Business news 7 February 2024
The Standard of living, markets, house prices, construction, insolvencies and more business news that we thought would interest our members.
James Salmon, Operations Director.
The Standard of living
The National Institute of Economic and Social Research said in its quarterly outlook that the UK living standards will improve this year. But it added that the government needs to boost public investment significantly if the UK is to break out of a cycle of low growth. They go on to predict that inflation will fall to 1.2% in the second quarter and the Bank of England will start cutting interest rates in May, The forecasts will be good news to Prime Minister Rishi Sunak who is looking for an upturn before the general election expected later this year.
Markets
The FTSE 100 rose to just below 7700 yesterday, as world markets were buoyed by a government intervention to stabilize the Chinese market and return confidence to Chinese equities.
The Oil price maintained upward momentum yesterday as investors awaited the result of top US diplomat Antony Blinken’s efforts in the Middle East to halt the Gaza war and quell tensions in a major oil-producing region. Brent climbed towards $79.
House Prices
UK House Prices rose for the fourth consecutive month in January, according to data from Halifax on Wednesday. The Halifax house price index rose 1.3% on a monthly basis in January, after rising by 1.1% in December. The typical UK home cost £291,029 in January, up £3,924 compared to December. On an annual basis, prices rose 2.5%, having risen 1.8% in December. Annual growth was the highest since January last year.
Construction
UK Construction Sector contraction eased in January with UK builders the most optimistic in two years during the months, a report showed on Tuesday. Builders expect lower borrowing costs to boost activity, according to S&P Global. The S&P Global UK construction purchasing managers’ index rose to 48.8 points in January, up from 46.8 in December and the highest since August 2023.
Barratt & Redrow
Barratt Developments agreed a £2.52 billion takeover of fellow housebuilder Redrow. The all-share deal will see Redrow shareholders receive 1.44 Barratt shares for every one held in Redrow. In a statement, the companies said this would represent a premium of 27% to Redrow’s closing share price on Tuesday. On completion, Redrow shareholders will hold around 33% of the combined group and Barratt shareholders around 67%.
Natwest
The UK Government has confirmed that the sale of NatWest shares to the general public could happen as early as June. UKGI, the company responsible for government investments, has been exploring a share sale since the chancellor announced plans last year.
Tax Cuts
Goldman Sachs expects tax cuts in the upcoming UK budget to boost the economy in 2024 and 2025. The investment bank said the Conservative government looks set to make tax reductions a centrepiece of its election campaign, raising the possibility of a fiscal easing at next month’s Spring Budget.
CBI
The new boss of the CBI, Rupert Soames promises the scandal hit business lobby group can survive and that he can restore its reputation.
Tesla v Tesla
A small businessman from Bury who registered “Tesla Chicken and Pizza” in 2020 has lost a trademark battle with the US car giant over the use of the name Tesla. Mr Amanj Ali had to pay £4000 in costs on top of his own legal costs of £8000.
Boeing
America’s National Transportation Safety Board found that four bolts were removed and not replaced from the panel that blew off a Boeing 737 MAX 9 plane during an Alaska Airlines flight in January.
Latest Insolvencies
Appointment of Liquidators – TUXABLE LTD
Appointment of Liquidators – INNOVARIUS LTD
Appointment of Liquidators – JAMIE TOWLER LIMITED
Appointment of Liquidators – SANDSTYLE LTD.
Appointment of Liquidators – THE HIVE ENTERPRISES LIMITED
Appointment of Liquidators – NOVALINE LIMITED
Appointment of Liquidators – BLENDWORTH TREE SURGEONS LTD
Appointment of Administrator – WIT FITNESS LIMITED
Appointment of Liquidators – LITTLE WING INVESTMENTS LIMITED
Appointment of Liquidators – SJG PROJECT MANAGEMENT LIMITED
Appointment of Liquidators – W.K.D. STORAGE SYSTEMS LIMITED
Appointment of Liquidators – MARIKE LIMITED
Appointment of Liquidators – R&D ADVISORY SERVICES LIMITED
Appointment of Liquidators – ORIEL RESOURCES LIMITED
Appointment of Administrator – YOUNG FUTURES CIC
Appointment of Administrator – PLASTIC-FORMERS LIMITED
Appointment of Liquidators – EASTERN SHIPPING WORLDWIDE LIMITED
Appointment of Liquidators – KINETIC SQUARE LIMITED
Appointment of Administrator – N D M (METAL ROOFING & CLADDING) LIMITED
Appointment of Administrator – WOODHOUSE COURT LTD
Appointment of Liquidators – HEADWAY HOMES LTD.
