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 4 Issue 40
Dated: 5 November 2000
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKRETAIL SALES STOP GROWING BUT PICK-UP EXPECTED IN NOVEMBER, SAYS CBI
Annual retail sales have stopped growing for the first time since January 1999 but a slight pick-up is expected in the coming month, according to a survey out last Wednesday by the Confederation of British Industry.
The CBI's Monthly Distributive Trades Survey, covering sales between 4 and 24 October 2000, shows 36 per cent of retailers reporting sales volumes were up from a year ago, while 36 per cent said they were down. This gives a zero balance, which compares to plus 14 per cent in September and plus 16 per cent a year ago.
The three-month moving average, which smooths out month-to-month fluctuations, shows growth slowing. This month's balance of plus 11 per cent is down from plus 19 per cent in September.
Retailers expect sales growth to improve in November, but expectations are the weakest since May 1999. Thirty-eight per cent of retailers expect sales to go up, while 28 per cent expect them to go down. This gives a balance of plus 10 per cent.
Alastair Eperon, CBI Chairman of the Distributive Trades Panel, said; "Retail trading conditions are still tough and this standstill in sales highlights the fragility of the situation. Competitive pressures remain strong and price cuts continue unabated. However, when the month-to-month fluctuations are put aside, sales growth seems to be moderating rather than grinding to a halt. This data, coupled with recent CBI surveys on manufacturing and pay, suggests that interest rates are best left on hold for the time being."
Retailers' sales in October were considered well below average for the time of year, but are expected to return to a more average level for the time of year in November.
Compared to a year ago, the sectors reporting fastest increases in sales were: durable household goods; hardware; china and DIY stores; and clothing retailers. Those reporting smaller increases were chemists and other retailers, while grocers reported broadly stable sales. Those reporting moderate falls were: off licences; furniture and carpets; booksellers and stationers; and footwear and leather retailers. Specialist food retailers reported a sharp fall.
Orders placed on suppliers rose modestly in the year to October and at the same rate as in the last survey. Orders in the year to November are expected to continue growing at a steady pace. Stock levels were substantially built up in October and little change is expected in November.
Wholesalers' sales fell in October despite expectations of growth in the last survey. But, sales are expected to pick up in November. Sales are considered well below average for the time of year but are expected to return to an average level in the coming month.
Orders placed on suppliers fell in October following the sharp rise seen in the last survey. They are expected to grow in the coming month. Wholesalers' stock levels were slightly run down in October and this is expected to continue. But, stock levels are more than adequate to meet expected demand.
Motor traders' sales fell significantly in October although by less than reported in the last survey. Another smaller fall is expected in the year to November. Sales are considered to be well below average for the time of year, but are expected to be less so in November.
EMPLOYERS CALL FOR RADICAL REFORM OF EMPLOYMENT TRIBUNAL PROCESS
The British Chambers of Commerce (BCC) have criticised the existing employment tribunal process as “biased and inefficient”, and are calling on government to introduce radical reforms to make the system less open to abuse from “frivolous and vexatious” claims, in a paper released last Friday.
The BCC’s call comes against a background of rising tribunal applications, with the most recent figures showing cases in 1999-2000 exceeding 100,000 for the first time. Over two thirds of applications never reach Tribunal stage.
The BCC is highly critical of the fact that under the current system employees have nothing to lose by making an application, particularly where their representatives provide a “no-win, no fee” service. Employers, meanwhile, even where the Tribunal finds in their favour, can face significant legal costs; often over six times the £500 limited awards that employees are, in rare cases, required to pay should their claim be found to be frivolous.
Even where the case could be considered to have no prospect of success, employers often feel pressured to make an early settlement to avoid the heavy time and financial costs involved in defending the case.
The BCC’s calls follow representation made by the BCC President and Manchester businessman Anthony Goldstone, to the Secretary of State for Trade and Industry, Stephen Byers at the BCC National Conference in April this year. He said:
“While employers are generally satisfied with the Tribunal judgements, there is a strong feeling that the process from application to Tribunal is outdated, one-sided and in need of radical reform. Government must be firm in ensuring a level playing field exists in this area, balancing fairly the needs of employers with those of employees.”
In a package of measures aimed at promoting a fairer and more efficient process, giving employees less cause to use the system and employers the confidence to defend cases successfully, the BCC is calling for:
The creation of legal officers to provide more effective pre-hearing, with powers to request a deposit from applicants, acting as a more effective filter for unsubstantiated claims.
