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: 108
Dated: 2 May 1999
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKA HELPING HAND FOR SMALL BUSINESS
Call 0870 1502 500 for a free copy of 'A Guide to Help for Small Business' A new publication 'A Guide to Help for Small Business' - giving invaluable advice and information on starting up or developing a business - was welcomed last week by Small Firms Minister Michael Wills.
This free guide brings together a wealth of information on subjects such as finance, innovation, exporting and the use of information technology. It summarises recent developments in employment legislation which affect small firms, as well as offering comprehensive details of web-sites and telephone contact points for further information.
In his foreword to 'A Guide to Help for Small Business' Michael Wills said: "Small firms are a vitally important part of the economic life of Great Britain, creating wealth, satisfying customer demands and providing employment. The Government has introduced a number of measures to help small business including beneficial tax changes and new initiatives. In March 1999 an important new development was announced - the setting up of a 'Small Business Service' to champion the brave and creative people who run small enterprises in this country.
"Publishing this guide is part of what Government is doing to make life easier for small businesses. It provides simple, straightforward information on where to go and who to contact."
'A Guide to Help for Small Business' is available from:
DTI Publications Orderline
Admail 528
London
SW1W 8YT
Please quote reference URN 98/942
Fax: 0870 1502 333
Textphone: 0870 1502 100
e-mail: dtipubs@echristian.co.uk
UK BUSINESS MUST LOOK TO THE NEEDS OF CONSUMERS TO ENSURE ITS SUCCESS
Successful companies in Britain understand the need to place consumer interests at the heart of their business strategy.
That's the message that Competition and Consumer Affairs Minister Kim Howells delivered to a group of influential Yorkshire businessmen last week.
Speaking at a meeting of the Yorkshire Fiscal Group, in Harrogate, Dr Howells said:
"To prosper, companies need satisfied customers, but the expectations of consumers are growing. Well-informed consumers able to make discerning choices put pressure on businesses to provide better goods and services, tailored to the needs of their customers and sold at competitive prices. Business must see this as an opportunity to improve competitiveness rather than as a threat to the status quo. Without a positive approach to its consumers, business will certainly lose, if not in the short term then certainly in the long term, as growing globalisation brings more astute and responsive competitors into the market.
"The revolution in shopping via the Internet and digital highways will enable consumers to compare prices and product quality not only against those available in the other member states of the European Union but elsewhere in the world, including the US.
"I have no doubt that this will change forever the ways in which we judge whether or not we are getting a good deal. Any firms believing they are immune from these changes are deceiving themselves."
Dr Howells said that the Government was playing an important part in creating open and competitive markets within which buyers and sellers can operate as fairly as possible.
"This is why the DTI gave priority to passing a new Competition Act in the Government's first Parliamentary session. The legislation prohibits anti-competitive behaviour and gives the Director General of Fair Trading strong investigative powers and tough penalties to deal with firms and cartels which try to restrict competition or rig prices, ripping off the consumer."
Dr Howells said his Department was developing a 'consumer strategy' to help consumers become better informed and more demanding.
"Consumers must be able to receive clear information and advice when they want it so they can make good choices and get effective redress when problems arise. Moreover, they need to be able to access information easily in the way which best suits them, whether by traditional methods or through new technologies."
Dr Howells added:
"We are also working on proposals to ensure that consumer law is consistently enforced and that traders who cheat consumers are quickly stopped. The rogues offer unfair competition to the honest firm, as well as causing harm to consumers."
BYERS WELCOMES FIRST CUT IN COST OF STAMPS FOR 15 YEARS
Last week saw the first cut in sending an ordinary second class letter since 1984 as a result of the Government's moves to give the Post Office greater commercial freedom.
Welcoming the cut, Stephen Byers, Secretary of State for Trade and Industry, confirmed that the Post Office White Paper giving the details of further Government plans would be published in May.
Mr Byers said:
"The Government is committed to a modern world class Post Office providing its services at affordable prices. Today's 1p cut in the cost of sending an ordinary second class letter was made possible by the greater commercial freedoms given to the Post Office by the Government. The dividend the Post Office has to pay to the Treasury has been cut to put it on a similar commercial footing to most other UK businesses.
