Alliance Investments, based in Manchester, has unveiled its second Birmingham project. Neighbourhood Heights will be situated in Edgbaston – just minutes away from the city centre.
The growing Manchester-based property investment firm has launched the initial available apartments in its most recent luxury development venture in Birmingham, Neighbourhood Heights. The project will entail the construction of 81 one- and two-bedroom apartments, and is scheduled to commence in Q2 of 2023.
Designed by architects with vast experience in the city, Neighbourhood Heights is exactly what Birmingham needs and is set to be the ideal home for young professionals, families and first-time buyers.
With a forecasted completion date of Q2 2025, and a GDV of £20.5m, Neighbourhood Heights will deliver a mix of comfort, connectivity and stylish interior design combined, to create homes that exceed expectations.
In addition to the first-class homes on offer, residents can also enjoy roof gardens, a communal lounge and work from home spaces, a community manager and a dedicated residents’ app which can be used to create clubs and forums, promote local businesses, manage tenancies and more.
Located in the Ladywood area of Edgbaston, one of Birmingham’s most well-known and popular areas. It is also a part of the city that is changing fast thanks to the huge amount of investment underway.
All apartments at Neighbourhood Heights will be available for sale through Alliance Investments from 24th April 2023, with properties available from £203,496.
Ronald Garrett, Managing Director of Alliance Investments states:
“Our team are delighted to be launching the sales of our second development project in Birmingham.”
“We have a proven track record of the area due to our previous sell out of Park Gate, and are confident of another successful project within Birmingham, due to a 27% house price increase for the city forecast by 2026”
Generative AI is not just about text or chat tools like ChatGPT or Google’s Bard, nor is it just about creating new images and videos. Web3 is also not just about play-to-earn (P2E) gaming, or Decentralised Finance (DeFi).
Singapore – True Global Ventures (TGV) announced the strengthening of commitment to Generative AI beyond just Web3 with our latest rebranded fund, the “TGV 4 Plus Opportunity Fund”. This rebranding is to better position ourselves to leverage the best growth-stage Generative AI and Web3 investment opportunities during the current market conditions.
Generative AI goes deeper than just text based chats, with more fundamental use cases for productivity gains, additional revenue streams, and even creating unfair competitive advantages for many organisations if they know how to harness them correctly.
Industry transforming technologies like Generative AI are now being used in many more traditional industries like property management, legal firms, consulting advisory, customer service, construction, etc.
Based on TGV’s research, unfortunately many organisations and investors have not prioritised leveraging these disruptive solutions, and so we believe there is still an opportunity for large value creation in these generative AI companies.
The latest fund was previously known as the “TGV 4 Plus Follow On Fund”, which had its first close of US$146 million in June 2022. The General Partners committed over 40% of the current total fund size.
In addition to investing in Web3 leaders with a roadmap to employ Generative AI, the TGV 4 Plus Opportunity Fund will now also invest in growth-stage companies that specialise in Generative AI.
TGV has been investing in early-stage AI companies since 2011, making it an integral part of our investment thesis. While we only started investing in Web3 in 2016, many of the AI companies that we have previously invested in or tracked are now becoming mature and entering their growth-stage phase.
Several of our portfolio companies have already implemented Generative AI solutions into their businesses, particularly in the gaming and open Web3 Metaverses sectors. These solutions can quickly generate new landscapes, virtual items, avatars, non-playable characters, music, and more.
True Global Ventures has also implemented our own Generative AI strategy to use tools to help the fund and our portfolio companies be more efficient in sales, compliance, legal, marketing, communications, etc. The content and topics for our global online conferences also leverage Generative AI, where we usually have 400-500 participants join and weigh in with their diverse views. Now, Generative AI challenges these speakers to create even better content to share.
The TGV 4 Plus Opportunity Fund has invested in two global market leaders so far:
Ledger, the global leader in the digital asset self custody space, which secures more than 20 percent of the world’s digital assets and 30 percent of the world’s NFTs with zero hacks ever. There is also data that shows that Ledger is an anti-cyclical company. During Terra/LUNA, FTX and SVB incidents, its hardware revenue sales went up, showing a high correlation to Gold ETF index price increase.
