Credit, Collections & Insolvency News
Latest data from the British Retail Consortium (BRC) has shown an improvement in consumer confidence as Christmas approaches. According to BRC-Opinium data, consumer expectations of their personal financial situation over the next three months improved slightly to -4 in October, up from -6 in September. The state of the economy improved slightly to -17 in…
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Chancellor Rachel Reeves has announced the autumn budget for 2024. Commenting on the announcements James Burgess, Head of Commercial and insolvency expert at Atradius said “Today’s Autumn Budget could be a game-changer for businesses across the UK, marking a pivotal moment for the economy. With Labour’s proposals set to impact retail, hospitality, and leisure businesses,…
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The number of Welsh companies with overdue invoices on their books reached a 2024 high in September, according to new research from R3, the UK’s insolvency and restructuring trade body. Analysis of data provided by Creditsafe shows that 18,360 Welsh businesses had unpaid invoices on their books last month – the highest monthly total of…
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Invoice finance company, eCapital Commercial Finance has acquired Optimum SME Finance. David Tilling, CEO of Capital said “We are thrilled to welcome Optimum’s clients and team as part of our ambitious growth strategy. This acquisition broadens our national reach with a new regional presence in Bristol and reinforces our commitment to becoming the premier, fully…
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Business confidence in the UK has fallen to a four-month low, with Lloyds Bank’s Business Barometer seeing a three-point drop to 44% in October. It remains above the survey’s long-term average of 29%, an indication that confidence is still high from a historical standpoint, although the latest reading reaffirms a slight loss of optimism since…
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Companies House has published its first ever strategic intelligence assessment as the agency steps up its work to help tackle economic crime. The strategic intelligence assessment gives an in-depth analysis of the key threats Companies House faces. It’ll guide future prioritisation, decision making, risk identification and mitigation. The assessment will be followed by a new control strategy, which…
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Eight in ten (86%) of UK small business owners are fearful of Autumn Budget announcements that could negatively impact the growth outlook and finances of their enterprises according to new research from Novuna Business Finance. For those that expressed concerns, the prospect of national insurance hikes (49%), rises to VAT (48%) and income tax (50%)…
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Three quarters of SMEs (74%) say that the upcoming budget will directly impact their future growth plans, according to research from specialist SME lender, Simply Asset Finance. Nearly a third of businesses (31%) say it’ll have a significant impact,13% believe it will be fundamental to them, while just 15% expect the budget to have no…
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Self-build and renovation finance specialist BuildLoan has appointed Chris Martin to the role of Director of Operations. Martin has held various roles within BuildLoan during the last six years having worked in financial services throughout his 35 year career. He previously held consumer-facing roles in retail banking, as a mortgage intermediary and senior roles in…
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A company Director who failed to produce accounting records and refused to co-operate with the Insolvency Service after his company went into liquidation owing more than £200,000 in unpaid tax has been jailed. Vezubuhle Ndlovu was sentenced to 10 months in prison when he appeared at Manchester Crown Court. The 41-year-old had previously pleaded guilty…
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The value of bad debt suffered by small businesses has surged by a staggering 127 per cent in the last six months, according to a report by SME funder, Bibby Financial Services (BFS). According to the latest SME Confidence Tracker from Bibby, businesses have written-off an average of nearly £40,000 in unpaid invoices in the…
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SMEs are switching to monthly payments for insurance bills as premium increases put pressure on their businesses according to new research Premium Credit. The research showed that 43% value the ability to pay for insurance monthly through premium finance or finance offered by insurers compared with 32% who prefer to pay in a lump sum.…
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Leonard Curtis has announced it has acquired Newsource Commercial Finance (NCF) is a broker in the commercial property sector. Led by a management team of Mark Craven and Brian Walters, the business specialises in working with brokers and their clients on sourcing finance across residential BTL and property portfolios, commercial property investments, property developments, refurbishment…
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