Almost 270,000 UK companies ended 2015 with financial problems, according to insolvency specialists Begbies Traynor January 14, 2016 Things can only get better, at least that's what UK companies will be hoping: there was a 17 per cent increase in the number of firms who finished last year in "significant" financial distress, according to the latest data. In the last quarter of 2015, 268,898 UK businesses reported financial problems, up from 229,232 in the same period [...]
Number of businesses showing signs of distress plummets with healthier-looking profits and sales January 12, 2016 The number of businesses showing signs of distress has fallen to its lowest level since March 2012. Research released today by R3, a trade body for insolvency professionals, discovered that only 17 per cent of businesses report experiencing a key indicator of distress, such as a decrease in profits or having to make redundancies. “This [...]
Commercial property company insolvencies jump as banks call in loans January 4, 2016 The number of insolvent property investment companies has surged over the last year as banks took advantage rising commercial property values to claw back loans they have held onto since the crisis. The number of insolvencies, where a company can no longer pay its debts, rose by eight per cent to 346 in 2015 from 319 [...]
Number of property investment companies becoming insolvent doubles since 2011, as banks seek out debt repayments as property prices improve January 4, 2016 The number of property investment companies going through the insolvency process has more than doubled since 2011. Research from commercial law firm EMW discovered that there were 346 insolvencies in the second quarter of 2015, but only 154 in the same period of 2011. “Ironically, the rise in insolvencies is down to the improved property [...]
UK retailers scramble to rescue Christmas as distress levels rise amid fierce discounting December 22, 2015 High street retailers have suffered a disappointing Christmas so far this year amid fierce competition and the rise of online, Begbies Traynor has warned, with retailers now pinning their hopes on a last-minute sales spree this week. According to the insolvency specialist's latest Red Flag research, which monitors the health of UK companies, the number of retailers now suffering [...]
Leaving the EU is the only way Britain can regain control of its economic destiny December 21, 2015 As the referendum gets closer, we will hear lots about whether Britain could flourish economically outside the EU. On the face of it, the answer is obviously yes. Countries inside and outside show membership of the European Union is neither a necessary nor sufficient condition for economic prosperity. Far more important is what happens domestically. [...]
City Moves for 18 December 2015 | Who’s switching jobs December 17, 2015 TOGETHER Andrew Murdoch has joined specialist lender Together as group valuations manager, after 12 years with Eddisons. A Royal Institute of Chartered Surveyors-registered valuer and registered receiver, he has extensive experience in valuation, asset management and value enhancement. At Eddisons, he spent eight years specialising in corporate recovery, insolvency and LPA receiverships, including two year-long [...]
Begbies Traynor sees profits plummet to £0.6m amid difficult insolvency market December 9, 2015 Business recovery and property services consultancy Begbies Traynor today revealed profit before tax of £0.6m for its six months ended 31 October 2015, plunging from £1.5m for the same period last year. However, revenue for the company increased to £25.5m for the period, up from £20.8m in 2014. The company noted that the financial performance was in [...]
Funding crisis puts 1,700 jobs at risk over Christmas at printer Polestar December 6, 2015 An emergency financial review at printer Polestar has reportedly found the firm could run out of money by Christmas. According to a Deloitte report seen by the Sunday Times accountants at Deloitte have warned the printer, which produces the Radio Times, Private Eye and Top Gear, will need to take on additional immediate funding. It’s being [...]
UK care homes at risk of financial ruin as Living Wage costs bite November 30, 2015 Hundreds of British care homes are facing financial ruin as a result of the Living Wage, with the sector expected to come up against a £500m funding gap next year. According to data from corporate health specialists Company Watch, costs across the sector could rise by as much as £900m with the introduction of the [...]