Credit, Collections & Insolvency News
Small businesses are under increasing pressure, with delays in payments and staff shortages on the rise, according to research by accountancy software firm Xero. The data reveals that late payment times continue to surge. In February, small businesses had to wait an average of 30.5 days to be paid by their customers from when an…
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A study by energy analysts Cornwall Insight shows that SMEs have already seen average gas bills climb more than 250% between the first three months of 2021 and Q1 2022. Analysts looked at delivered gas prices businesses pay on a 1-year acquisition fixed tariff, calculating how much they may pay in future if energy prices…
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The Federation of Small Businesses (FSB) is warning that the futures of thousands of small businesses and sole traders are at risk as a raft of new admin requirements and cost pressures hit over the coming days. Its intervention follows Office for National Statistics figures showing that Covid infection rates are soaring, and close to one in…
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The IoD’s Directors’ Economic Confidence Index collapsed from -4 in February 2022 to -34 in March 2022, the lowest level since October 2020. Investment intentions have also fallen back, with the net proportion of firms planning to increase investment falling from +14% in February to +2% in March. Over half (53%) of business leaders say…
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Euler Hermes has announced that it has rebranded and will now be known as Allianz Trade Trade credit insurance specialist Euler Hermes says that the rebrand is part of a natural move having been fully part of the Allianz Group since 2018. Clarisse Kopff, CEO of Allianz Trade said “We are now Allianz Trade. What does…
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Around ten million people, or one in five adults, would struggle to manage in a society without cash, according to a report from the Royal Society of Arts commissioned by cash machine network Link. The research found that almost half of people believe going cashless would be problematic, and while three in ten think they…
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The government must do more to recover taxes that went unpaid during the pandemic, a group of MPs has said. The Public Accounts Committee (PAC) says the Covid-19 pandemic has changed the nature and scale of tax debt creating an enormous task for HMRC to bring tax debt back from the current mountain of £39…
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Leaders in the hospitality sector say Government plans to increase VAT from 12.5% to 20% in April will see some businesses ‘become unviable overnight.’ An inquiry by a group of influential MPs has recommended that VAT for the hospitality and tourism sectors stays at 12.5% beyond March. The All Party Parliamentary Group (APPG) for Hospitality…
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The outbreak of war in Ukraine has had a significant impact on UK small business owner confidence. Nationally, 78% of small business owners say there are worries that keep them awake at night – and the feared implications of the Ukraine conflict have cast aside small business concerns over Covid, Brexit and red tape –…
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Restaurant insolvencies increases by a fifth to reach highest levels since pandemic began according to new research by UHY Hacker Young. The data shows that restaurant insolvencies rose to 354 in the last quarter of 2021, up from 296 in the previous three-month period. UHY Hacker Young says that restaurants will also have to contend…
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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) grew in January 2022 by 11% compared with the same month in 2021. In the twelve months to January 2022, new business grew by 16% compared with the same period in 2021. The…
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Cash management platform Satago has announced that it has partnered with Lloyds Bank with an aim to transform access to short-term finance for its business customers. The agreement builds on the existing partnership, extending the use of Satago’s technology to help Lloyds Bank customers get access to cash against invoices due. It will power a…
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New research by the British Business Bank has indicated that lending to small businesses has returned to pre-pandemic levels. The Small Business Finance Markets Report 2022 found that 2021 was a year of contrast between debt and equity smaller business finance markets. Bank lending returned to pre-pandemic levels while equity investment in smaller businesses reached…
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