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 45
Dated: 17 December 2000
Welcome to the Business Credit News UK.
To all our readers and friends we extend our Best Wishes for a Happy Christmas and a Great 2001.This is our last newsletter for 2000. We will be back on the 7 January 2001.
In this weeks edition you will find the following topics.
UKLEVELS OF INWARD AND OUTWARD INVESTMENT CONTINUE TO RISE
The UK is still a top location for Foreign Direct Investment, according to new statistics released by National Statistics on the 13 December 2000.
The figures show the stock of foreign direct investment in the UK rose by 21% over the past year, 1999, from £188.4 bn to £227.4 bn.
UK outward investment also rose by 46% over the same period from £290.1 billion at the end of 1998 to £423.3 billion at the end of 1999.
Welcoming the figures, Minister responsible for Trade and Investment Richard Caborn said: "Obviously the announcement from Vauxhall was a great disappointment and we have taken rapid action to minimise the impact on the local economy through a newly appointed Government Taskforce. But these statistics show that there continues to be confidence in the UK business environment. The US remains a major partner - we are the largest investors in each others economies - but it is also encouraging to see such high increases in inward investment from Canada and UK investment to the Irish Republic."
The US accounted for the majority of foreign direct investment into the UK - some 40% - with £90.2bn, while the stock of investment owned by Canadian business nearly doubled over the period, from £3.7bn to £6.7bn.
Investment from the UK into the US accounted for £185.4 bn, 44% of the total stock of UK outward investment. A major increase was shown in the stock of outward investment in the Irish Republic, rising from £7.5bn to £27.2bn.
Invest-UK - the joint FCO and DTI organisation responsible for promoting the whole of the UK as the premier investment location in Europe - published figures in July which highlighted record levels of investment, new projects and new jobs in the financial year 1999/00.
Invest-UK is the Government agency promoting the whole of the UK as an inward investment location. Its principal aim is to attract, retain and add value to investment by communicating the benefits of the UK as the first choice in Europe for potential investors, and their influencers world-wide. It identifies and approaches potential investors and assists them with all aspects of locating and expanding in the UK. Invest-UK is part of British Trade International and jointly managed by the FCO and DTI, it operates through its network of overseas offices in FCO posts, and with its partners in development agencies throughout the UK.
OUTPUT EXPECTATIONS GLOOM "MAY BE ENDING", SAYS CBI MANUFACTURING SURVEY
Manufacturers' expectations for output for the coming four months are the most positive since March. That is the main finding of a monthly survey of industrial trends, published last Thursday by the Confederation of British Industry.
Thirty one per cent of manufacturers say the volume of output will rise but 19 per cent say it will fall over the next four months. The balance of plus 12 per cent compares with plus one in November.
That figure conceals significant differences between sectors. Larger firms with more than 500 employees are more positive in their expectations. Small and medium-size companies say output will remain stable over the coming four months. However several industrial sectors - iron and steel, metal products, motor vehicles, paper, printing and publishing - expect output to fall markedly over the next four months.
Total demand for manufactured goods has improved and total order books are now only slightly below normal. Order books were above normal according to 27 per cent of firms while 29 per cent said they were below.
Export order books are less negative than in November, but remain well below normal. Fifteen per cent of firms said current export orders were above normal but 36 per cent said they were below. The balance of minus 21 compares with minus 31 in November and is the least negative result in a monthly survey since June 1997.
Domestic prices are expected to fall further over the next four months. The balance of minus four is the least negative since February this year. The survey suggests that the downward pressures on manufacturers' prices may be a little easier. December's expectations, normally influenced by seasonal list price effects, are less weak than at the same time last year.
Sudhir Junankar, CBI Associate Director of Economic Analysis, said: "As orders have improved manufacturers have become more confident about stepping up production into the New Year. The less downbeat mood is perhaps a little surprising, with companies' expectations of moderate growth now similar to those seen in our manufacturing surveys around the beginning of the year.
"The results of next month's, more comprehensive, quarterly survey will need to be closely watched to see whether or not the upturn in manufacturing output is set to become firmly established."
Stocks of finished goods were stable over the past month and remain more than adequate to meet expected demand. The balance of plus 11 per cent of firms reporting more than adequate stocks is below the long-term average for these monthly surveys.
Sterling averaged 1.65 euros (DM 3.22) and $1.43 over the survey period. This compares with 1.69 euros (DM 3.30) and $1.44 in the November survey period.
CAPITAL EXPENDITURE IS KEY TO PRODUCTIVITY SAYS BYERS
Effective investment in capital assets results in increased productivity. That is the message from the 3rd annual Capex (Capital Expenditure) Scoreboard published on the 11 December by Trade and IndustrySecretary, Stephen Byers.
