Finance and Credit

  • February 09, 2011 09 Feb'11

    Government gets banks to pledge £76bn in lending to SMEs

    It took longer than planned but the government has finally unveiled the terms of its agreement with the banks to get lending to small businesses flowing again. The outcome of Project Merlin had been expected last month but was stalled as the terms ...

  • February 03, 2011 03 Feb'11

    Avnet CEO: We still have an appetite to acquire

    Avnet is likely to get acquisitive later in the year, once Bell Microproducts and its other more recent conquests are fully digested, as management bandwidth and not financial limitations are shaping its buy and build strategy.

  • February 02, 2011 02 Feb'11

    Arrow points to improving economic climate

    Arrow has cast off the shackles of the recession after posting double digit rises in sales and profits for the fourth quarter.

  • January 24, 2011 24 Jan'11

    Red flag raised on 8,000 firms with significant financial problems

    The impact of public sector cuts has hit IT firms hard with thousands of firms showing signs of financial distress encountering critical problems in the last couple of months of last year.

  • January 24, 2011 24 Jan'11

    Small firms still waiting for access to credit to ease

    Those SMEs hoping that the government would make moves to ease up lending will have to wait longer for the banks to change their tight-fisted attitude towards small businesses.

  • January 21, 2011 21 Jan'11

    IT budgets flat as belt tightening continues through 2011

    IT budgets will not return to pre-recessionary levels this year remaining flat globally as customers look to continue savings money and consolidating their technology operations.

  • January 11, 2011 11 Jan'11

    M&A activity remains solid through 2010

    Mergers and acquisition activity in the tech sector recovered last year and finished with the value of deals rising through the course of 2010. Monthly figures from M&A watcher Regent showed that there were 237 acquisitions across Europe last month ...

  • January 10, 2011 10 Jan'11

    Insolvency trade body urges tough action on dodgy directors

    Insolvency trade body R3 has criticised the government after stats showed that in many cases it was failing to investigate and strike off company directors for misconduct.

  • January 10, 2011 10 Jan'11

    VAT and tax changes giving SMEs headaches

    The VAT rise and other demands being made of the accounts department are causing a headache for smaller firms struggling to keep on top of things.

  • January 06, 2011 06 Jan'11

    IT growth rests on "favourable" US forex rate says Gartner

    Global IT spending in 2011 hinges upon a beneficial US dollar exchange rate but comms kit, computing hardware and enterprise software represent the strongest growth prospects for the industry, according to Gartner.

  • January 04, 2011 04 Jan'11

    VAT rise kicks in to add to the high street challenge

    The chancellor George Osborne has described the VAT rise as a permanent structural tax countering those hopes that, given the ongoing tough economic environment, the government might reconsider the changes introduced today.

  • December 16, 2010 16 Dec'10

    Government IT cuts already producing savings

    The government claims that its attempts to turn the screws on ICT spending and use technology more efficiently have already contributed heavily to savings of £1bn racked up since May.

  • December 13, 2010 13 Dec'10

    Number of SMEs living on the breadline

    A significant number of small businesses are living on the breadline with barely any spare cash to cover emergencies. According to a survey from GE Capital 16% of SME's are sailing close to the wind with only a minimum amount of cash available if ...

  • November 25, 2010 25 Nov'10

    Costs of lending for SMEs continues to rise

    The cost of borrowing for SMEs in the channel continues to increase with the increases in interest rates adding misery to the existing problems getting hold of credit.

  • November 11, 2010 11 Nov'10

    Northamber books operating profit, notes caution in economy

    Northamber has once again sounded a note of caution about the impact of government austerity measures but says efforts to cut overheads and move into new areas helped it push up sales while returning to operating profit.

  • November 09, 2010 09 Nov'10

    UK tech sector a hive of M&A activity, claims Ernst & Young

    The UK tech industry was a hot bed of mergers and acquisitions in the third quarter with activity up fivefold on last year, according to an Ernst & Young report.

  • November 08, 2010 08 Nov'10

    Government department plans to tackle deficit to be revealed

    More details of where the spending cuts will fall in government departments should emerge today with the Prime Minister publishing business plans from Whitehall.

  • November 05, 2010 05 Nov'10

    Best Buy UK reveals £29m losses

    Best Buy UK might have gained plenty of headlines with its arrival in British retail parks earlier this year but it's a £29m loss which is currently gaining it publicity.

  • October 29, 2010 29 Oct'10

    Fewer companies seek extra time to pay VAT bills

    The number of companies seeking an arrangement to postpone payment of their VAT bills by increasing their time to pay (TTP) to the taxman has declined substantially since the peak of January 2009.

