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: 95
Dated: 31 January 1999
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKMANUFACTURERS' CONFIDENCE WEAK, BUT IMPROVING - CBI
Manufacturers are less pessimistic than they were in October, but business confidence remains weak according to a Confederation of British Industry survey out on the 26th January. Export confidence continues to fall, but at the slowest rate since October 1997.
The results of the latest CBI Quarterly Industrial Trends survey show that business confidence is still falling, but at the slowest rate since last April. Forty-five per cent of manufacturers are more pessimistic, with five per cent more optimistic, giving a balance of minus 40 per cent. This compares with balances of minus 58 per cent in October and minus 44 per cent in July.
Confidence about exports for the coming year is markedly less pessimistic. Thirty-three per cent of manufacturers are more pessimistic, and 15 per cent less pessimistic, giving a balance of minus 18 per cent. In October the balance was minus 41 per cent, and in July minus 50 per cent - the lowest recorded since July 1980.Kate Barker, CBI's Chief Economic Adviser, said: "Manufacturers are less pessimistic about exports than they were in October at the height of the global economic turmoil, which probably reflects the fall in sterling during the autumn. However, with domestic orders still weak it is too soon to say whether manufacturers have reached a turning point.
"There are strong indications of deflation in the manufacturing sector, with prices expected to fall at the sharpest rate since 1958. With output expected to continue falling, jobs are likely to be cut at a faster rate over the next few months. A half point cut in interest rates is needed in February to prevent an unnecessarily prolonged and severe slow-down. And we believe that there is scope for interest rates to be down to five per cent by the spring without putting the inflation target at risk."
Total orders fell for the third survey in a row, although the fall was less steep than in October. Domestic orders fell much faster than had been expected and remain at the low level reported in October - the weakest since January 1992. Export orders continued to fall, but the decline was less sharp than it had been since last April.
Manufacturers expect the rate of decline in orders to slow over the coming four months. Both domestic and export orders are expected to fall, but less rapidly than over the past four months.
Prices remain the key constraint on export orders, although as in October they are less important than at any time since January 1997. Economic and political conditions abroad had eased as a constraint since October, but this survey was completed before the recent Brazilian devaluation.
The survey shows clear signs of deflation in manufacturing, with domestic prices and unit costs falling and both expected to fall over the next four months at the fastest rate recorded in a quarterly industrial survey in its 40 year history. Domestic profit margins are being squeezed with prices falling by more than unit costs for the third survey in a row. Export prices have fallen in every survey since July 1996 and are expected to continue falling, but more slowly.
Manufacturing output fell rapidly, although by less than expected. It is expected to continue falling over the coming four months, but at a slower rate. Stocks of raw materials, work in progress, and finished goods have been run down significantly, and this trend is expected to continue.
Manufacturers cut jobs, with the greatest cuts recorded since July 1993. Firms expect to cut jobs at a faster rate over the coming four months, with expectations the weakest since January 1993.
UK TRADE
World - November 1998
Non-EU (goods only) - December 1998
The UK's balance on trade in goods and services in November is provisionally estimated as £1.1 billion in deficit. This compares with the £0.5 billion deficit in October.
In three months ended November the balance on trade in goods and services was £3.1 billion in deficit. This compares with the £0.8 billion deficit in the previous three months.
The latest estimate of trend (based on data to November) suggests that the UK trade balance is widening.
The UK's deficit on trade in goods with non-EU countries in December is provisionally estimated at £1.6 billion.
WORLD - NOVEMBER
Value of total trade in goods
The UK's deficit on trade in goods in November is provisionally estimated at £2.2 billion. This compares with the £1.6 billion deficit in October. Trade with EU countries in November showed a deficit of £0.4 billion compared with the revised deficit of £0.3 billion in October. The deficit with non-EU countries in November was £1.8 billion compared with the revised deficit of £1.3 billion in October.
In November total exports of goods fell half per cent to £13.3 billion while total imports of goods rose three and a half per cent to £15.5 billion. Exports to EU countries rose one and a half per cent while those to non-EU countries fell two and a half per cent. Imports from EU countries rose three per cent and those from non-EU countries rose four per cent.
