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: 102
Dated: 21st March 1999
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
This is a smaller edition than normal. We hope to resume to a full newsletter next week.
UKREGIONAL BUSINESSES GET HELP PREPARING FOR THE EURO
The first of a series of seminars aimed at helping businesses take advantage of the Euro will be launched by Lord Simon, Minister for Trade and Competitiveness in Europe. The seminars, sponsored by NatWest CBS, are designed to cover a range of practical issues to help small and medium sized businesses in different regions around the UK take advantage of the single currency. Lord Simon said:
"This series of seminars will enable firms, particularly small and medium sized enterprises, to get practical advice on the euro and its implications for their businesses.
"It is vital that UK businesses are aware that the euro is more than just another currency - it is an opportunity to create new business within Europe.
"These regional seminars, and the recently launched euro CD-ROM and EuroPlanner are part of the Government's continuing effort to help British business prepare for and learn to use the Euro to their competitive advantage." The seminar programme will cover the following topics:
Practical issues (UK's position on EMU, payment of taxes in euros, euro invoicing and VAT requirements); How EMU will impact business (areas of impact for UK trade such as marketing, pricing, selling, contract terms, staff training, purchasing, finance); Case studies on how companies have planned and prepared for the euro; Financial Issues (what services NatWest and other banks offer, issues and costs associated with bank transfers, cross border payment methods).
The seminar will consist of a series of presentations in the morning and will close with Lord Simon leading a question and answer session with the audience. During the afternoon firms will have the opportunity to get one to one advice on the implications of the euro for their business from a team of euro specialists.
The seminar, Doing Business With The Euro, is being run jointly by the Simpler Trade Procedures Board (SITPRO), NatWest Corporate Banking Services, DTI, HM Treasury, South East regional Euro Forum and HM Customs. For further details of this and other euro seminars please contact the number below, or Deborah Gray at Hill & Knowlton on 0171 413 3043.
This seminar is the first in a series which will run in throughout the UK until May, and will be held at the Holiday Inn, Gatwick 17 March 1999 from 08:50 until 17:00.
For further information about euro preparations, the Treasury's euro preparations website address is: www.euro.gov.uk and the Treasury's 'business preparations for the euro' packs are available by calling telephone number 08456 01 01 99.
The EuroPlanner is a disk that includes spreadsheets to set euro prices and how various hedging options will affect firms' bottom lines. It accompanies a CD-ROM which can be used for presentations by intermediary organisations. The CD also includes case studies and video clips of companies talking about their own preparations for the euro. The EuroPlanner will be available free of charge and the euro CD-ROM will be shown to attendees as part of the day's presentations.
The schedule for other euro seminars:
24 March - Donnington Exhibition Conference Centre, Derby
25 March - Hermitage Hotel, Leicester
31 March - DTI Conference Centre, London
7 April - Hilton Hotel, Manchester Airport
8 April - Haydock Park Racecourse, Liverpool
14 April - Novotel, Ipswich
15 April - University Arms Hotel, Cambridge
22 April - The Moat House, Sheffield
23 April - Marriot Hotel, Newcastle-Upon-Tyne
28 April - The Thistle Hotel, Glasgow
29 April - Stakis Treetops Hotel, Aberdeen
5 May - Hilton Hotel, Bristol
6 May - The Angel Hotel, Cardiff
12 May - The Crowne Plaza, Birmingham
To register for any of the regional euro seminars please ring:
Tuula Kaminarides on 0171 215 0855
1999 QUARTERLY PAYMENTS FOR SMALL EMPLOYERS AND CONTRACTORS IN THE CONSTRUCTION INDUSTRY
Regulations have been laid to increase the level below which income tax deductions can be paid to the Inland Revenue quarterly rather than monthly. This change was announced by the Chancellor of the Exchequer on Budget Day. For Pay As You Earn (PAYE) deductions made in periods beginning after 5 April 1999, employers can pay quarterly if their average monthly payments to the Inland Revenue of tax and National Insurance Contributions (NICs) are less than £1,000. The previous limit was £600. The new limit also applies to payments of tax deducted by contractors in the construction industry.
Corresponding changes will be made to the regulations for National Insurance Contributions.
Employers and contractors who reasonably believe that their average combined monthly payments to the Inland Revenue of tax deducted under PAYE or from payments to subcontractors and NICs are less than £1,000 in total can choose to make payments to the Inland Revenue quarterly rather than monthly. This applies to deductions made in periods beginning after 5 April 1999. The previous limit was £600.
Employers and contractors who choose to pay quarterly are required to make payments for the tax quarters ending 5 July, 5 October, 5 January and 5 April. The tax and NICs for each quarter must then be paid to the Inland Revenue by the 19th of these months.
The increase will give an additional 130,000 small employers the opportunity to pay quarterly, improving their cash flow and reducing administrative costs. This will bring the total number of employers who could benefit to more than 700,000 - over 60 per cent of all employers.