"The Post Office is now able to make the major investments necessary for it to compete in an increasingly competitive international market place. Already we have seen the purchase of German Parcels placing it on the world stage and this afternoon I will be opening the new #20 million state of the art Gatwick Mail Centre.
"I will be publishing the Post Office White Paper next month which will give more details of our plans. It will set out our vision of the Post Office for the future."
The External Financing Limit (EFL), the dividend the Post Office has to pay to the Treasury was substantially reduced this year. The Government will in future expect a dividend of around 40% in contrast to the recent average of 80%.
ACCOUNTANCY PROFESSION FOR THE NEW MILLENNIUM
A new framework of independent regulation for accountants has been announced by Ian McCartney, DTI Minister of State.
Work on implementing the new framework will start straight away and it will take effect from 1 January 2000.
The new framework is in response to the Government's Business Manifesto commitment to "introduce a framework of independent regulation for the accountancy profession".
The announcement follows the substantial work carried out by a Working Group of the Consultative Committee of Accountancy Bodies (CCAB), chaired by Chris Swinson, and consultation on detailed proposals published by the Department of Trade and Industry (DTI) on 30 November 1998.
Mr McCartney said:
"The arrangements which will now be put in place meet the Government's clear commitment to a system of regulation which is transparent, effective and independent both of the profession and of other sectional interests. I am pleased that the professional bodies have worked in partnership with the Government to meet public expectations for the 21st century.
"The accountancy profession has a key role to play in today's knowledge driven economy. The new framework is good news both for the profession itself and for the public. The task now is for all those involved to work wholeheartedly to put this into effect."
The new independent framework ensures that the 'public interest' activities, initially of the six CCAB bodies, will in future be overseen by new bodies. These new bodies will cover the investigation and prosecution of disciplinary cases in which there is a public interest, and the setting of auditing and ethical standards. At least 60% of the membership of these new bodies will represent consumers and users of accountancy services.
A new body called the Foundation will oversee the framework. Its eight members will be nominated by leading financial and consumer institutions.
In addition, there will be an independent Review Board which will act as a watchdog. It will have powers to scrutinise both the 'public interest' regulatory activities and the monitoring and disciplinary work which will remain with the professional bodies.
All these arrangements will be subject to an independent, fundamental review after five years.
The new regulatory framework will apply initially to accountants who are members of the CCAB bodies. Once this is in place, the Foundation and the Review Board can consider the extent to which the arrangements might be extended to include other accountancy bodies which are not members of the CCAB.
The detailed arrangements will be adapted to take into account the independent legal and political circumstances of the Institute of Chartered Accountants of Ireland.
The DTI will publish an analysis of responses to the November 1998 consultation document A Framework of Independent Regulation for the Accountancy Profession as soon as possible. This document is still available on the DTI website.
Two regulated activities undertaken both by accountants and non accountants are currently the subject of separate consideration: the provision of financial advice is the subject of proposals within the draft Financial Services and Markets Bill; and the regulation of insolvency practitioners on which the Insolvency Regulation Working Party published a review of Insolvency Practitioner Regulation at the end of February.
WILSON COMMENTS ON MONTHLY TRADE FIGURES
Commenting on the trade figures published last week, Trade Minister Brian Wilson said:
"These figures again illustrate the tough times currently faced by world traders. Despite this our exporting companies continue to work successfully in these difficult circumstances.
"I welcome the narrowing of the deficit with non-EU countries to the lowest monthly figure for eight months. This suggests that the worst may be over in some of the markets which have been hardest hit by the South East Asian crisis.
"There was also an overall drop of £179m in the world trade gap in February and this is further evidence of the efforts being made by our exporters in these extremely difficult conditions."
EU Industry Ministers have reached agreement on a European-wide Directive to combat late payment.
Welcoming this progress toward adoption of the Directive, Lord Simon, Minister for Trade and Competitiveness in Europe said:
"The UK strongly supports action to tackle late payment throughout the EU in order to encourage businesses, particularly SMEs, to take full advantage of the Single Market.
"In the UK we have already embarked on a major campaign to tackle late payment and recently introduced the Late Payment of Commercial Debts (Interest) Act 1998, giving businesses the statutory right to claim interest on late payments.
