Credit, Collections & Insolvency News
The announcement by Chancellor Philip Hammond that HM Revenue and Customs (HMRC) would revert to secondary preferential creditor status for taxes collected on its behalf in all insolvency situations will likely have a significant negative impact on lending to UK Plc, according to analysis by Duff & Phelps. In a return to the pre-Enterprise Act…
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New figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 11% in March, compared with the same month last year, and also by 11% in Q1 2019 overall. New finance for plant and machinery grew in March by 11% compared with the…
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White Oak has announced it has appointed a new Chief Executive Officer (CEO) Managing Director following Peter Alderson’s retirement from the company. Carl D’Ammassa will become the firm’s new CEO. D’Ammassa joins White Oak UK from Aldermore Bank, where he most recently served as group managing director of the bank’s business finance division. There, he…
Read moreBusiness lenders White Oak and Spotcap have entered into a partnership to improve access to finance for UK businesses. White Oak UK’s offering includes asset finance, commercial mortgages and business finance, while Spotcap provides fully unsecured business loans, without the need for a personal guarantee. With over 400 lenders operating in the UK market, yet…
Read moreNew figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew in February 2019 by 15%, compared with the same month last year. The commercial vehicle finance and IT equipment finance sectors reported new business growth in February of 36% and 10% respectively, compared…
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New figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 9% in January, compared with the same month last year. The plant and machinery finance and IT equipment finance sectors reported new business growth in January of 26% and 45% respectively, compared…
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Paragon Asset Finance has made a series of new appointments as it seeks to grow its lending commitment to British businesses. Jan Greenhalgh is among the recent uptake of new starters as Head of New Business in Asset Finance. She brings a wealth of experience and specialist knowledge and is focusing on delivering, speed, consistency…
Read moreThe National Association of Commercial Finance Brokers (NACFB) has launched an enhanced online portal, findsmefinance, offering UK businesses access to the trade body’s membership of independent finance brokers. The free directory enables UK businesses seeking finance to simply filter their funding requirements by loan size, type and location and are then presented with a range…
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Net lending to SMEs shrank to £500m last year, compared with £700m in 2017, according to a new report by the British Business Bank. The study also reveals a dramatic slowdown in the growth of alternative forms of funding, including peer-to-peer lending and asset finance. Lending through peer-to-peer platforms rose by 18% last year, compared…
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New figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew in December by 7% compared with the same month in 2017, and by 5% in Q4 2018 as a whole. The plant and machinery finance and commercial vehicle finance sectors reported new business…
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Haydock Finance has announced the appointment of John Jenkins as Chief Executive Officer Jenkins brings with him over 30 years of experience in finance, having held very senior positions within a number of industry-leading companies including Lloyds TSB, GE Capital & Amicus Finance plc. Jon Wilkinson, Chairman of Haydock Finance, said: “The Board carried out a…
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Praetura Asset Finance has announced the expansion of their portfolio, through the acquisition of Kingsway Asset Finance. The acquisition will create one of the largest independent asset finance companies in the UK. With a combined loan book of over £100 million, the enlarged group will offer SMEs a wide range of services to help them…
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UK Finance has published its latest business finance update for December 2018 which reveals that lending to manufacturers grew by 8.4 percent in the year to December 2018, in contrast to a 0.3 percent contraction in overall UK business borrowing. There was also annual growth in borrowing by the transport and accommodation and food service…
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