Credit, Collections & Insolvency News
The Night Time Industries Association (NTIA) has reported that over 800 late-night venues have closed since 2020, marking a 26.4% decline in the sector leaving just 2,424 late night venues still operating. According to the research, compiled by the NTIA and CGA by NIQ, losses have stepped up over the past three months with three…
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Prices in shops have risen at the fastest pace for more than a year and are 0.9% up on a year ago, according to the British Retail Consortium (BRC). The increase comes as retailers pass on additional costs to consumers, with the Government having hiked both employer National Insurance contributions and the minimum wage. The…
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Large retailers, including Tesco, Sainsbury’s, John Lewis and Boots, have warned that the Government’s tax plans could jeopardise living standards in a signed letter to the Chancellor sent by trade body British Retail Consortium (BRC). The retailers argue that proposed tax increases and rising business rates may lead to a 6% rise in food prices.…
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Extreme currency fluctuations have caused SMEs to face substantial losses and are compelling businesses to change their FX strategy, according to data from independent SME funder, Bibby Financial Services (BFS). 54 per cent of SMEs surveyed say they’ve been stung by volatile exchange rates in the past year, losing over £53,000 on average as a result.…
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Industry leaders have warned that the hospitality sector is under increasing pressure, with 79% of pubs, restaurants, and bars raising prices due to increased operating costs. A survey by trade bodies including UKHospitality, the British Institute of Innkeeping and the British Beer & Pub Association shows that 73% of operators have less than six months…
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Latest Office for National Statistics (ONS) data has shown that inflation has increased to 3.8 per cent in the year to July – its highest level in 18 months. Inflation rose at its fastest pace since January 2024, driven by rising food, fuel and transport costs and is up from 3.6 per cent in June.…
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Accountants and financial advisers are increasingly seeing clients struggling to pay tax bills, with the average bill they are struggling to pay coming in at £120,000, according to research from Premium Credit. The study found almost all (94%) accountants and financial advisers who advise on tax have seen a rise in clients struggling to pay…
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Three connected debt collection companies, which kept more than £50,000 in client funds they collected on their behalf, have been shut down. Sunderland-based EDC Group NE Ltd, UK EDC Ltd and UK TCF Limited falsely presented themselves as professional agencies with decades of experience while taking money from both clients and their debtors. The companies…
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Latest ONS data has shown that GDP rose 0.4% month-on-month in June, following a 0.1% fall in May. The market had expected 0.1% growth GDP rose 0.3% in the quarter, versus market expectations of 0.1% growth, with services output growing by 0.3% month-on-month. Construction output grew 0.3% month-on-month whilst Production output grew 0.7% month-on-month. ONS…
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The director of a century-old Scottish machinery firm which went into administration last year has been banned after failing to declare more than £1.5 million in VAT. David Smith, was the director of FB Realisations Limited, which was known for decades as Balgownie Limited. However, for more than three years between 2019 and 2022, Smith…
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The National Association of Commercial Finance Brokers (NACFB) has announced the appointment of Josh Levy, CEO of Ultimate Finance, as a Non-Executive Patron Director. Levy’s three-year term commenced this July and marks the latest in a series of strategic board appointments designed to strengthen the Association’s leadership and long-term vision. As CEO of specialist lender…
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A new Business Trends report from BDO, the business advisory and accountancy firm, has found that business optimism in the manufacturing sector is at its highest level in nine months. BDO’s Optimism Index rose to 91.96 in July, up from 91.58 in June, following nine consecutive months of subdued business sentiment since the Autumn Budget.…
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Data from the British Retail Consortium (BRC) and KPMG shows that retail sales in the UK increased by 2.5% year on year in July, with this driven by warm weather and major sporting events. Total retail sales increased by 2.5% year on year in July, against a growth of 0.5% in July 2024. This was…
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