Shawbrook Bank, a specialist lender to UK SMEs, has announced that it has completed an acquisition of RateSetter’s peer-to-peer funded development finance business with facilities totalling £167 million. The addition of the RateSetter business including the associated loan portfolio will add more than 100 new active clients to Shawbrook’s existing Development Finance customer base. The…

Office for National Statistics (ONS) survey data has indicated that over one in four (27.9%) of UK pub and bar operators have fears that their business would fail even before the latest coronavirus lockdown restrictions were announced. Meanwhile, less than one in five (19.1%) of responding pub and bar businesses had high confidence in surviving…

New figures published by HM Treasury has shown that over 1.5 million businesses across the country are supported by the UK’s banking and finance industry with a total of over £68 billion in lending through government-backed coronavirus lending schemes. Over 34,500 small and micro businesses have accessed a Bounce Back Loan over the past month,…

New figures from the Insolvency Service have shown that business insolvencies in England and Wales increased by 4% in November 2020, with 889 business insolvencies in November 2020 compared to October’s figure of 862, and were 41% lower than November 2019’s figure of 1,512. However, business insolvencies in November 2020 fell by 41% compared with…

Scottish business insolvencies in November 2020 fell by almost half compared with November 2019 numbers. The figures released by Accountant in Bankruptcy (AIB), Scotland’s Insolvency Service which administers company liquidations and receiverships in Scotland showed that in November 2020 there were 46 company insolvencies in Scotland, a reduction of 47% in comparison to November 2019.…

Northern Irish personal insolvencies decreased by two thirds according to the latest Insolvency Service figures. Personal insolvencies numbers in November 2020 fell by two-thirds compared with November 2019. There were 91 personal insolvencies down 68% from November 2019; this consisted of 52 IVAs, 17 DROs and 22 bankruptcies. Company insolvencies in November 2020 fell by…

Parliament’s Public Accounts Committee has today has published a  report into the Bounce Back Loan Scheme (BBLS) set up to help businesses at the height of the coronavirus (Covid-19) pandemic. The new report contains six key findings: The Government was not sufficiently prepared to support micro-businesses despite the economic impact of the pandemic being a known risk…

The Government is planning to launch a replacement for the Covid loans programme with new state-backed guarantees to support lending by banks to SMEs.. Under plans still being finalised, the new Government scheme could guarantee up to 80 per cent of loans of up to £10 million for businesses that are deemed viable but unable…

New research from Nucleus Commercial Finance found that an overwhelming majority (96%) of consumers not only support their local independent businesses, but nearly two-thirds (63%) of those have made a conscious effort to do so since the pandemic started earlier this year. The research indicates that the pandemic has had a significant impact on the…

New research produced by the Open Banking Implementation Entity (OBIE), together with Ipsos MORI shows that since the start of the pandemic, the UK’s small business community is increasingly utilising the services offered by open banking providers as they look to future-proof their business operations (50% of those surveyed). Improved resilience: Of those who had leveraged…