Credit, Collections & Insolvency News
UK-listed companies issued 49 profit warnings between April and June 2024, the lowest quarterly total since 2021, according to EY-Parthenon’s latest Profit Warnings report. The report found that profit warnings from UK-listed companies fell 26% compared with Q2 2023. The highest number of Q2 warnings recorded by EY-Parthenon was in 2020, when 166 were issued.…
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New research by Novuna Business Cash Flow has found that 33% (a third) of small and medium-sized enterprises (SMEs) in the UK urgently require financial support within the next year to continue their operations. This survey highlights the heavy reliance on personal sources of finance, with 19% of SMEs resorting to using their own savings,…
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UHY Hacker Young has announced that it has promoted Skevi Iacovou to Director in the turnaround and recovery department at national accounting group. Iacovou first joined UHY Hacker Young in 2010 as a graduate and has been working in the Turnaround & Recovery team for over ten years. She specialises in corporate insolvencies of owner…
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UK inflation held at two per cent in the year to June, unchanged from May, mostly driven by a rise in hotel and restaurant prices and a fall in clothing and shoes, according to the latest figures from the Office for National Statistics (ONS) Core inflation, which excludes the price of fuel and food, remained…
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Inflation held steady in June, with the latest figures from the Office for National Statistics (ONS) showing price growth remained at the Bank of England’s target rate of 2%. Commenting on the data, Matt Hartley, Director of Engagement at the Money Advice Trust, the charity that runs National Debtline, said “Millions of people are still…
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The new Government’s Bills and priorities have been announced as part of the King’s Speech. The speech announced new legislation to improve rights for people renting privately, alongside commitments to improving living standards, job security and wages across the UK. Commenting on the speech Richard Lane, Chief Client Officer at StepChange, said “It’s encouraging to…
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Latest UK Finance card spending data for April 2024 has shown that outstanding balances on credit card accounts have grown by 8.3 per cent over the twelve months to April and 49.4 per cent of outstanding balances incurred interest compared to 49.6 per cent in April 2023. There were 374.6 million credit card transactions in…
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Latest ONS, data has shown that the average private rents costs rose by 8.6% in the 12 months to June 2024, down from 8.7% in the 12 months to May 2024. Average rents increased to £1,310 (8.6%) in England, £743 (8.2%) in Wales, and £959 (8.4%) in Scotland, in the 12 months to June 2024.…
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HSBC has announced that Georges Elhedery will replace Noel Quinn as Chief Executive Officer. Elhedery, currently the bank’s Chief Financial Officer, he will take on the post in September. He first joined the business in 2005 as global head of structured rates, global banking and markets. Since then, he has worked in a variety of…
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