A new study has revealed that one in three closed small firms fear they’ll never reopen amid widespread redundancy plans. The Federation of Small Businesses (FSB) survey of over 5,000 firms has laid bare the impact of coronavirus pandemic as one in three small employers consider redundancies as they struggle to pay bills, shelve exports and…

A survey of over 500 pub owners undertaken by the Forum of Private Business (FPB), found that nearly four out of every ten reported that they are less than confident of surviving a June lockdown. The survey of 560 pubs carried out on behalf of the FPB in the last two weeks of April indicates…

New finance provider Azzurro Associates, is looking to provide cash against at least £ 1 billion of UK businesses’ unpaid invoices to help provide much-needed liquidity in the coronavirus crisis. The new service aims to help businesses clear their growing unpaid debts. This is the first time that companies operating in the B2B sector have…

Scottish Parliament has published a new bill to amend bankruptcy legislation. The Coronavirus (Scotland No.2) bill will be subject to an expedited procedure and subject to Parliament’s approval, is likely to come into force by the end of the month. The Bill includes proposals to make a number of important changes to current bankruptcy legislation,…

Accountants representing over 20,500 SME clients in the UK have reported more businesses have decided to dissolve or liquidate in last week, despite a bounce in confidence about the long-term situation due to the Covid-19 pandemic. The results are revealed in the latest ACCA UK and The Corporate Finance Network’s (CFN) SME Health Tracker, showing…

Analysis from TheCityUK reveals that British firms could hold as much as £105bn in unsustainable debt by March next year. The financial services industry body has set up a recapitalisation group to agree on a collective response to the coronavirus pandemic from industry and government. The Group has written to Bank of England Governor, Andrew…

The number of corporate insolvencies seen during April 2020 was down by a third on the previous year, as government support packages have given companies vital headroom to deal with the Covid-19 pandemic. A total of 61 companies fell into administration during April 2020 compared to 91 in April 2019, according to analysis of notices…

The banking and finance sector has lent over £5.5 billion to SMEs so far through the Coronavirus Business Interruption Loan Scheme (CBILS), new figures from UK Finance have revealed. Almost £1.4 billion worth of loans were provided in the week from 29th April to 6th May as lending under the scheme continues to grow. The…

Lloyds Banking Group has announced that it has already paid more than £1 billion to small businesses as part of the Government’s Bounce Back Loans Scheme (BBLS),  following its launch on Monday (4th May). The lender says that more than 32,000 of its small business customers applied. RBS said that it had received 58,000 Bounce…

A report from the Centre for Economics and Business Research (CEBR) think-tank and polling company Opinium shows that 591,000 businesses are at high risk of going bust as a result of the COVID-19 pandemic – a figure representing one in ten UK businesses. The study also suggests that more than a quarter of a million…