Business news 16 May 2022
James Salmon, Operations Director.
Screwfix
Screwfix said this morning it is to create 800 retail jobs by January. The retailer’s sales were boosted during the pandemic as locked-down Britons hired tradespeople to spruce up their properties and gardens. Screwfix and B&Q owner Kingfisher enjoyed profits of more than £1 billion last year, as the DIY boom seen through the pandemic continued.
London Rents
Renters flocking to London are driving up rents in the capital, reversing the pandemic “race for space” and adding to the UK’s cost-of-living crisis. A record 30% of homes let in London this year went to people who previously lived outside the city, according to estate agent Hamptons. Rents in the capital have risen by 12.3% over the past 12 months, the fastest rate since the Hamptons index began in 2013. Growth is now outpacing the national average, having lagged behind during the pandemic when many quit urban centers in search of larger homes.
Twitter
Elon Musk said on Friday he was his putting his $44bn deal to buy Twitter on hold after he queried the number of fake or spam accounts on the social platform. He said he was waiting for information “supporting [the] calculation that spam/fake accounts do indeed represent less than 5% of users”. Elon Musk, the world’s richest man, said that he was “still committed” to buying Twitter.
Ryanair
Ryanair said this morning it has narrowed annual losses of £302m and hopes to return to “reasonable profitability” in its current financial year. However, chief executive Michael O’Leary said it was “impractical, if not impossible” to give guidance for 2022-23 due to the risk to holiday bookings from the pandemic and the Ukraine war. The group’s loss for the year to March 31 was smaller than expected and narrowed from the £867m losses seen the previous year, when trading was badly impacted by the pandemic.
Greggs
Greggs said it had a “good” start to 2022 after launching 49 new shops in the first 19 weeks of the year. The sausage roll seller said its sales had increased 27.4 per cent compared to the same time last, from £378m in the first 19 weeks of 2021 to £495m this year.
China
China announced sombre economic data showing that industrial production fell 2.9% in April, compared with a year earlier, and that retail sales dropped by over 11% (before adjusting for inflation). The world’s second-largest economy may already be shrinking.
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 charge our members a fixed annual subscription irrespective of how high the debt value is!
It takes less than 17 minutes to see how you would benefit, do you have the time now?
No face-to-face meeting required – 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!
CPA (LPC) Recoveries is using our bespoke software and decades of experience to do just that for our clients
The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections.