Editor: John Arnold. E-mail jarnold@creditman.co.uk
Pat Williams. E-mail pwilliams@creditman.co.uk
Site: Business Credit Management UK
URL: http://www.creditman.co.uk
Issue: Vol 5 Issue 23
Dated: 10 June 2001
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKCHAMBERS REACT TO ELECTION RESULT
Reacting to the result of the 2001 General Election, Anthony Goldstone, President of the British Chambers of Commerce said:
“This is a mandate for delivery. We share the government’s ambitions for wide-scale improvements to the skill base, the creation of a world-class transport system, a de-regulated business environment, and continued economic stability. But commitments count for nothing without results.
"More meaningful partnership and engagement between government and the business community at all levels – local, regional and national – will be critical in creating this world class environment.
“Britain’s Chambers of Commerce will seek actively in the coming months and years, to develop new and existing relationships, securing further their position as the natural business partner for government.
“The British Chambers of Commerce have played a key role in setting the business agenda for this election, and we will continue to work closely with Ministers to develop, across government, a greater understanding of business pressures and priorities.“
CBI REACTION TO GENERAL ELECTION RESULT
Reacting to the result of the General Election, CBI Director-General Digby Jones said:
"This is an historic victory for the Labour Party. The challenge now is for the new administration to build on the hard-won bedrock of economic stability, which has done so much to encourage jobs and wealth creation.
"Top business priorities include delivering real improvements in transport infrastructure, ending the relentless build up in regulation and getting higher standards from our education system. I look forward to working with ministers to help improve the UK business environment."
NEW CONSTRUCTION ORDERS: APRIL 2001
Orders in the three months to April 2001 rose by two per cent compared with the previous three month period, with rises in the private housing, public non-housing (excluding infrastructure) and private industrial sectors. The private commercial sector remained unchanged and other sectors fell. Orders in the year to April 2001 rose by six per cent compared with the previous year and orders in the three months to April 2001 rose by two per cent compared with the same three months a year earlier.
Private housing orders in the three months to April 2001 rose by 10 per cent compared with the previous three month period but were three per cent lower than the same three months a year ago. Orders in the year to April 2001 fell by six per cent. Public housing and housing association orders in the three months to April 2001 showed a fall of 20 per cent compared with the previous three month period, but rose by 34 per cent compared with the same three months a year earlier. Public housing and housing association orders in the year to April were two per cent lower than in the previous twelve month period. All comparisons in this sector are affected by large variations due to its relatively small size.
Infrastructure orders in the three months to April 2001 were 6 per cent lower compared with the previous three month period, and were two per cent lower than in the same three months a year earlier. Orders in the year to April 2001 rose by 12 per cent compared with the previous twelve month period.
Public non-housing orders (excluding infrastructure) in the three months to April 2001 were five per cent higher compared with the previous three month period, but 11 per cent lower compared to the same three months a year earlier. Orders in the twelve months to April 2001 were two per cent higher when compared with the previous twelve month period.
Private commercial orders in the three months to April 2001 were unchanged on the previous three month period and 13 percent higher than in the same three months a year earlier. Orders in the twelve months to April 2001 were 17 per cent higher than in the previous twelve month period. Private industrial orders in the three months to April 2001 were 12 per cent higher than in the previous three month period, but were unchanged on the same three months a year earlier. Orders in the year to April 2001 were six per cent lower than in the previous twelve month period.
HOUSEBUILDING: APRIL 2001
In April 2001, it is provisionally estimated that 13,700 dwellings were started in Great Britain compared with 13,600 in April 200. Completions numbered 12,600 compared with 13,100 the previous year.
In the latest three months 42,800 dwellings were started, down 9 per cent on the same three months a year ago, while completions at 37,000 were down 8 per cent.
Seasonally adjusted comparisons
In the latest three months, total starts were an estimated 40,800, down 5 per cent compared with the previous three months, and down 9 per cent compared with the same period a year ago. On the same basis of comparison private enterprise starts were 36,400, also down 5 per cent on the previous three months and by 9 per cent on a year ago.
Total completions were 39,400, down 5 per cent, and private enterprise completions were 34,800, down 2 per cent on the previous three months. Total completions and private enterprise completions were both down 8 per cent compared with the previous year.
