Chancellor, Rishi Sunak has outlined additional government support to provide certainty to businesses and workers impacted by coronavirus across the UK. Delivering a speech in Parliament, the Chancellor announced a package of measures that will continue to protect jobs and help businesses through the uncertain months ahead as we continue to tackle the spread of…

Over £100 billion in support from banks and the government has been received by UK firms through coronavirus stimulus initiatives, with lenders distributing more than £58 billion and companies claiming £39.3 billion under the furlough schem. Figures from HM Treasury published today reveal that UK lenders have supported over 1.33 million businesses across the country…

UK firms have racked up around £70 billion worth of unsustainable debt, according to a new report from The City UK, with more than £20 billion of that coming from government-backed coronavirus loan schemes. TheCityUK’s Recapitalisation Group (RCG), supported by EY, has published updated projections for levels of unsustainable debt faced by SMEs.  The report…

Specialist lender Cambridge & Counties Bank has appointed Donald Kerr as its new Chief Executive Officer (CEO). The appointment follows the announcement in late 2019 that Mike Kirsopp was to retire from the role at the end of 2020. Subject to regulatory approval Donald will take up his appointment in November, with Mike stepping down…

RSM’s UK Brexit Stress Index nudged up for the first time since the early days of the Covid-19 lockdown, ushering in the first signs in nearly seven months that the risk of no-deal trade talks with the EU is generating increased nervousness within business. This week the pound also saw its worst performing week against…

A study by Onward has found that around 20% of British businesses are only making enough profit to cover their debt interest payments. High levels of corporate debt built up by companies during the COVID-19 pandemic has pushed 4.3% of firms into technical insolvency, the report estimates. In the new research paper titled ‘Paying it…

Fintechs Ebury and MarketFinance, have announced that they have joined forces to offer both CBILS loans and revolving credit facilities to UK SMEs to support them with their business finance needs. The immediate focus of the partnership is to offer lending products under CBILS terms to Ebury clients, the fintechs intend to work together in…

Results from a BCC poll, conducted in partnership with banking group TSB has revealed that many firms have taken on debt during the pandemic and require flexible repayment solutions to rebuild their revenues and avoid an unsustainable debt crisis. The report also suggests that businesses that haven’t taken on debt but may yet need to, favour flexible business banking services…

United Trust Bank has announced that Mark Stokes has joined the company as Chief Commercial Officer. Stokes, formerly Managing Director – Commercial Banking at Metro Bank, has joined United Trust Bank in the newly created role of Chief Commercial Officer. Stokes has over 20 years’ experience at executive committee level working with several established and challenger…

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