Animoca Brands, global leader in Web3, which champions true digital asset ownership in the entertainment and open metaverse segments, having gained various accolades including being on the Financial Times (FT) ranking of High-Growth Companies Asia-Pacific 2023 and Fortune’s Crypto 40 list.
“We are glad to rebrand the fund as we see new and good opportunities. Contrary to the popular wait-and-see approach, with a curated pipeline of investments, we select industry leaders with attractive valuations and the potential to generate good returns. Through our global network of partners, we then help them turn real winners in a rapidly growing market,” says Konrad Wawruch, Managing Partner of the TGV 4 Plus Opportunity Fund.
Managing Partner of the TGV 4 Plus Opportunity Fund, Fredrik Adolfsson adds, “We believe that the growth equity market offers significant opportunities for investors, such as family offices, to gain exposure to transformative technologies. Technologies such as Generative AI and Blockchain could make their existing portfolio companies much more efficient and effective, giving them an edge and a competitive advantage.”
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About True Global Ventures
TGV4 Plus Opportunity Fund (“Opportunity Fund”) completed its first closing in June 2022 for US$146m. The Opportunity Fund General Partners (GPs) who lead the fund and its Investment Committee, invest more than US$62m of their money into the fund. This represents a total GP commitment of over 40% of the total fund size, one of the highest in the Venture Capital industry.
The Opportunity Fund focuses on investing its capital into selected TGV 4 Plus base fund companies. Some of the existing portfolio companies include Ledger, The Sandbox, Animoca Brands, Chromaway, GCEX, etc.
The utilisation of Artificial Intelligence, including Generative AI, and web3 technologies like Blockchain, have become integral components for our portfolio companies. These cutting-edge technologies are being leveraged as competitive advantages to drive transformative change and deliver proven products.
TGV has its focus in 20 cities globally, mainly in Singapore, Hong Kong, Dubai, Stockholm, Paris, London, San Francisco, New York, etc. Visit us at https://www.tgv4plus.com/, and follow us on LinkedIn and Twitter.
Platehunter, a leading seller of DVLA private number plates, have shared their findings relating to the vehicle cloning epidemic in the UK, as cases continue to rise. The research seeks to bring further light to recent DVLA data showing that 12,300 UK citizens, between January 2021 and September 2022, received either fines, penalties or letters for misdemeanors involving other vehicles displaying their registration.
Additional research into the issue by Platehunter found that vehicle cloning has been on the rise for much longer. Their data indicates that 4,021 complaints of vehicle cloning were made in 2018 and 9,384 in 2019. They also found that a staggering 7,400 complaints were reported in 2020 when the Covid pandemic was at its apex.
Vehicle cloning occurs when someone steals or duplicates the private number plates of a vehicle that doesn’t belong to them. Criminals engage in vehicle cloning in order to commit other crimes using the car or to get out of traffic or parking fines. Crimes committed with stolen number plates may lead police to the legal owner of the car. Some criminals will also use vehicle cloning to sell a stolen car to an unsuspecting buyer.
Platehunter Sales Director Jon Kirkbright says, “People come to us because they’ve had the police on their doorstep asking why they made off from a garage without paying. Others have had speeding fines in London when they’ve never been there – all because someone has cloned their plate and used it to commit crimes.” An uptick in Automatic Number Plate Recognition (ANPR) technology may be propelling the growth of cloned vehicles. Criminals will now target a car of the same make and model and clone the private number plate, making it more difficult for police to catch them. They can also target a vehicle with a clean record and clone the registration.
Police have advised the public to inform the DVLA immediately if they suspect their private number plates have been cloned. Platehunter is making it easy for victims of cloned vehicles to get new private number plates so they can return to the road with peace of mind.
Kirkbright says, “We’ve seen a 300% increase in the purchase of replacement car registration plates in the last 12 months. Buying a cheap number plate from platehunter.com will resolve all problems that come with having a number plate cloned. Best of all, it can be done the same day resulting in no further issues.”
