Monthly Archives: October 2019

FInance

Big rise in small businesses taking legal action on late payment

Two in five small business owners (40%) say they are taking legal action against customers not paying them on time and many bosses are foregoing their own salary in order to ensure their employees get paid on time – according to new research from Hitachi Capital Business Finance

One in five business owners (20%) are even not pay themselves because of unpaid invoices are affecting their cash flow. This number doubles for smaller ventures with less than 10 employees (40%).

At a time when Hitachi Capital Business Finance has found that three in five small businesses are affected by late payments (62%), the new data highlights the very human impact on business owners – and these issues have seen a marked increase since 2018. For example, there has been a 22% rise in the number of small businesses wasting time and money on and legal action to chase a late payment (rising from 31% to 40% since 2018), and a 14% increase in SME’s being unable to pay suppliers because of late customer payments (up from 31% to 36%).

The cashflow challenges that result from chasing late payment has forced more than one in three small businesses (35%) to seek short term-borrowing in order to make ends meet.

Gavin Wraith-Carter, Managing Director at Hitachi Capital Business Finance explains:

“It is disheartening that so many small business owners feel impeded because their customers are not paying on time and, for many, the wreaks havoc with their cashflow. The fact many small business owners are sacrificing their own salary also means they are literally taking their business worries home with them.”

“At Hitachi Capital Business Finance we are working hard to develop a range of flexible products that are designed to support small businesses through highs and lows so they can budget and plan with more confidence – and not let seasonal or unexpected surprises derail their business plans.”

 The impact of late payment: Further findings

  • Almost two in five business owners (38%) said that late payment placed a huge risk on their supply chain, while 31% further stated that because of this, their crucial relationships with suppliers, clients and customers was greatly affected.
  • Sole traders were those most concerned with incurring bank charges as a result of short-term borrowing, with 44% reporting it as a concern.
  • The oldest businesses (those trading for more than 35 years old) were the most worried about having to take on short-term loans to make ends meet (40%). They also reported the highest likelihood of pursuing legal action as a result of late payments (62%).
  • Half of all SME’s working in medical & health services (50%) said late payment issues were harming their relationships with customers and suppliers. This comes at a time when BUPA has been in the spotlight for paying its clients late.[1]This is 12% higher than the national average.

To discover more about the flexible payment plan visit

https://www.hitachicapital.co.uk/business-finance/smart-funding/

News

Nearly three quarters of IT directors say the inability to generate insights through data analytics will have a negative impact on financial performance

Research undertaken by YouGov on behalf of analytics database provider Exasol finds that 72% of businesses worry that their inability to generate insights through the analysis of data will have a negative impact on financial performance. This is despite a similar number (77%) of respondents stating that data is now their organisation’s most valuable asset.

Aaron Auld, CEO at Exasol, explains:

“After surveying the opinions of nearly 1,000 IT directors in the US, UK and Germany, it was clear that the effective use of data is essential not only for growth, but for survival. And whilst people are very much still at the heart of every business, including at Exasol, it is also important to recognise that data has become a key asset. Yet, many organisations are still struggling with legacy data systems and have no clear data strategy in place. This is where the CDO role has come into its own, harnessing and demystifying data to inform business decisions, improve differentiation and foster financial growth within an organisation.”

The findings of the research, combined with additional desk research and the views from a number of industry commentators, are brought together in Exasol’s new eBook: From CDO to CEO: why your data expertise could make you a future business leader.

A CDO’s ability to intrinsically understand the business and plan for its future will place these individuals as ideal candidates for future CEOs. They understand every aspect of the organisation, meaning they can create a strategy and infrastructure that allows every department to access the data insights they need to grow.

Businesses will continue to struggle without a CDO at the helm enforcing a strategy, as it becomes increasingly important for them to glean insights and value from their data.

Caroline Carruthers, one of the UK’s first CDOs, contributor to the whitepaper and co-author of Data Driven Business Transformation, explains:

“Currently, most businesses are ‘data hoarders’, wanting to get their hands on as much data as possible. However, without people with the skills to understand how to process and use that data, the questions needed to improve data use are not being asked within the organisation. The data is available, but those without experience in data handling don’t know what they don’t know, so they can’t use it to its full value.”

