Credit Management March 2024

CREDIT MANAGEMENT 

CM 

MARCH ISSUE 2024 

THE CICM MAGAZINE FOR CONSUMER AND 

COMMERCIAL CREDIT PROFESSIONALS 

Inside 

Winners of the 

CICM British 

Credit Awards 

Pgs 35-55 

MOON SHOT 

What’s happening in the 

world of Invoice Finance? 

What does a good 

business look like? 

Page 12 

Building fair accessibility 

into essential services. 

Page 22

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SEAN FEAST FCICM 

MANAGING EDITOR 

Editor’s column 

NEVER TOO 

BIG TO FAIL 

THE smart people in the CICM Think 

Tank have been saying for some time 

that it is only a matter of weeks before 

some of the big industry names start 

falling. That’s not because they want it 

to happen or take any pleasure in seeing 

a respected business fail. It’s more that as 

credit managers and professionals they get to see what many 

outside of our credit industry do not – especially within the 

supply chain – and it’s getting a little scary. 

Of course, some sectors are being more affected than others. 

Construction doesn’t look very pretty. The construction 

industry saw more companies go bust than any other sector 

last year, with a record 4,371 building firms collapsing in 

England and Wales. And they keep coming. 

A few weeks ago, the Essex-based contractor Readie 

Construction entered into administration. Chairman Stuart 

Read attributed the financial failure to ‘inflationary cost 

pressures, numerous subcontractor failures and chronic 

tightening in the performance bond and trade credit insurance 

markets.’ Founded in 2007, the company saw massive prosperity 

in the warehouse and logistics sectors, increasing revenue 

between 2016 and 2020 by almost £100m. 

The retail sector also isn’t filling the markets with confidence. 

As we go to press, the news was filled with stories of recession 

and the failure of Body Shop, a business with a 40-year 

pedigree. Once the darling of the High Street, the business was 

said to have lost its way - and its soul if some commentators 

are to be believed - many years ago and its failure to attract 

new customers in a crowded market was key. That’s true up 

to a point. Bodyshop took its eye off the ball and what was 

once niche is now mainstream. Soul didn’t have anything to 

do with it; it had simply lost its competitive advantage and 

then failed to act accordingly. 

What’s happening now is not a shaking out of zombie 

companies or those kept alive artificially by COVID loans 

or banks’ forbearance. It’s more fundamental than that. And 

it’s not a lack of business that is always to blame, but rather a 

lack of cash. Some are pursuing business models that are no 

longer fit for purpose and haven’t been for some time. Others 

have agreed to contracts that have denied them any flexibility 

or wriggle room and should probably never have been agreed 

to in the first place. But then hindsight is a wonderful thing. 

There will be many more big names to fail before we 

reach the bottom. Best practice credit management and 

professional credit managers can certainly help, and that 

includes calling in help early if it is needed to protect 

their business, their employees and their creditors. Good 

businesses experiencing temporary issues can still be saved 

with intelligent restructuring and flexible funding. But it 

means ditching the egos and admitting there is a problem 

in the first place. Because no company, it seems, is ever too 

big to fail. 

Brave | Curious | Resilient / www.cicm.com / March 2024 / PAGE 3

CONTENTS 

March 2024 issue 

12 – SURVIVAL OF THE FITTEST 

What does a good business really look like? 

14 – WAX AND WANE 

What’s happening in the world of Invoice Finance? 

18 – UNEVEN PRESSURE 

The rising costs-of-living is not being felt evenly 

across the whole income spectrum. 

20 – SUPERCHARGE YOUR CAREER 

Three steps to succeed in an era of skills-based 

hiring. 

22 – ACCESS ALL AREAS 

Building fair accessibility into essential services is 

key to improving financial outcomes for disabled 

customers. 

24 – Y VIVA ESPAÑA 

The Spanish economy is proving especially 

resilient. 

29 – EQUITABLE RESOLUTIONS 

What is the potential impact of the proposed 

abolition of no-fault evictions? 

62 – CLEAR THINKING 

Economic crime is driving higher requirements 

in corporate transparency. 

65 – WHEN IT RAINS IT POURS 

Late payments are up across the board. 

72 – BLOWING HOT AND COLD 

Employers should have clear strategies for dealing 

with changing weather patterns. 

Spain 

33 

INSOLVENCY 

Finding the right comparisons when 

trying to predict future outcomes is key. 

12 

SURVIVAL 

OF THE FITTEST 


CICM GOVERNANCE 

24 

COUNTRY FOCUS 

President: Stephen Baister FCICM 

Chief Executive: Sue Chapple FCICM 

Executive Board: Chair Debbie Nolan FCICM(Grad) 

Vice Chair: Neil Jinks FCICM 

Treasurer: Glen Bullivant FCICM 

Larry Coltman FCICM / Allan Poole MCICM 

Advisory Council: Caroline Asquith-Turnbull FCICM 

Laurie Beagle FCICM / Glen Bullivant FCICM 

Brendan Clarkson FCICM / Larry Coltman FCICM 

Peter Gent FCICM(Grad / Victoria Herd FCICM(Grad) 

Laural Jefferies FCICM / Neil Jinks FCICM 

Martin Kirby FCICM / Charles Mayhew FCICM 

Hans Meijer FCICM / Debbie Nolan FCICM(Grad) 

Amanda Phelan FCICM / Allan Poole MCICM 

Phil Roberts FCICM / Chris Sanders FCICM 

Paula Swain FCICM / Jamie Thornton MCICM 

Mark Taylor MCICM / Atul Vadher FCICM(Grad) 

View our digital version online at www.cicm.com. 

Log on to the Members’ area, and click on the 

tab labelled ‘Credit Management magazine.’ 

14 

WAX AND WANE 

What’s happening in the 

world of Invoice Finance? 

35 

BRITISH CREDIT 

AWARDS 2024 

Credit Management is distributed to the entire 

UK and international CICM membership, as well 

as additional subscribers 

Publisher 

Chartered Institute of Credit Management 

1 Accent Park, Bakewell Road, Orton Southgate, 

Peterborough PE2 6XS 

Telephone: 01780 722900 

Email: editorial@cicm.com 

Website: www.cicm.com 

CMM: www.creditmanagement.org.uk 

Managing Editor: Sean Feast FCICM 

Deputy Editor: Iona Yadallee 

Art Editor: Andrew Morris 

Telephone: 01780 722910 

Email: andrew.morris@cicm.com 

Editorial Team 

Joe Clarkson, Rob Howard and Melanie York 

Advertising 

Paul Heitzman 

Telephone: 01727 739 196 

Email: paul@centuryone.uk 

Printers 

Stephens & George Print Group 

2024 subscriptions 

UK: £134 per annum 

International: £166 per annum 

Single copies: £14.00 

ISSN 0265-2099 

Reproduction in whole or part is forbidden without specific permission. 

Opinions expressed in this magazine do not, unless stated, reflect those 

of the Chartered Institute of Credit Management. The Editor reserves 

the right to abbreviate letters if necessary. The Institute is registered as a 

charity. The mark ‘Credit Management’ is a registered trade mark of the 

Chartered Institute of Credit Management. 

Any articles published relating to English law will differ from laws in Scotland and Wales. 


THE NEWS 

CMNEWS 

A round-up of news stories from the 

world of consumer and commercial credit. 

WRITTEN BY: SEAN FEAST FCICM 

Azzurro launches new 

consumer and commercial 

recoveries business 

AZZURRO Associates is 

launching a new business – 

Solaris Law – and creating 

one of the largest consumer 

and commercial collections 

and legal debt recovery businesses in the UK. 

The launch follows the agreed acquisition by 

Azzurro of Equivo’s Legal Services division and 

Shoosmiths’ Business-to-Business Recoveries 

division. Completion will take place as soon as 

regulatory approvals are obtained. 

The two teams will come together with 

Solaris Law staff to create a new specialist law 

firm focussed on market leading consumer 

and business/commercial debt recovery. It 

will initially employ more than 150 staff across 

three sites. Equivo’s Field Team and High 

Court Enforcement Business will not form 

part of the new business and will continue to 

operate under the Equivo brand with CEO, 

John Ingram. 

As well as creating a new business with more 

than 100 years’ combined consumer credit 

recoveries and commercial credit management 

expertise, Solaris Law will re-unite some of the 

sector’s most highly respected industry leaders: 

Karen Bulgarelli, Mel Chell and Jim Taylor. 

Karen and Mel will lead the new 

organisation as joint Chief Executive Officers, 

taking advantage of Karen’s commercial credit 

skills and Mel’s specialism in the management 

of asset-based lending and motor finance. 

Jim will act as an advisor to the business 

in managing its secured and unsecured 

consumer lending clients. All three worked 

together previously at Shoosmiths. 

As Co-CEOs, Karen and Mel have a shared 

vision to create better outcomes for all: 

“We share a single-minded focus on developing 

Solaris Law into a diverse, market-leading 

recoveries business, built on a data-driven, 

customer focused recoveries strategy that leads 

to good customer outcomes and in turn gives 

our clients a better service,” Karen explains. 

Mel says the business will be unique in 

providing complete service lines across the full 

credit lifecycle: “From early and live collections 

and recoveries to litigation and beyond, our 

teams will be able to deliver the full suite of 

services for creditors working across both 

consumer and commercial lending, secured 

and unsecured, and led by true sector experts 

and experienced legal professionals.” 

Upon the transition of the existing Equivo 

and Shoosmiths teams to the new business, 

client contacts will be maintained to ensure 

the highest levels of service continue. The case 

management platform is common across all 

parties, and further investment in additional 

systems and infrastructure is planned. 

Andrew Birkwood, Founder of the Azzurro 

Group, says the combined teams will be able 

to deliver significant economies of scale: “With 

the strength, agility and investment from the 

Azzurro Group, we have the appetite and the 

ability to build an even more formidable datadriven 

business in the recoveries space with 

a first-class, highly collaborative leadership 

team with a shared vision, and total alignment 

of culture and values.” 

The Azzurro Group is regulated by both 

the Financial Conduct Authority and the 

Solicitors Regulation Authority. Azzurro was 

also the first non-lender to sign up to the 

Lending Standards Board’s Code for Business 

Standards. 



