Credit, Collections & Insolvency News
High street chains have closed almost 6,000 stores so far this year, according to the Centre for Retail Research, which also revealed that retailers with 10 or more stores have already closed 5,834 shops in 2019 – up 77% on the whole of last year. Some 708 shops have been closed by large retailers falling…
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The number of manufacturing businesses entering insolvency has hit a five-year high rising 7% to 1,466 in the last year (to 30 September 2019) up from 1,373 the previous year, says chartered accountants and business advisors, Moore. Moore says that the rise in manufacturing businesses going insolvent is being driven in part by Brexit-related uncertainty…
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New research by comparethemarket.com has found that one in five UK adults do not know the difference between a personal loan and payday loan. Comparethemarket.com says that payday loans have come under intense criticism for charging very high-interest rates, often with a representative APR of 1,266%, and many lenders have closed down. By contrast, personal…
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The number of children growing up in poverty in working households has risen by 800,000 since 2010, according to new TUC analysis. The analysis reveals that child poverty in working families rose to 2.9 million in 2018 – an increase of 38% since the start of the decade. In 2010, 1 in 5 (19%) children in working households were growing up in poverty.…
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Paragon has appointed a new Managing Director (MD) of SME lending. John Phillipou joins Paragon from PEAC Finance, where he was Chief Executive Officer, leading the business in providing finance solutions for predominantly SME clients. Phillipou’s career spans 25 years in business lending both in the UK and globally, including roles with Bank of Scotland,…
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Over half (54%) of the UK’s SMEs, equating to 3.1 million businesses, admit they had not prepared in any way for Brexit ahead of the 31 October deadline according to the latest Q3 SME Confidence Tracker from Bibby Financial Services. Fewer SMEs are investing and the amount they are investing on average has also fallen.…
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One in four (25%) online consumers have fallen victim to fraud on Black Friday or Cyber Monday, according to new research from secure payments solution Shieldpay. For those who have been victims of fraud on Black Friday or Cyber Monday with emails with lures of fake deals which tempt most people to fraudulent sites when…
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Specialist consumer lender, 1st Stop Group has announced that it has passed lending loan book has passed £250 million of outstanding loans. 1st Stop Group – a portfolio company of Pollen Street Capital, the independent alternative asset investment management company – reached the milestone having undergone significant growth across its secured lending, car finance and…
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Cambridge & Counties Bank has appointed Donna Kerr as its first Area Director for Scotland to support the company’s growth in the region. Kerr brings 30 years of leadership and business experience to Cambridge & Counties Bank. Prior to joining, she spent the previous three years managing a national team with Blackhorse Finance, running a…
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New research from equity release lender, more2life, has revealed that more than a third (35%) of over-55s say their expenditure exceeds their income, with a significant majority of these individuals (68%) dipping into their savings to help plug the gap. A further 25% of over-55s say that the increasing cost of living will mean that it…
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Responding to the speech delivered by Labour leader Jeremy Corbyn this morning, Federation of Small Businesses (FSB) National Chairman Mike Cherry, said “It’s very positive to see the Labour party putting late payments and business rates at the top of its business agenda.” “Our late payment crisis remains the biggest scourge afflicting the UK’s small…
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