Credit, Collections & Insolvency News
A video game composer and sound designer who fraudulently applied for a Covid loan has been jailed. Peter Connelly, best known for his work on the Tomb Raider series, overstated his company’s turnover to obtain a second Bounce Back Loan of £37,500 in 2020 when businesses were only entitled to a single loan. Connelly had…
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Latest figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) in May 2025 was at a similar level to the same month in 2024. In the first five months of 2025, new business was 1% higher than in the same period in 2024.…
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The overuse of personal guarantees in borrowing is hindering UK business growth, according to a survey by the Federation of Small Businesses (FSB). Research by the business group shows that six in ten (60%) limited company directors would borrow to grow their business, if they did not have to put hard-earned assets like savings or…
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New research by Capital on Tap has found that 46% of business owners don’t have a business credit card, with 54% of consumers actively avoiding them The data also showed that 36% of business owners have never owned a business credit card, and 54% of consumers said they actively avoid using credit cards. For business…
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Latest data from Purbeck Insurance Services has found SME loans for working capital fell 24% in Quarter 1 (Q1) 2025. The number of SMEs needing finance to keep their business on an even keel has not been this low since Q3 2024, based on Purbeck’s data. In contrast, refinancing deals grew dramatically year on year…
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Online businesses in the North West are securing much larger advances than their southern counterparts, reflecting the region’s growing digital economy and the impact of regional investment in tech hubs. The median advance approved for online businesses in the North West of the country has now increased by 483% year-on-year, to an amount of £175,000…
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New analysis from Premium Credit has shown that the Construction sector borrows the most to fund insurance premiums. The Professional and Scientific sector saw the most growth in terms of using credit for insurance. The data showed that 54% of SMEs use some form of credit to pay for insurance premiums, borrowing an average of…
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Premium Credit research has found a surge in growth for the total amount it lends and number of customers it helps spread the cost of VAT, corporation tax and self-assessment tax payments. The number of customers using the Tax and VAT funding service has more than doubled in the past two years by 108% while…
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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 in April 2025 by 7% compared with the same month in 2024. In the first four months of 2025, new business was 2% higher than in the same period in 2024. The…
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Lending to small businesses by high street banks hit the highest level since 2022, a sixth consecutive quarterly rise in the opening three months of 2025. UK Finance data showed that lenders issued £4.6 billion worth of loans in Quarter 1 (Q1), with this a 14% year-on-year jump. This represents a 14 per cent increase…
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New research from Premium Credit has shown that more than half of SMEs are continuing to use credit to ensure they maintain insurance cover despite rising premiums. The data shows that 54% of SMEs (55% in 2024) use some form of credit to pay for insurance, borrowing an average £1,180. Around 15% of them say they…
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The winners of the 2025 Credit & Collection Industry Awards have been announced following a live in-person event yesterday (Thursday 22nd May) at the Milner Hotel in York There were eighteen winners (four of which were partnership wins) from the twenty awards categories, which were presented by awards compare’ Brennan Reece. The Credit & Collections…
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Nearly eight in ten (78%) of SMEs are worried about inflation and the cost of living, according to Shawbrook’s latest research amongst senior decision makers, an increase from 69% in 2024. SMEs are particularly concerned about the rising cost of running their business (76%), with three quarters (75%) of decision makers listing economic uncertainty a…
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