Credit, collections & insolvency news
New data from Time Finance has revealed the scale of impact on UK SMEs as the cost of doing business continues to rise, with 72% of businesses currently preparing for an imminent recession. The latest survey has seen Time Finance investigate the consequences currently being felt by UK businesses as they grapple with rising energy…
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Intrum’s annual European Payment Report (EPR), a survey of 11,000 companies across 29 European countries, shows that businesses are expecting late payments to grow significantly in the coming months, following the rising inflation and interest rates with UK businesses less likely than their European peers to make growth a priority. Across Europe, growth is slowing…
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Businesses in Northern Ireland had more than 93,000 overdue invoices on their books in April according to new research by R3. The report found that while the north recorded strong start-up numbers in 2022, there are signs of trouble ahead. Analysis of the data from business intelligence provider Creditsafe, show almost 3,000 new businesses were…
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Seven in ten small businesses (70%) that predict significant growth in the next three-month say they will have to put plans on hold if they were unable to secure finance. Access to finance and borrowing is also urgently needed by small businesses most affected by COVID – those that either had to close or repurpose…
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Businesses are paying their suppliers even later, despite admitting that they have a responsibility to smaller firms, according to early findings from Intrum’s 2022 European Payment Report. The annual report by credit management services company Intrum surveyed more than 11,000 businesses in 29 countries. It found the business landscape under pressure from new uncertainty, while…
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Small businesses had to wait an average of 29.9 days to be paid in April according to the latest figures from Xero. Average late payment days increased by 1.8 days to 7.7 days. This is the longest small businesses have had to wait to be paid since September 2020. Xero says tougher economic conditions caused…
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Delayed payments and insolvencies are predicted to rise in the consumer durables retail sector this year, reveals leading trade credit insurer Atradius. In its latest Industry Trends report on the retail sector, Atradius emphasises the importance of maintaining close working relationships with retailers, and acquiring real-time insight, as the key to navigating the next six months. Increasing…
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The value of UK business loans written off by banks nearly doubled in the last quarter of 2021, rising 87% from £190 million in the third quarter to £356 million in the fourth quarter according to new research by ACP Altenburg Advisory. The research report found that write-offs of loans were subdued throughout Covid but…
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Ahead of the Government’s plans to announce cost of living support measures to mitigate the impacts of rising prices, the Federation of Small Businesses (FSB) is urging that the Government tackles the cost of living crisis at root. Federation of Small Businesses (FSB) Chair Martin McTague said “The cost of living crisis starts with a cost…
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Over a quarter (26%) of UK small or medium-sized enterprises (SMEs) have seen the number of late payments they receive increase since the cost of living has gone up, according to new research from Barclays. The new findings indicate that rising prices have started to impact payments between businesses, as 16% of SMEs said that…
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Billions of pounds of taxpayers’ money will be ‘lost to fraud and error as a result of the Department for Business, Energy & Industrial Strategy’s (BEIS) approach to its Covid-19 business support schemes according to the Public Accounts Committee (PAC). Despite providing important support to businesses across the country, BEIS’ latest estimate is that £4.9…
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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 March 2022 by 13% compared with the same month in 2021. In Q1 2022 as a whole, new business was 7% higher than in the same quarter in 2021. The IT…
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New findings from quarterly Small Business Index (SBI) has warned that banks ‘are pulling up the drawbridge’ to small firms will further stifle economic growth as its new SBI study shows successful finance applications plunging over the first quarter of this year. Fewer than one in ten (9%) small firms applied for finance in Q1…
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