A ten-fold rise in the limit on costs awarded to employers should the case be considered frivolous or vexatious, from £500 to £5000
Government to press Tribunal Chairs to use their existing powers to award costs against frivolous and vexatious claims so that this becomes the norm rather than the exception.
Trade Unions to be ordered to pay a higher deposit if they are representing what is thought to be a frivolous and vexatious - Increasingly employers report that the threat of tribunal can be used as a bargaining tool to exact “pay-offs”.
An expansion of the IT1 application form for tribunal, particularly for discrimination cases to better inform the employer of the nature of the claim.
Better guidance for employers on management, grievance and disciplinary procedures to ensure they are more confident that they have treated their employees fairly – The BCC and ACAS plan to work together better to inform employers of their obligations and their rights.
An increase in the number of Employment Tribunal offices and hearing centres, and more realistic targets for tribunal hearings.
An information campaign to smash the myth of huge payouts – almost half of all applicants in sex discrimination cases, and over a third of those in race discrimination cases are awarded less than £2000 – this may help employees take a more informed and realistic view of any application to tribunal.
Richard Caborn, Minister for Trade, last week announced on the 1 November 2000 a new export credits package specifically aimed at SMEs.
Highlighting the Government's determination to improve SME's awareness of the wide range of products on offer from ECGD for tackling emerging markets, Mr Caborn said:
"ECGD is offering improved and streamlined versions of its existing products as well as new features and facilities designed with the smaller exporter in mind. This will mean that exporters can often get a much quicker response for their typical deal."
The package incorporates a number of key features, including:
Mr Caborn added:
"ECGD already does an excellent job for larger exporters, it is time that expertise was more widely available. If smaller exporters want to tackle the riskier markets of the world covered by ECGD, then I want them to benefit from the wealth of experience and practical advice that is available. ECGD is committed to providing that advice swiftly and efficiently.
"I am delighted that ECGD is fully integrating its efforts with Trade Partners UK, the Small Business Service and other Government agencies. This is the sort of co-operation British companies deserve if they are to beat tough international competition."
ECGD, the Export Credits Guarantee Department, Britain's official export credit agency, is a separate Government Department responsible to the Secretary of State for Trade and Industry. One of its main functions is to underwrite bank loans to enable overseas buyers to purchase capital and project related goods/services from the UK.
The recent Review of ECGD pointed out that it had a relatively narrow customer base of direct customers, and concluded that this should be widened.
The package consists of:
ECGD will work with BTI Trade Associations, Chambers of Commerce and Regional Export Representatives as well as Trade Partners UK and the Small Businesses Service.
BYERS AND PRIMAROLO ANNOUNCE NEW BUSINESS RESCUE PACKAGE
New measures will help businesses overcome short term-problems and create long-term success
Trade and Industry Secretary Stephen Byers and Paymaster General, Dawn Primarolo on the 2 November 2000 announced a package of measures to help businesses experiencing short-term difficulties and improve the survival chances of viable companies.
The measures will ensure that the Crown Preference is used to help struggling, viable companies through the sympathetic consideration of Company Voluntary Arrangements (CVAs).
Publishing the report of the joint DTI/HM Treasury Review of Company Rescue and Business Reconstruction Mechanisms, Stephen Byers said:
"The Government is keen to ensure that our insolvency procedures are underpinned by an attitude that supports responsible risk taking and encourages businesses to develop. The Inland Revenue and Customs and Excise are often accused of ignoring the long-term viability of a company in order to secure payment of crown debts. I am pleased to be able to announce today, with Dawn Primarolo, that the revenue departments are introducing changes to the way they deal with companies in difficulties."
Paymaster General, Dawn Primarolo said:
"These changes will help ensure more efficient, commercial and consistent handling of the problems businesses in trouble often have in meeting their debts for tax and NIC. They will enable the revenue departments to make a real contribution to the development of the rescue culture in the UK to which the Government is firmly committed."
A new Inland Revenue/Customs and Excise unit is being set up to consider proposed rescue plans put forward by businesses, ensuring that from April 2001;
The revenue departments will put increased emphasis on dealing well with business rescues and to ensure that staff have a better understanding of the problems businesses face.
Mr Byers added:
"The Review Group did consider abolition of Crown Preference but recognised that unsecured creditors would not necessarily gain from its abolition because any monies would often go to floating charge holders. As a result they concentrated on proposals which could be put into effect quickly and would make a real difference to struggling businesses.
"I am confident that business and ultimately all taxpayers will see real benefits from this more commercial approach which recognises that the survival of viable companies is in everyone's long term interests."