While the value of data professionals isn’t in doubt, the path from CDO to CEO won’t necessarily be a smooth one. Perspectives in the whitepaper from Mark Dexter, managing director of data-specialist recruiter KDR, and Peter Jackson, Director Group Data Sciences Legal & General, highlight the challenges and skills gaps that need to be overcome for CDOs to find their rightful strategic seat in the boardroom. But the potential is there. As Jackson says:

“The C-suite is waking up to how much data can be held and how it can be used wisely.”

Appointments, FInance

TransferGo strengthens leadership team and launches in new markets following record year for growth

TransferGo, one of the world’s fastest growing money transfer companies, has today announced that it has now completed over five million transactions, with its user base continuing to grow in the thousands each day.

To support this rapid growth, the remittance company has made four senior hires from some of the biggest names in the technology and financial services sector like PayPal and Santander and launched its service in four new markets making it available in over 50 countries.

Some of those new markets include payment corridors to Bangladesh, Sri Lanka, Nepal and Indonesia – countries that are seeing huge increase in the volume of remittances as expatriates look to find the most cost effective and efficient ways to send money to friends and family. This launch into new markets follows TransferGo’s successful entry into the Indian market, where it has seen a 180% increase in money flow over the last 12 months.

Daumantas Dvilinskas, CEO and Co-Founder, TransferGo commented:

“As we continue to grow rapidly and expand our offering into new markets, we needed to ensure we had the right personnel on board to enable us to keep providing one of the best remittance services available. We’re delighted to welcome Scott, Simon, Anna and Gareth to our team at this exciting time.”

TransferGo’s new senior hires include:

  • Scott Chow, Chief Product Officer – Scott joins TransferGo from Santander’s Asto, a fintech which develops financial tools for SMEs and freelancers – where he was CPO. Prior to this he held the same position at Starling Bank.
  • Simon Moran, Chief Commercial Officer – Simon was previously CCO at Yoyo, the UK’s largest & fastest growing multi-retailer mobile loyalty & payments platform. Prior to Yoyo he spent over eight years as a member of PayPal’s UK senior leadership team.
  • Anna Roe, Chief People Officer – Anna was Global Head of People at Airbnb management experts, Airsorted, before joining TransferGo. Prior to this she was Global Recruitment Lead (engineering) for Transferwise.
  • Gareth Knight, Chief Growth Officer – Gareth’s previous roles include CMO of B2B SaaS business Mettrr, and CMO of the UK’s largest gym marketplace, PayAsUgym.

TransferGo is favored by migrants working in the UK who send money home to their families but don’t want to deal with the bureaucracy and fees imposed by banks for processing payments in other countries and currencies.

Based in London, UK, TransferGo is the quickest, most reliable remittance company in Europe, rated ‘excellent’ on Trustpilot (4.8) and with a NPS score of 75, it has built a much-loved brand based on transparency, trust and user experience. Last year the company announced a fee-free offer – the first completely free international money transfer service.

For more infomation, please visit https://www.transfergo.com/en

Brexit, Business Software, EU, North of England

‘UK Businesses would not have been ready for Brexit’, reveals survey

As the original deadline for Brexit passes today, new research from global software consultancy Thoughtworks reveals that almost two in three businesses would not have been ready.

The research reveals that almost two in three UK businesses (63%) admitted they would not be ready for Brexit by 31 October.  26% of businesses said they need a further 6-12 months to get their company Brexit-ready – it seems that the EU extension will therefore come as good news.

The national survey asked 1,026 business leaders how long it would take their business to adapt to the key regulatory, economic and data issues that will come as a result of Brexit.

There was little variation between a hard or soft Brexit on business readiness (37% for both scenarios). Only 14% of business said they were already fully prepared for Brexit –  and whilst this rises to 37% being ready by 31 October – the majority are calling for more time, with 9% of respondents saying they will never be ready.

