All articles by Brendan Malkin
Brendan Malkin
St Helen’s optimistic despite bad debt increases
However, the City of London-based lessor still has a long way to go, with its latest financial statement for year-end 2007 revealing an increase in total losses, mainly from bad debt, of £312,391, up from £168,000 in 2006 Nonetheless, managing director, Norman Kenvyn is optimistic about future prospects saying the current economic uncertainties will undoubtedly present the company with greater new business opportunities as traditional lenders to SMEs start to tighten available facilities
Bibby scoops Siemens’ factoring arm
Siemens Financial Services (SFS) continues its sale of non core assets with the announcement today that it has offloaded its invoice factoring business to Bibby Financial Services Group
1pm secures second banking facility in two months
Specialist SME lessor 1pm has secured fresh banking facilities from Handelsbanken worth £350,000
Banif Leasing set to expand
The bank opened 35 branches last year and plans to do the same again in 2008, some of which will provide asset finance capability through Banif Leasing.
Leasing arm of UniCredit unaffected by derivative loss
Leasing arm of UniCredit unaffected by derivative loss Banca Italease has seen its share price drop far beyond its worst expectations, key staff removed, a restructuring plan put in place, and much more, all because of its exposure to bad derivatives Potentially, a similar fate, although perhaps less far reaching, awaits UniCredit SpA following the announcement last week by the director general of UniCredit Banca d’Impresa, Gianni Coriani, that the bank’s corporate clients had some 1bn in losses linked to derivatives against overall contracts worth some 30bn However, according to Edith Holzer, head of Marketing & Communications at the Vienna branch of UniCredit Global Leasing S.p.A, we do not expect any impact on leasing side since UniCredit Global Leasing does not do any derivative business and is not directly involved
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Hospital highlights benefits of leasing
Hospital highlights benefits of leasing A £1.2m leasing deal has been completed as part of a major revamp of Basingstoke hospital. These include 20 highly-specialised intensive care and delivery suite beds, 400 pressure-relieving mattresses and 105 electric pressure-relieving mattresses
Merchant House Finance sales exceed £110K
First half year turnover at Merchant House Finance Limited, which plans to float on AIM by 2009, totalled £116,737, according to latest results. Since November 2006 it has been 49 per cent owned by Merchant House Group, and the remaining 51 per cent is owned by Industrial Investment Group Ltd.
European lessors under threat from bad debt and credit turmoil
Turmoil in the credit and equity markets, increasing levels of debt, and the collapse of the sub-prime lending market have impacted negatively on some leasing companies. Meanwhile, Lloyds TSB has seen an increase in impairment charges, and Barclays Capital, the structured lending and big ticket leasing arm, has been left exposed to millions of pounds worth of debt
Betts bolsters Merchant
Betts has been the first of a number of senior leasing executives to join Merchant House Finance, which was formed as a joint venture between Industrial Investment Group and AIM listed Merchant House Group plc in 2006
LL charity lunch raises £4K for Cancer Journey
Last month saw the relaunch of the Leasing Life Christmas Lunch after a lapse of five years.