For more information on obtaining new private plates at affordable prices, visit platehunter.com.
The ‘Sandringham Wool Collection’ of deluxe handcrafted mattresses, created by Royal Warrant holders Wrought Iron and Brass Bed Co., will bring new relevance to hyperlocal sourcing. Fully traceable wool is used in its bedding and mattresses from Aberfield sheep that graze on the Royal Estate.
Pre-industrial revolution, hyper-local sourcing was the only way for consumers and cottage industries to source their goods and raw materials- for director Amanda Oldfield when establishing Wrought Iron and Brass Bed Co. nearly twenty years ago- this was a key aspiration for the business.
Handmade to order in their workshop, all Wrought Iron and Brass Bed Co. bed frames are sculpted by hand from 100% British iron sourced from steel merchants within a 50-mile radius. “When we founded Wrought Iron, my philosophy was- look after your local business economy, and it will look after you”, Amanda adds. But hyperlocal sourcing also makes good business practice “being close to our suppliers and having them source the raw materials from within the British Isles, and we can hold a key focus on quality and ensure the miles travelled are kept to a minimum.” Amanda’s philosophy of hyperlocal sourcing exceeds all expectations in this new collaboration using wool from the flock on The Sandringham Estate.
Although there’s no defined industry standard for the classification of ‘hyper-local’ sourcing, less than 100 meters from your front door certainly lives up to the expectations of this term.
“For many years, I have been puzzled by mattress manufacturers looking overseas to source their wool when this country has an abundance of fleece. In the past, I’ve asked about wool being traceable back to the farm, and I have often been told- we don’t have the facility for that in this country!” Amanda adds, “Rubbish, I thought. Walking to work one day and surrounded by the organic pastures in North Norfolk, I thought to myself – surely there’s a way.”
Working closely with The Sandringham Estate, the Wrought Iron and Brass Bed Co. have developed a limited collection of wool mattresses that are traceable back to the farms at Sandringham and, more so- traceable back to the individual bale of wool.
“Authenticity and transparency are essential to our family company. The new collection, named ‘The Sandringham Wool Collection’, will use only fleece from the Estate within these mattresses,” adds Amanda. “This means once we have used the full yield, there will be a natural wait until next year’s yield before we start production adding to the collection again.”
The benefits of using wool as a natural fibre for clothing and upholstery have been known for decades- a natural fibre that once formed the backbone of the British Isles dating back to the Elizabethan era. Naturally hypoallergenic and heat regulating, each mattress is handcrafted using traditional techniques that date back to the origins of the first pocket spring mattress. The new Wrought Iron and Brass Bed Co. collection is upholstered with 100% Aberfield Wool from the Estate and other sustainable, organic and natural fibres with a 30-year guarantee.
To celebrate the launch of their new collection of Sandringham Wool Mattresses- Wrought Iron and Brass Bed Co. shall be hosting a virtual press event on Thursday, 20th April, with guest speakers from Made in Britain, British Wool and Sandringham Estate.
To register attendance for this virtual event – click here.
Partnership Empowers Innovative Technology and Best-in-Class Approaches for Cameroon and Beyond
SANDSIV, the global leader in Customer Experience Management (CXM) and Voice of the Customer (VoC) enterprise solutions, today revealed the launch of a partnership with CX Touchpoints Group, a pioneering organization in the realm of Customer Experience innovation and transformation throughout Cameroon and the wider African continent.
The partnership will position both organizations to enhance and expand their customer experience offerings, delivering market-disrupting technology innovation with sandsiv+ CXM software solution and mission-critical support and competencies to enable African-based and international companies operating in the African market to provide differentiated customer experiences at every stage of the customer life cycle.
The announcement comes at a crucial time, as African organizations in different industries – telecommunications, financial services, retail, hospitality, security, and government – look to elevate their customer experience maturity level while adopting a continuous learning approach. By prioritizing customer local needs and offering tailor-made technology solutions that align with a long-term strategy, the partnership between SANDSIV and CX Touchpoints Group is committed to revolutionizing the customer experience landscape in Africa, enabling businesses to provide differentiated customer experiences and fostering long-lasting customer loyalty.