  • October 29, 2010 29 Oct'10

    Aggressive Ingram Micro pricing buoys sales, hits profits

    Ingram Micro posted solid revenue gains in the third quarter on the back of a strong showing in its US homeland, but aggressive deals in Europe and Asia meant that profits fell short of analyst expectations.

  • October 28, 2010 28 Oct'10

    Avnet surpasses $6bn revenue milestone

    Avnet has broken through the $6bn sales barrier in its fiscal first quarter on the back of double digit organic growth and three acquisitions.

  • October 27, 2010 27 Oct'10

    Arrow Q3 sales and profits soar

    The global components operation at distributor Arrow fuelled a 27% hike in third quarter sales as profits rebounded.

  • October 26, 2010 26 Oct'10

    IT business failures rise in September

    Sixty-seven IT businesses in the UK went to the wall during September, according to new monthly figures from financial information services provider Experian, a sequential rise of 52% and a year-on-year spike of 24%.

  • October 22, 2010 22 Oct'10

    Graydon UK seeking new managing director

    Graydon UK is interviewing for a new managing director with current boss Martin Williams set to stand down early next year. After 23 year at the credit reference agency he is semi-retiring but plans to continue building brand awareness at the ...

  • October 20, 2010 20 Oct'10

    Insolvency trade body warns corporate failures to peak in 2011

    Nearly half of all insolvency practitioners are expecting corporate failures to peak in the UK next year as the public sector spending cuts run deep into the economy.

  • October 20, 2010 20 Oct'10

    Spending Review: Britain no longer in danger zone

    The Chancellor George Osborne has set out the details of the Spending Review with health, education and areas identified as drivers of economic growth protected.

  • October 19, 2010 19 Oct'10

    Avaya flexes financing muscles

    Avaya's financing arm, Avaya Financial Services (AFS), has launched a new flexible financing scheme, Lifecycle 0%, designed to allow customers to spread payments over a period of three, four, or five years depending on the lifecycle of the products ...

  • October 19, 2010 19 Oct'10

    Nebulas Solutions secures private investment to fund growth

    Security and virtualisation specialist Nebulas Solutions has secured private investment to fund future growth. Kenneth Green, a private investor will take a 50% stake in the business.

  • October 18, 2010 18 Oct'10

    Spending review will lead to more IT offshoring, says Ovum

    The government's spending review will boost IT offshoring, according to analyst firm Ovum, writes Kathleen Hall. Government departments and suppliers will be left with little choice but to go for the cheapest options for service delivery, which ...

  • October 18, 2010 18 Oct'10

    Tech bosses voice support for Osborne cuts

    Prominent figures in the UK's ICT market are among those to voice their support for Chancellor George Osborne's round of spending cuts to be announced this week.

  • October 15, 2010 15 Oct'10

    Eddie Pacey steps down from Avnet

    Following the integration of Bell Microproducts into Avnet, European director of credit services Eddie Pacey has finally confirmed he is stepping down with immediate effect.

  • October 14, 2010 14 Oct'10

    Griffin buys comms firm Fused in pre-pack deal

    Business Internet services provider Griffin has acquired the assets, customers and contracts of fellow comms provider Fused Group in a pre-pack arrangement after the firm fell into administration. Financial terms were not disclosed.

  • October 12, 2010 12 Oct'10

    M&A activity bounces back from slow summer

    Seasonal trends are re-emerging in the tech mergers and acquisitions as spending picked up after a slow August. The survey of the last month from Regent showed there were 230 tech acquisitions across Europe with a combined value of $15.4bn.

  • October 08, 2010 08 Oct'10

    Government CIOs unprepared for £3.6bn budget cuts

    Public sector CIOs are woefully unprepared to make the £3.6bn IT budget cuts that the government is looking for, according to a study, writes Ian Grant. "Just 6% have actioned a plan to deal with the cuts, 14% have a plan but not used it,...

  • October 06, 2010 06 Oct'10

    Reseller insolvencies soar in Q3

    UPDATED A rise in channel insolvencies could be an indication that the biting economic conditions over the past eighteen months have finally taken a toll. According to figures from Graydon UK, the number of resellers that went to the wall in the ...

  • September 29, 2010 29 Sep'10

    KCOM reveals profits on track but revenues down

    KCOM expects to hit profitability targets this year but has seen its revenues drop after offloading some contracts to Phoenix IT.

