Credit, Collections & Insolvency News
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…
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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.…
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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…
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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…
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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…
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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…
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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…
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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…
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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%),…
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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…
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A video game composer and sound designer who fraudulently applied for a Covid loan has been jailed. Peter Connelly, best known for his work on the Tomb Raider series, overstated his company’s turnover to obtain a second Bounce Back Loan of £37,500 in 2020 when businesses were only entitled to a single loan. Connelly had…
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Latest Office for National Statistics (ONS) data has shown that inflation has increased to 3.6 per cent in the year to June, up from 3.4 per cent in May. The figures exceeded analysts’ predictions that inflation would remain at May’s level. The rise was driven by motor fuel and food costs, with food price inflation…
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Four in ten (39%) senior financial professionals working in the UK say the country’s dominance in financial services has weakened in recent years, according to research by CRIF. As a result, nearly half (44%) say they no longer consider the country a global leader in financial services, with the top reasons behind this including Brexit’s…
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