“We welcome CX Touchpoints Group to the SANDSIV family and are looking forward to an exciting new partnership. With their deep expertise in CX strategy and design, we believe we can help our customers deliver outstanding experiences that differentiate them from their competitors and drive sustainable growth”, said Mirko Buonerba, Strategic Alliances Manager of SANDSIV.
Kpunsa F. Mbinkar, Founder of CX Touchpoints Group, added: “We are excited to team up with SANDSIV to offer our clients a comprehensive and powerful CX solution that combines data, analytics, and design. We are confident that this alliance will enable us to help our customers achieve their CX goals and aspirations, and make a positive impact on their business and society.”
Equitus World founder will help magnify the message around sustainability on a worldwide stage
Equitus World founder Raam Shankar has been named co-chair of TiE Global’s Sustainability and Impact Special Interest Group (SIG).
TiE Global, one of the world’s largest entrepreneurs networks, has chapters in numerous cities and regions across the world and has been fostering entrepreneurship for over 30 years.
Raam will help magnify the message around sustainability on a worldwide stage.
It comes after the leader of Equitus, which has bases in Manchester, London and Bangalore, became President of TiE UK North earlier in 2023.
He said: “Sustainability is a key component of innovation in this day and age.
“This SIG aims to promote sustainability, sustainable practices while creating a positive impact across the entrepreneurial and innovation ecosystems it operates in.
“For a business leader in the north west to be invited to be a co-chair on a sustainability initiative at a global scale is a pleasure and a privilege.”
TiE Global is a nonprofit venture devoted to the entrepreneurial life cycle in all industries and was founded in 1992 in Silicon Valley by a group of entrepreneurs, corporate executives, and senior professionals with roots in the Indus region.
The heart of TiE efforts lie in its five foundational programs – mentoring, networking, education, funding, and incubation.
Other TiE Global’s Special Interest Groups centre on education, manufacturing, healthcare, fintech, cybersecurity, hospitality and tourism and gaming media and entertainment.
WeDeliver, London’s first Ethnic and Grocery Delivery App, launched on March 14, 2023, with a mission to make ethnic groceries easily accessible to individuals living away from their native country. They differentiate themselves by procuring products directly from renowned grocery stores in London, offering a hyperlocal marketplace with a wide assortment of products, and providing detailed sales analysis to vendors. WeDeliver also focuses on accessibility, saving time for customers with prompt delivery and offering pick-and-drop services. Affordability, sustainability, and contribution to the local economy are also key aspects of their value proposition.
WeDeliver, founded by Sahiba Patni and Armaan Bhatti, is a London-based ethnic grocery delivery brand that aims to bridge the gap for individuals who crave the taste of home. By procuring products directly from renowned grocery stores in London, WeDeliver ensures freshness and quality without maintaining its own warehouse. This unique approach creates more opportunities for vendors by providing logistics supplies and generating more sales.
One of WeDeliver’s pioneering features is the establishment of an open network for direct commerce in the UK. This allows any brand, merchant, or SME to establish virtual dark stores and offer online delivery, going beyond traditional delivery models. In addition, WeDeliver provides detailed sales analysis to each store at the end of each month, helping vendors increase their sales more effectively and better understand customer preferences.
WeDeliver focuses on providing easy access to a wide range of ethnic groceries such as Aaashirvaad Atta, Dabur, Godrej, Parachute, Patanjali, Amul, and spices, eliminating the need to wait for packages from abroad. Vendors and customers both benefit from WeDeliver’s dynamic app, which is powered by AI and algorithms that offer competitive prices for products in the buyer’s vicinity. The app also stands out by offering a wide variety of organic, locally-sourced, gluten-free, and vegan options, catering to different dietary requirements and preferences. With over 13000+ product listings from different vendors, including ingredients from various ethnicities such as Indian, Bangladeshi, Sri Lankan, European, British, Jamaican, Turkish, and Pakistani, WeDeliver is committed to expanding its service areas and product offerings as it grows further. The app also allows customers to filter products by ethnicity preferences, making it easier for them to find the products they need.