Registered Social Landlords (and unregistered housing associations) starts in the three months to April were 4,200, down 6 per cent compared with the previous three months. The equivalent figure of 4,300 for completions shows a decrease of 25 per cent. Both starts and completions by local authorities remained at an insignificantly low level.
AFTER THE ELECTIONEERING - BACK TO THE REAL CHALLENGES ON TAX
Leading tax advisors Ernst & Young have put together a list of the key tax issues that face the next Parliament.
Douglas Fairbairn, Ernst & Young's UK head of tax, says: "The election campaign was not exactly an advertisement for a serious debate on tax. Now that Labour has secured its second term, there is a genuine opportunity for radical change to the tax system. The UK desperately needs a tax regime that will help businesses compete in the global economy, instead of putting up a barrier to enterprise."
Top priorities for the Chancellor should be:
The Government must recognise that tax is a consumer issue and must have the buy-in of both taxpayer and the tax authorities.
Fairbairn adds: "Labour are in a position to make a historic difference to the tax system. I hope the Government will work with business to create a consensus for reform."
UK exporters are divided over the Euro, a survey of companies ranging from multinationals to small businesses, revealed on Monday 4 June.
They said that in a referendum on the Single Currency they would vote against by a narrow two per cent margin (51 per cent against, 49 per cent for). Past surveys have recorded a decisive vote in favour.
2000
1999
International credit insurer NCM, which protects more than £20 billion of UK exports each year, commissioned the wide-ranging survey into the services exporters receive from Government, banks and credit insurers.
It was carried out by the Credit Management Research Centre (CMRC) of Leeds University Business School. A similar survey is being conducted in the Netherlands.
WHY EXPORTERS VOTED YES
Price transparency - 49 per cent, exchange rate certainty - 83 per cent, lower costs within euro zone - 45 per cent
WHY THEY VOTED NO
Constitutional implications - 70 per cent, weaken relationships with US - 37 per cent, contributes to European superstate - 69 per cent
Cardiff-based NCM UK is part of the NCM Group headquartered in Amsterdam. It is one of the world's leading credit insurers, protecting companies whose buyers fail to pay. It annually insures £100 billion of world trade.
CMRC is one of the world's leading research institutes and was recently invited to join the Government's forum for late payment, the Better Practice Group, as key adviser.
Full results of the comprehensive survey of 15,000 exporters, along with a detailed analysis ,will be published on 28 June.
LORD CHANCELLOR'S DEPARTMENT
The new website address for the Lord Chancellor's Department is now http://www.lcd.gov.uk
Bryan Jackson of business advisors and accountants PKF has been appointed interim administrator of The Natural Fruit and Beverage Company Ltd, the maker of Highland Brew.
The Natural Fruit and Beverage Company Ltd is based at Cambuslang, Glasgow and presently employs 18 people. Since the company started trading two years ago it has developed a range of products in addition to Highland Brew such as a children's drink Jelly Beings and Fruits of Nature Organic Juices. The company's last recorded annual turnover was £6.6 million.
Bryan Jackson interim administrator, commented:
"The Natural Fruit and Beverage Company's position is not unusual particularly for an innovative manufacturing company when sales growth outstrips supply and cash runs short as a result.
However, I am optimistic that we can continue trading the business and maintain the continuity of supplies to all retail outlets. In addition to the possibility of investment from venture capital trusts, we are already in discussions with three interested parties which should mean a quick sale of the business."
PARCEL FIRM INTO RECEIVERSHIP
The Leicestershire-based parcel delivery business Panic Link Plc has gone into receivership.
Administrative receivers from KPMG were appointed to Panic Link, which operates under the trading name of Chronopost International, late on the Friday June 1st.
Panic Link's situation has been attributed to the fact that the parcel delivery marketplace has become fiercely competitive over the past 2-3 years. As a result, it was considered unlikely that the company could grow capacity sufficiently to establish profitability in the short to medium term.
