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: 138
Dated: 5 December 1999
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKLATEST RESIDENTIAL PROPERTY PRICE REPORT SHOWS 12.28% INCREASE IN PRICES
The Land Registry on the 24 November published its latest quarterly residential property price report, covering the period July - September 1999.
This report compares average prices and volume of sales with those for the same period in 1998. It also gives a breakdown of the average sale prices of old and new properties, by property type.
The following information is contained in the report:
July - September 1999 v July - September 1998
- Year on year for all properties in England and Wales the average price increased by 12.28% and the volume of sales increased by 11.81%.
- For Greater London there was an annual increase in average property prices of 16.80%. The volume of sales rose by 16.46%.
- Year on year all economic regions in England and Wales showed an increase in average prices:
July - September 1999 v April - June 1999
- Comparing the July - September quarter with the previous quarter, average prices in England and Wales rose by 8.38%. Over the same period the volume of sales increased by 17.60%.
- In Greater London prices over the period increased by 8.31% and the volume of sales increased by 22.69%.
- Quarter on quarter, average prices for all economic regions rose by:
For the quarter July - September 1999, 74.7% of property sales in England and Wales (77.1% in Greater London) were supported by a mortgage.
- The figures for England and Wales are broken down by property type and county; average property prices and volume of sales for individual London Boroughs are also shown.
- The sales included in the report relate to the transfer of ownership for value of freehold or long leasehold properties, whether or not the purchase was supported by a mortgage. The price data are actual, unadjusted averages drawn from the great majority of all residential sales in England and Wales completed during the period.
- This Land Registry report is intended to complement information available from other sources. If you make any comparison with other data you should consider the differences in volume, timeliness and coverage of contributing transactions.
- The Land Registry also provides reports, which show aggregated data for any local authority district in England and Wales, postcode area (e.g. GL), postcode district (e.g. GL1), or postcode sector (e.g. GL12). There is a fee for this service and a special telephone number - 0151 473 6010.
- The Land Registry Internet site contains a full copy of this new report and all previous reports, together with other useful information on the work of the Land Registry. You can access it on: http://www.landreg.gov.uk/
- The Land Registry Internet site now has an interactive property price database, which can be used to interrogate Land Registry data relating to residential prices as far back as January 1995. You will need Microsoft Internet Explorer (version 4 or later) with scripting enabled, and a resolution of at least 800 x 600 to view the page. For more information about this service please contact David Mercer by telephone (0171 331 8349) or e-mail property.price@landreg.gov.uk
THE EURO
The Euro hovered close to parity with the Dollar, hitting an all-time low of $1.0034. It also fell to its lowest level against the Yen in its 11-month existence. The currency recovered slightly after Wim Duisenberg, president of the European Central Bank, hinted at intervention. The Bank of Japan intervened after the dollar stayed around last week's four-year low against the yen.
COMPANIES FACING HUGE EXTRA STAFF COSTS
Companies who offer staff perks face substantially higher costs after the Inland Revenue's confirmation that employer NIC will be imposed at 12.2% on most employee benefits from April. Currently it applies only to company cars and private fuel.
Inez Anderson, Employee Issues Tax Partner at KPMG, said: 'While notice was given in the March Budget about these NIC increases, companies do not appear to have paid it much attention. It is going to have a significant effect on staff costs and we are worried that companies will start reviewing the benefits they offer to existing and potential employees. That would have a detrimental effect on recruitment and remuneration policy.'
As an example, for an employee who has season ticket and other interest-free loans totalling £6,000, free local gym membership costing £575 a year and BUPA family membership at £600 pa, the additional cost to the employer will be almost £190 a year. Multiply that by 50 employees and the company would have to pay an extra £10,000 a year. For large companies with several thousand employees the figure might be £500,000 or more, depending on the benefits offered.
Inez Anderson said: 'We are particularly worried that employers operating flexible benefits schemes will be hit, and others considering running them might be put off because of these changes to the NIC rules. They are excellent schemes, which treat staff as adults and allow them to choose the benefits which are right for them. It would be a shame if employers were to back away from them now just because NIC savings are lost, as they have been a significant success in terms of recruitment, retention and motivation of staff.'
Christmas and New Year Holiday 1999/2000
The opening period for Companies House offices and on-line service availability during this year's Christmas holidays will be as follows. Please note that they will be closing early on both Christmas Eve and the 30th December.
| Information Centres inc Cardiff, London and Edinburgh | Companies House Direct and Website Information | |
| 24 December 09:00 - 16:00 (1) | 07:00 - 16:00 | |
| 25 - 28 December Closed | Closed | |
| 29 December 09:00 - 17:00 (2) | 07:00 - 20:00 | |
| 30 December 09:00 - 16:00 | 07:00 - 16:00 | |
| 31 December Closed | Closed | |
| 1 - 3 January Closed | Closed | |
| 4 January England/Wales 09:00 - 17:00 (2) | 07:00 - 20:00 | |
| Scotland Closed 07:00 - 20:00 | Closed | |
| 5 January Return to normal service | ||
Note: (1) On Christmas Eve the Glasgow office will close at midday and re-open on the 5th. The Birmingham office will be closed all day.
(2) On the 29th, 30th and 4th the Leeds, Manchester and Birmingham offices will close at 16:00 as normal. Glasgow is closed until the 5th.
London Customers
Due to the early closing on the 24th and 30th December the last fiche delivery for collection will be at 3pm. This means that the 11:30 standard and 12:30 priority order cut-offs will not be processed for delivery that day.
Any fiche ordered up until the 4pm closure of Companies House Direct, or at the Information Centres, will be processed on the next available working day.
Document Delivery
The normal procedures for delivering documents to our offices outside of normal opening hours and on non-working days will apply.
Over 870 rogue directors were banned between March and September this year, an increase of 35% over the same period last year according to the latest Government figures published on the 30 November.
Dr Kim Howells, Competition and Consumer Affairs Minister, said "There is no let up in the clamp down on unfit directors and these figures show that this Government's commitment to stamping out unfair trading is working.
The success of this clamp down will be built on with the introduction of the new Insolvency Bill. At present disqualification can only be achieved through the courts and this process often involves long delays. The Insolvency Bill will introduce a 'fast track' approach to disqualification without the involvement of the courts and avoid lengthy legal delays. Dr Howells said:
"The new Bill is a dramatic step forward as it will result in a fast track disqualification for those who give an undertaking not to act as director of a company and allow the courts more time to deal with defended cases. The undertaking will have the same effect as a court order. It will be registered at Companies House; accessible by public search and if contravened will be a criminal offence."
One recent disqualification involved film star and businessman Tony Hussain, a flamboyant character renown for his expensive taste in Versace and Armani clothes. He carried on business as a producer of naan breads and Indian snack products. When the company went into compulsory liquidation there was an estimated deficiency of £725,000. He was disqualified for seven years.
Often described as the 'curry king', Mr Hussain previously ran an Indian restaurant in the Edinburgh area. This disqualification represented a huge fall from grace for a man who had attempted to capture the splendour of the Raj by converting an A listed building into his restaurant.
The rag trade was the worst offending industry with 10% of all directors banned working in this sector. Ten of these cases were heard on the same day before Croydon County Court, each involving unexplained withdrawals of between £100,000 and £600,000 over relatively short trading periods. In most of the cases the orders had been made within just over a year of the date of liquidation. It is this abuse of the privilege of limited liability that Dr Howells is determined to stamp out. He said:
"Banning the 'front men' is only the beginning. We have to create a level playing field to stop sweatshop companies competing unfairly against rivals.
"It is not an easy task for government departments to identify dodgy directors when working alone. That is why the Insolvency Service is working in partnership with other government departments to pool expertise and information in an attempt to stop people getting ripped off and ensure adequate working conditions are met."
Another key element in success is encouraging the public to blow the whistle using the directors 'hotline', which has received 1,700 calls over the last two years and is helping to identify those who continue to rip off consumers across the country.
The hotline was set up in January 1998 and it enables members of the public to phone in when they become aware of disqualified persons running companies.
