Going in witheyes open - LeasingWorld of 2012.pdf · asmaa xit ARD usts vice viders: the new...

Social Media CAN help leasingAndrew Denton, Director at CHP Consulting, shows how social media can grease thewheels for leasing in the SME market

www.leasingworld.co.uk DECEMBER 2012 31

REVIEW OF 2012 SPECIAL FEATURE

2012:

Going in with

eyes open

40

50

60

70

80

M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D

May-Dec 2009

Jan-Dec 2010

Jan-Dec 2011

49.2

51.8

49.2

54.9

53.8

54.3

57.258.9

58.8

60.6

60.2

65.4

67.4

65.2

57.6

58.2

59.6

58.8

65.5

64.8

69.7

71.672.4

70.3

63.2

52.6

56.2

50

47.6

50.7

57.457.2

US ELFF MONTHLY CONFIDENCE INDEX – EQUIPMENT FINANCE INDUSTRY (MCI-EFI)

Letter to the Editor

Sir, I

saw with an increasingly bleak

outlook the latest and greatest

negative exposes on the industry in

relation to the education sector and

others. I could not help but feel that we

are as an industry shooting ourselves

firmly in the foot again. At a tim

e when

we should be at the forefront of

supporting recovery in UK plc it does us

no good to get publicity like this. Whilst

participant in this industry is d

amaged by

these sorts of reports.

A series of questions readily pose

themselves. Do we check our

suppliers/intermediaries sufficiently well?

This is not just about day one; it i

s about

continuing vetting and verification. D

o

we check that the asset (and the lease)

has been properly accepted, is as

described to us and exists before paying

1pm plc interimsAIM listed lessor 1pm, led by

Maria Hampton MD and

focused on financing business

critical assets between £1,000

and £40,000 for SMEs, on

condition of clear credit

histories, has announced its

independently reviewed interim

results for the six month period

to 30 November 2011.

Financial Highlights:

• Revenue for the period

increased 31 percent to

£1,151,331 (H1 2011:

£880,175)

• Profit before taxation increased 238 percent to £214,293 (H1

Lease accounting Review

Charlotte Lo, Senior Manager at KPMG, looks forward to the new ED in 2012

A s one looks over the last 12 months and then

contemplates the next 12 to come, a few things become

obvious. There seems to be, and has been, a spirit of fear

in the market place. This spirit of fear leads people to insulate

themselves, and not to take chances. For leasing companies this

means a number of their clients, as evidenced by the last few

years, have stalled on making new acquisitions unless they have

had cash on hand to purchase them. This obviously slows the

economy down as investment is not occurring in individual

businesses, which means investment is not occurring in the

economy at large. That was the scene entering 2011, with a lot

of youthful enthusiasm hoping that this state would change for

the coming year. Indeed, 2011 showed some very strong signs of recovery and

for a while we all believed that the dark clouds were passing,

until a number of events occurred; chief among them the USA’s

struggle to raise its debt ceiling, and of course the sovereign debt

Accentuating the positiveBill Dost, MD of D&D Leasing UK, believes that the best is still ahead IF we adopt th

right attitude

Bill Dost

F inancial leasing companies such as ICBC

Leasing Co Ltd are being encouraged by

the Ministry of Commerce to seek

opportunities in high-tech industries, to

develop the overseas financial leasing

Technologies Co Ltd, and leased these

products around the world. This system

was a good way for Huawei eventually to

sell products and expand overseas.

According to Cong, ICBC Leasing also

Chinese government pushes leasing abroadMis-selling: Time to crackdown

Tens of Essex schools lease-scammed

The trend in leasing since 2009has been for each year to be a bitbetter than the year before, so theLeasingWorld view in January wasthat 2012 would be better than2011, and as it turns out, it was.Bill Dost, D&D Leasing’s CEOwasn’t too worried either, sayingthat those of us still here have gota lot smarter about protecting ourbusinesses through adverse times.

Nevertheless, these are timeswhen it is wise to expect the

unexpected, and the unexpecteddidn’t disappoint, as we were tofind in January when a schools“leasing scam” hit the BBCheadlines, first on the radio, thenlater in the year on TV.

One unexpected developmentwhich had a very positivereception was our launch ofBrokerWorld magazine, which issent to over 450 UK asset financebrokers each month, and has been well received.

