Business news 22 July 2024
Inflation pushes insolvencies up 17%. Small businesses outraged at new employment laws. Retail sales plunge in June. 1 in 4 SMEs face opposition to expansion. Switching off, tax, global tech outage, markets, insolvencies & more business news that we thought would interest our members.
James Salmon, Operations Director.
Inflation pushes insolvencies up 17%
England and Wales recorded the second-highest number of company insolvencies since 2009 last month, according to the Insolvency Service. June saw 2,361 insolvencies, 17% more than a year earlier and the most since May 2023. “Insolvency levels are climbing again as historic cost pressures continue to feed through and businesses contend with what are still challenging conditions, marked by persistently high interest rates,” said David Hudson, a restructuring partner at FRP Advisory.
Small businesses outraged at new employment laws
Small businesses are expressing outrage at the new Government’s planned employment laws, fearing that they will lead to job losses and business closures. The proposed Employment Rights Bill aims to transform workers’ lives for the better, but many small firms disagree. The new laws will ban zero-hour contracts and “fire and rehire” policies, as well as eliminate age bands affecting the National Minimum Wage. Parental leave, sick pay, and protection from unfair dismissal will also be available from day one of a contract. Small businesses argue that these measures will increase costs and risks, making it difficult for them to survive. The Federation of Small Businesses reports that over 90% of small businesses nationwide are unhappy with the plans.
Retail sales plunge in June, defying forecasts
Retail sales in Great Britain slumped in June by more than forecast as cautious households reined in their spending amid poor weather, election uncertainty, and the cost of living crisis. According to the Office for National Statistics (ONS), retail sales volumes fell by 1.2% in June, exceeding the predicted 0.4% decline. Department stores, clothing shops, and furniture stores were the main contributors to the fall. Sales volumes in food stores and non-food stores also dropped, with poor weather, economic conditions, and low footfall affecting sales. However, some electronic categories and books saw better sales as consumers replaced items bought during Covid lock-downs and prepared for holidays. Lisa Hooker, the leader of industry for consumer markets at PwC UK, said: “While July has also got off to a wet and chilly start, retailers will be hoping that the return of warmer weather, longer-term political stability and England’s relative sporting success, encourages consumers to return to the high street, albeit probably too late to save the summer season sales for some retailers.”
One in four SMEs face local opposition to expansion
One in four small and medium-sized enterprises (SMEs) have faced opposition from local communities when trying to grow their business or begin new projects in the past two years, according to research from business advisory firm Xeinadin. This opposition often comes in the form of objections to projects such as warehouses or manufacturing plants on the basis of traffic, pollution, or property price concerns. Tim Halford, chief commercial officer at Xeinadin, said: “Nimbyism has been the scourge of SME growth for years. The needs of small business owners have been pushed to the bottom of the pile for years, so it is welcome news to see Rachel Reeves pledge to fight the nimbys as one of her first acts as Chancellor.”
No 10 says workers ‘need to be able to switch off’
Downing Street has defended plans to give employees the right to switch off from work messages outside office hours. The new Government is exploring plans to allow workers to avoid emails, texts, and phone calls received out of hours, without fear of reprisals. The proposals, being spearheaded by Deputy Prime Minister Angela Rayner, have faced backlash from businesses and the Tories. However, PM Sir Keir Starmer’s spokeswoman insisted that the plans could increase productivity in Britain. The Government’s plans will come in the form of non-binding guidance in a new code of practice for businesses. The TUC has welcomed the plans, stating that no one should be pushed to the brink because of their job.
Labour accused of doom mongering to justify tax hikes
The Chancellor told the BBC on Sunday that the previous Conservative government had left public finances in a dire state and Labour would bring stability back to the economy. “I’m going to level with people about the scale of the challenge and then begin to fix the foundations,” she said. “I am going to run our economy with iron discipline, bringing stability back.” But former Conservative chancellor Jeremy Hunt said it was obvious Labour was painting a dark picture of the economy to justify Budget tax rises in the autumn. He added that Rachel Reeves should have been honest about Labour’s intentions before the election. The FT reports on how Labour’s reviews into the state of public finances are a means to soften up public opinion for a tough autumn Budget and possible tax rises.
Entrepreneurs race to sell firms ahead of tax hikes
Fears of a tax raid by Labour have led to an increase in mergers and acquisitions in Britain, with business owners rushing to sell their companies. Lubbock Fine, a firm of accountants, reported a 71% jump in deals, driven by entrepreneurs looking to sell before taxes rise under a Labour government. The fear of higher capital gains tax and the potential reduction of business asset disposal relief are among the reasons for the rush to sell. “It’s clear that business owners who were planning to sell have accelerated their timelines,” partner Stephen Banks said. “Deals that are already in negotiation are being pushed faster into completion as no one wants to be hit by an unexpected tax bill from a new government. Many entrepreneurs are basing their retirement income on the post-tax earnings they make from selling their business.”