Dr Howells added:
"The public play a large role in bringing misconduct to our attention. With their continued support I am confident we can keep track of rogue directors who might be tempted to operate companies in the shadows of others. Those that are not deterred and blatantly defythe law, will be prosecuted."
Those who have information on anyone defying a Disqualification Order should contact the Hotline on 0845 601 3546. Calls will be charged at local rates.
The Insolvency Service is an executive agency of The Department of Trade and Industry.
The disqualification statistics relate to the directors of failed companies in liquidation, administrative receivership or administration.
Section 6 of the Company Directors Disqualification Act 1986 allows the court to make a disqualification order of between two and 15 years for unfit conduct as a director. This is the section used by The Insolvency Service.
CASE EXAMPLES
SINGLE COMPANY RAGTRADE COMPANIES
10 Similar cases featuring disqualified directors in the rag trade were heard by District Judge Freeborough at Croydon Crown Court on the same day. The cases were very similar, although separate, and saw the 10 defendants in each of these cases disqualified for 9 years.
Submitted by the IP Roger Gillett of Crane & Partners, the proceedings were brought alleging failure to maintain adequate accounting records and failure to comply with statutory obligations in relation to PAYE, NIC and VAT.
Commonly, in all the cases there were unexplained cash withdrawals of between £100,000 and £600,000 all of which was withdrawn from the companies over relatively short trading periods.
In the majority of the 10 cases the orders have been made within just over 1 year of the date of liquidation.
BABUR CLASSIC INDIAN CUISINE LTD
Flamboyant 'curry king' Tony Hussain (aka Mohammed Iqbal Hussain, Tony Minnero and Tony Montana), was both a businessman and film star who starred as a "villain" in an Indian film, My Sweet 16. He was disqualified for a period of 7 years on 10 June 1999 in the Dundee Sheriff Court.
The order was made as a result of Mr Hussain's misconduct as a director of Babur Classic Indian Cuisine Limited which carried on business as producers of naan breads and indian snack products.
The company went into compulsory liquidation on 10 June 1997 with an estimated deficiency of £725K.
Matters of unfitness found against the Mr Hussain included trading with knowledge of insolvency; false representations made to creditors; misapplication of company funds; misuse of company bank account; failure to submit a Statement of Affairs and failure to account to the liquidator for and to deliver up the property of the company in breach of S.234 Insolvency Act 1986.
The disqualification represents a dramatic fall from grace for Mr Hussain, a well known businessman in the Edinburgh and Dundee area, who was noted for his taste in expensive Armani and Versace clothes. It is understood that Mr Hussain previously ran an Indian restaurant in Edinburgh which was the first to be set up in a grade-A listed building which attempted to capture the splendour of the Raj with its Mountbatten parlour, Rajput lounge and the Viceroy, a private room for special diners.
THE NAPIER SPIRIT COMPANY LIMITED
Directors of a company which claimed substantial returns could be made from investments in whisky due to a shortage in the run up to the Millennium were disqualified on 18 June 1999 in the High Court. Stephen Dunne and James Gourley, were disqualified for 13 years and 10 years respectively.
The company was wound up on the public interest grounds on 5 February 1997. It had carried on business as a single malt whisky investment company. Its estimated total deficiency was £139K.
The misconduct found by the court included:
DTI PETITION TO WIND UP IMAGE ADVERTISING LIMITED
Following a petition presented by the Secretary of State for Trade and Industry in the High Court to wind up Image Advertising Limited in the public interest, a winding up order was made against the company on 29 November 1999. The petition was presented following an investigation carried out under Section 447 of the Companies Act 1985.
The Official Receiver has been appointed liquidator of the company.
The company's principal activity had been to provide advertising space on video monitors located at health and leisure clubs across the UK. The company had made representations to various parties, including its clients, shareholders and bankers, that it was a public limited company, when in fact the company was a private limited company. Additionally, the company failed to comply with various statutory requirements, including a failure to file accounts for the accounting periods ended 31 December 1997 and 31 December 1998.
The registered office of the company is at Premier House, 11th Floor, 112 Station Road, Edgware, Middlesex, HA8 7BJ. The company traded from this address until October 1998.