"The Directive will mean that SMEs can be sure of similar rights wherever they do business in Europe."
The purpose of the Directive is to deter late payment by giving all businesses a right to statutory interest on debt not paid on time regardless of where the debtor is based in the EU. Now that Ministers have reached a political agreement, a common position will be finalised for communication to the European Parliament for the Directive's second reading.
The EU Industry Council was in Luxembourg on 29 April 1999. Lord Simon represented the UK.
Ministers agreed that the late payment Directive, (Combating the Late Payment of Commercial Debt), should provide a right to interest at six per cent above Bank of England or European Central Bank base rate in the event of late payment. They also agreed that parties should retain the freedom of contract to decide when debts should be paid but that interest should start to accrue 30 days after the date for payment. It was also agreed that member states should retain the right to introduce provisions more favourable to creditors.
The UK's Late Payment of Commercial Debts (Interest) Act 1998 commenced on 1 November 1998 and is being supported by a package of other measures to improve the payment culture in the UK.
For further information please contact the number below, or look on the DTI's website.
Public Enquiries: +44 171 215 5000
Textphone (for people with hearing impairments): +44 171 215 6740
TRADE MINISTER ANNOUNCES REVIEW OF ECGD'S REINSURANCE FACILITIES
Brian Wilson, Minister for Trade, has announced in Parliament that ECGD is to carry out a review of its reinsurance activities.
In answer to a written question, Mr Wilson said:
"Following the privatisation of ECGD's Insurance Services Group in 1991 (which was responsible for providing credit insurance in respect of raw materials and consumer durables type exports normally sold on up to six months credit) ECGD has provided reinsurance support to private sector insurers when there has been a lack of private reinsurance for this class of exports. Since then, demand for ECGD reinsurance has declined as private market capacity has increased.
"ECGD is to conduct a review of its role in the provision of reinsurance. This will be preceded by a public consultation which will commence shortly. The results of the review are expected in the Autumn.
"A copy of ECGD's consultation document has been placed in the House of Commons library."
ABR - AUSTRALIA
This week ABR will be launching gateway access to the Credit Reference Database (previously CRAA - Credit Reference Association of Australia) via ABR's web site. http://www.abr.com.au
The Credit Reference database is the largest commercial and consumer database in Australia. It is supported by all banks, finance companies and major credit providers throughout Australia. Access to the Credit Reference (CRAA) database is normally available via a proprietary dial up system - direct into their WAN. Unfortunately this is prohibitive for clients overseas where there are no local nodes.
ABR's launching access to the database via the Internet means that all international credit agencies (and suppliers) will have access via the web. ABR's provision of this service is exclusive.
Of importance is that the Credit Reference Multipower report will be available via ABR. This is a relatively low cost report (ie $AUS 38 - $AUS 40) which involves a five part analysis including:
On 19 April 1999 the Secretary of State for Trade and Industry presented petitions in the High Court of Justice to wind up, in the public interest, Safe-buy UK Limited and Shadowpress Limited following enquiries made by the DTI under the provisions of Section 447 of the Companies Act 1985.
On the application of the Secretary of State, the Court appointed the Official Receiver as provisional liquidator of Safe-buy UK Limited and Shadowpress Limited on 26 April 1999 pending the hearing of the petitions on 9 June 1999.
Safe-buy UK Limited and Shadowpress Limited were incorporated on 3 February 1988 and 3 June 1997 respectively and trade from Bolton, Lancashire.
Safe-buy UK Limited traded as a promoter of a scheme offering reassurance to customers of home improvement businesses as to the reliability of the workmanship of those businesses which were members and which its promotional literature implied were vetted to ensure they met exacting standards. The reassurance to customers was provided by a back-up guarantee, which was sold to the home improvement businesses by Shadowpress Limited and which covered customers against the faulty workmanship of the contractors or the loss of any deposit paid in the event of the member business' entering into receivership, liquidation or bankruptcy.
The registered office of Safe-buy UK Limited is at Capital House, Atherton, Lancashire and it traded from Kensington House, Orlando Street, Bolton, Lancashire.
