Credit, Collections & Insolvency News
The Financial Conduct Authority (FCA) has fined three former executives of Carillion for publishing misleading financial statements before the firm collapsed in 2018. The three individuals have referred their respective Decision Notices to the Upper Tribunal where they will each present their case. Any findings in the individuals’ Decision Notices are therefore provisional and…
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Commercial mortgage brokers are expecting a sharp increase in commercial property sales, with 42% expecting to see more SMEs look to acquire their premises rather than rent according to research by Alicia Bank. Rising business costs, including rent and associated charges, are driving business owners to buy their properties and acquire a freehold asset, rather…
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As the government prepares to launch a new £3bn a year loan scheme for small and medium-sized businesses this week, a new survey of MPs commissioned by Association of Accounting Technicians (AAT) shows that almost two-thirds (65%) of those surveyed want more support for SMEs to cope with the ongoing cost of living crisis. Additionally,…
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The number of UK sectors reporting greater output increased in June, according to the latest Lloyds Bank UK Sector Tracker. However, businesses across the economy saw weaker demand as inflation dampened customer spending. In June, nine out of the 14 sectors monitored by the Tracker reported activity up, compared to eight in May and 11…
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Analysis by Xero Small Business Insights and Accenture has found that the average UK small business faces a cashflow crunch when monthly revenues are not enough to cover outgoings. The report also found cash flow challenges are undermining the growth and operations of at least 9 in 10 small businesses in the UK. The report…
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Dun & Bradstreet research has revealed that a fifth of businesses have either lost or failed to sign a new contract due to a lack of data or inaccurate information about customers or suppliers Research commissioned by the company has found that over half (53%) of business leaders admit that data will become more important…
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Almost half (49%) of all small business owners in the UK are set to increase their prices as they look to battle rising costs, a new report reveals. The SME Insights Report, released by Simply Business, one of the UK’s biggest small business insurance providers, saw over 1,000 small business owners from across the UK…
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Almost 200,000 small businesses have fallen into arrears on their bounce-back loan repayments. Data from the British Business Bank (request by Purbeck Personal Guarantee Insurance) found that the company administering the Bounce Back Loan Scheme (BBLS), shows that 193,000 firms had failed to meet their repayment terms at the end of June. The figures represent…
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Scaling back investment will have a wider economic impact, warns Time Finance as new data shows that businesses are making huge sacrifices due to rising costs, with one in five unable to invest in growing their business. As part of a survey to expose the extent of challenges currently facing businesses, Time Finance also found…
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The total value of lending to businesses has risen by £12 billion to £533 billion (in the 9 months to the end May 2022) as banks increase their lending following a sharp fall at the end of the CBILS and BBLS schemes according to research by ACP Altenburg Advisory. The research found that the rise…
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The number of profit warnings issued by UK-listed companies in the first six months of 2022 increased 66% compared to the same period in 2021, with a record number of companies citing rising costs as the reason behind their warning, according to EY-Parthenon’s latest Profit Warnings report. The report reveals that 136 profit warnings were…
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New data from HR, payroll and finance expert MHR reveals eight in ten (78%) employees believe the UK is heading for a recession, with nearly a quarter (23%) of poll respondents fearing their employer would not make it through one. Organisations across the UK and Ireland are tackling record inflation levels, up 7.9% in the 12 months to May…
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Sidetrade has revealed that agriculture companies in the UK increasingly paid supplier invoices late in Q2 2022, hinting at possible cash flow struggles within the sector. The Sidetrade Unpaid Invoice Tracker shows almost one-fifth (17.3%) of invoices issued to UK agriculture companies were deemed overdue* on average in Q2 2022, compared to 12.0% in Q1…
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