OVO Energy has completed the acquisition of SSE’s UK household energy business.  The merger combines SSE’s scale and OVO’s technology capabilities which will enable millions more customers to decarbonise their homes, while keeping their costs down. With the acquisition completed, the leadership teams from both companies will collaborate on a more detailed plan on how…

One in five UK businesses are financially stressed, with more than 1,000 companies in situations of acute distress, according to new research from KPMG. KPMG’s Restructuring practice analysed the filings of all UK businesses with revenues in excess of £10m over a five year period to the end of 2018 – a population which grew…

Evolution Funding has expanded its field sales team with the appointment of four key personnel from former Barclays Partner Finance (BPF). The new arrivals follow hot on the heels of BPF’s national accounts director Keith Bell taking the role of sales director, with previous Sales Director, Chris Coverdale, becoming Group Sales Director. Neil Holland takes…

This time last year, I only made one prediction with any degree of confidence – that at some point, the UK’s future trading relationship with the rest of the world will be settled, and confidence and stable growth would return.  And I still stand by this a year later! 2019 was a tough year –…

Consumers borrowed £6.6 billion to fund Christmas 2019 – an average of £435 each of those who borrowed – according to new research from TSB, despite over half (58%) who said they wanted to borrow less over the course of the year. A fifth (21%) say they overspent in 2019 and nearly three in ten…

The number of UK retailers entering administration in 2019 was 124 compared to 125 in 2018, a marginal decrease of 1%, according to Deloitte’s latest insolvency figures. This came despite December seeing a significant year-on-year increase in retail administrations with 11 taking place in December 2019, compared to seven in 2018 – a 57% surge.…

One in three consumers expects to retire with an average debt of £17,460 this year according to new research by Key. The research has found that the debt will take three-and-a-half years to clear. Initial findings from this work suggest that the ‘Retirement Class of 2020’ faces significant debt challenges with more than one in…

Provident Financial says its credit card business, Vanquis Bank, performed “modestly above expectations” in the fourth quarter, adding that it expects to report full-year results in line with market expectations. The company also said that its consumer credit division also had delivered results in line with its plans. Consistent with the group’s strategy set out…

Latest data from UK Finance has shown an increase in remortgaging in November 2019. The figures show that there were 18,610 new remortgages with additional borrowing in November 2019, 5.7 per cent more than in the same month in 2018. For these remortgages, the average additional amount borrowed in November was £51,470. There were 18,470…