Commenting on the appointment, Myles Halley, the joint administrative receiver from KPMG, said:
"While we are hopeful of being able to sell the business, the ongoing losses preclude us from being able to continue trading the business while we look for a buyer. As we cannot trade the business, we have regrettably had to make the decision make all but a small group of employees redundant. We have therefore made arrangements for all parcels in the system to be delivered, thereby minimising disruption to customers."
*** FORTHCOMING CREDITORS MEETINGS ***
Contributed by http://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 11/06/2001 to 19/06/2001 Number of Creditor meetings : 183 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 11/06/2001 Elkdrive Ltd 12.00 pm Glasgow Federal Bureau of Design Ltd 10.30 am Edinburgh Shetland Contracts Ltd 03.00 pm Aberdeen 12/06/2001 Furniture First (UK) Ltd 11.00 am Dundee Pharos Developments Ltd 03.00 pm Dundee 15/06/2001 Beechwood Contracts (Scotland) Ltd 11.00 am Glasgow 18/06/2001 Wave Telecom Ltd 10.00 am Glasgow 23 Administrator Calling a meeting of Creditors 12/06/2001 Ciro Citterio Menswear Plc 10.30 am Birmingham 14/06/2001 Phone People Plc - The 11.00 am Manchester 48 Receiver calling unsecured Creditors Meeting 11/06/2001 Baruser Stocks Ltd 10.00 am Sheffield ERA Group Plc 10.00 am London Lightyear Realisations Ltd 10.30 am London Mauritz (London) Ltd 10.30 am London Richard Kohntstam Ltd 10.30 am London 13/06/2001 Central Bridge Ltd 10.30 am Leeds Glidemark Ltd 10.30 am Leeds Huttons International Holdings Ltd 10.30 am Leeds Huttons International Ltd 10.30 am Leeds Prestige Suppliers Ltd 12.00 pm Birmingham 14/06/2001 Ital Audio Ltd 10.30 am London 15/06/2001 Ansec Aluminium Forms Ltd 10.00 am Sheffield Ansec Holdings Ltd 10.00 am Sheffield Ansec Ltd 10.00 am Sheffield Midland Mining Equipment Ltd 10.00 am Sheffield 18/06/2001 M B Holdings (Newcastle) Ltd 10.30 am Edinburgh 67 Scotland - Receiver calling Meeting of unsecured Creditors 14/06/2001 Polton Press Ltd 10.00 am Edinburgh Polton Print Group Ltd 10.00 am Edinburgh 98 Creditors Voluntary Liquidations 11/06/2001 ATT Joinery Ltd 11.00 am Ipswich Brontil Components Ltd 11.00 am Birmingham Compass Joinery Ltd 10.30 am London Danehove Ltd 12.00 pm Glasgow Dong Chang Co Ltd 10.00 am London H S Controls Ltd 11.00 am Birmingham HMC Sportscars Ltd 11.00 am Bristol Iprovide Ltd 12.00 pm London J W & D Fuller (Imports) Ltd 11.30 am Altrincham Leofric Car Sales Ltd 11.00 am Birmingham Marshbrights Ltd 11.00 am Leeds Monitor Control Solutions Ltd 12.00 pm Sutton Mr Christmas Ltd 11.30 am Manchester Multistar Machine & Tool Ltd 11.00 am Ipswich Pace Clothing Ltd 03.00 pm Leicester Plan It Commodities Ltd 01.00 pm London Storyfirst Communications Ltd 12.00 pm London Task Building Services Ltd 10.15 am Nottingham Transdrive Ltd 11.00 am London W Cooper Ltd 11.30 am Manchester Westway Graphics Ltd 11.15 am London Wildfire Corporation Ltd - The 02.30 pm London 12/06/2001 Acepoint Traders Ltd 11.30 am London Advance Rentals Ltd 10.45 am London Bags & Chaps Ltd 02.30 pm Altrincham Clarkes Foods (Retail) Ltd 10.30 am Liverpool