Late payments are putting significant pressure on business cash flows and it is no surprise to see that more and more companies are using the courts to obtain money that is outstanding.
During the first quarter of the year the total value of adverse county court judgments (CCJs) recorded in England and Wales rose sharply, according to figures released earlier this month by Registry Trust.
Here at CoCredo, the team were delighted to join our MD Dan Hancocks on stage at this year’s Buckinghamshire Business Awards to help him collect his award for Business Leader of the Year.
This annual award ceremony recognises and rewards the achievements of organisations both large and small from across the county and CoCredo have been lucky enough over the last 4 years to have won Excellence in Customer Services, Small Business of the Year and Company of the Year.
1 is Good…2 is Better
CoCredo Launch New Dual Report
We were delighted to unveil our new DUAL Reports on 14th May by holding a launch event for customers at our beautiful offices in Missenden Abbey.
Today we are excited to be launching our New Dual Report, which has been over a year in the making and is a brand-new concept to the credit industry.
The new DUAL Reporting Service promises to make the lives of our customers (including those who currently use multiple providers) considerably easier. The first of its kind, this service is looking to take the credit industry by storm.
To enable us to offer this premium service we have added an additional leading data supplier to our portfolio. This means you will now be able to view the best data from both suppliers alongside each other in one report, gaining a more detailed overview of a company and combining the best bits of both. The reports will have the same look and feel as our current reports but you will now be able to view two providers' opinions and perspectives.
A recent report commissioned exclusively for the Chartered Institute of Credit Management (CICM), has sought to determine the state of the Credit Management Nation. Findings show that Credit managers are untroubled by Brexit, unimpressed by new regulation, and keen to see how new technology can enhance performance in the future.
Just as we gain one member of staff we are temporarily saying goodbye to another!!
Our lovely Emma in Customer Services is leaving to have her first baby! Her last day is next Thursday 3rd May and we hope she will be returning early next year. We are all so happy for her and her husband and wish them all the best with their new arrival. We’ll keep you posted when the new baby comes along!
We were so pleased to hear the fantastic news that our MD Dan Hancocks has been shortlisted for this year’s Business Leader of the Year in the Buckinghamshire Business Awards 2018.
The Buckinghamshire Business Awards recognise and reward the achievements of organisations both large and small from across the county and we have been lucky enough over the years to have won Excellence in Customer Services, Small Business of the Year and Company of the Year. Last year Dan was a finalist in the Business Leader of the Year category but was pipped to the post on the night.
We are delighted to introduce our latest recruit to the CoCredo family – Andrius Stanaitis. He has come on board as a Cold Fusion Developer helping our Technical Director to develop the features and functions of our website. Andrius is hoping to make a positive impact to the products and services on offer to our clients, as well as to the overall efficiency and strength of the business.
We are looking for your help for a very worthwhile cause....
As you may know our Managing Director Dan Hancocks organises the annual Oxford Children's Hospital Charity Golf Day, which is being held this year on 15th June 2018.
We are delighted to see that all the team spaces have now sold out, which means over 100 business owners will be attending, so thank you to those of you who have signed up. We are however, still in need of more sponsorship, raffle and auction prizes for the evening. Over the years the charity has been fortunate to receive auction prizes large and small and any donation you can make will be greatly appreciated. Click here for details http://ochgolfday.org/
The Government have announced that they are launching new plans to improve the UK's corporate governance framework, with the intention of ensuring that the UK remains one of the best places to start and grow a business. The plans will be looking at….
We are sad to announce that the lovely Mica Brown moved on to pastures new earlier this month. Mica worked at CoCredo for 5 years as one of our Corporate Account Managers and was a huge asset to the team. We will all miss her hard work and sense of humour in the office. Josh Edwards has taken over Mica’s accounts, and has been in contact with all directly, however, if you have any queries, please contact him on email@example.com
This month we explain more about our Affinity Programme and how it could benefit you…
Early next month will be launching our new CoCredo YouTube channel. You will start to see new tutorial films being added that aim to help you navigate the system and to explain the various products we have on offer. The first video we will be uploading is ‘Navigating your first credit report’.
We are delighted to announce that we have been shortlisted as one of three finalists in the 'Employer of the Year category' in the SME Buckinghamshire Business Awards 2018.
We are excited to announce that in our quest to provide our valued customers with the best possible date across the globe, we have switched our data partner for reports generated in Austria, Poland, Switzerland and Romania.
After significant testing, we have experienced a 90% improvement in the reports available instantly and have also been really impressed with the depth and quality of the data.
This month we wanted to highlight the work of Forums International. They are a leading provider of credit professional forums and focus groups both in the UK and Europe. With over 20 years’ experience of delivering forums and events they have established an enviable reputation throughout the credit profession operating 10 credit professional forums across and within a variety of industries.
Small Business Commissioner, Paul Uppal has set up a new website to make it easier for small business owners to resolve their late payment disputes. It is hoped that this website will assist companies and help to change payment practices across the board.
