Editor: John Arnold. E-mail jarnold@creditman.co.uk
Pat Williams. E-mail pwilliams@creditman.co.uk
Site: Business Credit Management UK
URL: http://www.creditman.co.uk
Issue: Vol 5 Issue 8
Dated: 25 February 2001
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
International speaker Russell KENNARD, MBA AIMC will be again presenting at the Stoke on Trent Branch of the UK Institute of Credit Management on Monday 11th June, 2001.
Russell will be talking, in his usual entertaining and highly informative style, about a variety of credit management organisations throughout Europe, both professional and otherwise. His talk will include information about,
A graduate of the prestigious Bradford Management Centre, rated as one by the FT as one of the top 100 Business Schools in the world, Russell formerly worked with PricewaterhouseCoopers' Receivables Management Group, and is the founder owner of Kennard & Co, the leading European credit management consultancy. Kennard & Co clients come from a broad range of sectors and are typically listed companies trading in global change environments often operating Shared Service Centres (SSCs).
Places at this event are limited - those interested in attending should contact Catriona COLERICK on Telephone Number (01782) 28 2430. Coffee and biscuits will be served from 1830hrs, the presentation will commence at 1900hrs and will be followed by a light buffet to facilitate networking and discussion. The venue is Knight & Sons premises in The Brampton, Newcastle-under Lyme, Staffordshire.
Russell's e-mail address is arkmba@btinternet.com
UKBUDGET WILL DECIDE SCOPE FOR FURTHER RATE CUTS - CHAMBERS
Reacting to the February minutes of the Bank of England’s Monetary Policy Committee, Ian Fletcher, Chief Economist at the British Chambers of Commerce (BCC) said:
“The minutes reveal that the Bank shares business concerns that the inflation target has been undershot by too much and for too long. The Committee’s unanimous decision is a clear indication that further cuts in interest rates are firmly on the horizon.
“With the outlook for prices benign, we believe a further rate cut can be made to help protect against the knock-on effects of weaker global demand, particularly for our manufacturers and exporters on the front line.
“However, it is critical that the Chancellor takes a neutral fiscal stance in the forthcoming Budget so that further strains in the economy are avoided, and to ensure full scope for the Bank to cut interest rates.”
CBI CUTS ECONOMIC GROWTH FORECAST AND PREDICTS MORE REDUCTIONS IN INTEREST RATES
The Confederation of British Industry last Thursday shaved 0.2 percentage points off its forecast for economic growth this year because of an expected global slowdown.
But it predicted that inflation would remain low and allow further cuts in interest rates as long as Chancellor Gordon Brown delivers a cautious Budget.
Publishing its quarterly economic forecast, the CBI said that this year's growth would fall from 2.7 per cent to 2.5 per cent and remain unchanged in 2002. But underlying retail price inflation should remain below the Government's target, averaging 2 per cent in the fourth quarter of this year and 2.3 per cent by the end of 2002.
Interest rates are projected to fall to 5.25 per cent by the third quarter of 2001 and remain at that level throughout 2002. This is a revision of the November forecast when interest rates were forecast to be 6 per cent throughout 2001, falling to 5.5 per cent in the second half of 2002.
Kate Barker, CBI Chief Economist, said: "The impact of the US slowdown may take the wind out of the sails of the UK economy. But sound public finances and low inflation mean there is scope to ease policy and support growth. If the Chancellor maintains his iron reputation and announces a cautious Budget, interest rates could fall by another 0.5 per cent in the next six months. UK growth is not forecast to fall below its 2.5 per cent trend rate." Household spending is expected to slow over the next two years, contributing 1.7 percentage points to economic growth this year and 1.5 per cent in 2002. The household savings ratio is expected to edge up from 3 per cent in the third quarter of 2000 to 4 per cent this year and next.
Public sector net borrowing is expected to be in surplus by £16.8 billion in 2000/2001 and by £7.2 billion in 2001/2002. A lower surplus of £2.6 billion is forecast in 2002/2003.
Export volumes are now expected to slow down significantly over the coming months, due to lower world output and trade growth. Exports are expected to rise by 3.5 per cent by the end of this year, revised down from 5 per cent in the November forecast, and following 7.5 per cent growth last year. Exports are expected to grow by 4.8 per cent in 2002.
Imports are also expected to slow down over the next two years due to lower growth in domestic demand. Manufacturing output is still expected to rise by 1.7 per cent this year. The forecast for next year has been revised down slightly to 1.7 per cent from 1.9 per cent.
Sudhir Junankar, CBI Associate Director of Economic Analysis, said: "Our forecasts show UK economic growth easing back towards trend, with underlying inflation remaining below the 2.5 per cent target. But a key uncertainty for our growth and inflation projections is the potential impact of a sharper and more prolonged US economic slowdown. This could mean weaker export growth and knock confidence in the UK. Overall, the risks to UK growth and inflation now appear to have moved more on the downside than we envisaged in our last forecast."
The rise in total investment for this year is now expected to be 3.9 per cent, revised down from 5.2 per cent forecast in November. Non-manufacturing investment will be the key driver of the increase, primarily from government and the private service sector. Similar growth of 4.1 per cent is expected in 2002.