The ThoughtWorks study also explored business sentiment across UK cities. Whilst London is seen to be at the centre of Brexit debate, it was firms in Leeds and Birmingham that were most likely to be fully prepared for the key impacts of Brexit (for both a deal and no deal scenario).

In Manchester, business leaders were most likely to say they needed an additional 6-12 months to be ready for the impact of Brexit on their company (39%).  Some were calling for even more time – around a quarter of businesses in the Newcastle said they needed until 2021 to be ready (23%) – and some businesses in Liverpool needed five years (13%). Looking at the regional picture, businesses in Scotland and the north were least likely to be prepared for Brexit on 31 October.

How long businesses need to adapt to the key regulatory, economic and data issues that will come as a result of Brexit

Already prepared 14%
By 31 October 23%
3 months 16%
6 months 13%
12 months 13%
2 years 6%
5 years 4%
10 years 1%
Never be ready 9%

How long businesses need to adapt to the key regulatory, economic and data issues that will come as a result of Brexit: Percentage of business that are ready now or will be by 31 October – by city.

  In event of a no deal Brexit In event of a deal Brexit
Leeds 57% 46%
Birmingham 47% 41%
Bristol 40% 29%
Cardiff 38% 33%
Nottingham 36% 34%
London 36% 32%
Glasgow 33% 36%
Edinburgh 31% 31%
Manchester 30% 33%
Liverpool 29% 29%
Newcastle 28% 22%

Brexit readiness by sector

Businesses in the construction sector were those most likely to say they would be ready for the impact of Brexit by the end of October – whereas those in manufacturing and the education sectors were least likely to be fully prepared. Businesses in retail (31%), health (29%) manufacturing (29%) were most likely to say they would need a further 6-12 months to adapt to the key regulatory, economic and data issues that they believe will come as a result of Brexit.

How long businesses need to adapt to the key regulatory, economic and data issues that will come as a result of Brexit: Percentage of business that are ready now or will be by 31 October – by sector.

  In event of a hard Brexit In event of a deal Brexit
Construction 41% 38%
Tech & Media 40% 40%
Health 39% 34%
Retail 35% 36%
Finance 35% 39%
Public Sector 33% 34%
Manufacturing 30% 30%
Education 29% 35%
Professional services 27% 20%

Brexit readiness by business size

The ThoughtWorks research also found that the size of a business also had a bearing on its perceived readiness for Brexit. Nearly a quarter of small  businesses (23%) said they were prepared for the upcoming deadline compared to just (7%) of larger companies[1].

Kevin Flynn, Director at ThoughtWorks UK commented:

“After a period of unprecedented economic and political uncertainty, we asked businesses around the UK how prepared  they were for the key regulatory, economic and data issues  they believed will result from Brexit. It is a concern that the majority of businesses surveyed  say they do not feel they are ready, and this changes little for the deal or no deal Brexit scenarios.

“In the weeks ahead, we will look more closely at how businesses plan to adapt to the new post-Brexit era. Supply chain disruption, employment of EU citizens, the falling value of the Pound and transfer of data between the UK and EU are key issues cited today as challenges for businesses. There will no doubt  be opportunities from market uncertainty and we expect to see the tech gap widen, as tech-centric agile businesses adapt quickly whilst those whose technology holds them back will likely fall behind or struggle to survive.”

For more information visit: www.thoughtworks.com

Environment, North of England, Transport

Warrens Group announces major investment in new biofuel powered fleet

Leading waste recycling and sustainability firm, Warrens Group has announced that it has updated the company’s fleet with four new vehicles that run on biofuel.

The Newton Aycliffe-based business, which is committed to converting all of its distribution operations to fossil-free sources by 2025, has taken delivery of trucks that rely on biomethane gas and generate 84% percent less carbon dioxide than diesel.

The vehicles make Warrens the first food waste recycling company in the UK to power its HGV waste collection vehicles with biogas converted directly from its own food waste customers.

Warrens Group director Antony Warren, said:

“As a company, we pride ourselves on our forward-thinking, we’ve always been early adopters of the latest technology and methods. We took delivery of our first bio-fuelled vehicle in September last year and had always planned to add more.”