Mid-sized businesses plan to invest millions in UK
UK businesses are planning to invest millions over the next five years despite tough economic conditions. According to a survey by business advisory firm BDO, more than half of mid-sized firms plan to invest more than £3m. The survey also reveals that almost two-fifths of these businesses plan to direct the majority of their investment within the UK. Business confidence is looking stronger, with more businesses feeling optimistic compared to those who remain pessimistic. Richard Austin of BDO said: “Mid-sized businesses are the engine of the UK’s economy and their desire to invest is good news for the new Government. Policymakers need to follow their lead and create an environment where they can flourish and achieve their ambitions for growth.” Additionally, some 45% of firms said they want to see Labour prioritise smaller business banks entering the market or grants for their business.
Markets
On Friday, Stocks were lower as investors reacted to a global IT outage which was impacting several sectors, including travel, payments, banking and data. Airlines suffered as widespread travel disruptions were reported across the globe, while supermarkets, payment firms, and broadcasters reported issues. Elsewhere, UK retail sales were weaker than expected for June and Retail stocks were broadly lower.
The FTSE 100 closed down 0.60% at 8155.72 and the Euro Stoxx 50 closed down 0.88% at 4827.24. Over in the US the S&P 500 fell 0.71% to 5505.00 and the NASDAQ fell 0.81% to 17726.94 where news emerged that the global IT issues were traced back to US tech-giant Microsoft, and an isolated incident with US cybersecurity firm Crowdstrike, with both taking hits on the market.
This morning on currencies, the pound is currently worth $1.2928 and €1.1868. On Commodities, Oil (Brent) is at $82.53 & Gold is at $2404. With stock markets, the FTSE 100 is up 0.55% at 8201 and the Eurostoxx 50 is up 1.36% at 4893.
All eyes will be on the US market later to see how it reacts to Biden dropping out of the US election and the restoration of global IT services after Friday’s outage.
Friday’s global IT outage exposes cloud vulnerabilities
Hot on the heels of the Swift system going down for on Thursday, a line of bad code took down airlines, supermarkets, banking and communication services around the world on Friday. US cyber security company CrowdStrike issued a faulty update to its Falcon software, which interacts with other parts of computer systems and software like Microsoft’s Windows products. CrowdStrike’s CEO, George Kurtz, apologised for the outage adding that it was not a security incident or cyberattack. Adam Smith of BCS, the Chartered Institute for IT, warned that it could even take “weeks” for all computers and systems to be fully restored. Following the issue with CrowdStrike, another outage also hit Microsoft’s Azure cloud services and caused an additional set of failures, which have been rectified and were unrelated. Many experts point out that the outages illustrate how an over-reliance on cloud services can leave essential functions vulnerable.
Insurers face potential business interruption claims after global tech outage
Insurers could face a surge in business interruption claims following a global tech outage caused by a software update from cybersecurity firm CrowdStrike. Experts predict that hundreds, if not thousands, of organisations impacted by the outage will file claims. However, not all businesses will be covered by their insurance policies, as typical business interruption policies do not include coverage for losses stemming from such events. Cyber insurance policies may also not cover business interruption, requiring separate coverage at an additional cost. The economic damages from the outage could reach tens of billions of dollars, making it a potential insurance catastrophe. The event may also lead to legal claims against CrowdStrike and Microsoft, as the defective update triggered the IT outage.
Global IT outage reveals dangers of cashless society
Friday’s global IT outage illustrates the need to maintain cash payments, campaigners argue, as businesses and customers alike were left unable to trade when millions of Microsoft systems failed. The Payment Choice Alliance warned that with no alternative to electronic payments, the system was at risk of collapse. Speaking with the Observer, the group’s chair, Ron Delnevo, added that the UK should have a law requiring all businesses to take cash. Matthew Lynn in the Telegraph agrees with the assessment, adding that the outage reveals we are “just one catastrophic glitch away from a complete economic collapse.” He urges the Chancellor to forget about spending billions on green projects that will make our economy less resilient and instead invest in ensuring essential services are preserved in the event of another meltdown.
Government borrowing
UK Government Borrowing fell sharply in June. The ONS said that UK borrowing in June was £14.5 billion, or down by £3.2 billion from a year ago, and the lowest June borrowing total since June 2019.