The Scoreboard looks at data for the top 500 UK and top 300 international Capex-investing companies. It finds:
Productivity
Capital Intensity
Innovation as a Whole
Stephen Byers said:
"This report highlights the importance of Capital investment for raising productivity in UK industry. It is key to the success of companies in both the new and traditional parts of the economy.
"Too many companies still fail to recognise that R&D, capital investment and innovation are key drivers for business growth and competitiveness. Those that fail to invest will be left behind.
"The UK pharmaceutical and aerospace & defence sectors are world leaders and invest at above the international benchmarks in both R&D and Capex. These sectors show what can be achieved."
The Capex Scoreboard lists the top 500 UK capital-investing companies and the top 300 companies internationally. This is the 3rd annual edition. The publication is produced by the DTI's Future and Innovation Unit and is available on their web-site at http://www.innovation.gov.uk
Key points from this year's Scoreboard:
Senior partners in Preston law firms have been invited to Preston Combined Court Centre to discuss how they can participate in a new pilot project due to be launched next year.
The six-month pilot, due to start next year, is being run at Preston County Court as part of the Court Service's Modernising the Civil Courts Programme. It will allow local solicitors to issue suitable interim applications in civil, family or insolvency cases (eg an application to disclose evidence) by e-mail. A District Judge will then be able to consider the application on-screen and where possible resolve the application without the need for a court hearing.
Ian Magee, Chief Executive of the Court Service, said:
"The Court Service aims to improve the range and quality of services we provide to customers of the civil and family courts, making full use of the opportunities afforded by new technology. This programme to modernise the civil courts is about using technology to extend customer choice, reduce costs for users and increase convenience.
"E-mail has the potential to offer a new and improved way of providing some court services. This pilot will show us whether it is possible to reduce delay, cost and the need to attend court by using e-mail to send applications to the judge. It will also help test the demand for this service and whether it can enhance the case management role of judges'.
"E-mail won't be appropriate in every case but I hope this pilot will help us decide how best to exploit this technology for the benefit of our customers."
Judge Appleton, the Designated Civil Judge at Preston Combined Court Centre said: "With the Lord Chancellor's programme of providing Judges with laptop computers and IT training completed, there is tremendous enthusiasm amongst the judiciary in Preston about this new Court Service pilot.
"So I announce, with scant regret, the satirical character Mr Justice Cocklecarrot is consigned to the recycling bin, along with his quill pen, dusty books and crusted port. As old Cocklecarrot disappears into history, year 2001 Judges arrive with lap tops, Lord Woolf's civil justice reforms; and, an eagerness to succeed as the pioneers of IT litigation.
"The Preston Group civil justice team in partnership with the Bar, Law Society and Court Service is determined to make this a great success; and, I intend that together we will mark out a clear way for others to follow."
A Court Service consultation paper on the Modernising the Civil Courts Programme is due to be published in the new year.
Mr Justice Cocklecarrot was a regular character in JB Morton's column 'By The Way' in the Daily Express which he wrote between 1924-1975 under the pseudonym 'Beachcomber'.
Interim applications which can made using this service should be:
- within existing civil, family or insolvency proceedings; to the District Judge.
Applications will be e-mailed to a dedicated e-mail address at the court, not direct to the Judge. Solicitors will need to include the following information at in the e-mail:
- a brief description of the application;
- whether the application is with or without notice;
- the name of the Judge; and the next hearing date. The application notice and draft order and any other documents should be attached to the e-mail as files. Applications requiring a notice to be served can only be made by e-mail where all parties are represented by solicitors and where the other party has indicated willingness to accept service by e-mail.
Applications will be referred to the district judge as soon as possible after they have been received by the court. The judge may do one of a number of things:
The judge may make an interim, proposed or final order which will be served electronically. The order may be in the terms of the application, it may be as drafted by the judge, or the judge may dismiss the application.
The judge may ask for more information about the application. This will normally be by e-mail.
The judge may decide that the application cannot be resolved by e-mail, and direct that the application be listed for hearing, by telephone conference or otherwise.
NEW FORCE IN DEBT COLLECTION
International credit insurer NCM on the 15 December announced the merger of two of its key debt collection companies, NCM Collections, which targets debts in the UK and Ireland, and Eurocollect, which operates throughout mainland Europe, to create a major pan-European debt collection agency - NCM Eurocollect.
"This is a huge boost to our UK based operation", says Diane Weyman, NCM Eurocollect's UK director. "It means that, while we continue to collect debts in UK and Ireland debts, we will also be able to pursue debts throughout Europe via our network of offices."
Later in 2001, NCM Eurocollect will launch its ledger management package in the UK, providing an expert service to manage its clients' receivables both before and after the due payment date. Diane Weyman explains: "The principle is that we take much of the strain of credit management off our clients' shoulders, and help improve their cash-flow, so that they are free to concentrate on their core business."
