Last week, Kent based further education established, Hadlow College, entered into administration making it the first college to fall under the insolvency regime 2017.
Unsettling times for British businesses with news that British Steel moves to insolvency with 5000 job losses expected if a buyer can’t be found for the stalwart firm. British Steel's downfall has been linked to a slump in orders from European customers due to uncertainty over the Brexit process. This blow to business was further compounded earlier this week by anticipated job losses at Jamie's Italian as the British restaurant firm moves into administration citing increased rents and competition as the proverbial nail in the coffin for the brand.
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In response to an increase in insolvencies and non-payment within the UK retail sector, Credit Insurer Atradius has released a Credit Risk Analysis report which highlights the importance of retailers working closely with insurers to enable informed and accurate trade credit decisions based on real-time information. The report is in response to over 2,600 retailer insolvencies in 2018 - a sharp increase from the 2017 figure of 1400.
The Scottish retail sector has recorded its highest ever quarter for insolvencies in the first three months of 2019, a leading accountancy firm has disclosed.
28 retailers were made insolvent in Q1 – 40% of the entire figure for 2018 when 68 retailers entered insolvency over the course of the 12 months.
Each month, Controlaccount colleagues put their excellent tea drinking skills to good use by raising money for local charities. April's chosen charity was Forest Dogs Trust based in Kidderminster.
Forest Dog Rescue is a small, local charity which looks after unwanted, abandoned and mistreated dogs from across the Midlands with a focus on finding new, loving homes.