Credit, Collections & Insolvency News
Latest analysis by BDO of retail sales showed that December marked the worst set of total monthly sales figures since November 2024, with total like-for-like retail sales dropping by -1.4% in December. In-store sales fell by -0.5% and online sales by -0.6%, compared to December 2024, as sales volumes declined across channels. This follows disappointing…
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The Financial Conduct Authority (FCA) has announced that it has fined two former finance directors for their part in misleading statements being issued by Carillion plc. Richard Adam and Zafar Khan were both aware of serious financial troubles in Carillion’s UK construction business but failed to reflect this in company announcements or alert the board…
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The British Retail Consortium has warned that shop price inflation is likely to remain elevated into 2026 as retailers face ongoing labour, logistics and compliance costs. Latest data shows that shop price inflation picked up to 0.7% year on year in December, against growth of 0.6% in November. This is in line with the 3-month…
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More than 3,000 smaller pubs will pay business rates for the first time after losing exemptions, despite Budget promises of hospitality support with some pub landlords face bills exceeding £10,000 Following an emergency summit of pub chiefs, the British Beer & Pub Association (BBPA) has issued an urgent call for Government to introduce a 30%…
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The British Retail Consortium (BRC) has published its annual BRC Payments Survey, which shows how people make payments in 2024. This year’s survey reveals a significant decline in credit card use, from 14.2% of transactions to 12.6%. With higher interest rates making credit cards a more expensive way to shop, consumers turned to debit cards, where…
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A Derby businessman who used Covid support scheme funds on online trading platforms has been jailed. Temidola Ojelabi secured £80,000 across two Bounce Back Loan applications for Platinum Gates Limited in 2020 when businesses were only entitled to a single loan. Money from the loans was then used on online trading platforms when it should…
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Taxpayers lost £10.9 billion to fraud and error as the previous government’s pandemic response left the front door open to fraud, an independent commissioner report has found. The Covid Counter Fraud Commissioner, Tom Hayhoe’s, final report to Parliament finds many schemes – including Bounce Back Loans and Eat Out to Help Out – were rolled…
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Hospitality leaders say the Budget has failed to deliver real business rates reform, leaving pubs and hotels facing steep increases in their rateable values—some of which could rise fivefold by 2029. They warn this will accelerate closures and push more venues into distress, undermining communities and local economies The analysis from UKHospitality reveals that small…
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A builder who stole almost £85,000 in plant machinery and used company funds to pay for his high-performance car will go to jail if he does not repay more than £190,000 in the next three months. Vasile Hrusca used more than £67,000 from his own failing company in 2019 to pay off the remaining balance on…
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A music producer who falsified bank statements to convince a finance provider to lend his company £150,000 and fabricated invoices to HMRC has been disqualified for the maximum term of 15 years. Felix Milton dramatically misrepresented the financial position of his company, The Nameless Ltd, by millions of pounds in obtaining the loan in the autumn of 2021. Earlier that year, the company secured…
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A snap poll of over 500 business leaders following the Chancellor’s Budget Statement by the Institute of Director has found that 80% feel negative about the Autumn Budget. A similar snap poll of business leaders following the 2024 Autumn Budget found that 67% felt negative. In terms of the individual policies announced by the Chancellor, those viewed…
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Chancellor Rachel Reeves has announced the autumn budget for 2025. Commenting on the Budget, James Burgess, Head of Commercial and Insolvency expert at Atradius UK, said “Personal tax changes, including freezing all personal income tax thresholds until 2030-31, will potentially curb spending and weaken demand, further pressuring business revenues at a time when businesses are…
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New research has revealed that while SME confidence in Government remains fairly lukewarm, this support is fragile in the face of mounting economic pressures and uncertainty – and may well turn sour without urgent action on tax and costs at the Autumn Budget. The survey of 1,000 SME leaders and decision makers, commissioned by FTSE…
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