McColl’s appointed PwC as Administrators after their lenders including Barclay’s, HSBC and NatWest declined a request to restructure the debt. McColl’s employed 16,000 in 1,160 UK Stores. They were suffering from supply chain difficulties during the pandemic, leading to stock shortages and poor sales. McColl's were bought out of Administration by Morrisons, who saw off a rival bid from petrol forecourt owners EG Group.
Read the full article keyboard_arrow_rightIn a recent publication Kieron Franks of Allianz-Trade predicts a mixed outlook for the hospitality sector. While leisure travel is returning business, travel remains at 60% of pre-pandemic levels according to travel analytics firm CoStar.
The sector is feeling the effects of inflation with food increases up by 17%, drink prices up 14% and energy prices up 95%. Hospitality also faces a staffing crisis with around 171,000 vacancies or one in 13 jobs being unfilled.
Insolvencies are increasing with hospitality companies making up 11% of all insolvencies in the first quarter of 2022 despite making up 3% of companies according to ONS data.
Read the full article keyboard_arrow_rightCredit Insurer Atradius expects global growth to fall from 5.9% in 2021 to 3.1% in 2022 and a further fall to 3% in 2023. The fall is a result of inflation squeezing consumer spending and supply chain issues that limit trade. Russia’s invasion of Ukraine and subsequent sanctions as well as China’s severe lockdown have also had an effect. Central banks are struggling to maintain control and concerns over stagflation, low growth and high inflation increase.
Read the full article keyboard_arrow_rightThe Mid Group became the latest offsite specialist construction firm to go into Administration. This follows Urban Splash and Caledonian Modular who failed earlier this year. Also housebuilder Countryside announced it is closing it’s brand new modular housing factory at Bardon Leicestershire.
Mid Group’s projects includes a 238 Aspire scheme in Slough for housebuilder Click and a 152 home scheme in Bristol. Administrators Cowgills are trying to see if their contracts can be transferred to other firms.
Read the full article keyboard_arrow_rightWe are delighted to welcome Scott Morrison to the Trade Credit team in the UK. Scott joins the team as Business Development Director and brings over 30 years of experience in the industry with Euler Hermes, AIG and most recently Canopius where he was Co-Head of the Trade Credit Excess of Loss team.
Global Trade Review named WTW as best trade credit insurance broker at their annual awards.
See all winners keyboard_arrow_rightThere were 5,629 (seasonally adjusted) company insolvencies in England and Wales during the second quarter of 2022. This was an increase of 13% from the previous quarter and an increase of 81% compared to the same period last year. From the start of the coronavirus pandemic until mid-2021, numbers of company insolvencies were low when compared with pre-pandemic levels. This is likely to have been driven in part by Government fiscal measures that were put in place to support businesses.
See latest figures keyboard_arrow_rightIf you’d like to discuss these topics further, please do not hesitate to contact me.
