Last credit insurer pulls out of Woolworths

High street chain’s woes deepen as Corface withdraws cover for suppliers amid concerns for retailer’s financial health.

French insurer Corface has now withdrawn its cover to Woolworth's suppliers. The news follows that of Euler Hermes and Atradius, which had already taken similar steps.

There are fears over the future of the business with no big credit insurers now covering suppliers of the retailer, which will no doubt result in disruptions to the supply chain.

It is common practise for businesses, such as Woolworths, to pay for goods as much as 90 days after receiving them, meaning wholesalers are often inclined to take out insurance to cover them if the company struggles to foot the bill.

With wholesalers unable to take out insurance with Woolworths, they may start to insist on quicker payment or even cease supply altogether, having a knock-on effect on the retailer's cash flows.

However, a spokesman for the company said that Woolworths, "is comfortable with the financial and cash position of the group".

He added: "A substantial proportion of Woolworth's Retail suppliers have traditionally operated without credit insurance and we are confident that we will be able to ensure a successful Christmas for all our suppliers and customers."

Corface has also withdrawn its cover to suppliers of sports retailer JJB.

Your Barkingside

Buy Tickets Here...

NHW info on scam

Below is a scam reported to be operating in the west of the Borough. So far we have had no similar reports, but it could come this way. To date there have only been two victims but  both are elderly, so whilst not prevalent it is of considerable concern.

This is how it works:

A female phones the victim claiming to be from the bank and states there is a problem with the victims bank card and that the card needs to be collected.

A male attends the address purporting to be from a cab company to collect and deliver the card to the bank.

One victim handed over the card and has had over £1000 taken from their account.

The second victim refused to hand over the card when the "taxi" arrived .

On the occasion the card was handed over the female rang back and asked for the validation code on the rear of the card.

Any information on this to us please on 020 8721 2570, unless a suspect is present or nearby in which case it easily justifies 999.

Chris Chandler PS 18JI

London Low Emission Zone

This scheme commenced on 4 February but from 7 July 2008, it will be extended to include additional vehicles. The whole of the Greater London area has been designated a Low Emission Zone (LEZ). Vehicles that do not meet the required emissions standards are required to pay a £200 daily charge to drive within the zone or risk a £1000 Penalty Notice Charge.

 

The current LEZ applies to all diesel engined lorries over 12 tonnes but in future the LEZ will apply:            

From 7 July 2008 to all diesel engined lorries between 3.5 and 12 tonnes and buses and coaches over 5 tonnes with more than 9 seats;

From 4 October 2010 to all diesel engined vans over 1.205 tonnes and minibuses under 5 tonnes with more than 9 seats.

For further information, Transport for London (TfL) has set up a dedicated enquiries service (0845 607 0009) to help vehicle owners and operators understand what the LEZ means for them and what they have to do to comply with the scheme. TfL’s website www.tfl.gov.uk/lezlondon also provides detailed information about the LEZ.

 

 

 

Retail Scene

Boots and Majestic Wine have both reported strong sales and pre-tax profits but there has been some disturbing news from both Land of Leather and ScS Upholstery as they seek rights issues to bail them out of trouble. ScS is valued at just £3.5m compared with £190m two years ago. These two companies reflect the torrid time that furniture retailers are currently experiencing as consumers defer from making big ticket purchases.

 

BRC reported that like-for-like sales for May were up 1.9% on last year. This made welcome reading after two consecutive months where sales had declined on the same period in 2007. London reported strong growth up 8.2%, with Europeans capitalising on the strong euro, whilst US and Japanese visitors are still feeling the exchange pinch.

 

 

 

Economic Scene

The CBI has just thrown a bucket of cold water over the UK economy in its latest report. It predicts 2009 will see growth of about 1.3%, the slowest since the 1992 recession, with unemployment rising to about 1.8m, a rise of 150,000.