The NCM Group ,a privately owned company with headquarters in Amsterdam, annually insures more than EURO 126 billion ( £85 billion )of business worldwide against the risk of non-payment. It has invested heavily in customer service and technological innovation and has operations in Belgium, Canada,Denmark, France, Germany, Ireland, Italy, Malaysia, the Netherlands, Norway, Spain, Sweden, USA and UK. The majority of NCM's shares (90 per cent) are owned by Swiss Re, one of the world's leading reinsurers.
For further information please call Gary Hicks on 44 (0)20 7248 6121 or Annette Stafford on 44 (0)29 20 824951 or NCM Eurocollect on 029 2082 4700, or email ncmeurocollect@ncmgroup.com
NEWS FROM SCOTLAND - WARRANT SALES TO BE ABOLISHED! BUT NOT UNTIL TWO YEARS
In an often ill-tempered debate the Scottish Parliament endorsed its previous decisions to ban poindings and warrant sales. This was hardly surprising but a row erupted as to actually when implementation should take place.
The Bill's sponsor, Tommy Sheridan, wanted the measure to be on the statute book by April 2001 whilst the Scottish Executive (the Scottish government) successfully persuaded the Parliament to delay its implementation until 31st December 2002,by which time they hoped a review of Scottish debt enforcement (diligence) along with the findings of a Cross Party Working Group, charged with finding an alternative to the current system, would be completed.
Citing the large number of warrant sales which would be carried out over this lengthy period Sheridan emphasised the delay would only further punish the poor where such measures were largely used for the recovery of Council tax.
However the Deputy Justice Minister insisted whilst warrant sales would be axed this could not be done until such time as an effective replacement could be found. This was to be certain an effective system would be in place to ensure those who simply refused to honour their contractual obligations would be obliged to do so.
As yet the Working Group has not yet come up with an alternative but with meetings being held fortnightly and with their being obliged to report by June 2001 an alternative will have to be found. However what this alternative will be is still far from being decided.
Stephen Cowan
Yuill & Kyle
Debt Recovery Lawyers,Scotland
0141 332 7107
scowan@yuill-kyle.co.uk
www.debtscotland.com
The Secretary of State for Trade and Industry has presented a petition in the High Court to wind up in the public interest UPSON INDUSTRIES LIMITED following investigations by Companies Investigations Branch of the DTI under section 447 of the Companies Act 1985 (as amended).
The petition was heard on 15 December 2000.
Upson Industries Limited traded as Gas 2000 and supplied and installed gas central heating systems.
The registered office of Upson Industries Limited is at Armada House, Montreal Road, Tilbury, Essex, RM18 8XX.
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
Public Interest Unit
21 Bloomsbury Street
London
WC1B 3SS
*** 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 18/12/2000 to 31/12/2000 Number of Creditor meetings : 267 Section Company Venue Liquidator 138 Scotland - Interim Liquidator calling Creditors Meeting 18/12/2000 Greetings Box Ltd - The Glasgow KPMG Kinning Park Engineering Ltd Glasgow KPMG Monteith Engineers Ltd Glasgow KPMG Tweedie Fencing Ltd Glasgow KPMG 19/12/2000 G G Contracts Ltd Glasgow Mazars Neville 23 Administrator Calling a meeting of Creditors 18/12/2000 A & q Freight (Heavy Haulage) Ltd Manchester Casson Beckman & Castillion Precision Engineering Ltd PricewaterhouseCoop Castillion Production Systems Ltd Leicester PricewaterhouseCoop Healthland UK Ltd London Ernst & Young 19/12/2000 Callnet Plc London BDO Stoy Hayward Swiis Ltd London BDO Stoy Hayward 20/12/2000 Cpack Ltd Almondsbury Begbies Traynor 21/12/2000 RDB Interiors Ltd Walsall Kay Johnson Gee 22/12/2000 Shenton Estate Co Ltd - The Manchester BDO Stoy Hayward 48 Receiver calling unsecured Creditors Meeting 18/12/2000 Exmoor Pine Ltd Bickington Deloitte & Touche Keltrip