TCB to insure Irish Ferries turnover
Date: 02-10-2006
Source: The Sunday Business Post
Credit insurance specialist Trade Credit Brokers (TCB) has secured a deal to insure the Irish Ferries trade credit account. Credit insurance specialist Trade Credit Brokers (TCB) has secured a deal to insure the Irish Ferries trade credit account. Under the contract, TCB will be responsible for protecting ?240 million of Irish Ferries? turnover. ??This agreement with Irish Ferries and other blue-chip clients clearly demonstrates that major Irish companies now value the opportunity for increased sales, revenue and profit that is created through the elimination of the risk of bad debts from their businesses,? said Celine Caulfield, commercial director of TCB. TCB, which is a member of IFG Group, a company listed on the London and Dublin Stock Exchanges, was established in 1993. It employs 14 staff and provides credit insurance policies to clients through offices in Dublin, Belfast and Britain. ??A credit insurance policy provides business with protection against non-payment for goods and services,? Caulfield said. ??This creates a safety-net for companies previously restricted by exposure to potential bad debts. It offers peace of mind. ??The real benefits of credit insurance includes protection against bad debt, increased profit and market share, cashflow protection, enhanced credit terms and robust credit management.? TCB?s clients include Dairygold, Livisham and Horizon Group. ??The strong Irish economy has brought many benefits, but this expansion in business, and the associated increased credit terms, have heightened the risk for many businesses,? Caulfield said. ??Hence, many of those businesses are choosing to insure any turnover at risk.? Irish Ferries is part of the Irish Continental Group (ICG). Other ICG companies covered by the deal include Eucon, Eurofeeders and Feederlink. ICG is a shipping, transport and leisure group engaged in the transport of passengers and cars and freight between Ireland, Britain and Europe. It also offers travel and holiday packages in France, Britain and Ireland. The group carries about 1.7 million passengers, 400,000 cars and 700,000 units of freight on its network each year. It employs 1,500 staff in Ireland, Britain and The Netherlands.
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