Pay rises for teachers and nurses could cost £10bn
Labour may have to fork out £10bn to satisfy unions demanding a 5.5% pay rise for public sector workers. Sir Keir Starmer is facing the threat of strikes if he doesn’t approve the rise for teachers and nurses, but Labour has only budgeted for a 3% hike. According to the Institute for Fiscal Studies, the difference would have to be found from tax hikes, higher borrowing or cuts elsewhere. A 5.5% pay deal for teachers and nurses would cost an extra £3.5bn, but if the 5.5% figure was replicated across the entire public sector, this could cost an extra £10bn. Daniel Kebede, the general secretary of the National Education Union, told the Telegraph: “If the Treasury intervenes and makes a pay award below 5.5%, that would be highly inflammatory and a strike would be unavoidable.”
BT
BT was fined by a UK watchdog which deemed it “ill-prepared” to cope with a failure in its emergency call handling service last year. BT, which connects emergency calls in the UK, suffered a network fault in June 2023. It affected its ability to “connect calls to emergency services” from the just after 0600 in morning on June 25 to around 1700 in the early evening.
Savers could see their pension pots put together for them
Millions of savers could be better off in retirement under plans to make it easier to keep track of their pension pots. The King’s Speech on Wednesday included a Pensions Schemes Bill that the Government estimates will leave the typical private pension holder £11,000 better off in retirement. Small pots that are no longer being saved into could be combined automatically so that retirement funds are all in one place. Last year there were an estimated 4.8m lost pension pots, according to PensionBee and the Centre for Economic and Business Research. Even small pension pots can grow to thousands of pounds by the time of retirement. The Government estimated there were 19.9m pension pots worth less than £10,000. The Pensions Bill will also require pension schemes to help savers manage their money in retirement.
Ocado
Ocado said US retailer Kroger has made an order for a “wide range of new automated technologies” for its customer fulfilment centres. Grocer and warehouse technology firm Ocado said its offering will bring “new levels of efficiency and labour productivity” to Kroger.
Ryanair
Ryanair said quarterly profit nearly halved, as revenue declined slightly due to lower ticket prices despite carrying more passengers. The weakness in fares is expected to continue throughout the summer. The Dublin-based budget airline reported pretax profit of EUR400.8 million for the three months that ended June 30, down 46% from EUR740.7 million a year before. Total operating revenue was EUR3.63 billion, down 0.6% from EUR3.65 billion.
Harland & Wolff facing administration
Harland & Wolff, the shipyard that famously built the Titanic, is facing administration as vulture funds prepare to take advantage of the company’s financial troubles. Insolvency experts from Teneo are working on contingency plans in case an interim rescue fails. The government is being advised by accountancy firm EY, while Deloitte has replaced Grant Thornton as advisors to the Harland & Wolff board. Civil servants are confident that an interim deal can be reached to avoid immediate administration, but the long-term future of the shipbuilder remains uncertain. Harland & Wolff is currently in debt to US hedge fund Riverstone and is seeking to refinance a $115m loan. Another £20m loan is also under discussion.
TalkTalk warns of possible collapse as bosses seek £200m lifeline
TalkTalk is facing collapse within weeks if bosses fail to secure a £200m lifeline from founder Sir Charles Dunstone and other key shareholders. In its annual report, the company warned it will breach its debt covenants in August driving it into insolvency. It is thought that shareholders will demand a debt reduction from lenders in exchange for the funding. Discussions are reportedly ongoing.
Renault completes pre-pack sale of Karhoo
Renault has forced the pre-pack administration of British taxi-hailing technology company, Karhoo, after deeming its revenue and cashflow underperformance as too severe. It marks the company’s second insolvency in eight years. Karhoo has been backed by the French carmaker since 2017 when it came out of its previous administration. Renault has reacquired assets through a pre-pack sale handled by FRP Advisory, including software and source code, for £11.2m. The company owes a deficit of £79.7m to unsecured creditors, mostly owed to Renault. Less than 12% of the debt is expected to be recovered.
Latest Insolvencies
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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 supported our members through all sorts of difficult trading environments. With high interest rates and a struggling economy and elevated insolvencies, our services can help your business navigate these difficult waters.
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 and be warned of any potential risks.
Unlike other credit management companies, we offer our members a fixed annual subscription regardless of how high the value of their debts maybe!
Rather than to turning to more debt, CPA suggests that business owners tackle the problem at its source. If late payments are a strain on your cash flow, then talk to CPA about how we can help you reduce those late payments.
CPA has been improving business cash flow for over 100 years, by tackling late payers and campaigning against the late payment culture in the UK. CPA’s overdue account recovery service is a polite, efficient service designed to encourage prompter payments while maintaining goodwill. We direct your customers to pay directly to you, not to us and want to support and reinstate your direct relationship with your customer, not take it over, destroying goodwill.
Unlike other credit management companies, our overdue account recovery service is available to our members on a fixed annual subscription so you can pass any overdue accounts to this service and it is included in your subscription!
Our Overdue account recovery service resolves over 80% of accounts referred to us although our collections department is there to escalate the collections process on the remaining few if you require it.
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
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.