All articles by Fred Crawley
Fred Crawley
Brokers welcome
Armada Finance Ltd and Black Arrow Finance (BAF) come from very different places in terms of sales channels the former has a strong history of direct sales, while the latter is a funder with a small ticket equipment book built up through many years of introducer-led business.
Reasons to be cheerful
Pre-tax profits up at JCB Finance and Angel Trains, but down at Volkswagen Financial Services. JCB Finance made a pre-tax profit of £5.4m (6m) in the year ending 30 September 2009, a 6.5% increase on the previous years figure of £5.1m.
TeliaSonera to continue S&L
Swedish telecoms company TeliaSonera has announced plans to continue to provide sale and leaseback products on IT-related equipment. The company, which last year opened the worlds first 4G network, has already signed around 20 deals of this kind, including one recently with Swedish IT company Govoda for SEK 50 million (5.1 million)
Lloyds coach finance deal wins rugby contract
Lloyds TSB Commercial Finance (LTSBCF) has signed a coach finance deal that has raised its profile in Wales, as it has allowed Edwards Coaches (EC), the largest privately owned coach company in the region, to win a five year contract with the Welsh Rugby Union. EC, based near Pontypridd and employing 210 staff, has been a customer of Lloyds TSBs commercial banking arm for 33 years, but only recently opened an asset finance facility with the bank
GE Capital buys RBS Factoring
GE Capital has acquired 100 percent of RBS Factoring GmbH, the RBS Groups factoring and invoice financing business in Germany, for an undisclosed sum RBS Factoring is one of Germanys top ten cashflow finance providers by business volume, and is expected to boost GE Capitals German factoring business to the tune of 2 billion yearly.
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New funding for 1pm and St Helen’s
March brought a welcome boost for listed lessors 1pm plc and St Helens Finance plc, with both raising funds for new growth during the month. For AIM-quoted 1pm, a fresh issue of securities saw £1.15 million raised for portfolio growth, which the company said would allow it to reduce gearing on its lease book, allowing better margins on new business. At the start of the month, however, 1pms financial director Rod Channon stepped down from his position, as the company reeled in the wake of £220,000 interim losses caused by heavy write-offs.
New IT system opens door to Euro business for HSBC
HSBC Equipment Finance (HSBCEF) is considering options for expanding its business in Europe, after the successful roll-out of a new IT system based on SunGards Ambit product Managing director Richard Carter said that once the systems performance had been evaluated across all areas of HSBCEFs UK business, the group would begin to consider which elements could be used to support HSBCs European banking operations through leasing. Carter used the example of HSBCs invoice discounting (ID) business in Hong Kong, which took inspiration from the systems model of the banks UK business when being set up, to explain how a European leasing network might grow for HSBC
JCB Finance posts £5.4 million profit
JCB Finance made a pre-tax profit of £5.4 million in the year ending 30 September 2009, a 6.5 percent increase on the previous years figure of £5.1 million. The subsidiary of banking group RBS achieved this on the back on a revenue total down 6.6 percent year-on-year, from £47 million in 2008 to just £43.9 million in 2009.
Raiffeisen merger to bolster CEE leasing business
CEE banking network Raiffeisen International (RI) has announced it will merge with parent Raiffeisen Zentralbank sterreich (RZB), in a move that may bolster the capital of RIs 17-country leasing business. The announcement was made at the same time as RI, including subsidiary business Raiffeisen Leasing International (RLI), revealed a major interannual profit decline. RI, which has increased market capitalisation vastly in recent years, posted a pre-tax profit of 368 million for 2009, some 74.3 percent down on the previous years figure
NACFB launches Commercial Finance Expo event
The National Association of Commercial Finance Brokers (NACFB) is to hold the UKs first event dedicated to commercial finance intermediaries and their funders, announcing that its inaugural Commercial Finance Expo will take place on 30th June NACFB chief executive Adam Tyler commented: There are different events which cover some aspects of the commercial finance industry, but none which get representatives from asset finance, commercial mortgages, buy-to-let, vehicle finance and factoring, all under one roof.