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: 131
Dated: 17 October 1999
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKLORD SAINSBURY ANNOUNCES NEW WAYS TO HELP SMALL BUSINESSES GET INNOVATIVE IDEAS TO MARKET
Science and Innovation Minister Lord Sainsbury announced on the 14 October a major extension to the DTI's long-running Smart scheme, aimed at helping small businesses develop innovative products. These additions to Smart form part of a £26 million boost for the scheme over three years announced in March this year by the Secretary of State for Trade and Industry, Stephen Byers, bringing the annual budgets for Smart to £32.1 million in 1999/00, £36.8 million in 2000/01 and £38.8 million in 2001/2002.
These additions to the scheme are now in place, and applications are now invited from SMEs in the following areas:
Existing elements of the Smart scheme will continue to provide support for feasibility studies and development projects. The rules on Smart development projects have been changed to allow businesses more freedom to 'buy in' ideas and technologies.
Lord Sainsbury said:
"This is good news for inventors, small businesses and consumers. With the support already announced earlier this year, we are now making nearly £100 million available for new Smart projects over the next three years. I hope that many innovators and small businesses will take these new opportunities offered by Smart to help bring their ideas to the marketplace."
Launched in 1986, the Smart scheme has helped bring many new and innovative products to the marketplace. These include: a siren for emergency vehicles that can be more easily located by other drivers so that they can take action to get out of the way; a non-invasive heart monitor for intensive care patients that does not require a catheter to be inserted into the jugular vein; a new extra viscous waterproof paint for roof coverings that is as thick as bitumen but can be applied cold; and a new high-performance breathable fabric, 'inspired by the way leaves breathe' that has been used by the England Rugby Union Squad and boxer Lennox Lewis.
Smart offers help on a competitive basis for feasibility studies into innovative technology and for development projects, to develop new products and processes up to prototype stage. Applicants for feasibility studies must have fewer than 50 employees and for development projects fewer than 250 employees. The grants are at a rate of 75% for feasibility studies (maximum £45,000) and 30% for development projects (maximum 200,000 euro).
The three new elements that have been added to Smart are:
Smart reflects the objectives of the Foresight Programme. The purpose of Foresight is to:
develop visions of the future - looking at possible future needs, opportunities and threats and deciding what should be done now to make sure that we are ready for these challenges;
build bridges between business, science and government, bringing together the knowledge and expertise of many people across all areas and activities; in order to increase national wealth and quality of life.
More information about the new Smart elements is available from Business Links, or by ordering Guidance Notes for Applicants from the DTI Publications Orderline, 0870 1502 500 (quote reference number URN99/ST79 for Micro Projects and URN99/ST78 for Technology Reviews and Technology Studies). Information on Smart Feasibility Studies and Development Projects is available from Business Links or Government Offices for the Regions.
UNEMPLOYMENT IN THE UK
Figures fell to 4.2%, its lowest level in almost 20 years. Average earnings rose sharply by 4.9% in the three months to August compared with a year earlier. That will increase pressure on the Bank of England to raise interest rates again.
CONFIDENCE RISES AS GROWTH TAKES HOLD
Manufacturing confidence rose last quarter to its highest level since before the general election, but while growth in the sector has gained momentum it remains patchy, according to the latest quarterly economic survey from the British Chambers of Commerce (BCC), published on Thursday 14 October 1999.
The survey, the largest and most detailed of its kind, covering some 9,129 UK firms, shows that UK sales for manufacturers are at their best for almost two years, with exports from the sector back in growth after 18 months of decline. However, smaller exporters are still suffering net decline in sales overseas, and business investment in the sector remains well below average for the survey.
The survey also shows that service firms’ confidence improved last quarter, with growth in sales and orders in both domestic and overseas markets the best for over a year, and with job creation in the sector continuing to expand to levels last seen in the third quarter of 1998.
However, firms in both sectors face intense competition, with this now their prime concern, and while increases in demand are helping to improve job growth, pressures on the labour market remain subdued with recruitment difficulties easing in manufacturing, and at their lowest for two years in the service sector.
Dr Ian Peters, Deputy Director-General of the British Chambers of Commerce said:
"While the outlook for manufacturing has improved, recovery in the sector is still fragile, sensitive to competitive pressures and particularly to any rise in interest rates and the value of the pound.
"Exporters have made a welcome return to growth and this recovery must continue. But while order books overall are now positive, the picture is far from consistent, with small firms and some regions remaining in decline."
The survey shows that, in both sectors, firms’ intentions to invest have climbed to the best levels for over a year, though they remain at or below average for the survey. Micro companies (those employing 1-19) and the largest firms (500+) are driving investment in the manufacturing sector, while investment by medium sized firms has actually fallen. The trend on service sector firms’ investment in plant, machinery and training suggests a slow increase over the coming months.
After three successive quarters of contraction, employment in the manufacturing sector is now expanding for the first time in a year, with job growth over the last three months strongest in the smallest companies. Larger firms remain pessimistic about future job creation, with firms employing 200-499 predicting losses over the next three months.
Job creation in the service sector has continued unabated now for over six years, and firms’ expectations show that this will continue. However, the picture at regional level is very patchy with six of the fourteen regions reporting a weaker position on jobs over the last three months. Most regions in the South report job growth above the UK average of +18 balance points, while those in the North fall well shy, the North West the most positive at +8 balance points.
The survey for the 3rd quarter 1999 covers 3,656 manufacturers (2,250 / 62% - exporters) and 5,473 service sector firms (1,486 / 27% - exporters). The sample included 276 large companies (those employing more than 500 staff). The UK’s 60 Accredited Chambers of Commerce surveyed companies by postal questionnaire by over the period 31 August - 22 September 1999.
Copies of the Quarterly Economic Survey are available from the BCC, Manning House, 22 Carlisle Place, London SW1P 1JA, price £60 (single copy) or 7pound;200 (annual subscription).
Stephen Byers, Secretary of State for Trade and Industry, on the 11 October published a consultation document which proposes raising the audit threshold above the current £350,000 turnover level to help cut the regulatory burdens placed on small businesses. The proposals could save small businesses £500 million a year if the exemption level were raised to £1 million.
Mr Byers said:
"I believe that now is the right time to re-examine the level below which small companies can choose to dispense with having their accounts audited. Increasing the level of the threshold has the potential to save business substantial sums of money.
"This Government is committed to removing unnecessary and costly burdens which regulation places upon business. This is particularly important for smaller companies where regulatory costs have a proportionately higher effect.
"My initial view is that there is a good case for a significant increase in the threshold. However, I want this to be tested by careful assessment of the costs and benefits in the light of a wide consultation."
The consultation document:
The closing date for the consultation is 10 December 1999
Under the 4th EU Company Law Directive (4th Council Directive of 25 July 1978 (78/660/EEC)), member states may allow small companies to take advantage of a number of exemptions including the audit requirement up to a turnover level of roughly £4.2 million. In the UK, very small companies (with a turnover of £90,000 or less) were exempted from audit in 1993, with companies with a turnover of between £90,000 and £350,000 given the option of filing a simpler audit exemption report (AER) in place of the full audit report. The AER was scrapped in 1997 leaving companies with a turnover of £350,000 or less exempt from the statutory audit.
Banks and insurance companies are not able to take advantage of the exemptions and there are no plans to change that. The audit requirements for charitable companies are also not covered by the consultation document. At present charitable companies with an income of above £250,000 require an audit. Those with an income between £90,000 and £250,000 require an Audit Exemption Report.
HOWELLS STRENGTHENS UK TRADE LINKS WITH ROMANIA
DTI Minister leads a UK trade mission to Romania for British Business Day
DTI Minister, Kim Howells will lead a trade mission with delegates from eleven British companies to Romania next week, boosting UK / Romania relations. The companies are from a variety of industries and aim to boost UK trade and investment in the market.
This visit is his second to the market in twelve months and sends Romania a clear message of the UK Government's commitment to strengthening bilateral relations and trade links between the two countries.
Dr Howells will be supporting the interest of UK companies participating in the mission, and will also oversee the signing of a Memorandum of Understanding between the London and Bucharest Stock Exchanges.
Dr Howells said:
"There are two themes that characterise the deepening of commercial links between our two countries. Britain is ready and willing as ever to assist Romania in her efforts to promote economic prosperity, and, Romania wants Britain to play an increasingly important role in securing her economic future."
The success of last years joint CBI and London Chamber mission to Romania and June's inward mission, is evidence of the ever increasing interest British companies are showing in the Romanian market."
On Monday 18 October Dr Howells will give the keynote address at the CBI Business Day in Bucharest, which is being attended by some thirty British companies. During the morning, the signing of the Memorandum of Understanding will take place between the London and Bucharest Stock Exchanges, and a Memorandum of Co-Operation will also be signed between the British Romanian Chamber of Commerce and the National Chamber of Commerce.
On Tuesday 19 October, Dr Howells will be visiting a British owned copper smelting plant in Baia Mare, and meet with Romanian Government Ministers, the Prefect of the County and the Mayor.
UK exports to Romania reached £235 million in 1998, and in the first half of 1999, exports totalled £107 million. Imports from Romania into the UK were worth £233 million in 1998.
MUSIC STOPS FOR ENTERTAINERS EMPLOYMENT BUSINESS
Two people who have been supplying entertainers to pubs and clubs in Basingstoke, Eastleigh, Fleet and other towns in Hampshire, have been banned from running any employment agency or employment business for ten years in a case brought by the Department of Trade and Industry.
Southampton Employment Tribunal heard evidence of 17 separate complaints that Maurice Stoner and Catherine McGrath, trading as Bluestone Music Promotions, based in Odiham, Hampshire, had not paid fees to entertainers. In almost half these cases there was written confirmation that Stoner or McGrath had been paid by the venue on the night of the performance.
The complaints add up to some £7,600 owed to artists.
The case was brought by the Department's Employment Agency Standards Inspectorate under the Employment Agencies Act 1973. It followed complaints to the Inspectorate's Helpline on 0645 555105.
The Secretary of State for Trade and Industry applied to prohibit Maurice William Stoner and Catherine McGrath (who is also known as Catherine Byrd) under Section 3A(1) of the Employment Agencies Act 1973. This Section of the Act came into force in January 1995. Under the Act, employment tribunals may prohibit individuals, companies or partnerships, from carrying on, or being concerned with carrying on, an employment agency or an employment business for a period of up to ten years on grounds of misconduct or for other sufficient reason.
The grounds on which the prohibition order was sought included complaints of non-payment of fees, that under the contracts they issued the respondents were contractually bound to pay the entertainers and were under an obligation in Regulation 9(10) of the Employment Agencies (conduct of Business) Regulations 1976 not to make such payments conditional on their being paid by the venue, that cheques from the respondents were returned marked "refer to drawer" and that the respondents have been evasive and failed to make records available for inspection in accordance with Section 9(1) of the Employment Agencies Act.
Employment agencies and employment businesses must conform to the provisions of the Employment Agencies Act 1973 and supporting regulations. DTI is currently carrying out a public consultation on proposed changes to the regulations. 15 October 1999
NEW DAWN FOR CIVIL JUSTICE - MINISTER SUMS UP PROGRESS
"There were no thunderbolts hailing the end of civilisation as we know it; no plagues of locusts; no volcanic eruptions." David Lock MP, Parliamentary Secretary at the Lord Chancellor's Department, was speaking about the new civil procedure rules introduced last April.
"The reactionaries concerned that change was being ushered with undignified haste forecast catastrophe in the courts; they were wrong."
Speaking to the AGM of the Motor Accident Solicitors' Society in Birmingham, Mr Lock said "when the doors opened on 26 April, IT enhancements to support the new procedures were operational in all but one of the 226 courts - and they were working effectively at that court by the end of the day. "
"Of course, it hasn't been all plain sailing for the courts. There were bound to be teething problems - the scope of the changes made that inevitable. For example, further necessary enhancements to IT have been made, or are being planned. But on the whole, it has been a successful process."
He said that there is no room for complacency. "Some time ahead of 26 April, the Vice-Chancellor, Sir Richard Scott, had planned for a review of the early weeks of the new system.
"That review, in the form of a conference attended by Designated Civil Judges and Court Service managers, took place on 16 July. The general tone of the meeting was encouraging about those early weeks and optimistic about the time ahead.
"The meeting reported: very few appeals, only a handful of which had gone on to the Court of Appeal; generally fewer interim applications;more co-operation between parties, particularly as case management events approached."
However, there was growing evidence of local practice creeping back in to some courts or groups of courts. Mr Lock said that Sir Richard Scott has made it clear he does not want to stifle initiative but that such initiatives must be controlled.
"He has directed that his advance approval must be sought to local pilots of ideas for improvements in procedures; the pilot must be for a fixed period and its outcome must be fully assessed. If the conclusion is that incorporation of the idea across the system would bring benefits, appropriate action will be taken to enable that to happen. Where it would not, it will be dropped. He has established mechanisms to control this process and he has told all judges what he expects."
"One of the issues raised at the Vice-Chancellor's Conference, and subsequently with the Lord Chancellor by the Civil Justice Council, was concern about the potential impact of the allocation fee on low-value claims.
"The Lord Chancellor and I appreciate that concern and are looking at the way in which this fee is operating. But we are not prepared to deviate much from the principle of full cost recovery. It is not appropriate for tax payers generally to meet the costs of the courts, save in cases where the means of the litigant entitle them to a waiver of court fees, or in particularly sensitive family cases."
Mr Lock said that it is far too early to draw any supportable conclusions about the effect of the new rules. The first trials of fast-track cases will start this month and the first multi-track trials slightly later. "It will be another twelve months or more before the true Civil Justice Reform landscape emerges.
"Nevertheless, the lower caseload coming for issue to the courts has been sustained since 26 April, with approximately 25% fewer cases being issued in the county courts during the May to August period compared to the same period last year."
"We are currently considering how best to take forward the process of evaluation of the reforms against their aims of producing a civil justice system which is quicker, simpler, less costly, more certain and more fair. We are talking to a number of the system's key stakeholders - including practitioners, judges, court staff, and members of the Civil Justice Council, who speak for consumers and insurers.
"But we cannot expect to show definitive results for many months to come."
Mr Lock said that conditional fees are also another, vital, aspect of the Government's access to justice programme.
"Conditional fees agreements (CFAs) enable those on middle incomes, who do not qualify for legal aid, to pursue strong cases without fearing financial ruin if they lose. The increased use of conditional fees also enables scarce public funds to be targeted on high-priority cases which cannot be funded in other ways. That is why, after consultation, we extended conditional fees to all types of civil proceedings, except family proceedings, last year.
He said that currently a successful litigant will not receive all the money he or she has been awarded. As a result "we took the power in the Access to Justice Act to make it possible for the winning party to recover the success fee, and any insurance premium, from the losing party. This will ensure that it is the person or organisation that has committed the legal wrong who pays, and allow defendants, and claimants whose case is not about money, to use CFAs."
Looking to the future of the civil justice reforms, Mr Lock said:
"We must not be guilty of thinking the job was done on 26 April. It wasn't. It was only the first step in making civil justice serve the needs of today's users, not yesterday's lawyers."
He outlined further steps that have yet to be taken:
In the Spring, new appeal Rules will be introduced, bringing into force the provisions of the Access to Justice Act and streamlining the appeals system to embrace the aims of the civil justice reforms.
Sir Jeffrey Bowman is due to report at the end of the year on proposals for reform of the Crown Office List.
Consultation is to be undertaken on reform of procedures in housing cases early next year, with a view to implementing changes in 2001.
The Lord Chancellor's Department plans to publish a consultation paper on reform in the area of representative actions by the end of the year.
New rules dealing with Group Litigation Orders will be introduced next year which aim to provide effective methods of dealing with such cases and in particular to provide the courts with more control over elements such as costs.
The Minister said that a key reform will be to the enforcement system. "We are undertaking a comprehensive review of enforcement, looking at how existing procedures can be improved and whether there are any gaps in the system that ought to be filled. We will also unify the county court and High Court rules. Consultation is already underway on various proposals and the review is due to be completed in June next year."
"There is much more to be done and we are doing it. I make no apologies for the pace of change, but being satisfied by the 'status quo' is only acceptable if it is a reference to the rock band, not the status of our legal system.
"Being prepared to put up with an inadequate service because of a fear of change brought the civil justice system into a state of disrepair in the first place. In future we must all be pro-active - Government, judges, and the professions."
OFT REMINDS CONSUMERS OF EXTRA PROTECTION FROM PAYING BY CREDIT CARD
The collapse of the airline Debonair has prompted a reminder to shoppers by the OFT that consumers may benefit by using a credit card for expensive items such as airline tickets and holidays.
Credit card issuers are, by law, jointly liable with suppliers if there is a problem with goods and services - but only if the cash price of an item is between £100 and £30,000 and the total credit value is less than £25,000. It does not matter how you buy the goods - whether in a shop, by mail-order, by telephone or Internet - the protection is the same. The law does not, however, apply to debit or charge cards.
John Bridgeman, DGFT said:
'One of the most useful consumer protection laws enables shoppers to make a claim from a credit card issuer if a supplier goes out of business or otherwise fails to give satisfaction.
'They should pursue this claim even if the card issuer tries to pass the buck back to the supplier. This protection offered to consumers is invaluable. It means that money that, at first, seemed lost can be claimed back by consumers. So I urge people who have decided to buy expensive items to consider using their credit cards particularly when buying on the internet or over the phone.'
Section 75 of the Consumer Credit Act 1974 says that a credit grantor is equally responsible with the supplier for any breach of contract or misrepresentation if all of the following conditions are met:
Section 75 does not cover debit or charge cards.