In three months ended November the deficit on trade in goods was £6.4 billion. This compares with the deficit of £4.2 billion in the previous three months. The deficit with EU countries widened to £1.3 billion while the deficit with non-EU countries widened to £5.0 billion.
In three months ended November exports of goods fell four per cent while imports of goods rose one per cent. Exports to EU countries fell two per cent and those to non-EU countries fell six and a half per cent. Imports from EU countries fell half per cent while those from non-EU countries rose three and a half per cent.
The latest estimate of trend (based on data to November) suggests that the whole world goods deficit is widening. The trends in the value of trade show exports falling and imports flat.
Volume of total trade in goods (excluding oil and erratics)
November's provisional estimates show the volume of exports rose one and a half per cent compared with October and imports rose three per cent to a record level.
In three months ended November exports fell two per cent while imports rose two and a half per cent compared with the previous three months.
Latest estimate of volume trends shows exports flat and imports rising.
Export and import prices (trade in goods)
November's provisional estimates show both export and import prices little changed compared with October.
In three months ended November export prices fell one per cent while import prices fell one and a half per cent. This led to an increase in the terms of trade.
TRADE IN GOODS BY COMMODITY
Trade in Oil
The November surplus on trade in oil was £0.2 billion compared with the £0.3 billion surplus in October.
In three months ended November the surplus on trade in oil was £0.8 billion compared with the surplus of £0.6 billion in the previous three months.
Trade in other commodities in three months ended November 1998
For exports there was a fall in volume across all the main commodity groups. Within finished manufactures exports of cars fell six and a half per cent and other consumer goods fell seven per cent. Exports of capital goods rose one per cent.
For imports, among the main commodity groups, only finished manufactures and basic materials showed rises in volume. Within finished manufactures imports of cars rose by nine and a half per cent while imports of intermediate and capital goods both rose by more than four per cent.
TRADE IN GOODS BY AREA: in three months ended November 1998
In value terms exports to non-EU countries fell faster than those to EU countries. Within the EU the largest falls were in exports to the Netherlands and Germany. For countries outside the EU exports fell to all the main regions especially to Rest of World.
In value terms most of the rise in imports came from non-EU countries. For EU countries a rise in imports from Germany was more than offset by falls in imports from the Benelux region and France. For countries outside the EU the largest rises were in imports from North America and Rest of World.
TRADE IN GOODS WITH NON-EU COUNTRIES DECEMBER
The UK's deficit on trade in goods with non-EU countries in December is provisionally estimated at £1.6 billion. The value of exports rose one per cent to £5.5 billion. The value of imports fell one per cent to £7.1 billion.
Provisional estimates of volume (excluding oil and erratics) show both exports and imports fell by less than half per cent from the previous month.
Provisional estimates of prices show export prices little changed and import prices down one per cent compared with November.
For 1998 as a whole the non-EU trade deficit is estimated at a record £15.7 billion almost double the 1997 deficit. The value of exports fell by 10 per cent while the value of imports was virtually unchanged.
Provisional estimates of volume (excluding oil and erratics) for 1998 as a whole show exports down four per cent compared with 1997 while imports were up nine and a half per cent to a record annual level.
TRADE IN SERVICES - NOVEMBER
The UK's surplus on trade in services in November is provisionally estimated at £1.1 billion, unchanged compared with October.
In three months ended November, the surplus on trade in services was £3.2 billion compared with the £3.4 billion surplus in the previous three months. Exports of services totalled £15.8 billion, compared with £15.4 billion in the previous three months. Imports of services totalled £12.6 billion compared with £12.0 billion in the previous three months.
MORTGAGE POSSESSION STATISTICS - FOURTH QUARTER 1998
The Lord Chancellor's Department last week published figures for mortgage possession actions taken in the county courts of England and Wales for the fourth quarter of 1998.
