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During IFG'S AGM held in Vancouver in May, Mr. Dominique Charpentier, CEO of Eurofactors was elected new Chairman of the Group. The Board Of Directors of IFG now consists of:
16/07/2001
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Factoring and invoice discounting house Cattles Invoice Finance (Oxford) Limited has moved into new premises at the Quadrant, Abingdon Science Park. Formerly based in Parkway Court on Oxford Business Park, the 35 strong team opened for business at their new location on 18 June.
Previously Argent Commercial Services, the business has operated out of the Parkway Court Office for five years, but continued expansion following their takeover by Cattles plc in October 1997 has made the move necessary.
13/07/2001
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Factoring and invoice discounting house Cattles Invoice Finance has strengthened its management team with the appointment of Richard Howard as Marketing Manager. Richard is a marketing graduate with specialist experience in direct marketing and database management. He has over three years’ experience in the invoice finance and trade finance sector.
13/07/2001
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Last year US Bancorp acquired Spectrum Commercial Services as part of a larger deal. Top executives at Spectrum assumed that was the end of their business and that they would be absorbed into an existing corporate division. However, Brian Van Neval and Steven Lowenthal of Spectrum realised almost immediately that Spectrum was an afterthought in the larger deal with Lyon Financial. They raised $6m in capital from investors and secured a $30m loan from Foothill Capital Corp to purchase $35m of Spectrum’s loans from US Bancorp.
13/07/2001
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Early 2001 saw the launch of GLE Invoice Finance’s new website at www.gleinvoicefinance.co.uk. Working with an existing client, Maze Communications, a multimedia design company based near Sevenoaks, the website has been designed to provide fully comprehensive information for prospective clients, business introducers and media contacts.
13/07/2001
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David L’Hoir, who ran the organisation PayDay Today was arrested by the FBI in Fort Lauderdale, Florida on suspicion of mail fraud, wire fraud and money laundering. There is also probable cause to believe he is operating a Ponzi scheme. L’Hoir’s San Diego Company made high-interest loans to low income people and promising investors 3 or 4% a month. He told investors they would be factoring accounts receivable and initially promised to pay investors 5% a month. When investors wanted their money back, he balked.
Source: The San Diego Union-Tribune
12/07/2001
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The US Bankruptcy Court in Delaware approved a plan by Berkshire Hathaway Inc and Leucadia National Corp to bail out commercial lender Finova Group Inc, the troubled international financial services company which sold its factoring division to GMAC in August 2000. The plan included approval of disclosure notices to explain the restructuring plan to creditors. The plan involves using a loan and cash generated from asset sales and other sources to pay creditors 70 cents on the dollar initially, about $7.7bn.
12/07/2001
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The volume of factoring services in Asia, excluding South Korea, grew 147% between 1995 and 2000 according to factors Chain International. The countries which posted the highest growth were Taiwan, China and Hong Kong> the highest ration of international to domestic factoring was reported by Taiwan (42.5%) and Hong Long (33.3%).
Source: The Business Times, Singapore
12/07/2001
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It seems that the stalling of the US economy has impacted the activity of factors in the USA and Canada in the first half of 2001. There has been a relative dearth of industry activity being reported and although some potential acquisitions are rumoured, there has been nothing more substantial than rumour for some time. Other unsubstantiated reports state that both CIT and GMAC are not currently interested in buying any other companies and are busy spending time digesting last year’s acquisitions.
11/07/2001
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The number of businesses going bust increased by more than 15% in the second quarter of this year (compared with the first quarter). However, the half-yearly toll has not yet exceeded last year’s figures for the same period according to the latest figures released last week by Dun & Bradstreet, the business information company. More small businesses appear to be failing while large company liquidations are continuing to decline.
10/07/2001
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GE Capital Commercial Finance has announced the launch of a Corporate Finance Division and a new Scottish office, resulting in changes of responsibility for key personnel.
Ian Jamieson has been promoted to Managing Director of the new Corporate Finance Division. This division has been segmented from the core commercial finance business and will focus on funding larger transactions, typically where the funding value is in excess of Ј12.5 million.
10/07/2001
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Metropolitan Factors Ltd, the West Sussex based factoring company, have enjoyed good health, financially speaking, in the year ended 31 December 2000. Turnover rose by 28.13% from the 1999 figure of Ј1,536,453 to Ј1,963,601. Profit before tax rose by an impressive 330% to Ј483,775 which compares with the 1999 figure of Ј112,514. The size of the workforce increased by 25% during 2000, the first increase in the average number of employees recorded since 1996. The size of Metropolitan’s client base also increased by roughly 25% from 80 to over 100.
09/07/2001
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At the Twenty-Seventh Party Congress in 1986, perestroika, Mikhail Gorbachev's program of economic, political, and social restructuring, became the unintended catalyst for dismantling what had taken nearly three-quarters of a century to erect: the Marxist-Leninist-Stalinist totalitarian state. Now this has all changed and perestroika has hit the asset-based finance industry in the guise of the inaugural East European Factoring Association (EEFA) meeting.
09/07/2001
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Alex Lawrie Factors, the provider of factoring and invoice discounting, is building on its success by launching a national team of regionally based advisor specialists.
Much of Alex Lawrie’s business is already introduced from the external marketplace which underlines the relationship it has built with regional corporate financiers, accountants, brokers, business advisors and general finance consultants.
06/07/2001
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The companies of the Bibby Group of Factors have launched a free guide to help budding entrepreneurs start-up in business. The Essential Guide to Going it Alone in Business” has been designed to provide those considering self-employment with advice on how to plan, research and launch a new venture.
The guide provides an overview of the challenges and benefits that potential entrepreneurs face and includes tips and advice on:
06/07/2001
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