*** 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 18/10/99 to 26/10/99 Number of Creditor meetings : 222 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 18/10/99 Algraquest Ltd 12.00 pm Glasgow Glasgow Taverns Ltd 03.0 pm Glasgow 19/10/99 Cashel Airdrie Ltd 11.00 am Paisley Fuel Negotiators Ltd 12.00 pm Glasgow 20/10/99 Highland Sweets Ltd 12.00 pm Edinburgh 25/10/99 Albyn Construction (Aberdeen) Ltd 03.00 pm Aberdeen 26/10/99 Signaltower Ltd 12.00 pm Edinburgh 23 Administrator Calling a meeting of Creditors 22/10/99 Trinifold Travel Ltd 10.00 am London 25/10/99 Liberty Computers Ltd 10.00 am London 48 Receiver calling unsecured Creditors Meeting 18/10/99 Spartan Redheugh Ltd 10.30 am Newcastle-u-Tyn 20/10/99 Charles Harbage Engineering Ltd 10.00 am Birmingham Charles Harbage Ltd 10.00 am Birmingham Charles Harbage Metals Ltd 10.00 am Birmingham Charles Harbage Processing Ltd 10.00 am Birmingham James Lewis Ltd 11.00 am Birmingham Weatherwell Roof Tiles Ltd 10.30 am Manchester 21/10/99 FPC International Ltd 02.00 pm London Fleetway Electrical Contractors Ltd 10.00 am Sheffield Libra Colour Printers Ltd 01.00 pm London Libra Group Holdings Ltd 01.30 pm London Libra Group Ltd 11.15 am London Libra Litho Ltd 12.15 pm London Nogales Ltd 02.30 pm London YBC (Brandesburton) Ltd 10.00 am Hull 22/10/99 BTB Realisations Ltd 02.00 pm London Batsford Holdings Ltd 11.00 am London Endefwr Products Ltd 12.00 pm Manchester Stainless Steels Systems Ltd 10.00 am Sheffield 25/10/99 Crowded House Pub Co Ltd - The 02.00 pm London Eaton International Ltd 11.00 am Norwich Lineside Engineering Ltd 10.00 am London Sound Developments (Studios) Ltd 11.00 am London 67 Scotland - Receiver calling Meeting of unsecure Creditors 19/10/99 J W Soils Suppliers Ltd 11.00 am Glasgow 21/10/99 Greenaway Harrison Ltd 10.00 am London Pillans and Wilson Holdings Ltd 10.00 am Edinburgh Pillans and Wilson Ltd 10.00 am Edinburgh 98 Creditors Voluntary Liquidations 18/10/99 Andromeda Systems Ltd 11.45 am Sutton Ceylinco Fashion Services Ltd 11.30 am London Combi Holdings Ltd 02.30 pm Henley-on-Thame Commercial Brick Co Ltd 11.00 am Manchester Dyna 5 Products Ltd 10.45 am Sutton Engineering Surveys Ltd 02.30 pm London Fore Tee Golf Ltd 10.30 am Milton Keynes Hilton Keith Ltd 11.15 am Liverpool Jayfruit Ltd 11.15 am Southend-on-Sea Melling Hotels Ltd 11.30 am Lancaster Natures Wood Designs Ltd 11.00 am Royston Rodnic (Oxford) Ltd 11.00 am London Shelthire Ltd 02.30 pm Southampton Sutton Croft Ltd 10.00 am London Wilson Wilcox Furnishings Ltd 11.00 am Leeds 19/10/99 ALD Components Ltd 10.30 am Horsham AWP Electronics (Surrey) Ltd 11.00 am Horsham Apex Exhibitions Ltd 03.00 pm Northwood Askfor Ltd 03.30 pm Altrincham Bennys Food Service Ltd 12.00 pm Manchester Camborn International Systems Ltd 10.15 am Bury Cameron Nash Ltd 02.30 pm Birmingham Cardiff Engine Centre Ltd 03.00 pm Cardiff Cladding Design Services Ltd 11.30 am Aldridge Concept Glazing (Midlands) Ltd 11.00 am Birmingham Coopermet Fabrication Services Ltd 10.15 am Sheffield Datacars (UK) Ltd 11.30 am London Drusin Ltd 11.00 am Liverpool E T Valves Ltd 12.30 pm Reading Edenbay Ltd 12.00 pm London Electronics for Publishing Ltd 11.00 am Norwich Express Finishers Ltd 11.00 am Croydon Gary Ribeck Ltd 02.30 pm Wimborne Globaltronic Ltd 12.00 pm Manchester H Pae & Sons (Roofing Contractors) Ltd 12.00 pm Chester Icon Structures Ltd 11.00 am Bristol Impact Edge Ltd 10.30 am Hornchurch Independent Soft Drinks Ltd 11.30 am Stockport Jecolin Tools Ltd 10.15 am Waltham Abbey M G Johnson (Holbrook) Ltd 10.15 am Blackbrook MBT Transport Services Ltd 11.30 am London Manufacturing & Consulting Services