Table 1 shows the number of mortgage possession actions for each year, by quarter, since 1993. During the fourth quarter of 1998 21,010 mortgage possession actions were entered and a total of 12,083 orders were made - 7,313 of which were suspended orders.
The figures do not indicate how many houses have been repossessed through the courts; not all the orders will have resulted in the issue and execution of warrants of possession.
In the fourth quarter of 1998 the number of actions entered was 21% higher than the fourth quarter of 1997. For the same periods, figures show a decrease of 13% in orders made (61% of orders made were suspended, the same as in the fourth quarter of 1997).
Explanatory notes
Actions Entered. A plaintiff begins an action for an order for possession of residential property by way of a summons in a county court.
Orders Made. The court, following a judicial hearing, may grant an order for possession immediately. This entitles the plaintiff to apply for a warrant to have the defendant evicted. However, even where a warrant for possession is issued, the parties can still negotiate a compromise to prevent eviction.
Suspended Orders. Frequently, the court grants the mortgage lender possession but suspends the operation of the order. Provided the defendant complies with the terms of the suspension, which usually requires the defendant to pay the current mortgage instalments plus some of the accrued arrears, the possession order cannot be enforced.
Table 1 MORTGAGE POSSESSION ACTIONS
(Local Authority and Private)
Year Quarter Actions Entered Orders Made1
1993 1 31 731 26 910
2 33 371 26 526
3 32 276 28 201
4 18 803 23 646
116 181 105 283
1994 1 21 983 17 789
2 22 171 19 406
3 22 884 20 811
4 21 046 19 792
88 084 77 798
1995 1 21 345 18 830
2 19 560 18 801
3 22 084 19 028
4 21 181 18 599
84 170 75 258
1996 1 23 987 20 297
2 19 253 18 825
3 19 092 16 953
4 17 526 15 128
79 858 71 203
1997 1 16 298 14 649
2 16 566 14 550
3 16 778 13 999
4 17 431 13 958
67 073 57 148
1998 1 18 536 16 497
2 19 210R 16 025R
3 20 1092R 13 0712R
4 21 0102 12 0832
SINGAPORE NEWS
Contributed by Bernice Kuo, mailto:bernicek@internationalcredit99.com
Singapore - International Debt Capital HubAn International Advisory Panel (IAP) was set up last November to advise the Monetary Authority Of Singapore (MAS) on the global trends in the industry markets. The Panel advisory members made up of influential people like Nasdaq President, Al Berkeley, AIG Group Chairman Maurice Greenberg and ABN Amro Chairman Jan Kalff. The IAP members advisers have indicated that Singapore has great potentiality to be a leading international debt capital hub in Asia in view of the financing needs in the region. It endorsed Singapore for every major move it took recently to be a world-class financial centre. They affirmed that Singapore's markets and the authorities had the credibility among financial players that was critical for the success.
Source: The Straits Times, Singapore
Brian Wilson, Minister for Trade, last week announced that ECGD had reached an agreement with the Indonesian authorities which is set to encourage British companies to export to Indonesia goods generally sold on short terms of credit.
The agreement now enables ECGD to offer reinsurance to private credit insurers to allow them to support British exports to Indonesia.
Mr Wilson said:
"Indonesia has traditionally been one of Britain's major trading partners. Although the country is experiencing some serious economic difficulties at present, we remain hopeful that it will pull through before too long. The provision of a reinsurance facility from ECGD should go some way to ensuring that Indonesia is not starved of the necessary short term credit to enable those imports, essential for the revival of Indonesian industry, to be purchased."
ECGD's decision to make a degree of reinsurance available for Indonesia follows the announcement by G7 Government Finance Ministers in February last year that their respective Export Credit Agencies would seek to ensure that adequate short term credit facilities for the country were maintained.
Since 1991, when ECGD's short term operation was privatised, ECGD has continued to make a number of reinsurance facilities available to private credit insurers who support exporters selling British goods and services on credit terms of up to two years. Under one of these facilities (the Supplemental Reinsurance Agreement) 100 per cent reinsurance is available to encourage British exporters, in the national interest, to do business in markets where there is very little or no private market reinsurance capacity. Before this announcement there was virtually no insurance cover available in Britain for companies exporting to Indonesia.