Unemployment, on an ILO basis, is expected to fall to 1.57 million by the end of this year and 1.53 million by the end of next year. Claimant count unemployment is set to fall to a million by the end of 2002. Employment is expected to rise by 399,000 over the two years to the end 2002. But a further 118,000 manufacturing jobs are expected to be lost over the same period.
EUROPE'S ECONOMIES
The Economist reports Europe's Economies appeared to be holding up even as America's slipped. Euro-zone industrial output for December rose a hefty 8% on a year earlier, despite America's slowing demand for Europe's exports, as domestic demand burgeoned. Germany's IFO index of business confidence rose in December for the first time in eight months.
UNITED KINGDOM IMPORTS AND EXPORTS CURRENCY OF INVOICING
Customs and Excise's latest release of information evaluates the currencies used on invoices issued for import and export shipments of goods.
Presented in four sections - by currency group, geographical area, commodity and size of transaction - this new annual data series will help analysts examine the currency composition of UK imports and exports, the impact of currency movements and interpret the link between movements in exchange rates and trade prices. Over time, it will be possible to assess changes in the way businesses in the UK use sterling and international currencies in their dealings with firms overseas. Information on the use of different currencies will assist better assessment of the relative short- term exposure of UK businesses to changes in bilateral exchange rates.
The analysis shows that, for 1999, nearly two-thirds of UK imports, by value, were invoiced in foreign currencies. Just under one-third were invoiced in US$, showing the importance of the US dollar in the invoicing of international trade. Taken together EU currencies were used to invoice a quarter of UK imports.
For exports half were invoiced in sterling. The US$ was again the most widely used foreign currency with around a quarter of all UK exports being invoiced in that currency. Taken together, EU currencies were used to invoice about a fifth of all UK exports.
For trade with EU countries, almost half of UK imports from the EU were invoiced in sterling, with over 40% invoiced in EU currencies. Sterling was also used for almost half of UK exports to the EU with a third invoiced in EU currencies and a quarter invoiced in US $.
Similar analyses were produced, by Customs and Excise, at irregular intervals between 1979 and 1988 but were then discontinued.The results were published by the Central Statistical Office (now the Office for National Statistics) in Business Bulletin.
Up to 1988 data was taken from traditional Customs declarations. This remains the case now for trade with countries outside the European Union. However, the introduction of the Single Market on 1 January 1993 led to changes in the way that the UK's trade with other members of the European Community is assessed. Since then, under the 'Intrastat' statistical reporting system, data has been collected only from companies whose trade exceeds a set annual threshold (230,000 pounds in 1999). Moreover, Supplementary Declarations submitted under the Intrastat system must be completed in sterling only. Information on the currencies used in EU trading have been obtained by sampling undertaken as part of the programme of Intrastat assurance visiting.
It has not, therefore, been possible to replicate the methodology used up to 1988. Direct comparisons with the previous results are not encouraged. It is not possible to say whether changes over time reflect changes in behaviour or the different methodology.
TOTAL DEMAND DOWN AND DOMESTIC PRICES TO FALL SIGNIFICANTLY, SAYS CBI MANUFACTURING SURVEY
Demand for manufactured goods fell in February and output expectations have slipped. That is the main finding of a monthly survey of industrial trends published last Thursday by the Confederation of British Industry.
Total order books fell below normal with export orders particularly hard hit. They have slipped further below normal than in the last two surveys. Thirteen per cent of manufacturers said export orders were above normal but 37 per cent said they were below normal. The balance of minus 24 per cent compares with minus 14 per cent in January and minus 21 in December.
Domestic prices are expected to fall significantly over the next four months. Twenty-five per cent of firms expect them to go down, 11 per cent say they will go up. The balance of minus 14 is the most negative since September 2000. This contrasts with minus four in December and plus four in January.
Output expectations for the coming four months are less upbeat than in the previous two surveys. Twenty-nine per cent of firms say output will rise while 20 per cent say it will fall. The balance of plus nine compares with plus 14 in January.
Sudhir Junankar, CBI Associate Director of Economic Analysis, said: "The gloomier picture for export demand may well be the first indication that the US slowdown is starting to affect UK manufacturers. Although sterling has recently weakened against the euro, this has yet to have a positive effect on exports. Manufacturers' hopes of boosting output have become less upbeat as stocks have built up. The downward trend in prices is set to re-emerge as companies face strong competitive pressures."
Stocks of finished goods rose over the past month and are regarded as more than adequate by the greatest proportion of firms in a monthly survey since March 1999. The balance of plus 19 per cent is now above the long-term average recorded in these CBI surveys.
The survey was carried out between 24 January and 14 February 2001. There were 1033 responses with 88% being received before the 0.25% cut in base rates on 8 February.
Sterling averaged euros 1.57 (DM 3.08) and $1.46 over the survey period. This compares with euros 1.61 (DM 3.14) and $1.49 in the December/January survey period.
ICC Information, the leading online business and credit information provider, believes that the raising of the audit threshold is of no benefit to small and medium sized businesses and will hinder their ability to obtain credit.
The audit threshold was raised from companies with £350,000 turnover to those with more than £1 million in July last year. The government has suggested that it will consider raising the threshold again to £4.8 million, but attempts to enlist support for the proposed audit replacement (independent professional review) have already met with resistance from the accountancy profession.