JANUARY

Should you sell a Non-Core business?

Non-core businesses are createdusually from acquisitions, mergersor as a result of synergies with the

core group activities. They may thenbecome like the forgotten child. Oncepurchased or set-up, the originalrecognition of the unique features thatwould add value to the group is forgottenand the core business takes over focus, tothe detriment of the non-core business.

It is common to see top companiesaccumulate non-core activities at boomphases of the economic cycle, only to divestthem to focus on their core activities indifficult times. One inevitable result is thatnon-core businesses are acquired at fullvalue, but disposed of under-value (butdon’t tell the shareholders that).

DECEMBER 2012 www.leasingworld.co.uk32

SPECIAL FEATURE REVIEW OF 2012

26 Martin Starck, LBBW Leasing Group

14 A seamless transition at Close

18 Should you sell a non-core business?3Step IT has enjoyed profitable growth

in 2011, and internationalisation has

been unaffected by recession. According to

preliminary unaudited figures group’s

turnover grew by 30 percent to €392

million (2010: €302 million) during 2011.

Profitability also improved as the operating

margin grew to €10.6 million (2010: €10.2

million). Last year, 3 Step IT expanded into

Asia where it opened three new subsidiaries.

For 3 Step IT, the financial year 2011

was a year of internationalisation and,

once again, profitable growth. The

company opened three new subsidiaries in

Hong Kong, Malaysia, and Singapore.

Asia is 3 Step IT’s third continent to be

conquered, in addition to Europe and

3 Step IT revenues at €392m

Artti Aurasmaa

LVM heads for the exit

MAN FINANCIAL GETS AWARD

“Monitor”ing NHS Foundation Trusts

and other NHS funded service

providers: the new licensing regime

LIBOR set to bite the banks?

Syscap appoints The Asset WorksThe Asset Works has been appointed by

Syscap, to implement asset verification

services and management solutions for

Syscap’s education and local government

clients. The new technology from The Asset

Works will mean that Syscap and its clients

can effectively track and monitor all

equipment throughout its lifecycle.

Syscap now provides funding for ICT

investment across many areas of the public

sector. Schools and local government find

leasing a straightforward way to spread the

cost of technology investment and future

upgrades, making them less vulnerable to

fluctuations in funding. A recent Ofsted

report noted that many schools had not

evaluated IT investments, and that there

was a low awareness of the consequences ofDavid De Silva

28 Patrick Beselaere heads up ING Lease Holdings

> ING Holdings to get new headWe covered the FLA Annual GalaDinner, surely the premier event ofthe UK calendar, and the choice ofcomedian, Jeremy Vines, was sosuccessful that there were calls forhim to be appointed the nextchairman of the FLA. That didn’thappen, but Lombard did parkLombard Vehicle Management(“LVM”) once and for all, and tocompensate for its winding downwould team up in a venture with ALD

Automotive to continue to offersome kind of auto leasing service toits customers, though presumablynot of the extreme customising kindthat LVM seemed to like doing.

There was a seamless transition atClose Brothers Asset Finance asMike Randall took the reins fromindustry legend, Roger Stone,whose first project upon retiring wasto paddle up the Zambesi in a canoe(or something like that).

FEBRUARY

Will Basel III

drive

business away from banks?



FLA Lending Code

The FLA Lending Code has recently been

updated and all members of the FLA will

need to comply with the changes. The set

of rules now takes into account the new

Consumer Credit Directive and the latest

Office of Fair Trading Guidance. Key

elements include:

Measures to consider when an

individual is suffering with financial

difficulties and covers topics such as

mental health and breathing space;

Irresponsible Lending Guidance;

Lenders ensuring customers are fully

f the total cost of a short term

i tion on the

Top of my mind

Joanne Davis, partner in DWF’s Banking and Finance Group and head of its

Birmingham asset and consumer finance operation, writes about Codes, Directives,

Standards, and Data Protection hindering anti-fraud initiatives

12 State Securities Profile

24 Lindsay Town on future funding

29 Jacqueline Mills heads Leasurope

Research Fund

Going for Gold!