The registered office of Shadowpress Limited is at St Andrews House, Westhoughton, Bolton, Lancashire and it traded from 6th Floor, 8 Exchange Quay, Salford, Greater Manchester.
The petitions were presented under Section 124A of The Insolvency Act 1986.
All public enquiries concerning the business affairs of the companies should be made to the Official Receiver at the following address:
The Official Receiver
The Insolvency Service
PO Box 203
21 Bloomsbury Street
London
WC1B 3QW
DTI WINDS UP EUROBUILD SOUTHWEST LIMITED.
The Secretary of State for Trade and Industry has obtained an order in the High Court to wind up, in the public interest, Eurobuild Southwest Limited following enquiries by the DTI under the provisions of Section 447 of the Companies Act 1985 (as amended). This followed an application on 18 February 1999 and the appointment of the Official Receiver as Provisional Liquidator on 24 February 1999.
On the application of the Secretary of State the Court appointed the Official Receiver as liquidator of the company.
The company installed double glazed windows and conservatories from its offices at Sylvania House, Sandpiper Court, Harrington Lane, Pinhoe, Exeter, Devon.
The enquiries showed that the business had been transferred from Euroglaze Southwest Limited at a substantial undervalue immediately before Euroglaze entered voluntary liquidation with a deficiency of £185,000. Eurobuild appeared to be repeating the same pattern as Euroglaze by accepting deposits from members of the public whilst insolvent and issuing cheques which it was unable to pay. At the same time the directors have taken considerable sums in salary and bonuses.
The registered office of Eurobuild is 43 Bridge Street, Taunton, Somerset. The company traded from Sylvania House, Sandpiper Court, Harrington Lane, Pinhoe, Exeter, Devon.
The petition was presented under Sections 124A of the Insolvency Act 1986.
All public enquiries concerning the business affairs of the company should be made to the Official Receiver at the following address:
The Official Receiver
The Insolvency Service
PO Box 203
21 Bloomsbury Street
London
WC1B 3QW
DTI PETITION TO WIND UP BELGRAVIA INTERNATIONAL (UK) LTD AND TRANS EXECUTIVE HOLDINGS PLC
On 28 April 1999 Belgravia International (UK) Ltd and Trans Executive Holdings Plc were wound up by the High Court of Justice following petitions presented by the Secretary of State for Trade and Industry.The petitions resulted from an investigation under section 447 of the Companies Act 1985 (as amended).
Belgravia was incorporated on 24 September 1997 and had no officers. The company traded as "General Indemnity" and had been acting as the insurance agent or administrator in the UK for Euro Sigorta Underwriters. Euro Sigorta is an entity that appears to carry on insurance business from Northern Cyprus. Neither company has been authorised to carry on insurance business from the UK.
Trans Executive Holdings Plc was the holding company of Belgravia and was incorporated on 27 June 1997. It had no directors and had not obtained a certificate to do business as required under Section 117 of the Companies Act 1985.
The registered office of both companies was at 125 Market Street, Newton Le Willows, Merseyside WA12 9DD. Belgravia carried on business from 56 Bridge Street, Heywood, Lancashire.
The petitions were presented under section 124A of the Insolvency Act 1986.
Members of the public who wish to check whether a particular insurer is authorised to conduct insurance business in the UK should contact the Insurance Directorate of the Financial Services Authority on 0171 676 9502 during normal office hours.
