‘Banks still not lending’
Up to 65 percent of corporate financial
advisors believe “banks are not lending”, a recent poll by Centric
Commercial Finance revealed. The survey also found that 72 percent
of accountants and finance brokers view cashflow as their clients’
biggest challenge. Described by advisers as a “core funding
solution”, 80 percent of respondents stated that asset-based
lending and invoice discounting offer “improved working capital”,
followed by “higher levels of finance” over and above traditional
New Manheim Auctions site
Manheim Auctions is opening a new auction
centre at Brunting-thorpe in Leicestershire, the auctioneer has
announced. The first sale at the new centre will be held this
month, and the programme will expand during 2010 with regular car,
van and truck sales on behalf of manufacturers and lessors.
PCFG confident about 2010
Private & Commercial Finance Group
said it “can look forward to 2010 with confidence”. The AIM-listed
SME lessor made a pre-tax profit of £121,474 (€135,600) in the six
months to 30 September 30, down 76 percent on the same period last
year. Turnover was also down: £29.9 million as opposed to £31.9
million in 2008.
“Although this is below the level of profitability we are capable
of achieving in a normal economic environment, we have shown our
robustness in difficult financial conditions,” said PCFG chief
executive Scott Maybury.
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RBS gambler jailed for £70,000
An asset finance manager for the Royal
Bank of Scotland has been jailed for two years after deceiving his
employers out of £70,000 (€79,500) over a nine-month period. Yuen
Fai James Lee abused his position at RBS to “create false
transactions or non-existent transactions” for clients, Clare
Stevens, prosecuting, told Bradford Crown Court.
When arrested, Lee told police of his gambling addiction, which was
said to date from his adolescence. His lawyer told the court he was
“remorseful” about what had happened, and that he was engaging with