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The Kent-based factoring company, GLE Invoice Finance, have announced the expansion of their product range to include invoice discounting. The company will still continue to specialise in providing tailored sales ledger management and funding facilities for companies with annual turnovers between Ј100,000 and Ј10 million.
17/04/2001
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Yesterday Svenska Handelsbanken, the largest bank in Sweden and parent of one of the Swedish factoring industry’s major players, Handelsbank Finans AB, announced a bid for Denmark’s Midtbank. Midtbank is the parent of Midtfactoring, which is one of the Danish factoring market’s leaders, responsible for 25% of Denmark’s total market share by volume in 2000.
12/04/2001
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The Purchasing Managers’ Index (PMI) survey in March indicated marginal falls in both output and order books.
The worst performing sector of the manufacturing economy in March was the intermediate goods sector, where output fell sharply on the back of contracting order books. Firms reported that demand had been hit both at home and abroad and that, in particular, the downturn in the market for semi-conductors had adversely affected their book orders.
11/04/2001
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11/04/2001
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GE Capital Commercial Finance Ltd has been voted European Asset Based Lender of the year for 2001 by the European Venture Capital Journal.
The European Venture Capital Journal provides coverage of national and international deals and is a source of pan-European private equity intelligence. In judging the Asset Based Lender of the year category, the criteria placed under consideration included how much involvement each Asset Based Lender has had in the private equity arena and the growth in activity compared to the prior year.
11/04/2001
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HSBC Invoice Finance (UK) Ltd have released their annual accounts for the year ended 31 December 2000. Turnover has risen by 13.96% to Ј118.037million from the 1999 figure of Ј103.579million. Pre-taxation profits have risen by 8.31% to Ј42.533million from the 1999 figure of Ј39.268million. Although the rise in 2000 profits is not as great as 1999, these figures so far reaffirm HSBC as the most profitable UK factor.
BCR Publishing
10/04/2001
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Venture Finance PLC today released their annual accounts for the year ended 31 December 2000. Turnover has risen by 26.16% to Ј22,142,000 from the 1999 figure of Ј17,551,000. Pre-taxation profits have risen by 41.41% to Ј4,559,000 from the 1999 figure of Ј3,224,000.
BCR Publishing
For a further breakdown and analysis of the accounts, please click through to:
Venture Finance PLC / Factors’ Details and Analysis
Venture Finance issued the following press release:
09/04/2001
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Euro Sales Finance today issued the following statement:
“Whilst ESF has the opportunity to expand its receivables book significantly, particularly in its growth markets in France and Germany, it has not been able to fund this expansion as expected. Although ESF continues to trade profitably, it has had to restrict new client advances and consequently revenues are delayed. Therefore profits for the current financial year ending 30 June 2001 will be materially below market expectations.
09/04/2001
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Business failures in London rose by more than 50% in the first quarter of the year compared to the previous year. This is to be taken in the context of the most favourable business figures for Britain as a whole since 1998. Dun and Bradstreet, the business information company, said 1,483 businesses collapsed in London compared with 983 in the fourth quarter of 2000.
Philip Mellor, of Dun and Bradstreet, said: “Many of the firms going to the wall are capital intensive service providers such as printers, hit by cutbacks by big City institutions over the last few months.”
09/04/2001
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The Fort Worth-based provider of financial services, including factoring, KBK Capital Corporation, announced on 6 April that they expect to be unprofitable in the quarter ended March 31, 2001, due to a specific increase in its loan loss allowance totalling approximately $6 million.
09/04/2001
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Lloyds TSB Commercial Finance is building on its record growth in transactions business by launching a national team of regionally based dedicated transaction specialists.
Lloyds TSB Commercial Finance has almost 10 years of experience in this market. It had a record year in 2000 with a 45% increase in the number of transactions supported compared with 1999. This strong performance has continued in the first quarter of 2001, with double the number of transactions and nearly treble the amount of facilities extended compared with the same period in 2000.
06/04/2001
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Growing Market for Factoring Software Requires Reliable Remote Access Solution
GraphOn Corporation (www.graphon.com), a leading developer of business infrastructure software, today announced they have signed a reseller agreement with Distinctive Solutions, a commercial finance software company. Distinctive Solutions, developers of Factor/SQL, will sell GraphOn's web-enabling software to its customers who need to access Distinctive Solutions' application from satellite offices, home, or other remote locations over the Internet.
03/04/2001
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Greater Bay Bancorp, a $5.1 billion in assets financial services holding company, announced that it has completed the acquisition of CAPCO Financial Company, Inc., a factoring and asset-based lending company headquartered in Bellevue, Washington. Greater Bay Bancorp purchased the company for $8.5 million in cash and stock, representing approximately 3.7 times EBITDA.
03/04/2001
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The Swedish-based bank Skandinaviska Enskilda Banken (SEB) has increased its shareholding in the Bank Ochrony Srodowiska (BOS) by 6% to 37.89%. BOS is a Polish bank which offers domestic and international factoring services. This transaction is part of the SEB’s strategy to expand in Europe. The consideration has not been disclosed.
On October 2000, SEB increased its shareholding in BOS from 4.4% to 31.89%.
Source: Zephus
02/04/2001
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BCR Publishing, publishers of the World Factoring Yearbook, Factoring in the UK and factorscan.com. are holding a major conference on the international factoring and receivables finance industry at the Amsterdam Marriott on the 7th and 8th of June 2001.
29/03/2001
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