The Report outlines a series of recommendations and options for change, which go wider than simply the Government's role as preferred creditor. The options include:
Comments are invited on these proposals from the public and the profession by 2 February 2001.
Published alongside the report is a study by the London Business School into how three of the clearing banks deal with distressed small businesses. This research, which was undertaken specifically for the review shows that:
There will be a consultation period during which the public and the profession will have the opportunity to comment on the recommendations and options for change set out in the report. The closing date for public responses is 2 February 2001.
The Lord Chancellor's Department on the 3 November 2000 published statistics for company winding up, and creditors' and debtors' bankruptcy petitions issued in the High Court and county courts of England and Wales during the third quarter of 2000.
In the third quarter of 2000 the following number of petitions were issued:
Figures on insolvency petitions are published on a quarterly basis. The publication date for the figures covering the third quarter of 2000 will be Friday 2 February 2001.
The 2000 figures are provisional and liable to revision to take account of any late amendments.
No assumption can be made from these statistics about the number of companies that go into liquidation, or the number of individuals made bankrupt.
INSOLVENCY
A company or individual with debts that they are unable to pay is said to be 'insolvent'.
COMPANY WINDING UP
When it becomes necessary to terminate a company's existence, whether owing to insolvency or for some other reason, the process is called 'winding up'.
There is a restriction on proceeding that may be commenced in county courts which is based on the paid- up capital of the company. Well over half of winding up proceedings are commenced and handled in the Chancery Division of the High Court at the Royal Courts of Justice in London and at the eight provincial High Court centres.
Company winding up proceedings will normally be commenced at the court centre local to the registered office of the company, which will not necessarily be situated in the same geographical area as the company's base or operational area. The relative regional levels of winding-up activity do not therefore necessarily reflect the geographical distribution of the companies involved.
INDIVIDUAL BANKRUPTCY
For individuals the term bankrupt is used to indicate insolvency.
Proceedings for bankruptcy can be commenced at county courts with the appropriate jurisdiction, or in the Chancery Division of the High Court, either by a creditor (the person to whom the debt is owed) or by a debtor (the person who owes the debt).
INSOLVENCIES IN THE THIRD QUARTER 2000
Statistics showing insolvencies in the third quarter 2000 were published on the 3 November by the Department of Trade and Industry.
COMPANY INSOLVENCIES
There were 3,776 company insolvencies in England and Wales in the third quarter of 2000 on a seasonally adjusted basis. This was an increase of 8.6% on both the previous quarter and the same period a year ago.
1.1% of active companies became insolvent in the twelve months ended Q3 2000, the same as the previous quarter and slightly down on the corresponding quarter in 1999.
INDIVIDUAL INSOLVENCIES There were 7,270 individual insolvencies in England and Wales in the third quarter of 2000 on a seasonally adjusted basis. This was a decrease of 3.7% on the previous quarter and a decrease of 2.2% on the same period a year ago.
Number of Insolvencies in England and Wales (seasonally adjusted)
Percentage change
1999 1999 2000 2000 2000 Q3 2000 on:
Q3 Q4 Q1 Q2r Q3p Q2 2000 Q3 1999
Companies 3,477 3,464 3,395 3,477 3,776 8.6 % 8.6%
Individuals 7,435 7,390 7,647 7,550 7,270 -3.7 % -2.2%
p = provisional, r = revised
The Official Insolvency Statistics are the most comprehensive record of the number of insolvencies and bankruptcies and provide a more accurate picture for analysing business conditions. The figures include businesses and individuals, with a breakdown by type of insolvency procedure. The figures treat Scotland separately (as insolvencies are defined differently in Scotland) and give an industrial analysis (for which the figures for England & Wales are published one quarter in arrears).
The statistics are derived from administrative records of the DTI Insolvency Service and Companies House Executive Agencies. The figures for company insolvencies are made up of compulsory liquidations (winding-up orders made by the courts) and creditors' voluntary liquidations registered at Companies House. Figures for individual insolvencies comprise bankruptcy orders and individual voluntary arrangements under the Insolvency Act 1986 and deeds of arrangement under the Deeds of Arrangement Act 1914.
Numbers of insolvencies are not directly comparable with numbers of new business formations. Statistics of business starts and stops that are directly comparable with each other have been assembled from VAT records and are published by the Department of Trade and Industry.
Additionally, analysis into the number of firms in the United Kingdom estimated the total number of businesses at the start of 1999 at 3.7 million.
