Factoring and invoice discounting for prescription charges

One of the bank owned factoring companies not normally associated with innovation will be announcing a scheme later this week specifically geared to the funding of prescription charges which should prove to be useful to pharmacists and healthcare professionals who have to wait quite a while for re-imbursement from HMG

Funding will be available up to 95% of invoice values.

For further details please contact Factoring Solutions on 01827 707680 or via their website www.factoringsolutions.co.uk

Venture Finance ownership

Venture Finance was unwittingly caught up in the problems surrounding Fortis as Fortis had supposedly acquired them as part of the carve up of ABN Amro but had then been told to divest themselves of the ABN assets as part of their own rescue by various Governments.

Venture Finance remains part of the ABN Amro group which in turn is now owned by the Dutch Government so we are pleased to see that their foundation is now secure.

Wageroller in Administration

Administrators have been appointed to Quest 4 Finance Ltd who operated the Wageroller facility. Whilst never wholly convinced enough about the payroll funding facility to actually introduce any business to the company it is still sad to see their demise as the product was fairly innovative.

Davenham Group Problems

Less than a year after Davenham rejected an £84m takeover bid at £3.25 per share an announcement that record bad debts will wipe out any profits has seen the share price tumble to just 8.25p

The company has taken measures to react to changing circumstances by making a large number of staff redundant whilst employing more people in it’s arrears department but there are still concerns that the problems that originate in the property division might impact on the factoring and trade finance divisions.

Davenhams have some niche products for financing the SME sector including a stock finance facility that is quite innovative and we would hate to see that plunging property values will affect the company’s ability to continue increasing it’s presence in the factoring arena

Factoring PR blunders

In these fast moving and difficult times one has to be doubly careful of press releases and PR exercises as they may leave you with egg on your face at a later stage.

The current edition of the glossy magazine Business Money has a full colour cover devoted to Landsbanki which will no doubt continue to be an embarrassment to it’s editor until the next edition comes out whilst Venture Finance sent out a press release on 25th September telling the world about the new larger premises that they were moving into on 1st October in order to facilitate the integration of all the extra people upon their integration with Fortis. This was less than two weeks before the announcement that Fortis was being nationalised and the integration would now no longer be going ahead.

Ian

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