Credit, Collections & Insolvency News
Latest figures from the British Retail Consortium (BRC) have shown the total retail sales increased 2.7% in November, against a growth of 4.2% in November 2022. This was above the 3-month average growth of 2.6% and below the 12-month average growth of 4.1%. Food sales increased 7.6% on a Total basis over the three months to November.…
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A London-based builder sentenced for Covid loan abuse after an investigation by the Insolvency Service. The self-employed builder from Hounslow overstated income to claim £50,000 Bounce Back Loan then lost it in scam crypto investment scheme. Lukasz Nowak a self-employed builder from Hounslow, West London, was sentenced to 20 months imprisonment, suspended for two years,…
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Five water retailers have refunded thousands of customers who were overcharged. In total, the five retailers have refunded £380,000 to 3,500 customers after a CCW investigation uncovered billing errors. The consumer watchdog took the action after discovering the firms had been significantly overcharged on their bills when water retailers misinterpreted a change to Ofwat’s retail…
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UK business leaders understand the value of implementing new technology, but they don’t know how to measure it, according to new research from Deloitte. In a new report, Measuring Value from Digital Transformation, 1,600 global business and technology leaders across six different industries were surveyed about their technology investment strategies. It found that three-quarters of UK…
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Research by Lloyds Bank shows that business confidence has climbed back to levels not seen since before Russia’s invasion of Ukraine and the subsequent energy crisis. The rise in business confidence is significantly above the long-term average of 28%, and has been driven by increased trading prospects for the year ahead, greater optimism in the…
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Criminals stole £42.6 million from businesses through authorised push payment (APP) fraud in the first six months of 2023 according to new data from UK Finance . The research found that nearly one in five small business oweners (17%) participants could not always spot a scam. The data comes from results of the quiz, designed…
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The Institute of Directors’ latest Economic Confidence Index, which measures business leader optimism in prospects for the UK economy, rose only slightly last month – from a negative reading of -25 in October to -21 in November. Since plummeting in June, business confidence has been gradually ticking upwards over the last five months. However, the…
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A new study has found that third (33%) of leaders in finance sector organisations find it difficult to get the most out of the data they hold, despite it being essential to planning and risk assessment according to Dun & Bradstreet. The report which surveyed 437 leaders from organisations in the finance sector across 18…
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Barratt Smith Brown have announced the relocation of their Leicester business to a new office space in the centre of Leicester. The new Barratt Smith and Brown head office will be based at 56 The Crescent, King Street, Leicester LE1 6RP. This new location is just short walk from Leicester train station and the amenities of central…
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New figures from Time Finance have revealed changing appetites amongst SMEs for financing for the long-term as demand for hire purchase and refinancing rise throughout 2023. The recent data from the leading SME lender has shown a 26% rise in its hire purchase deals between its 2021/22 and 2022/23 financial years. This demonstrates increased appetite…
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The number of SMEs using credit to fund insurance has risen as they battle to keep on top of increasing business costs according to research from Premium Credit. The analysis found 52% of firms now use credit to pay for insurance compared with 50% when it reported last year2. The average amount borrowed is nearly £1,100.…
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New analysis by the British Business Bank shows that the Government’s £47 billion Bounce Back Loan Scheme rescued around one in 20 participating businesses. The pandemic support scheme, which offered taxpayer-guaranteed facilities of up to £50,000 to business owners to help the firms survive lockdown measures, prevented the failure of between 5% and 6.5% of…
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Energy regulator Ofgem has announced that Hudson Energy Supply (HES) is to be issued a penalty of £1,668,426 for serious overcharging of business customers. The regulator found that HES has failed its customers by with 10 breaches of licence conditions relating to a situation whereby HES had outsourced elements of its day-to-day customer operations without…
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