The boss of a UK Challenger Bank is urging business owners to ‘recoup what they are owed’ with the help of a free Government-appointed support service. Gary Wilkinson, Chief Executive Officer and Co-Founder of Redwood Bank, recommends that small business owners tackle late payment issues with help from the Small Business Commissioner (SBC). The SBC…

New government data has indicated that UK firms have received £30.93 billon worth of Bounce Back Loans to help support them following the impact of COVID-19. The figures from the Treasury show that 1.01 million of loans have been made. Businesses have benefitted from 53,536 loans worth over £11.4 billion through the Coronavirus Business Interruption…

Members of the insolvency and restructuring professional trade body R3 expect corporate insolvency numbers to increase over the next year. More than half (56.1%) of the respondents to R3’s member survey who work in corporate insolvency said they expected corporate insolvency numbers to be significantly higher than in 2019, while 37.6% think they will be…

Payment holidays – while supporting some businesses through the current crisis – may be the death knell for those that have offered them according to research by the Chartered Institute of Credit Management (CICM). The research suggests that of the 83% of firms who had offered a payment holiday, two thirds (66%) said there would…

The proportion of small business leaders that cite barriers to growth has jumped from 75% to 91% in the last six months, according to Hitachi Capital Business Finance. This correlates to the sharp fall in the percentage of small businesses that predict growth (falling from 39% to 14% in the last three months).   A…

Business volumes in the financial services sector declined at the quickest rate on record, according to the latest CBI/PwC Financial Services Survey. Profitability and employment also saw sharp declines in the three months to June, due to COVID-19 disruption. The quarterly survey of 111 firms, conducted between 1st-18th June, showed that optimism about the overall…

UK banks are preparing for up to 40 per cent (circa £11 billion) of loans from the Bounce Back Loan Scheme (BBLS) to potentially be written off as irrecoverable according to RSM Restructuring Advisory. RSM says that banks are already preparing and building their teams to pursue businesses that default on the BBLS, a scheme…

The ongoing COVID-19 pandemic crisis poses a significant financial threat to the UK higher education sector. Universities will experience large income losses from falls in student enrolment, especially of international students, as well as lockdown-related losses of income from student accommodation and conference and catering operations. according to new research by the Institute for Fiscal…

In June the following administration notices have been issued and advertised in the London Gazette for the following companies: 30 JAMES STREET LTD ACCESSORIZE LTD ADMEDO LTD ADWAIZ LTD AFFINITY CONTRACTS LTD AJS PROPERTIES 2018 LTD ALBION LTD ALPHA MAY DOMICILIARY CARE LTD ANDREW GRANT LTD LIABILITY PARTNERSHIP APTA BIOSCIENCES LTD ATAL CONTRACTING LTD ATHENA…

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