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 12
Dated: 25 March 2001
Welcome to the Business Credit News UK.
In this weeks edition you will find the following topics.
UKMANUFACTURING DEMAND AND OUTPUT DETERIORATE FURTHER, SAYS CBI SURVEY
Total demand for manufactured goods fell again and output expectations for the coming four months have weakened for the second consecutive month according to the March survey of industrial trends published last Thursday by the Confederation of British Industry.
Fifteen per cent of manufacturers said total order books were above normal but 38 per cent said they were below. The balance of minus 23 per cent compares with minus 16 in February and is the most negative figure reported since July 1999.
Export order books are still well below normal. The balance figure of minus 24 is the same as that reported in the February survey.
Declining total demand is reflected in output expectations. Over the next four months output is expected to be little changed. While 26 per cent of people said volume of output would increase, 23 per cent said it would fall giving a balance of plus three, the weakest figure since November 2000.
Stocks of finished goods have stayed broadly stable over the past month. The balance of plus 20 per cent of firms reporting more than adequate costs compares with plus 19 last month, but they stay at their highest level since March 1999 and above the long term average.
CBI Chief Economist, Kate Barker, said: " This survey is further evidence that the troubles of the UK's manufacturing sector are far from over. The US slowdown may have a more serious impact on the UK than first predicted. Higher stock levels and falling demand are already causing companies to rein back their output plans."
There continues to be little upward pressure on prices. Domestic prices are expected to fall significantly over the next four months. Twenty five percent of respondents said they would go down and 11 percent said they would go up. The balance of minus 14 is the same as in February.
The survey was carried out between 22 February and 14 March 2001. There were 894 responses.
Sterling averaged euro 1.58 (DM 3.09) and $1.46 over the survey period. This compares with euro 1.57 (DM 3.08) and $1.46 in the February survey period.
SUPPLY OF BANKING SERVICES BY CLEARING BANKS TO SMALL AND MEDIUM SIZED ENTERPRISES (SMES)
Statement of hypothetical remedies.
The Competition Commission, as part of its monopoly inquiry into the supply of banking services by clearing banks to SMEs, is now seeking further comments on possible remedies should it conclude that there are any matters which operate against the public interest.
The Commission is still pursuing its investigation and has as yet reached no conclusion on any matter. In view of the timescale involved, and in order to help the Commission assess the wider implications of any recommendations it might wish to propose, in the event that it reached adverse public interest findings, it is now inviting comments on the practicality and effectiveness of the suggestions set out in a Statement of Hypothetical Remedies available from the Commission. The Commission is not, however, at this stage proposing one or more of the remedies set out in the Statement: they are for comment and discussion. The possible remedies relate to:
The complete statement may be obtained from the Competition Commission web site: http://www.competition-commission.org.uk/14-01r.htm or,in writing, from the Reference Secretary (Banks), Competition Commission, Room 504, New Court, 48 Carey Street, London, WC2A 2JT.
The inquiry was referred to the Competition Commission by Stephen Byers, Secretary of State for Trade and Industry, and Gordon Brown, Chancellor of the Exchequer, under sections 47(1), 49(1) and 51(1) of the Fair Trading Act 1973.
Further information can be obtained from the Commission website at http://www.competition-commission.org.uk/ref.htm6
CHAMBERS RESPOND TO REMEDIES FOR REFORM OF SMALL BUSINESS BANKING
Reacting to the Statement of Hypothetical Remedies issued by the Competition Commission last Wednesday, Ian Fletcher, Head of Policy at the British Chambers of Commerce said:
“Business expectation of reform in this area is high and there will be great disappointment if no action results. There remain significant barriers to entry for organisations wanting to provide basic banking services to small businesses. In the short term, that suggests regulation may be required to prevent the £0.5bn over-charging identified by the Cruickshank Review.
“In the longer-term, however, the primary of objective of any remedies should be to work towards ensuring the market becomes competitive again, by protecting new entrants, promoting price compatibility and making it easier for businesses to switch banks.”
JAPAN'S INTEREST RATES
In an effort to revive its flagging economy, JAPAN in effect put its interest rates back to zero. The sudden shift in policy may help spur consumption and head off the consumer-price deflation that has dogged the Japanese economy for over a year. Yoshiro Mori, Japan's embattled prime minister, and George Bush promised co-operation after a meeting at the White House.
ICC Information, the leading UK online business information provider, has deepened its penetration of the Irish marketplace with the purchase of Fletcher & Collins by ICC's parent, Bonnier Business Information.
