Research from the Federation of Small Businesses (FSB) has revealed that late customer payments are costing the UK economy £2.5billion a year, and are leading to 50,000 SME closures annually. Aamar Aslam, CEO of alternative lending firm Funding Invoice has commented on the news, urging the government to appoint the long-awaited Small Business Commissioner, promised…
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Duff & Phelps has announced that Phil Dakin is joining the firm’s Restructuring Advisory practice as a Managing Director in its London office. Dakin brings more than 15 years’ experience in the corporate restructuring and insolvency sector, having advised companies on procedures including independent business reviews, operational and financial restructuring, and formal insolvency appointments. Dakin…
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The Chartered Institute of Credit Management (CICM) has urged more support for Code in driving better payment practice. A business leader and expert in late payment has welcomed the report from the Federation of Small Businesses (FSB) into the impact of poor payment practice but challenged a proposal that signatories to the Prompt Payment Code (PPC) should…
Read moreAldermore, has made several new appointments to its Business Finance Risk Management function. Jerry Barrie has been appointed as Head of Asset Management. Barrie assumes responsibility for the monitoring and evaluation of the Bank’s asset finance portfolio and collateral. Prior to joining Aldermore, Jeremy worked in asset management at CIT Vendor Finance, a commercial and…
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Zopa has announced plans to launch “Next Generation” Bank Banking licence will lead to extended range of savings and borrowing products, their intention to launch a bank to enhance their market-leading peer-to-peer business. The application for a banking licence will be made to the Prudential Regulation Authority (PRA), and the Financial Conduct Authority (FCA). Jaidev…
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Rob Lankey has been appointed as Interim Chief Executive Officer of the NACFB following the announcement on the 28th October 2016 that Adam Tyler is standing down after 11 years at the helm. Lankey starts with immediate effect to assist with the handover. Lankey, who left Aldermore at the end of June 2016 after nine…
Read moreThe Government’s efforts to tackle the UK’s late payments culture have so far failed to protect hundreds of thousands of small and medium-sized enterprises (SMEs) from exploitative customers who fail to pay their bills on time, Close Brothers Invoice Finance has warned. The Close Brothers Business Barometer, the quarterly survey of SME sentiment on a…
Read moreThe latest figures released by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 12% in September, compared with the same month last year – the thirty-sixth consecutive month of growth. In Q3 2016, new business was also up by 12% compared with the same…
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Supermarket giant Tesco has the worst payment performance amongst a list of the UK’s best-known retailers, taking an average of 105 days beyond terms to pay its suppliers. Iceland and Debenhams were the next two retailers on the list, taking an average of 75 days and 73 days beyond terms respectively to pay their suppliers.…
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Jim Tucker and Richard Beard of KPMG LLP were appointed joint administrators of American Apparel (UK) Ltd and American Apparel (Carnaby) Ltd The companies run the UK retail and wholesale operations of the US branded high street fashion retailer American Apparel. The UK business trades from 13 stores. American Apparel’s brand and US business is…
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The number of business closures have risen since the Brexit vote, according to Quarter 3 insolvency statistics released by the HMRC. Business insolvencies are up by 2.2% and voluntary liquidations are up by 5.5%,. Simon Underwood, partner and business recovery specialist at Menzies said “Currency fluctuations and the challenging UK financial market have left many…
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Three-in-four UK businesses (74%) say they have yet to feel any financial impact – positive or negative – from the 23rd of June vote to leave the EU, according to new research by the insolvency and restructuring trade body, R3. However, 16% of all businesses, equivalent to 283,000 businesses, say the vote has already had…
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Continued declining confidence in the manufacturing sector is the driving force behind three successive quarterly falls in overall economic confidence, according to the latest barometer from the credit services sector. Manufacturing closed down 2.3 points to 54.9 in Q3’s results from the Credit Managers’ Index which is run by the Chartered Institute of Credit Management (CICM). This is the…
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