The petition was presented under Section 124A of the Insolvency Act 1986.
All public Enquiries concerning the company should be made to: The Official Receiver 21 Bloomsbury Street London WC1B 3SS. Please ask for June Willamson
*** 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 06/12/1999 to 13/12/1999 Number of Creditor meetings : 165 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 07/12/1999 Hayhill Transport Ltd 12.00 pm Hamilton PCI (UK) Ltd 02.00 pm Giffnock 09/12/1999 Miles Inns Ltd 10.00 am Glasgow 23 Administrator Calling a meeting of Creditors 13/12/1999 Cresvale International Hold (UK) Ltd 03.30 pm London 48 Receiver calling unsecured Creditors Meeting 06/12/1999 Bridgecroft Ltd 11.00 am London 07/12/1999 B C S Security Ltd 10.00 am Manchester P C Security Ltd 10.00 am London 08/12/1999 CTR Plastics Ltd 10.30 am Manchester PDC Civic Engineering (UK) Ltd 10.00 am Leeds PDC Power Engineering (UK) Ltd 11.00 am Leeds 09/12/1999 Cyberdesk Computer Services Ltd 10.00 am London Cyberdesk Integrated Solutions Ltd 10.00 am London Cyberdesk Ltd 10.00 am London Leisure Security Consultants Ltd 11.00 am Birmingham Supreme Computing Services Ltd 10.00 am London 13/12/1999 Stainless Software Ltd 11.30 am Southampton 67 Scotland - Receiver calling Meeting of unsecured Creditors 07/12/1999 Riggend Caterers (Scotland) Ltd 11.00 am Glasgow 98 Creditors Voluntary Liquidations 06/12/1999 Acclaim Linen Services Ltd 02.15 pm Nr Darlington Alimo Ltd 02.30 pm Gerrards Cross Ashgood Ltd 02.30 pm London Avantel Technology Ltd 03.00 pm Cambridge Bestway Developments Ltd 02.30 pm Botley Bollards (UK) Ltd 01.30 pm Birmingham Cellular Services Development Ltd 10.30 am Manchester Central Sales Ltd 12.00 pm London Cyclo Ltd 10.30 am Birmingham Danarc Ltd 04.00 pm London Derbyshire Processing Ltd 11.00 am Newton Solney Eclipse 99 Group Ltd - The 11.30 am Exeter Eclipse Self Fit Ltd 11.30 am Southampton Eclipse Shades Ltd 10.30 am Exeter Elite Packaging Ltd 12.00 pm Manchester Fas Holdings Plc 10.30 am St Albans Gelserve Ltd 02.30 pm Southampton Kids Junction Direct Ltd 03.00 pm Hinckley Kids Junction Ltd 03.00 pm Hinckley L E B S Services Ltd 11.30 am London Lauder Grange Ltd 03.00 pm Newcastle-u-Tyn Lyon Couriers Ltd 10.00 am South Ruislip Megatronics Plc 12.00 pm London Roberts & Prowse Plc 11.00 am Bristol Swingtone International Ltd 10.00 am London 07/12/1999 A T W S Ltd 02.30 pm Henley-on-Thame Boswell Contractors Ltd 12.00 pm London C Comme Ca Ltd 11.00 am London C H Adams Assessors Ltd 11.00 am Birmingham Cresta Freight Services Ltd 11.00 am Newcastle-u-Lym E & J Presstools Ltd 11.30 am Worcester Eye Contact (Putney) Ltd 03.00 pm London Footwear Resources Ltd 02.00 pm Wakefield Grateley Conservation Ltd 12.00 pm London I Hill (1974) Ltd 02.00 pm South Ruislip J & J Griffin Scaffolding Ltd 12.15 pm London Jetro Ltd 11.00 am London Lesan Engineering Ltd 01.30 pm London Matterclear Ltd 10.30 am Croydon Mondo Event Management Ltd 12.00 pm Reading Music Connections (North) Ltd 02.30 pm London Music Connections Chelsea Ltd 02.30 pm London Music Connections Herts Ltd 02.30 pm London