Peter McDonnell, of Cordoba Awards, wants empl

to instill motivation and pride in exceptional achie

Incentive, Reward, Recognition

and Motivation, it all seemed to

be so simple in the past, it was

just the sales generators, the

representatives, executives,

business development managers

that were rewarded with

Commission and Incentives,

today the environment is very

different. No longer is it just the

sales people that are rewarded in

this way, customers services,

service delivery, operations,

finance, HR and so I can go on,

all receive bonuses and incentives

in which we approach these

M Donnell

Aldermore takes PCFG portfolioNew British bank Aldermore hascompleted the purchase a portfolioof leasing receivables from PCFEquipment Leasing Limited,wholly-owned subsidiary of Private& Commercial Finance Group(“PCFG”).

The deal is for leases with a bookvalue of £11.5 million and theportfolio is predominantly vehicleassets with a good spread of SMEcustomer risks. The considerationfor the sale represents a premiumover the book value of the receivables The consid ti ill b

Brokers and Funders unite?

GE Capital in Glasgow deal

Willis

Safety is Scotland’s leadingniche, and it h

as the ambition

We published our recruitment feature,in which recruitment consultants gavetheir different takes on the market,advising candidates and employerson best strategies in these difficulttimes. The main message was thatthe market was starting to pick up,employers continued to be picky andnot at all predisposed to making anyhasty decisions. Recruiters uniformlyadvised candidates to lower theirpackage expectations, and gave tipson how to make the most of a CV. At

the same time there was somechivvying of candidates going on, ascertain categories of candidate werejust not countenancing moving at all,a case of better the devil you know,perhaps?

Aldermore Asset Finance picked up asmallish portfolio from Private &Commercial Finance Group, andSyscap made much of their financialresults, which suddenly looked stellarafter its venture capital owners,Anacap, re-jigged the balance sheet.

MARCH

The fork in the road

– which way now for leasing?

Two years ago, in March 2010, Leasing World asked me to write an article before the

general election. I chose to write a spirited piece forecasting that Labour would lose

the election, VAT would then rise to 20 percent, that the Greeks would need at least

one bailout, and that unemployment would rise to 9 percent

15 minutes with Allbrook & WhiteJohn Allbrook and Philip White, Chairman and CEO

respectively of Syscap Ltd, speak candidly about

their challenges to Jan Szmigin at Leasing World

Proving leasing is as good as it says it is

Aldermore targets haulage

Double-digit growth at DLL

Goodbye to UK GAAP

The recent KPMG Leasing and Asset Finance Forum held in London featured a session

entitled Goodbye to UK GAAP, and followed it up with a piece in KPMG’s April IFRS Wave

2 newsletter, which reiterated the position with UK GAAP and what users needed to do

� SPECIAL REPORT The world of the captive PAGE 34

� FEATURE The downfall of HBoS PAGE 12

� NEXT MONTH Know your assets

www.leasingworld.co.uk

LeasingWorldAPRIL 2012 VOL 7 I NO 76

F O R T H E E Q U I P M E N T L E A S I N G A N D A S S E T F I N A N C E P R O F E S S I O N A L

SET...READY



h f ll

Big online auction success

14PROFILE: Allan Clegg and Paul Sheedy of Liberty Leasing

> Profits lift off at LibertyHow should a Captive measure success?

Angel Trains beefs up systems

> The European banking

sector continues to

seek ways of shrinking

U.S.

vol

umes

and

con

fiden

ce U

p

DLL buys agri-book in Ireland

Fraud is rising again

A trade association at the heart of the Captives’ world

Top of My Mind, a regular legalcolumn by Joanne Davis of DWF LLP,was becoming a monthly must-readfeature, April’s topics for exampleincluded Unfair Contract Terms, TheBreedon Report, the outcome of theLloyds TSB Leasing case againstHMRC, and OFT Credit brokerscommentary. The special feature wasCaptives, a secretive world some say,but made crystal clear in an article

from IAA-Advisory describing theworkings of their Captives Forum.

Liberty Leasing was profiled as asuccessful up and comingindependent lessor, which operatesin a space between Prime and sub-Prime, especially since thewithdrawal of the high street banks from many SME funding lineshad placed much better credits inthis space.

APRIL



years, and CDivision for importance oof all its mem“The major in the regulatiobusiness credit w– consumerThe FLA gives uneed with reguMinisters to enregulatory framewpolicy generallycontribution our mUK’s economy and soThe board at the FL

Director general

New FLA Chairman a

to the Spring Drinks reception, to join

with others who flowed in after a day’s

work in the office to check out the news

and views of senior leasing colleagues.

