Do you sell to retailers?
Do you sell to retailers? Then you will be worried about reports showing almost 2700 shops shut in six months.
About 14 shops are closing every day as UK high streets face their toughest trading climate in five years.
According to PwC, 2,692 shops shut across the UK in the first half of 2018, while only 1,569 new stores opened, meaning a net 1,123 stores disappeared from Britain’s top 500 high streets in the first six months of the year.
London was the worst-hit region, PwC said, while Wales had the lowest number of closures.
Meanwhile, BDO has published a study showing sales in high street shops fell by 2% in October compared with the same month last year.
How can CPA help?
You don’t want to give a van load of goods to a retailer only to find they’ve disappeared without paying you.
If you sell to retailers you should be credit checking your customers to help avoid those at risk.
At the Credit Protection Association, we provide first class credit information that can help you avoid being over extended to customers who are at risk.
We regularly publish lists of the latest insolvencies but by then it is too late. Our credit reports predict approximately 96% of insolvencies long before they arrive.
Our debt recovery services also chase down unpaid invoices and recover owed funds that our members can put back into their business.
Our members have used this extra cash to invest in new technology, equipment or merely to hire an e-commerce team to improve the online presence of the brand. At the same time, our credit checks and credit reports are utilised by our members to investigate all suppliers and customers. It is important to scrutinise everyone within your business, to ensure their financial history will show no bad payment behaviour or maltreatment of suppliers.
It can be considered a lesser risk for a business to shut up shop and stop selling on credit rather than continue trade in difficult conditions. This does not have to be the case, and our services at CPA can prove it.
Our debt recovery and credit management services give our members the financial freedom needed to grow and prosper, while our new Late Payment Compensation department could unlock hidden potential and offer the compensation needed to springboard your business to success.
Ready to speak to an advisor?
For help or advice on credit management, entirely without obligation.
Call us today
0330 053 9263
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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