All articles by Claire Hack
Claire Hack
Northgate in debt refinancing
Light commercial vehicle hire specialist Northgate has signed a comprehensive debt refinancing package.The package includes a new eight-year £100 million (114 million) term loan facility from the PrudentialM&G UK Companies Financing Fund, as well as a committed bank facility, and existing loan notes The bank facility has an extended maturity of September 2014 initially £470 million (533.7 million) in size and shrinking to £395 million (449 million) in November 2012
Strong Q1 revenue for Econocom
Consolidated revenue for French IT and telecoms funder Econocom Group totalled 350 million (£306.4 million) at the end of March 2011 a 91.3 percent increase compared to Q1 2010. Having completed the acquisition of ECS Group from Socit Gnrale in October 2010, Econocom said it spent most of the first three months of 2011 working on the integration of the sales, technical and administrative teams of ECS Group
CBF drive to add clarity
The launch of Close Asset Finances consolidated broker division, Close Business Finance (CBF), was driven by a desire to provide joined-up services for the market Speaking to Leasing Life, Mike Randall, managing director of the broker and transport divisions at Close Asset Finance, said: We felt the time was right to make a clear statement to the market place
Lease accounting standard delay
However, a transcript of an interview with Sir David Tweedie, Chairman of the International Accounting Standards Board (IASB) and Leslie Seidman, Chairman of the Financial Accounting Standards Boards (FASB), published on the IFRS website, revealed the programme is expected to be completed by the end of this year
ECS to become Econocom
The new name is one among a number of changes taking place at the former Socit Gnrale subsidiary over the course of the year and will mean the ECS brand will all but disappear from the market.
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Hitachi Capital builds team
Briggs, who has previously worked at companies including Volvo Trucks, Lombard, Alliance & Leicester and GE, has been taken on to support the companys growth in business asset finance He has more than 35 years of experience and will be working towards creating an effective and cost efficient marketing strategy, the company said
Norton Folgate bounces back
Brokerage Norton Folgate is back in profit two years after it was repurchased via a special purpose vehicle. As of March 2011, the end of the companys financial year, underlying sales growth was up 29 percent compared to the same period a year previously. Growth of 25 percent or more has been forecast for the coming year, and no addition to fixed overhead is expected
Angel Trains in debt refinancing
Rolling stock lessor Angel Trains Group has issued a £400 million (455m) long-term amortising bond as part of its debt refinancing programme, through its subsidiary The Great Rolling Stock Company Ltd. The proceeds from the issuance will be used to refinance partially the existing senior bank debt, providing Angel Trains with a stable, long-term financial base
Flowerday returns to Syscap
Kevin Flowerday has returned to former employer Syscap, after two years at ECS, as part of a bid to expand its public sector and education division. The world and the public sector have changed an awful lot in the last two years, he said. I know the business systems and the people already so my first two weeks have been spent finding out exactly where we sit in line with all the redefined aspects of the public sector.
ABN AMRO Lease grows new business volume by 20%
Dutch lessor ABN Amro Lease has reported growth in new business of 20% to 970m for the year to 31 December 2010. It was a good year in terms of new business,” said Robert Peterson, director of strategy and innovation.