Business news 9 February 2024

Insolvency trade body R3 warns on insolvencies. British ISA, markets, Labour’s green pledge, Landlord mortgage arrears, fraud, embedded inflation & more business news that we thought would interest our members.

James Salmon, Operations Director.

Insolvency trade body R3 warns on insolvencies

R3, the UK’s insolvency and restructuring trade body, warned the increase in insolvencies will continue and insolvency numbers will remain elevated unless the economic picture improves.

But the trade body said there is cause for optimism as inflation ‘has continued to fall faster than expected’.

The body’s southern chairman warned: “If the overall economic picture improves, costs stabilise and spending picks up as consumer and business confidence increase, then the tide should start to turn. It is inescapable, though, that increases in creditors’ voluntary liquidations (CVLs), compulsory liquidations and administrations have driven corporate insolvencies to a 30-year high.

“Rising bills, food and fuel prices were a major concern and a major expense in 2023, while high inflation forced up interest rates and left a lot of people worrying about the cost of mortgages and loans. “The good news is that inflation has continued to fall faster than expected. The price of food, energy and fuel are still a worry for many, but there’s light at the end of the tunnel – depending, of course, on events in the increasingly volatile wider world.”

Those selling on credit need to maintain higher than normal vigilance that their customers are able and will continue to be able to settle their bills.

British ISA

Chancellor Jeremy Hunt said in an interview that he is “very attracted” to the idea of creating a tax-free savings account for investing in British stocks, the so-called British ISA, in a drive to encourage Britons to invest in the UK’s investment market. Hunt said he is open to the idea as a way of channeling more investment into UK businesses.


The S&P 500 reached new record high above 5000 overnight, driven by optimism regarding the resilience of US economy. Meanwhile, the Nikkei breached 37,000, hitting 34-year highs, following assurances from BoJ Governor Kazuo Ueda about continuation of easy monetary conditions.

Labour slashes green investment pledge

Keir Starmer said that he would slash the Labour party’s flagship pledge of green investments from £28bn  a year to just £4.7bn, blaming the Tories for mismanaging the economy. The plan was announced back in 2021 when interest rates were low, but was becoming unaffordable.

Landlord mortgage arrears surge

The number of buy-to-let mortgages in arrears more than doubled in the final three months of 2023 compared to Q4 2022, according to figures from UK Finance. Data shows there were 13,570 buy-to-let mortgages in arrears in the final quarter of last year, with this marking a year-on-year increase of 124%. It was also shown that arrears rose by 18% compared with Q3. Meera Chindooroy, from the National Residential Landlords Association, said more than eight in 10 of buy-to-let mortgages were on interest-only repayment terms, leaving them harder hit by rising mortgage rates. UK Finance also reported that 93,680 homeowners were in arrears in Q4, with this up 7% on Q3 and 25% higher than at the same period a year earlier.

NAO: Government should hire counter-fraud experts

The National Audit Office (NAO) says the Government should have counter-fraud specialists in place across its departments, saying a “flexible” system where experts can be mobilised at short notice could help ensure that the Government is not taken advantage of in emergencies like the pandemic. The amount of fraud reported in accounts that the NAO audited jumped from £5.5bn over two years before the pandemic started to £21bn in the two years after. The NAO has outlined various lessons for the Government to learn from the pandemic, including the need for a clear plan for emergency spending and improved staff and data management. They also recommend a flexible system to prevent fraud in emergency spending. The NAO also highlighted a need for a clear strategy when buying in a seller’s market and recommend that public bodies streamline their operations while still allowing for robust oversight. NAO head Gareth Davies said that while there is “evidence of the Government learning lessons from recent emergencies and improving its approach to better prepare for future emergency spending … there is more to do to.”

Rate-setter warns of ’embedded’ inflation risk

Catherine Mann, a member of the Bank of England’s rate setting Monetary Policy Committee, says improving prospects for the economy could strengthen demand and risk “continued inflation momentum.” In a speech to the Official Monetary and Financial Institutions Forum, she warned: “Against a backdrop of sluggish supply growth and possible upside shocks, I see risks of continued inflation momentum and embedded persistence.”

