HMV to be saved in £50m deal with Hilco

HMV to be saved in £50m deal with Hilco
Apr 5 2013 Companiesandmarkets.com - Apr 05, 2013 13:30 CEST HMV's future as a high street retailer was salvaged today in a £50m deal that secures 2,500 jobs on Britain's beleaguered high streets. A deal to salvage one of the most prominent names on British high streets will secure jobs at 141 stores. Restructuring specialist Hilco, which already owns HMV Canada, said it had struck a deal with Deloitte to acquire 132 HMV shops and all nine branches of the Fopp chain. While that represents little more than half of HMV's UK stores that were open before it called in administrators in January, it represents a more optimistic outcome for the chain than many analysts had predicted. Hilco's chief executive, Paul McGowan, said the firm hoped to replicate its success with HMV Canada, which it acquired nearly two years ago and which he said was now "trading strongly". He added: "The structural differences in the markets and the higher level of competition in the UK will prove additional challenges for the UK business, but we believe it has a successful future ahead of it." At its peak, HMV had more than 400 outlets around the world, more than half of them in the UK. But from 2007 onwards, a series of turnaround plans saw the retailer diversify into other areas, including a short-lived venture into live music venues, without solving its underlying problems HMV had outstanding debt of around $280 million on Oct. 27, the latest figures available, but had struggled from reduced spending by British consumers who are facing an ongoing downturn in the local economy. Ian Topping, one of the Hilco executives who will be involved in running HMV, added: "The reaction of the British public to the administration of HMV shows a strong desire for the business to continue to trade and we hope to play a constructive part in delivering that." Nick Edwards, Rob Harding and Neville Kahn, restructuring partners at Deloitte, the business advisory firm, were appointed Joint Administrators to HMV Group plc, HMV Music Ltd, HMV UK Ltd, HMV (IP) Ltd and Fopp Entertainments Ltd (together “HMV” or “the Companies”) on 15 January 2013.

What is the difference between Administration and Liquidation?

With all the laws governing insolvency in the UK it is common to hear the question posed, "What is the difference between administration and liquidation?"

This is probably because of all the reports of administrative orders that make the daily papers when large corporations are on the brink of insolvency. You will rarely hear anyone ask, "What does liquidation mean?" because it is self explanatory and often used synonymously with the winding up of a business.

In other words a liquidation definition could simply be 'winding up a business.' It can be compulsory (court ordered) or voluntary, but it always results in the winding up of a business.

Administration, on the other hand, does not need to result in the winding up or liquidation of a business. An administrator is appointed by the court, creditors or the company itself. Furthermore, the administrator takes on a broad scope of duties and literally takes over those duties which were previously held by directors. He or she sees to the operation of the company in order to comply with the administrative order of the court. It may be to liquidate the company and it may also be to turn financial matters around within a given timeframe, usually 12 months, in order to bring it back to being solvent.

 

So then, what is liquidation and how is it different from administration? In terms of a simple definition, liquidation is the winding up of a business that will cease operations while administration is the appointment of an administrator who may or may not seek liquidation. Liquidation can be sought even when a business is solvent but administration is ordered when the company is insolvent. Liquidation is the final phase of a business but administration may be an interim phase intended to bring the company back to solvency.

If you would like any information pertaining to Creditserve Collections and the services we offer as a debt recovery agency then please do not hesitate in contacting us. We offer our debt recovery on a 'no collection no commission' basis.