The director-general’s speech is always a

highlight of an FLA Drinks Reception,

second only to the jazz band, cocktails,

nibbles, and the welcoming smile of Linda

Charles. And Stephen Sklaroff had some

great lines, starting with, “For the first

time in living memory, the Government

has not only included asset finance in

various of its schemes designed to boost

business investment, but has positively

drawn attention to the fact!”

Geraldine Kilkelly, the FLA’s Chief

Economist, came in for warm praise as the

Bank of England had been taking a greater

38SPECIAL FEATURE: Know your assets

49M

OVES: Malcolm

Workm

an

13TOP OF M

Y MIND: Joanne Davis

Lloyds TSB Equipment Leasing (No.1)Ltd v Commissioners for HMRC

CIT Vendor sees Asian growth

NetSol in strong 3rd quarter

The most bidders Ritchie Bros has

had registered to bid on-site or

online at an auction was at their

Orlando, Florida auction site (February

2012) totalling 8,760 bidders. The sums

raised by these auctions can now reach

the realms of hundreds of millions of

dollars, per auction. And the total

package is so comprehensive that bidders

can even get pre-approved loan and lease

finance, so they can bid in the secure

knowledge that should they win their

new acquisition, they can pay for it as

they use it.

What is engaging is the story of the

From armchair bidding

to pre-approved finance

Ritchie Bros. Auctioneers (“Ritchie Bros”) is a highly successful global asset

disposal group, that has created a worldwide auction theatre for huge amounts

of used machinery, which in turn generate staggering sums for the sellers

Shire’s success withvendor and full-service

ite each day as I take the trainevelopment of the area with a

ord (now International) stationy packed with tourists who areeld shopping complex.

ndon will look fantastic to thealready demonstrated by thent London marathon. Like soy possible occasion, I haveof the events but we areosphere.

Thames Diamond Jubileeay 3rd June, where theessels watched by anriver bank.

f our industry ins and brokersement. Thethat there

eted acrosspoint out,ve have tovehicles to

arguments to make. His currenEuropean countries can possi

“Thank God wcurrency,”enough sshouldersonce the they are money at

better place“It sounds

here during th“Mrs Moore

planned,” he boaof events and we are d

places. Of course, these Matches, Wimbledon, Championship so it will b

Vaults will be the hub fowill be in regular a

magazine up to datto buy me lunch

October 3rd, Ed.]

Inconsistent markets in April

April d

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t

Angela Knight moved from CEO ofthe British Bankers Association toCEO of Energy UK, which made nodifference to her, as she started astatement claiming that energy is justlike financial services – well to her itprobably is. Philip Ross took over asFLA Chairman, and the FLA's AGMwas held at the Burdett Theatre,where their accounts were displayedfor all to see, after which members

needed a stiff drink at the FLA SpringDrinks Reception. At Bow WineVaults, Old Moore was proclaiming awonderful year for Great Britain, andthe EBRD got an UK president, SirSuma Chakrabarti, a senior civilservant in the Ministry of Justice. OurAsset Management special featureexplored Ritchie Bros' onlineauctions, repossessions and HP'snew recycling plant in Scotland.

MAY



20 BROKERS: NACFB comes to town

47Just a Hobby?

23BROKERS: Liz Archer and Richard

Carter, Nostrum Group, at NACFB Expo

The Leasing Lunch held on the Tattershall

Castle on a sunny day in June enjoyed a

set in the cellars of

McDonnell hastSomething in the air?

The imprecise world of accounting

On 20 June 2012 Hans Hoogervorst, Chairman of the IASB, addressed the

International Association for Accounting Education & Research (“IAAER”) conference

in Amsterdam, with a speech entitled “The imprecise world of accounting”

IN THIS ISSUE

11 NEWS: Alex Baldock7 NEWS: Robert Murray and Roger Pullen at the Leasing Lunch

10 NEWS: Lord Mitchell

Field Solutions acquires Tritech

Barclays’ new leasing head

Intricate niche for Squirrl.com

The Outsourced Captive

NH

S T

rust

to

go

in

to a

dm

inis

tra

tio

n?

