Credit, Collections & Insolvency News
A survey by the British Chambers of Commerce (BCC) has revealed a decline in business confidence in the past quarter with as many as four in ten firms saying they thought their profitability would fall in the next 12 months. Fewer businesses are reporting increased sales; only 33% of firms reported increased domestic sales, down…
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New research by Santander has indicated that 80% of smaller firms are struggling to compete with the lower prices offered by larger firms, meaning 72% are losing customers. While 73% believe the current economic climate is making it harder than ever to compete, 69% said they have no option but to increase their prices. The…
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The British Business Bank (BBB), which helps small businesses access finance, has warned that smaller firms face a challenging few years on the back of the economic downturn. The BBB said lending to start-ups and the smallest businesses could be particularly vulnerable to the impact of economic uncertainty as they often do not have collateral.…
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Despite the considerable headwinds of soaring energy prices, recession forecasts, and soaring inflation, small business leaders in the UK nonetheless remain bullish in their approach, with the majority adapting and reacting to the changing economic environment according to new research from Novuna Business Finance. The quarterly tracking study of 1,201 small business leaders found that…
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New research from SME funder, Bibby Financial Services (BFS), has indicated that many businesses are at breaking point, with almost four in five (79%) stating the current economic landscape is worse than the pandemic and just one in ten (11%) fully prepared to deal with further cost rises expected. Derek Ryan, Managing Director of Bibby…
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Britain’s small and medium-sized businesses (SMEs) are owed on average £147,141 in late payments, nearly £74,000 more than in 2019, according to research by Dun & Bradstreet. Following the fallout from Covid-19 and Brexit, plus late payments and rising inflation, it comes as no surprise that 61% of SMEs are struggling to pay back loans, according…
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The number of UK sectors reporting falls in demand increased for a fourth successive month in August, according to the latest Lloyds Bank UK Sector Tracker. Of the 14 sectors monitored by the Tracker, 11 saw demand, as represented by new orders, fall – one more than in July and the highest number since June…
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The average amount owed to small businesses with at least one overdue invoice has risen 6% year on year to £22.7k in May 2022, up from £21.4k the previous year – which is 65% of the average small business’ typical monthly turnover according to new data from the Intuit QuickBooks Late Payments Bulletin. The research has…
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Business confidence in the UK has plunged into negative territory as companies grapple with a crisis from the rising cost of doing business according to the ICAEW. The research found that business confidence falls into negative territory after record peak last year with the cost of doing business now pushing UK closer to recession amid…
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A survey of 885 UK-based retail investors has revealed how investors are managing their portfolios in light of high inflation, low growth, subsequent recession risks and the Conservative leadership contest new research commissioned by HYCM has found. The survey found that the majority (62%) of investors believe the UK will enter a recession before the…
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The Confederation of British Industry (CBI) (CBI) has warned that the escalating energy crisis could lead to thousands of companies collapsing without Government support. The CBI has urged the government to freeze business rates for another year and take quick and targeted action to prevent otherwise viable businesses from going bust. The lobby group said…
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The value of overdrafts used by small and medium-sized enterprises (SMEs) has grown 18% from £8.3 billion in May 2021 to £9.8 billion in May 2022 as the financial stress in small businesses rises according to research by UHY Hacker Young. UHY Hacker Young says that the rise in overdraft use is concerning as overdrafts…
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The UK Services sector is responsible for the biggest month-to-month spike in overdue invoices last month according to new analysis by Sidetrade. UK Services companies saw the biggest month-to-month leap from June to July 2022 with over a quarter (26.8%) of supplier invoices issued to them being deemed overdue last month, compared to one-fifth (20.6%)…
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