Copies of the Regulations, which are entitled "The Income Tax (Employments) (Amendment No 2) Regulations 1999" [S.I. 1999 No. 824] and "The Income Tax (Sub-contractors in the Construction Industry) (Amendment) Regulations 1999" [S.I. 1999 No. 825] will be available shortly from the Stationery Office.
LAND REGISTRY PUBLISHES LATEST RESIDENTIAL PROPERTY PRICE REPORT
The Land Registry (February 24) published the latest in its series of quarterly residential property price reports, covering the period October - December, 1998.
The report compares average prices and volume of sales with those for the same period in 1997, illustrating trends over the past year. It incorporates a breakdown of the average sale prices of old versus new properties, by property type.
The data, which covers the whole of England and Wales, are broken down by property type and county, to include the new unitary authorities introduced on April 1, 1998. The figures also incorporate average property prices and volume of sales within Greater London, broken down by individual London boroughs
. Sales in this context are taken to mean the transfer of ownership for value of freehold or long leasehold properties, whether or not the purchase was supported by a mortgage.
No weighting or adjustment is applied to the information collected to reflect any seasonal or other factors. The price data can be said to be actual, unadjusted averages drawn from the great majority of all residential sales in England and Wales completed during the period.
As highlighted in the report, a further 20 new unitary authorities were created on April 1, 1998. When considering price movements in counties affected by these boundary changes, it is important to bear in mind that direct comparisons will not be meaningful.
This Land Registry report is intended to complement information available from other sources. Any comparison with other data should have regard to the differences in volume, timeliness and coverage of contributing transactions.
The Land Registry is also able to provide `bespoke reports' on request, for which a fee is charged. These show aggregated data for any local authority district in England and Wales; any post code area (e.g. GL); any postcodee district (e.g. GL1); or anpost codede sector (e.g. GL1 2). There is a special telephone number for this service - 0151 473 6010.
The report for the October - December quarter demonstrates a number of developments within the property market for England and Wales:-
October-December,1998 v October-December, 1997:
year on year, the average price for all properties in England and Wales increased by 5.88%. However, over the same period the volume of sales decreased by 10.61%
for Greater London, there was an annual increase in average property prices of 7.48%, compared with a decrease in the volume of sales of 14.58%
year on year, all 10 economic regions in England and Wales showed an increase in average prices as shown below:
South East 8.77%
Greater London 7.48%
North 6.42%
South West 5.46%
East Anglia 5.42%
West Midlands 4.89%
East Midlands 2.61%
Wales 2.47%
North West 2.22%
Yorks/Humberside 0.02%
October-December,1998 v July-September,1998:
comparing the October-December quarter with the previous quarter, average prices in England and Wales fell by 3.49%. Over the same period, the volume of sales decreased by 10.05%.
in Greater London, prices over the period fell by 3.89%; the volume of sales decreased by 14.72%.
quarter on quarter, most economic regions showed a decrease in average prices as shown below:
North 3.04%
Wales -0.78%
West Midlands -1.61%
Yorks/Humberside -1.83%
South West -2.14%
East Anglia -2.14%
North West -2.26%
South East -2.54%
East Midlands -3.20%
Greater London -3.89%
For the quarter July-September, 1998 75.3% of property sales in England and Wales (77.1% in Greater London) were supported by a mortgage.
The Land Registry internet site contains a full copy of this new report and all previous reports, together with other useful information on the work of the Land Registry. It can be accessed on: www.landreg.gov.uk/
HM Land Registry, established in 1862, is a Department of Government responsible to the Lord Chancellor. The Chief Land Registrar and Chief Executive is Dr Stuart Hill. The Registry became an Executive Agency in 1990 and a Trading Fund in 1993.
The Land Registry is required by statute to be self-financing and makes no call on public funds.
HM Land Registry was awarded its third consecutive Charter Mark in 1998, in recognition of the continued excellence of its service to the public.
The principal aims of the Land Registry are:
Good progress is being made in tackling the problems posed to the justice system by the Millennium Bug, the Lord Chancellor, Lord Irvine, announced today. Of the organisations which report to the Lord Chancellor, all Year 2000 preparatory work at the Land Registry, Public Record Office and the Northern Ireland Court Service is already complete and work is well advanced on systems in the courts in England and Wales. The Lord Chancellor said that the progress shown in the latest quarterly returns, published today, reflected the seriousness with which the problem was being treated. All those involved in or reliant upon the justice system could be confident that no disruption would be caused by Millennium Bug problems.
In the Lord Chancellor's Department the Year 2000 Programme covers a range of complex systems in over 700 locations, mostly Magistrates', Crown and County Courts but also LCD Headquarters and other key organisations such as the Public Trust Office. Nearly 90% of business critical systems in the Department will be Year 2000 compliant and operational by the end of April. The carefully planned rollout programme of systems that can cope with the Year 2000 will continue in a small number of areas until September 1999. The Year 2000 planning process has involved bringing forward the implementation date for some new IT systems, rather than trying to rectify existing systems that will become outdated. This has resulted in significant modernisation in the support systems of the Department, in line with the Lord Chancellor's overall aim of a responsive and more efficient justice system. Many of these new systems are already in use.
