All articles by Verdict Staff
Verdict Staff
Back in business
Last month, Leasing Life reported on growth plans from WestWon Capital, Associated Commercial Finance, Capital Solutions Group, and Premier Asset Finance, an outfit comprising ex-Bank of Scotland (BoS) sales veterans.
Databank
No doubt worsened by the bad weather, FLA member business finance volumes continued their downward slide. Excluding big ticket volumes, business finance notably fell below the £1bn (1.1bn) mark, about half the level of 2007 and 2008 and 18% below 2009
Rising stars – UK asset finance
On the back of greater freeing-up of capital, as well as an upsurge in market confidence, a string of acquisitions have been made in recent weeks Heritable Asset Finance, Total Asset Finance, the book of Universal Leasing, and Leasedirect Finance
Financial results
The Austrian leasing market experienced a 23% decrease in new business volume to 5.26bn, according to Austrian leasing association VL.
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Lessors launch bids to buy General Capital
Leasing companies and finance entrepreneurs have launched bids to buy the remaining portfolios of the two General Capital companies that collapsed into administration earlier this month, Leasing Life has learnt Tarun Mistry, the head of leasing and advisory services at Grant Thornton involved in the administration, said that he had seen quite a lot of interest for the leasing portfolios of the two companies, General Capital Venture Finance Ltd and General Capital Finance Ltd. The companies asset finance business, which is larger than their two other arms which specialise in venture capital and property finance, has a portfolio of around 700 lease contracts to SMEs worth in total around £8 million plus interest
Basement talk
Shoes were worn down at the FLA dinner, as guests quickly cantered between the numerous pre- and post-dinner knees-ups organised by the high and mighty of the English legal profession and UK lease consultancies
Leasing case against ‘poor payer’Paramount advances law of forfeiture
In a recent leading judgment, the issue of whether a lessee under an aircraft operating lease could seek relief against forfeiture was considered by the Commercial Court The case is reported as Celestial Aviation Trading 71 Limited vs Paramount Airways Private Limited 2010 EWHC 185.
Grenke grows in UK and Luxembourg
Despite the trend among most European leasing companies to avoid expansion during the current recession, Grenke Group has already in 2010 launched businesses in Northern Ireland and Luxembourg and has plans for further expansion. The German micro-ticket lessor announced today that it had implemented a cell division in the UK with the opening of a new branch in Belfast. The group, which also reported that it had gained a new franchise partner in Luxembourg, expects to achieve new business growth of 15 percent in 2010.
ING Lease and Aldermore sign deal with Syscap
Last month, Syscap agreed with Royal Bank of Scotland an £8.3 million senior debt facility, a revolving credit worth £13.6 million and a £500,000 overdraft, according to latest public accounts filings. As well as having received confirmation of continued financial support from the directors of AnaCap, a private equity fund which owns major stake in Syscap, the lessor has also in recent weeks negotiated fresh wholesale finance facilities with ING Lease UK and Aldermore Bank.