Credit, Collections & Insolvency News
A study by Onward has found that around 20% of British businesses are only making enough profit to cover their debt interest payments. High levels of corporate debt built up by companies during the COVID-19 pandemic has pushed 4.3% of firms into technical insolvency, the report estimates. In the new research paper titled ‘Paying it…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) fell by 22% in July 2020 compared with the same month in 2019. In the seven months to July 2020, new business contracted by 31% compared with the same period in 2019. The…
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The full economic and business impact of the Covid-19 crisis is yet to be felt, with the preservation of cashflow and investment in new technologies to predict risk being issues that will shape the agenda of business leaders over the coming months, according to Euler Hermes Chairman Wilfred Verstraete. In a letter to the company’s…
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The latest Lloyds Bank Business Barometer has indicated that overall business confidence improved for third consecutive month, up eight percentage points to -14%, but remained well below long-term historical average. Despite the confidence, the latest Barometer figures continue to languish well below the long-term average and in negative territory, overall business confidence improved by eight…
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Latest figures from the HM Treasury have shown that almost £53 billion of credit has been issued through the Government’s emergency coronavirus lending schemes, with more than 1.23 million businesses benefitting. Around £35.5 billion has been approved through the bounce back loan scheme for small companies, with £13.7 billion provided to over 60,400 businesses through…
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New data released by the Treasury has revealed that £51.7 billion was lent to businesses via the Government’s emergency coronavirus loans funding schemes. Lending under the bounce back loan scheme accounted for £34.96bn, with a total of 1,404,726 applicants and 1,157,296 approvals; under the coronavirus businesses interruption loan scheme (CBILS), lending hit £13.41bn, with 121,669…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) fell by 41% in June 2020 compared with the same month in 2019. In the first half of 2020, new business fell by 32% compared with the same period in 2019. The business…
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Latest HM Treasury figures have reveal that just under 1.2 million businesses in the UK have been supported by finance from lenders through government-backed coronavirus lending schemes. On the three-month anniversary of the Bounce Back Loan Scheme (BBLS), the figures reveal that over 1.13 million small and micro businesses have now been backed by the…
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Commercial finance provider, Independent Growth Finance (IGF)has appointed Adam Bradbury as ABL Business Development Director. Bradbury joins IGF after two years at BNP Paribas Commercial Finance, as Business Development Manager. Bradbury joins the business to support IGF’s growth in the North of England, with a specific focus in Manchester. He will be working alongside commercial director…
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It is feared that up to 780,000 firms employing three million could go bust in the next year if they cannot defer repayments on government-backed loans. The figures highlight the risks if urgent action to tackle the projected £35bn of unsustainable debt from Covid-19 loans is not taken according to a new report by The…
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New government data has indicated that UK firms have received £30.93 billon worth of Bounce Back Loans to help support them following the impact of COVID-19. The figures from the Treasury show that 1.01 million of loans have been made. Businesses have benefitted from 53,536 loans worth over £11.4 billion through the Coronavirus Business Interruption…
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The number of loans and overdrafts approved to SMEs rose by 41.9 per cent in Q1 2020 compared with the previous quarter, according to UK Finance’s latest Business Finance Review figures. While there was growth across all sectors, the increase was especially marked in accommodation & food service (up 74 per cent) and recreation and…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) fell by 60% in May 2020 compared with the same month in 2019. In the five months to May 2020, new business fell by 30% compared with the same period in 2019. New…
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