The Lord Chancellor reaffirmed the Departments' commitment to openness in all aspects of its Year 2000 Programme. In addition to the returns made to the Cabinet Office (in common with other Government Departments), regular progress reports will be posted on the Department's Web Site specifically tailored to court users. The first of these reports, to be published later this month, will also report in full on the independent assessment recently carried out of the LCD Year 2000 Programme. The external consultants conclude their assessment by saying they 'are satisfied that the Lord Chancellor's Department has secured itself from Year 2000 threats and that its customers, suppliers and other partners in the justice system can depend on its services and operations continuing undisturbed.'
The first progress report referred to above, containing details of the independent assessment of the LCD Programme will be available in late March at www.open.gov.uk/lcd . The assessment was carried out by AMTEC consulting.
TONY BLAIR SENDS EMAIL ALERT TO BUSINESS ON YEAR 2000 BUG
The Prime Minister sent an email last week to small businesses across the UK calling on them to act over the Millennium Bug.
The email, sent via the Internet to 75,000 businesses, warned that with just nine months to go, small and medium sized firms were still behind the game in preparing for the Bug.
In the email, which will be forwarded by those businesses to many more small and medium sized firms, he said:
"It was a year ago that I pledged that the Government would do all it can to help business prepare for the year 2000 and in that time we have implemented a large programme of help and advice to the private sector, as well as putting our own house in order in Government and helping major parts of the infrastructure.
"With just nine months to go, there is one part of the economy which is still behind the game – small and medium sized businesses such as yours. So I need your help to meet our aim of avoiding material disruption to the economy. You've probably checked the computer you're reading this on, but are you confident that you can carry on business normally with your customers and suppliers?
"I urge you to get hold of the official, free, step-by-step guide from Action 2000 on 0845 601 2000 so the UK can move smoothly into next year. The country is counting on you."
Margaret Beckett, who chairs the Cabinet Committee pulling together Government action on the Millennium Bug, will deliver her regular quarterly statement on the progress within Government and the wider public sector in dealing with this problem.
RETAIL SALES CONFIRM BCC CALLS ON RATES
Reacting to the latest retail sales data published today (Thursday 18 March), Dr Ian Peters, Deputy Director General of the British Chambers of Commerce (BCC) said:
"These figures confirm the fact that further scope exists for a cut of at least a half per cent in interest rates, and we urge the Bank to take action on this at its April meeting.
"The latest official data on unemployment, average earnings and retail sales, together with the strength of the pound provide four good reasons for cutting rates.
"We believe the Monetary Policy Committee needs to take action to allow industry to compete more effectively, to help stem the expected rise in unemployment, and to stimulate consumer confidence."
The British Chambers of Commerce (BCC) represents, through a quality assured, national network of ‘Approved’ Chambers of Commerce, more than 120,000 businesses in all sectors of the economy, and of all sizes. Approved Chambers seek to represent the interests and support the competitiveness and growth of all businesses in their communities and regions. The BCC’s website can be found at www.britishchambers.org.uk
The BCC is co-ordinating the UK's National Campaign for Enterprise endorsed both by the Competitiveness White Paper and the Chancellor's Pre-Budget Report.
The BCC National Conference takes place at the Scottish Exhibition and Conference Centre in Glasgow on June 3 & 4. Main sponsors of the Conference are ACC Telecom. The event is run in partnership with the Glasgow Chamber of Commerce. For booking details call 0141 204 8340.
Ian McCartney, Minister of State at the DTI, last week issued a consultation document seeking views on proposals to raise the Companies Act threshold levels for small and medium sized companies.
The threshold levels determine what size of UK company is entitled to file abbreviated accounts at Companies House. Announcing the consultation, Mr McCartney said: "This consultation will inform the Government's decision on increasing the Companies Act threshold levels for small and medium sized companies. The threshold levels have now not been raised since 1992 and are well behind those in most other Member States. Unless we take action, we are likely to slip further behind, as the European Commission has recently issued proposals to raise the European threshold limits further.
"I do not wish to see UK SMEs placed at any competitive disadvantage in Europe. These proposals, which recommend raising the thresholds to the maximum level possible within European Law, would enable some 25,000 more companies to file abbreviated accounts at Companies House. This is a further step to cut unnecessary red-tape and keep the UK in its place as the enterprise capital of Europe."
Companies which fall within the Companies Act 1985 thresholds are allowed to file abbreviated accounts with Companies House. Such accounts must include a detailed balance sheet but need not include a profit and loss account.
The threshold levels are set out in Sections 247 and 249 of the Companies Act 1985 (as amended). The Secretary of State has power to amend the thresholds by way of negative statutory instrument.