Ltd Nottingham Deloitte & Touche Portsmouth Techno Consultants Ltd Southampton Fanshawe Lofts WBG Realisations Ltd Nottingham Deloitte & Touche 19/12/2000 Cinema Publications Ltd London Kroll Buchler Dimbylow Crump Ltd Hereford KPMG Newsham Hybrid Pigs Ltd Leeds RSM Robson Rhodes Premier Agency Network Ltd London KPMG 20/12/2000 Freightbroker Services Ltd Manchester KPMG Gold Components Ltd Manchester BDO Stoy Hayward 21/12/2000 Clio Associates Ltd Leeds Deloitte & Touche S Griffiths & Sons Ltd Birmingham Poppleton & Appleby Sign People Ltd London Kroll Buchler 22/12/2000 Citypro International Ltd London Smith & Williamson 67 Scotland - Receiver calling Meeting of unsecured Creditors 19/12/2000 Shetland Sea Trout Ltd Lerwick Ritson Smith 95 Members converting to Creditors Voluntary Liquidation 18/12/2000 Windsor Bakery Ltd Burnham Eacott Worrall 98 Creditors Voluntary Liquidations 18/12/2000 Advantage Recruitment Services LtdDerby PricewaterhouseCoop Advirtec Ltd Altrincham Lines Henry Almetalo Industries Plc Edgware Elliot Woolfe & Ambassador Windows by Design Ltd Sunderland Jennings Johnson Aquacraft Ltd London Kallis & Co Avrapark Ltd London David Rubin & Co BWC Ltd Leeds Kroll Buchler C & R Sheetmetal Works Ltd Herne Bay McCabe Ford Calberson Projects Ltd London Deloitte & Touche Clearmist Ltd Altrincham Lines Henry Consumer Insurance Services Group Plc David Rubin & Co Corporate Training Division Ltd - The Smith Cooper Ensign Marine Services Ltd Kingston upon Marks Bloom Excel Divisional Services Ltd London Valentine & Co Fahey Construction Ltd Manchester Harrisons Fahey Pipeline Contractors Ltd Manchester Harrisons Global Electrical Services (Hull) Ltd HLB Kidsons Green File Co UK Ltd - The Birmingham Casson Beckman & Grooms Livestock Transport Ltd London Panos Eliades Grovewood Quality Products Ltd Nottingham Blades H M Publishers Ltd London Langley & Partners Keleemeats Ltd London A Segal & Co Leadon Ltd London Berley Lloyd McKenzie & Partners Ltd Sutton Turpin Barker M W Tools Ltd Reading Wilkins Kennedy Management Software Systems Ltd Coventry Smith Cooper Meridian Clothing Ltd London Carter Backer Mill Hill Heavy Engineering Ltd London Ian Francis Miracle Beer Co Ltd - The Ipswich Ensors Munum & Najam Ltd Manchester Stephen Conn & Co Neils Motorcycles Service Centre Ltd Jacksons Newcase Ltd Swansea Bruce G T Rees & Co On-Line Support Ltd Coventry Smith Cooper RMF UK Logistics Ltd Birmingham BKR Haines Watts RMK Consultancy Ltd London WM Insolvency Robertson & Honey Ltd Reading Wilkins Kennedy S & M Scaffolding Ltd Sheffield Poppleton & Appleby Saunders Projects Ltd London Harris Lipman Statustrade Ltd Manchester Leonard Harris T M Technology Ltd Harrogate Bernard Harrington Triamond (Brickwork) Ltd London Jeffreys Henry Van Ginneken & Mostaard London LtdLondon Gerald Edelman W H Print Services Ltd Oxford Shaw & Co York Investments (UK) Ltd Manchester HLB Kidsons Young & Watson Ltd Slough Downham Train 19/12/2000 A & M Bolton Ltd Leicester Cooper-Parry A F Jameson (Birmingham) Ltd Aldridge K J Watkin & Co A S A Plastics Ltd Glazebrook Campbell Crossley & ABM Distribution Ltd Sandiacre Jacksons ABM Warehousing & Logistics Ltd Sandiacre Jacksons AFKA Ltd London Gregory Michaels & ASA House Ltd Wallington Rothman Pantall Accomodex Ltd Coventry HKM Harlow Khandhia Allpest Services Ltd Exeter Byrne Associates Artclass Ltd London Pococks Aylsar Electronics Ltd Worhting Begbies Traynor BCN Intraview Ltd London Begbies Traynor Betscope Ltd Manchester Crawfords Carlton Lodge (London) Ltd Richmond BKL Weeks Green Caron (Europe) Ltd London Benedict Mackenzie Clarendon Personnel Services Ltd Ipswich McTear Williams & Conservatory Blind Co Ltd London K S Tan & Co Danex International Exhibitions Ltd HKM Harlow Khandhia Dayglobe Leisure Ltd Liverpool Rooney Associates Deans (H G V Service & Sales) Ltd Sheffield Poppleton & Appleby Dimegrove Ltd London Panos Eliades E A Fanning Ltd London Benedict Mackenzie Eart-Rite Ltd Wolverhampton Sale Smith & Co Eurodigital Communications Ltd York Harrisons G B Retail Design Ltd Barnet