Strike laws may breach Brexit deal

EU officials say the UK Government’s strike laws breach the Brexit deal on workers’ rights, with concern that the rules on minimum service levels contravene terms of the free trade agreement. The legislation says certain sectors can mandate staff to work – even during strikes – so 40% of services are delivered. As part of the agreement with Brussels, the UK agreed to not lower labour standards below pre-Brexit levels.

CBI boss warns against ‘large scale tax cuts driven by short-termism’

Confederation of British Industry (CBI) chief executive Rain Newton-Smith has suggested that the Government should opt against “large-scale” tax cuts ahead of the election, saying businesses do not want to see tax reductions “driven by short-termism which leads to higher interest rates.” She said companies want economic growth to be sustainable, “not fuelled by pre-election giveaways.” Ms Newton-Smith said: “To fund our public services with an ageing population, we must keep large-scale tax cuts off the table.” While some Conservative MPs have called on the Chancellor to cut inheritance tax, National Insurance, income tax and stamp duty, polling suggests there is little support for tax cuts paid for by measures which have a negative impact on public services. The International Monetary Fund recently said that Jeremy Hunt should focus on repairing the public finances in a bid to meet growing spending pressures.

Yodel talks with potential buyers

Yodel is engaging with “interested parties” to consider “strategic options” for the parcel courier, with “ongoing, constructive” discussions in the “final stages.” This follows reports that Yodel was poised to call in administrators, with it claimed that insolvency specialists Teneo had been lined-up to work with the firm. A Yodel spokesperson said the firm notes the “speculative press coverage,” adding: “In the summer of 2023, following a number of unsolicited approaches, we hired advisers to carry out a full strategic review.”

Tesco banking

Tesco has sold the majority of its banking operations to Barclays for around £600 million after striking a long-term strategic partnership. The UK’s biggest food retailer said the majority of the proceeds would be returned to shareholders in the form of an incremental share buyback.

ARM’s up

Arm holdings – the British chip designer, soared on US markets after earning forecasts rose on the prospect of its successful move into new markets beyond the design of smartphone chips.