Insolvent companies are dealt with under the Insolvency Act of 1986. They can either be the subject of a compulsory liquidation (winding-up) order obtained from the Court by a creditor, member or director or themselves pass a resolution, subject to the approval of a creditors' meeting that the company be wound up voluntarily (creditor's voluntary liquidations).
The Insolvency Act 1986 also introduced the procedures of company administration orders and company voluntary arrangements. The administration procedure gives a period of time during which creditors are restrained from taking action and a court appointed administrator puts forward proposals to deal with the company's financial difficulties. The Company Voluntary Arrangement procedure aids business by enabling a company in financial difficulty to come to a binding agreement with its creditors.
Receivership appointments comprise administrative receivers appointed under the 1986 Act and certain other receivership appointments, for example under the Law of Property Act 1925. Due to the use of the same statutory documentation for different types of receivership, it is not possible to give a breakdown between them.
Insolvent individuals in England and Wales are dealt with mainly under the Insolvency Act 1986. A bankruptcy order is made on the petition of the debtor or his creditor when the Court is satisfied that there is no prospect of the debt being paid. (Figures for bankruptcy orders include administration orders, which are bankruptcy orders relating to the estate of a deceased debtor). There are also individual voluntary arrangements and deeds of arrangement, which enable debtors to come to an agreement with their creditors.
Insolvent individuals in Scotland are subject to sequestration under the Bankruptcy (Scotland) Act 1985. (There are no deeds of arrangement or individual voluntary arrangements in Scotland). The Bankruptcy (Scotland) Act 1993 amending the 1985 Act came into force on 1 April 1993 and will have affected the number of sequestrations in the Scottish Courts.
Insolvent partnerships may either be wound-up like an unregistered company under the Insolvency Act 1986, or the estate, if the partnership may fall to be administered following jointbankruptcy orders against the partners.
http://www.dti.gov.uk/sd
*** 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 06/11/2000 to 14/11/2000 Number of Creditor meetings : 193 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 06/11/2000 R S Pumps Ltd 11.00 am Glasgow 07/11/2000 Allan Contracts (Scotland) Ltd 11.00 am Glasgow 09/11/2000 Power Train Engineering Co Ltd 11.00 am Edinburgh 10/11/2000 Qudos Furniture Ltd 11.00 am Glasgow 23 Administrator Calling a meeting of Creditors 08/11/2000 Clevedon Finance Ltd 10.30 am Bristol 10/11/2000 Romantic Ltd 11.00 am Manchester 13/11/2000 Performing Arts Management Ltd 11.00 am Manchester 48 Receiver calling unsecured Creditors Meeting 07/11/2000 Phase Print Ltd 11.00 am Nottingham 08/11/2000 Wrekin Workwear Ltd 10.30 am Worcester 09/11/2000 Intellect Constrol Systems Ltd 11.00 am Manchester 10/11/2000 Simpsons (Bham) Ltd 02.30 pm Manchester 13/11/2000 PAL (2112) Realisations Ltd 11.00 am Leeds PPL (2117) Realisations Ltd 11.00 am Leeds RTL (2118) Realisations Ltd 11.00 am Leeds 14/11/2000 C Gilbert Ltd 10.00 am Sheffield 67 Scotland - Receiver calling Meeting of unsecured Creditors 06/11/2000 A J Donald Ltd 03.00 pm Edinburgh 84 N. Ireland - Creditors Voluntary Liquidation 06/11/2000 James Dowling (NI) Ltd 11.00 am Belfast 98 Creditors Voluntary Liquidations 06/11/2000 Brickett Distribution Services Ltd 11.00 am Harpenden Cadogan Fine Furniture Ltd 12.00 pm Newton Abbot Cleaning Co Ltd - The 11.30 am London DPT (Manufacturing) Ltd 11.00 am London