Commenting, Bonnier Business Information Director, Alistair Pauline, said:
"The purchase of Fletcher & Collins is a keystone in ICC Information¹s strategy for Ireland. We are launching a new Irish business information service early in April. This will be the most detailed, comprehensive and fastest online service available to those who need to know about businesses anywhere in Ireland.
"Bonnier has always been extremely supportive of ICC's activities in the UK and we are being given a great deal of support in our plans to initiate more projects, undertake acquisitions and to fulfil our clients frequent requests for wider European products".
Ken Redpath, MD and founder of Fletcher & Collins, states that "the acquisition of Fletcher & Collins Business Information not only gives the customers of ICC greater access to Irish information but likewise gives our customers easier and more comprehensive access to quality UK company reports and documents"
Fletcher & Collins, established in 1983, is one of Ireland¹s leading business information and credit providers with offices in Belfast and Dublin. Whilst now 100% owned by Bonnier Business Information, the Fletcher & Collins brand name will be retained.
To obtain ICC Information Reports please go to http://www.creditman.co.uk/icc/icchome.html
NEW CREDIT MANAGEMENT SERVICE - FIRST TO OFFER COMPLETE LATE-PAYMENT SOLUTION
A new single-source credit protection solution from Credico, different to any other service currently available, will be of major interest to almost any company looking to reduce the damaging impact of late payment
A major step forward in credit management has been announced by Credico, part of the Coface Group. By offering, for the first time, a fully-integrated credit protection solution which guarantees payment within sixty five days of due date, companies have access to an extremely efficient and viable way of avoiding the commercial dangers associated with the UK's late payment culture, such as unpredictable cash-flow and inefficient use of working capital. The service can be used by all companies, but will be of particular interest to the SME sector.
Credico's Cashflow Trader offers significant advantages over other credit management solutions. This is because it uniquely integrates credit assessment, credit insurance and receivables management, and is able to guarantee payment of all invoices no later than sixty five days after due date - whether or not the debt has been recovered. This clearly differentiates it from approaches such as invoice discounting and recourse factoring, which leaves the bad-debt risk with the customer.
The benefits of Cashflow Trader are numerous. Its guarantee of payment, for example, allows reliable and accurate financial planning, while the integrated risk management and debt collection process frees up resources and increases operational efficiency. The product also puts a definite upper time limit on overdue payments, thereby allowing companies to use working capital more effectively. Because credit insurance is included, customers are completely protected against non-payment. The policy covers invoices to the UK and all OECD countries, which accounts for some 90% of all UK exports.
"We're very excited about Cashflow Trader," said David Mullen, managing director of Credico, "because it has so many benefits which differentiate it clearly from other solutions. It comes at a time when concern over late payments is higher than ever, yet there has been, for many companies, no truly viable or effective way to reduce its damaging impact. We feel that our solution could well become the standard for credit management in the SME sector."
Credico is part of Groupe Coface, the world leader in export credit insurance with over 70,000 clients in 72 countries. Credico provides integrated credit management solutions, including Coface Credit Insurance, to the UK market. Through Coface the company also offers access to two global networks, Credit Alliance and Info Alliance which are based around the "Common Risk System" for credit information and the use of common products and standards world-wide. This enables Credico's clients to benefit from a vast database of information on companies world-wide.
For more information, please contact Dominique Vaughan Williams, Director of Marketing, Credico. Tel: 01923 478148. Email: dominique.vaughanwilliams@credico.co.uk
NEW COURT PROCEDURE STARTS TO BRING SCOTLAND UP TO DATE
In 1993 Scotland's new "Ordinary Cause Rules" have seen faster and more effective litigation. However, there has been a genuine concern whether the courts can be viewed as the forum to resolve commercial disputes. Would it not be better for litigants to avoid the courts altogether by having their commercial disputes resolved by other means such as alternative dispute resolution, arbitration, or mediation?
What is the Commercial Cause?
In 1999 a decision was made to ensure preservation of the court's role with the introduction of the "commercial cause". However, this has had limited success which was why the new "commercial cause" was revamped in March 2001. In so doing, and in keeping with the English court reforms, consideration has been given to judges adopting a more active role in litigation with emphasis being placed on the Sheriff trying to achieve early resolution of the dispute. Litigants and their lawyers should not regard judicial "intervention" as synonymous with interference.
