Credit, Collections & Insolvency News
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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Independent invoice finance provider, Gener8 Finance has announced that it has promoted Tansy Cunningham (Battson) to the new role of Head of Business, effective as of 1 August 2019. Cunningham will be responsible for leading the Gener8 business, supporting both the sales and operations teams. Ed Rimmer, Chief Operating Officer at 1pm plc, said “We…
Read moreSpecialist lender, Aldermore has appointed Tim Boag as interim Business Finance Managing Director (MD) with overall responsibility for Invoice Finance, Asset Finance and Commercial Real Estate. Boag will replace Carl D’Ammassa who will leave the Bank on 15th July. Boag joins from Royal Bank of Scotland (RBS) where he was Managing Director for their Corporate…
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British businesses could have £593 billion locked up in excess working capital, potentially hampering growth and leaving them exposed to economic uncertainty, according to new research from Lloyds Bank Commercial Banking. The Lloyds Bank Working Capital Index combines the bank’s proprietary research and IHS Markit’s UK Purchasing Managers’ Index (PMI) data to calculate the working…
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Almost half (44%) of UK businesses avoid or delay paying bills due to issues within their cashflow. Other commonly cited reasons for non-payment of invoices include receiving an incorrect invoice (21%) and corporate bureaucracy (20%). These were some of the findings of the FinTech Barometer 2019, an annual survey conducted among 1,000 finance professionals by…
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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 7% in April, compared with the same month in 2018. New business in the plant and machinery finance and business equipment finance sectors was up by 8% and 9% respectively, while commercial…
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Seven in ten (70%) businesses that have attempted to raise capital have failed at least once, according to the new report from Smith & Williamson, the financial and professional services firm. Securing funding is often critical to helping businesses scale quickly and maximise their potential. However, it’s often not plain sailing. Two in five (39%)…
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More than half of small business owners say they want more help managing their finances, with almost a third adding they have lost sleep over money matters as Brexit continues to dominate the UK economy according to a report funded by small business finance broker Funding Options. Fifty-one per cent of small firms said they “need…
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Invoice finance broker, Touch Financial Support has appointed a new Head of Digital. Richard Leader, who joins from Funding Options will report to Touch Financial’s Chief Operating Officer Annabel Ah-Lim. With 20 years of experience in digital transformation and digital marketing, Richard has seen and driven change at all levels. As well as working with…
Read moreResearch released from Barclays has revealed that one in seven (14 percent) SMEs have fallen victim to an invoice scam in the last 12 months. Exclusive data from the bank also shows that a quarter (28 percent) of reported invoice scams resulted in losses of more than £5000. The bank’s figures also reveal that hotspots…
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More than four in 10 businesses in the UK are unaware of the risks posed by invoice fraud, according to a survey by banking trade body UK Finance. Invoice finance cost firms almost £93 million in 2018. The fraud takes place when fraudsters trick firms into transferring money by posing as legitimate payees. There were…
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Risk management specialist Equiniti Riskfactor has published new research which has found that invoice finance and asset-based lending (abl) returned to growth in the second half of 2018, through analysis of UK Finance’s industry statistics. Total advances at the end of December 2018 totalled £22.7b, up over £100m from the previous quarter and up 2.4%…
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