Nicola UK Ltd 11.00 am London Planeford Ltd 02.30 pm Paddington R B T Securities Ltd 12.00 pm Royston Rally Engineering Ltd 11.00 am Birmingham Red Fish Ltd 11.00 am London Running Robot Ltd 11.30 am Southampton Shefford Ltd 11.30 am Larkfield Shropshire Construction Ltd 02.30 pm Birmingham Stylesense Ltd 11.30 am Leicester T & T Supplies Ltd 11.00 am London Tsunamis Ltd 10.00 am Manchester Whitchurch Construction Ltd 11.30 am Bingham 08/12/1999 B W Wools Ltd 10.15 am Bately Bexley Group Services Ltd 02.00 pm London Bylander Waddell Partnership Ltd 11.30 am London C D M Promotions Ltd 12.00 pm Cardiff Complete Window Co Ltd - The 11.45 am London Davenport Standard Knitwear Ltd 11.00 am Leicester FMM Communications Ltd 10.15 am Worthing Gee Bee Crewe Ltd 11.00 am Newcastle-u-Lym Hove Hotels Lyd 11.00 am Brighton Installation Management Services Ltd 10.15 am Grantham John Drive Quality Block Paving Ltd 11.00 am Birmingham Joint Motorway Hauliers Ltd 10.00 am Cardiff Jones Motors (Kenfig Hill) Ltd 12.00 pm Cardiff Keycharm Ltd 02.30 pm Paddington Mayflower MG Ltd 11.00 am London Merewood Therapy Ltd 10.00 am Birmingham North West Asphalt Ltd 10.15 am Bury Odell & Bate Ltd 11.30 am London Roof Trim Co Ltd - The 01.00 pm London Spectrum (Gravesend) Ltd 11.00 am London Spectrum Nightclubs Ltd 11.00 am London Thompson & Partners Ltd 10.30 am East Grinstead Vic Holloway & Son Plant Hire Ltd 11.30 am Rotherham ZDS Electronics Systems Ltd 10.30 am Harrow 09/12/1999 6 GL Ltd 10.00 am Taunton A & M Machining Ltd 11.30 am Littlehampton A & M Valves Ltd 01.30 pm Littlehampton A1 Car & Commericals Ltd 11.30 am Cheadle Andrews Platers Ltd 11.00 am London Aylmore Reinstatement Contractors Ltd 11.00 am Petworth Banter Communications Plc 11.00 am London Boxprint Ltd 03.0 pm London Damn Transport Ltd 10.30 am London Drawing Room (Cobham) Ltd - The 12.00 pm London Elite Associates GB Ltd 11.00 am Tunbridge Wells Engineering Technology Ltd 11.30 am Derby Fylde Upholstery Ltd 12.00 pm Manchester Ian Ashworth Holdings Ltd 12.00 pm Reading Industrial Protective Coating 1998 Ltd 03.30 pm London Karric Cladding Co Ltd 02.30 pm Botley Koverto Envelopes (UK) Ltd 10.30 am Cambridge Lifesign Diagnostic Services Ltd 02.30 pm Meadow Construction Ltd 10.00 am Hertford Overstone Ltd 10.15 am Sheffield Pargain Ltd 02.30 pm Glazebrook Puma Recruitment Ltd 11.00 am Worksop R Vine & Co (Seaford) Ltd 11.15 am Hove Sales Office Ltd - The 11.00 am Birmingham Silver Power Ltd 12.00 pm Marlow South Lakeland Home & Gardens Ltd 11.30 am Barrow-in-Furne Street Style Fashion Ltd 11.30 am London Survival Shop (London) Ltd - The 11.00 am Barnet West Norfolk Bottling UK Ltd 11.30 am Kings Lynn 10/12/1999 African Container Express Ltd 10.30 am Liverpool Axcess Software Developments Ltd 10.15 am Bury BML Marketing Ltd 11.00 am Harpenden Bournville Maintenance Co Ltd 11.30 am Birmingham Clevelandian Ltd 03.00 pm London Container Co (Eastern) Ltd - The 11.00 am Tombland Custard Consultancy Ltd - The 10.30 am London Delight Care Ltd 11.00 am London Fiaca Wholesale Ltd 03.00 pm London First Temptation Computers Ltd 12.30 