All articles by Charles Wheeldon
Charles Wheeldon
Asset finance is strong but cash is king for manufacturers
Asset finance is the most popular external financing product for UK manufacturers, according to a report into financing assets with the sector by EEF. Eighty-six percent of manufacturers which opted for external financing in the past three years chose asset finance, significantly outstripping traditional loans, placed second with 34%, according to a survey by the manufacturing trade body. EEF also quotes another recent survey which found that asset finance has been more widely used by manufacturers in the past two years as a way of raising capital than loans and overdrafts
Finance core to sales say IT vendors
More than half of IT vendors say that finance is core to their sales, according to research by IT finance provider Syscap Syscaps survey reveal that 56% make that claim, while 33% say they offer finance whenever potential customers raise objections about the cost of the IT they are considering. The company says theres been a growing consensus among IT vendors for the past four years that offering finance for IT purchases is essential to completing sales.
Aldermore appoints risk director
Based in Reading, Workman takes responsibility for all aspects of asset finance risk management, including ensuring an efficient sanctioning service, effective management of the loan portfolio and analysis of risk-related management information He has more than 14 years experience of risk management, collections, operations and sales and joins Aldermore from Siemens Financial Services (previously Schroder Leasing), where he was head of UK risk and latterly head of operations for the UK and Nordic region.
CIT further reduces debt by $2bn
The announcement of the $2bn tranche of 7% Series C Senior Unsecured Notes (7% Notes) maturing in 2017 will leave approximately $3.1bn of the 7% Notes maturing in 2016 and around $1.6bn principal amount of the 7% Notes maturing in 2017 still outstanding.
Leasing jobs up in BRIC, down in Europe
Recruitment in the equipment leasing sector increased 15% globally this quarter thanks to robust hiring in the US and BRIC countries, according to the Global Equipment Leasing and Finance Hiring Index. The latest quarterly index, from recruitment firm ZRG Partners, increased to 74, up from 63.7 in the previous three months, despite a 13% drop in hiring across Europe.
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HMRC seizes more assets
Syscap chief executive Philip White said: HMRC is taking a much more proactive stance at recovering unpaid VAT and is also less prepared than it was a year ago to allow businesses to defer tax payments under its Time to Pay scheme, so businesses really do need to get their payments in order or they could be at real risk of having their assets repossessed.
NetSol returns to strength
Asset finance software provider NetSol Technologies has reported net income of $1.7m (1.3m) for the three months to 31 March. The figure, although down 48% year-on-year from $3.3m, marks a return to strength after the firm reported a loss of $1.5m six months ago.
Leaseurope hits fifth decade
Leaseurope, the trade association representing the European leasing and automotive rental industries celebrated its 40th anniversary on 3 May. Thanks to our advocacy efforts, we are recognised as a critical component to capital formation for SMEs and large corporations alike and as a unique mobility provider across Europe.
New partners for WFW
Royal is a member of the asset finance team in London, focusing on commercial shipping work ranging from sale and purchase, new building and construction, ship management agreements, joint ventures and operating and finance leases.
CHP Consulting publishes lease accounting whitepaper
Asset and motor finance software and consultancy services company CHP Consulting has published an online thought leadership whitepaper about the International Accounting Standards Board and the Financial Accounting Standards Boards overhaul of lease accounting. Lease Accounting Reform: The Systems Impact for Asset Finance Lessors summarises the key features of the proposals so far, and considers the implications for lessors systems The paper, available to download from chpconsulting.com, also provides an overview of the current accounting standards, and highlights the key changes made to the original proposals set out in the Exposure Draft in 2010.