  • September 24, 2010 24 Sep'10

    Business failures back to pre-credit crunch levels

    Insolvencies among British businesses have sunk to their lowest level since just before the credit crisis. The latest edition of Experian's insolvency index shows that business failures dropped to an average of 0.07% in August, the lowest point ...

  • September 20, 2010 20 Sep'10

    Clegg talks of balance with cuts

    Those in the channel hoping that the cuts coming next month in the Autumn Spending Review might not be as bad as feared will have been listening closely to Nick Clegg this afternoon.

  • September 16, 2010 16 Sep'10

    Profits rise, sales fall at Westcoast and XMA parent

    Kelido Group has boosted profits on the back of a rebound in its distributionbusiness Westcoast and efforts to cut costs across the rest of the operations. In the year to 31 December 2009, the Westcoast, Clarity and XMA parent made profits of &...

  • September 15, 2010 15 Sep'10

    Best Buy Q2 numbers boosted by European stores

    The expansion into Europe has already filtered into Best Buy's results with the US retailer planning to open more outlets in the UK this year.

  • September 09, 2010 09 Sep'10

    Clegg warns of choppy times ahead

    With the details of the government spending cuts coming shortly the message coming out of those operating in Number 10 is that things will continue to get tough.

  • September 08, 2010 08 Sep'10

    Euler inflicts first credit insurance cut on public sector player

    Euler Hermes is viewing resellers that have grown reliant on the public sector purse with some caution and has already taken the knife to one mid-sized business that is heavily focused on the government space.

  • September 07, 2010 07 Sep'10

    Northamber turns a profit, cautiouly optimistic about FY11

    Northamber returned to operational profits in fiscal 2010 assisted by some prudent cost cutting measures and unlike recent years is looking forward to the next twelve months with a "degree of optimistic caution".

  • September 01, 2010 01 Sep'10

    Trustmarque launches cost saving public sector campaign

    Trustmarque has kicked off a campaign to appeal to its cash strapped public sector customers struggling to find budget as the government cuts get ever deeper.

  • August 25, 2010 25 Aug'10

    DSG Retail slammed for dumping credit card data in a skip

    DSG Retail has become the latest corporation to have its knuckles rapped over losing customer data after a number of customer credit agreements were found in a skip.

  • August 19, 2010 19 Aug'10

    Tech Data posts sales and profits rises in Q2

    Tech Data managed to push up sales and profits in Q2 despite sailing into a foreign currency headwind, which was compounded by continued economic challenges on both sides of the Atlantic early in the trading period.

  • August 18, 2010 18 Aug'10

    Banks failure to value reseller property hitting loans

    The failure by banks to value reseller property properly is having an impact on the amount they loan using buildings as security.

  • August 18, 2010 18 Aug'10

    SME insolvencies continue to fall

    The level of insolvencies among SME firms in the IT sector continue to drop from the grip of recession last year but larger firms continue to run into difficulty.

  • August 12, 2010 12 Aug'10

    Strengthening refresh cycle tempers Avnet revenues

    Avnet chairman and CEO Roy Vallee has spoken optimistically of recovery in the technology markets and hailed the strengthening IT refresh cycle as the broadline IT and electronic components distributor posted record sales in the final quarter of its...

  • August 11, 2010 11 Aug'10

    Lax security, complex payments leave SMBs open to fraud

    An increase in calls from members complaining about payment processing fraud has prompted the Forum of Private Business to warn that both insufficient security checks and complex payment systems are still leaving SMBs open to fraud.

  • August 11, 2010 11 Aug'10

    Weak governance undermines IT savings

    by Rebecca Thomson Weak IT governance and a lack of tangible benefits from projects is leading to under-investment in IT, according to public sector IT managers group Socitm. In 2009, public sector IT managers increased user satisfaction while ...

  • August 10, 2010 10 Aug'10

    Gartner downgrades enterprise spending forecast

    Gartner has downgraded its enterprise IT spending forecast for 2010 as the fragile global economy hangs in the balance and urged the industry to put contingency plans in place to counter a slowdown next year as governments weigh in with cost-cutting...

  • August 09, 2010 09 Aug'10

    UK banks seek to deflect complaints over business loans

    The UK's big six banks have established a taskforce to look at the issue of providing finance to businesses even though they continue to claim companies have become less willing to seek loans.

  • August 05, 2010 05 Aug'10

    Bank lending to SMEs down by half

    The amount banks lend to small businesses has halved since the recession took hold in the UK, official figures have revealed.