The Companies Act threshold levels must fall within those set by the Fourth and Seventh Company Law Directives. The UK has scope to raise the threshold levels by approximately 40% under the Directives as they stand. However, the European Commission have recently issued a proposal (5531/99) to raise the Directive limits by a further 25%.
Were the Commission's proposals accepted, and the UK to take full advantage of those levels, the thresholds would rise by around 70%.
For example, the small company turnover threshold would rise from £2.8 million to £4.8 million.
These thresholds do not determine the thresholds for statutory audit, which is £350,000.
The consultation document is available on the internet: http://www.dti.gov.uk/cld/condocs.htm
SIR RICHARD WILSON'S REVIEW OF EXPORT PROMOTION PUBLISHED
The Foreign Secretary Robin Cook, on behalf of the DTI and Foreign Office and DTI, announced last week the Government's response to the Cabinet Office Review into export promotion arrangements. A copy of the PQ answer announcing the outcome is attached. At a press conference Derek Fatchett, Foreign Office responsible for trade promotion said:
"This has proved to be a most constructive review. Sir Richard Wilson has recommended radical change which builds on the good work that the FCO and DTI do at home and abroad to support exporters. The decisions we have taken will reinforce that cooperation and produce a better service for small and large companies, including from the financial and other new service sectors. The organisation will give Britain a sharper edge in export markets"
The Report was welcomed by the Trade Minister, Brian Wilson. He said: "Overseas sales boost national earnings and help to secure jobs here in the UK. It is therefore very important that the DTI and FCO continue to work closely together to deliver the best possible service to UK exporters. Once implemented, the provisions of the Review will allow us to provide a more coherent service which is readily accessible to businesses wherever they are located."
As part of the review, a Cabinet Office team held wide-ranging consultations with the private sector. They interviewed over 400 people and received over 170 written submissions. A high level Advisory Panel was also set up to advise the Cabinet Secretary on the direction of the review which included the Chairman of ICI, Sir Ronald Hampel and the Chairman of BOC and the CBI International Affairs Committee, David John.
The executive summary of the Cabinet Secretary's report can be found on the FCO website at: www.fco.gov.uk or on the DTI website at:www.dti.gov.uk Full copies of the report are available by email: tony.bourne@lond04.dti.gov.uk
The Foreign Secretary, on behalf of the Secretary of State for Trade and Industry, said: "This Government attaches great importance to the promotion of exports. That is why in June last year the then Secretary of State for Trade and Industry and I asked the Secretary of the Cabinet, Sir Richard Wilson, to review the current arrangements for the support and promotion of exports. I am pleased to be able to announce today the outcome of that Review. Copies of Sir Richard's report have been placed in the libraries of both Houses, and will be widely distributed. It is also available on request to members of the public and the executive summary can be found on the FCO and DTI websites.
FEXBOL: INTERNATIONAL TRADE FAIR IN LA PAZ, MARCH 28 - APRIL 14
PREMISA, the organisers of the FEXBOL, a small international Trade Fair, which is held in La Paz from 28 March to 14 April, invites companies coming to the region to visit the fair at the Coliseo Cerrado "Julio Borelli". Fexbol runs for two weeks and contains a little of everything.
For further information, companies should contact Premisa at the address below.
Contact
Vitto Uribe Nogales
General Manager
Grupo Fexbol
Calle Guerrilleros Lanza 1437, Piso 3
Casilla 4214
Tel: 00591 2 224245/244462/242722
Fax: 00591 2 226579
Contact Details
Vitto Uribe Nogales
General Manager
Grupo Fexbol
Calle Guerrilleros Lanza 1437
Piso 3
Casilla
Bolivia
4214
00591 2 224245 (Telephone)
00591 2 226579 (Fax)
ECGD-BACKED LOAN HELPS BRING VALUABLE CHINESE PROJECT WORK TO BRITAIN
Brian Wilson, Minister for Trade, last week announced that a loan supported by ECGD had helped a number of British companies to win valuable sub-contract work in connection with the construction of a power station in China.
British exporters, led by Hammersmith-based Bechtel Limited, have been successful in securing orders worth over US$50 million for work to be undertaken for the third phase of the Nuclear Power Project in the Qinshan area, Zhejiang Province.
The decision to source this work from Britain was made by the U.S. company, Overseas Bechtel Inc., who themselves have been given responsibility for the balance of plant, engineering and procurement by the main contractor for the project, Atomic Energy of Canada Limited.
Mr Wilson said:
"This deal is another excellent example of Government and industry working well together to bring important work back to Britain. It is also further testimony of the very high reputation which British engineering has internationally."
To help finance the orders ECGD has agreed to underwrite a US$56 million loan which HSBC Investment Bank plc will make available for the State Development Bank of China.
The British companies will be responsible for providing a range of engineering plant and services for the installation of 2 x 700 Mega Watt Candu reactors and turbine generators at Qinshan.