Senior appointment 

IAIN Hendry has been promoted to National 

Head of Sales for Invoice Finance specialist, 

Optimum Finance, in recognition both of 

his own contribution to the team and the 

exceptional performance of the business 

in introducing more small businesses to a 

critical source of cashflow funding. In the 

newly created role, all UK sales responsibility 

will fall within Iain’s remit. He will be 

responsible for the new business strategy, 

nurturing existing and identifying new 

introductory channels as well as recruiting, 

training and developing current and future 

teams to best serve the needs of customers 

across multiple sectors and regions. 

Cost-of-living forcing 

more consumer to borrow 

to make ends meet 

STEPCHANGE Debt Charity is urging 

the Government to reassess its cost of 

living support for households ahead of the 

Spring Budget as new polling finds that 

two in five (40 percent), 21 million people, 

are struggling to keep up with bills and 

credit commitments, and six million have 

relied on credit to make ends meet in the 

last 12 months. 

The polling, run by YouGov, shows 

that among UK adults one in eight have 

borrowed money to make ends meet in 

the last 12 month, two in five (40 percent) 

are finding it difficult to keep up with 

household bills and credit commitments, 

and one in four (24 percent) have rationed 

heating, electricity or water to meet credit 

repayments. 

People were also asked about their 

ability to cope should they be faced with 

an unexpected expense of £1,000. One in 

eight (12 percent) people said they would 

not be able to cover any without turning to 

borrowing, rising to one in five (19 percent) 

among single parents. 

StepChange, alongside other charities, 

has raised the alarm about the Household 

Support Fund ending this month, which is 

a vital lifeline for households experiencing 

financial hardship, particularly if they are 

faced with an unexpected expense, or are 

struggling to cover essentials. 

Elsewhere, while encouraging reports 

have emerged around energy bills 

dropping from April, energy prices remain 

significantly higher than two years ago, 

and according to estimations from Ofgem, 

energy debt has reached a record £2.9 

billion. StepChange has seen a similar 

trend of high energy debt among its own 

clients - between January and December 

2023, average energy arrears increased by 28 

percent per new StepChange client. 

Vikki Brownridge, CEO at StepChange 

Debt Charity, says that in an election year, 

tackling such widespread problem debt and 

improving households’ financial security 

should be at the top of the agenda for 

current and potential new governments: 

“We’re fast approaching a point where all 

measures brought in to support people 

with the cost of living crisis are due to end, 

yet as this research shows, managing the 

cost of essentials has become more difficult 

for people in recent months.” 

Elsewhere, as living costs rise, over 

450,000 people in the UK are now reported 

to be using credit builder, Pave, as they look 

to improve their credit scores and access to 

credit. There has been a 13 percent spike 

in Pave users over the last 12 months, from 

400,000 users in January 2023. 

Switching over 

BETWEEN October and December 2023, the 

Current Account Switch Service facilitated 

433,701 switches, the highest quarterly total 

recorded since the Service was launched over 

10 years ago. These figures take the total 

number of switches since September 2013 to 

10.2m. The elevated switching figures may 

indicate that both consumers and businesses 

are reevaluating their existing accounts amid 

ongoing economic uncertainty. Account 

holders may be exploring banks and 

building societies that provide more tailored 

services, attractive switching incentives, or 

promotional offers that better suit their 

needs. 

Dead reckoning 

A survey commissioned by finance experts 

ABC Finance, has cast a stark light on the 

nation's ability to cope with one of life's 

most painful inevitabilities: the cost of a 

funeral. The survey, involving a cross-section 

of 3000 Brits, lays bare a sobering reality: 

more than a third (38 percent) of Brits admit 

they would struggle to cover the expenses 

of a funeral for their next of kin. 

Falling down 

ESSEX-based contractor Readie 

Construction has gone into administration, 

Chairman Stuart Read attributing the 

financial failure to ‘inflationary cost 

pressures, numerous subcontractor failures 

and chronic tightening in the performance 

bond and trade credit insurance markets.’ 

Founded in 2007, the company saw massive 

prosperity in the warehouse and logistics 

sectors, increasing revenue between 2016 

and 2020 by almost £100m. Elsewhere in the 

construction sector, Ardmore has blamed 

inflation, supply-chain failures and ‘some 

poor management’ as the reasons it suffered 

a £10.8m pre-tax loss for the year ending 30 

September 2023. Ardmore also plunged into 

the red after posting a £6.5m pre-tax profit 

12 months earlier. 

Brave | Curious | Resilient / www.cicm.com / March 2024 / PAGE 7 

continues on page 8 >

THE NEWS 

A fifth of UK SMEs want 

to re-join EU as new 

checks come into force 

UK SMEs trading abroad 

remain hamstrung by 

circumstances borne 

out of Brexit, as the 

UK's withdrawal from 

the European Union approaches its fouryear 

anniversary. 

New research from Bibby Foreign 

Exchange (BFX) suggests that more than 

half (55 percent) see the ongoing impact 

of Brexit as a significant challenge, 

ranking second only to inflation as the 

key issue hampering their growth. 

Michael McGowan, Managing 

Director of BFX, says that the burden of 

Brexit is growing, not shrinking: “Brexit 

is stifling the growth of thousands of 

UK exporters and importers who also 

face a myriad of supply-chain Issues as a 

result conflicts in Europe and the Middle 

East,” he explains. “Combined, such 

geopolitical events are placing further 

pressure on those trading overseas." 

BFX’s inaugural Trading Places 

report was published in 2017 during 

the aftermath of the EU Referendum. 

At that time, 41 percent of importers 

and 29 percent of exporters said Brexit 

was having a negative impact on their 

business. Today, this perspective is true 

for a third of importers (62 percent) and 

exporters (63 percent). 

Half (49 percent) of SMEs report 

that the cost of trading with customers 

and suppliers in the EU today is more 

expensive and less profitable today. 

Meanwhile, 40 percent cite tariffs, 

customs and trade barriers as key issues 

facing them, leading more than a fifth 

(20 percent) to say they would be in 

favour of a new government taking steps 

to re-join the EU. 

Findings come as new post-Brexit 

border checks for UK exporters come 

into force: “Despite the resilience of the 

UK’s SME population, many of those 

who trade abroad are clearly struggling 

to operate as effectively as they did 

before Brexit. Held back by increasingly 

complex customs and clearance processes, 

this research sheds light on the ongoing 

impact of Brexit on SMEs. With new 

post-Brexit border checks on goods set 

to be in place this month - starting with 

the Border Target Operating Model, and 

physical checks beginning in April - this 

problem only stands to intensify." 

Despite a challenging environment, 

Europe remains the primary trading 

bloc for UK businesses, with six in ten 

(61 percent) trading with EU member 

countries, rising to 69 percent for those 

with turnover of between £500,000 and 

£1 million. 

However, for a growing number, 

there has been a discernible shift away 

from trade with the EU. Since Brexit, 

40 percent trade less with companies in 

the EU and 21 percent trade more with 

customers and suppliers outside of the 

EU. 

Looking ahead to the 2024 general 

election, two-fifths (44 percent) say 

they’d like a new government to revise 

the current Trade and Cooperation 

Agreement between the UK and the EU 

to improve trading conditions with the 

bloc. Conversely, more than a third (36 

percent) would like a new government to 

establish more trading agreements with 

countries outside the EU. 

“The growing desire to trade with 

non-European partners suggests a 

‘needs must’ pragmatism adopted by 

UK businesses dealing with the ongoing 

impact of Brexit,” Michael onncludes. 

‘‘Yet SMEs’ appetite for closer ties with 

the EU couldn’t be clearer. If policy 

makers and government fail to listen 

to and prioritise the views of small and 

medium size businesses trading overseas, 

the subsequent losses could be dramatic 

both for individual businesses, and 

national economic growth.” 

“The growing desire to trade with 

non-European partners suggests a 

‘needs must’ pragmatism adopted 

by UK businesses dealing with the 

ongoing impact of Brexit.” 



Profit warnings may 

herald more failures 

in next 12 months 

THE percentage of UK-listed companies issuing profit warnings last 

year exceeded the levels seen at the peak of the financial crisis in 2008 

as more than 18 percent of public firms issued warnings, according to 

EY-Parthenon’s latest Profit Warnings report. 

In total, 294 profit warnings were issued in 2023, a small decrease of 11 

from 2022 when 305 warnings were given. But the percentage of companies 

warning was still exceptionally high and higher than at the peak of the 

global financial crisis in 2008. Last year, over a quarter of warnings (26 

percent) were attributed to delayed contracts or decisions, 19 percent 

were due to increased costs and a further 19 percent cited the impact of 

higher interest rates. 

In Q4 2023, 77 warnings were issued versus 76 in the prior quarter. 

Cost pressures appeared to ease towards the end of 2023, causing just 10 

percent of warnings in Q4 compared to 41 percent in the same period the 

year before. However, corporate spending delays and higher interest rates 

became an increasing issue in 2023, with the latter prompting 24 percent 

of profit warnings in H2 2023, compared with 14 percent in the first half 

of the year. 

Smaller companies, which are more vulnerable to demand and margin 

pressures, dominated warnings at the start of the 2023. However, by Q4 

pressure had broadened as a third of the companies warning (33 percent) 

had annual revenues of over £1bn, more than double the average number 

of warnings given by businesses of this size. 

In 2023, 39 listed companies issued their third or more consecutive 

profit warning in 12 months, representing 18 percent of all companies that 

issued a warning last year. This compares to 31 companies that issued their 

third or more consecutive profit warning over a 12-month period in 2022. 

To date, 13 percent of companies that warned over profits for a third or 

more time in 2023 have gone on to de-list. 

Smaller companies, 

which are more vulnerable 

to demand and margin 

pressures, dominated 

warnings at the start of 

the 2023. 

Jo Robinson, EY-Parthenon Partner and UK&I Turnaround and 

Restructuring Strategy Leader, says that pervasive uncertainty in 2023 

created major challenges for businesses around earnings and forecasting: 

“While pressure around costs eased somewhat toward the year-end, the 

uptick in warnings caused by delays to business decisions and weak 

consumer confidence indicates an ongoing reluctance to commit to 

discretionary spending. 

“In 2024, businesses will hope for a quicker-than-expected fall in 

inflation and interest rates, but many moving parts need to slot into 

place before we can be sure of an economic ‘soft landing’. We expect to see 

increasing disparity between businesses that are positioned to capitalise 

on still limited growth and those that are hampered by the impact of 

recent earnings pressures or their access to and the cost of capital. It is 

shaping up to be an easier year for many, but not all UK companies.” 

Anxious times 

DATA from the Current Account Switch 

Service suggests that UK SME decision 

makers might be optimistic for the year 

ahead, but a considerable proportion (24 

percent) of those surveyed admit that they 

regularly feel anxious because of business 

worries. The poll of over 2,000 respondents 

found that continued and increased revenue 

(43 percent) and more work with new and 

existing customers and clients (45 percent) 

also featured high on UK SME decision 

makers surveyed list of goals for the next 

12 months. As part of their annual review 

processes, nearly seven in 10 (69 percent) of 

SME decision makers surveyed shared their 

openness to consider switching their bank 

account, which may signal an era of more 

efficient finance management. 

Open relationship 

TYMIT, the instalment credit card 

business, and leading credit reference 

agency Equifax have announced a new 

Open Banking partnership to support 

affordability decisions and transparency 

for Tymit’s credit products in the UK. 

This partnership, leveraging the power of 

Equifax’s Open Banking solutions, is said 

to allow Tymit to improve the accuracy 

of affordability decisions with real-time 

insights and more granular transaction 

data. This provides direct benefits to Tymit 

customers, helping those with ‘thin’ credit 

history to demonstrate their financial 

resilience and unlock access to finance while 

simultaneously helping to protect vulnerable 

consumers from unaffordable debt. 

Thick and thin 

FINTEX Capital, the innovative investment 

firm specialising in private debt, has 

expanded its mezzanine financing for 

ThinCats, the leading alternative provider 

of business loans to mid-sized UK businesses. 

As part of this transaction, Fintex Capital 

made a further £5m available to ThinCats, 

taking its total mezzanine exposure up to 

£12m. This is financed by Fintex Specialty 

Finance UK, the firm’s discretionary 

investment fund. ThinCats continues to 

successfully provide vital funds to mediumsized 

businesses across all sectors to support 

their growth ambitions. 

Personal challenge 

LUXEMBOURG is the most affordable 

European country to take out a personal 

loan, according to an analysis of Trading 

Economics data from loans business Lånea. 

Ireland was second, followed by Denmark, 

the Netherlands and Czechia. The United 

Kingdom was identified as the worst 

country to take out a personal loan. 



CICMQ 

CICMQ Setting the 

standard for Best 

Practice in Credit 

Management and 

Collections 

Top of the class 

THE London School of Economics and Political Science (LSE), one of the foremost social science 

universities in the world, welcomed Sue Chapple FCICM, Luke Sculthorp FCICM and Karen 

Tuffs (FCICM)Grad to one of its newest campus buildings in London in January. The CICM team 

were delighted to present Glenn Ruane, Head of the Fees, Income and Credit Control (FICC), 

and the members of the FICC team with LSE’s first CICMQ Best Practice accreditation award. 

CFO, Mike Ferguson and Assistance Director of Finance & Head of Financial Systems, Keith 

Adams joined 15 members of the successful team in celebrating receiving their well-deserved 

Merit pass. Securing such a score at The School’s first attempt is an impressive achievement. 

Due to office space restrictions and working practices meant it was a hybrid in-room/virtual presentation and I was asked 

to present virtually – Karen Tuffs FCICM(Grad). 

Legion of Merit 

THE Adecco Group UK & Ireland credit control team, led by Debbie Matthews MCICM(Grad), 

accompanied by Lauren Rogers ACICM, hosted its CICMQ award presentation in the Birmingham 

office in February. Debbie and Lauren were joined by Karen Tuffs FCICM(Grad), CICM Head of 

Accreditation, and their 40-strong team both in person and virtually to celebrate their impressive 

achievement of securing a fifth consecutive CICMQ accreditation with a Merit pass. A massive 

well done to the Adecco team, and onwards and upwards to CICMQ Award number six! 

Excellence in Credit Management 

CICM Excellence in Credit Management status is the Chartered Institute 

of Credit Management’s highest accolade. 

Stepping on the gas 

XOSERVE is the latest high-profile 

organisation to secure CICMQ 

re-accreditation. Not only did the Credit 

Risk and Neutrality Team, led by Brendan 

Gill, Business Process Manager, secure their 

fourth consecutive accolade but they did it 

in style with a Distinction pass. Xoserve, 

which is central to Great Britain’s wholesale 

gas market, are the first organisation to 

be awarded the highest grade level in the 

refreshed CICMQ programme. Sue Chapple 

FCICM, Luke Sculthorp FCICM and Karen 

Tuffs FCICM(Grad) joined the team’s 

monthly meeting together with members of 

Xoserve’s Senior Leadership Team including 

CEO, Steve Brittan and Head of Finance and 

Support Services, James Spicer, to celebrate 

this impressive achievement. 

Rewarding talent 

CICM’s CEO Sue Chapple FCICM, Head 

of Strategic Relationships, Luke Sculthorp 

FCICM and Head of Accreditation, Karen 

Tuffs FCICM(Grad) were greeted by Eileen 

Bell MCICM, Head of Global Credit 

Control, accompanied by Liz Whittaker, 

Director of Financial Accounting and 

Operations, and Aisling Miller ACICM, 

Credit Control Manager at the Alexander 

Mann Solutions (AMS) London office to 

receive AMS’s CICMQ award. Following 

initial accreditation in March 2020, Eileen 

led the UK and Ireland team of this global 

provider of talent acquisition services to 

secure the Credit Control team’s second 

prestigious award with a Merit pass. Some 14 

AMS team members joined the celebrations 

remotely, enjoying time out of their busy 

collections schedules to reflect on their 

well-earned success. 

The professional body awards this accreditation only to organisations 

that can demonstrate they meet specific challenging criteria as 

confirmed by the Institute’s Executive Board. Successful applicants will 

achieve Excellence in Credit Management for a period of two years from 

the date the accreditation is granted. 

Organisations can apply for the award annually and up to five will be 

awarded at the British Credit Awards. Judging will be undertaken by 

members of the Executive Board. 

Brave | Curious | Resilient / www.cicm.com / March / PAGE 10

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BUSINESS MANAGEMENT 

SURVIVAL OF 

THE FITTEST 

What does a ‘good’ business really look like? 

BY STEPHEN GODERSKI 



WE find ourselves in 

an uncomfortable 

position where 

there is widespread 

dissatisfaction with the 

Government but a lack 

of confidence in both 

the opposition and other political parties. This makes the 

run up to the next general election (to be held no later than 

December 2024) potentially damaging in view of the inherent 

uncertainty of its outcome. 

Reading the excellent survey of owner managed businesses, 

published last year by The Association of Practising 

Accountants, the following points struck me: 

• 77 percent of businesses rated Government support as either 

poor or very poor – this in a post-furlough landscape where 

Government support for businesses could not be faulted. 

This makes me wonder whether businesses quite like being 

nannied – as long as they don’t have to pay for it of course. 

• Half believe that the Government could do more to tackle 

inflation – Only half! What do the other half think that 

governing entails? 

• One in three felt that a change of Government would be 

good for business – surprisingly low when you consider 

the previous points. Nonetheless the fact that we have had 

three prime ministers in the last four years (that after the 

turmoil of the Brexit years) may simply indicate that what 

businesses really want is stability. 

• Half believe they are in better shape than twelve months 

ago – dare I say the proactive ones? 

• Almost four out of five were confident that they could deal 

with further interest rate rises over the next 12 months – 

which again indicates a level of confidence in their ability 

to survive. 

• Almost 70 percent were unlikely or highly unlikely to make 

significant capital investment in the next 12 months – not 

surprising given the looming general election. 

The survey publishes a selection of very interesting quotes 

from business owners and is well worth a read. 

Challenging times 

As everyone realises, it is tough out there and has been for 

some time. Regardless of your feelings about taking control of 

our sovereignty, Brexit has not been good for the economy on 

a number of levels (loss of market, loss of workforce leading 

to wage inflation, increased bureaucracy in selling into the 

EU). To compound this, we have had COVID, the ongoing 

Russo-Ukrainian war, and conflict and increasing tension 

in the Middle East. The knock-on effects of these events for 

the UK include significant debt levels, leading to a reduced 

ability for the Government to invest in future-proofing the 

nation’s infrastructure, and increased energy costs, which affect 

all of us many times over. And yet 50 percent of the APA’s 

respondents believe they are in better shape than they were 

12 months ago. We live in Darwinian times, and it really is 

survival of the fittest, the fittest being those businesses which 

have vision, are strategic and who understand what is needed 

to drive their businesses forward. 

So what does that business look like? I would suggest that 

it incorporates many if not most of the following elements: 

Strong leadership 

Clear values 

• 

Operational flexibility 

Great systems and controls 

Recognition of what is important to their business 

Motivated workforce 

Accountability at all levels. 

Let’s dig a little deeper into some of these elements. Tone at 

the top is important and progressive leadership is essential; 

that means dismissing your leading sales person fee earner if 

they fail to adhere to the firm’s values – otherwise what is the 

point of having such values? 

Operational flexibility 

Operational flexibility speaks for itself, and great systems and 

controls allow for real time monitoring and are an effective 

early warning system for things going wrong (or right of 

course). What is important to a business may change over 

time. At the moment I would suggest that for professional 

services firms their employees are more important than their 

clients (please note that I am not saying that their clients are 

unimportant!). I know that within our own business we put 

considerable effort into making life as comfortable as possible 

for our teams in the context of delivering great service and 

results and I know that we are far from alone. 

Keeping all of your team, regardless of age or experience, 

motivated is clearly desirable for any business and is not 

something where one size fits all. What is important to trainees 

is not what is important to the director who has been with you 

for 30 years, but both need to feel valued and be kept happy. 

That can be challenging but is not impossible. A very simple 

way of gauging satisfaction levels is by regularly asking people 

how they feel and what would make their work life better. 

