Credit, collections & insolvency news
New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in September 2024 by 3% compared with the same month in 2023. In the first nine months of 2024, new business was 4% higher than in the same period in 2023. New…
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Time Finance has announced it has appointed Matt Heap as the new Head of Credit within its Asset Finance Division. Heap joins the leading independent finance provider with over 20 years of experience in the financial services industry. His most recent roles include serving as a Business Manager at Barclays and as a Senior Underwriter…
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Bank of England’s Monetary Policy Committee’s has voted to cut the base rate by 0.25% to 4.75%. MPC voted 8-1 to cut rates, with the dissenter preferring to leave cuts unchanged at 5%. Inflation is expected to increase to around 2.5% by the end of the year, from 1.7% in September. Federation of Small Businesses…
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An electrician from Middlesbrough has been subjected to seven years of stringent bankruptcy restrictions after claiming two Covid Bounce Back Loans and overstating his turnover to gain £16,250 more than he was entitled to. Shaun Dixon, a self-employed electrician from Leamington Grove in Middlesbrough, claimed Bounce Back Loans totalling £23,750 for his business in the…
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Data from the British Retail Consortium and KPMG shows that retailers experienced a disappointing October, with sales rising only 0.6% against a growth of 2.6% in October 2023. This was below the 3-month average growth of 1.3% and the 12-month average growth of 1.0%. Helen Dickinson OBE, Chief Executive of the British Retail Consortium, said…
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Profit warnings from UK-listed companies reached a two-year high between July and September according to EY-Parthenon’s latest Profit Warnings report. The data shows that there were 84 alerts issued in the three-month period, with this up 11% on Q3 2023. It was also shown that almost one in five UK-listed companies (19.2%) issued a profit…
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A man has been sentenced at Manchester Crown Court to 6 years and 9 months in custody for defrauding elderly customers out of an estimated £958,949. He posed as a bank employee working to investigate fraud, tricking customers into handing over control of their bank. The sentencing follows an investigation and arrest by specialist banking…
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A poll of over 700 Institute of Directors (IoD) members following the Chancellor’s Budget Statement has found that two-thirds (67%) of business leaders feel negatively towards the Autumn Budget and two-thirds (67%) think that it does not support the Government’s growth mission. Separately the IoD Directors’ Economic Confidence Index, which was polled wholly before the…
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A Director who promoted a tax avoidance scheme which deprived HM Revenue and Customs (HMRC) of more than £2.5 million in unpaid tax has been disqualified. Alastair Lunt was the director of Peak PAYE Ltd when it caused losses of at least £2.64 million to HMRC between October 2020 and February 2022. Lunt had failed…
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Latest data from the British Retail Consortium (BRC) has shown an improvement in consumer confidence as Christmas approaches. According to BRC-Opinium data, consumer expectations of their personal financial situation over the next three months improved slightly to -4 in October, up from -6 in September. The state of the economy improved slightly to -17 in…
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Chancellor Rachel Reeves has announced the autumn budget for 2024. Commenting on the announcements James Burgess, Head of Commercial and insolvency expert at Atradius said “Today’s Autumn Budget could be a game-changer for businesses across the UK, marking a pivotal moment for the economy. With Labour’s proposals set to impact retail, hospitality, and leisure businesses,…
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The number of Welsh companies with overdue invoices on their books reached a 2024 high in September, according to new research from R3, the UK’s insolvency and restructuring trade body. Analysis of data provided by Creditsafe shows that 18,360 Welsh businesses had unpaid invoices on their books last month – the highest monthly total of…
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Invoice finance company, eCapital Commercial Finance has acquired Optimum SME Finance. David Tilling, CEO of Capital said “We are thrilled to welcome Optimum’s clients and team as part of our ambitious growth strategy. This acquisition broadens our national reach with a new regional presence in Bristol and reinforces our commitment to becoming the premier, fully…
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