Kelmanson Gemini Self Drive Ltd Preston Begbies Traynor Godfrey (Brackla) Ltd Cardiff Solomon Hare Green Moon Designs Ltd London Jeffreys Henry Halawa Henna Ltd Manchester Stephen Conn & Co Handcraft Ltd South Wigston Begbies Traynor High Integrity Products Ltd Hertford Laurence Factor & Highrose (UK) Ltd London Alexander Lawson & Home Made Cucumber Co Ltd London Kroll Buchler Independent Sales & Services Ltd Manchester Poppleton & Appleby J A Kirkham Ltd London Smith & Williamson Jacques Joinery Services Ltd Manchester HLB Kidsons K P Book Binders Ltd St Albans Nunn Hayward Kent Camping Holidays Ltd Croydon Levy Gee Kingfisher Maintenance Ltd Gateshead Poppleton & Appleby Kinkway Fashions Ltd London Alexander Lawson & Lamaco Ltd London Valentine & Co Lansmen Supplies Ltd Weybridge Piper Thompson Lea Sport & Leisure Ltd London Sorskys Lingfield Communications Ltd St Albans Morton Thornton & Look Lively TV Ltd Bromsgrove Haden Magician Business Systems Ltd Birmingham Moore Stephens Majestic Contractors Ltd Southend-on-Sea Marsden Rock Security Co Ltd Sunderland Jennings Johnson Mason Baker Ltd London Fisher Curtis Megadrive Recruitment Ltd Walsgrave HKM Harlow Khandhia Metanet Ltd London Andrew & Co Milday Ltd London Andrew & Co NCK Speedshop Ltd Birmingham Poppleton & Appleby Nitro Ltd London Jeffreys Henry Noyes & Young Public Relations LtdLondon Begbies Traynor PVCU Centres Ltd - The Barnwood Bruce G T Rees & Co Pencol Access Ltd Glazebrook Campbell Crossley & Preston Electrical Wholesalers LtdBlackburn Waterworths Priorprice Trading Ltd Manchester Begbies Traynor Ratcliff (UK) Ltd Leeds Geoffrey Martin & Regency Construction & Design Ltd Harrow Shashens Stephen A Capper & Son Ltd Manchester Hodgsons Sunset Services Ltd London Fisher Curtis Swift Construction Ltd Nottingham Blades Techline Resources Ltd London Rothman Pantall Textretro Ltd London A Segal & Co Thames Interiors Ltd London Levy & Partners Trayler Evans Communications Ltd London K S Tan & Co WM Peacock (Orchard Lane) Ltd Peterborough Elwell Watchorn & Whiterose Building Co Ltd London Chantrey Vellacot Wilson & Hall Ltd London Valentine & Co 20/12/2000 Avanti Travel Ltd London Kallis & Co Beaver Roofing Services Ltd Dorking Mark Goldstein Bernard Knope & Partners Ltd Stowmarket Grant Thornton Beversham Co Ltd - The Framlington Lovewell Blake Brittain & Hadley (Property & Serv) Lt Berley C & D Continental Patisserie Ltd Bolton RSM Robson Rhodes Camden Community Transport Ltd London Kroll Buchler Clothes Shop Ltd - The London Andrew & Co Conlon Brothers Ltd Swindon Panos Eliades Construct Engine Fabricat (Tipton) Ltd Castle & Co Cowen Construction Engineering LtdSunderland Jennings Johnson David Saunders Transport Ltd Swansea James & Uzzell Dualtwin Ltd East Cliff Bell Nevill Ltd Dumbarton Systems Ltd Glasgow Pannell Kerr Edmunds Groundwork & Civil Eng Con Ltd Radfords Edward Curtis Estates Ltd Ipswich Grant Thornton Espro Equestrian & Sportswear Ltd Bolton Redman Nichols Euro Y C Ltd Barnwood Hazelwoods Exceptance Ltd East Cliff Bell Nevill Ltd Fernie Storage & Distribution Ltd Leicester HKM Harlow Khandhia G A & S Love Road Haulage Ltd Cheadle Walker Till Gatewood Display Ltd Nottingham Mazars Neville Hammond & Oakwood Garage (Serv) Ltd Sorskys JHJ Civil Engineering Ltd Manchester HLB Kidsons Just Build Ltd London Morison Stoneham Kirk Engineering (Accrington) Ltd Manchester KPMG L McKie & Sons Ltd Hull Carrick Read Laser Clear Ltd London Carter Backer Leisure Build (Midlands) Ltd Nuneaton Pattinsons Lifetime Windows & Conservatories Ltd PricewaterhouseCoop M D W F N Ltd Manchester Stephen Conn & Co Manningham Environmental Ltd Nottingham KPMG Mat Cars Ltd Ilford ThorntonRones Melstan Industrial Chemicals Ltd Nottingham Blades Merc Property Ltd Sutton Turpin Barker Model Distribution Ltd Hale Milner Boardman & Mr Tile Ltd London Valentine & Co North Warwickshire Construction Co Ltd Mayfields Officepoint (Hinckley) Ltd Castle Donnington Optimum Recruitment (Northern) LtdNorthampton Smith Dove P & G Tyres Ltd Nottingham KPMG Paul Richard Developments