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Archive for September, 2016

Company failures continue to decline

Friday, September 30th, 2016

The latest figures show that an estimated 3,617 companies in England and Wales became insolvent between April and June – more than 4 per cent lower than during the previous quarter.

The total number of company insolvencies fell in the second quarter of this year.

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Bank suffers losses over false invoices

Monday, September 26th, 2016

Bank suffers losses over false invoices

A father and daughter duo have been disqualified for a total of 16 years for raising false invoices.

Raj Kumar Thaneja, 57, acted as a company director of electrical goods firm Kingsway Lansdown Limited to raise false invoices to a bank that provided invoice discounting facilities, which resulted in the firm receiving at least £190,630 to which it was not entitled. Company director Ellena Jane Kehoe, 35, was found to have failed to prevent the firm from raising the false invoices. Susan MacLeod, chief investigator at the Insolvency Service, said: “The directors did not run their business in accordance with the terms set out in its agreement with the invoice discount facility provider.“The company obtained money to which it was not entitled by submitting details of sales invoices which did not exist, which caused the provider to incur financial losses. “The directors failed to live up to the expectations of the business community.” Bradford-on-Avon-based Kingsway Lansdown raised at least 26 false invoices between 17th December 2013 and 1stMay 2014, with a total value of £238,287.

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UK fintech startups raised £40 million in July, showing Brexit hasn’t killed the hot sector

Monday, September 19th, 2016

Revolut cofounders Vlad Yatsenko, left, and Nikolay Storonsky

UK fintech startups raised £40 million in July, showing Brexit hasn’t killed the hot sector

British fintech startups have announced at least £40 million of investment in just over a month since the referendum on the UK’s membership of the European Union, according to an analysis by Business Insider. Nine funding deals in the fintech sector totalling £40.6 million have been announced since June 23, when Britain shocked the world by voting to leave the European Union. While the figure should help to allay fears of a post-Brexit fintech slowdown, most of the deals will have been in the works for months and so may not be the best indication of investor confidence post-referendum. However, the fact that these deals weren’t called off in the wake of the vote is a positive sign. Investment is holding steady at the same rate as the start of the year. A report from KPMG earlier this year showed $162 million (£110.8 million) was invested in 15 UK-based fintech startups between January and April

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Brexit threatens to burn Britain’s bridge with a vital EU institution that has invested billions into British startups

Wednesday, September 14th, 2016

People hold banners during a 'March for Europe' demonstration against Britain's decision to leave the European Union, in central London, Britain July 2, 2016. Britain voted to leave the European Union in the EU Brexit referendum.

The future of a crucial source of UK startup money hangs in the balance following the nation’s decision to leave the European Union. That source is the relatively unknown European Investment Fund (EIF), which is an institution that was created by the EU in 1994 and operates out of Luxembourg with a team of around 400 people. The EIF, which has commercial banks and other financial entities among its shareholders, invested over €2.3 billion (£2 billion) in UK startups between 2011 and 2015, according to industry data cited by The Financial Times on Tuesday. That reportedly accounts for over a third of all such investment. EIF capital finds its way to UK startups via a network of venture capital institutions that back fledgling technology companies that they think are destined for success with billions of pounds. The Financial Times reported that the EIF gave money to 144 UK-based venture capital companies or similar entities between 2011 and 2015. That makes it one of the largest, if not the biggest, investor in UK venture capital funds and growth-capital funds, according to Michael Collins, deputy chief executive of Invest Europe.

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London keeps tech investment lead despite Brexit

Monday, September 12th, 2016

Capital still flowing into technology companies as London stays ahead of Paris, Amsterdam and other European cities.

Leading global investment firms have committed to continue investing in the UK’s tech sector saying that London will remain an important destination for investment despite the vote to leave the European Union. Venture capital houses such as Index Ventures, Octopus Ventures, Balderton Capital and Hoxton Ventures are among a wider group of investment firms to pledge their continued support for the UK’s tech sector, with many citing London as an important hub for future growth. In the first six months of 2016 British companies attracted $1.3 billion in venture capital funding, matching the $1.3 billion raised in the same period in 2015. Some of the largest deals this year include London-based transport app Citymapper ($40m), Student.com ($60m) and a $65 million deal for British cybersecurity firm, Darktrace, completed after the referendum vote1. Investment into London and UK-based technology companies remains strong since the Brexit vote, with British tech firms attracting $200m of venture capital funding across 42 deals, according to the latest research from London & Partners, the Mayor of London’s promotional company2.

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UK borrowing falling slower than hoped despite July surplus – as it happened

Thursday, September 8th, 2016

Skyscrapers in the City of London.

US rig numbers rise for eighth week

UK Dividends Lag Behind Rest Of World After Growth Hit

Wednesday, September 7th, 2016

UK dividends are lagging behind the rest of the globe after eking out the weakest performance in the G7, a report has found.

UK dividends are lagging behind the rest of the globe after eking out the weakest performance in the G7, a report has found. The Henderson Global Dividend Index found that UK dividends fell by 3.3% year-on-year in the second quarter, as the slump in sterling and cuts from blue-chip companies hammered growth. However, the UK’s total of 33.7 billion US dollars (£25.8 billion) was 7.7% higher than last year, thanks in part to special dividends issued by drugs giant GlaxoSmithKline and Intercontinental Hotels. It said corporate heavyweights Standard Chartered, Anglo American, Barclays and Morrisons were among the firms to make deep cuts. Alex Crooke, head of global equity income at Henderson Global Investors said: “Profit growth remains under pressure in the UK, limiting the potential for companies to increase dividends.

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