All public enquiries concerning the business affairs of the companies should be made to the Official Receiver at the following address:
The Official Receiver
The Insolvency Service
PO Box 203
21 Bloomsbury Street
London
WC1B 3QW
*** 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 03/05/99 to 11/05/99 Number of Creditor meetings : 156 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 04/05/99 Sunnyside Systems Ltd 12.00 pm Glasgow 05/05/99 Banns Vegetarian Cafe Ltd 11.30 am Edinburgh SI & PA Ltd 11.00 am Glasgow 06/05/99 Morrison Plumbing Services Ltd 10.00 am Glasgow Speygrove Engineering Ltd 11.00 am Glasgow TBRX Realisations Ltd 10.00 am Glasgow 07/05/99 McCulloch & Co (Decorators) Ltd 12.00 pm Glasgow 10/05/99 Routemaster Ltd 12.00 pm Edinburgh 11/05/99 Stephen Ross (Decorators) Ltd 12.00 pm Glasgow 23 Administrator Calling a meeting of Creditors 04/05/99 Catbird Productions Ltd 03.00 pm Northwood 07/05/99 CTS (Contract Interiors) Ltd 11.15 am London 11/05/99 Asat (UK) Ltd 11.30 am Cardiff 48 Receiver calling unsecured Creditors Meeting 04/05/99 Food Industry Construction Ltd 10.00 am North Ferriby Private Property Ltd 02.00 pm Belfast 05/05/99 Libra Gravure Cylinders Ltd 11.00 am Manchester Mayfair Lodge Ltd 11.00 am London 07/05/99 B Upholstery (Realisations) Ltd 11.00 am Leeds Handscroll Ltd 10.00 am Sidcup Moorefield Holdings Ltd 11.00 am Leeds Oakland Fairfax Furniture Ltd 11.00 am Leeds 11/05/99 Coot on the Tarn Restaurant Ltd - The 11.30 am Ulverston 67 Scotland - Receiver calling Meeting of unsecured Creditors 10/05/99 Oliver Homes Ltd 11.00 am Edinburgh 98 Creditors Voluntary Liquidations 03/05/99 V V S Engineering Services Ltd 10.30 am Dunfermline 04/05/99 Ace Telecom Ltd 12.00 pm Reading Alan Pooley Printing Ltd 11.15 am Bromley Broadway Publicity Services Ltd 11.00 am Gosforth Computer GB Ltd 10.30 am Birmingham Cosmetics Direct Ltd 11.00 am Swansea Eco Marketing Ltd 11.00 am Bristol F Mather & Co Ltd 12.00 pm Manchester Formby Building Services Ltd 02.15 pm Liverpool Formby Loft Conversions Ltd 03.00 pm Liverpool Greenbelt Development Marketing Ltd 10.30 am Manchester Linktolink Ltd 11.30 am London Lyla Ltd 04.00 pm London Magtec Industrial Ltd 11.30 am Birmingham McLeod Warner (London) Ltd 11.00 am Guildford O'Hare Ltd 11.00 am Manchester Orian Precision Ltd 02.00 pm London Pita Gora Ltd 10.30 am London Quikpine Ltd 03.00 pm London Ryeford Holdings Plc 11.00 am Stroud Sky Balloons Ltd 02.45 pm London South Point Developments Ltd 11.00 am London Stage Techniques Ltd 11.00 am Birmingham Taysters Plc 11.00 am Bisham Translec Products Ltd 03.00 pm Rushyford Ward Transport Ltd 02.00 pm Liverpool 05/05/99 316 Piping Services Ltd 12.00 pm Newcastle-u-Tyn Bellina Chocolates Ltd 10.15 am Ipswich Better Entertainment Ltd 10.30 am London Brandybucks Diner Ltd 11.30 am London C & A Global Systems Ltd 11.00 am Brighton Calverts Stores Ltd 11.30 am Liverpool DC/AC Electrical & Mechanical Ltd 10.00 am Crawley Edgehill Drinks Ltd 11.30 am London Ferncraft Ltd 02.30 pm Richmond Finishproof Ltd 03.00 pm Aylesbury First Base Technology Plc 11.00 am London Flair Window Installations Ltd 11.00 am Birmingham Grosvenor Painting Contractors Ltd 10.30 am Yarm Hamlets Management Ltd 11.30 am London Hawthorne Technology Ltd 03.30 pm Lutterworth Hughes Technology (UK) Ltd 10.30 am Bromsgrove Kingbonus Ltd 10.30 am West Byfleet Lindhill Construction Ltd 03.15 pm London Linstyle Ltd 03.00 pm Stanmore Livingstone Trading Co Ltd - The 12.15 pm London Lomaxbrook Ltd 12.30 pm Pentwyn M