Credit, Collections & Insolvency News
Recognise Bank has announced it has appointed Caroline Luxmore as its new Chief Commercial Officer. Luxmore will lead the Bank’s lending and savings teams with the aim of growing the Bank’s balance sheet by diversifying its offering to create a sustainable platform on which to grow the business. Luxmore has over 25 years’ experience in…
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Private sector firms expect another significant fall in activity over the next three months (weighted balance of -22%), according to the Confederation of British Industry’s (CBI) latest Growth Indicator. Expectations are broadly unchanged from December, which was the weakest in over two years. This pessimism was widespread across the private sector. Business volumes in the…
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The latest ‘Red Flag Alert’ report from Begbies Traynor reveals a worrying surge in the number of businesses in the UK entering ‘critical’ financial distress in the final quarter of 2024. In Quarter 4 (Q$) 2024, ‘critical’ financial distress rose by 50.2% to 46,853 companies, underscoring a deteriorating outlook. Of the 22 sectors covered by…
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Consumer confidence in the UK’s economy has plummeted, with the British Retail Consortium’s (BRC) consumer sentiment index revealing a drop to -34 in January, down from -27 in December. The survey indicates that only those aged 18-27 expect improvement, while two-thirds of individuals aged 60-78 anticipate a worsening economy. Helen Dickinson, chief executive of the…
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Time Finance has announced the appointment of Greg Hussey as Head of Risk in its Invoice Finance division. Hussey joins with over 30 years of experience, most recently as a consultant working with a niche invoice financier, as well as Head of Risk at Santago Financial Solutions and Managing Director at Calverton Finance. He has held…
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Two in five SMEs (42%) cite rising costs and taxes as their biggest concerns, with 70% questioning the Government’s support for SMEs according to new research from iwoca. The research also highlighted the looming threat of higher taxes under the current Government comes in close second—a primary worry for two in five (40%) owners. Leaders of the…
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New research by Intuit Quickbooks has found that 27% of small businesses relied on credit cards for operations in 2024, with 33% charging over 25% of their monthly expenses. Intuit Quickbooks says that this trend highlights a deeper issue of restricted access to affordable traditional financing, as banks become more selective in lending. In addition,…
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A former London minicab driver is subject to 11 years of stringent sanctions after the Official Receiver found he abused the Covid loan scheme to claim over £47,000 more than his business was entitled to. Huseyin Houssein, a former private hire driver from Nash Road in Edmonton, North London, applied for a £50,000 Bounce Back…
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The UK economy experienced a modest growth of 0.1% in November, falling short of the anticipated 0.2% increase, as reported by the Office for National Statistics (ONS). Liz McKeown, Director of Economic Statistics at the ONS, said “The economy continues to be broadly flat, having grown slightly in November following two small falls in the…
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There has been a six-month peak in the percentage of small businesses that need to secure funding or finance to move forward with their growth plans for early 2025 to 57%, up from 53% in spring 2024 according to new research by Novuna Business Finance. Following small business concerns over the hike in employer’s National…
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New figures released by the Finance & Leasing Association (FLA) show that total asset finance new business (primarily leasing and hire purchase) fell in November 2024 by 4% compared with the same month in 2023. In the eleven months to November 2024, new business was 3% higher than in the same period in 2023. The…
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The UK economy is facing increasing risks of stagflation, according to analysis by the ICAEW. UK business confidence fell by the largest amount in two years to hover just above zero, amid record tax concerns and a slowdown in domestic sales growth. The ICAEW’s Business Confidence Monitor (BCM) for Q4 2024 fell by 14.2 points…
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Debt recovery and outsourcing agency, Controlaccount has announced the appointment of Neil Jinks, a key figure in the credit management industry, as its Brand Ambassador. Controlaccount says that this strategic partnership marks a significant milestone in the company’s mission to raise awareness of their values of integrity and professionalism, as well as extend its reach…
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