Photobition, the UK's largest provider of shop display graphics, collapsed into receivership yesterday after failing to secure additional funding from its bankers. Some 1,900 jobs worldwide are threatened, including nearly 1,000 in the UK. Arthur Andersen has been appointed administrative receivers of the publicly quoted company, but not of its trading subsidiaries, which will continue to operate. The management of the main trading division, Photobition UK Graphics, created a new company yesterday called Service Graphics.The new management team said: "We are confident that, without the problems associated with Photobition's parent company, and with the continuing support of our long-established client base, Service Graphics has a bright future."Eddie Marchbanks, Photobition's chief executive, said the impact of the terrorist crisis, which had already hurt sales, counted against the firm during negotiations with its bankers, Royal Bank of Scotland. "The banks did not want to lend further money on the basis of concern over trading prospects in the US and could not be sure how much further funding would be required going forward," he said.Photobition collapsed with debts of more than £100m after going on an acquisition spree in the United States and Asia at the peak of the market. Since then a slump in demand for advertising has crippled the business, leaving it unable to finance debt payments. Photobition was worth about £275m in the middle of last year. Its market value was £2.6m when its shares were suspended at 2.75p on Monday.Service Graphics' management team will include the Photobition directors Ben Moss, Paul Green and Charlie Reed, supported by the founder directors Peter Reed and Mick Green..

Stephen Byers, the Transport Secretary, yesterday said that any private-sector bidders for the insolvent Railtrack would have to spell out how much state support was expected and they would need a strong credit rating. Stephen Byers, the Transport Secretary, yesterday said that any private-sector bidders for the insolvent Railtrack would have to spell out how much state support was expected and they would need a strong credit rating. The development came as the Treasury made a further £800m available to the administrators of Railtrack, Ernst & Young, on top of the £800m announced on 17 October. The £1.6bn is short-term repayable finance to keep the company going while it is in administration.The Government has proposed that Railtrack, which is expected to be in administration for up to six months, should be run in the future as a not-for-profit company limited by guarantee. However, the Government has also suggested that it is open to other proposals, while maintaining that its own plans would make for an "attractive successor".At least three finance houses have been linked to a Railtrack bid – WestLB, Barclays Capital and Babcock & Brown.

The administrators will consider these external offers – using the guidelines set by Mr Byers yesterday – as well as the Government plan The final decision rests with Mr Byers.. Shanks, the waste disposal group, blamed the depressed state of the hazardous waste market in Britain and one-off problems in Belgium for a fall in first-half profits. Shanks, the waste disposal group, blamed the depressed state of the hazardous waste market in Britain and one-off problems in Belgium for a fall in first-half profits. The group made a trading loss in its chemical services division and said intense competition and low prices had squeezed margins.Michael Averill, the chief executive, said that it would take until late next year before the hazardous waste market improved. He is counting on the introduction of a European directive that would phase out landfill sites.However, analysts cautioned that the situation was likely to get worse before it got better as competitors slashed prices to maximise returns before the directive becomes law.Mr Averill said problems in Belgium, where trading profit fell 23 per cent to £6.5m, were "one-off and overwhelmingly behind us". He added: "We have learnt our lesson and got a better handle on cost control."Shanks, which disposed of thousands of carcasses of cattle killed after the foot-and-mouth epidemic, yesterday reported an 18 per cent fall in pre-tax profits to £17.7m from £21.5m on sales up 8 per cent to £271m.The company said that barring unforeseen circumstances, which analysts said had a tendency to appear in Shanks's results, it was "confident of progress in the current year as a whole".

Mr Averill said he was "encouraged" by the opportunities for the company from the Government's private finance initiatives. Shanks had recently started a 25-year disposal contract from Argyll and Bute and was chasing at least two others, including a contract for the East London Waste Authority.Shanks is also developing its capacity to generate electricity from methane. This contributes around 15 per cent of the group's UK profits and said "progressive increases" were expected during the next two years Its shares gained 3p to 167.5p.. Wendy Mayall, Unilever's key witness in its £130m legal dispute with Mercury Asset Management, was yesterday accused of ignoring evidence showing that the group's pension fund had gone seriously awry under Mercury's guidance.