The Insolvency Service has sanctioned a former owner of takeaway over a claimed £50,000 Covid loan for a business which was not eligible for any money. Zhongqing Li from Gillingham, applied for the loan in June 2020 to support his Silver Sea takeaway, which also traded from Parkwood Green. Li made a loan application on…
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Business confidence amongst UK CEOs is growing, despite ongoing geopolitical and macroeconomic challenges, according to the latest EY-Parthenon CEO Outlook survey. The survey of 100 UK CEOs, which evaluates optimism levels and provides insights on capital allocation, investment and transformation strategies, found that 82% of UK CEOs felt very or somewhat optimistic about the business…
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A third (34%) of contract workers, such as gig workers on online platforms and independent contractors, are reliant on credit to pay household bills, almost three times the UK average (13%) according to research by responsible lender Creditspring. With an estimated 1.1 million people having missed the 31st January deadline to file their Self Assessment…
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Cynergy Bank has bolstered its executive team with two senior executive appointments aith Stefano Combi appointed as Chief Financial Officer and Paul Street appointed as Chief Risk Officer. Combhas over 27 years of Financial Services experience having advised Banks across the UK, Europe and globally on M&A, ECM and DCM transactions. He previously was a…
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Business optimism in the UK reached a two-year low in January, according to analysis by BDO. The firm’s index measuring confidence across British manufacturing fell to 92.20 from 93.41 in December, marking the fourth consecutive month of decline and the lowest level since January 2023, a time marked by double-digit inflation and clear signs of…
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Audit firm, Wbg has warned directors against the repercussions of failing to deal with failing companies in the proper manner and illegal ‘phoenixing’. The caution follows reports that a Scottish company director used a ‘corporate rescue’ process to shut down his winter sports business and dodge paying out money to staff by paying bogus directors…
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The percentage of UK small business owners predicting growth (33%) has dipped to a nine-month low, according to the latest quarterly data from Novuna Business Finance. Whilst 45% see Q1 as a standstill period, there is a four-year high in the percentage of small businesses saying they will contract by the end of March (13%)…
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The Bank of England’s rate-setting body voted to cut the base rate by 0.25% to 4.5%. The nine-strong Monetary Policy Committee voted by a majority of 7–2 to reduce Bank rate by 0.25%. But two members, Swati Dhingra and Catherine Mann, thought more help was needed and voted for a 0.5% cut. Bank Governor Andrew…
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Analysis of the Bank of England’s data in Ebury’s SME Borrowing Tracker shows that SMEs decreased their debt by £4.4 billion across 2024, reinforcing nearly three years of falling debt among SMEs, following the significant ‘debt pile’ accumulated during the pandemic. However, the final three months of 2024 marked the first quarterly uptick in SME…
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Firms which took customers’ deposits but didn’t fit their kitchens have been a shut down by the Insolvency Service following phoenix concerns. The investigations found the Manchester-based companies took upfront payments from more than 20 customers, but there is no evidence they installed the kitchens as promised A group of linked kitchen design and fitting…
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An accountant who helped himself to £27,000 from the ‘Eat Out to Help Out’ scheme as part of a bigger Covid loans fraud has been jailed for three years and eight months. Zeeshan Ashraf claimed a total of £268,102.07 and tried to claim £52,732.66 that he was not entitled to from support schemes set up…
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New data from independent lender, Time Finance, reveals that SMEs are not utilising their options when it comes to accessing alternative finance, with nearly 60% having never looked beyond their own bank for commercial finance solutions. Urging SMEs to broaden their horizons when it comes to investing in growth, Time Finance’s new survey delves into…
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The EY ITEM Club Winter Forecast is predicting that UK GDP growth will be at 1% in 2025, down from the 1.5% growth projected in October’s forecast. This represents only a marginal improvement on the 0.8% GDP growth the UK economy likely achieved in 2024. However, the EY ITEM Club still expects steady quarter-on-quarter growth…
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