The new procedure, effective since March 2001, is an attempt to "streamline" the old commercial cause by providing a more informal and flexible type of procedure which, it is hoped, will prove to be more attractive to litigants.
Currently the new scheme is being piloted in Glasgow Sheriff Court. If successful the larger Sheriff Courts, such as Edinburgh, will join in. It is a great shame smaller courts will not form part of the scheme. Lack of judicial resources will simply make this logistically impractical.
What Benefits Will the Commercial Cause Bring?
The success of the first attempt to introduce the Commercial cause, in July 1999 was varied because very much depended upon litigants' co-operation. For example, when defences were lodged a procedural hearing was fixed with a view to discussing how the case was to progress. But attendance was only voluntary with there being no obligation to agree to the commercial cause procedure.
The New Rules
Existing procedure has been radically altered to cater for the new commercial cause. The first surprise is the absence of any fixed period within which written pleadings have to be adjusted. Also Sheriffs have been invested with new powers to resolve the dispute.
A "commercial cause" is defined as a court action "arising out of, or concerned with, any transaction or dispute of a commercial or business nature". So the definition is wide although consumer credit cases are expressly excluded.
One weakness, however, is that the pursuer (claimant) may first elect for the action to be brought within the rules - there is no obligation to do so. However, if the procedure is not adopted at the commencement of the action either party can ask the court for this to be done by way of formal motion at a later stage.
Brevity
Unlike current procedure where written pleadings can be, to say the least, copious, the commercial cause will encourage brevity with a special form of writ being required.
The writ commencing the court action and defences, which must be lodged within 7 days, should be accompanied by a list of documents to be referred to. Defence lawyers will be under significant time pressure to ensure a relevant defence is lodged in time.
But already there is some concern. How will a defence lawyer be able to lodge adequate defences in response to a carefully drafted writ detailing all the points at issue within such a short period?
The Case Management Conference
With speed being of the essence a case management conference will be held not more than 28 days after effective service of the Pursuer's (claimant's) writ.
Seeking to "ensure the expeditious resolution of the action" the Sheriff's interventionist role will be at the heart of the procedure.
It will be the Sheriff's task to ask both parties to provide him with sufficient information to enable the claim or defences to be further clarified. From the information collated the Sheriff will be empowered to make such orders so as "to ensure the expeditious resolution to the action". The duplication of this phrase is no accident. Whilst there are 13 such orders, including the lodging of a skilled person's reports and the exchanging of witness lists, the Sheriff will not be restricted to the 13. This is because he will be able to make such order as he thinks fit. The conference can be continued to allow the parties such time as the Sheriff directs to comply with these orders or "to advance the possibility of resolution of the action"
Conclusion
The rules do represent an effort by the Scottish Court to allow the judiciary a more interventionist and flexible role in civil litigation. The ability of a Sheriff to make any order which he thinks fit which will "result in the speedy resolution of the action (including the use of alternative dispute resolution)" is to be welcomed.
However, the fact that all courts will not be operating the scheme must be a cause for concern and regret. Why should certain litigants be deprived of the procedure?
Also another area which lawyers may have difficulty with is the sheer amount of discretion the judge will have. Lawyers by their nature like certainty. Current litigation procedures provide for a clearly defined judicial role. However, lawyers could see the judge, as it were, as a "loose cannon". If the lawyer is uncertain what order the judge could demand of them there could be a reluctance to use the procedure.
Conversely the procedure should be attractive because if it is used all parties' minds will befocusedd on the early resolution of the litigation. This must be seen as being in the clients' best interests. Lawyers will have to be fully briefed with all necessary documentation at the ready at the inception of the case. This "front loading" may possibly increase expense at the case's inception but with the prospect of early dispute resolution the hope will be for ultimate cost containment.
Stephen Cowan
Yuill & Kyle
Debt Recovery Lawyers,Scotland
Telephone - 0141 332 7107
scowan@yuill-kyle.co.uk
www.debtscotland.com
BUSINESS CLOSURES DUE TO FOOT-AND-MOUTH DISEASE
More and more businesses are being forced to shut down for an increasing length of time due to the spread of foot-and-mouth disease across the UK.
This raises the question of what business rates reliefs and allowances might be available to them from local councils to compensate for periods of complete or partial closure.
Due to direct order by the Ministry for Agriculture, Fisheries and Food, voluntary action or location within exclusion zones, businesses may be fully or partially closed in the short term. Examples include:
abattoirs;
meat processing plants;
race courses;
sports grounds; and
zoos and safari parks.
