All articles by Claire Hack
Claire Hack
Lease scandal case collapses for second time
Late submission of evidence means trial of former Business Telecom staff put back until next year. The Business Telecom scandal rumbles on, after the trial of two of its staff, accused of using misrepresentation to induce customers to sign lengthy and expensive leasing agreements for telephone equipment, has collapsed for the second time.
PCFG “resilient” in year to 31 March
AIM-quoted finance house Private & Commercial Finance Group (PCFG) has released its results for the year ending 31 March 2010 The group saw its pre-tax profit more than double to £528,361 (649,669) and also strengthened its balance sheet with £1.4 million of new share capital and the repayment of £2.3 million of loan stock.
FLA calls on UK government to help SMEs
The Finance and Leasing Association (FLA) is calling on the government to provide incentives to help small businesses invest in new and updated equipment According to recently released figures, nearly a third of smaller businesses are not currently profitable and so do not qualify for existing tax breaks Making leased equipment eligible for capital allowances would help their potential for recovery, the FLA has said
Siemens “to set up own bank”
With the help of a licensed credit institution, Siemens aims to expand the product portfolio of its financial services unit, particularly in the sales finance area, add flexibility to group financing and optimise its risk management, Siemens said, in a statement published in the UKs Financial Times newspaper.
ECS UK takes on risk administrator
Socit Gnrale subsidiary ECS UK has hired a new risk administrator ECS UK also recently took up provision of maintenance and other services to its customers, in line with a trend mirrored across Europe among IT lessors aiming to provide solution-based finance models.
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New hires at Bluestone and Xerox
Yorkshire-based lessor Bluestone Leasing has taken on Mark Johnston as regional development manager. Johnston leaves his previous position as regional sales director at broker VRS Equipment Leasing. Rania Pugh has also left German lessor Grenke Leasing for a position at Xerox Finance.
Yorkshire Bank helps company see off Chinese competition
Yorkshire Bank has helped a Rotherham diecasting company to see off competition from Chinese rivals by supplying asset finance for new machinery. The bank, which is owned by National Australia Bank, provided financing for three diecasting machines and two robotic arms to PMS Diecasting. PMS carries out high-pressure zinc diecasting for clients including Yale Locks, Chubb Union and Britax.
Leasing industry reacts to emergency budget
Edward Rimmer, UK chief executive at specialist business finance provider, Bibby Financial Services, for example, criticised the Chancellor for increasing VAT to 20%. He said: Osbornes pledge to reduce the budget deficit by focusing on lowering public spending rather than increasing taxes wasnt demonstrated by what many commentators would agree was the focal point of the budget the increase of VAT.
Lombard to fund solar power scheme
The RBS subsidiary is said to have supplied the package to renewable electricity company A Shade Greener, which is now installing solar panels on houses in northern England a measure that could see domestic electricity bills cut by up to 50%. Domestic solar photovoltaic panels usually cost between £15,000 (18,000) and £25,000 to install but A Shade Greener will be installing them for free, and collecting the feed-in tariff, which is guaranteed for 25 years.
Anaerobic digestion and biogas show to be held
The Anaerobic Digestion and Biogas Association (ADBA) is to host a special event in July As reported by Leasing Life this month (June) anaerobic digestion (AD) in particular could present opportunities for lessors as it is possible to part-fund projects through asset finance. And with increasing government backing for renewable energy schemes, the need to find ways to finance equipment is becoming more and more pronounced, ADBA said.