Credit, Collections & Insolvency News
Trade credit insurer, Atradius, has reported a 79% increase in claims for late and failed payments in the food sector amid national supply shortages of products like eggs and some vegetables. The analysis shows that the agriculture sector also saw claims more than double (119% increase) last year. Atradiius says that the rise in claims…
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A new report by the Federation of Small Businesses (FSB) has found that 52% of small businesses experience late payment delays. The FSB says the report lays out the failure of current measures in place to hold late payers to accounts and demands small businesses are given better protection. The survey found that 25% of…
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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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New research from Direct Line business insurance has indicated that tradespeople are currently owed on average £6,984 which is past the due date for payment. Late payments are a longstanding issue and many tradespeople have had to write off significant sums. On average, the largest single invoice they have given up chasing on payment comes…
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Analysis by Lloyds shows that optimism among businesses in London dipped in February, with uncertainty over whether the economy will fall into recession having an impact on confidence. Optimism among the capital’s companies has dipped 19 points to 18%, according to the bank’s business barometer, with this coming in slightly lower than the 21% national…
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Almost two-thirds (65%) of UK retail business owners report that the rising cost of living has made running their business harder, with nine out of ten (87%) of those businesses saying it has been the “toughest winter in memory” for their business according to a new poll by Santander. The data revealed the biggest challenges…
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Data from small business accounting platform Xero has indicated that late payment days are worsening. The research found that the average time it takes to get paid rose by 0.6, to 30.5 days in January, the longest payment time recorded since September 2020. In January, payments to UK small businesses were also late by an…
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Research jointly conducted by Federal Management and Frontline Collections has found that 79% of small business owners say that their mental health suffered as a result of business late payments. The majority of smallest businesses (less than 5 employees) said they are constantly worrying about not being paid at all. A further 41% said that late payment…
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The number of companies in critical financial distress increased by a third (36%) in the last three months of 2022, according to figures from insolvency firm Begbies Traynor’s Red Flag Alert data. Businesses are struggling at an increasing rate as a combination of legacy Covid debt, inflation and greater pressure on consumers who are reining…
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A survey of over 1,000 UK small businesses has revealed that rising fuel and energy costs is now believed to be one of the greatest threats to SME survival in 2022. The SME Insights Report, published by small business insurance provider Simply Business, also found that one third (36%) stated tax and national insurance hikes are their greatest concern.…
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According to the latest PMI data by IHS Markit and CIPS, the headline construction PMI fell to a three-month low of 50.4 in November 2022, down from 53.2 in October 2022, reversing the previous upward trend which had been driven by a surprising increase in commercial activity. The recent fall indicates a slowdown in construction…
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The amount that restaurant business owners have been forced to lend to their own businesses has increased 12% in the past year, from £377 million in 2020/21, to over £424 million in 2021/22, according to audit, tax and advisory firm, Mazars Rising costs and falling restaurant sales has meant that more restaurant owners are having…
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The latest economic forecast from the Confederation of Business Industry predicts Britain’s economy will shrink 0.4% next year as inflation remains high and companies put investment on hold. The expected 0.4% fall in GDP is a downgrade from its previous forecast of 1% growth set in June. Business investment is expected to slump by 9%…
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