For mor information please visit www.creditserve.co.uk or email martin@creditserve.co.uk

Credit Management & Business Information Blog Posts

If you are interested in reading different posts about the Credit Industry, Credit Management, Business Information, Company Filing or Credit checking please visit the blog on my Company Website: 

This is a list of recent posts on that blog:

Creditserve Business Information Blog

Account filing requirements for UK limited companies

Posted: 21 March 2013 This blog looks at the filing requirements for UK limited Companies.
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Credit check potential new customers

Posted: 13 March 2013 This blog looks at the importance of credit checking potential new customers to ensure that you know who you are doing business with and minimising the risk of being paid late or not at all.
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Company credit checks on Swedish companies

Posted: 06 March 2013 This blog looks at credit information provided in an online company report on Swedish companies. The blog also looks at the accounts filing requirements and different types of companies in Sweden. 
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Online credit checks on companies in Spain

Posted: 28 February 2013 This blog looks at the information provided in a typical company credit check in Spain. Also the different types of companies registered in Spain and the filing requirements.
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Belgian company credit checks and legal obligation to file accounts

Posted: 25 February 2013 This blog looks at credit information available on companies and businesses in Belgium to carry out company credit checks. The blog also looks at the legal requirements to file accounts and determining a company's size.
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Online Italian Company credit reports and account filing requirements

Posted: 20 February 2013 This blog provides details on the online Italian credit reports provided by Creditserve Business Information Ltd along with account filing requirements for Italian companies.
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Different types of businesses and companies in France

Posted: 18 February 2013 This blog looks at the different types of businesses and companies in France. This blog also looks at the credit information available on a an online credit report supplied by Creditserve business information Ltd.  
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German company credit reports and their filing requirements

Posted: 12 February 2013 This blog looks at on-line credit reports supplied by Creditserve Business Information on German companies along with the accounts filing requirements and legal obligations.
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Overseas companies registered in UK

Posted: 08 February 2013 This blog looks at the requirement of overseas companies having to register in the UK. The guidance is provided by companies house. 
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Corporate Voluntary Arrangement

Posted: 04 February 2013 This blog is about  corporate voluntary arrangement

Google Author: "By Chris York"

Business Information Blog

If you are interested in business information and would like to read lots of blogs on this subject matter please click the link http://creditservebusinesscreditreports.blogspot.co.uk/search/label/Business%20Information

Creditserve Offer Of The Week

For the month of March Creditserve are offering unlimited online credit checks for UK and Irish Businesses, 10 online overseas credit reports, 100 consumer credit checks and access to our debt recovery department on a no collection no commission basis for a one off annual subscription of £750 + VAT!!!!!

UNLIMITED UK & IRISH BUSINESS CREDIT REPORTS

These reports include Statutory Information, Risk Score and Credit Limit, Shareholder and Group Structure, 5 Years Full Profit and Loss and Balance Sheet, Industry Average Ratios, Company Director Information, Company Monitoring. We also offer non limited credit reports via this same system.

10 ONLINE OVERSEAS CREDIT REPORTS

The countries in which we can offer instantly available online business credit reports are Belgium, Czech Rep, Denmark, Finland, France, Germany, Iceland, Italy, Lithuania, Malta, Netherlands, Norway, Poland, Slovakia, Spain, Sweden, Switzerland and USA.

100 CONSUMER CREDIT CHECKS

Our consumer credit checks are essential when dealing with non limited entities or if you have guarantees in place for directors. These credit reports include the following information: Confirmation of Name and Address, Electoral Roll Confirmation, Insolvency, County Court Search, Address Links, Geo Demographic Profile, Consumer Search History and Credit Score.

ALL FOR £750 + VAT !!!!

Feel free to contact martin@creditserve.co.uk or 01992 414222

The Corporate Version of Phoenix From The Flames...

In mythology, a phoenix is an immortal bird that, when it dies, bursts into flames and is reborn from its own ashes. "To rise from the ashes of the phoenix" means to make a miraculous comeback.

We are all well versed with the saying 'Phoenix From The Flames', however the meaning has taken new form recently with the corporate world seeing more and more limited companies failing and then resurfacing shortly after under a very similar limited company name, with the same business shareholders and directors!.

Now companies that fail for whatever reason is not new as new statistics tell us that 50% of new businesses do not make their 3rd birthday. This is quite a staggering statistic, however we all know that for whatever reason there will always be businesses that cannot continue to trade.

