New data released by Creditsafe, examining the rate of company failures across 12 UK business sectors, reveals 0.33% of companies in the Hospitality sector failed in Q3 2018. Across the Hospitality industry – inclusive of hotels, restaurants and bars – there were 591 company failures, compared to 330 in the same time period in 2017.…

The UK’s smallest businesses are facing a bill of £6.7 billion, up from £2.6 billion in 2017 – just to collect money they’re already owed, according to research by Bacs Payment Schemes (Bacs), part of leading UK retail payments authority Pay.UK. This latest research, from the people behind Direct Debit and Bacs Direct Credit, shows…

One Select, an energy supplier with about 36,000 domestic customers, has ceased to trade. Under Ofgem’s safety net, the energy supply of One Select’s customers will continue as normal. The outstanding credit balances of domestic customers will be protected. Ofgem will choose a new supplier to take on One Select’s customers as quickly as possible.…

UK Finance has published its latest SME Update on SME loan approval (for Q3 2018) which show that rates remain consistently high. The figures show that there were 69,980 new loans and overdrafts approved for a value of £7.0bn with banks approving eight out of ten applications for SME Finance. The figures also showed that cash…

Administration notices have been issued and advertised in the London Gazette for the following companies: ACKRILL NEWSPAPERS LTD ADD PRECISION LTD AIR TRAMPOLINE (CARDIFF) LTD AIR TRAMPOLINE (SWANSEA) LTD AJ WAY LTD ALFA ENGINEERING GROUP LTD ANGLIA NEWSPAPERS LTD ASPIRE CRAFTS LTD ATKINSON PRECISION LTD ATLAS BUSINESS INTERIORS LTD AUTILLA LTD BANDERA LTD BENITA FOOD LTD…

Winding up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 0161 LETTINGS AND MANAGEMENT LTD 1ST PLATINUM INVESTMENTS LTD 2M PRINT LTD 2W CONSTRUCTION LTD 360 BUSINESS PARTNERS LLP 3B LOGISTICS LTD 3RD LEG LTD 404 ENTERPRISES LTD 44 LONDON LTD 777 FOODS LTD 7HILLS MECHANICAL LTD A…

The Government should introduce a tougher regime to tackle larger companies who treat small businesses ‘disgracefully’ by enforcing long payment terms or paying their suppliers late, says the Business, Energy and Industrial Strategy (BEIS) Committee in a report published today. The Small businesses and productivity report says that for a small and medium-sized enterprise (SME) to succeed…

The Business, Energy and Industrial Strategy (BEIS) Committee has published correspondence with a series of major companies such as WH Smiths, Boots, Thomas Cook and Holland & Barrett on their payment practices, highlighting issues such as long payment terms and late payments. Following up concerns about poor payment practices raised during the current inquiry on Small…

Debt charity, Business Debtline, has called for further action to support small business owners and self-employed people affected by late payments, where businesses are uncertain when the money they have earned will be paid. In its response to the Department for Business, Energy and Industrial Strategy’s call for evidence on tackling late payments, the charity…

The average small business is owed £24,841 in late payments according to research by accounting software provider Xero.On any given day, 78% of businesses are owed money outside of agreed payment terms. The research was based on data taken from two million invoices issued by Xero’s UK small business subscriber base which showed that in…

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