Credit, Collections & Insolvency News
More than four in five small business owners (81%) have made key changes to their business and services in order to prepare for the economic uncertainty in the months ahead, according to new research from Hitachi Capital Business Finance. The poll of 1,447 explored what small businesses were doing nationally to adapt – with a…
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Specialist lender Cambridge & Counties Bank has appointed Donald Kerr as its new Chief Executive Officer (CEO). The appointment follows the announcement in late 2019 that Mike Kirsopp was to retire from the role at the end of 2020. Subject to regulatory approval Donald will take up his appointment in November, with Mike stepping down…
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RSM’s UK Brexit Stress Index nudged up for the first time since the early days of the Covid-19 lockdown, ushering in the first signs in nearly seven months that the risk of no-deal trade talks with the EU is generating increased nervousness within business. This week the pound also saw its worst performing week against…
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A study by Onward has found that around 20% of British businesses are only making enough profit to cover their debt interest payments. High levels of corporate debt built up by companies during the COVID-19 pandemic has pushed 4.3% of firms into technical insolvency, the report estimates. In the new research paper titled ‘Paying it…
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Fintechs Ebury and MarketFinance, have announced that they have joined forces to offer both CBILS loans and revolving credit facilities to UK SMEs to support them with their business finance needs. The immediate focus of the partnership is to offer lending products under CBILS terms to Ebury clients, the fintechs intend to work together in…
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Results from a BCC poll, conducted in partnership with banking group TSB has revealed that many firms have taken on debt during the pandemic and require flexible repayment solutions to rebuild their revenues and avoid an unsustainable debt crisis. The report also suggests that businesses that haven’t taken on debt but may yet need to, favour flexible business banking services…
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United Trust Bank has announced that Mark Stokes has joined the company as Chief Commercial Officer. Stokes, formerly Managing Director – Commercial Banking at Metro Bank, has joined United Trust Bank in the newly created role of Chief Commercial Officer. Stokes has over 20 years’ experience at executive committee level working with several established and challenger…
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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 22% in July 2020 compared with the same month in 2019. In the seven months to July 2020, new business contracted by 31% compared with the same period in 2019. The…
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The full economic and business impact of the Covid-19 crisis is yet to be felt, with the preservation of cashflow and investment in new technologies to predict risk being issues that will shape the agenda of business leaders over the coming months, according to Euler Hermes Chairman Wilfred Verstraete. In a letter to the company’s…
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Responding to further changes to the Job Retention Scheme taking effect last week, Federation of Small Businesses (FSB) National Chairman Mike Cherry said: “The Job Retention Scheme has been a huge success, protecting livelihoods and the futures of businesses all over the country. We now have to avoid a scenario where its wind down triggers…
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The latest Lloyds Bank Business Barometer has indicated that overall business confidence improved for third consecutive month, up eight percentage points to -14%, but remained well below long-term historical average. Despite the confidence, the latest Barometer figures continue to languish well below the long-term average and in negative territory, overall business confidence improved by eight…
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Eight in ten Chief Financial Officers (CFOs) fear their businesses are ill-prepared to handle a decrease in sales volumes as the full impact of Covid-19 begins to be felt on the UK economy, according to research from Euler Hermes. The findings come from its The Finance Leader of Tomorrow survey, which profiles European finance directors’…
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The British Business Bank publishes Future Fund data that gives a detailed picture of the 590 companies that have been approved for £588.3m worth of Convertible Loan Agreements since the scheme was launched on 20th May. There have been 902 applications in total in the first three months of operations. This data shows where companies…
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