Raising its glass to independence
Article Abstract:
London financial analysts believe that glass manufacturer Pilkington PLC is the company most vulnerable to a takeover bid in the UK for 1992. This is due to the company's declining profits and low share price. Pilkington, in fact, was the target of a takeover bid by BTR PLC. The glass manufacturer was able to fight off the bid, but has not succeeded in convincing the financial sector of its financial health. Pilkington's profits fell by some 50% from 1990 to 1991, and analysts expect a further drop in 1992. The decline of the company's profitability is attributed to the recession, an unwise acquisition, increased competition and, according to some, an old-fashioned management team. The firm has taken radical measures to improve its performance, including disposing certain operations and moving its headquarters to Brussels. Chmn Sir Antony Pilkington remains optimistic about the firm's future.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1992
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They're still backing good ideas
Article Abstract:
Venture capital backing remains obtainable for many companies despite the recession. In 1991, over one thousand British start-ups received financial backing. Among those that had successfully attracted investors are the British School of Motoring (BSM), Taunton Cider, Perry Poultry and Carevision. The 40 million pounds sterling management buyout (MBO) of BSM was made possible with the backing of Morgan Grenfell Development Capital. Morgan Grenfell was also largely responsible for the MBO of Taunton Cider, purveyor of cider brands Red Rock, Diamond White and Dry Blackthorn. Poultry processor Perry Poultry acquired additional funding for production and marinading facilities from 3i Group PLC. As for Carevision, this installer of television sets at hospitals got substantial financial assistance from April Schroder Ventures which invested one million pounds on the new business.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1992
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Big ticket to ride out recession
Article Abstract:
Total leasing volume in the UK fell 1% to 10.2 billion pounds sterling in 1991 as the recession took its toll on the business finance market. While the decline in 1991 contrasted sharply with the high growth rates experienced by the leasing industry in the 1980s, it was still better than the performance of other forms of business finance. Business lending, for example, slumped 26% in 1991 to 4.3 billion pounds. Within the leasing industry itself, performance was uneven. Some segments such as leasing of cars and leasing of commercial vehicles experienced sharp declines, dropping by 14% and 33% respectively, with volumes down to 2.4 billion and 0.7 billion pounds. Other segments, however, managed to post healthy increases with plant and machinery leasing rising 12% to 3 billion pounds and leasing of office equipment rising 11% to 2.5 billion pounds.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1992
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