Credit, Collections & Insolvency News
High-cost lending firm Fernwood Financial has entered liquidation. Thousands of customers of the company will have had their debts wiped out following the company’s collapse. Liquidators are contacting clients to inform them of the debt write-off, and the Financial Conduct Authority (FCA) has confirmed that customers need not make further payments and should cancel automated…
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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…
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Consumers are more confident this month but are vulnerable to worries about rising inflation and potential tax increases, according to GfK’s latest consumer confidence index. The index rose to its highest since December at minus 17, up from minus 19 in July, boosted by a three-point improvement in households’ sentiment around their personal finances and…
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UK banks have closed more than one in three branches over the past five years, according to an analysis report by the Financial Times. The data shows that Lloyds, NatWest, Halifax and Bank of Scotland are set to close another 113 branches before the end of November. The number of bank, building society and credit union branches…
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Large retailers, including Tesco, Sainsbury’s, John Lewis and Boots, have warned that the Government’s tax plans could jeopardise living standards in a signed letter to the Chancellor sent by trade body British Retail Consortium (BRC). The retailers argue that proposed tax increases and rising business rates may lead to a 6% rise in food prices.…
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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.…
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Pollen Street has announced that it has acquired a majority stake in business restructuring provider Leonard Curtis. Leonard Curtis multi-disciplinary professional services firm, which is headquartered in Manchester, has over 30 years’ experience providing restructuring, legal, funding, mergers & acquisitions. advisory and other business services to SMEs and corporates. The business has a strong national…
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Atom bank has announced several key appointments in its technology senior leadership team, with a series of strategic changes and promotions designed to accelerate product launches and enhance delivery capabilities. The new structure, which sees nine internal promotions with three new value stream-aligned leadership roles, has been established and is directly accountable for product delivery…
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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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CPI inflation jumped 0.2 percentage points to reach 3.8 per cent in July. Worryingly, the rise was driven by the higher cost of essentials with faster price rises for energy (rising from 4.5 per cent in June to 8 per cent in July), petrol (up by 2p per litre in July) and food (4.5 per…
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Latest figures from the Insolvency Service have shown that the number of registered business insolvencies in England and Wales increased by 1.4% in July when compared to the month before. The number of registered business insolvencies in England and Wales was 2,081 in July 2025, similar to both June 2025 (2,053) and the same month…
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Waltham Forest Council Employee Credit Union (WFCECU), trading as Forest Savers, has entered administration and has now stopped trading. The credit union was founded in the 1990s and is based in Walthamstow, London and acts as a financial cooperative, offering its members financial security through saving and borrowing. Dina Devalia and Terri Mulgrew of Quantuma…
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