The "end buyer" for the project in China is the Third Qinshan Nuclear Power Company Limited. Export Credit Agencies in Canada, Japan and the U.S. are helping to finance other parts of the project, the total cost of which is estimated to be US$2.7 billion.
ECGD, the Export Credits Guarantee Department, Britain's official export credit agency, is a separate Government Department responsible to the Secretary of State for Trade and Industry. One of its main functions is to underwrite bank loans to enable overseas buyers to purchase capital and project related goods/services from Britain.
PricewaterhouseCoopers this week shed some of their Insolvency staff in a major shake up of the Insolvency division. It would seem that the most effected come from outside the banking and insurance sector.
Senior Managers have been axed from the Northampton, Manchester and Birmingham offices and many staff have lost their jobs. The Senior Managers have been given paid leave of seven days to review the offers made by the firm. More cuts are being expected as the merger of the giants takes it's toll.
Rumours are rife within the firm that whole offices will close and already it is known that the Southampton office at Town Quay will be closing by the end of June.
If you want more information email jarnold@creditman.co.uk
DTI PETITIONS TO WIND UP ABS INTERNATIONAL VENTURE LIMITED AND VENTURE CAPITAL CORPORATION LIMITED
On 10 February 1999 the Secretary of State for Trade and Industry presented petitions in the High Court of Justice to wind up, in the public interest, ABS International Venture Limited and Venture Capital Corporation Limited following enquiries made by the DTI under the provisions of Section 447 of the Companies Act 1985. The petitions are to be heard on 31 March 1999.
Venture Capital Corporation Limited was incorporated on 15 May 1995 in Gibraltar and traded as a commercial finance broker from Leeds, West Yorkshire. Prospective clients were invited to apply for commercial funding for worldwide development projects.
ABS International Venture Limited was incorporated on 31 July 1995 to trade as a general commercial company also from Leeds, West Yorkshire. The company is dormant and has not traded.
The registered office of Venture Capital Corporation Limited is at Suite B, Third Floor, Regal House, Queensway, Gibraltar and it traded from Brooklands Court, Tunstall Road, Leeds.
The registered office of ABS International Venture Limited is at Brooklands Court, Tunstall Road, Leeds.
The petitions were presented under Section 124A of The Insolvency Act 1986.
*** 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 22/03/99 to 31/03/99 Number of Creditor meetings : 240 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 22/03/99 Bottles Galore Ltd 11.00 am Paisley 24/03/99 Edintype Ltd 11.00 am Glasgow Technical Building Services (Scot) Ltd 11.00 am Paisley 25/03/99 Gem Haulage Ltd 11.00 am Paisley Ian R Black Industrial Electronics Ltd 11.00 am Kinross Smith & Ritchie (1986) Ltd 12.00 pm Glasgow 26/03/99 Black Barony Hotel Plc - The 10.00 am Glasgow 30/03/99 Enviroheat Ltd 11.00 am Glasgow Greenfield Homes (Scotland) Ltd 10.00 am Edinburgh 31/03/99 Cloud Nine Public House Ltd 11.00 am Ayr Cyberex Ltd 11.00 am Kinross Hawthorne Timber Services Ltd 11.00 am Aberdeen 23 Administrator Calling a meeting of Creditors 22/03/99 Catering Equipment Warehouses Ltd 10.00 am London Caternet Centres Ltd 10.00 am London 23/03/99 Electric Film Factory Ltd - The 02.30 pm London 26/03/99 ESP Realisations 1999 Ltd 10.30 am Derby Vendustrial Ltd 12.00 pm London 31/03/99 Agricultural Plant Hire Ltd 02.30 pm Peterborough 48 Receiver calling unsecured Creditors Meeting 22/03/99 Rushmoore Reed Ltd 02.30 pm London 23/03/99 Restdale Ltd 11.00 am Birmingham 24/03/99 CFTC (Realisations) Ltd 10.00 am Southampton R E Ingham & Co Ltd 12.00 pm Knaresborough SCS Consulting Ltd 10.00 am London Spreadfield Ltd 10.00 am Southend-on-Sea Touchwood Industries Ltd 12.00 pm Knaresborough Yorkshire Motor Components (Inter) Ltd 11.00 am Sheffield 25/03/99 