Fineone Ltd 11.00 am Birmingham General Carriers Ltd 10.30 am Yarm Golding Erection Services Ltd 12.00 pm Birmingham Golding Pipework Services Ltd 12.00 pm Birmingham Holywell Health & Leisure Complex Ltd 10.30 am Ashby-de-la-Zou Holywell Health Studio Ltd 10.30 am Ashby-de-la-Zou Janitorial Supply Co Ltd - The 12.00 pm London Kingsborough Packaging Ltd 11.00 am London PC Systems (Burnley) Ltd 11.30 am Blackburn Paper Island Ltd 11.00 am Barnwood Park House Trading Ltd 11.00 am Bristol Premier Enterprises Ltd 12.00 pm London Regency Computer Services Ltd 10.30 am London Retro Systems Ltd 02.30 pm Fleet Survec Design Ltd 03.00 pm Leeds Total Transport Solutions Ltd 12.00 pm Reading 07/11/2000 Advent Wallcoverings Ltd 11.00 am Darlington All Area Maintenance Ltd 01.00 pm London Andrew Lloyd Ltd 10.15 am Sheffield Applied Food Technology Ltd 02.30 pm London Aqua Cure Services Ltd 11.00 am Manchester Astromex Engineers Ltd 12.30 pm London Business Opportunity West Ltd 11.00 am Bristol CCGB Ltd 11.00 am Chorley Castle Vale Foods Ltd 10.30 am Alfreton Centrepoint Computing Services Ltd 11.00 am Birmingham Chiltern Air Ltd 02.30 pm Sandy Cleveland Papers Ltd 01.00 pm Darlington Colour Quest Graphic Services Ltd 10.30 am Hornchurch Compusport Ltd 11.15 am Gerrards Cross Cotswold Telecommunications Ltd 02.00 pm Bristol Cranbrooks Management Ltd 10.30 am London Derby Plant Hire (Birkenhead) Ltd 12.00 pm Liverpool Evergreen Folders Ltd 12.00 pm London F Grange & Son Ltd 02.30 pm Manchester Far Hill Publishing Ltd 11.00 am Preston Flamingo Associates Ltd 10.15 am London Florentine Galleries Ltd - The 11.30 am Brighton Garfield Kennedy Co Ltd - The 11.00 am Paisley Giltpeak Ltd 11.30 am Southend-on-Sea Global Entertainment Developments Ltd 02.30 pm Watford Hamilton Filing Station Ltd 11.30 am Liverpool JT Auto Electrical Ltd 11.30 am Preston Katamex Ltd 11.00 am London Link Petrolia (Rivingtons) Ltd 04.00 pm Harrow Minecourt Ltd 12.00 pm London Pelmarbond Ltd 12.00 pm Swansea Peroma Ltd 11.00 am Wellingborough Rad Services (Northern) Ltd 11.00 am Sunderland Right-Size Technology Ltd 11.00 am Brighton Sportshed Ltd 11.00 am Leith Squarelogic Ltd 11.00 am Wellingborough TAC Wedding Warehouse Ltd 11.45 am Moorhouse Texplan Ltd 11.30 am London Tyne Interiors (Northern) Ltd 10.30 am Washington Vectorjet Ltd 11.00 am Harpenden Winestop Co Uk Ltd 10.15 am London 08/11/2000 Abledata Ltd 10.30 am Reading Barnets (Glasgow) Ltd 12.00 pm Glasgow Beteem Industries Ltd 11.30 am Dudley Binagold Ltd 02.00 pm London Bystone Ltd 11.30 am Blackburn C M Holker (Construction) Ltd 11.30 am Manchester Carnfast Ltd 10.15 am Huddersfield Chapter One Associates Ltd 03.00 pm Barnet Diatom International Ltd 12.00 pm Nottingham East Market Research Organisation Ltd 11.00 am London Forresters Haulage Ltd 11.00 am Birmingham Fresh Field Produce Ltd 11.30 am Edgware Harris Bus Co Ltd 01.00 pm Hornchurch Homeplan Systems Ltd 03.00 pm Carlisle In House Interiors Ltd 12.00 pm London John Tams Group Plc 11.00 am Stoke-on-Trent Kenmare Plant Ltd 11.00 am London Lomac Tiles (UK) Ltd 11.00 am Manchester McClloyd Ltd 11.00 am Birmingham Noble Promotions Ltd 12.00 pm Colchester P & G Ltd 11.00 am Bristol Plane Fashions Ltd 10.30 am London Planet Mobile (2000) Ltd 10.15 am Bury Printcobra Ltd 11.00 am Nottingham Ratemill Ltd 12.00 pm Walsall Rumer Hill Nurseries Ltd 2.00 pm Stratford-u-Avo Vehicle Communications Ltd 10.45 am Bury W T Thermo Tec Ltd 11.00 am Manchester Wildburn Ltd 11.30 am Preston Wingate Tile Ltd 11.00 am London Wormley Printing Ltd 12.00 pm London 09/11/2000 Ablecast (Midlands) Ltd 11.00 am Birmingham Advanced Business Communications Ltd 10.30 am Leeds Arti Ltd 11.00 am London Avondale Machinery Ltd 11.45 am Leeds Bloomfield Bakery Ltd 11.00 