Ltd Marlow Chantrey Vellacot Petticoat Lane Poultry Shop Ltd London Berley Pikella Ltd Nottingham Mazars Neville Playtime 1998 Ltd Manchester A H Tomlinson & Co Plexwood Trading Ltd London Plum Promotions Ltd London Kallis & Co Pool-Build Contracts Ltd Barnwood Hazelwoods Process Control Systems (Cheshire) Ltd Begbies Traynor Profor Ltd London Berley Readyline Ltd London SOS Computers Ltd London Valentine & Co Showsystem Ltd Sunderland Jennings Johnson Tibo Fashions Ltd London Kakouris & Tony & Sons Ltd Warrington R W Keating & Co Town & Country Insurane Services Ltd Grant Thornton U Rang O Thang Ltd London Fisher Partners Veltamaster Manufacturing Ltd Birmingham HKM Harlow Khandhia View-Tec Services Ltd London A Segal & Co Wanekron Engineering Ltd Holmfirth Wolstenholme Signs Ltd Manchester Casson Beckman & 21/12/2000 Aladdin Engineering Ltd Edinburgh Pannell Kerr Amica Fine Art Print Ltd London Mark Jones & Co Aqua-Care Aquariums Ltd Glasgow Wylie & Bisset Artworks Publishing Co Ltd Leeds Chamberlain & Co Associates Design Management Ltd London Poppleton & Appleby Autograph Services Ltd Tunbridge Wells Baysmed Ltd London Langley & Partners Bed of Roses Ltd London A Segal & Co Bryan Andrew Construction Ltd Cheadle Walker Till Caragh Solutions Ltd London Langley & Partners Cleanburn Auto Systems Ltd Stoke-on-TrentLines Henry Coast 2000 Ltd London A Segal & Co DRB Reprographics Ltd London Begbies Traynor Deltex (Leicester) Ltd Leicester HKM Harlow Khandhia Design Matters (Print) Ltd London A Segal & Co Double A Leisurewear UK Ltd Leicester HKM Harlow Khandhia Freefund.Com UK Ltd London Ian Holland & Co G(NS) Creations Plc London S Rishi & Co Gas Holder & Tank Services Ltd South Normanton Gateway Publishing & Events Ltd London Valentine & Co Globalgain Ltd Sutton Turpin Barker Harlequin Technology Ltd Aylesbury Nunn Hayward Hobo International Ltd London Berley Infosys Gaming Ltd Hull Carrick Read Interactive Leisure Innovations Ltd HLB Kidsons J Wallis Textiles Ltd Leicester HKM Harlow Khandhia Joman Manufacturing Ltd Nottingham Savilles Joy-Ce-Remics Ltd Bately O'Hara & Co K & K Imports Direct (UK) Ltd London Valentine & Co Kerrie Hats Ltd Luton F A Simms & Lane Associates (Construction) LtdNorthwood M G Beattie & Co Lane Associates Ltd Northwood M G Beattie & Co Logic Systems (UK) Ltd London Poppleton & Appleby Mercia Inns Ltd Hale Milner Boardman & Moonway Ltd Northwood Bhardwaj Multiskill Ltd London Panos Eliades NBM (React) Ltd Manchester HLB Kidsons Nobles Industries Ltd Thrapston BDO Stoy Hayward Pennystar Ltd Liverpool Rooney Associates Protea Personal Productivity Ltd Surbiton Wagstaff & Co Rawmarsh Progress Working Mens Clb Ltd BDO Stoy Hayward Rilton Ltd Warrington R W Keating & Co Route One Computing Ltd London Sorskys Starr Rewinds Ltd Holmfirth Sweetas Financial Management Ltd London Panos Eliades TMC Computer Services Ltd Manchester A H Tomlinson & Co Totale UK Ltd London HLB Kidsons Trivet (Sheet Metal) Ltd Leith Cowan & Partners 22/12/2000 Aztec UK Ltd London Nunn Hayward B&P Contracts Ltd London Valentine & Co Boxsolve Ltd Northwood M G Beattie & Co Centreplan Ltd London Panos Eliades Cheshire Aluminium Ltd Manchester A H Tomlinson & Co Chester Canvas Hire Ltd Manchester PricewaterhouseCoop Euro 2000 Construction Services Ltd M G Beattie & Co Neptune Accident Repairers Ltd London Levy Gee 27/12/2000 Glacier Window Systems Ltd Havant Brewin & Co 28/12/2000 Astra Wholesale & Supplies Ltd Manchester Cosgroves City & Country Ltd London Sorskys T M Manufacturing Ltd Lewes JSH Consultants
TW LW TW LW
USA 1.45 1.44 Canada 2.21 2.21
Austria 22.82 22.36 Portugal 332.59 325.79
France 10.88 10.65 Belgium 66.92 65.55
Finland 9.86 9.66 Italy 3212.26 3146.63
Germany 3.24 3.17 Sweden 14.19 14.00
Holland 3.65 3.58 Switzerland 2.49 2.45
Spain 276.03 270.39 Ireland 1.30 1.27
Australia 2.69 2.64 Denmark 12.36 12.20
Hong Kong 11.36 11.30 Euro 1.65 1.62
Africa Com 11.20 11.00 Saudi Arabia 5.46 5.43
India 68.17 67.76 Malaysia 5.54 5.50
Singapore 2.52 2.51 Norway 13.41 13.17
Japan 161.60 160.40
TW This week LW Last week.
