All articles by Antonio Fabrizio
Antonio Fabrizio
Cattles in talks with debt providers to stabilise financial position
UK embattled lender Cattles is in talks with its bankers and bondholders to stabilise its financial position. The lender, which earlier this month said it was considering disposing of Cattles Invoice Finance, one of the groups subsidiaries, said that no decision had been reached yet on the issue. However, it said it is undertaking a series of actions including the appointment of a new management team from both inside and outside the company, as well as a controlled process of debt recovery and cash collection, in order to reduce costs.
SMMT: April CV registrations 45% down
Commercial vehicle registrations in the UK continued their precipitous fall last month, according to industry figures recently released. The Society of Motor Manufacturers and Traders (SMMT) said that total registrations were almost 45 percent down in April, and 27.7 percent down to 286,841 for the rolling year.
B2F signs agreement with Italian IT distributor
Online finance portal Business2Finance (B2F) has just signed an agreement with CDC-Computer Discount, one of Italys biggest players in the market of IT distribution. The Milan-based company said that from now on all financial services deriving from the CDC network will be done through CDCs virtual business unit, organised within the B2F portal B2F, a financial services marketplace that matches the needs of vendors with lessors, is owned by Liscor, a leasing software provider which is active in Southern Europe as well as the CEE region.
Italease shareholders approve 2008 results
Banca Italeases shareholders have officially approved the financial statements for 2008, which included a loss of 1.11 billion for the financial year. During a six-hour-long meeting, chaired by Lino Benassi, shareholders acknowledged that the companys losses mainly stemmed from net valuation adjustments to receivables in the amount of 847 million, consequent to the exceptional and sudden worsening of the macroeconomic framework.
German investor acquires 50% of LeasePlan
A German investment company has agreed to acquire 50 percent of shares in LeasePlan, the Dutch-headquartered fleet and vehicle management company, joining Volkswagen which currently owns the other 50 percent. Fleet Investment, owned by German banker Friedrich von Metzler, will become a 50 percent shareholder of LeasePlan, after LeasePlans two Gulf co-investors Abu Dhabis Mubadala Development Company and Saudi Arabias Olayan Group decided to divest their stakes in the lessor.
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Outside the comfort zone
In the first of a regular section on business performance across Europe, Leasing Life investigates just how bad the recession is affecting once thriving leasing economies in Central and Eastern Europe. Romanias arrears figures as a percentage of overall debt which even last November were as high as 5 percent now total a whopping 8.44 percent.
A renewable future
Despite a general drop-off in investment in clean energy projects, industry experts say that asset finance can still play a large role in the renewable energy sector, and in doing so fill the current gap in financing opportunities for those companies and organisations that plan to go green. Total financial investments including asset finance, venture finance and project finance in clean energy halved globally between Q108 and Q109 to total $13.3 billion (10.1 billion), according to recent findings from New Energy Finance (NEF)
Registrations to tumble as recession bites
The bus and coach sector has suffered less than the rest of the wheeled industry, although experts remain cautious about the sector’ss future.
Bibby giving caterers some credit
Bibby Leasing, the asset finance arm of Bibby Financial Services, has done exactly this by building a strong relationship with the Catering Equipment Distributors Association (CEDA) over a 10-year period.
Vision Commercial Kitchens settles for Admiral Leasing
Manchester-based Vision Commercial Kitchens (CK) has developed a strong partnership with Admiral Leasing, a UK provider of equipment and machinery finance, and has made it the official partner for leasing agreements with its customers.