The ICAEW has recently decided to withdraw its support for the independent professional review and lenders will still require audited accounts from small businesses seeking credit. The reforms were launched by government with the aim to help British businesses avoid unnecessary expenditure and to lessen red tape.
Adrian Howells, Director of Marketing at ICC, states that the independent professional review does not provide the required confidence for the business community. ICC believe that smaller companies will still need to provide audited accounts to ensure they can continue to compete.
"For all companies, global, national or regional, to compete on a level playing field it is critical that there is a fair mechanism in place to allow comparisons to be made.
"Currently, credit agencies supply audited information, which is used to provide critical information to companies to assess which suppliers and partners they should trade with.
"The raising of the audit threshold does not reduce the burden on smaller companies to provide a level of information to their bank, to the credit agencies or directly to potential partners. The government claimed that this would help business avoid unnecessary expenditure and red tape, but this claim is false.
"To be able to trade and to raise credit in an increasingly global market companies will still need to prove they are financially sound. The proven way to achieve this has been through audited accounts. The proposed changes do nothing to ensure that business has greater confidence in smaller companies."
ICC Information's data contains in-depth analysis on over 6.2 million British incorporated and unincorporated businesses. Reports can be ordered by going to http://www.creditman.co.uk/icc/icchome.html
CREDIT 2001: MAKE SURE YOU'RE THERE!! 7th – 8th March 2001, OLYMPIA , LONDON
For many companies their largest asset is an effective credit control system. Poor credit control and bad debts are often responsible for undermining many a successful business. While the credit management industry is introducing new initiatives to tackle the situation you can develop and improve your own procedures and systems in order to reduce bad debt, increase profits and avoid the expense of litigation.
By attending Credit 2001, you will learn how to:
Minimise bad debt
Improve cash flow
Maximise profits
Avoid costly litigation
Ensure procedures and policies are legally correct
Credit 2001 is THE event for the commercial and consumer credit industry
If you haven't already registered for Credit 2001, here is some of what you will be missing:
Venture Village – an area dedicated to new exhibitors and suppliers to the industry. If you are looking for specialist services you should visit the Venture Village .
The Credit Web Tour – the LIVE expert-guide to the hot sites for credit managers. Your Internet questions answered by our expert.
National Credit Week – make sure you support this national awareness week .
Credit Briefings – hands on experience with credit management professionals discussing and debating day to day issues of the industry.
This is just a taste of the huge range of products and services on offer at the show. YOU cannot afford to miss this opportunity to compare and contrast so many existing and future suppliers all in one place at one time.
For more information or to REGISTER TODAY visit: www.creditevents.com
We look forwards to welcoming you to Olympia, London on 7th- 8th March for the UK’s most important credit event.
WINNING SMALL CLAIMS COURT ARBITRATIONS
Thursday 15th March 2001 Whitefields Hotel & Country Club, Thurlestone Road, Nr Rugby, Warks
Full day seminar presented by Brethertons, Solicitors
As you may know, at present the small claims court limit is £5000.00. As a result more and more credit controllers, financial directors and business people will find themselves conducting arbitration hearings on their own without legal representation, as the legal costs are not awarded in such cases even to the successful party.
Whilst businesses may be happy to write off a debt of £500.00, will the same be true if it is £5000.00? We think not!
The seminar will be co presented by Shaun Jardine, Karen Boyle and Tony Sutton.
Shaun Jardine - Shaun is one of the Partners in Brethertons Commercial Litigation Department and the head of the Debt Recovery Department. Shaun is a member of the Institute of Credit Management and has lectured extensively on the problems associated with debt collection and how to overcome them.
Karen Boyle - Karen is a pupil barrister (the type you are most likely to be up against if your debtor instructs counsel) who practices from the Chambers of Anthony Scrivener QC.
Tony Sutton - Tony is a Solicitor of many years standing, who now sits as a Deputy District Judge in the County Courts in and around Birmingham.
The subjects that will be covered will include:-
How to avoid bad debts in the first place.
County Court procedure. Following the implementation of the Civil Procedure Rules.
Preparation of cases.
Conduct at the hearings.
Enforcement proceedings and recovering expenses.
And the opportunity to take part in a mock hearing before a real live (well sort of!) Judge.
Comments from Delegates that have attended previous seminars:-
"The Visual display and notes were excellent "
"A most useful course offering many useful pointers"
"I found all of the information useful"
"The Course was very well presented and an efficient use of time, it was pertinent, relevant and the mock trial was great fun"
To give people a chance to participate in the mock trial (should they wish to do so) we limit the numbers and bookings will be allocated on a first come first served basis.
Cost: £50.00 plus vat. Cheques for £58.75 per person payable to Brethertons.
After the payment of all expenses associated with the Seminar, the net proceeds will be donated to the Foyer Project, a Charity which assists Young Homeless people.
Yes! I would like to attend the "How To Win Small Claims Cases Seminar" on Thursday 15th March 2001.
Copy and paste the following:
Name ........................................................................... Address ......................................................................... ......................................................................... Contact telephone number...................................................
Please send the above application form or a photocopy, together with your cheque to: Shaun Jardine, Brethertons, 57-58 High Street, Banbury, Oxon, OX16 5JJ
CANCELLATIONS, SUBSTITUTES AND TRANSFERS: If you are not able to attend you may send a substitute. However, a refund cannot be made.
Following the announcement of a new joint unit to handle Voluntary Arrangements, Inland Revenue and Customs & Excise seek the views of those with an interest in Voluntary Arrangements as they look to:
DETAILS
Initial terms of reference have been suggested around:
In order to ensure that the new organisation is responsive to the needs of all its stakeholders, it welcomes as much input as possible at this early stage of its development. The Inland Revenue and Customs & Excise are keen to hear from any stakeholders in this area, including any expressions of interest from those who are willing to serve as members of the User Forum in a representative capacity. They ask for thoughts, ideas and comments to be sent to Keith Stockman, Voluntary Arrangements Service, Durrington Bridge House, Barrington Road, Worthing, West Sussex, BN12 4SE or by e-mail to Keith.Stockman@ir.gsi.gov.uk
also launched an e-mail service for Insolvency Practitioners dealing with Voluntary Arrangements in July this year. This service is continuing during the formation of VAS at eovasupport@ir.gsi.gov.uk
The Inland Revenue and Customs & Excise announced a package of reforms to help rescue businesses in trouble in a press release on 2 November 2000 entitled "Revenue and Customs Helping Businesses in Trouble" . These included the creation of a single joint unit to handle all voluntary arrangements, and the adoption of a practice of considering voluntary arrangements in the same way as commercial creditors, on their individual merits.
The reforms were in response to recommendations in a report by the Government's working group on insolvency and corporate rescue mechanisms (the `Company Rescue Review') which was also published on 2 November 2000. They are also the result of an internal review on improving co-ordination between the two departments in the field of debt management.
Voluntary Arrangements are formal procedures whereby a business in trouble seeks to reach a binding agreement with its creditors over existing debts to give it the chance to trade its way out of trouble.
RECEIVERSHIP FEARS ERASED AT PARTNERS THE STATIONERS - ALMOST 1000 JOBS SAVED AS BUSINESS IS SOLD
Administrative receivers at KPMG have sold the business to Xanaga, a subsidiary of Chancerealm Ltd. Chancerealm is owned by Theo Paphitis – the man who owns Contessa, La Senza, Millwall FC and, perhaps most significantly, Ryman the stationers.
By announcing the purchase, Mr Paphitis has safeguarded the future of the 83 remaining Partners shops and the jobs of all the staff in those shops and at the head office in Crewe. He has also bought the option on the 20 shops which were closed when the receivership was announced.
Partners the Stationers went into receivership on Wednesday, January 24th, citing poor trading conditions as the reason for its demise as well as being unable to cope with the added costs of a new head office and warehouse facility in Crewe.
Commenting on the sale, Myles Halley, the administrative receiver from KPMG in Birmingham, said: 'We are delighted to be able to preserve almost 1000 jobs, predominantly across the West Midlands and North West. This sale demonstrates that there is still a strong appetite to invest in retail businesses.'
*** 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 26/02/2001 to 03/03/2001 Number of Creditor meetings : 245 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 26/02/2001 Begin Ltd 01.00 pm Glasgow DHE Ltd 11.00 am Glasgow Premier Motor Factors Ltd 10.00 am Glasgow Semco Embroidery Ltd 10.00 am Glasgow Tony Hanlon Ltd 10.30 am Edinburgh 27/02/2001 NewTown Construction (Scotland) Ltd 12.00 pm Glasgow Townview Ltd 11.00 am Glasgow 28/02/2001 Sign Centre (Scotland) Ltd 10.30 am Kirkcaldy 23 Administrator Calling a meeting of Creditors 27/02/2001 Ailsa-Troon Ltd 12.00 pm Ayrshire Megret Ltd 11.30 am Liverpool Microleve International Ltd 10.00 am London 28/02/2001 Excel Polymer Components Ltd 11.00 am Bristol Ravenhead Co Ltd - The 11.30 am St Helens 02/03/2001 Excel Estates Ltd 04.00 pm Oxfordshire Excel Group Ltd 03.30 pm Oxfordshire