KPMG Tax has raised this issue at local authority level and has been told that revenue officers will need to consider sympathetically requests for 'one off' statutory and discretionary allowances, especially in cases of financial loss or where jobs are under threat.
NCM EXPORT SURVEY
More than 15,000 UK exporters are being asked about their business to business trade, receivables management, use of e-commerce and the Internet, as part of a wide-ranging survey commissioned by international credit insurer NCM.
Their views on the Euro will also be sought in Export Survey 2001, the only survey of its kind to take such detailed information from UK exporting companies.
Questionnaires - both postal and Internet-based, accessed via www.exportsurvey.com - ask exporters, ranging from owner-managers to major international companies, to assess the services they receive from Government, banks, credit insurers and others.
The survey is being carried out by the Credit Management Research Centre (CMRC) at Leeds University Business School. All respondents will be entered into a free prize draw with a first prize of a weekend for two in Amsterdam.
Results will be announced on 28 June 2001.
NCM in the Netherlands is conducting a similar survey.
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 more than EUR126 billion (£85 billion) of world trade.
CMRC is one of the UK's leading research institutes and was recently invited to join the Government's forum for late payment, the Better Practice Group, as key adviser.
UK-MEXICAN AGREEMENT PAVES WAY FOR PESO FINANCED EXPORTS TO MEXICO
UK Trade Minister Richard Caborn has signed an agreement with Mexican Secretary of Finance Gil Diaz which is set to help UK capital goods exporters do more business with Mexico.
The meeting took place during Mr Caborn's four-day trade visit to Mexico and the agreement will pave the way for Mexican buyers to obtain loans denominated in local currency to fund their purchases of UK capital goods and services.
The agreement takes the form of a Memorandum of Understanding which now enables the UK Government's Export Credits Guarantee Department (ECGD) to start negotiations with financial institutions and borrowers in Mexico to set up peso-denominated export credits.
The move will help Mexican companies buy capital goods and services from the UK by substantially eliminating the exchange risks they can face when taking out long-term finance.
Mr Caborn said:
"I am delighted to sign this agreement which I am sure is going to be of mutual benefit to Mexican buyers and UK exporters. This innovation from ECGD gives our exporters an added competitive advantage when bidding for contracts - and gives Mexican buyers the option of minimising exchange risks."
This agreement will be particularly attractive where contracts involve the construction of infrastructure and power generating projects which produce revenue in local currency, as well as for companies in Mexico who do not have substantial income in foreign currencies.
Last year ECGD provided UK exporters and investors with support worth over £100 million for business in Mexico, including insurance for a US$120 million loan for investment in the construction and operation of the Termoelectrica Penoles Power project at Tamuin, San Luis Potosi State.
GOVERNMENT PLEDGES TO SETTLE LEGAL DISPUTES OUT OF COURT
Arbitration, mediation and independent assessments will bring simpler, cheaper, quicker ways of resolving Government legal cases.
On the 23 March the Lord Chancellor, Lord Irvine, announced a major new initiative by Government to promote Alternative Dispute Resolution (ADR) in place of litigation.
In future, Government Departments will only go to court as a last resort, the Lord Chancellor said. Instead, Government legal disputes will be settled by mediation or arbitration whenever possible. Lord Irvine published a formal pledge committing Government departments and agencies to settle legal cases by ADR techniques whenever the other side agrees to it.
Standard Government procurement contracts will in future include clauses on using ADR to resolve disputes instead of litigation and whenever possible claims for financial compensation will be settled by independent assessment instead of going to court.
ADR techniques include arbitration by an independent third party, mediation to help both sides reach an agreement and evaluation by a neutral professional who gives both sides an assessment intended to settle the issue.
Lord Irvine said, "The Government wants to lead the way in demonstrating that legal disputes do not have to end up in court. Very often, there will be alternative ways of settling the issues at stake which are simpler, cheaper, quicker and less stressful to all concerned than an adversarial court case.
"Alternative Dispute Resolution techniques have evolved as an attractive alternative to formal judicial proceedings. They are a valuable way to accessible justice - providing services and remedies and costs which are proportionate to the issues at stake. Where the other side agrees, the Government is now formally pledged to resolve legal disputes by ADR whenever possible."
Lord Irvine said that Government departments will now monitor the effectiveness of ADR techniques in settling legal problems. He acknowledged, however, that there will still be cases which are not suitable for ADR such as those involving intentional wrongdoing, abuse of power, public law, Human Rights and vexatious litigants. There will also be disputes where a legal precedent is needed to clarify the law or where it would not be in the public interest to settle.