Virgin Atlantic ordered six A3XX "super-jumbos" and took an option on a further half-dozen; Virgin's partner, Singapore Airlines, has already ordered ten (and has options on 15). Airbus Industrie now has more than 50 firm orders for the 555-seat aircraft, making its launch a near certainty.
B&Q, the UK DIY retailer with ambitions to become the first global home-improvements business, said that it would open over 50 stores in China over the next five years. It is the third-largest such business there. Lacquer and bamboo could be big sellers.
The UK's Shire Pharmaceuticals agreed to take over Biochem Pharma, a Canadian rival, for shares worth around $4 billion. Investors quailed at the high price and Shires shares, which have doubled in the past year, slipped back 15%.
UK's Allied Domecq pulled out of the auction for the drinks business of Seagram, a Canadian company merging with Vivendi, a French conglomerate. Two joint bidders remain--Pernod Ricard and Diageo, and Bacardi in alliance with Brown-Forman and Vin & Sprit. Allied consoled itself with some bubbly; it bought two champagne houses, G.H. Mumm and Perrier-Jouet, for EURO575m ($503m).
Glaxo Wellcome and Smithkline Beecham said that their merger to form the world's largest drug company would be completed on December 27th, after agreement was reached with America's Federal Trade Commission. The merger has been delayed twice by antitrust scrutiny.
Lloyds TSB, the UK's third-largest bank, increased its informal offer for Abbey National to GBP18.5 billion ($26.7 billion) in cash and shares. Abbey, the UK's fifth-largest bank, rejected the offer, as the deal involved too many shares which it did not believe would appreciate.
Source - The Economist
British Biotech, the drug developments company, announced pre-tax losses of 13.4 million pounds, on turnover of 0.05 million, for the six months ending 31st October 2000.
H P Bulmer, the cider maker, announced pre-tax profits of 12.4 million pounds, after exceptional charge, on turnover of 257 million, for the six months ending 27th October 2000. Earnings per share stand at 12.8p.
European Telecom announced pre-tax losses of 1.38 million pounds, after exceptional charge, on turnover of 149.4 million, for the six months ending 30th September 2000.
ITE announced pre-tax profits of 10.3 million pounds, on turnover of 38.8 million, for the year ending 30th September 2000. Earnings per share stand at 3.3p.
Mitie, the building services group, announced pre-tax profits of 10.9 million pounds, on turnover of 199.3 million, for the six months ending 30th September 2000. Earnings per share stand at 4.4p.
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:Proposed acquisition by Newell Rubbermaid Inc. of the Stationery Products Group of the Gillette Company
Completed acquisition by Telewest Communications plc of Eurobell (Holdings) plc
Proposed acquisition by Greencore Group plc of Hazlewood Foods plc
Acquisition by Rapsons Group of Morrisons Coaches
Proposed acquisition by OyezStraker Group Ltd of Stat Plus Group plc
Proposed Acquisition by: (i) Carp (UK) Ltd, a holding company owned by Deutsche Bank AG and Carp (Jersey) Ltd, of assets of Scottish & Newcastle plc, namely Center Parcs UK;
(ii) DN1 Holdings BV, a holdings company owned by Pierre & Vacances SA, Carp (jersey) Ltd and Deutsche Bank AG, of assets of Scottish & Newcastle plc, namely Center Parcs Europe;
and
(iii) DN1 Holdings BV of assets of Pierre & Vacancies SA, namely its Gran Dorado business
KIM HOWELLS REFERS PROPOSED ACQUISITION BY BASF AG OF CERTAIN ASSETS OF TAKEDA CHEMICAL INDUSTRIES LTD
Kim Howells, the Minister of State for Competition and Consumer Affairs, on the 15 December 2000 referred to the Competition Commission the proposed acquisition by BASF AG of certain assets of Takeda Chemical Industries Ltd. 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 merger would result in a high level of concentration in the market for supply of vitamins C and B2. 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 7 May 2001.
The Fair Trading Act 1973 empowers the Secretary of State to refer to the Competition Commission for investigation and report actual or proposed mergers which create or intensify a market share of 25 per cent of the supply in the UK, or a substantial part of the UK, of particular goods and services or involve the take-over of assets exceeding £70 million.
Government plans will mean less red tape, more choice and guaranteed standards for consumers
Rules governing all British broadcasting and communications industries will be radically modernised to ensure citizens, consumers and the media industry are the winners in the new communications revolution Culture Secretary Chris Smith and Trade and Industry Secretary Stephen Byers said last week.
