Whilst most of the recent changes to the CBILS are on the whole welcome and will make facilities easier to access for many SMEs, I am still concerned that the Government is encouraging, in fact expecting, SME business owners to load their business with debt.
As much as the commitment from the Treasury to cover the first 12 months interest and fees is appreciated,
Kirsty McGregor, founder of The Corporate Finance Network, representing some of the UK’s most proactive and commercially astute regional, independent accountancy firms, has given her reaction to the changes brought in to amend the Coronavirus Business Interruption Loan Scheme by the British Business Bank, which are:
1. Changes have been announced to take effect from Monday 6th April but need to be applied retrospectively to any offer made since 23rd March 2020
On 31st March we worked with Andy Verity, Economics Correspondent for the BBC, on the story that the CBILS loan scheme wasn’t working and we shared our research that 18% of businesses (800,000) were probably, or definitely, going to run out of cash in the next few weeks. Andy first discussed the story on Tuesday 1st April in the morning on the Radio 4 Today Programme,
Kirsty McGregor, whose research from her accountants in The Corporate Finance Network hit the headlines yesterday with the news that 18% of their SME clients were likely to go bust within weeks and 32% within months, has once again tried to get her message through to the Treasury that SME’s don’t want loans,
The Corporate Finance Network, representing some of the UK’s most proactive and commercially astute regional, independent accountancy firms, has undertaken research amongst 13,000 SME’s which predicts that in the next 4 weeks, as a result of the COVID-19 lockdown, 18% of all SMEs will not be able to survive, despite the support measures currently announced by the Government.
Kirsty McGregor was interviewed by regional ITV News on Wed 18th March. Unfortunately the programme was busy that only a snippet was able to be used. Similar advice will be given by Kirsty on a webinar on Monday 23rd March at 1.30pm with Capitalise.com Register here and if you can’t watch the live webinar,
FAO: Creditsafe Business Solutions Ltd, Dun & Bradstreet, Equifax, Experian, Graydon, Vistra UK and Company Watch and their trade body, Business Information Providers Association (BIPA)
I’m calling on every company in your sector to take action, this morning, to help the UK’s economy in this dire times. Whatever change in legislation or charter you need,
The Corporate Finance Network has published its forthcoming National Conference programme which has a theme of “The ABCD of Corporate Finance” and focuses on a range of topics around Artificial intelligence, Blockchain, Cloud Computing and Big Data.
Speakers from a range of industries will be presenting about how these technologies are already affecting our work and what we need to prepare for as continued innovation will undoubtedly change to our working practices even further over the next few years.
LEES, a member of The Corporate Finance Network with offices in Norwich, London and Hampshire has advised a construction company on raising finance as part of retirement plans for a longstanding Director.
The LEES Corporate Finance team were approached for advice when it became known one of the Directors of a Construction company would be retiring.
McBrides, a member of The Corporate Finance Network based in Kent and South East London, has advised the management and vendors of a market research business on a successful Management Buy-Out (MBO).
The McBrides Corporate Finance team, led by Corporate Finance Partner Mark Grady, was approached by his client after they were contacted about selling their business.