  • August 05, 2010 05 Aug'10

    Big surge in technology M&A deals in the UK

    Corporate merger and acquisition (M&A) deals in the UK technology sector rose by a third in the second quarter of 2010, making it the most acquisitive technology sector in Europe and second only to the US globally.

  • August 02, 2010 02 Aug'10

    C2000 unveils end-user finance scheme for partners

    Computer 2000 has become the first UK distributor to launch an end user financing scheme which it claims will give resellers a significant advantage over competitors.

  • July 30, 2010 30 Jul'10

    Euler ups credit insurance by €40bn, predicts fall in insolvencies

    Credit insurer Euler Hermes has brushed aside continued fears of a double dip recession to forecast a drop in corporate insolvencies for this year and next.

  • July 30, 2010 30 Jul'10

    Ingram Micro "back in the game" after record Q2

    Ingram Micro is "back in the game" according to its CEO after hitting the highest Q2 profits in its history helped along by an IT industry refresh, taking market share from smaller rivals and cost cutting activities implemented during the recession.

  • July 28, 2010 28 Jul'10

    Arrow Electronics Q2 numbers surpass pre-recession highs

    Arrow Components has surpassed pre-recession revenues and profits in a bumper second quarter during which both divisions returned to double digit growth. Sales for the period ended 3 July were up 36% year-on-year to $4.61bn as profits soared to ...

  • July 28, 2010 28 Jul'10

    Carphone Warehouse sees strong start to year

    The Carphone Warehouse Group (CPW) this morning reported that growth in sales of smartphones and good initial trading at its newly-launched Best Buy JV helped like-for-like revenues grow 3.7% at constant currency rates.

  • July 27, 2010 27 Jul'10

    Banks urged to increase lending to SMEs

    The government is stepping up pressure on the banking community to increase lending to cash strapped SMEs.

  • July 26, 2010 26 Jul'10

    SMEs still struggling to get access to bank lending

    The Prime Minister might like to talk tough about getting the banks to lend to small businesses but the evidence on the ground is that it is not getting easier to access credit.

  • July 23, 2010 23 Jul'10

    Westcon ups profitability with credit arrangement

    Networking distributor Westcon has replaced its European vendor-based inventory financing facility with a $200m agreement with HSBC Invoice Finance.

  • July 22, 2010 22 Jul'10

    Oracle highlights £900m being wasted by UK PLC each week

    Inefficient storage and bizarre working practices are wasting UK Plc money at a point where it can ill afford the expense.

  • July 21, 2010 21 Jul'10

    Disties demand investigation into stock sale at collapsed broker

    Creditors of defunct broker Micro IT Component (MITC) are unlikely to see a return after liquidator Wilson Field confirmed that it will not be able to recoup one penny of the circa £250,000 book debt amid highly unusual circumstances.

  • July 20, 2010 20 Jul'10

    UK reseller insolvencies defy gloomy predictions

    Reseller and distributor insolvencies fell by double digits during the second quarter proving wrong the soothsayers that had predicted a bloodbath. Figures by Graydon UK show that a total of 61 firms went to the wall, down 16% on the same period a ...

  • July 16, 2010 16 Jul'10

    KCOM tells shareholders profitability is the aim

    KCOM has told shareholders at its AGM this morning that it expects to return to growth this year and has sorted out confusion with its pension scheme.

  • July 15, 2010 15 Jul'10

    Shaky confidence hits IT budgets

    Spending on technology is expected to fall in the next year in both Europe and the US as a result of the continuing economic uncertainty. The latest quarterly poll of CIOs from UBS indicates that confidence remains very shaky with IT budgets ...

  • July 09, 2010 09 Jul'10

    Avnet president vows to maintain reseller credit lines

    The European president at Avnet Technology Solutions has vowed to maintain the credit limits that it and new acquisition Bell Microproducts offered individually to resellers.

  • July 08, 2010 08 Jul'10

    SMEs most at risk from public sector cuts warns Begbie Traynor

    Public sector spending cuts will be a hammer blow to the fragile recovery of some small IT firms as the government turns to larger listed or global corporate giants that have the economies of scale to offer cheaper goods and services.

  • July 08, 2010 08 Jul'10

    Gartner warns CIOs to be prepared for double dip

    If things weren't bad enough with the government swinging the axe on projects and expenditure left, right and centre one of the largest analyst houses has warned CIOs to prepare for a double dip recession.

  • July 05, 2010 05 Jul'10

    EC approves Avnet acquisition of Bell Microproducts

    The European Commission has approved Avnet's proposed $594m (£392m) takeover of Bell Microproducts after deciding it will not stifle competition in the distribution channel.