Accessibility is a key focus for WeDeliver, as they aim to make ethnic groceries readily available to all individuals in London, regardless of their location. They offer prompt delivery of products within 2 hours, helping customers save valuable time on their weekends that would otherwise be spent shopping. WeDeliver also offers pick-and-drop services, allowing customers to conveniently send off forgotten items, such as chargers, documents, or laundry, saving time and energy. In addition, WeDeliver provides 24/7 customer support, going above and beyond to offer a seamless experience.
Affordability is another important aspect of WeDeliver’s value proposition. They aim to make fresh fruits and vegetables accessible to the people of London without putting a strain on their wallets. By offering competitive prices, WeDeliver ensures that customers can get their favourite groceries without breaking the bank.
WeDeliver also places a strong emphasis on sustainability. They hire delivery partners from the local community and use gear cycles for delivery to reduce their environmental footprint and contribute to the local economy. Additionally, WeDeliver sources products from local suppliers to reduce transportation emissions, and they are committed to expanding their service areas and product offerings as they grow further.
WeDeliver is excited to serve customers throughout London as the city’s first ethnic grocery delivery app. They believe everyone should have access to the ingredients for the foods they love, regardless of their cultural background. With their unique approach, focus on accessibility, affordability, sustainability, and contribution to the local economy, WeDeliver is determined to make a positive impact on the lives of individuals from diverse ethnic backgrounds in London.
WeDeliver’s innovative approach to ethnic grocery delivery in London is commendable, as they strive to make ethnic groceries easily accessible to all individuals. Their unique features, such as the open network for direct commerce and detailed sales analysis for vendors, set them apart from traditional delivery models. Overall, WeDeliver’s mission to bring the flavours of home to individuals from diverse ethnic backgrounds in London is admirable, and its commitment to customer convenience and sustainability is noteworthy.
According to data presented by Atlas VPN, United Kingdom residents lost a shocking £3.9 billion to fraudsters in the last 12 months, which averages out to about £10.7 million per day. During this period, there were 345,228 reported fraud cases.
However, the reported figures on fraud may only reflect a small portion of the actual occurrences since numerous instances of fraudulent activities go unreported.
These figures were calculated based on the NFIB Fraud and Cyber Crime Dashboard data. The data encompasses the period between April 2022 and March 2023.
London recorded the highest number of reported fraud cases, with 59,449 instances resulting in a massive £1.8 billion loss, constituting nearly half (46%) of the total losses.
East England followed with 41,871 cases and £268 million in losses, while the North West had 38,627 cases and £171.9 million in losses. Although the South East region had fewer fraud cases (37,799) than East England and the North West, it incurred higher losses amounting to £390.4 million, making it one of the regions worst hit by fraud.
Online shopping and auction scams were the most common
Fraudsters employed various tactics to lure out funds from unsuspecting victims. However, certain types of fraud were more widespread than others.
Online shopping and auction scams were the most frequent types of fraud, with 67,460 cases reported in the past year, costing victims £103.2 million, or approximately £1,530 per scam.
Advance fee frauds came in second, with 27,536 reported cases in the last 12 months, robbing consumers of £53.8 million, or £1,954 per fraud case.
Cheque, plastic card, and online bank account fraud took the third spot on the list, with 24,746 cases reported, collectively costing consumers a staggering £823.5 million — more than any other type of fraud. This equates to around £33,278 per fraud instance.
Brits are being told the most picturesque parks to visit for free during the Easter holidays with the weather brightening up this week.
Schools have already started breaking up for Easter, so photography experts at ParrotPrint.com have handpicked the best spots to explore the outdoors and enjoy the lighter, longer days as a family.
Amid the cost-of-living crisis, parents are looking for cheap days out to keep their kids entertained as the school holidays approach.
And there are plenty of amazing spots up and down the country that will not cost a penny to visit.
With more than 27,000 public parks and green spaces across the UK, parents are spoilt for choice when it comes to taking their kids on a fun and easy day out.
From Heaton Park in Manchester to Figgate Park in Edinburgh, there isn’t a shortage of options and no better time to take advantage of the beautiful scenery and blue skies.