Excel Mouldings Ltd 01.00 pm Oxfordshire Excel Timbalex Holdings Ltd 12.00 pm Oxfordshire Excel Timbalex Ltd 10.00 am Oxfordshire Excel Tools Ltd 02.30 pm Oxfordshire 48 Receiver calling unsecured Creditors Meeting 26/02/2001 Days Quality Foods Ltd 11.00 am Cardiff Medical Information & Broadcasting Ltd 02.15 pm London 27/02/2001 Faincroft (Contracts) Ltd 10.30 am London 28/02/2001 Broomsco (895) Ltd 10.30 am Birmingham Cubra Casting Co Ltd - The 10.30 am Birmingham Mainpark Developments Ltd 10.00 am Bawtry 01/03/2001 Eagle Marketing Ltd 10.00 am London XS Leisure Plc 10.30 am London 02/03/2001 Lagenes Ltd 11.30 am London 84 N. Ireland - Creditors Voluntary Liquidation 28/02/2001 Belarus Equipment (NI) Ltd 11.00 am Newry 98 Creditors Voluntary Liquidations 26/02/2001 Autoshelf (UK) Ltd 10.30 am Droitwich BPL (BBQ) Ltd 11.30 am Sittingbourne Blooming UK Ltd 12.00 pm London British American Promotions Ltd 10.30 am London Creative Travel Systems Ltd 11.00 am Oldham D B C Media Group Ltd 11.15 am Bromley David Mountford Ltd 11.30 am Glazebrook Diamond Tools Ltd 11.00 am Birmingham Flannagan Days Ltd 12.00 pm Manchester Governsystem Ltd 12.30 pm Bolton Grippex Ltd 12.00 pm London Hamilton Brothers Ltd 03.00 pm Glasgow Harana Ltd 03.00 pm London Healthstar Ltd 10.15 am London Holborn Print Ltd 12.00 pm Plymouth Intrepid Marketing Ltd 01.30 pm Alfreton J Stone Ltd 02.30 pm Fleet Landmark Retail Group Ltd 11.00 am London Novacare Maintenance Ltd 12.00 pm London Outline (Mersey Square) Ltd 12.00 pm Bolton Outline (Weston) Ltd 11.30 am Bolton Premier Personal Finance Ltd 11.00 am Abersycham Primrose Prop Maintenance (London) Ltd 11.15 am London Proactive Comms (Wembley) Ltd 02.00 pm London Professional Direct Logistics Ltd 11.30 am Preston Ratcliffe Landscapes Ltd 10.30 am Bolton Reabridge Contractors Ltd 11.00 am Birmingham Reuben Davenport Ltd 11.00 am Halsall Riverside TV Ltd 11.00 am London S M S Engineering Systems Ltd 11.00 am Grimsby Sterling Connect Ltd 11.00 am Birmingham T E Dennison & Co Ltd 02.00 pm Leeds Talke Signs & Labels Ltd 02.30 pm Birmingham Thames Valley Tipping Ltd 11.30 am Chandlers Ford Totak Image Fashions Ltd 11.00 am Birmingham Weathertime Ltd 12.00 pm London Zionsong Ltd 02.00 pm Newport 27/02/2001 21st Century Haulage Ltd 11.00 am London A S Lingtech Ltd 11.30 am London AEP Systems Ltd 11.00 am Nottingham Ace Fresh Produce Ltd 12.00 pm Norwich Ace Snooker Ltd 11.30 am London Altran Ltd 11.00 am Sunderland Anserve Ltd 11.00 am Stoke-on-Trent Bobble Hat Co Ltd - The 11.00 am Barnet Bonaza D I Y Ltd 11.30 am Preston Brackmills Print & Design Ltd 11.00 am Weedon Brookcare Ltd 04.00 pm London Byelex Ltd 11.00 am London Car Care Trade Warehouse Ltd 11.00 am Sunderland Castledine Transport Ltd 11.00 am Derby Cheslyn Glazing Co Ltd 11.00 am Birmingham Cobblestones Yorkshire Ltd 11.30 am Sheffield Compact Group (UK) Ltd 03.00 pm Grimsby Currentkirk Ltd 11.30 am Preston David Barton International Ltd 10.00 am Evesham Ebeon Ltd 03.00 pm London Fordbrook Community Asso Serv Ltd 03.15 pm Rushall Freightcell Ltd 12.00 pm London GM Contracts Ltd 02.00 pm London Herts Express Ltd 11.30 am London Highlands & Islands Special Contract L 11.00 am Perth Hotelworthy Ltd 02.30 pm Manchester J J S Design Ltd 03.00 pm Romford J R Industrial Ltd 11.00 am Dundee Javaward Ltd 10.30 am Harrow L N Technology Ltd 12.30 pm London Leicester Manufacturing Ltd 11.00 am London London Omnibus Co Ltd - The 01.15 pm London MBM Fabri-Clad Ltd 11.00 am Birmingham Manhattan Cocktail Bar & Restaurant Lt 02.00 pm London Max Fitness Ltd 11.30 am Preston Millpower Ltd 11.00 am London Nari Ltd 02.00 pm London New Age Security Agency Ltd 12.15 pm London Norcell Car Phones Ltd 11.30 am Liverpool Novoturn Ltd 12.00 pm London Ocean Midas Group Ltd 11.00 am London Ocean Rentals Ltd 11.30 am London Ogden Construction Ltd 10.30 am Wellington Packagingcell Ltd 10.45 am London Patterned Concrete (East Midlands) Ltd 10.30 am Southwell Potters Catering Ltd 10.00 am London Project Software Solutions Ltd 11.30 am Manchester Roy Bendy Transport Ltd 02.30 pm Fleet Sohric Ltd 03.00 pm London Stoneydown Logistics Ltd 11.00 am Southend-on-Sea Suma Ltd 04.00 pm London Supermain Ltd 03.00 pm London Synex Telecommunications Ltd 11.30 am South Croydon Thompson Forestry (UK) Ltd 10.45 am Sutton Towncircle Ltd 11.15 am London Tradecell Ltd 12.45 pm London Waters