  • July 02, 2010 02 Jul'10

    Analysis: The new normal in the credit world

    When Cisco called together the main executives in its Capital business to talk about the current state of credit the resulting conversation showed the situation seems to have changed fundamentally since the start of the recession.

  • June 30, 2010 30 Jun'10

    US channel hits pre-recession high, Europe close behind

    Sales through the major US distributors have surpassed pre-recession levels and Europe is gradually heading in the right direction, according to figures from the Global Technology Distribution Council (GTDC).

  • June 30, 2010 30 Jun'10

    Cisco Capital tweaks financing thresholds

    Cisco Capital has tweaked the balance of reseller deals it will finance that include third party products to allow its partners to sell a wider solution.

  • June 29, 2010 29 Jun'10

    Bell Microproducts shareholders approve Avnet acquisition

    Bell Microproducts shareholders last night voted overwhelmingly in favour of the proposed acquisition by Avnet Corporation. The offer of $7 per share, which valued the distributor at $594m (£396.6m), was tabled late in March and is edging ...

  • June 28, 2010 28 Jun'10

    Dell named and shamed in late payment debacle

    Dell has been criticised for extending the time it takes to pay suppliers by an additional 15 days.

  • June 23, 2010 23 Jun'10

    Budget analysis: what it means for business

    The Chancellor of the Exchequer has at last delivered the bad news of the full extent of the spending cuts and tax rises that are needed to bring the fiscal deficit under control within the next five years, Paula Tallon gauges the impact for ...

  • June 22, 2010 22 Jun'10

    Emergency budget: Landline broadband tax scrapped

    The landline duty has been abolished even before it could be introduced and the government is supporting private broadband funding to reach rural areas using money that hasn't been spent in the digital switchover campaign.

  • June 22, 2010 22 Jun'10

    Emergency Budget: Corporation tax to be cut

    Corporation tax is to be cut to make the UK a more competitive environment for businesses and credit will be made more readily available to support a private sector recovery.

  • June 22, 2010 22 Jun'10

    Economic growth for 2010 lower at 1.2%

    Growth in the UK economy in the economy is expected to be 1.2% rising to 2.7% by 2014 with the inflation target keeping firm at 2%.

  • June 22, 2010 22 Jun'10

    Private sector to lead the recovery

    The Chancellor George Osborne has spoken of a budget that will look to the private sector to lead the country out of the depths of recession. As the government review public spending it is looking to rebalance the economy with more growth coming ...

  • June 22, 2010 22 Jun'10

    Budget will be difficult and controversial

    The words "difficult and controversial" are being used this morning in the run up to the emergency budget being delivered in less than half an hour by the Chancellor George Osborne.

  • June 21, 2010 21 Jun'10

    England's poor performance will cost the economy

    England's failure to deliver a decent winning performance against Algeria has produced the scenario a lot of employers were dreading with the game this Wednesday afternoon now taking on a great deal of importance.

  • June 16, 2010 16 Jun'10

    Calls for R&D tax relief to be protected in emergency budget

    The wish list for next week's emergency budget is growing with calls for less of a tax burden for small firms and a commitment to maintaining investment in technology.

  • June 15, 2010 15 Jun'10

    Three SME resellers rocked by £20,000 fraud

    The channel has been warned to lookout for suspicious orders following a spate of costly long term frauds perpetrated against resellers. In recent weeks three resellers have delivered £20,000 worth of laptops to fraudsters that ordered the kit...

  • June 11, 2010 11 Jun'10

    European M&A market hits two year high

    A series of billion-dollar buys last month pushed the combined M&A market to a value high of $15.8bn, a level not seen since mid-2008, according to the May 2010 monthly briefing from corporate finance services house Regent.

  • June 10, 2010 10 Jun'10

    Small firms fear tax hikes in emergency Budget

    With the emergency budget just a few days away the fears over the prospect of tax hikes are having an impact on small business confidence.

  • May 18, 2010 18 May'10

    Micro-P parent grows annual sales, profits

    Micro-P and Gem parent SerCom, the IT arm of DCC, has posted improved results for the fiscal year ended 31 March 2010, with chief executive Tommy Breen hailing "excellent results in its distribution businesses in Britain."

  • May 18, 2010 18 May'10

    Bell slides to $5m loss in Q1 ahead of Avnet acquisition

    Bell Microproducts managed to push up its sales by double digits during the first quarter but slid to a substantial loss in what is likely to be its last quarter reported under the current ownership.