CPA Offers Advice For Struggling Retailers
9th January 2018.
Here at The Credit Protection Association, we have helped multitudes of business owners who have fallen into financial trouble. Some have been shopkeepers, and some have been contractors or carpenters. It is an unfortunate risk for anyone who dares to do business with others. You could be doing business with late payers, bad payers; slow payers, or even good payers. Unpaid invoices can be a drag on your cash flow, and if you don’t take action, they can lead to devasting results.
In the UK the number of retailers going into administration has risen for the first time in five years as falling consumer confidence and rising costs takes their toll on businesses.
Figures compiled by professional services network, Deloitte, have shown that 118 retailers became insolvent last year, a 28 per cent increase on 2016.
Large retailers were among the worst hit as their rate of insolvency rose by 55 percent. They included furniture stores, Feather & Black and Multiyork, and fashion chain Store Twenty One. The Government are currently preparing for the collapse of one of their biggest contractors, Carillion, which had previously been the employer for over 40,000 people.
The latest findings paint a gloomy picture for retailers who have weathered a difficult Christmas where subdued consumer confidence contributed to the worst levels of spending since 2012.
Ernesto Bisagno, a lead analyst for Debenhams at Moody’s investment service, blamed the slow negotiations with the EU for the recent downgrade, fearing the difficult trade conditions the UK will face in the coming years.
Whatever obstacles your business faces, bad cash flow is not the grim reaper of business. The CPA team is here to help free up cash flow by chasing late and non payers and even debt that has starting gathering dust! Don’t allow yourself to become another statistic, and bring your business back to life! Get in contact with CPA for some advice and see how far it goes.
The Credit Protection Association is a credit management company established in 1914. If you supply goods or services on credit then we can help you!
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