Clinical Personnel Recruitment Ltd 03.00 pm Cambridge Colemans Removals Ltd 10.30 am Altrincham Colemans Transport Ltd 11.30 am Altrincham Contralam Print Services Ltd 11.30 am Nottingham Dunlop Woods Network Heroes Ltd 11.00 am Barnet E L Hatton & Co Ltd 11.00 am Coventry Empire Echoes Ltd 02.30 pm Glazebrook Fox Recruitment Ltd 12.30 pm Kidlington Instant Fasteners Ltd 11.00 am Sheffield Integra Networks Bournmouth Ltd 03.30 pm London Jubilee (UK) Ltd 10.30 am Leicester Keylocks (Warlingham) Ltd 12.30 pm Birmingham King Trucking Ltd 10.30 am Liverpool Markham Motors Ltd 12.00 pm Grimsby Overmind Ltd 03.45 pm London Radleys Ltd 11.30 am London Route 786 Ltd 11.30 am Blackburn Spectrum Telecom (UK) Ltd 03.15 pm London T A 2000 Ltd 11.30 am Glazebrook Technical Design Systems Ltd 11.30 am Manchester Tile Kyng Ltd 11.30 am Stanmore Total Solution Integrators Ltd 12.00 pm Liverpool Westzone Publishing Ltd 03.30 pm London Wm B Morrison & Son Ltd 12.00 pm Glasgow 13/06/2001 Aklec Technology Ltd 11.00 am Birmingham Childrens Pavilion Ltd 03.00 pm Gerrards Cross Custom Services Group Ltd 11.00 am Glasgow D A K Plumbing & Heating Install Ltd 12.00 pm London D J Boddy & Sons Ltd 11.00 am Portsmouth Euro Asean Travel (UK) Ltd 10.00 am London FEL Holdings Ltd 10.30 am Amersham G & K (UK) Ltd 10.30 am Leicester G & K Trading Ltd 10.30 am Leicester Growth Computers Ltd 10.30 am Leeds Innovative Techniques Ltd 12.00 pm London J Brace & Sons Ltd 11.30 am Guildford J H Plumbing Ltd 11.00 am Harpenden LPG Systems Ltd 11.30 am London Louis Bennett & Co Ltd 11.15 am Hull Margote Ltd 11.30 am Manchester Marida Ltd 11.00 am Harpenden Moonmoon Services Ltd 04.00 pm London Mutual Reference Ltd 11.00 am London Neeron Ltd 11.00 am Whiston Oceanstream Ltd 11.00 am London PPR (Warwick) Ltd 11.00 am Birmingham Park House Integrated Systems Ltd 10.30 am London R K Electrical Contracts Ltd 11.15 am Staines Simon Powell Ltd 12.00 pm Llandudno Swapitshop Ltd 11.00 am London Trade Promotion Travel Ltd 11.30 am London 14/06/2001 A K C S Ltd 10.30 am London Able Car Hire Ltd 11.30 am Manchester Accident Advice Centres UK Ltd 12.15 pm Bately CNC High Tech Ltd 02.30 pm Halesowen CPE Realisations Ltd 02.45 pm Solihull Cab-Con Electronic Systems Ltd 10.30 am Bristol E-Photomail Ltd 11.30 am London Fishtank (UK) Ltd 12.00 pm London Freshstart Ltd 11.15 am Southend-on-Sea Groundwork Developments Ltd 10.30 am Leeds Hathaway Classic Cars Ltd 02.30 pm London Hunter Harman Ltd 12.00 pm York International Transmedia Ltd 11.30 am London J & G Ceilings Ltd 11.30 am London Kidpark Ltd 12.00 pm London Kids Adventure Club Ltd 03.00 pm Leicester Komex (International) Ltd 11.15 am London Rendleigh Ltd 11.00 am London Steelform Engineering Co Ltd 03.00 pm Bristol Trade Computers (UK) Ltd 11.00 am Chesterfield Urban Metro Ltd 12.00 pm London Visaplus Ltd 12.00 pm Woodford Green Wallis Universal Ltd 11.00 am Staines Where UK Ltd 11.00 am Corsham 15/06/2001 Aircon Installation Ltd 03.00 pm Cardiff Crailville Motors Ltd 03.00 pm London Cubed Ltd 01.00 pm London Design Electronics Ltd 11.15 am Bately Doncaster Removal & Storage Ltd 10.15 am Sheffield Dreamtime Technology Ltd 