am Manchester Bonex Ltd 11.30 am Reading C & M Leasing Ltd 11.30 am Hereford Caron (Europe) Ltd 11.30 am London Chrymark Developments Ltd 12.00 pm Hale Club Network Plc 12.00 pm London Creative Artworks Design Co Ltd 12.15 pm London Deluxe Flair Ltd 12.00 pm Manchester F G Bates & Sons Ltd 12.15 pm Sidcup Final Image Ltd 10.30 am Royston Hanover Charter Consultancy Ltd 12.00 pm London KB Maritime Services Ltd 12.00 pm London L H Fabrications Ltd 11.00 am Rochdale Michael Austin Travel Ltd 10.30 am Sutton Neil White Design & Build Ltd 11.30 am Manchester Plastics (UK) Ltd 11.00 am Birmingham Portfreight Ltd 11.00 am Hull Process Equipment Ltd 12.00 pm Oxford Solent Printers Ltd 11.30 am Southampton Solstice Developments Ltd 02.30 pm Leeds Technoform Sonics Ltd 02.30 pm Sutton Thor Fabrications Ltd 11.30 am Newcastle-u-Tyn Threaded Fastener Supplies Ltd 11.30 am Worcester Transglobal Ltd 03.00 pm London Western Dyers (Leicester) Ltd 11.00 am Leicester 10/11/2000 A & W General & Precision Engine Ltd 11.00 am Sheffield Allan Johnson Advertising Ltd 11.30 am Manchester Alva Press Ltd 11.00 am Manchester Apartmenr Design Ltd 11.00 am London B & P Power Transmissions Ltd 10.15 am Thornaby B R W Ltd 11.30 am Preston Bread Store Ltd - The 11.00 am London Britannia Contracts (UK) Ltd 03.00 pm Welling CMH Building Products Ltd 11.00 am Bristol Computer Learning Solutions Ltd 11.30 am London Corrosion Defence Ltd 10.30 am Shedfield D B Joinery Ltd 11.00 am Leeds D W Pointer (Fire) Ltd 11.30 am Leeds Derry Kunman Ltd 11.00 am Northampton Direct Trucks Specialists Ltd 11.30 am Preston Edit Hire (New Technology) Ltd 12.00 pm London Houlston Manor Ltd 11.30 am Birmingham Incast Precision Engineering Ltd 10.30 am London Information Tech Business Planning Ltd 11.00 am Moorhouse Moderna Nature (UK) Ltd 11.30 am Moorhouse Rally Corp Plc 10.30 am London SHS Plant Ltd 11.00 am Portswood Teeny Weeny Games Ltd 02.30 pm London Telecom Payphones Ltd 11.30 am Worcester Traditional Country Interiors Ltd 02.45 pm Southend-on-Sea Trinity Home Improvements Ltd 12.00 pm Swansea 13/11/2000 Challenge Recruitment Ltd 03.00 pm Northwood City Commercial Maintenance Ltd 12.00 pm London Copro Ltd 11.00 am Birmingham Daltrend Ltd 11.00 am London Diacut Ltd 11.00 am Harpenden Indi Computers Ltd 11.30 am Woodford Green Integrated Business Communications Ltd 11.00 am London Parallel Trading Ltd 04.00 pm London W W Dealing Ltd 12.00 pm London 14/11/2000 Akwapur Ltd 02.00 pm London Amford Ltd 10.15 am Tunbridge Wells Argyke Alarms Ltd 04.00 pm Shoreham-by-Sea Balsana Ltd 04.00 pm London Bar Bufi Ltd 11.00 am London Baybridge Service Ltd 03.00 pm London Buckingham Driveways Ltd 11.00 am London CGD Solutions Ltd 11.30 am Liverpool Easy Deal Service Ltd 04.00 pm London Halstead Enterprises Ltd 02.30 pm Manchester K & G Glass Ltd 11.30 am Blackburn M C Executive Cars Ltd 11.45 am Preston Miller-Citax Ltd 11.30 am Preston Pets Crazy Ltd 11.00 am London Profile Training for Preofessionals Lt 11.15 am Halsall Rapid Service Printing Ltd 11.00 am Bristol Sams Travel Services Ltd 12.00 pm London Shepherd Airconditioing (Wales) Ltd 12.00 pm Ton Gwynlais Warley Welding Services Ltd 02.00 pm Halesowen Wholesale Vehicles Ltd 11.30 am Cardiff
TW LW TW LW
USA 1.45 1.45 Canada 2.22 2.19
Austria 23.76 23.96 Portugal 346.31 349.12
France 11.33 11.42 Belgium 69.68 70.24
Finland 10.27 10.35 Italy 3344.70 3371.99
Germany 3.37 3.40 Sweden 14.66 14.75
Holland 3.80 3.83 Switzerland 2.62 2.61
Spain 287.41 289.74 Ireland 1.36 1.37
Australia 2.82 2.77 Denmark 12.85 12.96
Hong Kong 11.34 11.35 Euro 1.72 1.74
Africa Com 11.01 11.04 Saudi Arabia 5.45 5.46
India 68.05 67.57 Malaysia 5.52 5.53
Singapore 2.55 2.55 Norway 13.66 13.84
Japan 158.83 157.59
TW This week LW Last week.