Stroudgate Plc 03.00 pm London 31/03/99 Peer Conveyor Co Ltd 11.00 am Manchester Storkgrange Ltd 10.30 am Sheffield Tinker Grayson Ltd 11.15 am Sheffield 98 Creditors Voluntary Liquidations 22/03/99 Advanced Piling UK Ltd 02.30 pm Manchester B 123 Ltd 10.30 am Manchester Barkwood Construction Ltd 10.05 am Watford Bun Shop Tudor Caterers Ltd -The 11.00 am Thornaby C 123 Ltd 11.30 am Manchester Caesarstone Ltd 11.00 am London Capital & County Construction Ltd 11.00 am London Care Computers Ltd 11.30 am Manchester Central Hygiene Systems Ltd 02.30 pm Liverpool Churchtown Timber Ltd 11.30 am Manchester Darndelle Ltd 03.30 pm Bolton Datapool Group Ltd 11.00 am London Direct Action Ltd 02.00 pm Stanmore Excel Design & Print Ltd 10.15 am Leeds Global Vacation Club Ltd 02.00 pm Southport Global Vacation Club Management Co Ltd 02.00 pm Southport High Security Technology (UK) Ltd 01.00 pm London Hunter Design & Print Ltd 12.00 pm Glasgow Investstate Ltd 03.00 pm South Ruislip J Smethurst & Son (Bolton) Ltd 11.00 am Bolton Jacksons Mechanical Services Ltd 10.30 am Marlow Lukenn Engineering Ltd 11.45 am London Martin Brothers (UK) Ltd 10.30 am Manchester Misolo Ltd 11.00 am Bolton On Time Transport 97 Ltd 03.00 pm Glasgow Prizecable Ltd 02.30 pm Gloucester Promote (UK) Ltd 02.00 pm Southport RBJ Land Surveys Ltd 11.00 am Glasgow Remaco Ltd 03.30 pm London Resortbreak Ltd 02.00 pm Southport Silglow Ltd 03.00 pm London Sunset Flight Centre Ltd 02.00 pm Southport Throwpeak Ltd 02.00 pm Southport Timeshare Brokers International Ltd 02.00 pm Southport Twinrose International Ltd 11.30 am Alderley Edge Zenotronic Ltd 10.00 am Chelmsford Zonefine Ltd 11.00 am London 23/03/99 AR Aviation Services Ltd 12.00 pm London Advanced Lighting Services Ltd 11.00 am Leith Baron Pastures Management Services Ltd 12.00 pm London Bimark (Wirral) Ltd 11.00 am Liverpool C3 Enterprises Ltd 11.30 am Birmingham Castle Sales & Market Solu (UK) Ltd 11.00 am East Linton Castle Sales Promotion Ltd 10.00 am East Linton Chartier Ltd 11.00 am London Corrosion Resistant Alloys Ltd 10.30 am Driffield Cullis Raggett Ltd 02.30 pm London DAS Leisure Ltd 12.00 pm Sailsbury Designact Ltd 12.00 pm London E Y C Ltd 03.45 pm London Ecosse Safety Ltd 11.00 am London Eezilift Ltd 02.30 pm London Eurologistics Ltd 11.00 am Droitwich Spa HRQ (Run-Off) Ltd 11.30 am London Hudson-Rouse Ltd 11.30 am Birmingham J C T (Motors) Ltd 02.00 pm Halesowen K Chellaram & Sons (London) Ltd 11.00 am London Kuros Investments Ltd 10.15 am Ballasalla Learning Partnership Ltd - The 02.30 pm Bromsgrove Lodestone Productions Ltd 12.00 pm Rotherham Luteplayer Ltd 11.30 am Larkfield M G Chemicals Ltd 11.30 am Dudley M J Joinery Services Ltd 03.00 pm Sheffield Mercury Trading UK Ltd 12.00 pm Edgware Mergesearch Ltd 12.00 pm Cardiff Mona Casuals Ltd 11.30 am Bingham Mr Toner Ltd 11.00 am London Multi BBRV Ltd 10.30 am Liverpool Nottingham Trade Kitchens Ltd 02.30 pm Nottingham Paul Gardner Ltd 11.30 am Salford Pulse Training (UK) Ltd 12.00 pm Manchester Robert Williams (Embossers) Ltd 11.30 am Manchester Southern Safety (Thames) Ltd 12.00 pm London Visual Connection (TVC) Ltd - The 10.30 am London 24/03/99 Anglowide Security Ltd 11.00 am Manchester Bell Bananas Plc 11.45 am London Benecol Ltd 10.25 am London Berkeleys Ltd 11.00 am London Bomax Ltd 04.00 pm London Britannia Developments (Cheshire) Ltd 10.15 am Bury Capes Trading Co Ltd 12.00 pm Cardiff Challenge Engineering Ltd 12.00 pm Reading Challenge Patterns Co Ltd 12.00 pm Reading Cross Border Media Ltd 11.30 am London Delford Engineering Ltd 12.00 pm Northampton Environmental Design & Contracting Ltd 03.00 pm Sileby European Publishing Group Ltd 12.30 pm London Faber Technik Ltd 10.30 am Halifax Global Times Corp Ltd 01.00 pm London Halls of Coalville Ltd 03.30 pm Lutterworth Hawthorne Circuits Ltd 11.30 am Lutterworth Helium 3 Ltd 04.00 pm London IQ Interactive Ltd 12.00 pm Impington Keystone Networking Ltd 12.00 pm London Mansbridge Bond Ltd 02.30 pm Southampton Metro Couriers Ltd 03.45 pm London Midland Area Security Services