Some suggestions will be unworkable but as long as there is 

dialogue and the reasons for not taking up a particular idea 

are explained, you may be surprised at the number of good 

practical ideas that you receive and the engagement of your 

team when they are implemented. 

Finally, accountability. Who is responsible for what. Something 

about which, unlike the result of the next election, there should 

be no uncertainty. If everybody is clear on the direction of 

travel, their role in the journey and they believe that they 

have had some input into the route and means of transport, 

that should be a very happy and motivated workforce and 

great financial results should follow. And after all, that is 

predominantly why we all work in the first place. 

Author: Stephen Goderski is a Partner in the Restructuring Team 

at PKF GM The Association of Practising Accountants. 


INVOICE FINANCE 

WAX 

AND WANE 

What’s happening in the world of Invoice Finance? 

BY SEAN FEAST FCICM 

LOOKING at the data from UK Finance, 

the industry trade body, tells some of 

the story but certainly not all of it. In 

terms of turnover, at £313bn in 2022, the 

volume is high and is expected to reach 

a similar (though a slightly lower) figure 

for 2023. Client numbers, however, have 

fallen to around 35,000 – quite a distance from its peak a few 

years back when that figure was c15,000 higher. 

So what is that telling us? It’s difficult to know. It could be 

telling us that the popularity of Invoice Finance is on the 

wane. Given that the turnover values are still high, however, 

it may also be suggesting that it’s a smaller number of larger 

businesses that find it most useful. That would be a simple 

conclusion, were it not for the fact that within the client 

numbers, business volumes within the £0 - £1m turnover 

bracket have increased. 

Data can only reveal so much. The volumes and values captured 

by UK Finance do not represent the entire market – only its 

40 or so asset-based finance members. Some of the smaller 

providers’ data, for example, is not included. (Some may see 

the annual cost of membership as a barrier to membership.) 

Most if not all the data from a growing number of spot-invoice 

funders will similarly be discounted. 

Clients that are not clearly defined as ‘pure play’ IF clients 

may also not be included, in cases where large deals may be 

being struck, and have a receivables element to them, but 

would not be counted in ‘true’ IF performance. If the fall in 

client numbers is taken at face value, and the popularity of 

IF is in decline, then why might that be so? 

COVID hangover 

Certainly, there is a hangover from COVID; many businesses 

that may have previously benefited from IF had access to other 

forms of cheaper borrowing, and the Government was handing 

it out with alacrity. There is also a current disinclination for 

business to borrow; this is something that is not unique to IF 

but is impacting all areas of commercial lending. 

The challenge may also be, in part, of the industry’s own 

making. Invoice Finance should not be fundamentally difficult 

to understand. If a company is required to do business on 

credit terms, then it helps them bridge the gap between the 

work done and payment received. It is that simple. 

For some reason, however, it is perceived as being complicated, 

and seen as placing considerable responsibility on the 

part of the borrower. That’s not surprising given that its 

model has always been focused on managing and reducing 

risk, requiring proper security and collateral. It is more 

relationship driven, rather than a one-off interaction, and this 

scares some businesses away. Fintechs and other challenger 

funders, however, have seemed to make access to cash easier 

to understand and the process more straightforward, even 

though the discipline that Invoice Finance requires of the 

borrower helps more cash to become unlocked, which has to 

be a good thing all round. 





INVOICE FINANCE 

One of the reasons it is seen as complicated, however, is because there 

is no consistency in the language that IF providers use. Different 

providers use different ways to describe the same things. Sometimes 

a funder even uses different terminology within their own business: 

advance rate, pre-payment initial percentage and initial payment, for 

example, are three ways to describe the same thing! 

Notwithstanding these factors. UK Finance remains confident that the 

popularity of Invoice Finance will return, especially as the economy 

recovers, and acknowledges there is a huge appetite from its IF members 

to lend. While it may be in something of a holding pattern, in the 

context of other forms of commercial finance and lending products, 

it remains relatively resilient. 

It may be, also, that the figures from UK Finance regarding client 

numbers are an underestimate of what’s really going on. A recent 

review of debentures registered by Invoice Finance providers suggests 

the figure is closer to 50,000 rather than 35,000, but it’s not a given, and 

the fact that some charges are not satisfied and therefore incorrectly 

recognised adds a complication to clarifying a somewhat opaque picture. 

Some don’t hold with the idea that many hundreds of thousands of 

businesses could benefit from IF. It requires a business to be B2B, which 

instantly rules out a considerable swathe of SMEs, and some businesses 

(as stated previously) are simply not in the market to borrow. That 

said, IF isn’t borrowing and it’s more than ‘just’ funding; it provides 

a credit management service. If there are two million actual trading 

businesses and 44 percent of them are B2B (according to data from 

the Business Intelligence Group), then that still equates to 220,000 

potential beneficiaries which is a long way short of the 35,000 or so 

current users. 

Last resort 

Is the industry concerned that IF is still seen as something of funding 

of the last resort? On the one hand, this can be seen as a negative. 

Looked at differently, however, it shows that many different types of 

funding are available to support businesses at different stages of their 

own economic cycles and that has to be a good thing. 

When it’s considered that IF and Asset-based lending products support 

UK businesses which when combined represent in the region of 12 

percent of UK Gross Domestic Product, its place in the commercial 

lending spectrum is warranting of higher respect. The fact that the 

popularity of IF is growing within the mid-market, also, would suggest 

it is anything but ‘last resort’ but more accurately ‘early choice’. 

So what about the future? 

The receivables finance sector is far from black and white. New 

entrants are always appearing, such as those who fund credit card 

receivables, for example. IF providers may have to evolve their existing 

models; how companies pay and get paid is changing and the new 

payment architecture could transform the Invoice Finance industry. 

Artificial Intelligence, Open Banking and other digital tools will all 

play their part. 

And there is another challenge lurking around the corner: e-invoicing. 

To some it will be an opportunity; to others, a threat. In the European 

Union it will be mandatory; in the UK, it is more of a murky pond 

and the industry will need to be on the front foot or else it will be 

the large accountancy software providers who will be calling the tune 

and defining the future competitive landscape. 

Is the industry 

concerned that 

IF is still seen 

as something of 

funding of the 

last resort? 


Brave | Curious | Resilient / www.cicm.com / March 2024 / PAGE x

CONSUMER CREDIT 

UNEVEN 

PRESSURE 

The rising costs-of-living is not being felt 

evenly across the income spectrum, so what 

does this mean for debt anxiety and arrears. 

BY SARAH COLES 

It can be difficult to 

see the overall impact 

of rising prices when 

we look at today’s 

inflation figure. 



LIFE got harder in 2023, dealing a 

real blow to our financial resilience. 

The new edition of the Hargreaves 

Lansdown Savings and Resilience 

Barometer, which is carried out in 

partnership with London Economics, 

found that overall resilience fell 0.5 

points to 60.9 (out of 100). It’s still above pre-pandemic 

levels, but a third of the pandemic gain has been 

wiped out. 

The Savings and Resilience Barometer is structured around 

the five pillars of financial behaviour that are fundamental 

in order to balance current and future demands, while 

guarding against risks. These are: controlling your debts, 

protecting your family, saving for a rainy day, planning for 

later life and investing to make more of your money. 

Relentlessly rising prices for well over a year have taken a 

toll. It can be difficult to see the overall impact of rising 

prices when we look at today’s inflation figure. However, 

the Barometer shows the cost of living has increased 18.4 

percent in the past two years. 

This hasn’t been felt evenly across the income spectrum, 

so the resilience gap between higher and lower earners is 

widening. For higher earners, life has actually been getting 

easier. The highest fifth of earners have seen the proportion 

scoring ‘good’ or ‘great’ for overall financial resilience rise 

from 77 percent in 2019 to 86 percent at the end of 2023. 

Meanwhile, lower earners are still being clobbered by the 

cost-of-living crisis. The lowest fifth of earners with ‘good’ 

or ‘great’ scores fell from three percent to two percent. 

Debt crisis 

Lower earners were less able to build up lockdown savings 

during the pandemic. They were also less likely to have 

investments or own property – both of which increased 

in value – so by the end of the peak of the pandemic they 

were worse off. 

As we emerged from one crisis, we were then plunged into 

another, and the rising cost-of-living has taken a toll on 

the resilience of lower earners too. They already had less 

room in their budgets but were hit harder by rises in the 

cost of the essentials – including a 23.9 percent increase in 

the cost of food and non-alcoholic drink. 

Increasingly, they have spent any savings and cut every 

cost, and have run out of road. The debt position of lower 

earners has deteriorated since the onset of the pandemic, 

while for everyone else it has improved. The debt scores for 

those on lower incomes are significantly worse than they 

were before the pandemic, falling three percent - compared 

to a two percent rise in the debt scores of higher earners. 

Debt anxiety and arrears are a particular concern. More 

than a quarter (27 percent) of the lowest earners are in 

arrears, while 37 percent have debt worries. It’s easy to see 

why, because their debt repayments (excluding mortgages) 

are painfully high compared to their incomes. The lowest 

fifth of earners have average debt repayments of £168 a 

month, compared to £141 among the second lowest fifth, 

and £315 among middle earners. 

Forecast 

Overall resilience is expected to stay at the current level 

throughout 2024, as National Insurance cuts and lower 

inflation are offset by smaller wage rises and frozen tax 

thresholds. However, when it comes to National Insurance 

cuts, lower earners benefit less. Once you subtract extra tax 

caused by frozen thresholds from the National Insurance 

cuts, the average earner is £13 better off, and those on 

lower-than-average incomes will actually be worse off. It 

means the resilience gap could widen further. 

Lower earners are also likely to suffer if there are no more 

cost-of-living payments announced after the last one in 

February 2024. These have gone to lower earners and retired 

people and made a significant difference in boosting their 

resilience. It means there is a risk they will continue to 

turn to debt to make ends meet, and more people will fall 

into arrears as they can’t afford their debt repayments. 

Falling interest rates could ease the pressure as we go 

through the year, but these are far from guaranteed and 

rely on the market being right about its forecasts for 

interest rate cuts. If you’re holding out for this to solve 

your debt problems, it’s a risky strategy, so it’s far better to 

face it head-on and talk to a debt charity like Stepchange 

or National Debtline sooner rather than later. 

