In Reference Appointments & Updates
Commenting on the post-Brexit free trade deal agreed with the EU, Stephen Haddrill, director general of the FLA said: “As always in trade talks, the devil is in the detail but we appear to have a deal that will enable UK goods to be sold without tariffs or quotas in the EU market – that bodes well for business confidence, leading to renewed investment and lending as we enter 2021 and begin the long economic recovery from the Covid impact.”
More loans, larger businesses and a regional shift – these are some of the trends and insights MarketFinance observed during 2020. This 2020 business snapshot is summarised in the MarketFinance Business Insights Lending Through COVID-19 report. MarketFinance lent a total of £342.4m
across all solutions, over the first 11 months of 2020. Representing a 3.4% increase in total lending over the same period in 2019 (£331.1m) The profile of companies using invoice financing changed significantly during
The UK Government has agreed with leading trade credit insurers to extend the Trade Credit Reinsurance Scheme until June 2021. The objective of the 2021 scheme is to continue to
support UK businesses affected by the coronavirus pandemic and to aid economic recovery by providing targeted support via trade credit insurers. Commenting on the extension of the Trade Credit
Reinsurance Scheme until 30 June 2021, Stuart Ramsden, regional director at Atradius UK said: “Maintaining trade credit insurance cover for UK businesses is key to enabling trade and protecting supply chains. Trade credit protection is also important for the UK economy and its ability to overcome the challenges arising from the pandemic. From the early days of the pandemic, Atradius, alongside other leading providers and the ABI, worked very closely with Government representatives to develop this important support scheme and we welcome the confirmed extension.”
Stuart Ramsden
COVID-19. Those businesses using invoice financing were both larger than usual (an average turnover of £2.1m, compared to £1.3m in 2019, a 60% increase) and received 83% more financing on average than they did in 2019.
The UK government, the Association of British Insurers (ABI), Euler Hermes, and other underwriters have agreed to extend the landmark State Support Scheme to protect intercompany trade into 2021. The deal will see the government’s guarantee for up to
£10bn of credit insurance transactions continue for a further six months through to 30 June 2021. The extension enables insurers to continue to provide extensive cover to their clients, which helps UK businesses to trade in the face of the ongoing challenges and insolvency risks to supply chains posed by Covid-19. Euler Hermes forecasts the phasing out of broad-based ‘temporary’ support
Milo Bogaerts
measures during 2021 is likely to trigger an increase in insolvencies in 2021. As a result, their global forecast is for insolvencies to rise significantly (+25% y/y). The company’s Global Insolvency Index for 2021 could be as much as 13% higher than in 2019, prior to the crisis, and 2022 would be 27% higher than in 2019. The State Support Scheme is currently in effect from 01 April to 31
December 2020. The UK’s trade credit insurers will continue to make a significant contribution to the scheme; ceding 90% of premium to the State. Both domestic and export B2B transactions of UK domiciled companies continue to be covered. Milo Bogaerts, chief executive of Euler Hermes UK and Ireland, said: “This
is an important signal that both the government and the insurance industry continue joining hands to protect businesses. By reducing the risks associated with late or non-payment we help our customers boost liquidity and preserve intercompany credit, and hopefully support long-term economic recovery when it comes.”
46
www.CCRMagazine.com Anil Stocker, CEO of MarketFinance
said: “Small businesses will play the pivotal role in the UK’s economic recovery as we emerge from the pandemic, and we are confident that the bounce back will, with the right support, be swift. These linchpins of our economic fabric will require innovative, sustainable and tailored financial solutions that are fit for purpose in a post-pandemic world. It is up to all of us – accountants, brokers, business advisors, banks and lenders – to continue to step up to the plate and help these businesses survive and thrive.”
Bibby Financial Services (BFS), has announced three new senior hires to drive forward its global growth strategy in 2021 and beyond. Axel Scholz, former Chief Executive
Officer (Asia Pacific) for Siemens Financial Services Commercial Finance and tech start-up founder, joins BFS as Chief Revenue Officer. Axel will be responsible for leading the company’s pan-global revenue, profitability and growth strategy. Richard Olver joins BFS as Chief
Operations & Information Technology Officer, having held a variety of senior executive roles at Transamerica Commercial Finance, GE Commercial Distribution Finance and Siemens Commercial Finance. Richard will head-up the business’s Operations and IT functions to enhance the customer experience across
January 2021
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52