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French investment bank Natexis Banques Populaires, which has a factoring subsidiary, has received authorisation from the Bank of Spain to open a bank in the country. It previously had a representative office. Natexis is part of the banking group Banques Populaires.
30/05/2001
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The factoring company Venture Finance plc, which provides loans under the government’s Small Firms Loan Guarantee Scheme, has extended the facility to include start ups. Originally Venture Finance launched the scheme for companies with a minimum annual turnover of Ј1m. The scheme is available alongside factoring and invoice discounting.
In the six months ended September 2000, Venture Finance had lent Ј690,000, making them the ninth largest lender under the Small Loans Guarantee Scheme in the UK.
23/05/2001
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Subsequent to the issuing of a profit warning last month and warnings of exceptional changes in its final quarter, the factoring and invoice discounting group, Euro Sales Finance, has put itself up for sale, saying that it would be better with a cash rich company behind it.
The company lost two-thirds of its stock market value last month after it warned of a cashflow squeeze caused by overly rapid expansion in France and Germany which it did not have the resources to fund.
21/05/2001
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Isis Factors PLC have released their annual accounts for the year ended 31 October 2000. Turnover has fallen by 7.82% to Ј1,762,187 from the 1999 figure of Ј1,911,699. Pre-taxation profit has fallen by 3.92% to Ј841,924, This compares with the pre-taxation profit of Ј876,307.
In spite of a fall in absolute terms of both turnover and profit, Isis Factors’ profit margin (the ratio of profit to turnover) has risen to 47.78% from 45.83%, as has their liquidity ratio from 1.62 to 2.2.
BCR Publishing
21/05/2001
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Euro Sales Finance (ESF), the pan European sales finance company, today announces its third quarter results for the nine months ending 31 March 2001.
The highlights for the nine month period:
Profits before tax amounted to Ј4.036m, which compares with Ј1.971m a year ago.
Quarter ahead 82% at Ј1m
Earnings per share 17.0p(11.1p last year)
17/05/2001
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The growth rate in international factoring volumes world wide is now greater than the growth rate in domestic factoring according to the latest figures for the industry released by Factors Chain International (FCI).
14/05/2001
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Steve Websdale has been appointed to the position of Chief Executive of the Factors and Discounters Association, the industry association for factors and discounters operating within the UK. Mr Websdale was formerly managing director of Capital Bank Cashflow Finance (now called "Cashflow Finance") and has worked within the industry since 1979.
Mr. Websdale became Chief Executive of the FDA on Monday 30 April 2001.
04/05/2001
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Mikhail Treyvish, managing director of the factoring department of the Moscow-based NIKoil Investment Banking Group, has announced plans to host a conference on factoring in eastern Europe and the states of the former Soviet Union.
The conference will take place in Moscow (“Le Royal Meridien National” hotel is currently mooted as the venue) between Wednesday 27 and Friday 29 June 2001 with a rich cultural programme planned for the weekend. The theme of the conference is “Factoring in Eastern Europe and CIS countries”.
04/05/2001
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Ernst and Young figures show that UK is Europe's favourite place to
invest.
Trade and Industry Secretary Stephen Byers today hailed new inward
investment figures released by accountants Ernst and Young as a
"ringing endorsement" for the UK.
The figures show that the UK is the favourite place for inward
investment among European countries. The company's Investment
Monitor Report covering the year 2000 shows that:
04/05/2001
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Capital Bank Cashflow Finance Limited have released their annual accounts for the year ended 28 February 2001. Turnover has fallen by 9.66% to Ј15.926million from the 2000 figure of Ј17.628million. A pre-taxation loss of Ј473,000 was recorded. This compares with the pre-taxation profit of Ј1.235 million recorded in 2000.
In spite of these less favourable results, the company’s liquidity ratio improved from 1.043 in 2000 to 1.05 and the average remuneration for employees also showed an increase on last year.
02/05/2001
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The Czech state-run factoring bank, Konsolidacni Banka, has announced a first quarter loss of 933million koruna which compares with a loss of 3.5bn for the same period in 2000. The bank reiterated statements that its loss for this year as a whole could grow to as much as 60bn koruna after tens of billions of koruna in bad assets from the failed IPB bank are transferred to its books later this year.
Source: NewsEdge
02/05/2001
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Danske Bank sold its subsidiaries BG Factoring A/S and BG Garanti Forsikringsselskab A/S to the Dutch-owned NCM group effective from 1 April 2001. BG Factoring is the fifth largest player in the Danish factoring market, with a market share of 7% and a total factored volume of DKK2bn in 2000.
30/04/2001
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In light of the problems that the haulage industry has been facing, the accountants Grant Thornton, renowned for their expertise in corporate recovery issues, have organised a morning seminar to address some of these issues. Attendance is by invitation only.
Schedule:
9:30am: tea and coffee will be served
10am – 1pm: Seminar
1 pm: Buffet lunch
The speakers will be:
27/04/2001
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Asta Funding, the financial services company which specialises in factoring and the purchase, liquidation and management of performing and non-performing consumer receivables, today reported results for its second quarter ended 31 March 2001.
Net income for the three months ended 31 March 2001 rose by 62% to $2,211,000 from Ј1,363,000 in the three month period ended 31 March 2000. Revenues for the six months ended 31 March 2001 were $10,250,000, an increase of 21% over revenues of $8,457,000 for the prior year period.
Source: PR Newswire
26/04/2001
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Coverclick.com, the web-based credit insurer backed by Royal & Sun Alliance, has added another first to its product range. Following the introduction of “Insolvency Cover”, launched late last year, the new product, named “Late Payment”, guarantees payment of an invoice within 90 days, irrespective of whether the debtor is insolvent.
Designed specifically to assist small and medium sized businesses, the cover can be purchased over the web and protection is immediate. Online credit reports are now also available.
Source: Credit Management
25/04/2001
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