 

House prices have fallen on average about £15,000 this year and many builders are now mothballing sites rather than starting work. Much hinges on the price of oil which having reached nearly $140 a barrel earlier this month is trading at $133 today. How much the price is being driven by hedge fund speculation is impossible to know. It is possible that a slowing economy could drive the price down but it is not a given.

 

The Bank Governor has had to write a letter to the Chancellor as CPI reached 3.3% in May - above the 3% ‘trigger’ for only the second time since 1997. Containing inflationary pressures, the primary aim of the Bank of England, is unlikely to preclude the possibility of rising interest rates in the months ahead, although the Chancellor may prefer to receive regular letters from Mervyn King rather than see consumers (voters!) suffer even more than the market effects of inflation reaching above 4% by the year end.

 

 

 

Crime Information Update

Dear all,

Just a brief note with some information that should be of concern to the members of your various groups.

Across the borough (but fortunately not Fullwell Ward) we have seen several recent distraction burglaries. The caller has been posing as a water board official to gain entry.

Also we have had an isolated incident of another old favourite, an Asian male 5’6” 30yrs, called at an address in Ewellhurst Rd claiming to be a neighbour asking to borrow money for petrol. Needless to say he was neither a neighbour, nor likely to ever repay the loan. On this occasion the resident did the right thing.

Please pass on especially to your elderly and vulnerable residents. Obviously please reoprt any further instances to Police, 999 if the suspect is still there or nearby.

Chris Chandler PS 18JI
Fullwell SNT

FW: Business and the Redbridge Conversation

Redbridge Council has just launched the Redbridge Conversation. The Council is asking everyone who lives, works or invests in the Borough to talk about the long-term improvements they want to see, and how the Council should pay for them.  

There are a number of options discussed in the Redbridge Conversation that could affect your business. They include:

• sale of car parks and increased parking charges
• improving community safety with street lighting and CCTV
• expanding recycling schemes
• regeneration of Ilford town centre

Businesses are being invited to take part in discussions and events across the Borough. You can take the 'You Choose' challenge online and tell the Council how it should invest in the Borough's future www.redbridge.gov.uk/conversation.  

Please forward this message to people in your business network who might be interested in having a say. If you would like to host a Redbridge Conversation debate within your business network, the Council can provide resources to make sure people taking part are properly informed.  

The results of the Redbridge Conversation will be sent to Councillors, who will be taking decisions that will shape the Borough's long-term future. You can find out about all the Council's investment and funding options on Redbridge i, the Council's website www.redbridge.gov.uk.

To find out more about the Redbridge Conversation, contact Eddie Gibb, Head of Marketing and Communications, on 020 8708 3763 or eddie.gibb@redbridge.gov.uk

FW: BARNARDOS TICKET LINK NOW LIVE

TICKETS ON SALE HERE NOW FOR ALL FANS

http://www.ledzeppelintribute.co.uk/ Led Zep Too website

http://www.rainbowbridgemusic.com/2.html Rainbow Bridge website

http://www.myspace.com/tinsoldiercoversband TinSoldier website

http://www.heaters.pwp.blueyonder.co.uk/default.htm The Heaters Website

TICKETS ON SALE NOW

Barkingside High Street - Danny’s pie and mash

Slicks Barbers

Chadz Menswear

With love Florist.

Romford South Street - Professional Music Technology

Billericay - The New Crawdaddy Blues Club

Together with Barnardo’s charity we are putting on this great music event for 5,000 people on 24^th August at the Barkingside Recreation Ground

We have a fantastic line up of music headlining with

The Stars from the Commitments from the classic 1991 film about the formation of the "World's Hardest Working Band”

Adults are £10 a ticket or £20 for family ticket of two adults and two children, so come and enjoy the music and other attractions we will have in the park that day,

Also staring in our line up are

Led Zep Too, one of the best Led Zeppelin tribute bands around who are rather proud of the fact that Ex Choir boy / drummer aled jones said “ I will never play with you guys again”

The Heaters are a fantastic four piece blues outfit who play at festivals all over the UK and also run and are the resident band at The New Crawdaddy Blues Club in Billericay Essex.