The Lord Chancellor's Department published a discussion paper on ADR in November 1999. It can be read, together with a summary of responses, on the Department's website: http://www.open.gov.uk/lcd/consult/civ-just/adr/indexfr.htm
On 16 March 2001 the Secretary of State for Trade and Industry presented petitions in the High Court to wind up the above companies in the public interest following investigations under section 447 of the Companies Act 1985 (as amended).
At the same time, on the application of the Secretary of State, the Official Receiver was appointed provisional liquidator.
One or both of the companies traded under the style "Barrington Fleming Art Society" offering the UK public the opportunity to invest in limited edition contemporary fine art prints. The address in Lots Road London was little more than an accommodation address from which the post was redirected to Spain. The companies did not co-operate with the enquiry and purported to be offshore and outside the jurisdiction of the Department.
The investors were led to believe that the prints would appreciate in value and in addition were offered a return of 10% per annum, which was said to be produced from leasing the prints for display. The return was also said to be guaranteed by an insurance company. In fact few if any prints were leased to third parties and latterly the returns were not insured.
The registered office of Barrington Fleming Art Limited was at 134 Lots Road, London SW10 0RJ. The registered office of Barrington Fleming Sociedad de Responsibilidad Limitada was at C/Jacinto Benavente, 7 1-B, Marbella, Malaga. Spain. 134 Lts Road was shown to be an administration office for the business.
The petitions were presented under Section 124A of the Insolvency Act 1986.
ASHLEY WITTER LIMITED
On 21 March 2001 Ashley Witter Limited was wound-up in the High Court on a petition presented to the Court by the Secretary of State for Trade and Industry in the public interest. The petition followed an investigation under section 447 of the Companies Act 1985 (as amended).
Ashley Witter Limited sold exclusive wines held in a bonded warehouse for investment purposes. Purchasers were led to believe that their wine would appreciate in value but as the price charged was considerably in excess of the market value the investors were unlikely to receive the returns suggested by the company.
The registered office was at 42 Station Road, London SE20 7BJ and the company traded from Park Royal Business Centre, 9-17 Park Royal Road, London NW10 7LQ.
The petition was presented under Section 124A of the Insolvency Act 1986.
The company does not appear to have any connection with Ashley White Limited which was carrying on a similar business before it was wound up on a petition presented by the Secretary of State in the public interest on 24 January 2001.
All public enquiries concerning the above companies should be made to:
The Official Receiver
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 26/03/2001 to 03/04/2001 Number of Creditor meetings : 153 Section Company Time Venue 138 Scotland - Interim Liquidator calling Creditors Meeting 26/03/2001 Lauries Home Bakery Ltd 10.30 am Edinburgh 28/03/2001 C & E Love Ltd 10.00 am Glasgow 02/04/2001 Eastfield Motor Co Ltd 12.00 pm Glasgow 23 Administrator Calling a meeting of Creditors 27/03/2001 Coconut Street Ltd 10.30 am London 28/03/2001 Comfort House Invest Prop (MT) Ltd 11.30 am Cardiff 29/03/2001 B Allen Retail Ltd 11.30 am Walsall 03/04/2001 Lazarus Metal Resources (UK) Ltd 10.30 am London 48 Receiver calling unsecured Creditors Meeting 27/03/2001 Gmedia Technology Plc 10.30 am