Earlier this month a meeting by the Bank of England’s Financial Policy Committee (FPC) was held to discuss concerns regarding the growth of new lending to already indebted firms, through leveraged-loans. They fear that there are parallels to the subprime mortgage boom which ended with the global financial crisis in 2008.
It is no secret that high street retailers are struggling in today’s current climate. With the switch to online shopping and rising business rates, times are hard. The latest casualty last week was Debenhams, revealing that they are to close 50 stores and cut 4000 jobs, which is the biggest loss in its 240 year history. They have however denied that the company will be going through the insolvency process.
CoCredo were thrilled to be asked to take part in Forums International’s new webinar sessions that will become a monthly event. The chosen topic at this month’s session, run by Joanne Day, our Partner Manager, was Innovation in Credit.
We were delighted to see so many customers joining in to listen to the presentation. Areas covered included: What is innovation, why innovation is important, what innovations we have seen and our innovation process.
According to Transparency International, 766 companies registered in the UK have been directly involved in laundering stolen money from at least 13 countries.
The latest official figures reveal that £90bn is laundered in crime proceeds through the UK each year with the government estimating that financial fraud alone costs the UK economy £6.8bn per year.
Prime Minister Theresa May has warned that we "must prepare" for a no-deal Brexit, with political difference between EU leaders at an all time high.
With less than 200 days until the UK leaves the EU, concerns are growing that the country will leave the bloc without a deal in place. Earlier this week Mrs May said the two parties remain a "long way apart" on two major Brexit issues, and negotiations have reached an "impasse".
The Crowne Plaza, Stratford-upon-Avon was the setting for this year’s glamorous Credit & Collections Technology 2018 Awards and CoCredo were delighted to be nominated for 3 awards:
We are delighted to announce that we have been shortlisted as one of the finalists in the Credit Excellence Awards in the Risk category at this year’s CCR Interactive.
The Credit Excellence Awards have established themselves as a real ‘judge of excellence’ in the industry, as applicants compete to win one of only 10 awards. Each shortlist of finalists is made up of only three of the ‘industry’s finest’, so we feel extremely privileged to be nominated.
This month we take a look at the huge debt crisis that Houser of Fraser has found itself in and how major brands are owed millions of pounds and stand to make little back following its administration.
Figures have emerged of how much the struggling department store, which fell into administration before being bought by Sports Direct for £90 million, owes its various suppliers.
A positive global trend to strengthen corporate balance sheets and reduce gearing is masking a rise in leverage in vulnerable sectors and regions, creating hotspots of increased risk for cross-border trade, according to the world’s leading trade credit insurer Euler Hermes.
A report was published earlier this month by the House of Commons highlighting the differences in pay between male and female employees. Below is a summary of the findings from the report.
The gender pay gap measures the difference in hourly earnings of men and women. At an aggregate level, the existence of a considerable gap has been well established: the median across the economy is 18% in favour of men. At an organisational level, the new figures reveal some alarming truths: gender pay gaps of over 40% are not uncommon in some sectors; 78% of organisations reporting have gender pay gaps in favour in men. We found that 1,377 employers (13% of the total), including many household names, have gender pay gaps of over 30%. The UK has one of the highest gender pay gaps in Europe. This must be closed, not only in the interests of fairness and promoting diversity at the highest levels of our business community, but in order to improve the country’s economic performance. The penalties of working part-time, both financial and in terms of career progression, are a major contributory factor to the continuing failure to fully utilise the talents of women.
We are delighted to announce that we have been shortlisted in not 1 but 3 categories in the Credit & Collections Technology Awards 2018.
The awards are:
- Credit Reference & Information solution
A brief introduction to Mike Padmore
The latest business insolvency figures for Q2 2018 (April to June) have been published and indicate that in England and Wales, the number of company insolvencies has fallen 12.4% compared to 2018 Q1 but has risen 12% compared to the same period last year.
CoCredo are very proud to be corporate partners with Forums International. Our MD Dan Hancocks is an active member of the Credit Professionals group and attends many of the forums events and meetings throughout the year.
Back in October 2017 Dan gave a presentation to a group of forum members to gain their feedback on credit scoring in the UK. The group looked at various providers in the market and members were surprised to see the range of different credit scores offered using relatively the same data. Dan used this session to gather information on how people used the information provided for their decision-making processes. He was also seeing if his prediction of having two credit scores to compare, made for a more informed decision.
We are delighted to announce that we will be uploading some new client testimonial videos to our website and YouTube channel at the beginning of next month. Over the last few months we visited four companies and spoke to them about how they feel about using CoCredo and our products and services. We had great fun interviewing and finding out about their businesses.
Results from a five-year study, carried out by the Chartered Institute of Credit Management (CICM), on the use and application of credit in driving the UK economy have been published. It found that credit managers are more confident today than in previous years, despite ongoing uncertainties over the economy and Brexit.
Can you believe it…It’s been over a month since we launched our NEW Dual Report and we are pleased to say that we have been delighted by the uptake and positive reaction that we’ve had from our customers.
We would like to wish our very own Emma Irving and her husband Ali a huge congratulations on the birth of their beautiful baby boy Callum. Weighing in at a healthy 8lb 5oz he was a week overdue, making poor Emma wait to see him...but as you can see he was definitely worth waiting for!
Thank you to all our customers and friends who helped support the Oxford Children's Golf Day this year at Studley Wood, your support was greatly appreciated. As many of you know this cause is very close to our MD Dan Hancock's heart, as the hospital gave his little boy Jack three life-saving operations eight years ago.
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 firstname.lastname@example.org
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!