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.
BRIAN WILSON PRAISES SERVICE SECTOR EXPORTERS
The Trade Minister, Brian Wilson, last week welcomed record exports in the service sector. Service sector exports were worth #15.8 billion in the three months to November - over 8% higher than a year earlier.
Speaking during a trade visit to the United States, Mr Wilson said:
"Economic conditions across the world remain extremely difficult and that is reflected in the trade figures. Nonetheless, British exports in services have grown to record levels. Taken together, the value of exports of goods and services grew in both October and November.
"Exports of goods to the UK's traditional markets are continuing to hold up. For example, the volume of goods exported to the EU in the three months to November is up almost 7% on a year ago and the value of goods exported to North America grew by #372 million in 1998.
"The widening trade deficit is clearly a matter of concern, however it is broadly in line with the projections contained in the Pre-budget Report. The deficit remains modest at just over 1% of GDP and compares favourably with the late 1980's when the deficit approached 5% of GDP.
"I am keenly aware of the hardships which many of our exporters are facing and I have tremendous admiration for those who are continuing to win business and compete successfully in the global market place. We remain committed to providing a comprehensive service of assistance and information to British companies operating abroad. That is why, for instance, I am currently in the USA supporting British television and film makers who wish to sell to overseas markets."
*** 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 01/02/99 to 09/02/99 Number of Creditor meetings : 181 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 02/02/99 Thistle Metal Products Ltd 12.00 pm Glasgow Total Property Care (Scotland) Ltd 10.30 am Edinburgh 23 Administrator Calling a meeting of Creditors 04/02/99 Brookford Distributors Ltd 11.30 am Longford 05/02/99 Busellato (UK) Ltd 11.00 am Leeds Standgreen Ltd 10.30 am Sheffield 09/02/99 Network Steels Ltd 11.00 am Sheffield 48 Receiver calling unsecured Creditors Meeting 02/02/99 R W Parkinson & Son (Marks Tey) Ltd 11.00 am Ipswich 09/02/99 PDC Construction Ltd 11.00 am Wakefield Setting Room (Tunbridge Wells) Ltd - T 11.00 am London 67 Scotland - Receiver calling Meeting of unsecured Creditors 08/02/99 Goodway-Clear Ltd 10.00 am Glasgow 84 N. Ireland - Creditors Voluntary Liquidation 02/02/99 How Fuels Retail Ltd 11.15 am Belfast How Petroleum Ltd 02.15 pm Belfast 03/02/99 How Produce Ltd 10.15 am Belfast 04/02/99 E Kilvington & Co Ltd 12.00 pm Manchester 98 Creditors Voluntary Liquidations 01/02/99 Ashington Engineering Supplies Ltd 10.30 am Newcastle-u-Tyne Avanti Trading Ltd 12.00 pm London Baglan Motor Company Ltd 11.00 am Newport Barrie James West Associates Ltd 11.00 am Gloucester Bridal Suite Ltd - The 11.00 am Bolton Compass Marine Ltd 02.30 pm Southampton Complete Weed Control (Scotland) Ltd 10.00 am Glasgow Darcom Ltd 02.30 pm London Freshbalance Ltd 10.30 am Manchester Gas Tech (UK) Ltd 12.00 pm London Gleam Ltd 04.00 pm London Growtex Finance Ltd 11.30 am Stanmore J A Gronnow (General Contractors) Ltd 11.30 am Manchester Joltacre Ltd 11.00 am