Credit, Collections & Insolvency News
Seven in ten small firms do not expect their performance to improve over the coming three months, according to the latest research from the Federation of Small Businesses (FSB). Its quarterly UK SBI confidence measure stands at -8.8 in Q2 2019, down 22 points compared to the same period in 2018, marking a fourth consecutive…
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New figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 7% in April, compared with the same month in 2018. New business in the plant and machinery finance and business equipment finance sectors was up by 8% and 9% respectively, while commercial…
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The Bank of Mum and Dad has been integral in funding the property sector, with one in four housing transactions in the UK reliant on funding from family. New research from Worldpay has found that family funding is also supporting the UK’s dynamic small business scene, with one in in ten entrepreneurs surveyed looking to…
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Seven in ten (70%) businesses that have attempted to raise capital have failed at least once, according to the new report from Smith & Williamson, the financial and professional services firm. Securing funding is often critical to helping businesses scale quickly and maximise their potential. However, it’s often not plain sailing. Two in five (39%)…
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Growing pressure on the retail sector could increase risk-taking in the supply chain, data in a new report suggests. With more than 7,500 shops closing in 2018 and high street brands hitting the headlines, if retailers are not able to manage the trade-off between risk and cost, it could lead to further store closures and…
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More than half of small business owners say they want more help managing their finances, with almost a third adding they have lost sleep over money matters as Brexit continues to dominate the UK economy according to a report funded by small business finance broker Funding Options. Fifty-one per cent of small firms said they “need…
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The UK’s top 100 restaurants made an £82 million loss in the last year, down from a pre-tax profit of £102 million twelve months ago according to new research by UHY Hacker Young. Pre-tax profits at the UK’s Top 100 restaurant groups have fallen from £345 million since the first quarter of 2017. The huge…
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The proportion of small businesses predicting growth for the next three-months has fallen to 34% – its lowest level for eight successive quarters and, for the first time, the proportion of businesses predicting significant expansion has fallen below 5%. The new research from Hitachi Capital Business Finance asked a nationally representative sample of 1,184 small…
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Dun & Bradstreet’s 2019 Global Bankruptcy report has revealed that business failures have declined globally, despite increased economic challenges. However, with global economic challenges on the rise, most regions are forecasted to grow more slowly than in 2018, with the number of business failures forecast to increase in the coming months. Forty-nine percent (49%) of…
Read moreIn the Asia Pacific region, the number of businesses taking a more strategic approach to credit management is increasing according to new research by Atradius. While global GDP growth is forecast to slow from 3.2% in 2018 to 2.7% this year, global insolvencies are expected to rise 2%. As an integral part of the global…
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Fifteen of the seventeen businesses highlighted for poor payment practice in May have filed action plans or are preparing submissions to improve their treatment of smaller suppliers, demonstrating the effectiveness of the Prompt Payment Code. Philip King, Chief Executive of the Chartered Institute of Credit Management (CICM), says firms have responded positively to approaches by…
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British Steel has been placed in compulsory liquidation, putting 5,000 jobs at risk and with the knock-on effect endangering 20,000 in the supply chain. The Government’s Official Receiver has taken control of the company as part of the liquidation process. In a statement, the Official Receiver said that the immediate priority its appointment as liquidator…
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Celebrity chef Jamie Oliver’s British restaurant chain filed for bankruptcy protection on Tuesday, mainly due to increased competition and escalating rents in local commercial districts according to reports. The insolvency will leave 1,000 people out of work. Oliver wrote on Twitter “I’m devastated that our much-loved UK restaurants have gone into administration, I am deeply…
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