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 2
Dated: 14 January 2001
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKINTEREST RATES
BANK MISSES OPPORTUNITY TO BOLSTER CONFIDENCE
Reacting to the decision by the Bank of England's Monetary Policy Committee to hold interest rates at six per cent, Dr Ian Peters, Deputy Director General of the British Chambers of Commerce (BCC) said:
''The Bank has missed an opportunity to bolster UK business confidence and investment in the face of deteriorating global conditions. Taking pre-emptive action on interest rates would have helped UK companies compete and limit the impact of weaker global demand on vulnerable sectors of the economy.
''With highly competitive conditions at home and abroad keeping prices in check, the Bank had room to reduce interest rates without jeopardising its inflation target. A quarter point cut sooner rather than later is needed to reassure business and investors that the Bank is committed to supporting growth in the UK.''
CBI "DISAPPOINTED" AT DECISION TO LEAVE INTEREST RATES UNCHANGED
The Confederation of British Industry also expressed disappointment at the Bank of England's decision to leave interest rates on hold.
Kate Barker, Chief Economic Adviser, said: "Many businesses will see this as a missed opportunity to make a pre-emptive strike that would have eased concern about the impact of a global economic slowdown.
"There is a real need to maintain confidence and encourage firms hesitating over investment plans. Companies will now be hoping that a cut has merely been delayed until February.
"We believe the Bank can afford to cut rates without inflation rising above the government's target. Indeed, without a cut there is a distinct possibility that inflation will undershoot."
ADVANCE ENERGY STATISTICS
Provisional statistics showing energy production and consumption and petroleum product prices in the three months to November 2000 were published on the 9 January 2001 by the Department of Trade and Industry. Some figures for typical retail prices of motor spirit and diesel fuel in December are also given.
Production of indigenous primary fuels in the three months to November 2000, at 68.8 million tonnes of oil equivalent, was 6.7 per cent lower than in the corresponding period a year ago. Production of coal and petroleum fell by 12.1 per cent and 13.9 per cent respectively, whilst production of gas rose by 7.3 per cent. Oil production was down because this year's summer maintenance round had a longer and greater impact than last year. Production of primary electricity fell by 9.6 per cent because of higher levels of outages for maintenance at nuclear stations.
Total inland consumption of primary fuels, which includes deliveries into consumption, during the three months to November 2000, at 56.4 million tonnes of oil equivalent, was 3.4 per cent higher than that recorded for the same period a year ago. Consumption of coal, petroleum and gas rose by 11.9 per cent, 2.4 per cent and 2.5 per cent respectively, whilst consumption of primary electricity fell by 8.9 per cent. Coal consumption rose because coal was used at power stations to make up for the shortfall of available capacity at nuclear and gas fired stations due to maintenance outages.
The recent fuel supply disruptions in the UK may have affected the normal pattern of deliveries for both motor spirit and Derv fuel during the months of September and October 2000 (details were contained in the text of the November and December editions of Energy Trends). The data for both these months are still under investigation and may eventually be subject to greater revision than usual. On the basis of the data available, total use of petroleum, including non-energy use, in the period September to November 2000 was 20.4 million tonnes, 1.6 per cent higher than a year earlier.
Energy use increased by 3.0 per cent while non-energy use increased by 4.5 per cent. Total motor spirit deliveries were unchanged at 5.5 million tonnes, with deliveries of unleaded petrol 2.3 per cent higher at 5.1 million tonnes. In the period, unleaded petrol deliveries (excluding Lead Replacement Petrol (LRP)) represented 93.4 per cent of total motor spirit deliveries, compared with 91.3 per cent a year earlier. Derv fuel deliveries decreased by 2.0 per cent, while deliveries of other gas diesel oils, primarily used for heating purposes, rose by 11.7 per cent. Fuel oil deliveries increased by 7.4 per cent. Deliveries of other products increased by 8.6 per cent with increased deliveries of aviation turbine fuel (up 12.4 per cent) and burning oil (up 7.6 per cent) being offset by decreased deliveries of liquefied petroleum gases (down 3.8 per cent).