Sunderland Meadow Construction & Refurbish Ltd 11.30 am Barnet Ragtrad (Northern) Ltd 12.00 pm Preston Rely On Us Ltd 11.00 am London Scented Novelties Ltd 11.00 am Preston Smithies Inns Ltd 11.30 am Manchester Stage One Exhibitions Ltd 02.30 pm London VRD Services Ltd 11.00 am London VRD Southern Ltd 11.00 am London Vectronix Systems Ltd 11.30 am Altrincham 02/02/99 ABC (Overseas) Ltd 01.15 pm Slough Avanti Consulting Ltd 11.00 am Edgware Bold Precast Concrete Ltd 10.30 am Derby Brecast Ltd 11.15 am Slough Centre Cleaners Ltd 11.00 am Weston Flavell Classic Designs Ltd 10.30 am Reading Covers Print Ltd 02.00 pm Fleet Creative Tank Ltd - The 11.00 am London Crendon Concrete Products Ltd 12.15 pm Slough Crendon Group Ltd 12.45 pm Slough Crendon International Ltd 10.45 am Slough Crendon Structures Ltd 11.45 am Slough Custom Made Joinery Ltd 11.00 am London Dsign Ltd 11.30 am Nottingham E Swindells & Son Ltd 10.00 am Newcastle-u-Tyne Elite Reproduction Ltd 02.30 pm London Eurojoy Ltd 11.30 am London Gem Marc Ltd 03.00 pm London Hansom Ltd 02.30 pm London How Mushrooms Ltd 10.15 am Belfast Kwik Ltd 10.15 am Staverton LJB Electrical Contractors Ltd 02.30 pm London Lancer Line Ltd 11.00 am Southport Leo Conroy P & C Ltd 12.00 pm Royston P G Pallets Ltd 11.30 am Wolverhampton People Providers Ltd 11.00 am Leeds Regentdale Ltd 03.00 pm London Scanpoint Ltd 12.00 pm London Token Self Drive Ltd 11.00 am Manchester Treasures Ltd 11.00 am London W Hayward & Sons (Holdings) Ltd 11.30 am New Forest 03/02/99 Abram Construction Ltd 11.30 am Preston Adoni Ltd 03.00 pm London Airlines Ltd 11.30 am London Arrow Air Centre Ltd 12.00 pm London Autoparts Motorist Centre Ltd 02.00 pm Newcaslte B J Palin (1992) Ltd 02.30 pm London Brighton Information Tech Train. Ltd 12.00 pm Brighton Central Air Systems Ltd 11.30 am Leeds Clydeforth Ltd 03.00 pm Northwood Complete Technology Solutions Ltd 11.00 am Brighton DBA Innovations Ltd 11.30 am Guildford Dart Spring Ltd 12.30 pm West Bromwich Direct International Services Ltd 10.30 am Morden EW Owen & Sons Ltd 11.00 am Hereford Ecorce Ltd 11.00 am London Jetcastle Ltd 10.30 am London KRL Ltd 11.00 am Birmingham Marlborough International Ltd 11.00 am London Michael Chivers Ceramics Ltd 11.00 am Sandbach Simpson Metal Supplies Ltd 12.00 pm Manchester Sleek Promotions Ltd 10.30 am Epping Speedbefore Ltd 11.30 am Lutterworth Truefit Ltd 12.00pm London W & A Dunkley Ltd 10.30 am Stanton St John 04/02/99 Abbey Roofing (South Wales) Ltd 12.00 pm Cardiff B M Productions Ltd 03.30 pm London Becws Kirkhopes Bakery Ltd 02.30 pm Caernarfon CMS Southern Ltd 12.30 pm London Chesterfield Commercials Ltd 10.30 am Sheffield Cloothe Dumpling Restaurant & Bar Ltd 11.00 am Paisley Conference Admin & Training Serv Ltd 10.45 am Worthing Edwards Delaney Ltd 10.30 am London Exportcater Trading Ltd 11.30 am Swansea Finesigns (Bridgwater) Ltd 10.00 am Taunton Flowers Worldwide Ltd 12.00 pm London Gracechurch Publishing Ltd 03.00 pm London Inside Tickets Ltd 12.00 pm Leith Internazionale Ltd 03.00 pm Manchester Jay International Ltd 11.00 am Andover Jay Systems Ltd 02.30 pm Andover Mech. Removals & Install (London) Ltd 11.30 am London Olympic Resources Ltd 02.30 pm London Positive Associates Ltd 03.30 pm London Publishing UK 2000 Ltd 11.00 am Wigan Resource Information Group Ltd 