Innovation and Invention was thetheme, some said there hadn't beenany in leasing, but undoubtedlysystems and mobile computing hadmoved ahead. The main innovationwas alternative funding and P2Plending, which had incorporated assetfinance in its offering. The NACFB heldits mega-Expo in Birmingham NECwith an 800-plus crowd, meanwhilesome 140 leasing professionals hadgathered at the Tattershall Castle onesunny afternoon, and nearly formed

their own new leasing association! Abig surprise was Alex Baldock, head ofLombard who moved on seamlessly tohead up Shop Direct, an online retailoperation. His place on theLeaseurope board (it is thought henever managed to attend it) was takenby the ubiquitous George Ashworthfrom Aldermore Asset Finance. Ournew Just a Hobby column revealedPaul Bartley of Close Brothers Leasingto be a racing driver in his spare time.

JUNE/JULY



CEOs and chairmen of finance companies are not

generally associated with poetry, or the arts and

humanities. Even though one can think of Plato

favouring the concept of the philospher king, or more

recently Czechoslovakia revering its poet and

philosopher President, Vaclav Havel, rhyme at the top

has been the exception rather than the rule.

So it may surprise leasing folk to learn that the

leasing industry has its very own published poet, one

David G. Anthony, for many years head of Hitachi

Capital UK, and now chairman of AIM-listed Private

& Commercial Finance Group. After accessing his

Just a hobby?David Gwilym Anthony: Poet

Crystal Business Finance – looking to grow further

Crystal Clear Financial Solutions C rystal Business Finance Ltd was established in late 2007

following the coming together of three highly

experienced individuals: Martin James, Mike Austin,

and Alex Callister. The three Directors knew all too well the pitfalls and

constraints of either working for a large corporate body or being

a “one man band”, they wanted to create a friendly and creative

environment to work within that embraced old fashioned values

and promoted individual reward for effort, in fact, the brand

name “Crystal” was chosen to represent clarity and growth!

Crystal quickly established a relatively small but highly

professional team of sales associates spread across its two offices

in the Midlands and Hertfordshire along with satellite branches

encompassing the whole of the UK. Associates are self employed

but under contract and essentially enjoy the flexibility of

working for themselves within a supportive and structured

environment and being masters of their own success.

Great British Pub Quiz success

Bank of America’s Got Talent (Bank of America Merrill Lynch, Global Vendor Finance)

The start of a Golden Era?

I began writing this month’s City Chatter from Mala A

CITYCHATTER

Auto captives and financing flows

Writes Pascal Martinez, Linedata Leasing & Credit Sales Manager

Make paperless a reality

Don’t let your project fail

Systems

and software

IASB “unfit for purpose”?

Systems integration – Science or Black Art?

Shire Leasing has launched a new

finance scheme specifically to help

printers finance investment in software

and other intangible assets, such as

training and consultancy. Lease2Print,

which is the brainchild of national

account manager Chris Hobson, is a

hybrid finance vehicle that combines

elements of a loan with a lease rental

agreement. It is intended to finance

investment in software such as

management information systems,

workflow, web-to-print and colour

management, without having to bundle

them with a hardware purchase.

Hobson said that the scheme allowed

printers to take advantage of the tax

Shire Leasing to

finance print software A month of sport, several leasingnames participated in the Olympicsas volunteers, and De LageLanden's year long round the worldrace finally saw its ship come hometo Southampton among the leaders.AssetCo, that one timeleasing/outsourcing marvel originallysold for some say £30 million, whichheld the whole of London's fire

engine fleet, was ignominiously soldoff for £2 after a roller-coasterbattering from the credit crisis. Anew phenomenon, the LeasingFoundation was launched, forcharity and research purposes, witha glittering array of chiefs, while thenuts and bolts of leasing, namely thelease accounting project, ended themonth in top level rows and disarray.

AUGUST

30 LeasingWorld EXPO 201233 Leasingworld Awards 2012

22 More women needed at the top

FLA responds On 14 June 2012 the Government delivering stability and supporting Government’s detailed proposals foIndependent Commission on Bankiof banking in the UK

EXPO

2012LeasingWorld

yscap remains on the front foot



ALDERMORE’S SME LENDING HITS £1BNPhillip Monks, head of Aldermore Bank, has

said in an interview that it should see its SME

lending reach a billion pounds by the end of

September. He is quoted as saying, “We

haven’t spent a bean on marketing. We don’t

go out there and make fancy statements.” The

bank’s total balance sheet currently stands at

£2 billion, and boasts over 12,000 business

customers. Monks makes the point that most

of the foreign banks that contributed so

greatly to the deluge of credit in earlier years

have drastically reined back, or left our shores.