Lt 12.00 pm Southampton Modern Interiors Ltd 12.00 pm Southend-on-Sea Oceana Construction Ltd 03.00 pm London Ridco Building Services Ltd 11.00 am Newcastle-u-Tyn Riverside (Morsons) Ltd 12.30 pm London Ruff Riders Ltd 10.30 am Norwich Sitelink Ltd 11.00 am Birmingham Skymaster Fireworks Ltd 11.30 am Brighton Smillie Storage Systems Ltd 11.00 am Glasgow Top Lite Ltd 03.00 pm Birmingham Town & Country Carpets Ltd 11.30 am Altrincham Trumps Records & Tapes Ltd 11.30 am London Weatherwell Roof Tiles Ltd 02.00 pm Chester Westcliff Engineering Co Ltd 10.30 am London Westcountry Driveways Ltd 10.30 am Devon 20/10/99 A M P Engineers Ltd 03.00 pm Royston Act Hydraulics Ltd 10.30 am Leeds Ardwick Engineering Ltd 11.00 am Birmingham Ashvale Engineering Ltd 11.30 am Retford Atlas Golf Ltd 12.00 pm Royston C Wolfe Engineering Ltd 11.00 am Harpenden D C Cables (London) Ltd 11.30 am Harrow Dynastore Ltd 10.30 am Liverpool E M Electrification & Construction Ltd 02.30 pm Werrington Exportoption Ltd 11.15 am Bately Golf 4's Discount Ltd 11.30 am Hull Hobies Ltd 11.30 am Brighton London & Provincial Ltd 01.00 pm Northwood London Chair Co Ltd - The 12.00 pm London Mis Engineering Ltd 02.00 pm Halesowen NT4NT Ltd 11.30 am Lutterworth Palmer & Co Electrical Ltd 11.00 am Maidstone Pelican Circuits Ltd 11.00 am Bletchley Perkins Bros (Plasterers) Ltd 11.00 am Stoke-on-Trent Postroom Despatch Ltd 11.30 am London Pro Vanden Ltd 10.30 am Salisbury Progress Entertainments Ltd 11.45 am Derby Raco Ltd 04.00 pm London Rosefarm Ltd 11.30 am Liverpool SSH Group Plc 02.00 pm Farnborough SSH Offshore Ltd 02.00 pm Farnborough SSH Products Ltd 02.00 pm Farnborough SSH Resources Ltd 02.00 pm Farnborough Silver Knight Coaches Ltd 11.00 am Calne Stylegrove Ltd 01.00 pm London Tigerflow (UK) Ltd 11.00 am London Tolly Marine Ltd 11.00 am Poole Tripod Investments Ltd 11.30 am Manchester Twenty Twenty Marketing Comm Ltd 11.00 am Birmingham UK Carpets and Beds Ltd 11.30 am Brighton Urry Precision Engineering Ltd 10.30 am West Byfleet Visualventure Ltd 11.30 am Blackburn Worthtrend Ltd 10.30 am Birmingham 21/10/99 A & J Resin Flooring Ltd 10.30 am Halifax ADC Secure Ltd 11.30 am London Abbey Executive Travel Ltd 10.00 am Southend-on-Sea Advance Self Drive Ltd 11.00 am Plymouth African (UK) Ltd 11.45 am Croydon Air Equipment Ltd 11.00 am Birmingham Bellamy Brothers Ltd 11.00 am London Bravin Brickwork Contractors Ltd 10.45 am London Brewers Feast Ltd 12.00 pm Woodford Green Computer Spares Ltd 03.30 pm London Designer Management Ltd 11.30 am Preston Digital Production House Ltd - The 11.00 am Leeds Distinctive Public Houses Ltd 12.00 pm Manchester Durwin Drafting Ltd 11.30 am Nr Exeter E M T Packaging Ltd 02.30 pm Nottingham Gastronomix Ltd 11.30 am Liverpool Georgina Brown Pub Co Ltd - The 02.30 pm Coventry Griffin Industries Ltd 11.00 am Derby H Fellows Ltd 11.30 am Walsall Highpoint (UK) Ltd 11.00 am Birmingham Interfreight Movements Ltd 11.00 am Grimsby Interject Ltd 11.30 am Birmingham JD Bricklaying Ltd 11.30 am Havant Jondav Ltd 11.00 am London Keith Buckley & Co Ltd 11.00 am Nottingham Limehouse Marketing Ltd 10.30 am Sheffield MCE Sport Services Ltd 11.00 am Brimingham Managed Manufacturing Services Ltd 02.00 pm London Moss Side & Hulme Bus Fed Ltd - The 12.00 pm Manchester Pellpoint Ltd 11.30 am Manchester Rock Fashions Ltd 04.00 pm London Rotherham Precision Engineers Ltd 11.00 am Coventry Shum Construction Ltd 12.00 pm London South B'Ham Radio Co Ltd 10.30 am Droitwich Spa T Graphic Systems Ltd 11.15 am Motherwell Talkin Italian Ltd 11.15 am North Ferriby Washburn (UK) Ltd 12.00 pm London 22/10/99 A & B Tree Care Services Ltd 02.00 pm London