Credit, Collections & Insolvency News
Metro Bank has announced that Marc Page has been appointed to the role of Chief Financial Officer (CFO). Page will join Metro Bank on 2nd September 2024, subject to regulatory approval. Page has more than 20 years’ experience in financial services roles in Barclays, HBOS and Lloyds Banking Group. He joins from Barclays where he…
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New data from the Institute of Directors shows that business confidence in the wider economy has dropped back to the levels seen in the latter part of 2023, having seen a brief uplift at the start of this year. Whilst business leaders’ views about their own organisations’ prospects remain more positive, investment and export expectations…
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Nearly one in three (31%) of business owners anticipate the potential closure of their businesses by the end of 2024 according to research by Novuna Business Cash Flow. Novuna says that the prospect of numerous businesses facing closure is sobering, a reality underscored by a recent ONS report, showing just 3% of businesses had temporarily…
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The Federation of Small Businesses (FSB) is calling on Chancellor Jeremy Hunt to improve cashflow, protect jobs and incentivise growth in small businesses with just one week to go until hecdelivers his Spring Budget on 6th March. FSB National Chair, Martin McTague, said“Next week, the Chancellor must show the country he can take practical and…
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13% of small business owners have backed out of a loan due to the demand for a personal guarantee according to new research by Purbeck Personal Guarantee Insurance. Purbeck says there is a concerning lack of understanding of personal guarantees in the context of business loans amongst small businesses. The survey found that although 30%…
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GB Bank has announced it has appointed Mark Sismey-Durrant as its new Chair. Sismey-Durrant joins the Middlesbrough-based bank after spending over 40 years in the UK banking sector, with the majority of that time spent in senior roles. He replaces former GB Bank Chair, Mike Kirsopp, who has stepped away from the business to return…
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Economists analysis of PMI data say the recession may already be over and predict that inflation could soon fall to 0%. The prediction came as data revealed that the private sector has grown at the fastest rate in nine months. The S&P Global Flash PMI hit 53.3 in February on an index where a reading…
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High banking charges are a bigger blocker to international expansion for businesses than Brexit red tape, according to survey research by Wise. The analysis found that UK small businesses lost £2.8 billion to hidden fees, preventing 69% from expanding further. Business owners said they struggle to compare the market due to a ‘corporate opt out’ that…
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Metro Bank has announced it has appointed Andy Veares as its new Managing Director for Corporate and Commercial subject to regulatory approval. Veares has been at the bank since 2012 most recently as Director of Large Trading Businesses. With over 30 years business and commercial banking experience, Andy’s new role sees him take responsibility for…
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EY Item Club is predicting that bank lending is expected to remain subdued this year, with elevated interest rates tamping appetite for borrowing. The report says that bank lending to businesses will rise by only 0.8% amid weak demand for credit and restrictive borrowing costs. EY says that although the Bank of England is expected…
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Law firm Hill Dickinson has announced the hire of James Harmer, who joins the London team as corporate partner specialising in debt capital market transactions. Harmer joins Hill Dickinson’s Business Services Group and his practice bolsters Hill Dickinson’s existing corporate finance, banking and financial law services in the City, where he will cover both private…
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Latest GDP figures has indicated that the UK ended 2023 in recession. The figures showed that GDP fell 0.1% in December, following a 0.2% rise in November. GDP was down 0.3% over the three months to the end of December, a second consecutive quarter of negative growth, pushing the UK into a technical recession. The fall reflects…
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Latest ONS data has found that inflation held steady at 4% year-on-year in January on the back of easing prices for furniture and household goods, food and non-alcoholic beverages. Month-on-month, the headline consumer price index fell to -0.6%, returning to negative territory after December’s surprise increase by 0.4% on the month and 4% annually. Economists…
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