Asset finance new business grows by 13%

New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in March 2022 by 13% compared with the same month in 2021. In Q1 2022 as a whole, new business was 7% higher than in the same quarter in 2021. The IT…

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Time Finance appoints Head of Compliance

17th May 2022 Appointments | #appointments

Time Finance has announced that they have appointed Sean Hughes as Head of Compliance. Hughes brings over 10 years’ experience to the role having built a credible career within the financial services sector. During his time at firms including Thistle Initiatives Group, BNY Mellon, Atlanta Group and Time Finance Sean has played a hands-on role…

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Lending to small businesses hits all-time low, with six in ten impacted by late payment   

New findings from quarterly Small Business Index (SBI) has warned that banks ‘are pulling up the drawbridge’ to small firms will further stifle economic growth as its new SBI study shows successful finance applications plunging over the first quarter of this year. Fewer than one in ten (9%) small firms applied for finance in Q1…

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Over a third of small business owners predict growth

Over a third (37%) of small business owners predict growth for the next three months, the highest figure since the pandemic started more than two-years ago. The new quarterly data from Novuna Business Finance also reveals that the percentage of small businesses predicting contraction has also hit a two-year low (falling to just 7%). Despite…

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Value of business loans written off by banks almost doubles

The value of UK business loans written off by banks nearly doubled in the last quarter of 2021, rising 87% from £190 million in the third quarter to £356 million in the fourth quarter according to research by debt advisory specialists ACP Altenburg Advisory. Altenburg explains that write-offs of loans have been subdued throughout the…

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Small firms call for action on cost of doing business crisis as GDP falls

Latest Office for National Statistics (ONS) figures show that GDP fell 0.1% in March and the UK’s trade deficit, at £25.2 billion, is at its greatest since records began. Commenting on the figures, Federation of Small Businesses (FSB) National Chair Martin McTague said  “Our economic recovery is stumbling when it’s barely had a chance to…

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2.1m SMEs ‘just about breaking even’

New research by Bibby Financial Services has found that 2.1million SMEs are ‘just about breaking even’ and face myriad of challenges that threaten to impact the UK’s economic recovery. The report says that SMEs are ambitious for the opportunity to regain lost ground post-pandemic, but risk being held back by a myriad of mounting pressures…

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Significant rise in Business CCJs

New figures from the Registry Trust have revealed a significant rise in business County Court Judgments (CCJs)in UK & Ireland, for Quarter 1 (Q1).  The figures revealed that there were 230,239 new monetary judgements processed overall in Q1 2022, which is a 10% decrease compared to the Q1 2021 total of 256,404. However, there was…

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Small firms call for late payment reforms

Responding to this year’s Queen’s Speech the Federation of Small Businesses (FSB) has urged the need for late payment reform. Federation of Small Businesses (FSB) National Chair Martin McTague said “A worsening late payment crisis is currently threatening the futures of more than 400,000 small firms. The Audit Reform Bill creates space to take forward…

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FSB publishes peer review on out-of-court corporate debt workouts

The Financial Stability Board (FSB) has published a Thematic Review on Out-of-Court Corporate Debt Workouts. The objective of the peer review is to support Covid-19 response and recovery efforts by examining FSB member jurisdictions’ practices, experiences and lessons from out-of-court workouts as a less costly and more flexible alternative to full, formal insolvency proceedings. The…

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Nearly six in ten SMEs relying on credit to pay for their insurance

New research by Premium Credit has revealed that one in six (59%) of SMEs are relying on credit to pay for their insurance, borrowing on average around £1,105. Nearly one in ten (9%) SMEs who use credit to pay for their insurance, claim to have borrowed over £3,000 to fund their cover. Premium Credit’s Insurance…

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Cost of investigations and heightened fraud risk hit businesses hard

Risk specialist, Kroll has revealed the results of its latest Global Fraud and Risk Report, showing that organisations around the world are dealing with the rising costs associated with investigating allegations of serious misconduct. The report, based on a survey of over 1,330 senior decision-makers for risk strategy, including CEOs, general counsels, chief compliance officers…

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Visma | Onguard appoints new Managing Director

10th May 2022 Appointments | #appointments

Fintech order-to-cash process specialist, Visma | Onguard has announced that it has appointed Adriaan Kom as Managing Director. Kom has been working at Visma | Onguard for one and a half years as Chief Commercial Officer. In his new role, Kom will focus on the further growth of the company as part of Visma. Part…

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