p14 city jan30 28/1/09 16:56 Page 14
City & finance
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Fines hiked for
Virgin bonuses to
late accounts
offset pay freeze
VIRGIN Atlantic has introduced a pay freeze from
March but said the blow would be softened
COMPANIES House, the official government by bonuses to be paid out after it finishes this
register of firms, has increased the fines for financial year in profit.
companies that file their accounts late. The airline said there would be no pay increase
As well as the increased fines, firms that file for any staff, from senior directors to ground
late for a second successive year will have the crews, to avoid redundancies and keep the car-
fine doubled. rier in a strong position through the downturn.
The new rules come in on February 1. But it said it expected to make a profit in its
Private companies are given nine months to current financial year, which runs to the end of
file accounts after the end of their financial year, February, because of decisions taken previously
while public companies have six months. to reduce costs and defer aircraft deliveries.
Companies House said the new rules were Bonuses would therefore be paid to staff who
brought in to increase the effectiveness of qualified in the Airshare profit-sharing scheme.
late-filing penalties. The fines were brought in in Chief executive Steve Ridgway (pictured) said:
1992 to encourage directors to file accounts on “During a recession, we all have to act responsi-
time, as they are legally required to make the bly to ensure that jobs are protected and that
information public. consumers get the best service. A pay freeze
Under the changes all penalties have been among our staff will help us remain strong
increased to take account of inflation. during a period of lower demand for air travel.”
Firms that are late will be sent an invoice to Ridgway added that consumers were benefit-
their registered office. Companies have been ing from some of Virgin’s lowest ever fares, but
advised to allow enough time for accounts to this meant revenues would be lower this year.
arrive at Companies House by registered post or
to use the online web filing system.
Companies House: New penalties
Rock Insurance
Lateness of Penalty: Penalty:
accounts private PLC
delivered company
buys affinity firm
■ Not more than
one month £150 £750
Rupert Murray.
apply these skills to generate additional travel
ROCK Insurance has purchased affinity market- insurance sales from our travel customers.”
■ More than one ing specialist AIS as part of its plan to expand AIS creates schemes that can be sold through
month but not into new markets. affinity organisations and brokers throughout
more than three AIS founder Terry Martin will join Rock the UK. Its clients include trade union members,
months £375 £1,500 Insurance and will continue to manage the AIS trade associations and charities.
affinity business growth. It also provides content for staff benefits pack-
■ More than three Commenting on the acquisition, Antony Martin, ages for several large corporations and PLCs.
months but not managing director of Rock Insurance, said: “Rock Terry Martin said: “AIS has always prided
more than six has provided AIS with insurance products and itself on maintaining a constant dialogue with
months £750 £3,000 fulfilment services for the past 13 months and in business partners to ensure we are aware of our
this time we have gained a good understanding clients’ changing needs.
■ More than of the possibilities that exist for Rock within the “The excellent level of service AIS has received
six months £1,500 £7,500 affinity marketing arena. from Rock Insurance over the past 13 months re-
“The addition of AIS to Rock’s existing portfo- assures me that the firms will work well together.”
lio of products will be of particular benefit to Rock is considering a number of other poten-
■
companieshouse.gov.uk customers with large databases where we can tial acquisitions as part of its growth strategy.
14 30.01.2009
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