The new biomethane powered trucks will be in operation six days a week, with refuelling carried out on site at the Newton Aycliffe facility. They will collect food waste from existing customers including pubs, restaurants, schools and supermarkets across the North East.

Adam Warren, director of Warrens Group, said:

“We firmly believe that a sustainable business is a better business. Sustainability is something we advocate to all organisations and communities, as we support their efforts to address the environmental issues caused by traditional methods of waste disposal. By powering our own fleet on the biogas it collects, we are demonstrating that when it comes to sustainability, we really do practice what we preach.

“We believe that if big business and industry fuelled HGVs on gas made from renewable sources, carbon emissions would be almost eliminated. This development is timely because the adverse effects of poor air quality on human health and climate change are two of the most pressing environmental issues we face today.”

Gas industry expert and managing director of CNG Services, John Baldwin, said:

“The HGVs on the UK roads have a disproportionate environmental impact; whilst they represent only 5% of road vehicles, they consume around 25% of road diesel and are responsible for around 27% of roadside NOx and 18% of transport-related CO2 emissions.

“The acquisition of trucks that are powered by the biomethane gas they help to generate means CO2 emissions are reduced by almost 100% – which could very possibly give Warrens Group the lowest carbon footprint for collection of food waste on the planet.”

AI, Education

Edtech platform Atom Learning doubles headcount as business expands internationally

Atom Learning, the edtech platform that uses AI to transform educational outcomes, today announces its international expansion into Asia, Africa and the Middle East. It’s award-winning online learning platform – Atom Prime – is now used by schools in Hong Kong, South Korea, Singapore, Nigeria and Abu Dhabi.

Boasting 50 per cent growth month-on-month, Atom Learning has doubled in headcount in the last two months and announced a number of significant new positions. They will drive the development of its innovative learning platform which combines high-quality content, designed and produced by teachers, with sophisticated technology to keep students on their individual, optimal learning paths. 

Atom Prime launched just six months ago and in October entered the UK State sector, following a successful trial in private schools, with over 200 Preparatory Schools now using the platform.

Atom Learning was founded by Jake O’Keeffe and Alex Hatvany in 2018, having become frustrated by the inequality in education provision in the UK and globally. They see huge potential for technology to reduce the gap in attainment between the most and least privileged. 

Atom Prime reduces teacher workload, supports teachers in managing mixed ability classes, ensures non-subject experts can run productive lessons and improves dialogue between parents and teachers. Atom Prime integrates with Atom Nucleus, part of the Atom Learning suite of learning products, an affordable alternative to a private tutor to which parents can optionally subscribe. 

Named one of the UK’s best and most exciting new businesses by Startups magazine in 2019, Atom Learning was this month shortlisted for AI Business of the Year at the National Business Awards, the winner of which will be announced in November.

Jake O’Keeffe, co-founder of Atom Learning, comments:

“We have seen phenomenal growth since launching Atom Prime in May, doubling headcount in just two months and now expanding internationally. This demonstrates a clear appetite from schools and parents for innovative solutions to improving access to high-quality education. 

“We firmly believe in the power of technology to enhance educational outcomes and reduce the gap in attainment between the most and least privileged, and that is why we continue to invest in the growth of the business, to constantly improve the platform and to reach greater numbers of students across the UK and overseas.”

For more information please visit: https://atomlearning.co.uk/
FInance, News

Fright Night – Four in 10 Brits admit to creepy occurrences

Two fifths of Brits (40%) say that they, or a family member have experienced something ghostly in their home,  according to a new study from AA Financial Services.

While many dress-up on Halloween in ghoulish make-believe, millions have experienced the real thing, which is no trick or treat. The nationally representative survey asked more than 2,000 British adults if they or a family member had ever experienced anything creepy in their homes.

Along with 13% of respondents saying they had felt or sensed that someone was in in the room, a further 11% said they had heard noises coming from an empty room in the house and a similar number had experienced an unexpected cold chill despite all windows being shut (11%). Others had experienced moving objects, doors banging on their own and spookily, the TV switching itself on and off.