The prices of motor spirits have fallen in the month to mid December, but diesel has risen slightly. In terms of prices at the pump, the prices of premium unleaded and lead replacement petrol (LRP) have fallen by 2.2 and 1.9 pence per litre respectively and diesel has risen by 0.4 pence per litre, compared to the mid November prices.
In the year to mid December 2000, rises of 4.5, 4.0 and 6.9 pence per litre were seen for premium unleaded, LRP and diesel respectively - these represent increases of around 5 to 9 per cent in the price of these fuels. In the month to mid November the price of super unleaded increased by 1.0 pence per litre and was around 61/2 per cent higher than a year ago; an actual increase of 5.4 pence per litre.
You can find a range of National Statistics on the Internet - www.statistics.gov.uk
Section 401 of the Companies Act 1985 requires the Registrar of Companies to give a certificate of any charge registered under Part X11 Chapter 1 of the Act, stating the amount secured by the charge.
Over the years, the numbers of requests for specific wording, reflecting the amount secured by the mortgage or charge, have increased in both frequency and complexity.
We are proposing to standardise these certificates in respect of the statement on the certificate showing amount secured.
The amount secured by the charge that would appear on certificates of registration would be limited to only one of the following statements:
If there is no Instrument creating or evidencing the charge the wording will be amended as necessary.
Certificates will continue to show the amount secured as being due from more than one company and to more than one chargee when those details are shown on the form.
Similarly, where the form shows a specific amount the certificate will continue to show that amount.
Certificates will also continue to show the following information:
These changes will only apply to mortgages or charges registered in respect of companies registered in England and Wales. We have been advised that this change fully meets the obligations of the Registrar of Companies under the Act.
Before proceeding we would like to know if you have any comments. Please write, fax or e-mail Chris Grant at Companies House by 31 January 2001.
Fax 02920 380827
E Mail cgrant@companieshouse.gov.uk
Mortgage Section
Crown Way
Cardiff
CF14 3UZ
ECGD GETS 'PINCER' THE ACTION IN ESTONIA
Richard Caborn, the Minister for Trade, has praised a small Croydon firm for its unusual investment in a crabstick processing plant in Estonia.
ENRICO Ltd, a company with just seven employees, has made its first investment abroad with ECGD insurance backing to protect it against the political risks of investing in an emerging market.
The company is planning to use the US$900,000 investment in the A.S. Makrill processing plant at Harju Maakond to increase efficiency and production and meet a growing demand for the plant's product. The first stage will be to upgrade the plant's current packaging operation and to improve turnaround times for shipping and delivery cycles.
Mr Caborn said:
"A lot of attention is often given to the big ticket investments and exports - but this particular deal demonstrates just what can be achieved by a smaller company with the right imagination and initiative. ECGD has recently launched a marketing drive to make smaller companies around the country more aware of the support available to help them trade overseas - I am delighted that ECGD has been able to help in this particular case."
ENRICO Ltd, which has only been operating since April 1993, is a trading agent for a range of items including crabsticks, fine wines, rayon and yarn.
The annual tally of businesses going bust in Britain this year has dropped by more than 2,500 or by nearly 6% according to figures released on the 29 December 2000 by Dun & Bradstreet, the business information service. But as far as England is concerned they reveal a North/South divide.
Overall, including Scotland and Wales, the number of business fatalities has fallen from 43,365 business fatalities in 1999 to 40,847.
Business failures dropped in London by more than a fifth (21.8%) - more than twice as rapidly as any other region of the country. The number of failures in the capital dropped from 6,006 in 1999 to 4,697 this year. This is the lowest number recorded in London for more than 10 years. Business failures dropped by 7.7% in the South East; by 9.3% in East Anglia and by 10.3% in the South West. They dropped by between 2% and 3% in the Midlands.