10.30 am London Retro Contracts Ltd 11.30 am Preston Sompacs Ltd 12.00 pm Holmfirth Stealth Racing Ltd 11.00 am Birmingham Thames Steel Processing Ltd 10.30 am London Trade Link Clothing Ltd 11.00 am London Universal Engineering Supplies Ltd 12.00pm Cardiff Webs By Design Ltd 12.00 pm Banbury 05/02/99 Alex Green Fashions Ltd 12.00 pm Liverpool Alfapoint Ltd 11.00 am Liverpool Almex Ltd 03.00 pm London Astech Design Services Ltd 02.30 pm Ferryhill BK Mechanical & Electrical Serv Ltd 12.00 pm London Benley Associates Ltd 10.30 am Halifax Bridge Metals (Reclaim & Recyle Cte) L 03.00 pm Swansea Bridgemore Ltd 12.00pm London Britwise Ltd 11.00 am London Eastern Group Holdings Ltd 02.30 pm Birmingham Eastholly Ltd 10.00 am Liverpool Elmed International Ltd 10.30 am Swindon Energy Marketing Ltd 11.30 am Southampton Engel Hi-Tec Ltd 10.45 am Crawley Engel Tool Co Ltd 10.45 am Crawley Fruit Store Ltd - The 10.30 am Leicester Globetrack International Ltd 11.00 am Cheam Green Arrow Services Ltd 10.00 am Hamilton Invaco Ltd 11.00 am London Jims Fish Bar Ltd 12.00 pm London Knowhaus Ltd 11.00 am London Legal Services Ltd 03.00 pm Manchester Production Projects Ltd 11.30 am Abingdon R T J Associates Ltd 11.00 am London Request (UK) Ltd 12.00 pm London Request Ltd 12.01 pm London Retro UK Ltd 10.00 am London Road Construction Ltd 11.00 am Swansea Robert Malcolm Manufacturing Ltd 11.00 am Stratford-u-Avon Romford Storage Equipment Ltd 03.00 pm London Sam (UK) Ltd 11.00 am Derby Wheeler Products Ltd 11.00 am Old Sudbury YBM Ltd 10.30 am Reading Zigurat Ltd 03.00 pm Sheffield 08/02/99 Babrock Management Ltd 03.00 pm Northwood Cranfield Tooling Ltd 11.00 am Harpenden Crest Next Ltd 12.00 pm Manchester DSR Removals & Storage Ltd 11.30 am London Garth Motors Morden Ltd 11.30 am London Harpers Spectacles & Frames Ltd 11.00 am London Hartray Ltd 11.30 am Salisbury Hi-Target Services Ltd 11.30 am Sileby K Miller & Associates (Joinery) Ltd 10.45 am Bately Kelwall Surfacing Ltd 11.30 am London Ruben Fabrics (Oldham) Ltd 10.30 am Sheffield S & J (Guildford) Ltd 11.30 am Guildford Showcity Ltd 03.00 pm London Wardrobe For Ladies Ltd 12.00 pm London 09/02/99 Aspects Clothing Ltd 02.30 pm Southampton Hayford Sales Ltd 11.30 am New Malden Isle of Bute Trout Co Ltd 11.00 am Ayr Lanbray Catering Ltd 11.30 am London Mala (Cuisine) Ltd 11.00 am London Natural Energy From Waste Sources Ltd 10.30 am Southampton Ormskirk Electrical Services Ltd 11.00 am Manchester Printshop (Leicester) Ltd 11.30 am Lutterworth Process Engineers Ltd 11.45 am Southampton Sahara Heat Ltd 11.00 am London T A Products Ltd 12.00 pm London Theatre Curtains & Carpets Ltd 12.00 pm Bromley World of Difference Ltd 11.00 am London
TW LW TW LW
USA 1.6505 1.6570 Canada 2.5160 2.5170
Austria 19.6676 19.9065 Portugal 290.027 286.548
France 9.4895 9.3755 Belgium 58.3580 57.6580
Finland 8.6010 8.4980 Italy 2801.12 2767.50
Germany 2.8301 2.7962 Sweden 12.8260 12.8799
Holland 3.1879 3.1497 Switzerland 2.3348 2.2872
Spain 240.700 237.810 Ireland 1.1393 1.1256
Australia 2.6461 2.6121 Denmark 10.7588 10.6358
Hong Kong 12.7897 12.8394 ECU 1.4468 1.4296
Africa Com 9.9917 10.1317 Saudi Arabia 6.1902 6.2146
India 70.1410 70.4310 Malaysia 6.2716 6.2961
Singapore 2.7988 2.7847 Norway 12.3851 12.3472
Japan 189.700 189.650
TW This week LW Last week.
