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January 12, 2010

In brief

Up to 65 percent of corporate financial advisors believe banks are not lending, a recent poll by Centric Commercial Finance revealed 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 sources.

By Verdict Staff

‘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 sources.

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.

RBS gambler jailed for £70,000 swindle

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 Gamblers Anonymous.

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