Ltd 10.30 am Leicester Miraben Ltd 10.30 am London Mostbuild Ltd 10.35 am London Nottingham Dreams Ltd 11.00 am Nottingham Nutting & Sons Ltd 11.30 am Sileby Phoenix Management (Scotland) Ltd 11.30 am Hamilton Pro-Publishing Ltd 11.00 am London Retail 2000 Ltd 12.00 pm London Rosebaron Ltd 11.30 am London Russell H Ham Ltd 11.00 am Plymouth Specialised Printing Services Ltd 12.00 pm London Staplechoice Ltd 11.30 am Cardiff Surewatch Ltd 02.15 pm London Tango Technics (1997) Ltd 03.00 pm Birmingham Taylor Art Ltd 12.00 pm Glasgow Thorwell (Insurance Consultants) Ltd 11.00 am Birmingham Transit Blue Water Ltd 11.00 am Manchester Watchtask Ltd 01.30 pm London Wednesbury Diecast & Metal Finish Co L 11.00 am Aldridge William Loftus Ltd 11.00 am London Zoetim Ltd 11.00 am Barnet 25/03/99 Air Charter Network International Ltd 12.30 pm London Alphaissue Ltd 01.00 pm Southampton Ardenco Ltd 11.30 am Sileby B2 Boulevard Ltd 10.30 am Taunton Block Hotels Ltd 11.00 am London Bosworth Knitwear Ltd 02.00 pm Halesowen Broadguard Ltd 12.00 pm Lincoln Buckingham Travel Ltd 11.00 am London Classic Printers Ltd 11.00 am Tunbridge Wells DLM Systems Ltd 01.00 pm Newcastle-u-Tyn Dynamic Innovations Ltd 12.30 pm Bournemouth Gateway Designs Ltd 11.30 am Sileby George Brackenbury & Sons Ltd 10.15 am Ipswich Hyde UK Ltd 11.00 am Chelmsford Inkwell Supplies Ltd 11.30 am Lutterworth J & E Reid Ltd 12.00 pm Glasgow J D Building Enterprises Ltd 11.00 am Sheffield J D Building Enterprises Ltd 11.00 am Sheffield JLP Business Machines Ltd 11.00 am Southampton Karline Security Systems Plc 11.30 am London Kent Parcel Services Ltd 12.00 pm London M A N Staff Recruitment Services Ltd 11.00 am Southport Marcus Pollard Group Ltd 11.00 am London Mexborough Fish Bar Ltd 12.00 pm Chesterfield Paint on Products Ltd 11.00 am Newton Abbot Prestige Mobile Communications Ltd 02.30 pm Basford RBL Refrigeration Ltd 02.30 pm Bournemouth S G & L J Tucker Ltd 11.00 am Bristol SCS Marketing Ltd 02.30 pm Sherborne Stratton Investments Ltd 11.00 am London Swift Glass Ltd 12.00 pm Walsall T F Mini Coaches Ltd 11.00 am London Tic Tac Ltd 10.30 am Bournemouth Tourism International Ltd 11.00 am London Town Chippie Ltd - The 01.00 pm Chesterfield Trotters Ltd 11.00 am Edgware Wallace & Hinds Ltd 10.00 am Swansea Wes Airsure Ltd 10.30 am Reading 26/03/99 1st Circuit Ltd 11.30 am Exeter Brassware Southern Ltd 11.30 am Southampton Cam Furniture Ltd 03.30 pm Birmingham Cornell Trading (UK) Ltd 11.00 am Egham Destination Scotland Ltd 12.00 pm Glasgow Fenwick Business Communications Ltd 11.15 am London Hartley & Beales Construction Ltd 02.00 pm Reading John S McIver & Son Ltd 12.00 pm Glasgow Key Plan Systems Ltd 12.30 pm Harrow Lan Control & Racking Ltd 10.30 am Salisbury Macs Drivers (UK) Ltd 11.00 am Southend-on-Sea Magic Reproductions Ltd 02.30 pm London Marramba Cat Ltd 11.00 am Bognor Regis Mirage Travel Ltd 12.00 pm London Northern Cash Registers Ltd 11.00 am North Shields Quiggin & Co Ltd 11.00 am Lancaster R M Elctricals Ltd 10.30 am Birmingham Rock Bottom Shop Ltd 11.00 am Lancaster Satsauki Ltd 12.00 pm London Titleright Ltd 02.30 pm Southampton Trade Shop (Eastbourne) Ltd - The 11.45 am London 29/03/99 Bomar Enterprise Ltd 10.15 am Weybridge European Binders (Mailing) Ltd 10.00 am Manchester Event Vision Leisure Ltd 11.00 am London H J Smith (Builders) Ltd 11.30 am Lutterworth Identification Device Technology Ltd 02.30 pm London John Mackie Printers Ltd 10.30 am Derby Module Ltd 03.30 pm Lutterworth Pan European Multimedia Ltd 11.00 am Needham Market Poppy Waltz Ltd - The 11.00 am Woking Style Checks Ltd 02.15 pm London 30/03/99 AA Coachworks Ltd 10.30 am Hertford Apex Dies Ltd 02.30 pm Gloucester Ash Environmental Services Ltd 11.30 am Tunbridge Wells Blendec Hospitality Ltd 10.45 am Sutton Cas Clothing Ltd 11.00 am London D & S Containers Ltd 11.30 am Altrincham Huon Haulage Ltd 11.30 am Hull L & K Building Services Ltd 11.00 am Birmingham Perfume & Beauty P'Ship Ltd 11.00 am Guildford Til Colour Group Ltd 11.00 am Maidstone W Graham & Sons (Distribution) Ltd 11.30 am Brigg 31/03/99 Benex Ltd 11.30 am Peterborough Equation Music Ltd 11.45 am London Farbridge Ltd 11.30 am London G C S Catering Equipment Ltd 11.30 am Lutterworth Harthead Ltd 11.15 am Bury Innkeepinn Ltd 12.00 pm Swansea M C Human Resources Ltd 10.30 am Droitwich Spa Mantech Training (1990) Ltd 11.30 am Liverpool Metal Fabrications (Camberley) Ltd 12.00 pm London Shadwell Engineering Ltd 10.00 am London Skill Warren Ltd 11.00 am Southampton Turner Clark Partnership Ltd 10.30 am Crawley Whitelight Technical Services Ltd 10.30 am Southend-on-Sea
TW LW TW LW