As part of the Government's response to the Health Select Committee Report on the tobacco industry, Stephen Byers, the Secretary of State for Trade & Industry, on the 30 October 2000 announced the appointment of investigators to look into allegations that British American Tobacco plc (BAT) was implicated in smuggling.
Mr Byers said:
"I have given careful consideration to the unanimous recommendation of the Select Committee that the DTI should investigate the allegations of BAT's involvement in smuggling.
"I have decided to appoint investigators to look into this and to report back to me as soon as possible. I will then decide what further steps I must take and whether the facts support action by other agencies."
Section 447 of the Companies Act 1985 enables the Secretary of State to appoint investigators where there is good reason to do so. The investigators may require a company to produce documents and provide an explanation of them.
It is long established practice not to make an announcement when starting Section 447 enquiries. However, in the unique circumstances here where the investigation follows from a recommendation of a Parliamentary Select Committee, the reply, which incorporates the response to the call for a DTI investigation, has been published and accordingly this announcement is being made.
The investigators will report to the Secretary of State and he will then decide on the basis of the documents and explanations gathered by the investigators what further action needs to be taken either by him or by others.
Section 447 investigations are confidential and any unauthorised disclosure of material collected by the exercise of that power is a criminal offence. These enquiries do not lead to a published report. There are, however, provisions in the legislation to enable the documents and explanations to be disclosed to a limited group for specific purposes e.g. criminal, disciplinary, or disqualification proceedings. These provisions for disclosure are known as gateways.
Further details of the Section 447 power and the other statutory investigation powers, which the Secretary of State has available to him, can be obtained from DTI's website at http://www.dti.gov.uk/cld/comp_inv.htm
COMPANY RESULTS
Allied Domecq announced pre-tax profits of 419 million pounds, after exceptional credit, on turnover of 2,632 million, for the year ending 31st August 2000. Earnings per share stand at 29.9p.
BAT announced pre-tax profits of 1,215 million pounds, after exceptional charge, on turnover of 19,030 million, for the nine months ending the 30th September 2000. Earnings per share stand at 23.2p.
Mediakey announced pre-tax losses of 26.5 million pounds, after exceptional charge, on turnover of 32 million, for the six months ending 30th June 2000.
SmithKline Beecham announced pre-tax profits of 1,405 million pounds, on turnover of 6,259 million, for the nine months ending 30th September 2000. Earnings per share stand at 16.5p.
Whitbread announced pre-tax profits of 161.9 million pounds, after exceptional charge, on turnover of 1,766 million, for the six months ending 2nd September 2000. Earnings per share stand at 19.1p.
Wyndeham Press announced pre-tax profits of 6.6. million pounds, on turnover of 59.3 million, for the six months ending 30th September 2000. Earnings per share stand at 10.5p.
MERGER CLEARANCE
The Secretary of State for Trade and Industry has decided, on the information at present before him, and in accordance with the recommendation of the Director General of Fair Trading, not to refer the following merger to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Completed acquisition by Scottish and Southern Energy plc of British Energy Retail Markets Limited (SWALEC supply business)
KIM HOWELLS CLEARS GWR RADIO'S ACQUISITION OF RADIO INTERESTS OF DAILY MAIL AND GENERAL TRUST
Kim Howells, Minister for Competition and Consumer Affairs, has decided not to refer the acquisition by GWR Group PLC of the Radio Interests of the Daily Mail and General Trust PLC ("DMG") to the Competition Commission. Dr Howells' decision is in accordance with the advice of the Director General of Fair Trading.
Dr Howells said:
"This acquisition raises no concerns at the national level. However, it raises potential concerns regarding the supply of radio advertising within East Anglia. GWR owns four local radio stations in the area and has now acquired the regional station Vibe FM.