People living in London and the North West were most likely to report haunted house happenings (45% respectively).

Top 10 spooky experiences in the home

Spooky event National total 
A sense / presence of someone being in the room 13%
An unexplained noise coming from a room in the house (footsteps/door banging) 11%
An unexpected cold chill (even though the windows and doors were shut) 11%
The feeling of someone watching me 10%
Our pets behaving strangely in response to a presence in the house 9%
Objects being moved out of place for a reason no one could explain 7%
TV / radio going on/off on their own 7%
Hearing voices 6%
I / a member of the family has seen a ghost 5%
Doors/ cupboards opening shutting by themselves 5%

Warren D’Souza, a spooksman at AA Financial Services says:

“Although three in four Brits plan to spend big on their home improvements this winter, there are some things that a lick of paint can’t cover up. For those that do experience ghostly experiences this Halloween, AA Financial Services confirms that any damage to your home caused by a ghostly presence would be covered the accidental damage clause of your policy.”

To discover how AA can help you with a personal loan, visit: https://www.theaa.com/loans

To discover how AA can help you save, visit: http://www.theaa.com/savings-accounts

News

Halloween Horrors: Over half of working Brits have had a nightmare about their boss

Recent research commissioned by Perkbox, Europe’s fastest growing employee experience platform, to coincide with Halloween, has found that over half of working Brits have had a nightmare about their boss at least once in their life, with 46% admitting they have had this occur several times.

The research, which polled 1,000 employed UK adults, found that when asked what workplace horror they feared the most, having a ‘bullying boss’ came top, chosen by 28% of respondents. This was followed closely by having a toxic workplace culture (21%), team conflicts and surprise overtime hours – with the two latter chosen by 10% of employees. 

Interestingly, despite the rise of tech and new communication channels entering the workplace which in some instances may be oversaturating workplace communications, ‘communication overload’ came bottom of the pile and was only chosen by 3% of employees as their most feared workplace horror. 

With regards to mistakes at work that haunt employees the most, the more traditional error of calling a colleague by the wrong name ranked in first place (19%), followed by making an embarrassing typo on a document (18%) and sending a confidential email to the wrong contact (13%). On the flip side, finishing early was the preferred treat, chosen by 40% of employees. This was followed by a company bonus scheme (27%), perks in the office such as table tennis, free snacks and coffee (18%) and free beers on Fridays (6%).

Finally, when asked ‘what would a nightmare colleague have to do to annoy you the most?’, having bad manners such as chewing food loudly and not cleaning up dishes and mugs after themselves ranked in first position. Taking credit for others’ work ranked in second place, followed by playing music extremely loudly and being an office slacker pretending to work. 

Madlena Pozlevic, Employee Experience Lead at Perkbox says:

“With Halloween fast approaching, these findings are meant to give us a “humorous” insight into a side of workplaces that aren’t – perhaps not surprisingly! – quite so appealing to employees. Whether Halloween or not, as employers, we should take these findings as one of the many reminders that workplace rules around professionalism at work always apply, without exception. As these findings show, they certainly do not go unnoticed amongst employees.” 

TOP 6 – NIGHTMARE CO-WORKERS: 

  1. Having bad manners 
  2. Taking credit for others’ work 
  3. Playing music extremely loudly
  4. Being an office slacker
  5. Drops by your desk unexpectedly
  6. Being jealous of others
Law, Midlands News, News

Fraser Brown Solicitors celebrates stellar first year in Lincoln

Legal firm Fraser Brown is celebrating the one-year anniversary of its Lincoln office following an outstanding 12 months in the region.

The Lincoln base marks the first location for the firm outside of Nottinghamshire, and since opening its doors at Kingsley Office Park last summer, it has seen growth beyond expectations with the expansion of its team and client portfolio.

Doubling in size in the last twelve months, the Lincoln team expansion has seen the appointment of senior figures including director and solicitor of corporate law, Ed Capes, who is celebrating a very successful first-year anniversary with the company this month, and head of commercial property – Anthony Ogley, who moved from the Nottingham HQ to the Lincoln base as second full time director back in July, to further fortify the Lincoln team and strengthen the firm’s commercial property offering in the region.