Abacus Gems Ltd 01.30 pm London Alarm Supplies Ltd 11.00 am Wolverhampton Boddroll Glazing Co Ltd 11.30 am Dudley Centredecor Ltd 03.00 pm Birmingham Computer Store (UK) Ltd - The 11.30 am Blackpool Counterview Ltd 10.15 am Bury Global Oils Ltd 11.00 am Sandbach Grey and Hannath Ltd 12.15 pm Grimsby JM Holden Designs Ltd 10.30 am Droitwich Spa JSPM Ltd 11.30 am Exeter Landscape Design & Construction Ltd 03.30 pm Birmingham Metalex (UK) Ltd 10.30 am Aldridge Mockett and Merritt (Electrical) Ltd 11.30 am Southampton Mountprime Ltd 11.30 am London Newforce Clothing Ltd 12.00 pm Bury Paddock Engineering Ltd 11.30 am Birmingham Paddock Industries Ltd 11.30 am Birmingham Phoenix Finishers Ltd 12.00 pm London Raimart Enterprises Ltd 11.00 am London Right Graphics Southern Ltd 11.00 am Southampton Rising Star Securities Ltd 11.30 am York Riverside Park Shotblasting Ltd 10.30 am Yarm Slater Electrics Ltd 12.00 pm Hale Syndicate Computer Systems Ltd 03.00 pm Pinner T Clough (Quality Meats) Ltd 12.00 pm Manchester Tag Clothing Ltd 11.00 am Sunderland Trade Avon Ltd 11.00 am London Visions Online Ltd 11.00 am Bradford Yazzles Ltd 11.00 am Birmingham 25/10/99 Accident Investigation & Management Lt 11.45 am London Auberge St Georges Ltd 11.00 am Liverpool Coreflux Systems International Ltd 10.00 am Sheffield Football Connection Ltd - The 12.00 pm Worcester Frank Sutton Ltd 11.00 am Manchester Inta Door Ltd 10.30 am Hereford Lawrence & Stamina Ltd 11.00 am Leicester Lescar Ltd 11.30 am London Lifesign Diagnostic Services Ltd 02.30 pm Cardiff Oaks Security Services Ltd 11.00 am Cambridge Viking Park Foods Ltd 11.30 am Leicester 26/10/99 Bestbuy Holdings Ltd 03.30 pm Lutterworth Cam Technologies Ltd 02.30pm Westcliffe-on-S Centreine Precision Engineering Ltd 12.00 pm Royston Chatterbox Telecommunications Ltd 03.00 pm London Complete Civil Contracts Ltd 11.45 am London Crest Computer Care Ltd 04.00 pm West Sussex Garland and Miles Ltd 11.30 am Lutterworth ICA Engineering Ltd 11.30 am Stockton-on-Tee Jefferson Whitefield Ltd 11.00 am St Albans Marques of Distinction Motors Ltd 11.30 am Blackpool Mike Burden Civil Engineering Ltd 11.30 am Worcester Paragon UK Engineering Ltd 11.15 am Bromley Southcoast Hire Ltd 02.30 pm Fareham Ultima Building Services Ltd 11.00 am London
TW LW TW LW
USA 1.6585 1.6600 Canada 2.4433 2.4480
Austria 21.4165 21.2967 Portugal 312.030 310.288
France 10.2094 10.1522 Belgium 62.7860 62.4340
Finland 9.2540 9.2020 Italy 3013.61 2996.74
Germany 3.0448 3.0277 Sweden 13.5281 13.5630
Holland 3.4298 3.4107 Switzerland 2.4806 2.4645
Spain 258.960 257.520 Ireland 1.2258 1.2189
Australia 2.5400 2.5236 Denmark 11.5655 11.5053
Hong Kong 12.8816 12.8941 Euro 1.5564 1.5480
Africa Com 10.0842 9.9646 Saudi Arabia 6.2187 6.2255
India 71.9540 72.3430 Malaysia 6.3015 6.3072
Singapore 2.7846 2.8072 Norway 12.9182 12.7562
Japan 176.680 176.170
TW This week LW Last week.
Source - The Economist
Brunel announced pre-tax losses of 11.1 million pounds, after exceptional charge, on turnover of £73.7 million, for the year ending 30th June 1999.
Incepta, the communications and marketing group, announced pre-tax profits of 17.9 million pounds, after exceptional credit, on turnover of £76.7 million, for the six months ending 31st August 1999. Earnings per share stand at 3.6p on increased capital.
St. Ives, the printing group, announced pre-tax profits of 60.1 million pounds, on turnover of £452.2 million, for the year ending 30th July 1999. Earnings per share stand at 39.8p.
Scotia Holdings, announced a pre-tax loss of 14.6 million pounds, after exceptional charge, on turnover of £3.17 million, for the six months ending 30th June 1999.