On 28 January 1999, BDO Stoy Hayward and Moores Rowland announced that they have reached an agreement in principle to merge at the beginning of March 1999. Ten Moores Rowland offices will join BDO Stoy Hayward, making the new firm the sixth largest accountancy organisation in the UK.
More significantly, the merger will create the largest UK accountancy firm solely dedicated to advising growing businesses. Moores Rowland's London, South East, Walsall and Brighton offices will be integrating with BDO Stoy Hayward's national network to provide an extensive spread of well resourced local offices.
Similarly, the enlarged firm's South East resources will be strengthened by the merger where there will be 133 partners focused on advising growing businesses.
BDO Stoy Hayward is currently the UK's seventh largest accountancy firm with 232 partners and some 2,000 staff in over 35 UK business centres.Moores Rowland is a leading mid-tier firm with a strong reputation for expertise in corporate and personal taxation and has over 80 partners and 600 staff based in 14 offices located throughout the UK.
Commenting on the merger, Adrian Martin, Managing Partner of BDO Stoy Hayward said: "We are delighted to welcome Moores Rowland partners and staff into BDO Stoy Hayward. They have long focused on this market and it has become apparent from our talks that we share a similar culture and philosophy. We look forward to working together to develop and deliver an extended range of services to clients."
Clive Weeks, Managing Partner of Moores Rowland, said: "Our clients and people will benefit from access to greater central resources and the expertise and efficiencies they will bring. BDO Stoy Hayward has established a unique position in the market and an outstanding reputation amongst growing businesses and entrepreneurs. Together we shall pursue our mission to deliver outstanding advice and support to such clients."
For further information, please contact:
Adrian Martin, Managing Partner, BDO Stoy Hayward Tel: 0171 4865888 Or contact Leigh Sharpe/Charlie Jack BDO Stoy Hayward Press Office Tel: 0171 583 2737 Clive Weeks, Managing Partner, Moores Rowland Tel: 0171 831 2345 Or contact Helena Cutts Moores Rowland Press Office Tel: 0171 831 2345
BRYANT GROUP
Bryant Group, the housebuilders, announced pre-tax profits of 29.5 million pounds, on turnover of 299.4 million, for the six months ending 30th November 1998. Earnings per share stand at 7.1p.
EQUIFAX EUROPE
Equifax Europe revenue was $50.7 million versus $51.3 million in fourth quarter 1997. This group reported a loss of $15.4 million for the quarter. The significant loss versus prior year is the result of substantially lower revenues than expected and an expense structure which is not commensurate with the adjusted revenue base. During the quarter, Equifax also wrote off its investment in a U.K. start-up joint venture and increased its provision for bad debts. Rich Crutchfield, an experienced Equifax manager, has been named Group Executive in charge of Europe. Expense management and continued sales growth are the two primary objectives for 1999 in Europe. Equifax Europe is expected to post solid revenue growth in 1999 and return to profitability.
MIRROR GROUP
Dissatisfied investors forced out David Montgomery as chief executive of Mirror Group- with a large pay-off - because its shares have been underperforming those of most other British media companies. Mr Montgomery has lately been regarded as an impediment to a takeover or merger of Mirror Group.
