Western Europe’s overdue payments amount to 53% of total value of invoices

New research by credit insurer, Atradius has highlighted increasing insolvency risks in customer markets within Western Europe. The report has indicated that for Western Europe as a whole, overdue payments amounted to 53% of the total value of invoices, an increase on last year’s 47%. The percentage of write-offs increased from 7% to 10% of…

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Azzurro Associates joins The Lending Standards Board

24th November 2021 Company News |

The Lending Standards Board (LSB) has announced that commercial debt solutions provider, Azzurro Associates (Azzurro), has become a registered firm with the LSB‘s Standards of Lending Practice for business customers. Azzurro provides liquidity options to the commercial credit sector and is the custodian of a large inventory of business debts. Achieving full registration signals their…

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Blockchain adoption lift for 65% of financial organisations

New data from Visma | Onguard’s Fintech Barometer has found that 65% of organisations have either adopted blockchain technology or worked out the first ideas for future adoption in 2021, up from 51% in 2018. Of this 65%, almost a third are already utilising the technology – a significant 12% increase on last year’s levels.…

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Restaurant insolvencies rise by 31%

A cashflow crisis brought on by the pandemic lockdowns has resulted in a 31% increase in restaurant insolvencies over the three-month period to September, compared to the previous quarter. The number of UK restaurant insolvencies has jumped 31% to 296 in the last quarter, up from 226 in the previous quarter*, our research shows. The…

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Fifth of businesses unable to repay government-backed Covid borrowing

A fifth of UK businesses is unable to repay government-backed Covid borrowing according to business and financial advisers Kreston Reeves. The research also found that. a third of UK owner-managed businesses report lower cash reserves now than when going into the Covid pandemic The research published today in a report Shaping your future is based on…

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Third of global businesses lost over £1m to financial crime

A recent white paper published by Themis and Encompass Corporation, the leading provider of Know Your Customer (KYC) and Anti-Money Laundering (AML) software HAS revealed new insight into the ‘cost’ of not adhering to financial crime compliance. The whitepaper, titled Financial Crime Compliance: The Cost of Getting it Wrong, analysed recent case studies and 2020…

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Bibby Financial Services announces new central London office opening plans

23rd November 2021 Business Lending |

independent invoice financier, Bibby Financial Services (BFS), is to open a new central London office as it looks to grow its support for SMEs and intermediaries in the South East of England. BFS’s new premises are located at 30 Crown Place in the heart of the City, between Liverpool Street and Moorgate stations. Speaking of…

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P2P loans increasing competition with traditional banking

European countries with stable and developed economies are leading in terms of consumer and business lending according to researchby Robocash. The complete digitalisation of the financing process becomes one of the most important advantages of Peer 2 Peer (P2P) loans compared to traditional banks. Germany leads in consumer lending among other European countries due to…

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One in three businesses see late payment as biggest threat to survival

Late payments are threatening the survival of British businesses, analysis by alternative finance provider, Time Finance has revealed. The research found that challenges with cashflow and unfulfilled growth ambitions were the greatest knock-on effects holding businesses back. For 70% of SMEs, late payments are a recurring issue leading to more severe consequences with over 40%…

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Access to finance jeopardising job creation

Almost half of small businesses across the UK (49%) are relying on securing finance to help them fulfil their growth plans for the year ahead. After three consecutive quarters when small business outlook has remained unchanged (with 34% of business owners predicting growth), the new Business Barometer study from Hitachi Capital Business Finance suggests access…

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GB Bank appoints Chief Lending Officer

19th November 2021 Appointments |

GB Bank has announced the appointment of Neil Williams as its Chief Lending Officer. GB Bank recently announced it had secured its provisional banking licence making it the UK’s newest challenger bank. Positioned as the ‘go to bank’ for property developers in the North, GB Bank will address the shortage of funding required to get…

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Scottish business insolvencies rise by 58%

18th November 2021 Business | #business debt

The number of business insolvencies (liquidations and receiverships) in Scotland rose by 58% in October 2021 when compared with October 202 according to latest Accountant in Bankruptcy (AiB) figures. In October 2021 there were 68 company insolvencies registered in Scotland, 58% higher than in October 2020 but 18% lower than in October 2019. This comprised…

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Business insolvencies fell by 3% in October

18th November 2021 Business | #business insolvencies

Latest figures from the Insolvency Service has shown that the number of businesses in England and Wales that business insolvencies fell by 3% in October to a total of 1,405 compared to September’s total of 1,449, and increased by 63.6% compared to October 2020’s figure of 864. The increase in company insolvencies compared to October…

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