> IN BRIEF

Stephen Sklaroff

Margaret Hodge MP

The last

quarter o

f 2012 st

retches

ahead towards a

hopefu

Awards, Events, and Conventions

Left to right: (back) Alan Leesmith (IAA-Advisory); Professor Iwan Davies(University of Swansea); John Bennett; Professor Rob Macredie (Brunel University);Andy Hart (Lombard); Andrew Denton (CHP Consulting); Professor Peter Thomas(Manifesto Group); Tarun Mistry (Grant Thornton); Chris Stamper (ING Lease); MikeOxby (Santander); (front) Mary McNamara (Close Asset Finance); John Hooper(National Australia Group Europe); Bret Thomas (Xerox Global Leasing); DerekSoper (IAA-Advisory); Jonathan Andrew (Siemens Financial Services)

What did you think of the Panorama

programme about schools caught out

the darker side of leasing, in “Reading,

Writing and Rip-offs,” BBC One, Monday,

Oh dear, we’re on telly!

Bad performers drag

Euro Leasing Index down

This is the month when leasingbusiness kicks off again, as does acomprehensive series ofconferences, conventions, Awards,cocktail receptions and other events,which makes one wonder when thereis time for any work to get done. Butit does get done, with lessors doingless and less of the foot-slogging tofind deals, as the deals these daysusually come knocking on the doors.Leasing finally got onto the TV, with

the BBC Panorama expose of leasingscams to schools, but thankfully theprogramme appeared to accept thatjust because the the scams involvedleasing, it didn't necessarily meanthat lessors were the scammers. TheNACFB moved its HQ from Exeter tocentral London, and new figures fromthe NACFB showed asset financebrokers annual business volumesdoubling from £1 billion to £2 billion.

SEPTEMBER

Goodbye ING Lease (UK)

>

Assilea – the Italian leasing association –

said, “The appointment of Moi as

President of Leaseurope is a recognition

that comes after years of active

participation in the Italian association and

the work of the [Leaseurope] federation,

in which Massimiliano Moi participated

New President of Leaseurope

to participate.

> The Treasury said that

it will enshrine in law

the way Libor is set

and create a criminal

offense for those who

misreport it

Why did ING Group do it?

part of the firm’s expansion plan

comes to CIT from DISKO Leasing

he ran the company’s sales teams

Northern Europe.

Rich Green added, “CIT Vendor

has experienced strong perform

Europe with volumes up significan

first nine months of this year. Th

demonstrate our continued inve

the future of our European bu

increasing numbers of SME’s ar

CIT Vendor Finance boost

> IN BRIEFLANDMARK LEASING QUALIFICATION

A common topic of discussion over the years

has been the need for a professional leasing

qualification, but at last the Finance &

Leasing Association (“FLA”) has announced


> Lessor of the Year Close Brothers Asset Finance


> IN BRIEFBELARUSIAN EXPORT LEASINGPresident of Belarus, Alexander Lukashenko,

has proposed a revision of the legislation on

export leasing. In particular, if a lessee turns

out to be insolvent due to any reasons and the

insolvency has been confirmed by documents,

the leased product may remain in the

Econocom SA has been busy

A glittering start with LeasingWorld'sAwards Dinner and EXPO, and amemorable Leaseurope annualconvention in Cannes, but the end ofOctober heard the first mutterings ofwhat was probably the shock story ofthe year, the demise ofING Lease(UK). When the news became official,that by the end of November, it wouldcease to take new business, thebroker-driven segment went intooverdrive, with lessors engaging in

some fast footwork to grab some ofthe £1 billion a year now goingbegging. It was one of the largestand fastest redeployments ofrelationships, funding, and staff theUK leasing industry had ever seen,but so far it seems to have worked.Now that the pack has been shuffled,new market leaders are emerging -one day people will look back andsay, "That was the watershed."

OCT/NOV

Going in witheyes open - LeasingWorld of 2012.pdf · asmaa xit ARD usts vice viders: the new...

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