Credit, Collections & Insolvency News
The British Business Bank has published Future Fund data that gives a detailed picture of the 745 companies that have been approved for £770.8m worth of Convertible Loan Agreements since the scheme was launched on 20th May. There have been 1,243 applications in total since the scheme was launched. The data reveals, 42% of funding…
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Invoice finance provider, Optimum Finance, has announced that fintech expert, Anthony Persse, has taken up the role of Chief Executive Officer (CEO), following the tragic death of its founder, Richard Pepler, earlier this year. Persse will fulfil Richard’s ambition for the company: to provide small and medium sized UK businesses (SMEs) with much-needed access to…
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A new 5-day conference for the commercial credit sector has been launched by Credit Connect in partnership with Aon The Credit Solution Conference, a 5-day event will take place online between Monday 7th December and Friday 11th December. The event content will be hosted by Aon and the event will be facilitated by Credit Connect…
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United Trust Bank (UTB) has appointed Nathan Mollett as the Bank’s new Head of Asset Finance. Mollett joins UTB from Metro Bank where he has been Director of their Asset Finance division since 2015. Nathan is expected to take up his new position at UTB later this year. Mollett is an Asset Finance professional with…
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Metro Bank has announced that it has appointed Nova Everidge as its new Director of Asset Finance. Everidge joined Metro Bank’s Asset Finance team in 2016 when she joined as Head of Operations and Sales Support, reporting into Nathan Mollett. Everidge will now succeed Mollett in leading the function, as he leaves Metro Bank to…
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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 18% in August 2020 compared with the same month in 2019. In the first eight months of 2020, new business decreased by 30% compared with the same period in 2019. The…
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An analysis of the government loan scheme for struggling small businesses by the National Audit Office (NAO) has suggested that criminals could have stolen more than £1.9 billion from taxpayers. The report also found that the Bounce Back Loan Scheme succeeded in quickly supporting small businesses, but the government faces a potential loss of £15…
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Latest figures from UK Finance have indicated that gross lending of £34.5 billion in the second quarter was, in a single quarter, 50 percent more than the annual total in 2019. Figures also showed that ,more than a million businesses had applications approved for finance under Government schemes by the end of June. Un-utilised overdraft…
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A fully-charged fintech sector can drive SME growth after Bounce Back Loan scheme closes according to business lender Iwoca. The CEO of the business lender has outlined the need for the fintech industry to be strengthened so it can support the growth of small and micro-businesses after the Bounce Back Loan scheme closes at the…
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The Credit & Collections Technology Awards, which recognises technological innovation in the credit and collections industry for companies and individuals who have done the most outstanding work in the past year is set to announce the winners via an online webinar ceremony on Thursday 19th November. This year’s online Awards ceremony will replace the face-to-face…
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Chancellor, Rishi Sunak has outlined additional government support to provide certainty to businesses and workers impacted by coronavirus across the UK. Delivering a speech in Parliament, the Chancellor announced a package of measures that will continue to protect jobs and help businesses through the uncertain months ahead as we continue to tackle the spread of…
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Over £100 billion in support from banks and the government has been received by UK firms through coronavirus stimulus initiatives, with lenders distributing more than £58 billion and companies claiming £39.3 billion under the furlough schem. Figures from HM Treasury published today reveal that UK lenders have supported over 1.33 million businesses across the country…
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UK firms have racked up around £70 billion worth of unsustainable debt, according to a new report from The City UK, with more than £20 billion of that coming from government-backed coronavirus loan schemes. TheCityUK’s Recapitalisation Group (RCG), supported by EY, has published updated projections for levels of unsustainable debt faced by SMEs. The report…
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