Credit, Collections & Insolvency News
Premium Credit has announced it has appointed Rohit Ghai as its Chief Risk Officer. Ghai will lead Premium Credit’s Risk, Compliance and Legal functions as the business proudly supports its community of customers and partners in creating opportunities through convenient payments. Ghai joins Premium Credit from PayPal UK, where he was most recently the interim…
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The construction industry experienced the highest number of insolvencies in the 12 months to August 2024, reaching a total of 4,310 according to latest Insolvency Service data for September 2024. Commenting on the latest construction insolvency statistics Kelly Boorman, National Head of Construction at RSM UK, said “The latest rise in construction insolvencies comes amidst a number…
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Latest Red Flag Alert research has highlighted the challenging conditions UK businesses continue to face, with the number of companies facing ‘significant’ financial distress up 5% in Q3 2024 to 632,756 businesses (Q2 2024: 601,950). The steady increase in companies experiencing ‘significant’ financial distress was driven by noticeable increases in distress in the Utilities (+19.3%),…
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The British Business Bank’s latest Nations and Regions Tracker reveals a significant increase in external finance usage among UK small businesses, with 46% now leveraging it, a rise of 10% from the previous year. Notably, Wales leads with 53% of smaller businesses using external finance, marking a 16 percentage-point increase. Despite this growth, 61% of…
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Leonard Curtis has announced it has continued the expansion of its funding pillar with the appointment of Mike Dinnell to the business advisory and commercial finance team. With over 30 years of banking and debt-advisory experience, Dinnell has supported numerous businesses looking for growth funding. Dinnell’s experience covers a wide range of sectors with a…
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A third of commercial finance brokers struggle to find lenders prepared to fund business acquisition deals according to latest survey data from Asset Advantage. Alongside difficulties with lender appetite, two-in-ten brokers said they find it hard to secure the right loan value for potential acquisitions. Respondents also shared challenges with securing all the necessary information,…
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Latest Office for National Statistics (ONS). data has shown that Inflation unexpectedly to 1.7 per cent in the year to September, the lowest rate in three-and-a-half years, Lower airfares and petrol prices were the main drivers behind the surprise slowdown. City Analysts had expected the rate to drop to 1.9 per cent, while the Bank…
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Nearly half (49%) of small businesses say they have not benefited from falling inflation this year, according to a new poll commissioned by iwoca. The research, which comes ahead of the ONS’s latest inflation statistics, also reveals that the cost of doing business is too high for half (50%) of the UK’s 5.6 million small and…
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The percentage of UK small business predicting growth for the final three-months of 2024 remains at the two-year high of last quarter (35%) – with significant upturns in growth forecasts across the North, the Midlands and among younger businesses – according to new research from Novuna Business Finance. Despite market uncertainty about what lies ahead…
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Electricity bills for small industrial consumers, including large retail and leisure units as well as small manufacturers, are set to rise to around £200,000 more than pre-crisis levels in 2026 according to data from Cornwall Insight’s Business Energy Cost Forecast. The report revealed that small industrial businesses are predicted to be paying £550,000 annually (£238…
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Business confidence has hit a nine year high in 2024, according to the Lloyds Business Barometer. The results showed that business confidence is currently sitting at a 45% year-to-date average and far exceeding the long-term average of 29%. The results tracked data going back to 2015 when business confidence reached 50%. This follows the most…
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Dun & Bradstreet’s Global Business Optimism Insights report has found a 7% increase in business optimism quarter-over-quarter, driven by gradual easing of inflation rates and favourable borrowing conditions. Nearly four in five businesses are expressing increased optimism in domestic and export orders, capital expenditures and financial risk due to a combination of easing financial pressures,…
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Latest data from the Office for National Statistics (ONS) has shown that the UK economy grew in August, with GDP up 0.2%. This comes after two flat months, with no growth in June and July. The ONS also estimates that the economy grew by 0.2% in the three months to August. This marks a slowdown…
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