W Flowers Ltd 11.30 am Manchester PPS Power Plant & Pipe Work Serv Ltd 11.00 am Birmingham Pageworld Ltd 03.30 pm Lutterworth Pirtek Lincoln Ltd 12.00 pm London Publishing Distributors Inter (UK) Ltd 10.30 am Basingstoke Pure Style Clothing Co Ltd 03.00 pm London Rosest Real Estate Ltd 11.00 am London S M G Ltd 11.30 am Sileby Simply harmonic Systems Ltd 12.00 pm London South Yorkshire Hose Services Ltd 12.00 pm London Speedcrest Ltd 11.00 am Aldridge Strongfield Aerospace Ltd 10.45 am London Strongfield Aviation Ltd 11.15 am London Strongfield International Plc 11.45 am London Strongfield Personnel Services Ltd 10.15 am London W Bhandari & Sons Ltd 11.30 am Pinner 06/05/99 Abcad Ltd 11.00 am Aldridge Alremco Engineering (UK) Ltd 02.30 pm Aldridge Associated Pipework Ltd 11.00 am Worthing Bio-Plus Ltd 02.00 pm Newscastle-u-Ty Computer System Installations Ltd 11.30 am Southampton D C Cables Ltd 12.00 pm London Doctec Ltd 03.15 pm Banbury Eurotex Compensations Ltd 11.30 am Manchester Exxan Ltd 12.00 pm Sunderland Grafique Digital Solutions Ltd 11.00 am Bennetthorpe Gramic Engineering Ltd 11.00 am Barnet Grendon Building Services Ltd 10.30 am Reading Inbright Interiors Ltd 03.00 pm Northwood J Keighley Ltd 10.30 am Liverpool M & D Fantasia Ltd 12.00 pm London Meadset Ltd 11.30 am London Nashville Ltd 11.00 am London Nimmo Construction Ltd 03.00 pm Peterborough Odessa Communications Ltd 03.00 pm Fleet Renaissance Editions (UK) Ltd 11.00 am London Rombat Ltd 10.15 am Maidstone Spectrum Wales Ltd 10.00 am Newport Sports Flair (South Wales) Ltd 01.00 pm London TFT (UK) Ltd 11.00 am London TP Electrical UK Ltd 11.00 am Leith Turning Cat Media Communications Ltd 11.30 am Bolton Wellesley Trading Co Ltd 11.15 am Bromley 07/05/99 Allbite Industrial Electronics Ltd 11.00 am Luton Bush Grove Builders Ltd 11.00 am London Countyclad Ltd 12.00 pm Manchester Davin Optical Components Ltd 11.00 am Newquay E S S Fabricating Ltd 11.00 am Cambridge Fairway Engineering Ltd 11.30 am Nottingham Gals Clothing Co Ltd 03.00 pm Manchester JKL Upholstery Ltd 11.30 am Birmingham Jabman Co Ltd 11.00 am London James Hunter (Outfitters) Ltd 03.00 pm London Jelson Properties Ltd 10.30 am London John Thomas Public House Ltd 11.00 am Sheffield P C I (London) Ltd 11.00 am Greenford Parkland Developments (Bolton) Ltd 11.00 am Bolton Propak Ltd 10.30 am Yarm Quality Drilling Services Ltd 10.30 am Sheffield R H General Electrical Ltd 11.00 am Birmingham Rexfix Ltd 03.30 pm London Sterling Design & Build Ltd 10.30 am Egham Ultra Personnel Ltd 10.15 am Gerrards Cross 10/05/99 Axcraft Ltd 11.00 am London Cobley & Copson Ltd 11.00 am Leicester Hewitt Powell Roberts Ltd 11.00 am Manchester Impact (Non Ferrous) Metals Ltd 11.00 am Birmingham Northbrook Associates Ltd 11.45 am Kingston-u-Tham P K Glazing Ltd 12.00 pm London Peter Fisher Ltd 12.00 pm Glasgow Phone Shop Comm Centres Ltd - The 10.15 am Kingston-u-Tham Simon Horn Manufacturing Co Ltd - The 01.00 pm Dawlish Walton Associates Ltd 11.00 am Crick 11/05/99 Angell Baglow Co Ltd 11.30 am Manchester Enterprise Human Resources Ltd 12.00 pm Reading Forcecroft Ltd 10.30 am Reading Glass & Marble Ltd 12.00 pm London Gormley Construction Ltd 10.30 am Liverpool Market Development Overseas Ltd 10.30 am London Maycare Ltd 11.00 am London Media Partners Inter Media Serv Ltd 11.30 am London Negar Ltd 04.00 pm London Radius Marketing Ltd 02.00 pm Halesowen S R Catering Services Ltd 11.00 am Sunderland T T A P International Ltd 11.00 am London Vapa-Sava Ltd 11.00 am Wolverhampton Wood Lane Saw Mills Ltd 02.00 pm Sheffield
TW LW TW LW
