Credit, Collections & Insolvency News
The challenges facing British Steel have been well documented over recent weeks as the impact of the Brexit impasse has bitten. A material repair to its main blast furnace, the delay of carbon credit allocations and a reluctance of overseas customers to place orders without a known outcome of Brexit negotiations have all contributed to…
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Access to financing for European small to medium-sized enterprises (SMEs) has been steadily improving as a result of the very accommodative monetary policy of the European Central Bank (ECB), which has improved credit availability and reduced interest rates. This improving access to finance has, however, made European SMEs heavily reliant on banks as an external…
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Baroness Zahida Manzoor CBE has been appointed Chair of the Financial Ombudsman Service. The appointment was made by the FCA Board with the approval of HM Treasury. Baroness Manzoor will take up the role on 2 August 2019, succeeding Sir Nicholas Montagu who is stepping down after more than seven years in post. Baroness Manzoor…
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Kingston Smith & Partners LLP, the corporate recovery and insolvency arm of top 20 accountancy firm Kingston Smith, has announced the promotion of Dale Hernon to Director of client services. Hernon is responsible for providing KS&P’s integrated creditor-facing solution, called KS Vision, for anyone suffering a financial loss or facing insolvency. Insolvency can affect any…
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Non-Standard Finance (NSF) has announced that it has withdrawn its £1.3billion takeover bid for Provident Financial. After talks with regulatory authorities, NSF’s offer for Provident would lapse as the regulatory condition would not be satisfied by midnight today, the company said in a statement. NSF said that after discussions with regulatory authorities, in learning that…
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According to a new survey, half of European businesses believe their country will be cashless within ten years. The coming European Payment Report 2019 by European credit management services company Intrum, shows that a quarter of all businesses believe their country will abandon cash within five years, while another quarter believes it will happen in…
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New figures from the British Retail Consortium-KPMG Retail Sales Monitor analysis show that retail sales suffered their worst month in 24 years. UK shoppers shunned the high street last month leading to sales plunging in May faster than at any time in the past 24 years. Sales dropped 2.7% in the four weeks to May…
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Seven in ten (70%) businesses that have attempted to raise capital have failed at least once, according to the new report from Smith & Williamson, the financial and professional services firm. Securing funding is often critical to helping businesses scale quickly and maximise their potential. However, it’s often not plain sailing. Two in five (39%)…
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Growing pressure on the retail sector could increase risk-taking in the supply chain, data in a new report suggests. With more than 7,500 shops closing in 2018 and high street brands hitting the headlines, if retailers are not able to manage the trade-off between risk and cost, it could lead to further store closures and…
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William Molloy has been announced as the Central Bank’s Director of Financial Operations, effective from 1st August 2019. The Director of Financial Operations is responsible for leading the implementation of monetary policy in Ireland with direct responsibility for the investment management of the Central Bank’s financial assets. This role is pivotal in maintaining the liquidity…
Read moreLeeds-based automotive F&I technology specialist, DealTrak has announced that has employed five new faces, made several internal promotions, and is currently recruiting for nine new roles, as the business gears up for one of its biggest years to-date. With recent figures showing a 13% increase in Q1 proposal numbers, as well as a 10% uplift…
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