Credit, Collections & Insolvency News
Small and medium-sized enterprises (SMEs) outside of London and the South East received two thirds of loans in the first three quarters of 2019, according to the UK Finance’s latest Business Finance Review. While eight out of ten loan applications by SMEs were approved, there were four per cent fewer loan applications in Q3 2019…
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Specialist asset-based lender, Ultimate Finance has helped to take a company from administration to success in six months. Brookes HC Recruitment has a complete company turnaround after Ultimate Finance provided invoice finance and back-office support. The specialist asset-based lender supported Brookes through administration, providing the company with a £400,000 invoice finance facility to guide the…
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Bank lending to small and medium sized (SME) retailers in the UK has fallen 6% from £15.6 billion to £14.7 billion since the Brexit vote in 2016, meanwhile large retailers have benefited from a sharp rise in bank lending, says accountants and business advisors, Moore. Over the same period that lending to SME retailers has…
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The Bank of England (BoE) says that UK firms face their biggest lending squeeze since the financial crisis. The BOE survey found that British businesses are facing the biggest lending squeeze since the financial crisis amid rising uncertainty about the health of the economy. The survey showed that corporate default rates have been increasing over the…
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A survey of commercial finance brokers undertaken by insurance provider, Purbeck, has uncovered an increasing demand by lenders for personal guarantees to secure business finance. In the survey, 47% of brokers said they had seen a rise in demand for personal guarantees as part of a new business finance package, in the past year. This…
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Credit Connect has announced its inaugural Credit & Collections Technology company power list for 2019. The power list is the first edition of what will be an annual round-up of the most prominent innovating companies within credit and collections technology. Within the list, Credit Connect has identified the top 20 ‘Premier’ innovators highlighting the achievements…
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MarketInvoice has updated its name to MarketFinance. The fintech business lender established in 2011, has provided over £2.6 billion in lending to thousands of UK businesses. Using its proprietary technology and risk engine, coupled with a personalised service to enhance the lending experience, MarketFinance has enabled businesses to seamlessly access credit lines to suit their…
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SME financial provider, Bibby Financial Services (BFS), has announced the appointment of Karl Leitelmayer as its Head of Business Centre for Trade Finance. Leitelmayer is an invoice finance specialist with over 30 years’ experience in the financial services sector. He joins BFS after 19 years at Lloyds Banking Group, most recently as Head of Broker Channel Sales…
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Business lenders Ultimate Finance and Bibby Financial Services (BFS) has announced its support for the Business Finance Council’s SME Finance Charter, in a bid to improve access to finance and help for businesses during Brexit and beyond. The Charter provides a framework for financiers to outline specific commitments to SMEs in relation to preparing for…
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SMEs are least likely to invest in their businesses during the remainder of 2019 according to the latest Global Business Monitor from Bibby Financial Services (BFS) and trade credit insurer, Euler Hermes. The report offers insight into the opportunities and threats faced by SMEs worldwide, based on a survey of businesses across 13 regions, with…
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Three directors who dishonestly secured credit by causing their companies to submit false invoices to factoring companies have been banned for a total of 29 years. Deborah Fisher of Spalding, Lincolnshire was the director of NJ Transport Limited, a haulier based in Weston Hills. Over two years between January 2016 and March 2018 she caused…
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The latest Aldermore Future Attitudes study has revealed that nearly a fifth (19%) of UK SMEs have missed a new opportunity in the past 12 months due to a lack of available funding. Medium-sized businesses are worst hit, with over a quarter (28%) saying they have been affected. The report, which surveyed over a thousand…
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Eighteen companies including BT, British American Tobacco, and Centrica – have been suspended from the Prompt Payment Code for failing to pay suppliers on time, the Chartered Institute of Credit Management (CICM) has announced. Screwfix, Prudential, and various businesses of BAE Systems are also among those that have failed to honour their Code commitment to…
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