USA 1.6222 1.6133 Canada 2.3972 2.4017
Austria 20.9159 20.9101 Portugal 304.743 304.645
France 9.9707 9.9679 Belgium 61.3180 61.3000
Finland 9.0380 9.0350 Italy 2943.18 2942.35
Germany 2.9730 2.9725 Sweden 13.5597 13.5302
Holland 3.3497 3.3487 Switzerland 2.4450 2.4319
Spain 252.910 252.840 Ireland 1.1971 1.1968
Australia 2.4903 2.4943 Denmark 11.2987 11.2910
Hong Kong 12.5729 12.4994 Euro 1.5201 1.5207
Africa Com 9.8346 9.8029 Saudi Arabia 6.0839 6.0493
India 69.3810 68.9440 Malaysia 6.1644 6.1297
Singapore 2.7532 2.7613 Norway 12.6276 12.5847
Japan 194.420 192.870
TW This week LW Last week.
Bioglan Pharma, the pharmaceutical company, announced pre-tax profits of 3.41 million pounds, after exceptional credit, on turnover of 43.4 million, for the year ending 31st January 1999. Earnings per share stand at 2.79p, on increased capital.
Laura Ashley announced pre-tax losses of 31.9 million pounds, after exceptional charge, on turnover of 288.3 million, for the year ending 30th January 1999.
Travis Perkins, the builders' merchant is to buy Keyline for 181.5million pounds. Tony Travis, chairman of Travis Perkins said "we are confident the benefits will be achieved through improved product management together with buying efficiencies and savings associated with economies of scale. At present Keyline trades mostly in Scotland and the North, with Travis Perkins concentrated in the Midlands and South of the UK.
CABLE & WIRELESS/GLOBAL CROSSING
Bermuda-based Global Crossing is paying 550m pounds ($890m) for the undersea cable-laying operations of Britain's Cable & Wireless, as it continues to build fibre-optic networks round the world. The business is one of C&W's oldest, going back 150 years, but the company is shedding units to concentrate on business-communications services.
Source: The Economist
GEC/FORE SYSTEMS
Another British company turning rapidly to telecoms is GEC, which two months after buying one American maker of telecoms equipment (Reltec, for $2.1 billion) announced that it was buying another, Fore Systems, for $4.5 billion. In January, GEC said it was selling its defence business to British Aerospace for 7.7 billion pounds ($12.8 billion).
Source: The Economist
EUROSURF
Britain's Kingfisher and Groupe Arnault of France are to launch LIBERTYSURF, a free Internet service that will be available first in France and eventually throughout the whole of Europe. The two retailers hope that by jumping in early, they will gain the sort of lead that Dixons, an electrical-goods retailer, did in Britain last September. It launched a free service that rapidly gained 1.3m users and brought a host of other free services into the market.
Source: The Economist
FIRST LEISURE/CANNONS
Two British health and fitness groups broke off merger talks. A deal between First Leisure and Cannons fell through over finances. First Leisure may now be vulnerable to a bid.
Source: The Economist
NATIONAL POWER
Keith Henry resigned after four years as head of National Power, leading to speculation that Britain's biggest electricity generator may be vulnerable to a break-up or a takeover.
Source: The Economist
BRADFORD & BINGLEY
Bradford and Bingley, Britain's second-largest building society, lost its battle to remain as a mutually owned society when its members voted to convert it to public ownership, a move that will bring each of them a cash windfall. It was the first time that members of a building society have over-ridden a board's wishes on mutual status.