There are some ways of protecting your company against this form of injustice, one way would be to carry out extensive credit checks prior to dealing with your customers. Credit agencies offer online facilities to obtain instant credit information. These credit reports are generally well detailed with financial accounts, shareholder information and director information, within the director information you will be able to view other limited companies that the respective directors have operated and their current credit limit and status.

These online credit checking agencies provide what is called a monitoring service which will keep you informed via email of any changes which happen to your customers and therefore will keep you up to date with important

Creditserve offers various credit reporting solutions which can assist in making initial credit decisions, maintaining account management through company monitoring, group structure credit reports, director database reports, companies house documents with our professional debt recovery department as a back up to the online credit checking facility we offer.

There are packages to suit any size company or budget and our credit reports are of the highest standard which makes Creditserve one of the fastest growing credit reference agencies in the UK.

If you would like more details on any of our services whatsoever please do not hesitate in contacting us through sales@creditserve.co.uk, LinkedIn Page Creditserve Business Information, twitter@creditserve1 or on 01992 414222

Creditserve Bespoke Credit Checks

Creditserve are the only UK business that are able to provide bespoke credit checks which are generated at the time of request. This blog is to describe the details of our bespoke reports and the benefits of using this information.

Bespoke Credit Reports

A bespoke credit report is a form of credit check which is carried out at the time of request and is used when you are looking to carry out a business search on a non limited or new limited company.

These bespoke credit reports benefit companies that deal with businesses that operate as sole proprietorships or partnerships in the main, but can be used for new limited companies as there is very little information available within the first 18 months - 2 years of a limited company.

Also our customers like to know whether these new limited companies have traded prior to becoming a limited company, the bespoke report gives you an insight to a customers past and potentially revealing information which can assist with setting credit limits or knowing whether or not to deal with a prospective customer.

What Information Is Included

Our bespoke reports include the following information:-

• Business Name and Address(es)
• Contact Information
• Ownership Details (Proprietorship/Partnership/Correct Ltd Name)
• Dates of Birth of Owner(s)
• Business Activity
• Date Trading Commenced
• Number of Employees 
• CCJ & Derogatory Information Search
• Banker Details
• Other Business Interests
• Residential/Electoral Roll Confirmation
• Consumer Search (for Proprietorship/Partnerships)
• Two Trade References
• Recommendation

Who Would Use This Information

Creditserve has a wide range of customers that use this information across many industries from the likes of Cash and Carry Wholesalers, Meat Wholesalers, Drinks & Confectionery Distributors to Pet Food Distributors and Agricultural Supplies amongst many other industries.

The reason they use this bespoke credit reporting information is because:-

• The report is carried out at the time of request
• The information is more detailed than anything else available
• We give a realistic opinion on the subject by using a diverse spectrum of information
• The reports are recognised by credit insurance agencies
• We do the hard work for you
• Knowing who you are dealing with is paramount, often ownership or legal entity can change

So if you deal with Sole Traders or Partnerships please feel free to view a sample of our bespoke report via the link http://www.creditserve.co.uk/Products-and-Services/Sample-Credit-Reports

If you would like any further information relating to our bespoke credit checks or any of our services please feel free to visit www.creditserve.co.uk or email on sales@creditserve.co.uk or follow on twitter @creditserve1 or LinkedIn Martin Brown

Many Thanks
Martin Brown

http://www.applegate.co.uk/all-industry/comprehensive-online-uk-business-credit-2582564.htm

Company Monitoring And The Benefits Of Keeping A Beedy Eye On Your Customers, Competitors and Suppliers

This blog is written to give an insight into the whys and wherefours of monitoring your customers, competitors and suppliers financial information.

In the current financial climate it is wise to carry out the relevant credit checks and run credit reports to ascertain whether you are putting your own company at risk by dealing with potential new clients or suppliers.

However, it is just as important to monitor your new customers and suppliers once you have extended credit terms to them, a company that seems secure at first may indeed see changes to their own business which can directly affect your own.

