News Archives - Page 8 of 10 - The Corporate Finance Network

News

Easing of the Lockdown for Businesses

Please note: This news item has now been superseded by more detailed guidance for employers issued by Department for BEIS on Monday 11th May which can be found here

Following the Prime Minister’s address to the nation yesterday evening (Sun 10th May, transcript here) I received many messages asking my opinion on what that meant for xx business or yy business and I think that the following must be possible before a business is ready to re-open:

If your staff can work from home,

6 years6 years ago

In the Press

Banks have let us down: CBILS still not working says The CFN

On 5th May, The Corporate Finance Network researched its accountancy members to ascertain their latest experiences of attempting to secure a Coronavirus Business Interruption Loan (CBILS) for their SME clients. Despite the much-heralded launch and apparent success of its younger sibling, the Bounce Back Loan on 4th May, CBILS still plays an important role in the rescue and recovery of more sizeable SMEs,

6 years2 years ago

News

The CFN raises awareness that some areas of UK are receiving more support than others

Kirsty McGregor, Chairman of the national accountancy group, The Corporate Finance Network, has identified that some businesses are missing out on extra grant support because their area hasn’t launched a top-up grant scheme, whereas other areas have provided that for their local businesses.

She explains: “As part of our work across the country,

6 years6 years ago

News

Bounce in SME confidence weakened by more small firms deciding to fold

Accountants representing over 20,500 SME clients in the UK have reported more businesses have decided to dissolve or liquidate in last week, despite a bounce in confidence about the long-term situation due to the Covid-19 pandemic.

The results are revealed in the latest ACCA UK and The Corporate Finance Network’s (CFN) SME Health Tracker,

6 years ago

News

Accountancy profession calls for changes to Furlough Scheme

The Corporate Finance Network is proud to have launched an initiative to raise awareness of the incredible pressure which independent accountancy firms are suffering on behalf of their SME business clients and to support the whole nation. This has been no more apparent than this week, when, as a result of the HMRC application process for the Job Retention Scheme for employers claiming a furlough grant for <100 employees,

6 years6 years ago

News

Survey lifts immediate concerns among businesses, but outlook remains rocky

Access to cash in the short and medium-term is still an uncertainty for many businesses as they struggle with trading conditions created by the Covid-19 pandemic, reveals the latest results from ACCA UK and The Corporate Finance Network’s (The CFN) weekly poll of accountants working for approximately 11,500 small business clients across the UK.

6 years ago

News

‘Cash for SMEs needs to get flowing’ says ACCA UK and The CFN

Complexity is stalling the funds landing with SMEs
1 in 10 SMEs have already had to close their business

ACCA UK and The Corporate Finance Network’s (The CFN) weekly tracker of SME health reveals that a third of businesses will probably not be able to access the cash they need to last more than two weeks of lockdown (33%).

6 years ago

News

Accessing Government Support is like Wading through Treacle!

“Plaiting Fog” and “Watching paint dry” are also phrases that come to mind. On 18th March, the Chancellor said “We will do whatever it takes” to support businesses and employees through this crisis. Yet, 4 weeks later, businesses are still floundering to access most of the support which has allegedly been offered.

6 years6 years ago

News

CBILS overhaul is not working – now 20% Of All SMEs Are Set To Collapse Within The Next 2 Weeks

The Corporate Finance Network, representing some of the UK’s most proactive and commercially astute larger, regional accountancy firms, has undertaken further research in respect of 10,000 of their SME clients, which now predicts that in the next 2 weeks, as a result of the COVID-19 lockdown, 20% of these businesses will “probably” or “definitely” run out of cash in the next 2 weeks unless the Government brings other solutions to protect businesses and jobs.

6 years6 years ago

News

A Proposal to the Chancellor with alternative suggestions for SMEs

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,

6 years2 months ago

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