The only area of the country where the number of business failures rose is the North. Failures increased slightly in the North West by 1.1% but more markedly in the North East by 11.8% where the number of failures rose from 4,848 to 5,422 which is the highest number for this region for 10 years.
Mr Philip Mellor, Senior Analyst for D&B, commented: "This news is good Christmas cheer for the business world particularly in London and the South and East. It is also heartening to see the rate of business failure falling in the manufacturing heartlands of the Midlands. But the split between North and South must be a cause for some concern particularly if the current economic climate begins to slow down as a result of a fall in growth rates from across the Atlantic."
The business failure rate in Scotland dropped by 7%. Because of differences in bankruptcy regulations they cannot be compared with the rest of the country.
The beneficiaries of the significant drop in business failures would appear to be larger businesses. Analysis of the figures shows that liquidations of larger companies fell by 11.4% while the decline in bankruptcies of smaller companies was only 1.6%.
*** 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 15/01/2001 to 24/01/2001 Number of Creditor meetings : 208 Section Company Venue Liquidator 138 Scotland - Interim Liquidator calling Creditors Meeting 15/01/2001 Zenith Contract Interiors Ltd Glasgow KPMG 17/01/2001 Motor 24 Ltd Glasgow Craigie Hall 18/01/2001 Coolock Plant Hire Ltd Glasgow BDO Stoy Hayward Total Sofa Meltdown Ltd Glasgow HLB Kidsons 19/01/2001 Scan Bookshops Ltd Edinburgh T Hunter Thomson & 22/01/2001 Eurogarden Grimmway Ltd Aberdeen KPMG 24/01/2001 Wester Hailes Greenway Centres LtdGlasgow Kroll Buchler 23 Administrator Calling a meeting of Creditors 15/01/2001 Osta Ltd Sheffield Poppleton & Appleby 18/01/2001 Driving Force Northampton Ltd London BDO Stoy Hayward Kestrel Trim Ltd Birmingham Pannell Kerr 19/01/2001 R B Design & Manufacturing Ltd Southampton PricewaterhouseCoop 48 Receiver calling unsecured Creditors Meeting 15/01/2001 MTA Design Ltd London Kroll Buchler Metweld Components Ltd London BDO Stoy Hayward 17/01/2001 T J O Organisation Ltd - The Birmingham Kroll Buchler T J O Properties Ltd Birmingham Kroll Buchler 18/01/2001 B F S (Wholesale) Ltd London PricewaterhouseCoop 19/01/2001 E M Wilcox Ltd Leeds PricewaterhouseCoop Intelligent Solutions (UK) Ltd London BDO Stoy Hayward United Trailers Ltd Leeds PricewaterhouseCoop Wisbech Bulk Systems Ltd Leeds PricewaterhouseCoop 23/01/2001 Saunders Abbott (1980) Ltd London HLB Kidsons 67 Scotland - Receiver calling Meeting of unsecured Creditors 16/01/2001 Alba Machinery Ltd Inverness Scott Oswald 95 Members converting to Creditors Voluntary Liquidation 15/01/2001 Kovda Timber Ltd Manchester A H Tomlinson & Co 98 Creditors Voluntary Liquidations 15/01/2001 Binders & Co Ltd Manchester Royce Peeling Green Bulldog Equipment Ltd Manchester HLB Kidsons C R Bars Ltd Southampton Grant Thornton Christmas Parties Ltd