Credit, Collections & Insolvency News
Latest market analysis by Octane Capita has revealed that the monthly average level of outstanding lending within the construction industry fell by 4% in 2022, the first annual decline seen since 2019, with residential construction the only sub-sector to see growth at 9.2%. The analysis of Bank of England lending data shows that £35.8 billion…
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The Bank of England has announced that Silicon Valley Bank (SVB UK) has been sold to HSBC. Customers of SVB UK will be able to access their deposits and banking services as normal from today. This transaction has been facilitated by the Bank of England, in consultation with the Treasury, using powers granted by the…
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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) grew in January 2023 by 8% compared with the same month in 2022. In the twelve months to January 2023, new business was 6% higher than in the same period in 2022. The…
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Asset-based lending specialist, Cynergy Business Finance (CBF) has announced that it has appointed Lorraine Udale as Head of Operations. Udale will bring nearly 30 years’ experience within the asset-based lending, invoice discounting and factoring sectors to the team. She joins the Manchester-headquartered business from Praetura Invoice Finance, where she had previously worked as operations director…
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Latest data from the British Business Bank shows that lending to small firms by challenger and specialist banks hit a record high in 2022. The report shows that smaller banks lent £35.5bn to SMEs last year, giving challenger and specialist banks a 55% share of the market. This exceeds the 51% market share smaller lenders…
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Metro Bank has appointed Kevin Tonge as Regional Director for Asset Finance. Tonge has over 20 years’ industry experience and joins from Aldermore Bank where he has held a number of asset finance roles for the last nine years, as well as holding other senior positions at Novuna and ING Lease UK. Tonge will focus…
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The Financial Conduct Authority (FCA) has renewed its recognition of the Lending Standards Board’s (LSB) Standards of Lending Practice for business customers. The outcomes-focused business Standards provide protections for SMEs with a turnover of up to £25 million, in an otherwise unregulated environment. They set the benchmark for good lending practice in the UK, outlining…
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New figures released today by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in December 2022 by 16% compared with the same month in 2021. In 2022 as a whole, new business was 6% higher than in 2021. The plant and machinery finance and…
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Lloyds Bank Business & Commercial Banking has announced that it has appointed Tim Biddle as Head of Invoice Finance and Asset Finance Field Sales. Biddle will be responsible for helping to shape the execution of Lloyds Bank’s Invoice Finance & Asset Finance sales strategy, and will lead its UK-wide team. He joins from Paragon Bank, where…
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Demand for finance from the UK’s 5.5m small and medium-sized businesses is on the rise at the same time as banks are reducing their lending appetite, according to iwoca’s latest SME Expert Index. More than eight in ten SME finance brokers (82%) agree that major banks have reduced their appetite to fund SMEs, while nearly…
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Digital business banking platform, Tide has announced it will acquire Funding Options, subject to FCA approval. Founded in 2011, Funding Options is a leader in SME credit intermediation and has been recognised as a fast-growth scale-up, and has featured in the FT1000, the Financial Times’s annual list of Europe’s fastest-growing companies. The acquisition will give…
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Bibby Financial Services’s (BFS) asset finance division, Bibby Leasing, has announced a series of new hires and a refocused growth strategy to increase lending throughout the UK. Sean Taylor joins as Head of National Broker Sales from Renaissance Asset Finance where he was Senior Corporate Sales Executive. With over 16 years’ experience in asset finance, Sean…
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Lambert Smith Hampton has announced that it has appointed Shaun Hampton-Matthews has joined as Director, Asset Based Lending in its Asset Advisory division Hampton-Matthews has a wealth of experience from his 40-year career spanning Banking, ABL and restructuring, having spent 15 years with the Lloyds Bank Group and the last 25 years with the KPMG/Interpath…
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