12.00 pm London E-Trading-Co Ltd 12.00 pm London Ernest Bryars Cloth Warehoes (1929) Lt 11.00 am Sheffield Fireshield Systems Ltd 10.15 am Bately Frejon Ltd 02.45 pm Newcastle-u-Tyn G W Dixon (Gateshead) Ltd 12.00 pm Newcastle-u-Tyn Grovedene Ltd 11.00 am Hornchurch ITNTO Ltd 10.30 am Guildford Intershine Ltd 11.00 am London Leisure Floor Ltd 11.30 am Nottingham Link Print Finishers Ltd 11.00 am Birmingham Linkquick Ltd 11.00 am London M P S (Southern) Ltd 12.30 pm Salisbury McSymon & Potter (Flagmakers) Ltd 03.00 pm Glasgow Mechanical Pipework Services Ltd 11.30 am Salisbury Mortgage People (NPW) Ltd - The 11.00 am Manchester NLS Lifting Services Ltd 12.30 pm Leeds Office & Print Consumables Ltd 02.15 pm Stansted PR Utilities Ltd 11.30 am Preston Pace Colour Ltd 11.30 am Southampton Paperback Exchange Ltd - The 11.00 am Birmingham Premier Mortgage Corporation Ltd 11.30 am Castleford Roda Foods Ltd 10.30 am Hove Sponson (Plant Hire) Ltd 11.00 am Ipswich Superscene Ltd 11.00 am Manchester Technical Laminating Co Ltd 03.00 pm Stansted Truck Direct Insurance Services Ltd 11.30 am Leicester West Midlands Facilities Management Lt 11.00 am Birmingham Yansport Ltd 10.30 am Walsall 18/06/2001 DE Morgan Communications Ltd 11.30 am Birmingham Data Complex Ltd 12.30 pm Birmingham Deanfast Ltd 12.00 pm Manchester Gatetrack Ltd 01.00 pm Birmingham K I T Computing Ltd 12.00 pm London Mortgage Direct Ltd 11.00 am Birmingham Mortgage Direct West Ltd 11.00 am Birmingham Mortgages R Us Ltd 11.00 am Birmingham Spotlight Technologies Ltd 11.00 am Birmingham T-Rail Ltd 11.30 am Manchester Telemark Ltd 11.00 am Birmingham Venture Technologies Ltd 12.00 pm London WCM Associates Ltd 11.00 am London 19/06/2001 Central Lancashire Plumbing Ltd 11.30 am Preston Deskdrive Systems Ltd 11.30 am London Digital Works (Co UK) Ltd 03.00 pm Gerrards Cross Eltexa Ltd 03.00 pm London Global City Ltd 11.00 am Manchester Infiniti Accessories Ltd 10.45 am London Lengthline Ltd 12.00 pm Manchester London Catering Contracts Ltd 02.00 pm London
TW LW TW LW
USA 1.41 1.42 Canada 2.16 2.18
Austria 22.82 23.10 Portugal 332.58 336.60
France 10.88 11.01 Belgium 66.92 67.72
Finland 9.86 9.98 Italy 3212.12 3250.87
Germany 3.24 3.28 Sweden 15.26 15.38
Holland 3.65 3.69 Switzerland 2.51 2.55
Spain 276.02 279.36 Ireland 1.30 1.32
Australia 2.77 2.81 Denmark 12.39 12.51
Hong Kong 11.03 11.08 Euro 1.65 1.67
Africa Com 11.36 11.38 Saudi Arabia 5.30 5.33
India 66.48 67.87 Malaysia 5.37 5.40
Singapore 2.56 2.57 Norway 13.20 13.38
Japan 170.50 169.29
TW This week LW Last week.
Helical Bar announced pre-tax profits of 25.8 million pounds, on turnover of 165.3 million, for the year ending 31st March 2001.Earnings per share stand at 70.6p.
Le Riche, retailers based in the Channel Islands, announced pre-tax profits of 7.04 million pounds, on turnover of 141 million, for the year ending 24th March 2001. Earnings per share stand at 39p on increased capital.
Volex, manufacturers of electric cable assemblies, announced pre-tax profits of 26.5 million pounds, after exceptional charge, on turnover of 418.3 million, for the year ending 31st March 2001. Earnings per share stand at 66.1p.