Appointment of Liquidators – DJ WATKINS CONSULTING LIMITED
Appointment of Liquidators – REDIMO CONSULTING SERVICES LIMITED
Appointment of Liquidators – GILL WAINWIGHT LIMITED
Petitions to wind up (Companies) – CRUISE CLUB INTERNATIONAL LIMITED
Appointment of Liquidators – AARON BUILDING SUPPLIES LTD
Petitions to wind up (Companies) – ALTON PUMP SERVICES LTD
Appointment of Liquidators – BCL GREEN LIMITED
Appointment of Administrator – HAICO LTD
Appointment of Liquidators – LEOPARD CAR PARK MANAGEMENT LIMITED
Petitions to wind up (Companies) – NESS HORIZONS LIMITED
Appointment of Liquidators – MATRIX STRATEGIC MARKETING LIMITED
Appointment of Liquidators – MIMIR CONSULTING LIMITED
Appointment of Liquidators – CAPRIGO LIMITED
Petitions to wind up (Companies) – CLAS HAULAGE LIMITED
Appointment of Liquidators – BRONZEROCK LTD
Appointment of Administrator – BOOM SPIN LTD
Appointment of Liquidators – TOTAL (2014) LIMITED
Appointment of Liquidators – STEWART J GREENWELL ASSOCIATES LTD
Appointment of Liquidators – CORVUS CONSULTING U.K. LIMITED
Appointment of Liquidators – VARVY LTD
Appointment of Liquidators – DENNIS IP LIMITED
Appointment of Liquidators – COMBES CONTRACTING LIMITED
Appointment of Liquidators – STEARTHILL FARMS LIMITED
Petitions to wind up (Companies) – DESMAL LIMITED
Appointment of Liquidators – HEY AGILE LTD
Petitions to wind up (Companies) – TK MASONRY & CONSTRUCTION LTD
Petitions to wind up (Companies) – SGS UTILITIES LIMITED
Appointment of Liquidators – SORT HOLDINGS LTD
Petitions to wind up (Companies) – THE WORK CAFE LIMITED
Appointment of Liquidators – EKH SOLUTIONS LTD
Petitions to wind up (Companies) – GROW YOUR BUSINESS (EAST ANGLIA) LIMITED
Petitions to wind up (Companies) – BNN TECHNOLOGY PLC
Petitions to wind up (Companies) – D&M DESIGN LTD
Petitions to wind up (Companies) – JEB WHOLESALES LIMITED
Appointment of Liquidators – GOSFORTH FUNDING 2018-1 PLC
Why should you become a CPA member!
The Credit Protection Association (CPA) has been assisting thousands of UK businesses to get paid, since 1914. We have seen many financial crises, this one will be particularly deadly for suppliers for some time to come.
CPA eases cash from tardy debtors – Efficiently, Effectively, Economically and Ethically. And we provide credit information so you can monitor and assess your key customers.
Unlike other credit management companies, we offer our members a fixed annual subscription regardless of how high the debt value maybe!
Just call Peter Uwins, CPA’s National Sales Manager, on 020 8846 0000 (business hours) or email nsm@cpa.co.uk today.
When you see your money come in, you will be so glad you used CPA.
The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections
Do you have a commercial late payer that is causing you grief? Use CPA’s no-win, no-fee, commercial debt recovery service!
If you have a particular business customer who is late paying and causing you sleepless nights, why not offer it to CPA for purchase on recourse?
CPA’s collection department will then pursue the debt. We will be liable for any costs incurred and then when we have recovered the debt, we will pay you the net principle debt recovered less our percentage.
Once you have enjoyed that success then you can consider the more cost effective membership which includes our Overdue Account Recovery service and Status/Credit reports as well as a range of other complimentary services.
Just call 020 8846 0000 and ask for Godfrey Nelson or Cris Shirley (business hours) or email debtpurchase@cpa.co.uk today.
The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections.
Get compensated for previous late payments
Have you been paid late by business customers in the last six years?
Maybe you no longer work with them. Under legislation, you are entitled to compensation you for those late payments you have suffered.
You put up with the PAIN – now claim the GAIN!
Claim late payment compensation (LPC) from former business customers who paid you late in the last six years!
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Check our compensation calculator to see how much your business could be owed!
Discover NOW the potential value of late payment compensation hidden in your sales ledger!
The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections.