All articles by Fred Crawley
Fred Crawley
Stepping into the gap
Close Asset Finance (CAF) has launched a dedicated materials handling (MH) division, hiring Jeremy Spooner, formerly a specialist at De Lage Landen (DLL), as national sales manager for the Chester-based unit.
Their time in the sun?
In the wake of share issues by three leasing companies, Fred Crawley ponders the pros and cons of the securities route over other forms of debt raising, and asks whether equity funding works for leasing firms. For AIM-quoted 1pm plc, a fresh issue of equity in March saw £1.1m (1.3m) raised for much-needed portfolio growth, arranged via a new stockbroker, WH Ireland, which was taken on in August last year.
Brokers: Round-up
The surge of activity seen in the first quarter of 2010 among the UKs more active brokers seems to be spreading, as more introducers than not become active in recruitment, product development and most important of all securing new funders. As seen on the opposite page, Kennet Leasing is returning to its full strength, while other larger players such as Tower Leasing like Kennet, a sales-aid specialist is in hiring mode.
Sales-aid success
As Kennet Leasing celebrates its 20th anniversary, Fred Crawley catches up with the broker-cum-lessor that is making headway in the sales-aid sector. We certainly could have done more to grow quickly, but it would have put our reputation at risk, says Steve Swift, on the 20th anniversary of Kennet Equipment Leasing. Our reputation with customers and funders has always been our big priority, and its something we want to stand in our favour whenever we pick up the phone to a new funder.
Norton Folgate expands into wider finance provision
Entrepreneurial brokerage Norton Folgate has just launched an Asset Based Lending (ABL) offering, incorporating several types of commercial finance provision and aimed specifically at clients in need of corporate restructure Managed personally by managing director Robert Keep, the new product set is designed to bridge the gap between traditional asset finance and more complex corporate finance transactions involving equity as well as debt. Among the tools Keep intends to deploy for this purpose are not just asset and invoice finance, but receivables finance, inventory and stock finance, debenture backed term loans, commercial mortgages, chattel mortgages and access to a special corporate rescue fund.
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Directors behind Global EPP to appear in court
Former Global EPP directors Max Fraser and James Randall will appear before Leicester Magistrates Court tomorrow, on charges of conspiracy to defraud financial institutions and fraudulent trading. The hearing comes after a lengthy police investigation into the alleged multiple finance fraud that took place at the Leicester-based plastics forming company before it went into administration in 2007.
Record month for Volkswagen FS
Volkswagen Financial Services (VWFS) wrote £273 million worth of business in the month of March, a figure that sets a new monthly record for the captive giant, and exceeds even pre-recession monthly lending totals considerably. VWFS, which wrote £1.7 billion in 2009, took 90 percent of the March total through dealership sales, a fact which managing director Graham Wheeler says highlights the companys increasingly strong retail partnerships.
Premier Leasing signs record deal, hires Tim Jones
Lease broker Premier Leasing & Finance (PLF) has signed the biggest deal in its 18-year history, in the same month as signing on ex-One World Leasing sales director Tim Jones to run its new Manchester office. The deal, involving a £1.6 million software operating platform for a large police authority, was underwritten and structured via the middle ticket division of ING Lease UK
Equiqroup hires Steve Robinson
Steve Robinson has joined the London operation of Equigroup as business development manager, in a sign that the Australian-based asset management and tracking expert is preparing to ramp up its operations in Europe. Robinson most recently worked as a consultant for The Alta Group, previous to which he was managing director of De Lage Landens Asia-Pacific business unit. Equigroup, which is 50 percent owned by Commonwealth Bank Group, runs its European operations through London, where it is headed up by Richard Blunden.
Romania: repo asset prices down 75 percent
Romanian lessors are selling repossessed assets at a quarter of their original price, as continued oversupply in the country keeps demand for new equipment at a historic low The countrys new business volume for 2009 dropped 73 percent year-on-year, while bad debt levels rose massively due to business failures in sectors such as construction and transport. According to the site http:www.capital.ro, Raiffeisen Leasing Internationals Romanian subsidiary recently offered equipment for sale at 178,000, which had initially been worth 670,000.