for 7.30pm 8 March 2000 ICM Conference on Commercial Credit Fraud CBI Conference Centre, London WC1 Exhibitors should telephone Sheila Simmons at the ICM on 01780-722907 14 to the 16 March 2000 Credit 2000 THE UK event for the Commercial and Consumer Credit Industry Olympia, London 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 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
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