Earlier this month Lisa Boots, one of our Corporate Account Managers, had her beautiful long blonde hair cut into a bob in aid of the Little Princess Trust.
For those of you who are unfamiliar with this charity, they give away free real hair wigs to children and young adults who have lost their own hair through cancer treatment or other illnesses. In addition to this, in partnership with the Children’s Cancer and Leukaemia Group, they also fund research into childhood cancers.
There is no getting out of it, GDPR is something that you need to come to terms with as a business or you could face a hefty fine. How many of us have read an article or been offered a course on GDPR and have filed it in the ‘To Do’ pile because we know that it is going to be a huge task?
The most likely scenario is that you simply don’t have the time to read through mounds of paper work to understand it all and possibly still miss out something vital.
We had a wonderful time at the CICM Awards earlier this month. We didn’t pick up any trophies in the categories for which we were shortlisted for but we were still proud to be nominated as a finalist in ‘Employer of the Year’ and the ‘Credit Information Provider of the Year’ category for the 6th year in a row (the only Credit Information Provider to have this honour). It was a great chance to meet with some of our customers and partners who were also in the finals and to see some of them win.
According to the International Monetary Fund (IMF), prospects for the global economy are looking brighter, particularly within Europe and Asia.
Tax reforms in the United States are also expected to stimulate economic activity, especially business investment, as a result of lower corporate taxes but the IMF has substantially downgraded its forecast for South Africa for this year and next.
Here we focus on one of our newest members of the team... Jane Bray.
Jane is one of our newest recruits and started in May 2017 as the Marketing Manager. She has worked in Marketing and PR for over 15 years in various sectors including technology, hotels and education and is enjoying working at CoCredo. She loves the office environment and her new role. Jane is a keen baker and loves making cakes, although she hates going to the gym to burn them off!!
UK based construction giant Carillion is going into liquidation after its huge financial troubles finally overwhelmed it.
Despite discussions between Carillion, its lenders and the government, no deal could be reached to save the company after it collapsed under the weight of a gigantic £1.5bn debt.
Here at CoCredo we are really excited about 2018 with many potential opportunities and challenges ahead. As you may be aware we have recently integrated with a number of new providers and we have some exciting product developments in the pipeline that we will be unveiling during the year.
The banks have been given extra time to be fully set up for Open Banking, a system allowing customers and small businesses to use their payment history to get better deals.
The UK's nine biggest current account providers were told by the Competition and Markets Authority (CMA) to be ready to start on 13 January 2018.
We are delighted to announce that CoCredo has been nominated as a finalist in the CICM British Credit Awards 2018, in the 'Credit Information Provider of the Year' and 'Employer of the Year' categories.
According to the latest figures released by the Registry Trust, the number of county court judgments (CCJs) registered against businesses in England and Wales rose during the third quarter of 2017, compared with the same period a year ago.
During Q3 2017, there were 24,698 CCJs registered against businesses in England and Wales, which is a 27 percent increase than the same quarter in 2016. Prior to this figures had decreased year on year for the past 8 years. The total value of all business CCJs rose by 13 percent to £80,506,210; this was the first time since Q3 2011 that a relative increase occurred.
Location: Remote working
We are pleased to announce that CoCredo has been confirmed as a finalist in the Credit-Connect, Credit & Collections Technology Awards in the categories of Credit Reference & Information Solution, Credit Risk Solution and Innovation in Credit.
Next year’s Oxford Children's Hospital Charity Golf Day will be on June 15th, 2018
We’d love to have you join us again next year at Studley Wood. Please make a note of the date and we’ll have more information for you in the new year on the website, on our Facebook page and on Twitter.
Last years event raised over £37,000, and was a fantastic day, bringing the total raised in the last 6 years to over £100,000.
We have plenty of pictures of the day on the website gallery (please get in touch if you'd like hi-res versions), and all the ProTracer videos we captured are also on the website.
If you are interested in getting a team together please let us know and we will put your name down.
We look forward to seeing you in 2018.
Win a bottle of Champagne!
To celebrate our 15th anniversary we have decided to hold a competition for a bit of fun!
Below is a fab picture of our gorgeous team from our anniversary photo shoot that made us all laugh in the office.
Your job is to come up with the best caption to go with the photo...the funnier the better! The winner will be posted a bottle of champers!
We are delighted to announce that this month CoCredo are celebrating 15th years in business!
From its small beginnings in back in 2002, CoCredo is now one of the country’s leading specialists in providing online company credit reports and related business information within the UK and overseas; located in Great Missenden, with offices based within the beautiful Missenden Abbey.
We would like to take this opportunity to say a huge thank you to all our customers and friends for helping us raise £810 for our Go Sober for October campaign.
Between us we got through an awards ceremony, a ball, a 40th birthday party and even a trip to Paris! So needless to say, we were pretty chuffed with ourselves.
CoCredo were proud to be invited to speak at the CCR conference earlier this month. Tim Wendholt, one of our Affinity Partners, spoke about international credit reporting, data and intelligence.