Construction Ltd 11.00 am Brighton Wheelclean (International) Ltd 10.15 am Bury 28/02/2001 1st For Value Ltd 11.30 am Southampton Band Systems (Southern) Ltd 11.00 am Guildford Bassi Enterprises Ltd 11.30 am London Baz Textiles Ltd 11.00 am Driffield Beymer International Ltd 11.00 am Bristol Blind & Curtain Store Ltd - The 12.00 pm London Clitheroe Tile Co Ltd 11.30 am Blackburn Concrete Tool Sales & Hire Ltd 11.00 am London Cunningham Stunts Ltd 03.00 pm Salisbury Dial-A-Dent Ltd 11.00 am Birmingham Electronic Printing & Data Serv Ltd 12.00 pm London Felglade Ltd 10.30 am Glenfield Global Software & Services Group Ltd 12.00 pm London Gold Star (Natural Fruit Juices) Ltd 11.00 am Manchester H & D Express Transport Services Ltd 11.30 am Preston Hampson Fabrications (Scotland) Ltd 02.30 pm Aldridge J L Building Contractors Ltd 03.00 pm London M & R Fashions (London) Ltd 01.30 pm London Megadress Ltd 12.00 pm London Objectfuture Ltd 11.00 am Barnet PFS Merchandise Ltd 11.00 am Bromley Penny Black Fragrances Ltd 10.30 am Lichfield Premier Events (GB) Ltd 11.30 am Southampton Priory Manufacturing Ltd 11.00 am Sunderland Propland Holdings Ltd 10.15 am Sheffield Re-Tex Plastic Technology Plc 12.00 pm Manchester Reflex Office Furnishings Ltd 12.00 pm Reading Right Image Graphics Co Ltd 11.00 am Reading Rolamhold Ltd 11.00 am London SRC International Ltd 11.30 am London Scarlett Clothing Co Ltd 12.00 pm London Searby Engineering Ltd 11.00 am Wakefield Stitch Clothing Manufacturing Ltd 11.00 am Leeds Stratcomm Ltd 11.00 am Manchester Times UK Ltd 11.30 am London Topcondition Ltd 11.00 am Manchester Topstart Ltd 03.00 pm London Tyne Fabrications Ltd 11.30 am Whitley Bay Vantage Resourcing Ltd 11.30 am London Vortex Data Systems Ltd 02.15 pm Warwick Xanthe Foods Ltd 12.00 pm Hale 01/03/2001 Albany Medical Services Ltd 03.30 pm London Alexander Hand Car Wash Ltd 02.00 pm London Apex Leisure (Burnley) Ltd 11.00 am Blackburn Ascendant Partners Ltd - The 11.30 am London Automatic Handling (Europe) Sales Ltd 02.30 pm Warrington Beer-Flow Installations Ltd 12.00 pm London Boss Security Systems Ltd 10.00 am Sutton Carters (Northgate) Ltd 11.45 am Holmfirth Carvel Ltd 11.00 am London Castlefield Developments Ltd 11.30 am York Castlefield Packaging Ltd 10.30 am York Charnwood Timber Ltd 11.00 am Notingham Chevron Systems Ltd 02.30 pm Reading Chi Technologies Ltd 02.30 pm London Crystal Coaches Ltd 12.30 pm Newcastle-u-Lym Elm Grove Ltd 10.30 am Cosham Elmhorn Ltd 01.30 pm Holmfirth Essentials Ltd 12.30 pm London F I Leisure Ltd 10.30 am Leicester Home Improvement Services Ltd 10.30 am Newcastle-u-Lym J Gooch & Sons Ltd 11.00 am Ilford Keypoint Ltd 11.00 am Glasgow Lynx Packaging Ltd 12.00 pm Basingstoke Moores Transport (Ashby) Ltd 10.30 am Droitwich Mr Cheapies Ltd 11.00 am London Northern Fashions Ltd 11.30 am Lincolnshire Parkways Motor Discount Centres Ltd 02.30 pm Walsall Project Engineering Solutions Ltd 11.30 am Walsall Quay Magazine Publishing Ltd 02.30 pm Poole Rainbow Ecommerce Plc 10.30 am Reading Regent Windows & Conservatories Ltd 11.00 am Reading Robson & Steinberg Entertainments Ltd 02.30 pm Manchester Sharpe Products Ltd 11.30 am Manchester Sklab Ltd 11.00 am London Templestar Ltd 10.30 am Warrington Thiele Euronet Directories Ltd 11.00 am Manchester Traffic 2000 Ltd 11.00 am Birmingham Tread Ltd 11.00 am Manchester Vizcom Ltd 11.00 am London Wood Signs Ltd 11.30 am Chelmsford Worktops Galore Ltd 12.30 pm Cheltenham 02/03/2001 Archvale Ltd 11.00 am Manchester Beekys Ltd 11.00 am Wetherby Bushy Valley Ltd 03.30 pm Bromsgrove Canron Engineering Co Ltd 11.00 am Birmingham Claire Graphics Ltd 12.00 pm London Claire Louis Boutiques Ltd 10.30 am Wolverhampton Computer Peripherals & Components Ltd 11.30 am London Corniche Conservatories Ltd 03.30 pm Wembley Corporate Agency Ltd 10.30 am London Durawood Ltd 10.30 am Bournemouth Ferguson Fencing Contractors Ltd 11.15 am Glasgow Ferguson Supplies Ltd 12.00 pm Glasgow Flight World Ltd 10.30 am London GPS Standard Ltd 11.00 am Northampton Halstead Software Ltd 10.30 am Hornchurch High Quality Ltd 03.00 pm London Indicestake Ltd 11.00 am Warwick Iridium Software Development Ltd 12.00 pm Milton Keynes J & D Malone Contractors Ltd 11.30 am Worcester Kneelcrest Ltd 11.00 am London M K Busbridge Associates Ltd 11.30 am Marlow Maplewood Landscape Design & Restor Lt 11.00 am Lutterworth