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Coverclick.com, the web-based credit insurer backed by Royal & Sun Alliance, has added another first to its product range. Following the introduction of “Insolvency Cover”, launched late last year, the new product, named “Late Payment”, guarantees payment of an invoice within 90 days, irrespective of whether the debtor is insolvent.
Designed specifically to assist small and medium sized businesses, the cover can be purchased over the web and protection is immediate. Online credit reports are now also available.
Source: Credit Management
25/04/2001
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Small businesses are being hindered by excessive loan and current account payments due to banks running a “complex monopoly”, according to the Competition Commission. The provisional findings suggest that banks make monopoly profits, without explicit cartel agreements, and are inefficient as a result of low competition in the sector.
Five banks- HSBC
25/04/2001
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Hansabank, owner of the largest factors in the Baltic states, Hansa Leasing, yesterday strengthened their pan-Baltic network by signing a deal to buy Lithuania’s second largest bank, Lietuvos Taupomasis Bankas (LTB). LTB owns the Lithuanian factors LTB Lizingas.
The Lithuanian state property fund agreed to allow Hansabank to purchase 90.7% of LTB after guaranteeing that the sale would not create a Swedish monopoly in the area, as Hansabank’s majority shareholders are Swedbank.
24/04/2001
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Factoring group Independent Growth Finance Plc, the holding company for GLE Invoice Finance, said on Monday it was scrapping its planned initial public offering because of poor stock market conditions.
The company had intended to raise about seven million pounds in a placing on London's junior Alternative Investment Market (AIM) that would have valued it at Ј15 - 20 million ($22-29 million). But tumbling markets undermined its plans and it said it would now look for more private investment.
23/04/2001
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On 9 April 2001, Euro Sales Finance (ESF) announced that it was examining with its lead banks ways in which its funding position could be improved. ESF had been growing its business at a fast rate, which has proved unsustainable given the limits of its overall banking facilities and as a consequence the company temporarily exceeded its borrowing limits. ESF has announced that it has the support of its banks on the basis that growth in its receivables book will be controlled.
20/04/2001
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The Better Payment Practice Group is urging UK businesses to take part in the consultation process on implementing a European Commission directive on combating late payment. The consultation document can be seen on its website (www.payontime.co.uk) and businesses have until 27 April 2001 to participate. The directive’s chief features include an automatic right to interest on a payment after 30 days, unless a date is specified in a contract; and a right for the creditor to claim reasonable compensation from the debtor for all relevant recovery costs.
19/04/2001
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Sterling Bancorp today announced record figures for the three months ended 31 March 2001. Net income for their factoring operation had risen by 28.5% to $1,401,000 from Ј1,090,000 in the corresponding period of 2000.
This increase is disproportionately high in terms of the overall figures for the company which recorded non-interest income of $5.3 million for the quarter, which represented an increase of 17% compared to the corresponding quarter of the previous year. This increase was due primarily to increases in income from mortgage banking, deposit services, and factoring.
19/04/2001
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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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