Energy price rises spur 81% of businesses to raise prices

6th February 2024 Commercial Credit Management |

More than 80% of companies expect to increase prices of their goods and services over the next two years due to rising energy costs. A survey conducted by PwC found that volatile energy costs look set to challenge the competitiveness of UK businesses and add upward pressure to forecasted falls in inflation, as 81% plan to…

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Cynergy Business Finance appoints Sales Director

6th February 2024 Appointments |

Asset-based lending specialist, Cynergy Business Finance (CBF) has announced the appointment of Dave Green as Corporate Sales Director. Green, a well-known business finance professional in the North West, brings almost 25 years of experience within the asset-based lending sector, having previously worked as a Business Development Manager for nearly 15 years at RBS Invoice Finance,…

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Businesses entered the new year with renewed positivity

1st February 2024 Commercial Credit Management |

Businesses entered the new year with renewed positivity as overall confidence rose to the highest level for nearly two years according to the Lloyds Business Barometer. The research shows overall confidence rose to 44%, up 9 points on the previous month. It was the biggest monthly increase since August and the highest level of confidence…

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Business leaders optimism increases

The IoD Directors’ Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, leapt upwards to -14 in January 2024, up from -28 in December 2023. This represents the Index’s highest value since May 2023 (-6) and the biggest jump in a single month (+14) since this time last year (+30).…

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Demand for guarantee backed SME finance rose by 68% in 2023

31st January 2024 Commercial Credit Management |

Over a third of the owners and directors of small businesses had to take the big step of signing a personal guarantee to keep their businesses afloat in the final quarter of 2023, according to the latest Purbeck Personal Guarantee Insurance (PGI) Monitor. 34% of PGI applications in Quarter 4 2023 were for loans to…

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Fifth of SMEs want to re-join European Union

31st January 2024 Business Lending |

New research from Bibby Foreign Exchange (BFX) has found that UK SMEs trading abroad remain hamstrung by circumstances borne out of Brexit, as the UK’s withdrawal from the European Union (EU) approaches its four-year anniversary. Data from BFX’s 2024 Trading Places report finds that more than half (55%) see the ongoing impact of Brexit as a significant challenge, ranking…

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Reparo Finance makes North West team appointment

31st January 2024 Appointments |

Reparo Finance has announced the appointment of Ronnie Harris as Business Development Manager. Commercial finance provider Reparo offers bespoke funding solutions to UK SMEs through its nationwide network of brokers. Harris will be responsible for building strong relationships with brokers and clients in the region, guiding them throughout the application process to deliver tailored lending…

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Construction section hit by 4,370 insolvencies in the past year

30th January 2024 Business | #construction insolvencies

Latest data analysis by Mazars has found that on average a dozen construction firms are going bust every day after 4,370 firms collapsed last year. In the year to the end of November, 4,370 companies went insolvent compared to 4,086 in 2021/22 and 2,481 in 2020/21. This reflected a 7% increase in insolvencies from 2021/22…

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Small firms call out energy suppliers over increase in standing charges

30th January 2024 Business Utilities |

Some energy suppliers are using rocketing standing charges as a way to inflate bills for small firms, according to the Federation of Small Businesses (FSB). In its response to Ofgem’s recent consultation on the standing charges system, FSB flagged fresh complaints from members of staggering rises – up to 12-fold increases – in the fixed…

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UK economy likely experienced a mild recession last year

The Centre for Economics and Business Research (CEBR) predicts that the UK economy likely experienced a mild recession in the second half of last year. However, the think-tank believes that the country is now on the path to recovery, thanks to higher disposable household income and increased spending. CEBR says the UK economy has battled…

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Profit warnings from listed companies exceed 2008 financial crisis levels

The percentage of UK-listed companies issuing profit warnings last year exceeded the levels seen at the peak of the financial crisis in 2008 as 18.2% of public firms issued warnings, according to EY-Parthenon’s latest report.  In total, 294 profit warnings were issued in 2023, a small decrease of 11 from 2022 when 305 warnings were given.…

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Azzurro’s acquisition creates Solaris Law

26th January 2024 Commercial Credit Management |

Business debt solutions specialist, Azzurro Associates has announced it is launching a new business following the acquisition of Equivo’s Legal Services division and Shoosmiths’ Business-to-Business Recoveries division.  The two teams will come together to form a new business called Solaris Law. The new business will create a new specialist law firm focussed on market consumer…

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Together hires two new business Underwriters

Property lender Together has announced the appointment of two new roving Underwriters, Chris Evans and Emma Ogilvie, to its intermediary sales team. Evans will be taking up the role of Head of roving Underwriters, managing the team of commercial rovers, whilst continuing to underwrite commercial applications for Together. He brings a wealth of experience in…

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