His presentation highlighted that diligence is key when working with locations outside of the UK. 70% of countries are not deemed low risk by the credit insurance market and corruption is growing. This is leading to credit insurers paying out more claims than ever.
We know that many of you have spoken to our lovely Emma in Customer Services but what you might not know is that she got married at the end of last month! She is now Mrs Irving. So here’s a little peek at how wonderful she looked (and her husband of course!) on the day. She and her husband had a wonderful honeymoon in Mauritius but now she’s back down to earth with a bang, helping to look after all of our lovely customers again! Welcome back Emma!
We’re proud to say that the team at CoCredo are still going strong with our Go Sober for October campaign in aid of Macmillan Cancer Support. So far between us we have gallantly made it through an awards ceremony, a Gala Ball, a 40th birthday and 2 weekends without touching a drop.
Any business owner will be aware that working with other businesses is not always easy, especially when invoices aren’t paid on time. Chasing money is both time consuming and stressful and is an issue that can be avoided if the right measures are put in place from the beginning.
Picture the scenario…you’re in a meeting with a potential client, about to make the sale of the century but you haven’t done your homework on the company. Although you want to sign them up there and then, there is a nagging feeling that you could be taking a huge risk.
A new warning has been issued about the growing risk of a “debt trap” if interest rates around the world stay near zero, which has encouraged borrowing by businesses, governments and consumers.
The Bank for International Settlements highlighted the vulnerability of business, government and consumer finances to interest rate increases in its quarterly report. Claudio Borio, the head of the monetary and economic department noted that since the financial crisis of 2007-08, global debt levels in relation to GDP had continued to go up, raising financial stability risks.
In follow up to our announcement in August, we are delighted to update you that some of our new data feeds are going live from the beginning of October. The first regions to move will be the UK and Europe. More countries will follow throughout October and November. Our technical team have been working tirelessly over the last few months to make sure that the switch over goes smoothly.
Have you heard the news? The team here at CoCredo are ditching the cocktails for capes, because we've signed up to be a Soberheros and Go Sober this October! That means, for 31 days in October, we’re going booze-free; jumping on the wagon; ditching the juice, and any other way you can say 'NO alcohol'!
Here we focus on Corporate Account Manager Lisa Boots
Lisa has been at CoCredo since October 2011 and came from the the PR industry working as an Office Manager. She was also a beauty therapist before that.
We are delighted to announce that we have been shortlisted as a finalist in this year’s CCR Credit Excellence Awards, in the Risk category.
We are thrilled with this outstanding achievement as according to the CCR there were many "very strong applications this year" - so to reach a short-list of only three finalists is even more of an honour.
As mentioned in last month's newsletter, CoCredo have been working on some exciting systems improvements which were due to take place at the end of this month.
In October 2016 we commissioned an on-going independent review of the current market and global data providers available. Based on these findings, we are bringing together a larger number of data sources to offer even better, more predictive reports for our customers with additional features (for both UK and international reporting).
According to official figures released earlier this month, the UK economy grew in line with expectations in the second three months of the year.
The Office for National Statistics (ONS) reported that Britain's GDP grew by 0.3% on a quarterly basis in the three months to the end of June. This in line with the first estimate released last month, which analysts expected to remain unchanged.
Vineesh Madaan from Bluestone Leasing has kindly talked to us about his experiences using CoCredo…
Bluestone Leasing are an award-winning team of service-focused finance and leasing professionals based in Wakefield; they are a long standing and valued customer of CoCredo. Dedicated to their business customers and channel partners they make things simple, move quickly, offer exceptional value and make funding happen where others can't.
There isn't much they haven't financed over the years but they do have some core asset classes where they are seen to be market leaders including technology (including IT and software) and furniture/fit out, or interior projects.
Here we focus on one of our newest members of the team... Josh Edwards.
Josh started CoCredo in May 2017 so is still a newbie. He previously worked in Customer Service with a hint of recruitment thrown in for good measure! He has joined the team as a Corporate Account Manager and is enjoying the CoCredo family vibe in the office. He loves the fact that there is never a dull moment and that he is constantly learning something new. Josh apparently makes a mean banana cake…something we are still waiting to try!
Reports have shown that late payment debt has declined over the last five years from SMEs being owed £30.2 billion decreasing to £14.2 billion. However, according to a study from Bacs Payment Schemes Limited, small businesses in the UK are still facing a bill of over £2 billion having to chase these overdue payments.
At the end of August (date to be announced) we are having a systems improvement. You may have seen in last month’s newsletter that we have been reviewing all suppliers for our business intelligence on a global scale. Instead of us having one single source of core data we are switching to a larger number of sources to offer an even better more rounded product for our customers with additional features (for both UK and international reporting).
We are delighted to welcome back Joanne Day to the CoCredo team. Jo has been on maternity leave since June last year and has come back into the new role of Partner Manager. Her role will involve working with existing partners and looking for new interested parties to join our Affinity Scheme. This programme is a partnership that enables trusted customers to earn a generous commission by introducing successful new business leads to CoCredo.