Matt Dahan from ParrotPrint.com said: “A trip to the park is a tried and tested way to enjoy a great day out as a family, especially as the weather is getting warmer.
“As the Easter holidays approach, parents will be wanting to keep their kids entertained on a budget.
“Taking a day trip to some of these beautiful parks is a great way for children to let off steam.
“Adults can enjoy the scenic views with attractive walks and wildlife too.
“There is no shortage of beautiful green spaces in the UK, which all have unique attractions and boast gorgeous scenery and a host of local wildlife.
“We’ve handpicked the top 10 best parks to visit for free this Easter.”
ParrotPrint.com’s , top 10 parks to visit this Easter , all with free admission:
1.Sheffield – Endcliffe Park
This public park in Sheffield is known for its enchanting spectacles, including a waterfall and the Porter Brook River. It has lush vast green spaces, blossoming trees, and water ponds, making it a charming spot for walks and picnics. Sheffield is known for its unique nature, and Endcliffe park, with its playground, space for ball games and even a parkour facility, makes the perfect park for all the family.
2. London- St James Park
Making for a break from the grey of the city, this picturesque park is just a stone’s throw from Trafalgar Square and is dubbed the prettiest park in London. It has a huge lake full of swans, geese and pelicans and is full of charming flower beds. As the weather gets warmer, the lawns of the park are full of deck chairs, making for the perfect spot to relax or have a picnic while the kids explore.
3. Manchester- Heaton Park
This park is a historic area on the edge of Manchester and offers more than just a walk in the park with plenty of attractions like an animal centre, playgrounds, a boating lake and football pitches. The beautiful park also includes the grounds of a stunning 18th-century country house and is the perfect place to spend a sunny afternoon.
4. Bristol- Brandon Hill Park
Brandon Hill Park is a famous picnic spot because its hilly location offers stunning panoramic views of the city and spectacular sunsets. It is a haven for people who love wildlife, as it is a nature reserve and a station for migrating birds. The green oasis is full of cowslips, daisies, butterflies, and bees, and come Spring the wildlife pond is full of frogspawn and toads. Foxes and bats can also be spotted in the early evening time.
5. Birmingham – Cannon Hill Park
Made up of 80 acres of parkland, Cannon Hill Park is a premier location in Birmingham which has beautiful flowerbeds, pools, and a stunning collection of trees. This park is a must for wildlife enthusiasts with walkways and cycle routes alongside the River Rea, historic gardens, wildflower meadows, and a 5-acre woodland. This is a great place for families, with children’s play areas and boats to hire.
6. Suffolk- Christchurch Park
This historical area hosts various facilities great for kids, including a play area, tennis courts and bowling greens. The horticultural gem is known for its tranquil setting, with formal gardens and bedding displays blossoming with the likes of roses and shrubs. Christchurch Park is also a wildlife hotspot, home to over 100 bird varieties and a large selection of ducks, geese and swans which inhabit the ponds in the park.
7. Edinburgh- Figgate Park
Edinburgh has a reputation as one of the most beautiful cities in Europe, and Figgate Park is integral to this. The peaceful oasis is a perfect escape from city life, full of wildlife and beauty. It has a pond with otters and swans, and it also has lots of accessible wooden walkways. The play area at the park was transformed last year, bringing an array of new features for kids to enjoy.
8. Cardiff- Bute Park
Located just a short walk from Cardiff Castle, Bute Park is nicknamed the city’s green heart. The park is a popular spot with a superb tree collection, natural play features, and a variety of horticulture and wildlife. It has acres of green space and multiple events throughout the year, and it offers a range of attractions and trails for families to explore and enjoy.
9. Liverpool- Calderstones park
This stunning 94-acre family park boasts an array of woodland, fields and beautiful Japanese, botanical and old English gardens. For history lovers, it is also home to ancient megaliths that are rumoured to be older than Stonehenge. The park has many facilities to keep the kids entertained, including a lake where kids can feed the ducks and play areas.
