Credit, Collections & Insolvency News
Restaurant chain Carluccio’s has entered administration. The company has 71 UK restaurants meaning that 2,000 employees at now at risk of losing their jobs. FRP Advisory have been appointed as the administrators. Geoff Rowley, Partner at FRP, said “We are operating in unprecedented times and the issues currently facing the hospitality sector following the onset…
Read more
The outlook for the debt purchase market remains positive, despite there being a temporary pause in the supply of debt portfolios according to d bt resolution specialist, Hoist Finance. Chief Executive Officer Klaus-Anders Nysteen says he anticipates that banks will continue to divest portfolios and will do so at an earlier stage than historically. “The…
Read more
The Bank of England’s latest money statistics show that the net flow of consumer credit was £0.9 billion in February. There was no additional borrowing on credit cards. Net mortgage borrowing by households hit £4bn, the same total as in January, giving an annual growth rate of 3.5 per cent. Meanwhile, mortgage approvals for house…
Read more
The Association of Accounting Technicians (AAT) is calling on the government and large employers to take stronger action on payment of suppliers on time, to help support small and medium-sized businesses during the ongoing Covid-19 (coronavirus) pandemic. Following the actions of large employers such as Morrisons, which is paying all its small suppliers immediately rather…
Read more
Here is an overview of The Money Charity’s latest statistics for March 2020 Personal debt in the UK People in the UK owed £1,680 billion at the end of January 2020. The average total debt per household, including mortgages, was £60,363 and per adult was £31,845, around 112% of average earnings. Net mortgage lending rose…
Read more
Rent-to-own firm BrightHouse has entered administration. Chris Laverty, Trevor O’Sullivan and Helen Dale of Grant Thornton have been appointed as Joint Administrators. BrightHouse is the trading name of Caversham Finance. The company provided rent-to-own and cash lending services to the consumer market. The company also included Caversham Trading Ltd (CTL) operates a logistics and engineering…
Read more
Sidetrade is to offer it’s Artificial Intelligence (AI) company revenue and cashflow platform free of charge to small and medium-sized enterprises. Sidetrade said that businesses in a range of industries are working to get SMEs through the emergency. Lengthening of B2B credit terms, inability to post or receive invoices and reminder letters, unreachable debtors due…
Read more