Tag: UK

Getting it dead right

Posted by | Mar 21, 2008 | |

Make sure you get your funeral sorted says the Post Office®

As the credit crunch takes effect many people are reviewing their finances but one thing people often forget about is planning for a funeral should the worst happen. In fact recent research for the Post Office® shows that only 15 per cent of us will actually plan in advance to cover the costs of our funeral and perhaps even more importantly stipulate the kind of funeral we want.

Post Office® research has shown that, given the choice, only half the UK population would opt for a traditional burial or cremation. It also revealed that the favourite UK spot to have ashes scattered would be the Lake District followed by the deceased’s favourite football ground.

If they planned ahead, 18 per cent of people would opt to have their ashes turned into a diamond and 13 per cent made into a firework. A quarter of people would go for a more eco friendly cardboard coffin and 15 per cent for freeze drying where your body is frozen then shattered into a biodegradable dust.

Forty per cent of those surveyed would want a celebratory-style funeral with nobody dressed in black although 10 per cent would go for a funeral procession with black horses and carriage.

Despite the fact that the cost of a funeral is generally well over GBP 2,000 these days, the research showed that nearly half (47 per cent) of people thought it would cost less than GBP 2,000. And only 30 per cent of people would have GBP 2000 or more to cover the cost of a loved one’s funeral if they died tomorrow.

Post Office® life insurance manager Duncan Caesar-Gordon said: “The cost of a funeral can run in to several thousand pounds. Taking out the Over 50s life insurance cover means you will receive a guaranteed cash sum so at least family and friends will have money to put towards a traditional funeral or a special send off you may have in mind.

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Rentokil brings in ex-ICI team to turn business around as CEO departs

Posted by | Mar 20, 2008 | |

Troubled support services conglomerate Rentokil Initial PLC, which has issued two profit warnings in recent months, has hired the executive team that turned around the fortunes of chemicals giant ICI and confirmed the departures of chief executive Doug Flynn and chairman Brian McGowan. Speaking to reporters, acting chairman and senior independent director Peter Long denied the move was a precursor to the pest control to tropical plants business being broken up and sold.

He insisted the group’s new management team are “committed for the long term”.

“We’re not interested in talking to ‘bottom feeders’ who think they can come in and buy some of the Rentokil assets on the cheap. We believe that value can be created for our shareholders by improving performance,” he said. “These guys come from the old school where you create value by building underlying earnings,” Long added.

Market rumours of private equity interest in parts of the business have abounded this week. “It wouldn’t be appropriate to start commenting on people,” Long said. “Have we had formal approaches for lots of parts of our business? No, we haven’t. Have people been looking at (parts)? I’m sure they have.” John McAdam, until recently the chief executive of ICI, joins as non-executive chairman while Alan Brown, who was ICI’s chief financial officer, will be chief executive.

In addition, Andy Ransom, who was head of ICI’s mergers and acquisitions team, will become senior executive, corporate development.

Brown has been appointed with a basic salary of 775,000 stg per annum, with Ransom set to earn a basic 450,000 mln stg. McAdam will be paid a basic 350,000 stg.

To underline the long-term nature of the appointments, the three will participate in a five-year share incentive plan. Each will be be awarded 7.5 mln shares. There will be a 20 pct vesting if and when Rentokil shares hit 120 pence, with 100 pct vesting if and when they get to 180 pence. A further award of up to 50 pct of shares can then be earned on a straight-line basis up to 280 pence.

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Councils could run threatened post offices in UK

Posted by | Mar 20, 2008 | |

Councils will be able to run closure-threatened post offices, the Government confirmed yesterday.

The Post Office had been told to enter into negotiations with councils wanting to take over the running of some of the branches earmarked for closure.

Business Secretary John Hutton has now written to the Post Office, encouraging the company to engage with local authorities.

He said, “If there is a way forward here which might allow more sub-post offices to remain open, while retaining a sustainable network, I am sure the Post Office will want to look very closely at how any such proposals could work in practice.”

Yesterday a Conservative motion aimed at halting the closure programme was defeated in the Commons. The Tories had hoped to persuade an estimated 90 Labour MPs who have campaigned publicly against the closures to vote with them.

Tory spokesman Alan Duncan said Labour should have “no option” but to vote with them, but last night only around 20 did so.

Plaid Cymru’s Westminster leader Elfyn Llwyd said, “There is a terrible whiff of hypocrisy in Westminster. Many Labour ministers and backbenchers are voting in favour of the closure of post offices, while at the same time running around like headless chickens in their constituencies, pretending to campaign in favour of keeping these post offices open.”

The Liberal Democrats said they wanted to de-couple the Royal Mail and Post Office, keeping the latter in the public sector but giving it freedom to develop services for all mail delivery companies.

A 49% stake in Royal Mail would be sold to the private sector, with 50% made available to provide an employee trust for staff on the John Lewis model.

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Charities face hike in postage costs (UK)

Posted by | Mar 20, 2008 | |

Charities are facing spiralling postage costs after Royal Mail warned it can no longer guarantee to reimburse them when donors put stamps on freepost envelopes.

The move, which it is claimed could cost charities millions of pounds in extra postage costs, has been sparked by the introduction of new automated sorting systems. In the past, many charities have encouraged the practice as it saves them thousands of pounds a year.

The issue is understood to have been raised with Royal Mail by client group Direct Marketing in Fundraising Group (DMiFG). Following the DMiFG’s enquiry, Royal Mail has contacted a number of charities to clarify that the terms and conditions of the Business Response Service do not allow for postage to be paid by the sender, and that the practice should be discouraged.

Cascaid strategy and planning director Roger Lawson says: “Ultimately, this is going to cost the sector a lot of money. Over the years it will be in the millions.”

Lawson adds: “It’s a shame if it comes down to automated sorting, because I can’t believe that Royal Mail can’t produce a machine that can identify whether or not there is a stamp on the envelope.”

One insider predicts that the decision will damage the reputation of many charities who are constantly under pressure to reassure supporters that they keep their administration costs to a minimum.

He says: “This was the one area where the Royal Mail showed some compassion towards the good work being done by the charity sector. If they withdraw this service, charities will no longer be seen to be doing the right thing. And ultimately it could dissuade charities from using direct mail as a channel.”

A Royal Mail spokesman says: “There has been no change to the Business Response Service policy. It has existed since the product was introduced and we would encourage people to stick to the rules of the product.”

He also clarified that any charity that could prove postage had been paid for items twice would be refunded.

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