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A new Inland Revenue/Customs and Excise unit is to be set up by the UK Government with the aim of considering proposed rescue plans, Company Voluntary Arrangements (CVAs), presented to it by businesses that find themselves in financial difficulties. The Government’s intention is to encourage companies to develop on the basis of responsible risk taking by providing more flexible insolvency procedures.
06/11/2000
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Euro Sales Finance plc, the independent European provider of sales finance solutions, today announced the appointment of Bernward Rohmann as Chief Financial Officer. The incumbent CFO, Steven Hartley, will be assuming a new role as Special Projects Director.
Mr. Rohmann, 49, has a banking background with focus on treasury and capital markets. He has previously worked in Germany, running the DM-Treasury for JP Morgan and was managing director for UBS.
BCR Publishing
06/11/2000
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In the first half of 2000 investment in start-up companies in France rose by over 25% to FF3.4 bn from FF872m in January-June 1999, according to a study by Chausson Finance.
Of the total new investment, 70% went into Internet companies. However, due to the general fall in the value of Internet shares some companies have recently postponed planned share issues.
Financial Times
03/11/2000
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The UK Department of Trade and Industry has set up a task force to examine the causes of over-indebtedness and look for ways of encouraging responsible lending and borrowing. The task force will begin work before the end of 2000 and will report to the government by spring 2001.
The new project will target three main issues. It will seek:
03/11/2000
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Isis Factors Plc, a subsidiary of London Scottish Bank and established in 1991, has joined the Factors and Discounters Association (FDA).
Isis specialises in the provision of a customised service for small companies and typically uses a single account manager to run the whole of the company’s relationship with a given client.
Isis aims to use its membership of the FDA as a means of developing the profile of factoring and sharing industry knowledge and best practice methods.
Business Money Ltd
03/11/2000
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At Ј30m, NatWest Bank led the list of loans made under the Small Firms Loan Guarantee Scheme during the six months to end-September 2000, making up 23% of the Ј129m total.
NatWest was followed by Lloyds TSB Bank at Ј26m, Barclays Bank at Ј25m and HSBC Bank at Ј19m.
03/11/2000
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03/11/2000
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With the launch of Internet Ledgerline, HSBC Invoice Finance is now offering its range of invoice finance services via the Internet using its Invoice Finance web site, www.invoicefinance.hsbc.co.uk . The site can be accessed using web browser software.
Business Money Ltd
03/11/2000
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Via its Export Credits Guarantee Department (ECGD) the UK government has launched a new scheme for encouraging small and medium-sized companies to develop a presence in the international market place.
03/11/2000
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UPS Capital Europe are set to grow and have announced the appointment of a new Sales & Marketing Manager, Guy Stead, who has been coaxed away from the Bibby Group to spearhead their business development. UPS have also got their first business on their books: two import clients via the FCI to-factor system and two domestic clients, one brand new to factoring and the other acquired from another factor.
02/11/2000
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Lloyds TSB Commercial Finance Limited (LTSBCF), the largest provider of factoring services by volume in the UK, has teamed up with the international finance software provider, HPD Software Limited, to develop a new software system for the secured asset finance industry.
26/10/2000
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GMAC Commercial Credit today released their annual accounts for the year ended 31 December 1999. Turnover has fallen by 21.62% to Ј73,892,000 from the 1998 figure of Ј94,274,000. Pre taxation profits have fallen by 2.58% to Ј31,153,000 from the 1998 figure of Ј31,797,000.
BCR Publishing
20/10/2000
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City Invoice Finance Limited today released their annual accounts for the year ended 31 December 1999, which was their first year of trading. Turnover for 1999 stood at Ј790,523. Pre taxation losses were recorded at Ј802.
BCR Publishing
BCR Comment
20/10/2000
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Rumours are currently circulating that Budapest Bank are planning to withdraw from the Hungarian factoring market. This would leave only two major industry players in Hungary: Magyar Factors and the Hungarian Foreign Trade Bank. There are also unconfirmed reports that Magyar Factors have been involved in discussions with Budapest Bank on the subject of the latter’s existing clients and future prospects.
19/10/2000
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First National Invoice Finance Limited today released their annual accounts for the year ended 31 December 1999. Turnover has risen by 13.1% to Ј5,793,231 from the 1998 figure of Ј5,122,328. Pre taxation profits have fallen by 49.3% to Ј301,533 from the 1998 figure of Ј594,878.
BCR Publishing
BCR Comment
The reduction in First National’s profit appears to be as a result of a substantial increase in staff costs. This investment is expected to start paying dividends in the current financial year.
19/10/2000
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