Featured Articles

Baxi Boilers Sees Debt Downgraded

Baxi, the boiler manufacturers owned by a private equity fund has come under severe pressure recently as the credit crunch started to impact highly leveraged buy out investments. BC Partners, the owners of Baxi, has seen first quarter profits plunge, while debts pile up. Rating agency Standard & Poors has downgraded the companys credit rating based on the latest financial results that showed the extent of the problem. The credit rating for Baxi was downgraded from B to B-. The rating agency cites “weak credit protection measures and further weakening business conditions”. The B- rating means that Baxi is now six notches below investment grade and well into junk bonds territory.Baxi, based in Derby and known for its Potterton, Valor and Homeflame brands, employs 5,400 staff around Europe and more that 2,000 staff in the UK. In 2007, BC Partners had to inject £40 million into the company to avoid breaching banking covenants on its debt of £587 million.The down ...
more Baxi Boilers Sees Debt Downgraded

Plumbers' Vans Go Automatic

Vauxhall Commercial Vehicles have introduced clutchless transmission systems to their Combo CDTi and Vivaro Vans, both of which are popular with UK plumbers.With a van being a major part of the plumbers day, serving as a mobile workshop, storage space, office as well as means of transportation, the latest addition is a response to growing demand for automatic gear boxes due to traffic jams and congested city centres.The vans are built in General Motors plant in Luton, Bedfordshire. The Vivaro 2.0 CDTi Tecshift offers two-pedal transmission at a lower price point than before (when it was offered on 2.5 litre models).The Vivaro Euro IV, with the 115PS common rail diesel engine and a six-speed transmission allows both automatic and manual operation of the gears. The £800 option is available on all 115PS Vivaro vans, making the entry level 2700 standard roof short wheel base panel van cost £15,590 ex-vat.Vauxhall has introduced the semi-automatic gearbox to the Combo Easytronic ...
more Plumbers' Vans Go Automatic