London K S Tan & Co Coventry Helicopter Centre Ltd Coventry Kay Johnson Gee Eynons (Pontardawe) Ltd Swansea Grant Thornton Getaway (UK) Ltd Chandlers FordBKL Weeks Green Inchhead Ltd Kingston upon Marks Bloom John Glover (Wholesale) Ltd Bately O'Hara & Co Katalin Enterprise Ltd London Alexander Lawson & Lords of Princetown Ltd Exeter Bishops Fleming Martin Leach Publishing Group Ltd London BDO Stoy Hayward Origin Music Ltd Weybridge Piper Thompson Playerdeal Ltd Fleet Rendell Thompson Really Super Food Co Ltd - The Birmingham Poppleton & Appleby Rob Brown Transport Ltd Bristol Moore Stephens Roger Ross Ltd London Chantrey Vellacott Scopeunit Ltd Nottingham Savilles Tobie Construction Ltd Sutton Turpin Barker 16/01/2001 A R W Services Ltd Derby Smith Cooper Active Auto Ltd Leicester Casson Beckman & Advanced Courier Network Ltd Southend-on-Sea Astra Windows Ltd London Berley CCD Transport Ltd Chelmsford Morison Stoneham Coastlane Engineering Ltd Glasgow Pannell Kerr Concept Soft Furnishings & Interiors L Moore Stephens Dorado Designs Ltd Manchester Baker Tilly East Lancs Coatings Ltd Liverpool Huntington Moore Electrical Integrated Services LtdLiverpool Parkin S Booth & Co Filing Station Ltd - The London Cooper Young Hartland Rose Ltd Horsham Stringer & Co Jetsam Ltd Leeds BKR Haines Watts Latin Expressions Ltd Leicester Casson Beckman & Leeden Ltd London David Rubin & Co Linus (UK) Ltd Manchester HLB Kidsons Lumont Ceramics Ltd Manchester A H Tomlinson & Co Metal Supply Co Ltd Spratton Orient Knitwear Ltd Manchester Stephen Conn & Co Phabrication Ltd London Leigh & Co Ruby Colour Ltd Manchester HLB Kidsons Spearpress Ltd Gerrards CrossPhillips & Co Sprintex Ltd Manchester Poppleton & Appleby Startdeal Ltd Reading Walker & Co Storlink (UK) Ltd Rochdale Jacksons Tropical Fruit & Veg (UK) Ltd London Cooper Young Wessex Ceilings Ltd Spratton World Computer Solutions Ltd Birmingham Moore Stephens 17/01/2001 Benchmark Computer Training Ltd Newport Pagnell Benchmark Contracts Ltd London Leonard Curtis & Co Bus Bis UK Ltd London Jeffreys Henry Business Expo Exhibitions Ltd Bristol Byrne Associates Coated Electrodes (HCP) Ltd Nottingham Savilles Corporate Vehicle Repair Ltd Manchester Begbies Traynor Crystalite Catering Ltd Bromsgrove Haden Dellcraft Knitwear Ltd Leicester Casson Beckman & Double Barrel Jeans Ltd Birmingham HKM Harlow Khandhia Dove Valley Agriculture Ltd Newcaslte-u-Lyme Eastbourne Ex-Servicemens Club LtdEastbourne Hillier Page Contracts Ltd London Berley Insight Business Communications Ltd Cooper Young KDO International Ltd Birmingham Jacksons KDO Label Printing Machines Ltd Birmingham Jacksons Lewis Trade Bench Finishers Ltd Guildford Smith & Williamson Mcom Computer Systems Ltd Stoke-on-TrentHKM Harlow Khandhia Modepark Ltd London Leonard Curtis & Co Nu-Tech Supplies Ltd Braintree S Rishi & Co Oracle Systems Ltd Braintree S Rishi & Co PCL Realisations Ltd Stoke-on-TrentPricewaterhouseCoop Panaglaze Ltd Leighton Buzzard Polycraft Decorative Mouldings LtdDerby Smith Cooper R Strangward (Growers) Ltd Hull Jacksons Sterling Croft (UK) Ltd London BDO Stoy Hayward Tollhart Ltd Leeds Kroll Buchler Viking UK Ltd London Gerald Edelman Woodleigh Printing Services Ltd Rotherham Hart Shaw 18/01/2001 Alba Insurance Services Ltd Glasgow Pannell Kerr Anson Plastering Co Ltd Newcastle-u-Tyne Automotive Oil Treatments Ltd London David Rubin & Co Back Breaking Construction Ltd Halesowen Mayfields Big Foot Pizza (No 1) Ltd Manchester A H Tomlinson & Co Big Foot Pizza (No 2) Ltd Manchester A H Tomlinson & Co Braveoffer Ltd London Valentine & Co Chadbrook Sheet Metal Ltd Milton Keynes Mercer & Hole City Cable (Structured Cabling) Ltd David Rubin & Co Defence Manpower Services Ltd London Sorskys Dicam Ltd Chatham Maritime Hadencrest Ltd Cardiff Jacksons Hansa Brands Ltd Northwood Bhardwaj Hy-Scaf Ltd Southend-on-Sea J Timkey Consulting Ltd London Weston Kay Mason-Armytage Ltd Eccleshall Sanderlings Merrontree (Art Studios) Ltd London David Rubin & Co Merrontree (Packaging) Ltd London David Rubin & Co Merrontree (Plastics) Ltd London David Rubin & Co Noble Read Plastics Ltd Tonbridge Smith & Williamson Precise Image Ltd London Begbies Traynor Quadstream Ltd Leeds Begbies Traynor Romulus Equity Investments Ltd Birmingham Poppleton & Appleby SMG Systems Ltd London Sorskys Sealgold 2000 Ltd London Panos Eliades Union Components Ltd Manchester BDO Stoy Hayward Unisoft Holdings Ltd Egham Wilkins Kennedy 19/01/2001 @Most Ltd London Andrew & Co AM P Engineering Services Ltd Sheffield Poppleton & Appleby ASM (UK) Ltd Preston Rimmer Higson Allaboutparents Ltd London HLB Kidsons Associated Business Couriers Ltd London S G Bannister & Co Avica Textiles Ltd Hinckley Cooper-Parry BCD Engineering Ltd Luton Mazars Neville BCR Boxes Ltd Willington Casson Beckman & Beardmore Labour Agency Ltd Glasgow Pannell Kerr Comcard Ltd Bromsgrove Haden Companyleader Ltd London HLB Kidsons Compass Engineering Services Ltd Hull HLB Kidsons Dealwood Ltd London Langley & Partners E Simpson (Holdings) Ltd Stockport Kroll Buchler E Simpson Ltd Stockport Kroll Buchler First English Ltd Kingston upon Marks Bloom Freight Direct (Sussex) Ltd Arundel Downham Train Global Coffee Co Ltd London Downham Train Halsun Services Ltd Huddersfield Hamiltons Harvest Hampers Ltd Manchester Arthur Andersen Integrated System Solutions Ltd Liverpool Parkin S Booth & Co Karlstrom Association Ltd London Valentine & Co King Cole Tube Bending Co Ltd London Kallis & Co Lancet Cardiff Ltd Whitchurch Barry Mitchell & Co M J P (Fulfilment) Ltd Lutterworth F A Simms & Marketing House (UK) Ltd - The Preston Begbies Traynor N M Contracts Ltd Lutterworth F A Simms & Perfect Image Printers Ltd London Henderson & Co Pinemile Ltd Glasgow BDO Stoy Hayward Portfin.Com Ltd London Ernst & Young Regal Guarding Ltd Exeter Bishops Fleming SP Digital Media Ltd London HLB Kidsons SP Investments Publishing Ltd London HLB Kidsons Sarchi Casuals Ltd Birmingham Kroll Buchler Sportlive.Co.UK Ltd London HLB Kidsons Steffan Andree Ltd London Kallis & Co Subblade Ltd London Langley & Partners Unit 26 Ltd London Kingston Smith & Wet Proffing Co Ltd - The London Leonard Curtis & Co 22/01/2001 Architectural Ironmongery Serv (SE) Lt Horwath Clark Beefy Bob Ltd Bury Horsfields Bustemp Ltd Southampton Roger Evans Capital Replacement Doors Ltd Bately O'Hara & Co EI (2000) Ltd Romford Keith Stout & G & B Build & Civol Engine Cont Ltd Henderson Loggie KGB Resources Plc London David Rubin & Co KIFU Ltd Barnet Kelmanson Livemode Ltd Manchester A H Tomlinson & Co New Image Quality Hair Ltd Northwood Bhardwaj OBN International Trust Ltd London Hacker Young Pateras Brothers Shipbrokers (UK) Ltd Kallis & Co Plummer Norton Hudson Ltd Milton Keynes PricewaterhouseCoop R & C Plant Sales (Scotland) Ltd Dundee Henderson Loggie Reliance Book Binding Co Ltd St Albans Mercer & Hole Sightline Installations Ltd Droitwich Haden Spencefield Hosiery Co Ltd Lutterworth F A Simms & 23/01/2001 Anglia Truck Tyres Ltd Cambridge Peters Elworthy & Business Community Press Ltd - TheLondon Langley & Partners Cafe Trends Ltd Birmingham Wetton & Co Clehil Engineering Co Ltd Droitwich Haden Complex Component Group Ltd Droitwich Haden Deeceil Contracts Ltd Gosforth Tait Walker Food Fetish Ltd Manchester Hodgsons G Stockton & Son Ltd Birmingham Poppleton & Appleby Heritage Slate Manufacturing Co Ltd Poppleton & Appleby Hymas Control & Automation Ltd Worcester Smith & Williamson Panel-On (Bristol) Ltd Bristol NMGW Strategys Ltd Old Fletton BDO Stoy Hayward Stubs Training Ltd Manchester A H Tomlinson & Co Swansea Flooring & Interiors Ltd Swansea T & D Industries Plc Brighouse PricewaterhouseCoop Town-Index Ltd Milton Keynes Grant Thornton Underhill Training Ltd Reading Bridgers Westgate International Marketing Ltd Milner Boardman & White House Car Centre Ltd Sheffield Poppleton & Appleby 24/01/2001 Alertina Ltd London Jeffreys Henry Bedworth Electrical Supplies Ltd Lutterworth F A Simms & Cryovac Systems Ltd Hove Mazars Neville Design Manufacturing Ltd London Andrew & Co Design Process Management Ltd Gerrards CrossPhillips & Co G A Engineering (Coventry) Ltd Warwick The Till Morris Mall Management S C Ltd Leeds Geoffrey Martin & Marketing Point Ltd Dudley Castle & Co
TW LW TW LW
USA 1.49 1.49 Canada 2.26 2.24
Austria 21.78 21.95 Portugal 317.33 319.85
France 10.38 10.46 Belgium 63.85 64.35
Finland 9.41 9.48 Italy 3064.92 3089.14
Germany 3.09 3.12 Sweden 13.99 14.12
Holland 3.48 3.51 Switzerland 2.42 2.42
Spain 263.37 265.46 Ireland 1.24 1.25
Australia 2.65 2.68 Denmark 11.82 11.90
Hong Kong 11.77 11.67 Euro 1.58 1.59
Africa Com 11.41 11.35 Saudi Arabia 5.66 5.61
India 70.52 69.86 Malaysia 5.73 5.68
Singapore 2.61 2.59 Norway 13.13 13.22
Japan 175.71 161.60
TW This week LW Last week.
Lafarge, a French building-materials company and the world's second-largest cement supplier, agreed to buy Blue Circle Industries, the UK's biggest cement firm, for GBP3.1 billion ($4.6 billion). Blue Circle rebuffed a hostile bid from Lafarge last year. The deal would consolidate Lafarge's position as the world's leading cement company.
