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Close Invoice Finance Limited today released their annual accounts for the year ended 31 July 2000. Turnover has risen by 0.26% to Ј15,686,491 from the 1999 figure of Ј15,645,569. Pre taxation profits have risen by 10.75% to Ј5,601,182 from the 1999 figure of Ј5,057,699.
31/01/2001
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Euro Sales Finance PLC (ESF), the independent provider of sales finance solutions, has today announced that it has signed an agreement with the Co-operative Bank. ESF is to provide competitive factoring and invoice discounting facilities to the bank’s customers.
30/01/2001
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GLE Invoice Finance is seeking a quotation on the Alternative Investment Market (AIM) A valuation of between Ј15m and Ј20m is anticipated. The company is looking to
raise about Ј7m gross via an institutional placing.
Independent Growth Finance will become the holding company of GLE Invoice
Finance, a receivables finance company specialising in providing recourse
factoring to small and medium-sized enterprises, with turnovers of Ј100,000 to Ј5m per annum.
The nominated adviser and broker is Charles Stanley & Company.
Source: The Financial Times Limited
30/01/2001
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The financial services company, Venture Finance PLC, has become the first company in the UK to offer its factoring and invoice discounting clients instant access to account information via Wireless Access Protocol (WAP) technology. This effectively means that Venture’s clients are now able to view details of their funds available and account movements on a WAP-enabled mobile phone.
30/01/2001
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Potential Finance Limited today released their accounts for the six months ended 30 September 2000.
Turnover for the period was Ј515,222 and a loss before tax of Ј429,992 was recorded. This is the first time that accounts have been submitted since the company was floated in August of 2000. The turnover for the period represents an increase of 266.9% on the recorded figure for the 8 months beginning with the company’s incorporation in July 1999 and ending 31 March 2000. Potential’s loss in the 8 months ended 31 March 2000 was recorded at Ј527,306.
29/01/2001
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The rumour-mill regarding the future of Demir bank, the owner of one of the Turkish factoring industry’s major players, is continuing to work overtime as a variety of potential buyers are mooted.
29/01/2001
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The financial services provider, Sterling Bancorp, today announced record earnings both for the year and the quarter ended 31 December 2000, reporting a net income of $16.6m for the year and $4.5m for the quarter. This represents an increase of 13.7% for the year and a16.4% increase on the last quarter of 1999.
Growth was driven by increases in income from factoring, deposit servicing, mortgage banking, trade finance and other services.
29/01/2001
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The speakers for the fraud panel at the seventh IFA conference, to be held in Scottsdale, Arizona from 4th to 7th April, have been finalised.
This year’s fraud panel has been selected on the basis of their knowledge of fraud within the factoring industry; each of the panel members has been involved in factoring for several years and has had recent experience with fraud.
The panel will include:
Wayne Coker, President of Advantage Finance
Steve Troy, President of Aero Fund Financial
Ron Winicour, President of Gibraltar Financial
25/01/2001
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Alliance Trade Finance Limited, the speciality trade finance provider, today released their annual accounts for the year ended 31 July 2000. Turnover has risen by 166.66% to Ј30,358,709 from the 1999 figure of Ј11,384,610. Pre taxation profits of Ј359,437 have been achieved following a pre taxation of loss in 1999 of Ј168,066.
23/01/2001
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CIT Commercial Services, the USA’s largest provider of factoring, has today announced an agreement with Commfin, an internet portal that provides online trade finance solutions for business to business exchange participants.
These participants will receive access to accounts receivable discounting, factoring services and, in the near future, inventory financing via Commfin’s website (www.commfin.com).
23/01/2001
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BCR Publishing has today received confirmation that GMAC’s acquisition of the Bank of America’s factoring business was effective as of 31 December 2000. A press release was not issued at the time as “such acquisitions are a normal course of business for us” according to a GMAC representative.
GMAC has declined disclosure of the purchase price of its acquisition.
Rumours have been in circulation since the beginning of December 2000, but there has been a reluctance on the part of both of the relevant parties to discuss the matter.
23/01/2001
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The Bibby Financial Services Group has launched a new division to work alongside Bibby Group of Factors, which is currently the largest non bank-owned factoring company in the UK.
Bibby Asset Finance Limited will offer hire purchase and lease facilities to UK firms, enabling clients to spread the cost of equipment over its working life and to have the security of fixed interest rates.
22/01/2001
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Effective as of 9.00 this morning, Reedham Factors Limited has become Cattles Invoice Finance Limited. The re-branding is intended to reinforce the company’s link with its parent, Cattles plc and the resources and values associated with the Cattles name.
Beyond the change in name, it is very much “business as usual” at Cattles Invoice Finance, according to group finance director C.J. Blagg: the address, staff, telephone and fax numbers remain unaffected.
BCR Publishing
22/01/2001
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LEGAL BRIEFING: Section 127 Insolvency Act 1986
Bank not liable
Payees are liable to make restitution on cheques under Section 127 of the Insolvency Act 1986 according to the Court of Appeal in Hollicourt (Contracts) Limited v Bank of Ireland [2000].
18/01/2001
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An unspecified American fund has acquired 315,000 shares in Hansabank, the parent of Estonia’s largest factoring company, Hansa Leasing. The share purchase represents a minority stake worth Ј1.73 million. Hansabank’s major shareholder is still Swedbank.
Hansa Leasing have revealed that the transition is unlikely to impact on any of Hansa Banks’ businesses as the stake was previously invested in Hoiubank which merged with Hansabank in 1998.
BCR Publishing
18/01/2001
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