Rainbow Bridge are very talented and draw their feel from such bands as The Who The Jam and The Red Hot Chilli Peppers.

Tin Soldier are a great rock covers band who focus on many of the classic rock tunes that are overlooked by most and therefore leave people hearing something a little bit different.

Lauren Derwent is a singer songwriter from Hertfordshire who is a gifted musician and singer songwriter, who sang with the National Youth Orchestra for 5 years touring the uk and Florida.

Bryan Perez became a guitar child prodigy at the age of 7 writing his own music and performing on Television and concerts worldwide, Bryans style is influenced by rock flamenco and dance with a universal appeal

Also featuring throughout the day will be DJ / compare Mark Dover Time FM’s very own breakfast Dj.

We have also lined up some great entertainment around the venue, see you there…..

Political Scene

David Cameron has promised that a Conservative government will do more to help small shops. This is an early release prior to the work of the Conservative Enterprise Commission on small shops and high street regeneration that will release its report in May. The CEO of bssa has been a member of the Commission and is very hopeful that the recommendations, if they become policy in the party manifesto, will make a significant difference to the long term welfare of the high street and independent retailers generally. We would hope to publish a full report in June.

 

 

 

 

Record quarter for profit warnings

Research released by Ernst & Young revealed that UK plc saw no respite in the first quarter of 2008 as profit warnings reached 114; the highest first quarter figure since 2001 and up 11% from Q1 2007.

 

Profit warnings remained above the 100 mark for the second quarter in a row.

 

The highest warning sectors were general retailers with 18, equalling their record peak of Q1 2007, support services with 14, software and computer services with 13 and media and general financial with eight.

 

The 12 months to the end of March 2007 saw 26% of the sector issuing a warning. By comparison, 42% of FTSE general retailers had issued a warning to the year to date ending March 2008.

 

 

 

BIG pressure on chains

An independent retailers’ pressure group in Bath is up in arms over the number of chain stores entering the city – and has set out a list of demands to allow small stores to flourish.

 

The Bath Independent Group (BIG), under the leadership of local toyshop owner and former mayor of Bath Eric Snooks, presented findings to local authority officials which showed shoppers want cheaper parking, a greater range of shops and more public conveniences.

 

BIG has the support of John Dean, chief executive of the British Shops and Stores Association (bssa), who said the campaign highlighted a nationwide issue.

 

BIG represents more than 120 shops around the city.

 

 

 

April 19: Retail space hits a low

Demand for retail space on the UK's high streets and shopping centres has fallen to its lowest level in a decade, the Royal Institution of Chartered Surveyors has found.

 

The Royal Institution of Chartered Surveyors (Rics) warns that the first quarter saw a fall in demand for commercial property at its fastest pace in more than six years.

 

Rics blamed fears of credit turmoil and a slowing housing market.

FW: High street gloom

High street gloom

 

Figures from the Retail Traffic Index (RTI) by analysts SPSL show that monthly footfall numbers (people actually entering shops) in the UK were down by 3.2% year-on-year and up by only 0.8% on February's figures.

 

 

 

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FW: [Your Barkingside] Somerfield in takeover talks with Co-op

  

Somerfield has held exclusive talks with Co-op about a deal to purchase Britain's fifth largest grocery chain.

Press reports have said that Co-op has put in a revised bid – it's first was £1.7bn – for Somerfield, which has allowed talks to resume, and conduct due diligence on Somerfield's accounts.

 

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Posted By Barkingside Business Partnership to Your Barkingside at 4/14/2008 12:51:00 PM

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News, Sports, Entertainment and Weather on your mobile. Text MSN to 63463 Now.

Somerfield in takeover talks with Co-op

Somerfield has held exclusive talks with Co-op about a deal to purchase Britain's fifth largest grocery chain.

Press reports have said that Co-op has put in a revised bid – it's first was £1.7bn – for Somerfield, which has allowed talks to resume, and conduct due diligence on Somerfield's accounts.