Credit, Collections & Insolvency News
Purbeck Insurance Services has reported a significant rise in the number and value of personal guarantee backed loans secured by young businesses. In Q2 2025, 16% of small business loans supported through Purbeck’s Personal Guarantee Insurance (PGI) were for businesses under two years old. This marks a sharp increase from 9% in Q1 2025 and just 6% in Q2 2024,…
Read more
Prices in shops have risen at the fastest pace for more than a year and are 0.9% up on a year ago, according to the British Retail Consortium (BRC). The increase comes as retailers pass on additional costs to consumers, with the Government having hiked both employer National Insurance contributions and the minimum wage. The…
Read more
Extreme currency fluctuations have caused SMEs to face substantial losses and are compelling businesses to change their FX strategy, according to data from independent SME funder, Bibby Financial Services (BFS). 54 per cent of SMEs surveyed say they’ve been stung by volatile exchange rates in the past year, losing over £53,000 on average as a result.…
Read more
Industry leaders have warned that the hospitality sector is under increasing pressure, with 79% of pubs, restaurants, and bars raising prices due to increased operating costs. A survey by trade bodies including UKHospitality, the British Institute of Innkeeping and the British Beer & Pub Association shows that 73% of operators have less than six months…
Read more
Latest Office for National Statistics (ONS) data has shown that inflation has increased to 3.8 per cent in the year to July – its highest level in 18 months. Inflation rose at its fastest pace since January 2024, driven by rising food, fuel and transport costs and is up from 3.6 per cent in June.…
Read more
Latest ONS data has shown that GDP rose 0.4% month-on-month in June, following a 0.1% fall in May. The market had expected 0.1% growth GDP rose 0.3% in the quarter, versus market expectations of 0.1% growth, with services output growing by 0.3% month-on-month. Construction output grew 0.3% month-on-month whilst Production output grew 0.7% month-on-month. ONS…
Read more
The director of a century-old Scottish machinery firm which went into administration last year has been banned after failing to declare more than £1.5 million in VAT. David Smith, was the director of FB Realisations Limited, which was known for decades as Balgownie Limited. However, for more than three years between 2019 and 2022, Smith…
Read more
The Bank of England has cut interest rates to 4%, with the cut from 4.25% marking the fifth reduction since August 2024. The Bank of England’s Monetary Policy Committee (MPC) voted 5:4 for a cut. One voted for a 0.5% cut and four voted for rates to be held. Responding to the news, Federation of…
Read more
A Staffordshire businessman who sold seven historic cars, including two Jaguars and three Rolls-Royces for just £1 to another company he also controlled has been banned as a director. Kulbarg Singh, was the director of Aldridge Construction Engineering Ltd when he entered into an asset purchase agreement with Ace Earth Solutions Ltd in 2021. At…
Read more
The Government has announced new plans to tackle late payments, which it says is part of the most significant legislative reform in 25 years. Late payment is an issue that costs the UK economy £11 billion a year and shuts down 38 businesses every day Late payments are one of the biggest barriers to small…
Read more
Iwoca’s latest SME Expert Index reveals that the Government has hurt small and medium-sized enterprises (SMEs) during its first year in power. The research showed that almost three-quarters (70%) of SME finance brokers say that conditions for small businesses have deteriorated during the Labour Government’s first year in office. The Government has made little progress…
Read more
Firms across the private sector expect activity to fall in the next three months (weighted balance of -18%), extending a run of negative sentiment that began in late 2024, according to latest Confederation of British Industry research. The downturn is expected to be broad-based, with business volumes in the services sector set to decline (-19%),…
Read more
A former world sprint champion has been sentenced after he spent Covid loan funds to help buy a £1.3 million house. Rick Beardsell secured two £50,000 Bounce Back Loans for his Sports Creative Limited company in 2020 and 2021 when businesses were only allowed a single loan. The 46-year-old then moved the Bounce Back Loan…
Read more