Source: The Economist
First Awards for Information Security Best Practice
The Government's commitment to ensuring a robust and secure environment for doing business electronically, was outlined by Michael Wills, Minister for Small Firms, at the Infosecurity 99 conference at Olympia last week.
Addressing companies across the information security sector, the Minister outlined the Government's policy on electronic commerce. He then handed out the first c:cure certificates to organisations which have had their information security management systems independently measured for compliance against BS 7799, the British Standard for Information Security Management.
BS 7799 and 'c:cure' help to facilitate the spread of secure electronic commerce by enabling prospective trading partners to have the necessary confidence in each other's information security management systems. This enables businesses to develop, implement and measure effective information security management practice. c:cure also provides a route for organisations to benchmark their information security management systems against recognised best practice."
Much of the impetus for the BS 7799 Standard came from industry's demand for best practice guidance. It was recognised that as organisations inter-connect, there was a clear need for a common framework for information security management.
Awarding the certificates to companies including a security practice and a consultancy firm, Mr Wills said:
"Global electronic commerce is predicted to be worth $1 trillion world wide just the other side of the Millennium. These mind- boggling figures confirm the need for my Department to set a powerful and forward-looking agenda for electronic commerce. We are not going to fight shy of the challenge.
"BS 7799 is an excellent example of an industry developed standard which is now being adopted by the public sector. I am grateful to the individuals and organisations both in the UK and internationally, who have given freely of their time to help develop the Standard and the accredited certification scheme.
"Following public consultation last year, the Standard has been revised to make it less technology specific, to reflect current best practice in information security management, and to make it more acceptable to the international community. It gives me great pleasure to announce here today at the inauguration of c:cure that the new Standard is ready and is now available from the British Standards Institution."
BLUNKETT URGES ADULT LEARNERS TO WISE UP TO WEBWISE
Education and Employment Secretary David Blunkett has welcomed the new BBC Webwise campaign designed to turn adults on to learning through information and communications technology.
Mr Blunkett said:
"I congratulate the BBC on the launch of this new campaign which will be a vital part of Adult Learners' Week. It will do a tremendous job in encouraging people to use ICT and gain confidence. ICT skills are so important to us all, not least because by next year, 90 per cent of people will have direct contact with information technology at work.
"I hope this campaign, which my Department is supporting, will result in more people taking up opportunities for lifelong learning, help them fulfill their potential and use their skills and knowledge effectively in a changing national and local labour market.
"Through the National Grid for Learning and the University for Industry, we aim to give everyone access to ICT so they can gain the skills needed to ensure we remain a world leader in this field. We are investing £700 million to ensure that all schools are on the Internet by 2002 and are able to access the Grid, and we are setting up a network of learning centres so that as many people as possible can develop their skills."
For more information about Webwise contact Learning Direct on 0800 100 900.
11th May 1999 ICM Fellows Luncheon Phyllis Court Club Henley-on-Thames Telephone the ICM on 01780-722907 to reserve places. 19th to the 21st May ICM Examinations Intermediate and Final Stage 8th June 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 9th June ICM Examination Preliminary Certificate in Credit Management 14th to the 16th June International Seminar on Risk Behaviour and Risk Management Run in association with FECMA Stockholm If you would like to attend or take an exhibition stand please telephone Lindsey Burke at the ICM Water Mill on 01780-722912 17th June South West Credit 1999 Crossmead Conference Centre, University of Exeter All change for the Millennium A one day seminar presented by the South West Branch of the ICM Chaired by Sir Roger Cork For further details contact Consultancy Services on 01275-855675 22nd June Seminar "The Future of Cash and Debt Management" IBM Warwick Presenters Professor Nick Wilson - ICM Professor of Credit Management Julie O'Neill - Trade and Investment Manager, Whitbread Beer Company Bob Evans - Credit Manager, Siemens UK Plc 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
To unsubscribe to this list please send e-mail addressed to listserver@insolvency.co.uk as follows:
unsubscribe credit-news your e-mail name and address
Name: Business Credit News UK
Address: credit-news@insolvency.co.uk
Commands: listserver@insolvency.co.uk
Business Credit Management UK: John Arnold jarnold@creditman.co.uk
Business Credit News UK: Pat Williams pwilliams@creditman.co.uk