Below are the reasons for change within companies which can directly affect you:-

Filing of Annual Accounts
Filing of Annual Return
County Court Judgment/ Derogatory Information
Change of Directors
Group Ownership/Shareholders

Company monitoring allows these changes to be sent automatically to you via email on a daily basis so therefore you will receive this information as soon as it is available through a live feed of information. You will be sure that the information sent will be backed up by filed information at Companies House, the registry trust or local gazette.

With this in mind this would mean that a company that has just had some derogatory information filed against them such as a CCJ, you would be in the best position to stop supplying and recover your outstanding monies, therefore negating finding out later on what has happened and potentially being at the bottom of a list of companies chasing their outstanding debts.

It is not always on the negative effect that the monitoring system can be used for, it may be a very helpful procedure when receiving filed accounts information, for instance if a company files a new annual accounts document and their company has grown their need for credit has potentially grown and you can benefit by looking to extend larger levels of credit should the company be worthy.

Credit reference agencies such as Creditserve allow customers to obtain access to monitoring facilities when a subscription is made to their online credit checking facility. These credit checking facilities are best used in an unlimited basis. Creditserve offer unlimited business credit reports on all UK and Irish limited and non limited companies, company monitoring, Companies House documents, director database, online international credit reports as well as consumer credit checking and AML (anti money laundering) checks.

Please feel free to visit www.creditserve.co.uk or follow on twitter @creditserve connect on LinkedIn Martin Brown or email martin@creditserve.co.uk

Top 10 Tips For a Secure Business Future!

Creditserve provides an online, affordable and up to date credit checking system which allows you to carry out credit checks on your new and existing customers and/or suppliers to ensure they have the financial means to honour payments/contracts.

Key Features:

• Instant credit checks online
• Full range of credit reports
• Discounted rates
• Up to date information
• Debt recovery service

Instant credit checks online
Clients can access Creditserve online credit checking service for instant reports on a company’s or an individual’s credit rating and history.

 

Extensive range of credit reports
Reports range from in-depth business reports, including full accounts and credit ratings, through to simple registered information, we also offer Companies House documents and monitoring service.

 

Beneficial rates
We offer extremely cost effective rates for one off credit checks. Regular credit checks should form part of your credit management routine on new customers, defaulting customers and those seeking an increase in their credit limit and therefore an annual subscription is often the most cost effective way to credit check your customers and suppliers.

 

Up to date information
Our range of credit reports are updated on a live feed to ensure they include the most recent and accurate information.

 

Debt Recovery Service
Creditserve also offer this back up service to the online credit reporting and work on a no collection no commission basis. We work on all cases on pre legal basis and add costs and interests to the debt value which you are entitled to from the time the debt becomes overdue.

 

Crucial Top 10 tips for all credit control departments:- 
1. Always perform credit checks to ensure you know your customer
2. Get your customer to complete a credit application form
3. Wherever possible obtain a personal guarantee from company directors
4. Get a signed contract incorporating your terms and conditions
5. Give your customer a credit limit and review this regularly
6. Invoice on time and ensure details are accurate
7. Phone your customers before payments are due to ensure there are no queries
8. Send monthly statements
9. Use properly drafted collection letters
10. Consider outsourcing your non paying accounts to a reputable debt collection agency like Creditserve Collections

If you would like any further information please feel free to contact me on 01992 414222 or email martin@creditserve.co.uk LinkedIn Martin Brown or follow on Twitter @creditserve

Spanish business information, credit checks and filing requirements.

Creditserve have a corporate website blog which discusses all forms of business information both within the UK and Internationally. This blog link will give details pertaining to Spanish company filing requirements.

http://www.creditserve.co.uk/Media-Centre/Blog/February-2013/Online-credit-checks-on-companies-in-Spain

Feel free to view our blog page and should you be interested in credit information, whether it be domestic or international please feel free to contact us direct on sales@creditserve.co.uk twitter @creditserve, LinkedIn Martin Brown or 01992 414222.