10. Nottingham- Rushcliffe Country Park
Known for its wildflower meadows and grasslands, this park is ideal for kids because of its many attractions, including a maze, skate park, mini outdoor gym and huge play park. The site also contains a lake, ponds and 8km of managed footpaths and is known for providing a rich habitat for a huge range of wildlife. Parents can go here to relax in the peaceful surroundings while the kids burn some energy.
Top London Debt Collection Agency urges Businesses to act against late payments
Businesses in London are being advised to act promptly on late payments. This comes as late payment issues continue to rise in the UK, with small businesses facing worrying statistics.
Frontline Collections has urged London Business owners of all sizes to act swiftly in the face of late payment or they may face never getting paid at all.
According to a report by the UK’s Federation of Small Businesses (FSB), 52% of small businesses in the country have experienced late payment in the last quarter. In addition, 25% of small businesses have reported an increase in late payments, with the construction, education, administrative, scientific, logistics, and IT sectors most affected.
London Small Businesses need to act
London has around one million small businesses and experts predict that millions of jobs could be at risk if no action is taken against this issue. Expert Debt collection agencies are helping to mitigate the problem, with millions of pounds being recovered in the process.
Award winning Debt Collection experts Frontline Collections are at the forefront in the battle against small business late payment.
Tony Meadows, New Business Manager at Frontline Collections has called on business owners to act quickly when dealing with unpaid debts, stating that “At Frontline Collections, we speak to small business owners every day that have issues with non-paying customers. Whilst we can help most recover what they’re owed, unfortunately for some, they leave it too long to act.”
“We have seen a sharp rise in public facing businesses experiencing issues. Dentists, Vets, Nurseries and Private Schools are amongst the sectors suffering non-payment in the current climate”
Late payment causing mental health issues
In addition to the late payment problem, a recent survey highlighted the mental health cost to business owners caused by late payments. Unpaid invoices not only have emotional consequences but they also drain resources and cash-flow. Despite various initiatives by the British government, many businesses are still facing payment-related issues daily.
Rising energy costs have only worsened the situation, with thousands of businesses being forced to close over the winter months due to the energy cost price cap not including them. The FSB has recommended a multitude of suggestions for the government to take action on this matter. A call has been made for large firms to publicly commit to maximum payment terms to small business suppliers in law by 2027.
Thousands of SMEs could go bankrupt
The severity of the issue has led some to estimate that hundreds of thousands of businesses could go bankrupt by 2023. With 37% of SMEs applying for credit to manage their cash flow, and 62% of the public believing that business payments should be made within a week, there is a growing demand for more controls in this area.
In their recent report titled “Time is Money,” the UK’s Federation of Small Businesses (FSB) revealed concerning statistics about late payments in the small business community. Shockingly, 52% of small businesses in the UK experienced late payment in the past year’s quarter.
Furthermore, 25% of these small businesses reported an increase in late payments. This issue is felt most acutely in sectors such as construction, education, administrative, scientific, logistics and IT.
With approximately five million SMEs in the UK, experts predict that millions of jobs could be at risk if the problem of late payment is not addressed urgently. Debt collection agencies have emerged as a valuable resource for businesses grappling with late payments.
Debt Collection Agency assistance
While many small businesses can recover what they’re owed with small business debt collection agency assistance, others leave it too long to act, putting their businesses in jeopardy.
According to the FSB report, 37% of SMEs applied for credit to manage their cash flow, while 62% of the public believes that businesses should be paid within a week. The report outlines recommendations for the UK government to take action on the issue, including calls for large firms to publicly commit to maximum payment terms to small business suppliers in law by 2027.
UK businesses are seeking assistance from professional debt collection specialists in order to avoid the tiring and costly task of chasing unpaid invoices. Pursuing overdue accounts can consume valuable time that could be better spent on more profitable tasks, such as focusing on paying customers.
As a result, many small businesses are turning to professional debt collection agencies for help. The UK debt collection industry has been instrumental in supporting enterprises of all sizes in combating late payments and unpaid debts.
Collaborating with a professional debt collection agency in London can provide significant benefits for businesses, including efficient solutions for both nationwide and international debt collection.
