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At a time when the UK steel industry is in deep depression, with major redundancies at Corus and steel imports at record levels, one UK entrepreneur is actively buying into the industry. Using an innovative mix of finance from NMB-Heller, Martin Burnham has staged a Ј2 million management buy-in of the Sheffield-based, open die forging division of Doncasters PLC.
29/11/2001
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The management team at newly formed Zoto Engineering is celebrating successfully buying the Ј1.5 million turnover business from the Askern Group, securing 25 jobs. John Clarke, Managing Director, appointed a team of Yorkshire advisers who worked together to bring the MBO to a successful conclusion.
The business has been established for ten years and manufactures steel reels from its premises in North Anston Industrial Estate, Sheffield. Its customers use the reels, which tower up to 28 feet in height, to transport and sell products such as electric cabling and wire rope.
29/11/2001
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Diane Blinkhorn has taken the top marketing post at leading independent business finance firm Bibby Group of Factors to become the Group Marketing Director.
Diane, who has been promoted from Group Sales and Marketing Manager, will, as a member of the board, contribute to the group’s overall business strategy and work to develop a global marketing strategy focussed on building the brand.
29/11/2001
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Statistics released by Alex Lawrie Factors, the leading provider of factoring services and specialist division of Lloyds TSB Commercial Finance Ltd, revealed that prospective clients are moving away from making enquiries by traditional methods, such as telephone and mail, and moving toward online communication.
Over the past nine months Alex Lawrie Factors has seen a rapid escalation in online enquiries, increasing from 14% in February 2001 to 54% in October 2001. During the same period the percentage of enquiries received through other methods fell by 40%.
29/11/2001
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The Spanish Factoring Association have this month released figures detailing industry performance during the first nine months of 2001. Overall, the industry has grown 36.72% compared to the same period in 2000.
28/11/2001
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Bansabadell Factoring, Spain’s fourth largest market players by volume, have this month released figures detailing their performance during the first nine months of 2001.
Bansabadell Factoring has grown by 81.17% during this period compared to the same period in 2000. Figures from the Spanish Factoring Association show that the factoring industry in Spain has grown 36.72% over the same timescale. Overall Bansabadell Factoring’s volume in this period accounts for just over 6% of the Spanish market, compared to 4.56% in the first nine months of 2000.
28/11/2001
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Inner city areas across the country could soon have their own Business Plans to aid regeneration following the launch of four new pilot projects today by Minister for Small Business Nigel Griffiths.
27/11/2001
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Quick business-loan approvals are being offered by the Small Industry Finance Corporation, which promises to make a decision within 72 hours of receiving an application.
The service, called Quick Factoring, was launched this month. Applicants can lodge customers' bills as collateral but the debts must be owed by government agencies, state-owned enterprises and private companies with a healthy financial status or listed on the corporation's register.
26/11/2001
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The Factors and Discounters Association (FDA), the trade body representing factors and invoice discounters in the UK, has released the following figures. The figures show that the industry has maintained a healthy rate of growth during the first half of 2001.
23/11/2001
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Exicon, the leading factor in the Brazilian market, has today announced the commencement of the operation of an import factoring service to factoring companies worldwide.
Effective as of 28 May 2001, this is the first time that such a service has been made available within Brazil and represents a significant step forward in the development of the factoring and credit protection sector within South America.
The facility will be managed and operated in conjunction with CMR Financial Services Ltd and NCM Credit Insurance Ltd.
23/11/2001
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Lloyds TSB Group PLC has announced that its subsidiary, Lloyds TSB Commercial Finance Limited, the leading provider of factoring, invoice discounting and asset-based lending, has acquired CashFriday, the leading provider of funding and payroll services to the UK temporary recruitment sector, for a consideration of Ј10 million. The net asset value of the business being acquired is Ј2m.
23/11/2001
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Research from Barclays shows that small businesses accessing and using support services are far more likely to succeed and be profitable than those that do not.
The research suggests that small firms that use business support services are on average 20% more likely to stay in business after 30 months than those that don’t. They also have a higher turnover, are twice as likely to have bank loans, and if they do fail, they’re half as likely to fold with debts.
Source: Credit Management
22/11/2001
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The Bibby Financial Services Group has launched Bibby Invoice Discounting Ltd, a new division that will work alongside sister company - Bibby Group of Factors - the largest non-bank-owned factoring organisation in the country.
The company will be headed by managing director Caroline Langron, who joined Bibby Group of Factors six years ago, initially holding the position of managing director at Bibby Factors West Midlands. She has a strong track record in the business finance sector, having previously held the position of assistant director at Close Invoice Discounting.
22/11/2001
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Confidence in the euro has fallen by 18% amongst UK Exporters, according to new research from Bibby Financial Services. Today less than half of exporters (47%) believe that the UK should join the euro, compared to 65% in 2000.
Only a fifth (22%) of those surveyed now believe that the UK should join the euro immediately, compared with 31% of exporters who participated in a survey 12 months ago, a fall of nearly 10%.
22/11/2001
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Business starts fall by 72% compared to 2000
8% more businesses have closed down compared to 2000
Massive decline in Business & Computer Services, down by more than a third
Wales hardest hit with start-ups falling by 28%
21/11/2001
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