Credit, collections & insolvency news
Business confidence among finance chiefs has reached a two-year low with Chief Financial Officers (CFOs) expecting to make cost cutting measures in 2025 according to research by Deloitte. The data shows that business optimism fell to a two-year low in the fourth quarter with 26% of CFOs reporting that they feel more pessimistic about the…
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The Federation of Small Businesses (FSB) has urged the UK’s key regulators to help deliver economic growth. The FSB has written to the Financial Conduct Authority, Finance Reporting Council, Ofgem, Ofwat, Ofcom, Competition and Markets Authority and Information Commissioner’s Office. This follows requests from the Prime Minister, the Chancellor of the Exchequer and the Business…
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A man from South London has been sentenced to five years in prison for impersonating banks and stealing £988,719 from banking customers. The sentencing follows an investigation and arrest by specialist banking industry sponsored police unit, the Dedicated Card and Payment Crime Unit (DCPCU). Between 2021 and 2024, Adam Raja, defrauded banking customers by impersonating…
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Law firm Flint Bishop has announced three senior leadership appointments within its Debt Services division. Andrew Mitchell joins as Head of Operations, bringing over 25 years of experience in debt management within the utilities industry. Most recently, Mitchell served as Strategic Review & Debt Lead at E.ON UK, where his strategic foresight and process innovations…
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New research by Purbeck Insurance has found that the average personal guarantee-backed loan rose 9% to £174,000 in Quarter 4 (Q4) in 2024. In the final quarter of 2024, there was a 25% increase in small businesses applying for personal guarantee backed business loans compared to the same quarter of 2023. Indeed, for the whole…
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Secure Trust Bank Commercial Finance the asset-based lending (ABL) arm of Secure Trust Bank, has announced the promotion of James Hodkinson to Managing Director (MD) following the retirement of John Bevan. Hodkinson began his career at the Royal Bank of Scotland, where he undertook a variety of leadership and strategy roles within the invoice finance…
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A key figure in a scheme designed to undermine the insolvency system has been banned as a company director for nine years. Neville Taylor was paid more than a quarter of a million pounds by Atherton Corporate (UK) Ltd to become the sole director of more than 400 companies. Taylor’s disqualification means he will have…
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2025 will be the most expensive on record for businesses who employ workers on the minimum wage, according to new analysis by the Centre for Policy Studies. The research shows that the tax wedge – the combined amount of tax paid by employees and employers – for those on minimum wage will equate to a…
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The Christmas ‘golden quarter’ of 2024 has not provided the anticipated boost for UK retailers, as consumer confidence remains low according to the British Retail Consortium-KPMG Retail Sales Monitor. The data showed that sales increased by only 0.4% in the three months leading to December compared to the previous year. December’s sales, including Black Friday,…
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The National Association of Commercial Finance Brokers (NACFB) has recorded a 15% rise in the number of its member firms in 2024. This growth saw broker firm numbers climb from 1,168 in January to 1,338 by year-end. Last year’s record-setting growth builds upon the 11% increase in NACFB Members recorded in 2023. Additionally, the NACFB’s…
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A fraudster jailed for illegally obtaining a Covid Bounce Back Loan has been ordered to pay the funds back in full with interest. Restaurant owner Ilhan Kekec overstated his company’s turnover to secure a £30,000 loan in May 2020. The 36-year-old was jailed for two-and-a-half years in March 2024 following a trial at Isleworth Crown…
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One in three of these businesses anticipate needing financial support as they head into the new year according to the latest research from accounting and advisory firm, BDO. BDO’s bi-monthly survey of 500 mid-sized business leaders, which looks at the challenges and opportunities facing UK companies with a turnover between £10m-£300m, reveals over a quarter (29%)…
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The National Association of Commercial Finance Brokers (NACFB) has appointed two broker members to its board as Non-Executive Directors. Tom Perkins, Director and Co-Founder of Charles & Dean, and Evette Orams, Managing Director of Hilton-Baird Financial Solutions, have joined the NACFB board. NACFB CEO Jim Higginbotham said “Having individuals of Evette’s and Tom’s calibre join…
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