Credit, Collections & Insolvency News
Latest figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) grew in January 2025 by 2% compared with the same month in 2024. In the twelve months to January 2025, new business was 3% higher than in the same period in 2024. The…
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A company director has been disqualified after failing to provide accounting records when her company went into liquidation owing an estimated £319,000 in corporation tax. Jenna Lennon was the sole director of Hope & Pride Limited, which was incorporated in March 2019 and described its business on Companies House as “other information service activities not…
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The Institute of Credit Management (CICM) has announced that it has appointed Debbie Nolan as Head of Professional Development. Nolan joins to focus on continuing to shape the CICM’s professional development programme, supporting individuals and organisations in enhancing their credit and collections skills. She brings extensive industry experience to the role and has a…
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Almost half of businesses (48%) are deferring capital expenditure until after the Spring Budget according to research by Bibby Financial Services (BFS). As the Spring Statement approaches, the UK’s small and medium sized businesses are eager for economic clarity before committing to major investment decisions. SMEs have strong ambitions for growth, with 87 percent planning…
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Time Finance has released new data that has found that businesses’ understandings, attitudes and behaviours towards commercial finance, with loans topping the bill as the most commonly and widely used form of finance. Figures found that 93% of UK businesses are aware of loans, in comparison to only 76% who are aware of Invoice Finance,…
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New data from Atradius has revealed that 65% of UK businesses are confident in their ability to overcome Budget-related challenges and continue growing. This optimism is supported by a decline in claims across two-thirds of sectors compared to February 2024, signalling a positive start to the new financial year. Sectors experiencing the most significant drop…
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Close Brothers Premium Finance (CBPF) has announced announced the appointment of a new Commercial Director Colin Wallace move from his role of Sales Director Personal Lines, to take up the newly created role of Commercial Director. In his new position, Wallace will lead the businesses’ commercial activities, oversee the ongoing development of product, brand, and…
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Chancellor, Rachel Reeves is set to announce 60 measures aimed at reducing regulatory burdens and stimulating economic. With between 100 and 130 regulatory bodies currently in the UK, the Government plans to significantly cut this number. The new ‘radical action plan’ will be published following consultations with regulators, as the Government seeks to address deteriorating…
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A taxi driver jailed after inflating turnover to secure three Covid Bounce Back Loans. Nelson Clark fraudulently applied for three Bounce Back Loans in 2020 by significantly exaggerating his turnover.cHe then used the funds for personal use, breaking the rules of the scheme again. Clark from Dartford, was sentenced to two-and-a-half years in prison when…
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Latest data from Office for National Statistics (ONS) showed that the economy fell 0.1% in January. GDP had been expected to rise 0.1% month-on-month. Services output grew 0.1% month-on-month whilst construction output fell 0.2% month-on-month. Production fell 0.9% month-on-month. Commenting on today’s GDP figures for January, ONS Director of Economic Statistics Liz McKeown said “The…
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Profits at USMEs increased by 7.3% year-on-year in Q4 2024, according to Sage’s small business tracker. This is down from 8.2% in Q3 and 8.6% in Q2. It was also found that productivity fell by 0.9% year-on-year in Q4. While debt levels have fallen by 9.7% over the last year, cash reserves increased by 3.2%…
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Gross lending to SMEs rose by 13 per cent year-on-year to just over £16 billion in 2024 according to latest UK Finance data. The research showed that in each quarter of last year gross lending was up compared to the same quarter in the previous year. However, lending remains significantly below levels reported in the…
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Seven in ten small businesses (71%) are working on new initiatives to achieve business growth in the spring months, a rise on the previous 12-months according to new research from Novuna Business Finance. Following 2025 starting with a dip in the percentage of UK small businesses predicting growth, the latest findings suggest a solid resilience…
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