pm Canterbury Flying Pigs Ltd 12.00 pm Ashford Gurteen Construction Ltd 02.00 pm London H W Mathews (Contractors) Ltd 11.30 am London Hadenzone Ltd 11.00 am Sheffield Icemart Ltd 10.30 am London Latchmore Services Ltd 10.30 am Guildford Lazenby Polishing & Metal Stockhold Lt 11.30 am Warrington Lintran Ltd 10.00 am Manchester Mamaloucos Circus Ltd 10.30 am London Milectrics (1992) Ltd 02.30 pm Newport Osney Ltd 11.00 am London Profile (Southern) Ltd 11.00 am London Prometheus Direct Ltd 12.00 pm London Right Track Construction Ltd 11.00 am Manchester Rock Candy Kingdom (Wholesalers) Ltd 11.00 am Manchester SLR Redfern Ltd 12.00 pm Leeds T I G C Ltd 02.30 pm Alton Venture Abilities Ltd 11.00 am Southampton Wansco 356 Ltd 11.00 am Luton 13/12/1999 Britannia N W Glass & Glaz UPVC Prd Lt 02.30 pm Caernarfon Champion Fabrications Ltd 11.30 am Fareham Doxford-Hook Ltd 01.00 pm Manchester Hemmingway Executive Recruitment Ltd 11.30 am Walsall Jaspagold Ltd 10.00 am South Ruislip NSE Ltd 11.30 am Altrincham Nougat Clothing Ltd 11.30 am London Premier Glass (Thornton) Ltd 11.30 am Preston Torfaen Design & Build Construction Lt 02.30 pm Newport Weathertite Roofing Services Ltd 02.30 pm Sevenoaks Wine Education Centre Ltd - The 12.00 pm Reading
TW LW TW LW
USA 1.6042 1.6275 Canada 2.3644 2.3851
Austria 21.8786 21.8013 Portugal 318.760 317.637
France 10.4296 10.3927 Belgium 64.1400 63.9130
Finland 9.4540 9.4200 Italy 3078.64 3067.75
Germany 3.1099 3.0994 Sweden 13.6729 13.6321
Holland 3.5038 3.4914 Switzerland 2.5433 2.5349
Spain 264.550 263.310 Ireland 1.2522 1.2478
Australia 2.5184 2.5619 Denmark 11.8222 11.7885
Hong Kong 12.4638 12.6483 Euro 1.5894 1.5851
Africa Com 9.8726 9.9636 Saudi Arabia 6.0164 6.1018
India 69.5660 70.5930 Malaysia 6.0960 6.1837
Singapore 2.6963 2.7139 Norway 12.9209 12.9500
Japan 164.560 170.220
TW This week LW Last week.
Countryside Properties announced pre-tax profits of 19.2 million pounds, on turnover of 256.9 million, for the year ending 30th September 1999. Earnings per share stand at 17.8p.
Christian Salveson announced pre-tax pfofits of 20.4 million pounds, after exceptional credit, on turnover of 326.8 million, for the six months ending 30th September 1999. Earnings per share stand at 5.43p.
Hazlewood Foods announced pre-tax losses of 9 million pounds, after exceptional charge, on turnover of 403.9 million, for the six months ending 30th September 1999.
Kenwood, the kitchen appliance manufacturers, announced pre-tax losses of 3.31 million pounds, after exceptional charge, on turnover of 64.2 million, for the six months ending 1st October 1999.
Wolverhampton & Dudley Breweries announced pre-tax profits of 7.9 million pounds, after exceptional charge, on turnover of 415.5 million, for the year ending 2nd October 1999.
Bank of Scotland raised its 20.9 billion pounds ($33.4 billion) hostile bid for NatWest to 25.5 pounds billion. Royal Bank of Scotland then jumped in with a bid valued at 26.5 pounds billion, promising cost-cutting and the loss of 18,000 jobs, though the value of its bid later fell below Bank of Scotland's. NatWest favours neither bid.