About the Barometer 

This is a huge piece of analysis we do every six months in 

partnership with Oxford Economics, bringing together 

16 separate measures from official datasets, and using 

statistical modelling to build an overarching picture of 

people’s financial resilience – from how much savings 

they have, to whether they’re on track for a reasonable 

retirement income. It gives us an overall picture of whether 

we are getting stronger or losing resilience, and tells us 

where people are vulnerable, and about the gaps in their 

finances. 

We can also use the model to see the impact of big changes 

in the world around us – like rises in mortgage rates and 

house price drops. 

It is structured around the five pillars of financial behaviour 

that are fundamental in order to balance current and 

future demands, while guarding against risks. These are: 

controlling your debts, protecting your family, saving for 

a rainy day, planning for later life and investing to make 

more of your money. 

Author: Sarah Coles is Head of Personal Finance 

at Hargreaves Landsdown 


CAREERS 

SUPERCHARGE 

YOUR CAREER 

Three steps to succeed in an era of skills-based hiring. 

BY NATASCHA WHITEHEAD 

SKILLS-based hiring, where more emphasis is 

placed on the skills a candidate has rather than 

their experience or qualifications, has become 

a buzzword in the world of work, but how can 

we respond to this trend to boost our careers? 

Whether you’re looking for a new role, or striving 

to progress in your current organisation, tapping 

into the rise of skills-based hiring will allow you to enhance your 

entire career. Here are three ways you can prioritise your skillset 

to support your professional development: 

1. Keep upskilling 

It’s important to continuously build on your skillset to improve 

your employability and your chance of receiving promotions. 

Identify if there are any core skills you are lacking and research 

the training courses and qualifications that are out there to 

help you fill these gaps. As well as seeking out external courses 

to expand your knowledge, find out if your organisation offers 

internal learning and development opportunities, which are 

likely to be free of charge. 

You could set aside a couple of hours each week in your spare time 

to complete relevant training courses or speak to your manager 

about blocking out some time during your working hours. It’s 

crucial that you don’t just complete an additional qualification 

for the sake of putting it on your CV, but with the intention of 

upskilling yourself to move forward in the career you want. 

Having a learning mindset is a core skill that employers prioritise 

in their teams today, and you can demonstrate your willingness 

to progress by learning from your colleagues in your day-to-day 

working life. Whether members of your team can support you 

to improve your technical skills, such as feeling confident using 

a particular credit control software, or soft skills, such as being 

able to negotiate effectively with clients, the opportunities to 

learn are endless. 

2. Track your skillset 

Whilst qualifications on your CV can certainly enhance your 

credibility, what employers are really interested in nowadays is 

what you learnt during that experience and the specific skills 

you developed as a result. Keep track of the steps you took to 

acquire certain skills, so you can reflect on how far you’ve come, 

as well as demonstrate your proactive approach to upskilling 

to a current or prospective employer. You should also keep a 

record of times when you have pushed yourself out of your 

comfort zone to develop particular skills, such as getting involved 

in additional projects. 

Similarly, to thrive in an era of skills-based hiring, it’s important 

to keep a record of examples where you utilised your skills and 

how your skills have helped you overcome any challenges. For 

instance, your strong communication skills may have enabled you 

to solve a difficult dispute with a client, so make a note detailing 

this event and how your skills led you to a desired outcome, 

thus contributing to the success of the business. As you build 

an extensive list of examples, you can then include these on your 

CV, discuss them in an interview and use them to pitch to your 

employer why you deserve a promotion. 

You need to be able to illustrate your capabilities coming to 

life. Anyone can list an impressive set of skills on their CV for 

example, so having a record to hand that is specific to you and 

your skills journey is essential to stand out from the crowd and 

take advantage of skills-based hiring. 

3. The relevance of your skills 

Once you’ve acquired a toolbox of skills, it’s vital to ask yourself: 

how is my skillset invaluable for my career? When applying for a 

new role, always be specific about why the skills you have under 

your belt make you a suitable candidate. In any job application, 

emphasise each skill you’ve mastered and exactly why it is 

transferable to the position in question. Whether that’s managing 

your time well or having strong numeracy skills, be specific about 

the tangible ways you plan to put these skills to good use in your 

day-to-day responsibilities to facilitate success. 

When it comes to utilising your skills to enhance your career 

development, you could look at the job description for the role 

above you in terms of seniority and show that you tick lots 

of the required skills, to prove you are ready for that level of 

responsibility. Let’s say you’ve increased a business’ profits by 

reducing debt, use this as evidence of your skills and articulate 

that these skills lay the groundwork for you to continue meeting 

and exceeding targets in the role you’re striving to secure. 

Ultimately, as the skills-based approach to hiring is here to stay, 

skills are the fuel you need to supercharge your career in credit, 

so ensure you adopt a thirst for knowledge, illustrate your skills 

in practice and communicate why they matter. 

Author: Natascha Whitehead is Senior Business Director at Hays 

specialising in Credit Management. 


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+03'00' 

Moneyknows no borders—neither do we 


CONSUMER CREDIT 

ACCESS 

ALL AREAS 

Building fair accessibility into essential 

services is key to improving financial outcomes 

for disabled customers 

BY PAUL LAMONT 

ACCESSIBILITY is something 

many of us take for granted, 

and something businesses 

of all shapes and sizes need 

to prioritise. There are 16 

million disabled people living 

in the UK, which is almost a 

quarter of the population (24 percent). For those with 

a disability, or in need of specific support, contacting 

essential service providers can be challenging. This leaves 

millions of people unable to engage with businesses 

when needing support or information. 

This is not just an isolated issue either. The Financial 

Conduct Authority (FCA) estimates that 7.4 million 

people have struggled to contact their service providers, 

with the most vulnerable in society facing the greatest 

challenges. 

Research conducted by Experian and Revealing Reality 

shows that some of the most significant barriers for 

consumers to disclose to their service providers are time 

and trust. The time, and stress, of having to engage with 

so many different service providers, often requiring long 

conversations with call centre staff, and the lack of trust 

in the way that information is used means consumers 

typically have no transparency in how their information 

is used once a disclosure is made. 

To address this issue, businesses must take a more 

proactive and informed approach to ensure their 

services are accessible. To do this, barriers to disclosure 

need to be removed so that consumers are empowered to 

notify service providers of their reasonable adjustments. 

Without this, disabled customers and those with 

additional support will, and do, struggle to engage with 

essential service providers in a way that suits them best. 

The psychological impact 

When everyday service providers – like banks, energy 

suppliers, mobile companies, or local authorities – fail 

to meet a disabled customers’ needs the experience can 

be psychologically distressing. 

Poor service accessibility can also result in disabled 

customers having to disclose sensitive medical 

information to the businesses. The process can be 

not only frustrating – with the discomfort of having 

to disclose private information – but mentally 

exhausting. When multiple service providers do not 

meet accessibility needs, disabled customers will have 

to explain these details – repeatedly. 

Nearly three-quarters (73 percent) of disabled people 

have hesitated to contact essential service providers, 

because the process seemed too daunting. The 

consequences of these delays mean individuals are 

missing vital support and crucial information. 

Disabled people wait an average of 82 days before 

reaching out to essential service providers. The reasons 

behind this delay are extensive, with more than a third 

of feeling emotionally drained, 34 percent experiencing 

anxiety, and 27 percent left demoralised after interacting 

with companies. 

The repercussions of these delays are far-reaching, 

affecting every aspect of life. Over half (52 percent) 

said they would have spent this time resting or sleeping 

without anxiety if they could have it back, while 28 

percent said their finances had been negatively impacted 

due to difficulties in contacting essential services. Yet 

just 19 percent have requested support from service 

providers, which indicates the scale of the problem. 



Successful collaboration 

Having identified this significant consumer challenge, 

Experian, in collaboration with some of the UK's largest 

companies, including HSBC UK, Nationwide Building 

Society, Tesco Bank, NewDay, Co-operative Bank, and 

Ovo, has developed, piloted and launched the Support 

Hub. 

Support Hub has been built via a collaboration of 

service providers, lived experience experts, charities 

and vulnerability experts. This stems from the fact 

that if we focus on the consumer problem, no one 

organisation can solve this and a ‘tell-us-once’ solution, 

by definition, requires service providers to design 

a solution that reduces the barriers to disclosing to 

multiple organisations. 

The service is the culmination of over three years of 

work and aims to provide a single one-stop portal for 

consumers to communicate their support needs to 

multiple businesses in a simple and standardised way. 

Businesses may not be aware of this impact, but it 

is crucial they do more to address the problem and 

advocate for their customers. It’s in every business’ 

interest to ensure customers leave services feeling 

happy, visible and most importantly, understood. 

The financial impact 

Accessibility issues not only impact the wellbeing of 

disabled customers, but also their consumer choices 

and finances too. Disabled people are less likely to 

switch service providers across various sectors such as 

credit cards, savings accounts, energy suppliers, and TV 

subscriptions. Only 28 percent have switched credit 

cards, compared to 36 percent of those without access 

needs. So where other customers can make savings or 

earn interest by switching service providers, disabled 

customers could miss the best deals. 

In the worst-case scenario, if an individual cannot 

access important information, they can be financially 

penalised. For example, if a business bills a customer 

with the incorrect formats, they can unfairly incur late 

payment fees or damages to their credit score. 

Clearly more action needs to be taken to protect 

disabled customers from these issues, and ensure all 

customers have equitable consumer choice. 

All customers deserve confidentiality when disclosing 

potentially sensitive information; Support Hub 

provides this means, no longer forcing customers to 

disclose this information or leaving them hit with late 

payment fees from an inaccessible bill. Via a free simple 

sign-up process, people can share their support needs 

quickly, whether that be the need for communications 

in braille, or the need to have longer face-to-face 

appointments. 

It doesn't require consumers to disclose their disability 

or sensitive medical information; instead, it focuses on 

the support they require from the organisations they 

use - or more simply put the actions organisations 

need to take to ensure they can use their services. Users 

maintain complete control over what information 

is shared, and with whom, and they can update their 

support needs that are shared with organisations at any 

time. 