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 LHS (Holdings) Limited of the liquid finings business of Imperial Chemicals Industry plc
Proposed acquisition by EMSA Beteiligungsgesellschaft MBHof assets of Coal Pension Venture nominees Ltd namely Addis Group Ltd
Acquisition by Pubmaster Group Limited of assets of Swallow Group plc namely 662 pubs
Acquisition by Kaye Office Supplies Ltd of John Heath (Holdings) Ltd, a subsidiary of ISA International plc
Proposed acquisition by Meyer International plc of Graham Group plc
Acquisition by SFX Entertainment Inc of Apollo Leisure Group Plc
Proposed merger between Schlumberger's Sedco Forex mobile offshore contract drilling business with Transaction Offshore Inc
Proposed acquisition by BRMB International Limited of SP Consultants and SP Computer Consultants Incorporated
Proposed acquisition by Cytec Speciality Resins A.S. of the amino and alkyd coatings resin business of BIP Ltd
KIM HOWELLS ACCEPTS UNDERTAKINGS FROM ROCKWOOL
Kim Howells, Competition and Consumer Affairs Minister, announced that he had accepted undertakings from Rockwool Limited which prevent them from acquiring control of Owens Corning Building Products (UK) Ltd (OCBP). His decision is in accordance with the advice of the Director General of Fair Trading.
The undertakings follow a proposed bid by Rockwool for the stone wool manufacturing business of OCBP which was blocked in May 1999 by Dr Howells, following an adverse report by the Competition Commission. Under the terms of the undertakings, Rockwool have agreed not to acquire control of OCBP, or to acquire any assets. The undertakings also prevent Rockwool from attempting to influence the policy of OCBP.
A free on-line benchmarking assessment and a new CD-Rom to help small firms improve competitive performance were launched on the 11 October by the e-Minister, Patricia Hewitt.
The internet based benchmarking service enables small and medium sized firms to assess company performance direct from their desktop, providing instant feedback and highlighting where improvements can be made.
The Applied Benchmarking CD-Rom helps firms identify the most effective and practical way of taking the assessment forward and implementing changes to improve competitiveness, through the use of practical advice and case studies.
Launching the new services, Ms Hewitt said:
"To compete effectively on the world stage, British business must be able to deliver world-class products and services, meet customer needs and out-perform competitors. Benchmarking is an important first step in this process, helping firms to identify strengths and weaknesses by comparing their performance against top British and international companies.
"Benchmarking is already well established among larger companies, proving successful in helping to improve competitive performance and spread best practice. I want to encourage more small and medium sized firms to take advantage of this initiative so they can enter the next millennium competing with the world's best. With these new services small companies can now do this direct from their own PC.
"And the benefits will be felt more widely. One recent estimate suggests that by adopting competitor's average levels of best practice, the UK could boost GDP by £300 billion."
The Benchmark Index is available free on-line at www.benchmarkindex.com The on-line Index is a sample of the Benchmark Index available from Business Links, Trade Associations and other business intermediaries.
The Applied Benchmarking CD Rom is part of the Connect Best Practice series and can be purchased from the Connect web- site at www.connectbestpractice.com or by calling the Connect hotline on 01782 371800.
The Connect Best Practice Series is designed to spread awareness of best practice in business and address issues affecting SMEs competitiveness. The series uses documentary case studies to highlight best practices and using CD ROM technology presents them within a highly stimulating and interactive framework for the user.
PALM COMPUTING
PALM COMPUTING, owned by 3Com, and SYMBIAN -- a consortium of Psion, Motorola, Nokia, Ericsson and Matsushita -- announced plans to co-operate on wireless Internet devices. Nokia will build smart phones that connect to the Internet using a combination of Palm's and Psion's EPOC operating systems. Later, Britain's BT and MICROSOFT announced a rival scheme to develop handheld wireless devices based on Windows CE.
Source - The Economist
25 October Wessex Branch meeting of the ICM Experian - New Non-Ltd database presented by Debbie Airey The Royal Southampton Yacht Club, Channel Way, Ocean Village, Southampton Buffet and Refreshments available on arrival 7.00 for 7.30pm Members and non-members are equally welcome 16 - 17 November 6th Annual ICM Conference on Credit Scoring Oulton Hall Rothwell Lane Leeds Telephone Rachel Roberts at the ICM on 01780-722907 for a full brochure 17 - 19 November 1999 Wednesday to Friday International Credit Exhibition & Conference Raffles City Convention Centre The Westin Stamford, Singapore http://www.internationalcredit99.com Mailto:info@internationalcredit99.com 17 to the 19 November ICM Examinations Intermediate and Final Stages 7 - 9 December 1999 Online Information 1999 Olympia London 8 December ICM Preliminary Certificate in Credit Management Examination 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 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
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