London 30/03/2001 Small Treasures Ltd 10.00 am London 02/04/2001 Alarmcall Systems (Nottingham) Ltd 11.00 am Nottingham Exeter Photographic Ltd 10.00 am Exeter 95 Members converting to Creditors Voluntary Liquidation 27/03/2001 Exponent Systems Ltd 11.15 am Brighton 30/03/2001 Unigel Ltd 11.15 am Brighton 98 Creditors Voluntary Liquidations 26/03/2001 A C Construction (Essex) Ltd 02.30 pm London Acacia Expeditions Ltd 03.00 pm Gerrards Cross Bacon Direct Ltd 12.00 pm Glasgow Baranbond Ltd 11.00 am Hornchurch Byte Size Computer Services Ltd 03.00 pm London CDT 2000 Ltd 11.00 am Rochdale Coquet Foods (UK) Ltd 11.00 am Sunderland Corbie Innes Ltd 02.00 pm Inverness Crest Commercial Removals Ltd 02.30 pm London Cybergrandad Ltd 03.30 pm Barnet Fabric Factory (Nottingham) Ltd - The 11.30 am Nottingham Goddin Building Ltd 10.30 am Chandlers Ford J M Hobson Design & Build Ltd 12.00 pm Sandiacre Munshi Brothers Ltd 11.00 am Bolton Netdiary Ltd 02.30 pm Barnet OBP Contractors Ltd 02.30 pm London Perfect Music Ltd 11.00 am Barnet Phil Watson & Co (North West) Ltd 11.00 am Manchester Porchester Engineering Co Ltd 11.00 am Birmingham Roniloid Co Ltd 12.00 pm Stockport Southern Converters Ltd 11.00 am London Talent to Work (Ltd by Guarantee) 11.00 am Bath Treehouse UK Ltd 11.30 am Peterborough 27/03/2001 Angelcast Ltd 12.00 pm London Avago Pet Products Ltd 12.00 pm Hale Axis Organisational Development Ltd 10.30 am York Balloons Nationwide Ltd 11.00 am Birmingham Baltic Tableware Ltd 10.30 am Rotherham Bradys Ltd 12.00 pm Manchester Brooklands Litho Services Ltd 12.00 pm London Choicepark Ltd 11.30 am Manchester Company of Cane Ltd - The 12.00 pm Southampton Forum of St Albans Plc - The 11.00 am St Albans Fromax Ltd 11.00 am London Internet Gateway Systems Ltd 12.00 pm London Intersales Ltd 11.30 am March Kathys Kones Ltd 11.30 am Manchester Lazlogic Ltd 01.30 pm Brighton Light On Ltd 11.15 am London M A Cannon Express Services Ltd 10.30 am London Medical Innovations (Service Ctre) Ltd 11.00 am London Microline Ofice Equipment Ltd 12.00 pm London Notcarl Ltd 12.00 pm London Print Co Ltd - The 10.30 am Birmingham Protocol Solutions Ltd 10.30 am Reading S E Worldwide Ltd 03.30 pm Barnet Sextet Ltd 12.00 pm London Sextet Productions Ltd 12.00 pm London Sextet Sound Ltd 12.00 pm London Solomon/Oakley Ltd 12.00 pm Birmingham Total Media Corporation Ltd 11.15 am Kingston upon Truenet Ltd 12.00 pm London Viton Media Ltd 01.30 pm London Westfield Sawmills & Mould (North) Ltd 11.00 am Glasgow Whites Wine Lodge Ltd 11.00 am Swansea Zedcon Ltd 01.00 pm London 28/03/2001 Apex Mouldings Ltd 12.00 pm London Bigfoot Computer Services Ltd 11.00 am Haywards Heath Building Control Services Ltd 11.00 am London Carmont Press Ltd 11.15 am Bately Company P C Services Ltd 10.15 am Bately Cresting Products Ltd 12.00 pm Manchester Edmunds Green Plant Ltd 10.30 am Southampton Frederick Allen Ltd 11.00 am Birmingham Graham Shone & Son (Dobshill) Ltd 11.15 am Manchester Ice Light Signs Ltd 04.00 pm Kingston upon Lincoln Office Supplies Ltd 10.30 am Nottingham Mythos Games Ltd 12.00 pm London Net Com Corporation Ltd 03.00 pm Manchester Prestwood Construction Ltd 11.45 am Bromley Procare (Scotland) Ltd 11.00 am Glasgow South Norfolk Caterers Ltd 11.00 am Norwich Tracefactor Ltd 11.30 am Blackburn Wensleydale Laundry & Linen Hire Ltd 02.30 pm Darlington Wherenow.Co.Uk Ltd 02.00 pm Egham Zaba (Distribution) Ltd 11.00 am London 29/03/2001 Accountancy Task Force Group Ltd - The 11.00 am London Auto Parts & Accessories Magazine Ltd 11.15 am Burnham C & P Sprayers Ltd 02.00 pm Northwood C D Promo Ltd 11.00 am Hull Centralcrest Ltd 03.00 