Source - The Economist
Mannesmann, a German telecoms and engineering company, rejected the latest improved all-share offer worth nearly $130 billion from Vodafone Airtouch, the world's largest mobile-phone company. Mannesmann's chairman, Klaus Esser, and Vodafone's chief executive, Chris Gent, have been wooing shareholders in readiness for a hostile bid. Both men say things are going their way.
Source - The Economist
Dixons, moved into continental Europe by agreeing to pay NKr5.7 billion ($707m) for Elkjob, a Scandinavian electrical-goods retailer that is strong in Norway. Elkjop also has an interest in Sense Communications, an Internet service provider that could benefit from the experience of Freeserve, Dixon's British Internet service provider.
Source - The Economist
MERGER CLEARANCE
Proposed acquisition by Travis Perkins plc of Sharpe & FisherProposed acquisition by Tullet and Tokyo plc of Liberty Brokerage Investment Corporation
Acquisition by Aviagen Limited of Nicholas Europa Limited
Acquisition by British Land Corporation of Meadowhall Holdings Ltd
KIM HOWELLS CLEARS THE PROPOSED ACQUISITION OF AN INTEREST IN AVIMO GROUP BY THOMSON-CSF SA
Kim Howells, Minister for Consumers and Corporate Affairs, has decided not to refer to the Competition Commission the proposed acquisition of an interest in Avimo Group Ltd by Thomson-CSF SA. Dr Howells made his decision in accordance with the recommendation of the Director General of Fair Trading.
Altavista a popular Internet search engine, was reported to be planning a share flotation that would value the company at over $5 billion. It may also merge with America's fourth-largest Internet search engine, LYCOS, in which AltaVista's majority shareholder, CMGI, has a 17% stake.
BILL GATES AND MIKE RAKE MEET
In October, Microsoft and KPMG hosted an Executive Briefing where Bill Gates expressed his views about the potential for e-commerce in the UK.
380 business leaders (board level directors, including IT directors) from corporate enterprises (500 employees) along with national, business and trade press.
Bill positioned the Internet as the ultimate marketplace. He identified three areas of opportunity for e-commerce (direct marketing, sales and service, value chain trading and employee self-service), explaining Microsoft's strategy to address these and the importance of our partners in helping us to deliver on this.
Other speakers included Lord Stevenson, Chairman of Halifax Group plc gave a thought provoking talk about how the Halifax developed their on-line strategy, the need for 'ownership' at Board level and the role Microsoft and partners played in achieving this.
Richard Handover, CEO of W H Smith plc explained his 'clicks and mortar' strategy in support of the W H Smith brand and how the co-branded portal with MSN is serving their customers whenever, wherever and however they want to shop.
7 - 9 December 1999 Online Information 1999 Olympia London 8 December ICM Preliminary Certificate in Credit Management Examination 13th December 1999 Stoke on Trent Branch meeting of the Institute of Credit Management "Excuses,Excuses, Excuses" Presentation by Steve Savva FICM, Managing Director of Credit Management Training Ltd. "What's the best excuse you've heard for late payment? Come and challenge Steve to respond, Your chance to win a bottle of Champagne" Venue: The Forte Posthouse, Clayton Road,Newcastle-under-Lyme Staffordshire, M6 -junction 15, follow A519, Forte Posthouse is 100 yards on the left. 6.30 pm Coffee 7.00 pm Presentation 8.00 pm You are invited to join the committee members for a pre-Christmas drink. For further information contact Ann Ireson by email at: fia32@fin.keele.ac.uk 17 February 2000 The ICM Construction Industry Conference "The Changing Face" Kingsway Hall, London WC2 A must for all those involved in the UK Building and Construction Industry 8 March 2000 ICM Conference on Commercial Credit Fraud CBI Conference Centre, London WC1 Exhibitors should telephone Sheila Simmons at the ICM on 01780-722907 14 to the 16 March 2000 Credit 2000 THE UK event for the Commercial and Consumer Credit Industry Olympia, London
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