USA 1.6301 1.6267 Canada 2.4737 2.4760
Austria 20.4166 20.6656 Portugal 297.461 301.089
France 9.7326 9.8513 Belgium 59.8536 60.5834
Finland 8.8219 8.9294 Italy 2872.90 2907.94
Germany 2.9019 2.9373 Sweden 13.2560 13.2820
Holland 3.2698 3.3096 Switzerland 2.3704 2.3941
Spain 246.872 249.882 Ireland 1.1686 1.1828
Australia 2.5811 2.5672 Denmark 11.0293 11.1580
Hong Kong 12.6328 12.6056 Euro 1.4838 1.5018
Africa Com 10.1814 10.0014 Saudi Arabia 6.1137 6.1006
India 69.1489 68.0453 Malaysia 6.1944 6.1815
Singapore 2.8136 2.8243 Norway 12.5530 12.7879
Japan 191.969 195.318
TW This week LW Last week.
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 Experian Limited of an interest in Choicepoint Limited
TRINITY PLC'S PROPOSED ACQUISITION OF MIRROR GROUP PLC REFERRED TO THE MMC
REGIONAL INDEPENDENT MEDIA HOLDINGS LIMITED'S PROPOSED ACQUISITION OF MIRROR GROUP PLC REFERRED TO THE MMC
Kim Howells, Competition and Consumer Affairs Minister, last week referred to the Monopolies and Mergers Commission (MMC) the proposed transfers of newspapers and related assets of Mirror Group plc to Trinity plc ("Trinity") and to Regional Independent Media Holdings Limited ("RIM").
Under the Fair Trading Act 1973, the Secretary of State's prior written consent is required before such a transfer is made. Where an application for consent is made to the Secretary of State for a transfer of this kind he is required by the Act to refer the matter to the MMC for investigation and report, except in certain circumstances.
The references in no way prejudge the public interest issues concerned; it is for the MMC to investigate and report their findings by 11 June 1999.
The Fair Trading Act 1973 (sections 57-62) provides that the transfer of a newspaper or newspaper assets to a newspaper proprietor whose newspapers, including the newspapers to be transferred, have an average paid-for circulation per day of publication of 500,000 or more copies, shall be unlawful and void unless the transfer is made with the written consent of the Secretary of State.
A reference to the MMC is required before consent may be given in this case.
There is provision in the Act for the Secretary of State to appoint up to three additional members of the MMC from a panel of persons maintained for the purpose of participating in newspaper merger investigations. The following member has been appointed to serve on the MMC for the purposes of these investigations: Donald Trelford
The MMC have until 11 June 1999 in which to report.
The parties concerned in the proposed transfers are:
Trinity plc
Kingsfield Court
Chester Business Park
Chester CH4 9RE
Regional Independent Media Holdings Limited
PO Box 168Wellington Street
Leeds LS1 1RF
Mirror Group plc
One Canada Square
Canary Wharf
London E14 5AP
28th - 29th April 1999 Credit Management in Central and Eastern Europe Conference by Vision in Business Ltd and sponsored by Intrum Justitia The Hilton Hotel, Budapest For more information: tel +44 (0) 171 256 5186 Fax +44 (0) 171 9393 Email postmaster@visibis3.demon.co.uk www.visibis.com 8th June 1999 The 40th Institute of Credit Management National Conference and Exhibition New Millennium - New Risks Cumberland Hotel Marble Arch London W1 To book, or for further information telephone 01780-722907 12th to the 14th October 1999 Tuesday to Thursday Credit North 1999 at the Royal Armouries, Leeds 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
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