Credit, Collections & Insolvency News
Ofgem has today updated the level of the prepayment price cap, or safeguard tariff, which will cut bills for around 3 million households by up to £19 a year based on typical consumption. The change, which takes effect on 1 October, will reduce the level from about £1,067 to £1,048 for a dual fuel prepayment…
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Non-Standard Finance has announced that it has agreed to acquire George Banco from its existing shareholders for an enterprise value of £53.5million, payable in cash. Completion is expected in September 2017 and the acquisition is expected to be earnings enhancing in the first full year following completion. Having launched in April 2014, George Banco has grown rapidly…
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Debt Management specialist Fairpoint Group has entered administration. In an announcement to the London Stock Exchange, Fairpoint Group Plc said it could no longer manage the £1m annual rent for the company’s head office. The company has given reassurances about the future of its legal services business, which employs more than 500 people across the UK,…
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Seven of the Top Ten areas for personal insolvencies are in seaside towns in 2016 as the British coastal industries and tourism continue their declines according to Moore Stephens. The top spot out of 348 towns for personal bankruptcies was Torquay, with 43 insolvencies per 10,000 population, compared with national average of 19.7. Other high…
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Maclay Murray & Spens announced that it is to combine with Dentons. The combination, which is expected to complete later in 2017 following approval by the partnerships of both firms. The new group will combine operating from offices in Aberdeen, Edinburgh, Glasgow, London, Milton Keynes and Watford. Dentons’ Global Chief Executive Officer Elliott Portnoy said “This combination…
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British Gas has announced a12.5% electricity price increase commencing in mid-September. British Gas owner Centrica has blamed the price hike on rising costs a move which will affect 3.1 million customers. Ben Wilson, Energy Spokesperson for GoCompare said “Wholesale energy costs have fallen but British Gas still try to justify an electricity price increase nearly five times…
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Ten years on from the onset of the global credit crunch, millions of people are still enduring financial pain. New research from GoCompare has found that nearly half (46%) of the UK’s population feel worse off now than they did in 2007, with one in four concerned that they would be in serious financial trouble…
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Credit decision making specialist Zoot has announced that it has strengthened its partnership with Dollar. Dollar has used Zoot’s instant credit decision solution since 2014 to host their consumer lending application process for the company’s online lending businesses in the UK. This successful collaboration has now been expanded to utilise Zoot for Dollar UK’s retail portfolio under…
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According to a new study from protection specialist LV=, renters among the late-Millennial generation (25-34 years old) are one of the least financially resilient groups in the UK. Based on research conducted with over 9,000 people, the first instalment of LV=’s ‘Income Roulette’ research found that more than half (55%) of 25-34-year-olds fall short of the…
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Credit risk analytics specialist Jaywing has announced a new agreement with Everyday Loans, which will use Jaywing’s Horizon software to develop IFRS 9 models and enable the delivery of all regulatory outputs. Gaining rapid compliance with the IFRS 9 regulations is a key focus for Everyday Loans, which recognises the need to comply without wanting…
Read moreFRP Advisory has strengthened its north of England operation with the merger into the partnership of BWC, the Yorkshire and Teesside-based, independent, corporate recovery and insolvency specialists, bringing into the group all of its 16 staff including three partners and four directors. Led by founding partners Gary Blackburn and Paul Whitwam, David Willis, Martyn Pullin…
Read moreMoody’s Corporation has announced today that it has received clearance under the EU Merger Regulation from the European Commission to acquire Bureau van Dijk, a global provider of business intelligence and company information. Moody’s announced that it had agreed to acquire Bureau van Dijk on May 15, 2017. In accordance with the terms of the transaction, Moody’s expects the…
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Blackpool, Fylde and Wyre Credit Union (BFWCU) has announced the addition of two new members to its board. Michael Vincent and Joseph Tantram will help oversee BFWCU operations and support borrowers and savers in the town, after being invited to join the board for their professional skills, local connections and specialist knowledge. Vincentl is a…
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