Platform Black announced it will be changing name to Sancus Finance with immediate effect. The move comes as part of a strategic review of operations by Platform Black’s owners, GLI Finance Limited (GLI). The strategic review, designed to simplify GLI’s structure, included a transfer of its holdings in Platform Black to the newly formed Sancus…
Read moreHMRC recovered an extra £3.17billion in underpaid VAT from large businesses as a result compliance investigations undertaken by the Large Business Directorate over the last year* says Pinsent Masons. Pinsent Masons says that although this is slightly less than the £3.38billion it collected the previous year, VAT enquiries are by far the highest yielding area…
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Over 760 businesses ceased trading in December 2016 with 1093 small businesses scheduled to cease trading in January according to research, carried out on behalf of London insolvency practitioners Hudson Weir. The research reveals that 14.5 per cent of these companies were operating in the retail and food and drink sectors. This means at least another 110…
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New analysis from KPMG reveals that 2016 saw the reversal of a six year downward trend in levels of insolvency for British businesses, following an uptick in companies entering into administration in the second half of the year. The numbers, taken from notices in the London Gazette, show that 1,174 companies, or groups of companies,…
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New figures released today by the Finance & Leasing Association (FLA) show that asset finance new business (primarily leasing and hire purchase) grew by 13% in November, compared with the same month in 2015. The plant and machinery finance and business equipment finance sectors reported new business up in November by 18% and 33% respectively,…
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Aldermore’s Business Finance division has announced the appointment of Stephen Farrelly as Head of Relationship Management in its Manchester office. In his new role, Stephen will be responsible for overseeing Invoice Finance client relationships in the North, as well as continuing to develop the Bank’s Asset Backed Lending proposition and capabilities. Farrelly reports into Ross McFarlane,…
Read moreIndependent Growth Finance (IGF) has announced the appointment of Mark Lindsay as Managing Director of its Invoice Finance division. Lindsay moves from his previous role as Managing Director at Bibby Trade and International Finance, where he spent more than five years leading a team of Trade Finance experts providing finance solutions to SMEs. Prior to…
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The Federation of Small Businesses (FSB) reveals today that UK small business confidence in the last quarter bounced back to the level reported before the EU referendum campaign began. FSB’s Small Business Index (SBI) has now moved into positive territory, which means that more small businesses feel confident than those that feel the opposite. The headline…
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New research from Cambridge & Counties Bank reveals that around a third (30%) of business deposit accounts are paying 0.1% Gross/AER or less on balances of £25,000, highlighting the real opportunity for UK businesses to shop around. The bank reveals that in the current low yield environment there are now only seventeen providers offering businesses an…
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EFCIS has announced the appointment of Marc Trathern as it’s new Director of Sales. With 15 years of sales experience working for large corporate entities within various sectors, Trathenr has gained a wealth of knowledge during this time and developed a proven track record of over achievement. Tracthen said “I am very excited and grateful for…
Read moreAlmost six and a quarter billion payments worth a total of £4.8 trillion were processed by Bacs Payment Schemes Limited (Bacs) in yet another record breaking year for the company behind Direct Debit in the UK. At the end of September 2016, a huge 109.3 million Direct Debits and Bacs Direct Credits passed through the…
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A report coming out later this month will show that nearly four in 10 travel companies are now in ‘significant’ financial distress. Data analysed by insolvency firm Begbies Traynor found 2,679 businesses in the travel sector – thought to be made up of around 7,000 companies – were experiencing significant distress in the last thee…
Read moreBarclays has launched a mobile business lending service capable of providing instant loans to businesses. Though almost a third of British SMEs are not planning on applying for a loan despite acknowledging it would boost their business, the research shows that 64% of SMEs’ turnover would increase if they successfully secured the right loan, which…
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