Wagon, manufacturers of automotive components, announced pre-tax profits of 19.6 million pounds, after exceptional charge, on turnover of 491.2 million, for the year ending 31st March 2001. Earnings per share stand at 24.6p.
MERGER NEWS
The Secretary of State for Trade and Industry has decided, on the information at present before him, and in accordance with the recommendation of the Director General of Fair Trading, not to refer the following merger/s to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Proposed acquisition by Wardle Storey's plc of Irvin Aerospace Ltd
Proposed acquisition by Bromley Property Investments Ltd of BPT Plc
Proposed acquisition by Intercontinental Exchange, Inc. of IPE Holdings Plc
Proposed acquisition by the Royal Bank of Scotland Group PLC, through Royal Bank Investments Limited, of Cannons Group PLC
Proposed acquisition by Benfield Greig Group plc of EW Blanch Holdings, Inc
Acquisition by Lex Service plc of Auto Windscreens Group Limited
Completed acquisition by Eastman Kodak Company of the Services and Micrographics Businesses of Bell and Howell Company
This year’s Online Information event at Olympia is already lining up its most comprehensive array of conference themes in the event’s twenty-five year history.
Speakers will be flying in from around the world to discuss a wide variety of contemporary issues that will be of interest to professionals from every sector of the information industry.
Online information is the world’s largest forum for information professionals, librarians, end users, academics, publishers and content vendors. It is the only place that brings together the best minds in the information industry.
Event Director Katherine Allen says "the Online Information 2001 conference features key topics that are shaping information use, management and publishing in the internet age."
Themes will include intranets and content management, search engines and search techniques, e-government, information literacy, corporate portals, managing information and new tools and technologies.
Allen continues: "Even at this early stage the reputation of the conference has attracted an impressive selection of industry figureheads who have put themselves forward as speakers. We are determined that our silver jubilee will feature the widest selection of resources ever offered at Online Information."
There are expected to be more than 340 exhibitors at the event on 4-6 December 2001, with over 15,600 visitors.
Online Information is the largest information industry event in the world and is organised by Learned Information Europe Ltd.
The conference presents leading online industry commentators, consultants and professionals, top academics and key vendors exploring major issues that have shaped the industry, determining the key trends facilitating developments for the future.
The exhibition brings together over 340 exhibiting companies showcasing a wealth of information sources for all industry sectors as well as solutions for information management, retrieval and dissemination.
The event takes place on 4th-6th December 2001 at Olympia Grand Hall, London, UK.
For further details: see the web site at www.online-information.co.uk
Monday 11th June Stoke on Trent Branch of the Institute of Credit Management Credit Management Organisations in Europe - an Overview International speaker Russell KENNARD, MBA AIMC Places at this event are limited - those interested in attending should contact Catriona COLERICK on Telephone Number (01782) 28 2430. Coffee and biscuits will be served from 1830hrs, the presentation will commence at 1900hrs and will be followed by a light buffet to facilitate networking and discussion. The venue is Knight & Sons premises in The Brampton, Newcastle-under Lyme, Staffordshire. 22 June The Institute of Credit Management Fellows' Luncheon Dartmouth House Mayfair, London Tickets £42.00 plus vat To reserve places telephone 01780-722907 E-mail training@icm.org.uk 25 June Institute of Credit Management - Wessex Branch meeting How Credit Managers can get the most out of E-Commerce Presentation by Bill Chalker of the National Westminster Bank Plc Royal Southampton Yacht Club Channel View Road, Southampton. 7pm for 7.30pm start Refreshments provided. Friday 29 June Institute of Credit Management - Sussex & Surrey Branch Summer Social - Wine Tasting Bookers Vineyard Foxhole Lane, Bolney, West Sussex Time: 7.00 for 7.30 p.m. Wednesday, Thursday and Friday 24th to 26th October 2001 International Credit Exhibition & Conference The Westin Stamford, Singapore http://www.internationalcredit001.com Mailto:info@internationalcredit001.com If you have an event coming up which is credit management related and you would like us to make an entry in the Diary section please e-mail the details to jarnold@creditman.co.uk
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