YAHOO!, the big Internet portal company, reported fourth-quarter profits in line with expectations. But it cut forecasts of revenues in 2001, leading to a sharp sell-off of its shares.
France Telecom announced plans to sell part of Orange, the mobile-phone unit it bought from Vodafone last year and which it has since bolstered with its own mobile holdings. France Telecom could sell as much as 15% of Orange and raise up to EURO11 billion ($10.3 billion). It also intends to issue a convertible bond to raise more cash to put towards paying off debts of around EURO60 billion.
Source - The Economist
Hacas announced pre-tax profits of 1.45 million pounds, on turnover of 6.43 million, for the year ending 30th September 2000. Earnings per share stand at 4p.
Pace Micro Technology announced pre-tax profits of 17.9 million pounds, on turnover of 205.8 million, for the six months ending 2nd December 2000. Earnings per share stand at 5.9p.
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 to the Monopolies and Mergers Commission under the provisions of the Fair Trading Act 1973:Completed acquisition by Bourne Leisure Holdings Limited of The Rank Holiday Division.
Acquisition by Hicks, Muse, Tate & Furst Limited of Burton's Gold Medal Biscuits Limited
Proposed acquisition by Pillar Property Plc of Wates City of London Properties Plc
Completed acquisition by Land Securities Plc of Trillium Investments GP Limited
Completed acquisition by Balfour Beatty plc of the electrification business of DaimlerChrysler Rail Systems GmbH (Adtranz FIX)
Proposed acquisition by Abbey National plc of Scottish Provident Institution
Proposed acquisition by Thomson-CSF Plc of the fuzes business of Royal Ordnance Plc
Proposed joint venture between BBC Resources Ltd and Granada Media Group Ltd
Proposed merger of the surface seismic data acquisition and data processing interests of Schlumberger Limited and Baker Hughes Incorporated
KIM HOWELLS REFERS ACQUISITION BY SCR-SIBELCO SA OF FIFE SILICA SANDS LTD AND FIFE RESOURSES
Kim Howells, the Minister of State for Competition and Consumer Affairs, on the 9 January referred to the Competition Commission the acquisition by SCR-Sibelco SA of Fife Silica Sands and Fife Silica Resources. Dr Howells made his decision in accordance with the advice of the Director General of Fair Trading (DGFT).
Dr Howells said:
"The DGFT has advised me that the proposed acquisition raises competition concerns which warrant reference to the Competition Commission. The transaction increases the Sibelco Group's high share of the market for supply of silica sand and it removes a competitor. I have carefully considered the DGFT's advice and agree with his conclusions. I am therefore referring the proposal to the Competition Commission so that it can be fully investigated."
The decision to make a reference does not in any way prejudge the question of whether or not the merger would be against the public interest. It is for the Competition Commission to report on this after investigation. The Commission are to make their report by 16 April 2001
15th January Wessex Branch of the ICM Mock meeting of Creditors Royal Southampton Yacht Club Channel View Road, Southampton. 7pm for 7.30pm start Refreshments provided. 24 January Sussex & Surrey Branch of the ICM Annual General Meeting followed by Dinner with guest speaker: Ted Brown The Imperial Hotel Hove Time: 7.00 for 7.30 p.m. February 19th Wessex Branch of the ICM Mark Burgess of ETS (Export Training Services) Incoterms 2000 Royal Southampton Yacht Club Channel View Road, Southampton. 7pm for 7.30pm start Refreshments provided. 4th to 10th March National Credit Week 7th March Credit Today Awards 2001 Natural History Museum. London Wednesday and Thursday 7th and 8th 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 Tuesday 13 March Sussex & Surrey Branch of the ICM Alternative Dispute Resolution - Mediation Speaker: Russell Caller of Gillhams, Solicitors The Bridge House Hotel Reigate Time: 7.00 for 7.30 p.m. Sponsored by Gillhams, Solicitors 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 # = 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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