Credit, Collections & Insolvency News
Losses at the country’s largest restaurant groups rose by 174% to £673m in the year to September, according to analysis by UHY Hacker Young. The lockdown and social distancing rules meant that the restaurant sector was one of the hardest hit by the pandemic. Lost sales cost the hospitality sector around £200 million a day…
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The Office of the Small Business Commissioner (OSBC) has welcomed the clarity provided by a report from the Federation of Small Businesses (FSB) on payment problems faced by small businesses.The OSBC says that the current economic situation is causing increasingly difficult challenges for small businesses. Many are having to choose between paying their bills, in order…
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The Federation of Small Businesses (FSB) is warning that a worsening of the UK’s late payment crisis, high inflation and mounting admin for firms that trade internationally will cause the business community to further shrink in size if left unaddressed, as it releases fresh findings from its quarterly Small Business Index (SBI). The new study…
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Credit risk in the automotive industry is set to deteriorate with an increase in payment delays and insolvencies according to new research by trade credit insurer Atradius. The report reveals several challenges facing the industry which stem from supply issues, decreased consumer demand and rising costs. Combined, these have led to the insurance company rating…
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Businesses are reporting that they are losing £8 for every £100 billed in the last year due to the non-payment of invoices, according to the research by trade credit insurer Atradius. The research barometer reveals nearly half (44%) of the total value of UK B2B sales were reported overdue this year and a further 8%…
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Latest figures from the Insolvency Service has shown that the number of businesses in England and Wales that business insolvencies rose by 18.7% in November 2021 to a total of 1,674 compared to October 2021’s total of 1,410, and increased by 87.9% compared to November 2020’s figure of 891. For the first time since the start…
Read moreThe number of business insolvencies (liquidations and receiverships) in Scotland doubled in November. In November 2021 there were 104 company insolvencies registered in Scotland, more than twice the number in November 2020 and 18% higher than in November 2019. The insolvencies comprised of 21 compulsory liquidations, 76 CVLs and seven administrations. There were no CVAs…
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Law firm Wright Hassall has named announced the appointment of a new Managing Partner. Phil Wilding has been appointed to the role after Sarah Perry, who has been in the position for the past six years, announced her decision to step down from the firm. Wildling has been with the firm for ten years as…
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New research commissioned by Dun & Bradstreet has found that over half (52%) of European businesses surveyed don’t think they will survive without relevant, up-to-date and compliant business data. The findings, of the ‘The Future of Data’ report, revealed that two-thirds of business leaders agree that data is the most useful tool for their organisation…
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Almost a fifth (18%) of small business owners have identified late payments as the key barrier to their growth, behind only competition as the biggest barrier, according to new research by Superscript. The research, part of a report titled ‘Supercharging small business growth, highlights the struggles that small businesses face with late payments’ found that…
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New research from Experian, which analyses 2.2 million UK businesses, has revealed that, on average, businesses’ credit scores are recovering well from the impact of the pandemic. Business credit score levels were back up to the pre-pandemic average of 44 by September 2021, compared to a score of 40 throughout most of lockdown. A business…
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A new report by Atradius for Eastern Europe indicates a promising future for businesses that have maintained the status-quo, despite the challenges faced during the second year of the pandemic. Key metrics, including the percentage of write-offs and total volume of overdue Business to Business (B2B) invoices, show little year-on-year change. Write-offs averaged 5% of…
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A report from the National Audit Office (NAO) says the Government only put basic anti-fraud checks on the Bounce Back Loan Scheme (BBLS) for small firms once more than £28 billion had already been paid out. Checks to ensure that a company was not applying for more than one bounce back loan were not put…
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