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Financial firms that factor agricultural accounts receivable won a big victory last week that should help sustain the crucial liquidity that such firms provide to agricultural brokers and, indirectly, to growers.
14/06/2001
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GLE Invoice Finance has announced that it will strengthen its sales team by appointing Pete Stanton to the position of Regional Sales Director for the West Midlands. Pete joins GLE with many years’ experience, having worked for Bank of Scotland’s factoring and discounting arm, Capital Bank Cashflow Finance.
Pete has been recruited to raise GLE’s profile and increase their client base in the West Midlands and joins a growing sales team. GLE currently has sales offices in Berkshire, Essex, East Midlands, and now the West Midlands as well as their head office in Kent.
13/06/2001
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The Secretary of State and the Chancellor have agreed a request by the Competition Commission for a four month extension to complete their report on the supply of banking services by clearing banks to small and medium-sized businesses. This will enable the Commission to consider further arguments and evidence from the banks.
The period for reporting on the monopoly reference has been extended from 19 June to 19 October 2001.
13/06/2001
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Lending to small businesses rose by Ј1.4 billion (+3.6%) in the first quarter of 2001. This was higher than the previous quarter's rise due to increased overdraft borrowing and brought total lending to Ј40.3 billion at the end of March 2001. Virtually all of the increase in term lending was at variable rates.
The first quarter say little change in the total number of current and deposit accounts for small businesses, although there was a small migration from deposit accounts into current accounts. Deposit levels remained unchanged at Ј41.3 billion.
13/06/2001
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Alliance & Leicester has announced its entry into the growing factoring market in partnership with Bibby Group of Factors. The new offering confirms A&L's commitment to extend the services it offers to businesses and marks another partnership following the recently announced link-up with Legal & General.
The new offering, aimed at small to medium-sized businesses, will trade under the name Alliance & Leicester Invoice Finance and will combine the brand strength and financial backing of A&L with the collections and sales ledger expertise supplied by Bibby Factors.
31/05/2001
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French investment bank Natexis Banques Populaires, which has a factoring subsidiary, has received authorisation from the Bank of Spain to open a bank in the country. It previously had a representative office. Natexis is part of the banking group Banques Populaires.
30/05/2001
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The factoring company Venture Finance plc, which provides loans under the government’s Small Firms Loan Guarantee Scheme, has extended the facility to include start ups. Originally Venture Finance launched the scheme for companies with a minimum annual turnover of Ј1m. The scheme is available alongside factoring and invoice discounting.
In the six months ended September 2000, Venture Finance had lent Ј690,000, making them the ninth largest lender under the Small Loans Guarantee Scheme in the UK.
23/05/2001
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Subsequent to the issuing of a profit warning last month and warnings of exceptional changes in its final quarter, the factoring and invoice discounting group, Euro Sales Finance, has put itself up for sale, saying that it would be better with a cash rich company behind it.
The company lost two-thirds of its stock market value last month after it warned of a cashflow squeeze caused by overly rapid expansion in France and Germany which it did not have the resources to fund.
21/05/2001
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Isis Factors PLC have released their annual accounts for the year ended 31 October 2000. Turnover has fallen by 7.82% to Ј1,762,187 from the 1999 figure of Ј1,911,699. Pre-taxation profit has fallen by 3.92% to Ј841,924, This compares with the pre-taxation profit of Ј876,307.
In spite of a fall in absolute terms of both turnover and profit, Isis Factors’ profit margin (the ratio of profit to turnover) has risen to 47.78% from 45.83%, as has their liquidity ratio from 1.62 to 2.2.
BCR Publishing
21/05/2001
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Euro Sales Finance (ESF), the pan European sales finance company, today announces its third quarter results for the nine months ending 31 March 2001.
The highlights for the nine month period:
Profits before tax amounted to Ј4.036m, which compares with Ј1.971m a year ago.
Quarter ahead 82% at Ј1m
Earnings per share 17.0p(11.1p last year)
17/05/2001
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The growth rate in international factoring volumes world wide is now greater than the growth rate in domestic factoring according to the latest figures for the industry released by Factors Chain International (FCI).
14/05/2001
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Steve Websdale has been appointed to the position of Chief Executive of the Factors and Discounters Association, the industry association for factors and discounters operating within the UK. Mr Websdale was formerly managing director of Capital Bank Cashflow Finance (now called "Cashflow Finance") and has worked within the industry since 1979.
Mr. Websdale became Chief Executive of the FDA on Monday 30 April 2001.
04/05/2001
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Mikhail Treyvish, managing director of the factoring department of the Moscow-based NIKoil Investment Banking Group, has announced plans to host a conference on factoring in eastern Europe and the states of the former Soviet Union.
The conference will take place in Moscow (“Le Royal Meridien National” hotel is currently mooted as the venue) between Wednesday 27 and Friday 29 June 2001 with a rich cultural programme planned for the weekend. The theme of the conference is “Factoring in Eastern Europe and CIS countries”.
04/05/2001
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Ernst and Young figures show that UK is Europe's favourite place to
invest.
Trade and Industry Secretary Stephen Byers today hailed new inward
investment figures released by accountants Ernst and Young as a
"ringing endorsement" for the UK.
The figures show that the UK is the favourite place for inward
investment among European countries. The company's Investment
Monitor Report covering the year 2000 shows that:
04/05/2001
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Capital Bank Cashflow Finance Limited have released their annual accounts for the year ended 28 February 2001. Turnover has fallen by 9.66% to Ј15.926million from the 2000 figure of Ј17.628million. A pre-taxation loss of Ј473,000 was recorded. This compares with the pre-taxation profit of Ј1.235 million recorded in 2000.
In spite of these less favourable results, the company’s liquidity ratio improved from 1.043 in 2000 to 1.05 and the average remuneration for employees also showed an increase on last year.
02/05/2001
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