pm Romford Charmwell Properties Ltd 10.30 am Cambridge Copy & Binder Services Ltd 02.00 pm Brighton Covevain Ltd 11.15 am Southend-on-Sea D L M Services Ltd 11.00 am Barnet Der-Kem Express Garment Pressing Ltd 12.00 pm London Dreamticket Holiday Co Ltd 10.30 am Hounslow Engineering Realisations Ltd 03.45 pm London Fintona Ltd 11.00 am Chandlers Ford G A B Contractors Ltd 10.30 am Birmingham Gladequest Ltd 10.00 am Swansea Hawtal Ehiting Manufacturing Ltd 02.30 pm London Hawtal Whiting Holdings Plc 11.00 am London Intelforms Ltd 02.00 pm Halesowen Ipcas Ltd 03.00 pm Northwood J Collingridge Ltd 11.30 am London Keyplan Trading Ltd 12.00 pm Moorhouse Midas (P A ) Ltd 10.30 am Manchester Midas Commercial Insurance Serv Ltd 10.30 am Manchester Mortgage Resource Plc 11.00 am Sheffield Overseas Holdings Realisations Ltd 12.15 pm London Persia (Iran) Restaurant Ltd 02.30 pm Londo Peter Owen Commissions Ltd 11.00 am West Sussex Preston PVCU Systems Ltd 11.30 am Blackburn R J Driscoll & Sons Ltd 11.00 am Newcatle-u-Lyme Redjeps Garage 2000 Ltd 11.30 am Moorhouse Sarah Hannah Ltd 11.30 am Manchester Solent Flooring Co Ltd 11.30 am Southampton Sonatacus Ltd 11.30 am Altrincham Sterling Control Systems Ltd 12.00 pm South Ruislip Targetfield Ltd 12.30 pm Luton Tony Holker Ltd 12.00 pm Hale Triskal Ltd 02.30 pm London Utting Machine Tools Ltd 12.30 pm North Walsham WCU Services Ltd 12.00 pm London Westage Ltd 12.00 pm London 30/03/2001 Al-Haq Printers Ltd 11.00 am Birmingham Ambassador Leisure & Travel Ltd 12.00 pm London Battery Component Services Ltd 10.15 am Leicester Colt Communications Ltd 02.30 pm Romford Euforce Ltd 10.30 am Glasgow H B H Forgings Ltd 10.15 am Bury Mediavision Services Ltd 12.00 pm Plymouth Moducube Ltd 10.30 am Sheffield Moon Communications International Ltd 11.00 am Worthing N J Mechanical & Electrical Ltd 11.00 am Birmingham Oniva (UK) Ltd 11.00 am London P T Lyden & Co Ltd 11.15 am Southend-on-Sea Rendezvous Computer Services Ltd 12.00 pm Great Malvern Stainforth Developments Ltd 12.00 pm Doncaster Syewell Communications Ltd 11.00 am Gerrards Cross 02/04/2001 Mad Records Ltd 11.15 am Tunbridge Wells Mode House Ltd 02.00 pm Leicester Production Personnel Ltd 11.00 am London Scanplan (Swindon) Ltd 12.30 pm Westlea Vision Contracts Ltd 10.30 am Harrow 03/04/2001 Beever Enterprises Ltd 10.00 am Tunbridge Wells King Design Services Ltd 11.30 am Manchester Oakfields Financial Services Ltd 12.00 pm London Palmers of Enfield Ltd 10.30 am London
TW LW TW LW
USA 1.43 1.43 Canada 2.24 2.46
Austria 22.07 21.97 Portugal 321.68 320.20
France 10.52 10.47 Belgium 64.72 64.43
Finland 9.54 9.49 Italy 3106.90 3092.62
Germany 3.13 3.12 Sweden 14.81 14.61
Holland 3.53 3.51 Switzerland 2.45 2.44
Spain 266.99 265.75 Ireland 1.26 1.25
Australia 2.90 2.89 Denmark 11.97 11.94
Hong Kong 11.16 11.81 Euro 1.60 1.59
Africa Com 11.40 11.43 Saudi Arabia 5.36 5.37
India 66.72 66.92 Malaysia 5.43 5.44
Singapore 2.55 2.54 Norway 12.99 13.02
Japan 175.88 169.76
TW This week LW Last week.
Whitbread, the British leisure group, said it would sell 3,000 pubs to Morgan Grenfell Private Equity for (r)1.6 billion ($2.3 billion). Nomura, a Japanese investment firm with a pub chain, and Punch Taverns, Britain's second-largest landlord, lost out in their bids to top up their pub portfolios.
British Telecom, in debt to the tune of (r)30 billion ($43 billion), stood up leading investors for a dinner date. Shareholders wanted rapid action over BT's debt pile and looked set to demand the heads of the chairman and the chief executive over the soup. BT would not confirm that dinner was ever planned, let alone cancelled.