However, the DGFT has advised me that he does not consider the possible loss of actual or prospective competition to be sufficiently material as to justify an investigation by the Competition Commission. For example, some advertisers may be able to consider switching to local newspaper advertising. I agree with the DGFT's advice and have decided not to refer the acquisition to the Competition Commission."
This acquisition qualifies for investigation under the share of supply test of the Fair Trading Act 1973.
GWR operates 37 local radio stations, the national station Classic FM and two national digital stations in the UK. It has acquired the radio interests of the DMG group - these comprise of one regional station broadcasting in East Anglia and seven local stations in the South East, as well as radio interests in Hungary and Australia.
Patricia Hewitt, Minister for e-commerce and Kim Howells, Minister for Competition and Consumer Affairs on the 1 November 2000 launched a consultation on the need for patents to protect computer programs and internet trading methods.
Ministers have initiated the debate in recognition of the impact of e-commerce and the Internet in transforming the UK economy. The UK software and computer services market is the second largest in Europe, worth £21 billion. There are over 105,000 companies operating in this sector in the UK including all of the major global players. A third of the population are now online and over a quarter work in businesses that trade online.
Mrs Hewitt said:
"We all know about patents for machines, chemicals and electronics. I believe they have served us well in bringing forward the technologies we all use, and which we often take for granted. With the e-commerce sector becoming increasingly significant to the UK economy, it is vital that we initiate a debate on the need for patents in this area.
"We are seeking input on the potential impact of patents on innovation and growth, as well as feedback on the system in the US, where software and e-commerce patents are already available.
"These issues could profoundly affect the environment in which we do business. We need comments from all those who will be affected including those in the service, financial and business sectors who may never have come across patents before."
Dr Howells said:
"We want to promote innovation and enterprise in UK industry. It is vital to strike the right balance between allowing exclusive patent rights without reducing competition and exploitation of ideas in this exciting and rapidly developing field.
"Until now companies have been able to develop computer software and business methods often without patents: this might change across Europe. We must make sure that those most likely to be affected know what the possibilities are and have the chance to make their views known."
Ministers have asked the Patent Office to raise awareness, encourage debate and collect views. The Patent Office website (www.patent.gov.uk) provides background information about patents and how they may affect computer programs and business. It invites views on what arrangements would be of most benefit to business, consumers and the economy and offers a dedicated newsgroup for online discussion. There is also a link to the newly published European Commission consultation paper on the patentability of computer implemented inventions, so that views can also be registered directly with Brussels.
Patents are restricted to the protection of technical inventions. Present UK law (the Patents Act 1977) and the European Patent Convention (1973) exclude computer software as such and methods of doing business as such from patent protection. These exclusions have been in place for many years but the pace of change of technology and the growing importance of e-commerce is calling into question the current regime.
Following decisions in the Supreme Court, US practice has moved towards granting patents for software and non-technical business methods. Such divergence of practice has called into question the current European regime.
Details are available on the Patent Office website www.patent.gov.uk
The Patent Office Newsgroup is at news://discuss.patent.gov.uk/patentoffice.softpat
The Commission document is available on the DG Internal Market website at: http://europa.eu.int/comm/internal_market/en/intprop/indprop/index.htm
Monday 13 November Wessex Branch of the ICM Annual Quiz Night Sponsored by ICC Information Ltd The Southampton Royal Yacht Club 7.00pm for 7.30pm Refreshments Thursday 23rd November 2000 Companies House Seminar Forte Posthouse Wood Lane Beechwood Runcorn Cheshire WA7 3HA Registration 5.30pm - 6.00pm Friday 24th November Chilterns Branch of the ICM Annual Dinner Your Branch Committee invites you and your Colleagues, Suppliers or Customers to a formal Dinner, a Speech and Toasts by our Special Guest Speaker. This Years sumptuous occasion is at Putteridgebury near Luton, one of the most beautiful of locations in the branch area. Tickets : #30 Per member, #50 Member & guest or A corporate table for the modest price of #275.00 For details, tickets & Table reservations please contact: Jennifer Scott 01992 553931, Stuart Hopewell 020 7465 5908, Year 2001 4 to 10 March National Credit Week 7 March Credit Today Awards 2001 Natural History Museum. London Wednesday and Thursday 7 and 8 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 Wednesday, Thursday and Friday 24 to 26 October 2001 International Credit Exhibition & Conference The Westin Stamford, Singapore http://www.internationalcredit001.com Mailto:info@internationalcredit001.com # = pounds sterling 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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