Source: The Economist
MISYS
Misys, the computer software and services group, announced pre-tax profits of 58.9 million pounds, on turnover of 287.9 million, for the six months ending 30th November 1998. Earnings per share stand at 7.9p, on increased capital.
WARNER-LAMBERT
Warner Lambert, a big drug maker, went against the trend with the $2.1 billion purchase of AGOURON, a Californian biotech firm whose strong point is drugs for treating HIV. Thoroughly different cultures have lately encouraged alliances between drug firms and biotech companies.
Source: The Economist
MERGER CLEARANCE
The Secretary of State for Trade and Industry has decided, on the information at present before him, and in accordance with the recommendation of the Director General of Fair Trading, not to refer the following mergers to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Proposed acquisition by Deutsche Bank AG of BCH Group plc
Proposed acquisition by Meritor Automotive Inc of the Heavy Vehicle Braking Systems division of Lucas Varity plc
Compaq, the world's biggest PC maker, has the web in its sights. It plans a $2 billion float of Altavista, an Internet search service that came with its purchase last year of Digital Equipment. AltaVista's ambition is to become the Internet's busiest entrepot. Compaq also announced fourth-quarter net profits up 14% to $758m.
Source: The Economist
MICROSOFT
Microsoft made its first investment in a cable company outside America, with a $500m injection in ambitious NTL, Britain's third-largest cable-television carrier. The software giant also plans a partnership that could boost NTL's high-speed voice, video and Internet services.
Source: The Economist
2 February North East Branch meeting of the ICM EMU 7.00 for 7.30pm Presentation by Stephen Clarke of the Bank of England, Yorkshire and Humberside The Golden Lion Hotel, Lower Briggate, Leeds + Buffet 4 February West of Scotland Branch of the ICM 6.15 for 6.30pm The Private Investigator in Credit Management Presented by Brian Burke of Andrews Bishop & Cusack Ernst & Young, George House, 50 George Square, Glasgow G2 8 February Norfolk branch of the ICM AGM - 7.00pm followed by Debt Recovery in Scotland David Whyte, Partner, Bishop and Robertson Chalmers PricewaterhouseCoopers, The Atrium, St.George's Street, Norwich + Buffet To reserve your place call Ian Austin on 01603-291809 10 February South West Branch of the ICM Lunchtime 'get together' Noon to 2.00pm Duke of Cornwall Hotel, Millbay Road, Plymouth + Buffet West Midlands Branch meeting of the ICM High Potential but High Risk - 6.30 for 700pm Getting the Most from the Small Business Sector Presentation by Experian Business Information The Club Suite, Birmingham Chamber of Commerce & Industry, Harborne Road, Edgbaston + Buffet Details and tickets for all events: Darren Davoile - tel: 01203 293062 15 February Bristol and West branch meeting of the ICM Noon The Art of the CV Burges Salmon Narrow Quay Bristol + Buffet 15 February Wessex Branch meeting of the ICM 6.30 for 7.00pm Fill that Vacancy Fast Presentation by Rod Hutchins, Robert Half International The Botleigh Grange Hotel, Hedge End, Southampton + Buffet North West Branch of the ICM AGM followed by Creative Accounting - a role play by PricewaterhouseCoopers Village Hotel, Captain Clarke Road, Hyde 6.00 for 6.45pm + Buffet l7 February Thames Valley Branch meeting of the ICM 7.l5pm Forfaiting is Fun! Presentation by Stephen Jenkins of London Forfaiting Company John Crane (UK) Ltd Buckingham Avenue, Slough Northern Ireland Branch of the ICM 5.30 for 6.00pm A New Perspective on Credit Insurance Presentation by Lambert Fenchurch Wellington Park Hotel, Belfast. 23 February Swindon branch meeting of the ICM 6.30 for 7.00pm IVAs The Moore Stephens Booth White Strolling Players lead us through the intricacies of IVAs. March 9th to the 11th March 1999 Credit 1999 The Novotel, Hammersmith, London W6 Free Conferences and Workshops Free Exhibition Top Industry Speakers 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 # = pounds sterling
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