Chung Ju Yung, founder of South Korea's Hyundai Group, died at the age of 86, leaving restructuring of the troubled industrial group, South Korea's biggest, in the hands of his numerous quarrelling offspring.
Source - The Economist
Charles Baynes, the distribution and packaging company announced pre-tax profits of 16.4 million pounds, after exceptional credit, on turnover of 293.1 million, for the year ending 31st December 2001. Earnings per share stand at 6.4p on reduced capital.
Fortnum & Mason announced pre-tax profits of 2.44 million pounds, after exceptional credit, on turnover of 27.6 million, for the 28 weeks ending 20th January 2001.
IBNet announced pre-tax losses of 0.86 million pounds, on turnover of 0.11 million, for the six months ending 31st December 2000.
Metal Bulletin, the publishing and information services group, announced pre-tax profits of 7.37 million pounds, on turnover of 36.3 million pounds, for the year ending 31st December 2000.
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 Manchester Airport plc of East Midlands International Airport Limited and Bournemouth International Airport Limited
Proposed acquisition by Innogy Holdings plc of Yorkshire Power Group Limited
PROPOSED ACQUISITION BY BSKYB OF CONTROL OF BIB: KIM HOWELLS PUBLISHES DRAFT UNDERTAKINGS
Kim Howells, Minister for Consumers and Corporate Affairs, last week published draft undertakings in relation to the proposed acquisition by British Sky Broadcasting Group plc (BSkyB) of control of British Interactive Broadcasting Holdings Limited (BIB). He wishes to give interested parties the opportunity to comment on the text of the draft undertakings.
Dr Howells said:
"On 12 October 2000, I announced that I agreed with the advice of the then Director General of Fair Trading (DGFT) that BSkyB should give an undertaking to remedy competition concerns which the proposed acquisition of control of BIB would raise in the market for pay TV.
"The DGFT, John Vickers, has advised me that the text of the undertaking to be sought from BSkyB should, subject to this public consultation, be in the form that I am publishing today. Before I reach a final decision in this case, interested parties should make any representations on the text to the Office of Fair Trading by 5.00p.m. on 3 April 2001.
Section 75G of the Fair Trading Act 1973 (inserted by Section 147 of the Companies Act 1989 and amended by the Deregulation and Contracting Out Act 1994) enables the Secretary of State to accept undertakings as an alternative to making a merger reference to the Competition Commission. The Secretary of State must consider whether such undertakings remedy or prevent adverse effects of the merger specified by the DGFT.
Interested parties are invited to make representations on the text of the of the undertakings should write to, Steve Lisseter, Office of Fair Trading, Fleetbank House 2-6 Salisbury Square, London, EC4Y 8JX (Fax: 020 7211 8916) by 5 p.m. on 3 April 2001.
STEPHEN BYERS REFERS GENERAL HEALTHCARE GROUP'S PROPOSED ACQUISITION OF COMMUNITY HOSPITALS GROUP TO THE COMPETITION COMMISSION
Stephen Byers, Secretary of State for Trade and Industry, last week referred to the Competition Commission the proposed acquisition of Community Hospitals Group by General Healthcare Group. Mr Byers made his decision in accordance with the advice of the Director General of Fair Trading (DGFT).
Mr Byers said:
"The DGFT has advised me that the proposed acquisition raises competition concerns which warrant reference to the Competition Commission. These concerns relate to the market power which the parties would have in the market for private medical services and which could have an adverse effect on competition in that market. I have carefully considered the DGFT's advice and agree with his conclusions. I am therefore referring the proposed acquisition 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 decide on this after investigation. The Commission are to make their report by 26 June 2001.
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23 to the 24 April FCIB Corporation - A Global Association for Managers in Finance, Credit & International Business FCIB's 106th International Round Table Conference In Europe Hilton Budapest Hotel Hess Andras Ter 1-3, H 1014 Budapest, Hungary Further information may be obtained from Tim Lane, Director of European Operations on 01865 481 630 or email timlane@fcib-europe.org 21st to 23rd May, 2001 GARP Credit & Counterparty Risk Summit, London. For full programme details please visit www.garp.com or contact GARP on tel. +44 (0)20 7626 9300. Thursday 24 May Sussex & Surrey Branch of the ICM Telephone Collections Speaker: Manager of Equifax Risk Management The Imperial Hotel Hove Time: 7.00 for 7.30 p.m. Sponsored by Equifax Risk Management 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. 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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