Other significant hires include legal assistant Will Murray who joined the residential team back in May to assist with the department’s growing portfolio, and Rachel Pringle who joined the team as business development executive in September to support the continued new business growth of the firm’s Lincoln base and further develop relationships in the region.

Growth is expected to continue into 2020 within the Lincoln team where further recruitment is planned to support this and complement the overall growth of the firm.

Since joining the firm in October 2018, Ed has been involved in a number of high-profile deals, including successful major transactions working with leading independent infrastructure and private equity investment firm – Foresight Group, providing legal advice in relation to Lincolnshire-based companies – volcanic chocolate company FIRETREE CHOCOLATE LTD, commercial printing company Your Print Partner and halal baby food company For Aisha.

Another significant deal recently completed involved providing legal advice for Blackfinch Ventures for its investment in Lincoln-based tech start-up – Tended. Tended creates safety solutions and intelligent wearables that can detect accidents and notify emergency contacts with GPS location, it was recently named one of the UK’s most innovative exciting tech start-ups by Tech Nation.

Ed said:

“My decision to join Fraser Brown and be at the forefront of the firm’s expansion into Lincolnshire represented a major milestone in my career.

“Lincoln is a honeypot for investment and economic growth, and opportunities presented in the area are plentiful. The team have worked to establish and develop relationships with local businesses and the professional community in order to embed themselves in Lincoln, which we are extremely proud to be a part of.

“We are delighted with the progress we’ve made to date which would not have been possible without the support of our clients, our network of contacts and our hard-working team and we look forward to nurturing and developing those relationships over the next 12 months and in the years to come.

“Our new appointments are a statement of intent for future expansion, and Rachel’s role as business development executive will really help us to fulfil this vision for growth.”

Patrick Wood, managing director at Fraser Brown said:

“Opening a Lincoln office has long been on our agenda and we were keen to venture out of Nottinghamshire and establish ourselves in Lincolnshire’s professional community.

“The Lincoln office has had an outstanding first year. Our cultural values have helped shape and cement the firm in the Nottingham legal market for many years and have been reflected in the offering from our Lincoln office.

Fraser Brown has been established for more than 200 years and operates from four offices across the East Midlands in Nottingham, Bingham, Radcliffe-on-Trent and Lincoln offering services in commercial and private law.

For more information please visit: http://www.fraserbrown.com/

Appointments, Law, Midlands News

Grantham law firm appoints new commercial solicitor

JMP Solicitors is expanding its commercial team at its Grantham office with the appointment of a new solicitor, Robert Cox.

Having graduated from Keele University with a degree in Law and American Studies, Robert brings over 30 years’ legal experience to the team having worked in Melton Mowbray for 17 years at Oldham Marsh Page Flavell, and in Grantham for 16 years, at Close Kendall, Trumans, and Nelsons Solicitors.

Robert will bring a breadth of expertise to the role, in which he will be advising clients on all aspects of business and commercial law, with a particular interest in business start-up and litigation. He will look to bring a modern approach to legal problem solving, providing advice for all types of businesses, from well-established companies through to new start-ups.

On his new appointment, Robert said:

“JMP Solicitors is a modern, friendly firm providing legal services to businesses and personal clients and I’m very much excited to be part of such a forward-thinking and approachable team. It’s important to ensure that clients receive a friendly and helpful service, to guide them through legal obstacles, with minimal risks to keep costs down.

“I grew up in Grantham and to now be based here in the area where I live for work, so close to family and friends is very exciting- I look forward to putting my skills and expertise to good practice for a new challenge.”

Ian Howard, managing director at JMP Solicitors, said:

“We’d like to give a warm welcome to Robert on joining the JMP team. With his extensive experience and enthusiasm, he is an ideal asset to join our commercial division to lead and support its ever-growing portfolio.

“With Robert’s background working in the counties of Lincolnshire and Leicestershire, he has a whole collection of contacts within the business community which will help with new business development and building key relationships in the commercial sector.”

For more information please visit: https://www.jmp-solicitors.com