March Heating Ltd 11.00 am Fareham Media Ventures Group Plc 12.00 pm London Newarke Designs Ltd 03.00 pm Oadby North Yorkshire Roofing & Security Ltd 10.00 am York Nudge Ltd 11.30 am Preston Paramount Graphics Ltd 12.00 pm Warrington Pet Club Plc - The 11.30 am Edgware R C Formwork (South Western) Ltd 11.00 am Cheltenham Riley & Son Machinery Ltd 10.30 am Halifax Sabregold Ltd 11.30 am Havant Save Wood Products Ltd 11.30 am Bournemouth Shamrock Building Supplies Ltd 12.15 pm Shepperton Sunstone Consultants Ltd 11.00 am Chelmsford Think Design Consultants Ltd 10.30 am Stoke-on-Trent Trilog UK Ltd 11.00 am Northampton Unit Glass Sussex Ltd 11.30 am Brighton VP Motors Ltd 11.00 am Sheffield
TW LW TW LW
USA 1.45 1.46 Canada 2.23 2.23
Austria 22.03 21.09 Portugal 321.09 321.89
France 10.50 10.53 Belgium 64.61 64.76
Finland 9.52 9.54 Italy 3101.17 3108.88
Germany 3.13 3.14 Sweden 14.49 14.28
Holland 3.52 3.53 Switzerland 2.45 2.46
Spain 266.48 267.15 Ireland 1.26 1.26
Australia 2.77 2.77 Denmark 11.95 11.95
Hong Kong 11.32 11.39 Euro 1.60 1.60
Africa Com 11.36 11.49 Saudi Arabia 5.44 5.47
India 67.52 68.07 Malaysia 5.51 5.54
Singapore 2.53 2.54 Norway 13.22 13.14
Japan 168.79 169.76
TW This week LW Last week.
Unilver, an Anglo-Dutch consumer-goods giant, sold its American bakery division to George Weston, a Canadian food group, for $1.8 billion. Unilever acquired that division through last year's $21 billion purchase of Bestfoods.
Allied Domecq, the British drink firm, looked close to losing recently acquired rights to distribute Stolichnaya, Russia's leading vodka brand. Russia's government was preparing to nationalise "Stoli", the world's favourite vodka, as part of an effort to gain control of the country's drink business, an important source of revenue.
Napster, a free service for downloading music from the Internet, attempted to win over the record companies that are pursuing it through the courts for violating copyright by announcing details of a subscription service. The major record companies would share $150m a year for five years; $50m would be shared among smaller firms. Consumers would have to pay up to $10 a month, perhaps jeopardising Napster's widespread appeal.
Fears surfaced that Italy's antitrust authorities might block Vodafone's Euro12.1 billion ($11.0 billion) sale of Infostarda, a telecoms and Internet group, to Enel, a part-state-owned electricity company. Shares in the British mobile operator fell to a two-year low; it ceded its position as Britain's most valuable company to BP.
Source - The Economist
Associated British Ports announced pre-tax profits of 138.9 million pounds, after exceptional credit, on turnover of 428.4 million, for the year ending 31st December 2000. Earnings per share stand at 31.8p on reduced capital.
Centrica, the gas retailer, announced pre-tax profits of 438 million pounds, after exceptional charge, on turnover of 9,933 million, for the year ending 31st December 2000. Earnings per share stand at 8.3p on reduced capital.
Colt Telecom announced pre-tax losses of 116.9 million pounds, on turnover of 687 million, for the year ending 31st December 2000.
Hanson, the building materials group, announced pre-tax profits of 306.8 million pounds, after exceptional charge, on turnover of 3,140 million, for the year ending 31st December 2000. Earnings per share stand at 32.1p before exceptional items.
Lex Service announced pre-tax losses of 17.5 million pounds, on turnover of 1,525 million, for the year ending 31st December 2000.
Reed International announced pre-tax profits of 192 million pounds, after exceptional charge, on turnover of 3,836 million, for the year ending 31st December 2000. Earnings per share stand at 1p.
MERGER NEWS
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/s to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Acquisition by Newmond Plc of Baxi Holdings Plc
Completed acquisition by Glen Dimplex through its wholly owned subsidiary Precis (521) Plc of Stoves Group Plc
KIM HOWELLS REFERS PROPOSED ACQUISITION BY REED ELSEVIER INC OF HARCOURT GENERAL INC
Kim Howells, the Minister of State for Competition and Consumer Affairs, last week referred to the Competition Commission the proposed acquisition of Harcourt General Inc by Reed Elsevier Inc. Dr Howells made his decision in accordance with the advice of the Director General of Fair Trading (DGFT).
Dr Howells said:
"The DGFT has advised me that the proposed acquisition raises competition concerns which warrant reference to the Competition Commission. These concerns relate to the market power which the merged company would have in the market for scientific, technical and medical (STM) journals, and which could have an adverse effect on competition in that market. I have carefully considered the DGFT's advice and agree with his conclusions. I am therefore referring the proposal to the Competition Commission so that it can be fully investigated."
The decision to make a reference does not in any way prejudge the question of whether or not the merger would be against the public interest. It is for the Competition Commission to report on this after investigation. The Commission are to make their report by 28 May 2001.
STEPHEN BYERS REFERS PROPOSED ACQUISITION OF ABBEY NATIONAL BY LLOYDS TSB TO THE COMPETITION COMMISSION
Stephen Byers, Secretary of State for Trade and Industry, on the 23 February 2001 referred to the Competition Commission the proposed acquisition of Abbey National plc by Lloyds TSB Bank plc. Mr Byers made his decision in accordance with the advice of the Director General of Fair Trading (DGFT).
Mr Byers said:
"The DGFT has advised me that this proposed acquisition raises competition concerns which warrant reference to the Competition Commission. The proposed merger would lead to the elimination from the market of one of the most significant branch-based competitors to the UK's four largest banks. This might result in a substantial lessening of competition, particularly in the market for current accounts. The merger would also remove a potential competitor in the provision of banking services to small to medium-sized companies. I have carefully considered the DGFT's advice and agree with his conclusions. I am therefore referring the proposed merger to the Competition Commission so that it can be fully investigated."
The decision to make a reference does not in any way prejudge the question of whether or not the merger would be against the public interest. It is for the Competition Commission to report on this after investigation. The Commission is to make its report by 12 June 2001.
There is an element of the emperor’s new clothes, when it comes to e-business. Many directors are unwilling to admit to their colleagues and board members that they don’t really understand the technology.
The problem, according to KPMG’s e-business experts, is that this is standing in the way of the one essential element that business managers do need to understand - the benefits that the new technology can deliver.
Derek McAllan, head of KPMG’s e-business centre of excellence, based in Reading, says: 'Board directors don't need to be IT experts, they don't need to understand the language, the jargon or the technology. But they do need to have a clear vision of what they want to achieve and follow that with an understanding of how technology can take them there.'
KPMG’s e-business specialists are using a very different approach to persuade companies of the value of an effective e-business strategy and the potential threat if they keep their heads firmly in the sand. Derek McAllan explains: 'When we first go in to see a business, we don't talk about the technology. Our interest is in what the company wants to achieve – whether that is knowing about every item of stock, wherever you are, or identifying a way of influencing the buying decisions of your potential customers.'
He adds: 'Our multi-disciplinary team includes experts in e-tax, Customs & Excise, e-procurement, security and knowledge management, as well as the IT specialists you would expect. This means we can help companies think about, define and implement the right e-strategy solution to meet immediate needs and the vision for the future.'
This year that may mean getting to grips with the issues KPMG says should be top of the list for local companies in 2001 – security, customer relationship management and e-procurement.
Derek McAllan adds: 'E-business is gaining momentum as a central corporate strategy. As time progresses, those businesses who are now in the comfort zone of inactivity will be seen as failing to address critical business issues.'
4th to 10th March National Credit Week 7th March Credit Today Awards 2001 Natural History Museum. London Wednesday and Thursday 7th and 8th March Credit 2001 The Event for the Commercial and Consumer Credit Industry Olympia London Thursday 8th March 2001 Companies House Seminar Swallow Hotel Peterborough Lynch Wood Peterborough Business Park Peterborough Registration 5.30pm - 6.00pm Tuesday 13 March Sussex & Surrey Branch of the ICM Alternative Dispute Resolution - Mediation Speaker: Russell Caller of Gillhams, Solicitors The Bridge House Hotel Reigate Time: 7.00 for 7.30 p.m. Sponsored by Gillhams, Solicitors Thursday 24 May Sussex & Surrey Branch of the ICM Telephone Collections Speaker: Manager of Equifax Risk Management The Imperial Hotel Hove Time: 7.00 for 7.30 p.m. Sponsored by Equifax Risk Management Monday 11th June Stoke on Trent Branch of the Institute of Credit Management Credit Management Organisations in Europe - an Overview International speaker Russell KENNARD, MBA AIMC Places at this event are limited - those interested in attending should contact Catriona COLERICK on Telephone Number (01782) 282430. Coffee and biscuits will be served from 1830hrs, the presentation will commence at 1900hrs and will be followed by a light buffet to facilitate networking and discussion. The venue is Knight & Sons premises in The Brampton, Newcastle-under Lyme, Staffordshire. Wednesday, Thursday and Friday 24th to 26th October 2001 International Credit Exhibition & Conference The Westin Stamford, Singapore http://www.internationalcredit001.com Mailto:info@internationalcredit001.com If you have an event coming up which is credit management related and you would like us to make an entry in the Diary section please e-mail the details to jarnold@creditman.co.uk
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