The Ministers said that 'A new future for communications' - the Communications White Paper - will create a forward looking framework for the modern world. They stressed that the White Paper struck a balance between the responsibility of broadcasters to provide a wide range of top quality programmes with the need to give them lighter touch regulation so they have the freedom to operate effectively.
The key proposals will:
Chris Smith said:
"The communications revolution affects everyone. The aim of the Government's 'A new future for communications' is to ensure that citizens and consumers are the winners in this rapidly changing world. We want everyone to be able to make the most of the variety of information and entertainment on offer and to be assured that quality will be maintained or enhanced.
"The White Paper aims to balance the responsibilities of broadcasters to provide a wide range of top quality programmes with the need for a modern regulation system which allows them to operate effectively. It upholds standards of taste or decency and our commitment to the best of public service broadcasting. We will ensure that the consumers' needs are paramount through the new regulator with the creation of a consumer panel and by maintaining the watershed and accepted community standards.
"I believe that this White Paper signals a clear way forward. It keeps Britain at the cutting edge of the world wide revolution in communications. It puts the consumer first and gives the industry the responsible freedom it needs to continue to provide top quality services."
Stephen Byers said:
"Whether we watch Coronation Street, surf the net, or use a mobile phone the world of communications is all around us. Our proposals will ensure that we can all benefit from the new communications world."
"The Government is building an opportunity economy, based on stability, investment, lower unemployment and more jobs. It opens new opportunities for our communications and creative industries.
"We now live and work in a new world where TV, telecoms and the Internet are no longer separate. These proposals illustrate how we can together take advantage of the new opportunities that are opening up for us all.
"This lighter touch system of media and communications regulation reflects the Government's vision of industrial policy based on skills, innovation and enterprise.
"In particular the proposed reforms of the telecoms sector will offer regulatory stability combined with effective competition providing a spur for firms to innovate, increase productivity and compete in a global market place.
"The present ownership regime places restrictions on potentially beneficial developments. This has to change - our proposals to lift the statutory 15% ceiling on ITV ownership and to consult on ideas for modernising rules on cross-media ownership will help ensure a dynamic market."
A joint DCMS-DTI Green Paper Regulating Communications http://www2.dti.gov.uk/converg/index.htm published in July 1998, looked at the implications of convergence for future regulation and recommended various short-term improvements such as increased co-ordination between OFT, ITC and OFTEL to provide regulatory certainty. Regulating Communications: The Way Ahead reported on the results of this consultation in June 1999. The approach was broadly in line with the European Commission's summary of the results of its own convergence Green Paper published in March 1999.
On 3 February 2000, the Secretary of State for Culture, Media and Sport and the Secretary of State for Trade and Industry announced their intention to publish a White Paper later in 2000 setting out the UK Government's proposals for reform of the framework of communications legislation. He said it would take full account of emerging conclusions from the current review of the European Union regulatory framework for communications.
The official consultation on the draft White Paper closed on 23 June. The team published these on the website ( http://www.communicationswhitepaper.gov.uk ). Seven experts individually produced papers on key topics in relation to the White Paper, which were discussed at an invitation-only seminar on 3 July. These papers are also available on the website.
HEWITT WELCOMES INDEPENDENT E-COMMERCE REPORT
E-Minister Patricia Hewitt on the 14 December 2000 welcomed the publication of the Better Regulations Task Force's report on e-commerce.
The report, 'Regulating Cyberspace', was undertaken by the Task Force to examine to what extent regulatory barriers were preventing UK businesses and consumers from engaging in e-commerce.
Ms Hewitt said:
"I welcome this independent endorsement for the Government's light touch regulatory approach to e-commerce.
"Over the last year there has been a surge in businesses getting on-line. However, while the results are promising, relatively few are exploiting the full power of e-commerce and consumers still lack confidence in buying on-line.
"This report makes some useful recommendations which will help overcome the barriers to achieving our goal of making the UK the best place in the world for e-business. We will consider these very seriously in our response."
The report is available at: http://www.cabinet-office.gov.uk/regulation/TaskForce/Index.htm The response will be published early in the New Year.
Saturday 13th January 2001 Yorkshire Ridings Branch of the ICM Annual Dinner Dance at the Cedar Court Hotel in Bradford This years event is being sponsored by ICC. Tickets are very reasonably priced at £27.50 per head and corporate tables are available (seating 10 to 12). We have also negotiated special room rates - £65 per double and £47.50 per single room. For tickets and further information, please contact Mr. Wayne Parker at wayne.parker@pinsent-curtis.co.uk
or Ms Sally Atkin at sally.atkin@uk.pwcglobal.com15th 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. 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 Wednesday, Thursday and Friday 24th to 26th October 2001 International Credit Exhibition & Conference The Westin Stamford, Singapore http://www.internationalcredit001.com
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