Credit, Collections & Insolvency News
Praetura Asset Finance a specialise provider of alternative funding to SMEs has secured £18m investment from British Business Bank Investments, the commercial arm of the British Business Bank, to boost the firm’s lending capabilities. Praetura launched just over two years ago, has already reached an £85 million turnover, providing asset-based finance, hire purchase, finance leasing and…
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United Trust Bank has promoted Robert Owen to Managing Director. Owen was responsible for the specialised mortgages division. Jo Edwards has also joined United Trust Bank as Business Development Director – Mortgages and Bridging.
Read moreRateSetter has published its 2015-16 accounts, showing that it increased revenues from £12.6million to £18.5million over the year. The company made a pre-tax loss of £4.9million, compared to a pre-tax profit of £476k for the preceding year. The company’s results are in line with expectations set out at the start of the year and reflect…
Read moreAldermore has appointed Lesley Rolfe as the Head of Asset Finance Operations. Carl D’Ammassa, Group Managing Director, Business Finance at Aldermore, said: “Aldermore’s Business Finance division is continuing to grow at an impressive rate, giving us the opportunity to expand our team and improve our operations and processes to drive this growth even further and improve…
Read moreMetro Bank has announced the appointment of Kevin Craven as Head of Invoice Finance. Craven joins the bank from Bibby Financial Services. Richard Saulet, Director of Invoice and Asset Finance at Metro Bank said: “I’m delighted to welcome Kevin to the growing team. Kevin brings with him extensive experience and a real desire to do the…
Read moreUltimate Finance has appoint Andrew Casey to it’s asset finance as Regional Director. Andy Ribbins Managing Director of Ultimate Asset Finance said “These are really exciting times for Ultimate and Andrew is a great addition to help us build our presence in the East of England. He joins us with an excellent reputation in the area, amongst…
Read moreThe National Association of Commercial Finance Brokers (NACFB) has launched it’s annual report. Despite the backdrop of political and economic uncertainty surrounding the EU Referendum, small business lending hit an all-time high over the past 12 months. Lending has increased by almost 30% (29.8%) to £20.7billion. The figures are based on business written by NACFB brokers between July…
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Research from Funding Options has announced that the number of businesses whose assets were seized by the HMRC in order to settle outstanding debts grew sharply in the last year is up 145%, from 649 in 2014/15 to 1,592 in 2015/16. Funding Options adds that HMRC seized assets to recover £42.6m of outstanding debt in the last…
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The construction sector saw the highest number of company insolvencies in the first quarter of the year, despite numbers falling year-on-year, latest data from the Insolvency Service has shown. In total 672 construction firms went bust in England and Wales between January and March, outstripping other sectors such as the ‘wholesale and retail trade; repair…
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Figures released by the British Business Bank following a Freedom of Information request by the Press Association has found that a third of the public money lent to start up businesses has become bad debt. The Start Up Loans scheme has seen £72.4 million worth of loans written off or fall into default since the programme was launched…
Read moreThe British Bankers’ Association (BBA) has added Just Loans Group to it’s associate membership. Just Loans becomes the first alternative commercial lender to join the association. Just Loans Group Chief Executive Officer John Davies said “I don’t believe that traditional banks and alternative lenders are in competition with each other as they share the common aim…
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The Asset Based Finance Association (ABFA) has reported that the total amount of lending UK businesses secured through invoice finance has passed the £20.3 billion barrier, up 5% from £19.3 billion last year. The amount of Invoice Finance and Asset Based Lending secured by UK businesses has risen by over a quarter (27%) over the…
Read moreResearch by Barclays Business has found that up to £550 million is lost every year by SMEs forgetting to pay in or losing cheques written to their business. Of those that have lost or forgotten to deposit a cheque, two in five (38%) admit to doing it only on one occasion, however one in five…
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