Latest Insolvencies

Appointment of Administrator – ACP IP HOLDINGS LTD
Petitions to wind up (Companies) – ELKINGTON ELECTRICAL LIMITED
Appointment of Liquidators – CLEEVELAND CONSULTING LIMITED
Petitions to wind up (Companies) – SP MEDIA LIMITED
Appointment of Liquidators – CWP INTERNATIONAL LTD
Petitions to wind up (Companies) – HIGHTECH IT SUPPORT LIMITED
Petitions to wind up (Companies) – CUSTOM INTERIORS LIMITED
Petitions to wind up (Companies) – THE DOMESTIC LIFT CO LIMITED
Appointment of Liquidators – D & D ENGINEERING (HOLDINGS) LIMITED
Petitions to wind up (Companies) – META SURGE LIMITED
Petitions to wind up (Companies) – ALIMEL NORTH WEST LIMITED
Appointment of Administrator – PREMIER HULSE LIMITED
Petitions to wind up (Companies) – UK CAPITAL RESERVE LIMITED
Appointment of Liquidators – RELOCATION LIMITED
Petitions to wind up (Companies) – NIKITA BUSINESS SOLUTIONS LIMITED
Petitions to wind up (Companies) – BAKPROCO LIMITED
Petitions to wind up (Companies) – ENVY NAILS LTD
Petitions to wind up (Companies) – MASUNDA LIMITED
Petitions to wind up (Companies) – GRACELAND CARE LIMITED
Petitions to wind up (Companies) – OVAL GLOBE LIMITED
Petitions to wind up (Companies) – THE ENGINEERED FLOORING COMPANY LIMITED
Appointment of Liquidators – TINGARD LIMITED
Petitions to wind up (Companies) – AK DEVELOPMENTS LTD
Appointment of Liquidators – DISCOVER ALL SERVICES LTD
Petitions to wind up (Companies) – QUALIS CONSTRUCTION SERVICES LTD
Petitions to wind up (Companies) – HOSPITALITY IT SOLUTIONS LIMITED
Appointment of Liquidators – ASHFORD FINANCIAL SERVICES LTD
Petitions to wind up (Companies) – SESDERMA UK LTD
Appointment of Liquidators – BUSINESS AMBITIONS LTD
Appointment of Administrator – THE CONTACT COMPANY LTD
Petitions to wind up (Companies) – FOREST SOFTWARE SOLUTIONS LIMITED
Petitions to wind up (Companies) – ARIMCO LIMITED
Petitions to wind up (Companies) – SMOKIN GUNS FITNESS LTD
Petitions to wind up (Companies) – MAYFORD FINANCIAL SERVICES LIMITED
Petitions to wind up (Companies) – 2020 HOMES LIMITED
Petitions to wind up (Companies) – TONY OGDEN TRANSPORT LTD
Appointment of Liquidators – SPARKS IT LIMITED
Petitions to wind up (Companies) – LIROCHE LIMITED
Appointment of Administrator – JOHN DINHAM TRANSPORT LTD
Petitions to wind up (Companies) – PIVAZ EPPING LIMITED
Appointment of Liquidators – SLIDER CONSULTING LIMITED
Petitions to wind up (Companies) – T & N MIXERS LIMITED
Petitions to wind up (Companies) – 4XL PROFESSIONAL SERVICES LIMITED
Appointment of Administrator – ARTEUS LIMITED
Petitions to wind up (Companies) – MAGHULL PROPERTIES LIMITED
Petitions to wind up (Companies) – EA MECHANICAL & ELECTRICAL LIMITED
Petitions to wind up (Companies) – CG DECORATORS LTD
Appointment of Liquidators – CKP ELECTRICAL SERVICES LTD
Appointment of Administrator – ASSURED CYBER PROTECTION LTD
Petitions to wind up (Companies) – 10TEN TALENT LIMITED
Petitions to wind up (Companies) – WINBOROUGH TECHNOLOGIES LIMITED
Appointment of Administrator – BEACH PARK LIMITED
Petitions to wind up (Companies) – SOWO MANAGEMENT SERVICES LTD
Petitions to wind up (Companies) – M.A.SEMPA LIMITED
Appointment of Liquidators – RED STUKELEY LTD
Petitions to wind up (Companies) – S AND R TRADING LTD
Petitions to wind up (Companies) – SALON FURNITURE STORE LTD
Petitions to wind up (Companies) – MIXED TRADE LTD
Petitions to wind up (Companies) – TESTTECHLABS LIMITED
Appointment of Liquidators – MC REALISATIONS 2023 LIMITED
Appointment of Liquidators – STEPHEN ROBERT MILLINER LTD
Petitions to wind up (Companies) – WHEELER GATE PROPERTIES LTD
Petitions to wind up (Companies) – CAPITAL ONE FASHION LTD
Petitions to wind up (Companies) – ORGANICALLY FOODSPOT LTD
Petitions to wind up (Companies) – GOLD (FAVERSHAM) LTD
Appointment of Liquidators – Q.A. HOLDINGS LIMITED
Petitions to wind up (Companies) – TINTRA LIMITED
Appointment of Administrator – SENNYBRIDGE (HAYLE) LTD
Appointment of Liquidators – HOLBORN ABC LLP
Appointment of Administrator – WYSON LIMITED
Petitions to wind up (Companies) – VONTSIRA GROUP LIMITED
Appointment of Liquidators – DSBP BROMLEY LLP
Appointment of Liquidators – DSBP SLOUGH LLP
Appointment of Administrator – READIE CONSTRUCTION LIMITED
Appointment of Liquidators – DSBP MIDTOWN LLP
Appointment of Liquidators – DIALOGCONNECTION LIMITED
Winding up Order (Companies) – SUGAR LIPS CANDY FIX LTD
Winding up Order (Companies) – ABAYA CLUBS LIMITED
Appointment of Liquidators – ONE MATHS LIMITED
Appointment of Liquidators – E.M. DIAZ LTD.
Appointment of Liquidators – CHURCH WOOD SOLUTIONS LTD
Appointment of Liquidators – SNA ASSOCIATES LTD
Appointment of Liquidators – NIVATN LIMITED
Appointment of Administrator – BIKE TAXI LIMITED
Petitions to wind up (Companies) – HULL VAN & CAR CO. LIMITED
Petitions to wind up (Companies) – MEDINA WATER TAXIS LIMITED

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 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 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!

CPA (LPC) Recoveries is using our bespoke software and decades of experience to do just that for our clients

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.