Full accessibility cannot be achieved without the 

collaboration and support of other businesses across all 

sectors, to help build a better, more inclusive way to 

treat all customers. Support Hub has seen the positive 

impact this type of collaboration can deliver to end 

users and lays a helpful blueprint for designing new 

consumers services in the future. 

Author: Paul Lamont is Support Hub Product Director, 

Experian UK&I 


COUNTRY FOCUS 

Spain has a significant economy that has proven to be particularly resilient. 

Y Viva España 

ANYONE of a certain age might 

remember a song from the early 

1970s, Y Viva Espana. Written by a 

Belgian and recorded in Dutch, the 

song told of the anticipation of a 

long-wanted holiday in Spain. It was 

re-recorded some 21 times and in 

other languages. There was even an adaptation for Fulham 

Football Club ("Viva el Fulham"). 

Spain is well known as a holiday destination – especially 

among Brits seeking sun, sea and sangria. However, there’s 

more to the country such as bullfighting, Granada’s Alhambra 

and La Sagrada Familia in Barcelona, an almost religious 

fervour over football, tapas, and flamenco. 

Beyond these, not everyone remembers that General Franco’s 

Spain was a testing ground for the Third Reich’s military 

before the outbreak of World War Two, and that Spain gave 

us Julio Iglesias as well as the basis for Fawlty Towers’ waiter, 

Manuel. 

Background 

As the Spanish Government’s own website outlines, based 

on findings at Atapuerca in northern Spain, early man on 

the Iberian Peninsula can be traced back 800,000 years. 

From 1100 to 300BC, it came under the influence of the 

Phoenicians and Greeks and then Romans and Cathaginians. 

Following the collapse of the Roman empire, Visigoths ruled 

from the 5th to 8th centuries. 

However, Arab invaders came in 711 and ruled for the best 

part of eight centuries bequeathing the country sites such 

as the Great Mosque of Córdoba, regarded as the most 

important monument of the Western Islamic world, and the 

archaeological site of Medina Azahara. 

Next, in 1492, the Christian Kingdoms of Castile 

and Aragon conquered the Emirate of Granada, ending 

nearly 800 years of Muslim rule in the south and founding 

modern Spain as a single state. The 16th and 17th centuries 

witnessed a Spanish empire at its zenith; the 18th century 

saw the War of Spanish Succession that led to the loss of 

European possessions outside of Iberia; 1807-14 Napoleon 

occupying Spain; and during the 19th century Latin 

American colonies won their independence and Cuba, 

Puerto Rico and the Philippines were lost after war with 

the United States in 1898. 1931 saw an electoral 

backlash against the monarchy and a republic declared. 

Radical policies of land reform, labour rights, educational 

expansion and anti-Church legislation deepened a political 

divide. By 1936, a coalition of left-wing and liberal parties 

narrowly won parliamentary elections and sought to 

reintroduce the radical policies of 1931. A coup by rightwing 

military leaders followed, capturing only part 

of the country leading to three years of civil war 

with General Franco declaring victory and a dictatorship 

in 1939. 

Franco’s regime ended with his death in 1975; the monarchy 

was restored, and free elections were held in 1977. A rightwing 

coup in 1981 failed after King Juan Carlos addressed the 

nation. The country joined NATO in 1982, the EEC in 1986, 

and adopted the euro in 2002. 

Spain is now a member of the EU, WTO, OECD, OSCE and 

Council of Europe and permanent guest at the G20. It has 

a three-tier political system that makes it one of the most 

de-centralised states in Europe. While the centre sets the 

broad parameters, the country’s 19 devolved administrations 

are responsible for the provision of basic public services 

including health, education and social services, and have 

significant influence over the regulatory environment 

for business. 

Geography and demographics 

Spain’s land mass – including that of its island territories 

– measures some 505,370 sq. km. Excluding the islands, the 

mainland occupies 493,514 sq. km (Spanish government 

data). In comparison, mainland France has 543,940 sq. km 

and the UK just 242,495 sq. km. 

It’s squarish in shape – 1,085 km wide and 950 km tall, and 

varied in geology and geography and by a relatively high 

average altitude – over 600m above sea level. As such, it 

is the second-highest country in Europe, surpassed only 

by Switzerland where the average altitude is 1,300 metres. 

With its position adjacent to two large bodies of water 

it's not unsurprising that Spain’s Instituto Geográfico 

Nacional has defined eight climates – Atlantic, Continental, 

Mediterranean, Mediterranean Mountain, Cold Steppe, Hot 

Steppe and Subtropical. 

In terms of the population, the World Bank, cites various 

sources. In 1960 it stood at 30.45m. 30 years later in 1990 it 

was 38.86m. And by 2020 Spain’s population was 47.36m. 

2022 data from Instituto Nacional de Estadística reckons that 

by 2072, Spain will have 52.9m people. 


on Spain... 

According to data from the EU’s Eurydice (January 2024), 

the average age is 44.07 years and increasing. In 2000, 14.5 

percent were aged 0-14. By 2022, that stood at 13.8 percent. 

Likewise, 23.1 percent were aged 15-29 in 2000, but only 15.6 

percent were in 2022. In 2000 23.2 percent were aged 30-44 

but in 2022 just 20.4 percent were. But between 45-59 years, 

in 2000 17.5 percent were aged so, but in 2022 23.6 percent 

were. And for retirees, in 2000 21.6 percent were aged 60 or 

over. But in 2022, that number stood at 26.40 percent. 

The population pyramids for 2022 and predictions for 

2052 and 2072 are very distinct. 2022 has a very defined 

bulge between the ages of 40-59. While for 2052, it can be 

described as more columnar and by 2072, even more so. 

Life expectancy is expected to increase according to the 

Instituto Nacional de Estadística. A male born in 2017 can 

expect to live to 80.37 while a female would reach 85.73 

years. By 2071 it’s thought that those figures will rise to 86.03 

and 90.05 years respectively. 

The population is highly urbanised with 81 percent living 

in towns and cities according to Statista. Wikipedia, citing 

data and calculations from three sources, offers a guide 

to the largest metropolitan areas. The data is around 10 

years old but nevertheless offers a guide: Madrid is placed 

first (6.1m), followed by Barcelona (5.1m), Valencia (1.6m), 

Seville (1.3m), Bilbao (987,000), Malaga (944,000), Asturias 

xAntoni Gaudí was a Catalan architect and designer from Spain, known 

as the greatest exponent of Catalan Modernism. Gaudí's works have a highly 

individualized, sui generis style. Most are located in Barcelona, including his main 

work, the church of the Sagrada Família. 



COUNTRY FOCUS 

(844,000), Alicante-Elche (793,000), Las Palmas 

(640,000) and Zaragoza (639,000). There are another 

18 with more than 200,000 residents and a further 28 

with fewer than 200,000 residents. 

Infrastructure 

Spain appears to be well connected. 2018 data from 

Invest in Spain claims that Spain's logistics are 

among the most competitive and reliable in the 

world. There are, it says, 50 airports (other sources 

cite more) served by 672 airlines, most with direct 

international connections; the largest network of 

highways and roads in the EU – over 17,000 km, and 

683,000 km if all roads are counted (worlddata.info); 

15,000 km of high speed and conventional railway; 

46 ports, including four major European ports that 

handle more than 560m tons of goods and over 

a million travellers a year; and 152 logistics parks 

covering more than 58.7m square metres. 

As for digital infrastructure, Invest in Spain 

reckons that Spain has the highest fibre to the home 

penetration rate in the EU and ultrafast broadband 

covers 87 percent of the country, compared to 60 

percent in Europe. Its chart places Spain third – 

ahead of Sweden, Belarus, Romania and Portugal 

but behind Latvia and Lithuania. 

Economy 

The UK Government has described Spain as: “the 

fourth largest economy in the EU and currently one 

of the fastest growing in the euro area. The economy 

has historically been boosted by UK tourists (18m 

visits in 2019 from the UK) and UK residents (over 

409,000 residents registered in Spain as of June 

2022), especially in coastal areas.” 

The country was hit hard by COVID-19, with 2020 

GDP falling 11.2 percent. However, the economy grew 

by 6.4 percent in 2021 and 5.8 percent in 2022 (World 

Bank), with the OECD projecting that growth will 

have slowed to 2.1 percent in 2023 and 1.9 percent in 

2024. Just as with other advanced economies recent 

inflation has been high, peaking at 10.8 percent in 

July 2022, but has since fallen back to 3.1 percent in 

December 2023 (Trading Economics). 

Current unemployment (using latest data to Q3 

2023 from focus-economics.com) shows a rate of 11.8 

percent. Despite it being much lower than the peak 

of 26.94 percent in Q1 2013, it was lower still in Q2 

2007 when it stood at 7.93 percent. 

Spain’s 2023 GDP stood at $1.58tn (IMF data) 

compared to the UK’s $3.3tn and the US’ $26.95tn. 

Wind the clock back 30 years and the relative figures 

were $529bn, $1.16tn and $6.86tn. 

Business sectors 

Spain, according to Invest in Spain, offers businesses 

ten key sectors worthy of attention. 



Aerospace 

This sector employed 53,500 people in 2022. 

With a turnover of €12.35bn it exported 44 

percent of sales (80 percent of its space sales; 

Spain is a member of the ESA - European 

Space Agency – and a participant in its main 

programmes) in 2021. There are opportunities 

in unmanned commercial aircraft, air 

traffic management systems, carbon fibre in 

manufacturing, and aircraft satellite systems. 

There is manufacturing throughout but much 

is in a wide vertical stripe in the east. 

Agri-food 

Agri-food generates revenue of around €140bn 

and employs more than 440,000 – it’s the 

country’s main manufacturing activity. There 

are more than 30,000 companies in the sector 

that export. Organic foods are important to 

Spain; it’s placed second to France in terms 

of land deployed to organic products and the 

market value for organic produce is estimated 

at €2.75bn and employs 50,000 people. The 

more intensive areas are in the east and south. 

Agri-tech is growing in importance along with 

the need to be more sustainable; digitisation 

and technology are needed to increase 

productivity. Areas of interest include green 

biotech, soil regeneration, automated crop 

systems, and water management. And then 

there’s innovation around alternative proteins 

and more sustainable ingredients. 

Audiovisual 

Spain ranks sixth in the EU in the number 

of titles produced and fifth in production 

hours. According to data from the European 

Audiovisual Observatory, for 2019-2020, Spain 

is amongst the five main countries exporting 

pay-per-view films. As a result, its government 

approved the ‘Spain, Audiovisual Hub of 

Europe’ plan in March 2021 and is investing more 

than €1.6bn until 2025 to make Spain a leader 

for audiovisual production. The sector employs 

over 72,000 people with 6,700 companies; there 

are 45 film festivals. Opportunities exist in 

filming – there were more than 500 productions 

in the ten years to 2019, advertising through 

filming of adverts and photoshoots, animation 

and visual effects, and radio broadcasting. 

Automotive 

In 2022 there were nine multinational brands 

with 17 plants in Spain that manufactured 

2.2m vehicles (CEIC data). In 2021, automotive 

turnover represented 10 percent of GDP and 18 

percent of total exports. Around 2m jobs are 

tied to the sector with 300,000 direct assembly 

and 201,000 in parts. A total of 1.8m vehicles 

were exported. Opportunities lie in digital 

transformation and automation, reduction 

in vehicle weight, recycling materials used in 

vehicles, non-fossil fuel propulsion systems, 

new ways to market vehicles, and internet 

connected cars to improve, for example, traffic 

management, safety, billing and parking. 

Chemical industry 

This is what Invest in Spain calls a ‘strategic’ 

industry as it generates much wealth and 

employment. In 2022 there were more than 

3,100 companies that turned over more than 

€89.86bn and provided some 234,200 direct 

jobs – €63.62bn of production was exported. 

It expects demand will see a 4.5 percent annual 

rise in production until 2030. There are many 

opportunities in biocatalysts (enzymes) 

especially in biofuels and food production, 

wastewater treatment and desalination (Spain 

has over 700 desalination plants), energy storage 

and the creation of new battery technologies, 

industry digitisation to improve efficiency, 

agrochemicals to improve yields, and recycling 

of plastics. Zones of interest lie generally in the 

south and east. 

ICT 

The Government has a Digital Spain Plan 

2025, which features technologies such as 

5G, cybersecurity, Big Data and Artificial 

Intelligence. It’s also receiving €140bn from the 

EU’s Recovery, Transformation and Resilience 

Plan between 2021 and 2026. The ICT sector 

turned over €120bn in 2019, 3.8 percent of 

Spain’s GDP – Mordor Intelligence reckons it 

was nearer $53.2bn in 2022. Along with science 

parks there are around 70,000 companies in 

the sector that employ nearly 530,000. Areas of 

interest are the growth in service centres, the 

Internet of Things (connectivity of devices), 

semiconductors (including manufacturing 

through a €12.25bn PERTE CHIP programme), 

smart cities, fintech (which in 2018 generated 

3.6 percent of GDP), cybersecurity, and 5G 

telephony. 

Life sciences 

There are more than 425 pharmaceutical 

companies in this sector including Bayer, 

Hartman and Boehringer Ingelheim, that 

employ over 40,000 people. In terms of 

biotech, there are 4,000 firms of which half 

are in healthcare. Key areas include R&D in 

healthcare technology, personalised medicine 

and the study of diseases, and biosimilar drugs 

that improve on drugs whose patents have 

expired. 

Logistics and Transport 

Given that Spain has very good infrastructure 

and it’s not surprising that this sector has a 

turnover of around €10.1bn and maintains 



COUNTRY FOCUS 

nearly 1m jobs. Overall, there are around 218,000 companies 

in this business. Areas of interest include retail returns 

handling, green logistics, ecommerce and allied solutions, 

and increasing usage of rail for freight. 

Renewable Energy 

The government enacted the Law on Climate Change and 

Energy Transition to lower carbon emissions by 2050. There 

are two phases – the first to 2030 demands the generation 

of at least 74 percent of electricity from renewables and the 

improvement of energy efficiency by 35 percent. Phase two 

from 2050 demands 100 percent of energy from renewables. 

Latest data shows Spain generated 46.7 percent of energy from 

renewables in 2021. Opportunities lie, not unsurprisingly, in 

increasing photovoltaic generation from 4.8GW in 2015 to 

36GW by 2030 and wind power – there are presently 21,500 

wind farms. There are 237 industrial centres, 20 research 

centres and nine universities involved in wind power. 

Tourism and leisure 

This remains very important for Spain. According to the 

World Tourism Organisation and World Travel & Tourism 

Council, in 2019 Spain received 81.8m visitors who spent 

$6.81bn. The Instituto Nacional de Estadística reckoned that 

by 2022 it generated 11.6 percent of GDP worth €155.94bn 

and employed 1.95m people. 

Opportunities exist in travel tech such as cloud solutions 

(ecommerce and data mining), mobile technologies, the 

Internet of Things (automation of products and services), 

social networks and communication. Other areas of interest 

are culture, health and gastronomic tourism, and corporate 

tourism for conferences and exhibitions. 

Tax 

The general corporate tax rate in Spain is 25 percent, but 

other tax rates may apply, depending on the type of company 

that is taxed and its business. Resident companies are taxed 

on their worldwide income. 

Newly created companies are taxed at 15 percent for both the 

first tax period in which they make a profit and the following 

tax period. This only applies to companies that carry out 

business activity or newly created companies that are part 

of a national or international group. This reduced rate may 

not apply if the company's business activity was previously 

carried on by a related company or individual. 

Companies that qualify as start-ups may apply a 15 percent 

tax rate in the first tax period in which the company generates 

a taxable income and in the following three periods, if they 

still qualify as a start-up. 

There is a minimum taxation rule for companies whose net 

turnover in the 12 months prior to the date in which the tax 

period began was at least €20m, and for taxpayers who are 

taxed under the special tax consolidation regime for CIT 

purposes, regardless of net turnover amount.These taxpayers’ 

net corporate tax will be at least 15 percent of the entity’s 

taxable profits before deductions and other tax credits. 

xMadrid, Spain's central capital, is a city of elegant boulevards and 

expansive, manicured parks such as the Buen Retiro. It’s renowned for its 

rich repositories of European art, including the Prado Museum’s works by 

Goya, Velázquez and other Spanish masters. 

Personal 

Residents in Spain are generally subject to income tax on 

their worldwide income, regardless of where it is generated, 

which is taxed, at progressive rates. Non-residents are subject 

to tax only on their Spanish-source income. Tax is not levied 

on employment income obtained by those who are tax 

resident in Spain for work carried out outside Spain up to a 

limit of €60,100 if certain conditions are met. 

There are six bands of income tax starting with a 19 percent 

band on the first €12,450. Between €12,451 and €20,200 the 

rate is 24 percent; between €20,201 and €35,200 it’s 30 percent; 

from €35,201 to €60,000 it’s 37 percent; from €60,000 to 

€300,000 the rate is 45 percent; and beyond €300,000 tax is 

charged at 47 percent. 

Summary 

Spain is on the UK’s doorstep and offers a great climate to 

do business in – both economically and meteorologically 

speaking. With a large economy that has coped with 

downturns and COVID, it’s worth investing some time there. 

Author: Adam Bernstein is a freelance 

finance writer for CM magazine. 


ENFORCEMENT 

EQUITABLE 

RESOLUTIONS 

What is the potential impact of the proposed 

abolition of no-fault evictions? 

BY MICHAEL JACKSON 

RECENTLY, Michael Gove has promised 

that ‘Section 21 evictions’, more commonly 

known as ‘no-fault evictions’ will be 

outlawed by the time of the impending 

general election. The abolition of Section 

21 evictions is a step forward for tenants’ 

rights, which should absolutely be 

protected. However, many landlords in England and Wales are 

facing prolonged delays when trying to recover their property 

through the UK justice system when the tenant is at fault. 

Under the current system, landlords encountering issues with 

tenants can wait over eight months to resecure their properties 

with a Section 8 eviction, in which they must give a valid reason 

for pursuing enforcement action. This can include things like 

unpaid rent, damage to the property, breach or expiry of lease, 

amongst others. However, the court process following the expiry 

of the notice period currently can take up to five or more months 

due to the court delays, before being granted a Possession Order. 

Of course, landlords do have the option to transfer their evictions 

up to the High Court for enforcement via a leave to transfer (Section 

42). This can be initiated at the same time as the application for 

the Possession Order which can speed up the process slightly, or as 

a separate application once the Possession Order has been granted. 

While this does not alleviate wait times as the case goes through 

the County Courts, it can allow swifter enforcement once the leave 

to transfer has been granted. Whether this is permitted or not is 

through the discretion of the County Court Judge as to whether 

there is a justifiable reason for the transfer. 

Not only are these delays barring access to justice for landlords, 

but they are also extremely costly. When you factor in loss of rental 

earnings and court costs, as well as any mortgage repayments 

upkept during this time and future repair costs for damage, the 

financial impact on landlords is particularly discouraging. 

Anticipated impacts and challenges 

The process of securing enforcement through a Section 8 via both 

the County Court and transfer to the High Court is at present 

unjust and disappointing with the time taken to get to the stage 

of a judgment. 

While there is no shortage of tenants looking for properties to 

rent, without adequate legal recourse more landlords may choose 

to leave the sector and decrease their portfolios, leading to pressure 

on the rental market which in turn would create less availability 

and higher rent for tenants in the long term. 

Expediting access to justice 

Landlords need quicker access to justice through the courts and 

eviction process. Empowering landlords with the freedom to choose 

High Court enforcement as part of their Section 8 application and 

not as a separate transfer process to the High Court could alleviate 

some of the pressure on County Court Bailiffs and reduce eviction 

times for all involved. 

This could be done simply by adding a tick box to the Possession 

application process, or at the granting of the order stage, for 

landlords who wish to apply for a leave to transfer to the High 

Court. This would eliminate the further Section 42 application 

needed for the leave to transfer and would not be contingent on 

the digitisation of court processes. 

Although this would not impact the current delays in obtaining 

a Section 8 Possession Order, it would remove the additional 

time needed to transfer cases to the High Court and allow High 

Court Enforcement Officers to support landlords with faster 

enforcement action. 

The eviction process is the same through either system, whether 

landlords choose to transfer would be a personal choice based 

on the speed, service and cost for their evictions, which like the 

County Court Bailiff are paid for by the landlord rather than the 

tenant. 

Whether we see the withdrawal of Section 21 evictions or not, 

landlords need urgent support from government in cases where 

tenants are clearly at fault, with swifter access to justice through 

the courts and enforcement and a more equitable resolutions 

process. 

Author: Michael Jackson is Vice Chair of the 

High Court Enforcement Officers Association 


International Trade 

Monthly round-up of the latest stories 

in global trade by Andrea Kirkby. 

AN EU TOY STORY 

The Chinese way 

THE Economist recently commented on 

how Chinese president Xi Jinping and 

the Chinese Communist Party take a very 

serious world view of the importance of 

robots. In 2023, half of all industrial robot 

installations were apparently in China 

with the country producing more than six 

million ‘service robots’ to, for example, 

cook, clean, and move boxes. This, says 

the publication, is part of a deliberate 

push to increase productivity, noting that 

robots don’t get Covid. 

The story becomes more interesting 

when it’s considered that the working-age 

population in China is projected to drop 

by more than 20 percent by 2050; there 

are already labour shortages of which 

41 percent are in manufacturing-related 

positions. But many of the problems 

that factories are facing apply equally 

to agriculture as well and since China 

is “paranoid about food security and 

uninterested in immigration”, automation 

could be the solution here, too. 

There is also a shortage of care workers 

for 8.1m care-home residents and a 

recent state plan includes ‘smart elderly 

care’ from robots to help with movement 

or even just offer companionship. 

The Government wants the robotics 

industry to become more self-sufficient; 

in 2023, 36 percent of the industrial 

robots China installed were made 

domestically – up from 25 percent in 

2013. 

But the story is bigger than it appears. 

For exporters to compete with China, they 

too will have to automate. Robots require 

investment, but they don’t go on strike, 

don’t demand pay rises and as noted 

earlier, don’t fall sick. That gives Chinese 

manufacturers an advantage. 

In good spirits 

DEPARTMENT for Business and Trade, in 

an end of 2023 press release, said that UK 

food and drink exporters saw great success 

in the run up to Christmas as demand from 

consumers in CPTPP, the trade bloc in the 

Indo-Pacific that the UK signed up to in July 

2023, ‘boomed’. 

The department’s data shows that 

luxury British Scotch whisky, chocolate and 

sparkling wine were ordered en masse 

by CPTPP countries including Singapore, 

Japan, Mexico and Malaysia. In particular, in 

2023, UK chocolate exports to Singapore 

increased by 220 percent to over £26m 

while UK sparkling wine exports to Japan 

ACCORDING to the Evening Standard, 

UK parliamentarians sitting on the 

European Scrutiny Committee have 

raised concerns about proposed new 

rules from Europe that could soon 

require UK toys sold on the continent to 

come with such an electronic certificate. 

The changes, proposed by the 

European Commission, would amend 

EU rules governing toy safety. They 

would demand safety information on 

the toy, updating the current paperbased 

requirements. 

Regulations currently ban toys 

containing carcinogenic, mutagenic 

or reprotoxic chemicals (CMRs). Rules 

would be extended to cover further 

classes of harmful chemicals, including 

endocrine disruptors, which interfere 

with the body’s hormones, and 

respiratory sensitisers, which produce 

an irreversible allergic reaction. Any UK 

toy producer placing goods on the EU 

market would need to follow the new 

rules. 

It’s interesting that the requirements 

for products sold in Great Britain would 

not change, but the rules would apply 

in Northern Ireland under the Windsor 

Framework. Notably, the Committee 

noted that the UK Government had not 

consulted manufacturers in Northern 

Ireland on the likely impact of the new 

rules. 

increased by 140 percent to over £26m. 

It’s of note that Scotch whisky dominates 

the Singaporean market, with over £380m 

worth of the drink exported from the UK 

to Singapore in 2023 – an increase of 

31 percent (£90m) on the previous year. 

Similarly, it rose by 43 percent (£11m) in 

Malaysia accross the past year. 

The Indo-Pacific region may account for 

the majority of global growth and around 

half of the world’s middle-class consumers 

in future decades. Under CPTPP, which the 

UK is set to formally join in the second half 

of 2024, tariffs on 99 percent of UK goods 

exports will drop to zero. 


Faster growth 

in port towns 

THE Government has a new action plan 

to ‘further accelerate the success of 

freeports’ in its drive to revive the UK’s 

coastal communities. 

Termed the Freeports Delivery Roadmap, 

the Government reckons that it will help 

freeports to go even further by laying 

out an action plan of over 50 crossgovernment 

measures. 

These include a £150m Investment 

Opportunities Fund to help freeports and 

investment zones respond quickly to land 

large investment opportunities as they 

arise, and extending the window to claim 

special tax reliefs in English freeport sites 

from five years to 10. 

Other forms of aid involve the UK 

infrastructure Bank working with freeports 

to finance upgrades to infrastructure, 

including through flexible loans to 

local authorities and debt, equity or 

guarantees to private sector investors; 

joint working between freeports, institutes 

of technology and local colleges, and 

linking local jobseekers to opportunities 

at freeports through Jobcentre Plus; 

and bringing government departments 

together for ‘targeted interventions where 

Freeports face barriers to investment.’ 

There are currently 12 Freeports in Great 

Britain - eight in England, two in Wales and 

two in Scotland. 

The Government considers them a 

success with investments of £175m from 

Siemens Gamesa to expand offshore wind 

blade manufacturing facility in the Humber; 

£150m from ScottishPower to develop a 

project with Hutchison Ports exploring the 

development and construction of a multihundred 

MW green hydrogen production 

facility at Felixstowe; and £130m from 

Associated British Ports at Southampton 

for a shore power project and terminal 

operating system in support of the 

automotive sector. 

UK DEFENCE SUPPORT 

BRIEFLY, GOV.UK features a page, 

UKDSE events and exhibition support, 

which should be essential reading for 

anyone wanting to grow a defencerelated 

business as it maintains not 

only an exhibition event calendar that 

runs to April 2025, but also how the 

Government can help firms in the 

sector. 

In detail, firms can use showcase 

pods with HM Government branding, 

a ‘soldier on a stand’ with a serving 

member of the British Army, 

designated spaces at showcases, 

Defence and Security Industry Days, 

supply chain events, trade missions, 

and the Larkhill Exhibition Centre along 

with Larkhill capability showcase. Fees 

are payable but the government says 

that they are “small.” 

High LOW TREND 

GBP-EUR 1.17655 1.16435 Up 

GBP-USD 1.27685 1.25198 Down 

GBP-CHF 1.11835 1.09036 Up 

GBP-AUD 1.95238 1.91952 Flat 

GBP-CAD 1.72157 1.69484 Down 

GBP-JPY 190.038 185.417 Up 

Tariffs are self-defeating 

In an op-ed, the Wall Street Journal 

has rained on the parade of those who 

advocate for tariffs. The subject is going 

to crop up somewhat in the US as the 

presidential election process rises in 

temperature – especially as Donald 

Trump seems to want to apply 10 percent 

tariffs on all imports. However, the 

publication says that while some think it a 

good move, “it’s actually a weakling 

move, especially with US industrial 

capacity already near an all-time high”. 

This is because tariffs “misallocate 

capital and human resources by having 

entrepreneurs chase fake opportunities”. 

Often domestic manufacturers are in 

For the latest 

exchange rates visit 

www.currenciesdirect.com 

or call 020 7874 9400 

Currency Exchange Rates 

This data was taken on 20th 

February and refers to the month 

previous to/leading up to 19th 

February 2024. 

favour of tariffs as they can raise prices, 

but that means that consumers overpay 

for goods. The writer says that “by my 

calculations, if all iPhone chips were made 

here, a phone would cost around $2,000 

and sales would fall by 50 percent.” 

He continues: “Margins matter. Capital 

flows to its highest returns. Trade-deficit 

figures don’t tell you how profitable 

manufacturing is.” Foxconn, which 

assembles iPhones, had an operating 

profit margin of 2.63 percent in 2022 

while Apple’s was 30.2 percent. So 

the question arises – where is it better 

to design and where is it better to 

build? 

“it’s actually a weakling move, 

especially with US industrial capacity 

already near an all-time high” 

COULD THE 

POUND HIT $1.35 IN 2024? 

IF Daily Telegraph writers are correct 

when citing economists, holidaymakers 

and importers will have a great 

2024 as sterling will likely hit $1.35. 

Exporters, however, will have a tougher 

time as their goods will increase in 

price. 

In summary, sterling is expected 

to rise in coming months as markets 

predict that the US Federal Reserve 

and the European Central Bank begin 

to cut interest rates – sooner rather 

than later. In comparison, the Bank of 

England is expected to start reducing 

rates much later in the year. 

As Goldman Sachs noted, $1.35 is 

a dramatic turnaround compared to 

just over a year ago when the Truss/ 

Kwarteng mini-Budget sent the pound 

to its lowest on record at $1.0327. 

COMMODITY CODES 

AND HS CATEGORIES 

SMALLBUSINESS.co.uk has published a 

guide that gives background to the use 

of commodity codes when importing 

or exporting. The guide outlines, 

among things, what the codes are, 

the consequences of using the wrong 

code, the impact of Brexit on the code 

structure, and how to find the correct 

code. The guide is at http://tinyurl. 

com/2p8dbczk. 


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be far more confident that whatever happens to your 

customer, you will receive the money you’re owed. 

Increased sales 

You might have wanted to sell more products and services to 

your customers in the past but were reluctant to take on the 

risk of extended credit terms. With Barclaycard taking the 

credit risk from you, and extending it through your 

customers, your sales could grow with reduced risk 

to your business. 

Quicker payments 

Waiting for and chasing outstanding payments can be 

frustrating, time- consuming and a financial drain. 

We can help make sure monies owed are paid to you 

more swiftly, giving you a better working capital position 

and a streamlined accounts receivable process. 

Find out how our solutions could benefit your business. Sign up for our trade partner programme today. 

Email mark.mcgill@barclaycard.co.uk 

Barclaycard is a trading name of Barclays Bank PLC and Barclaycard International Payments Limited. Barclays Bank PLC is authorised by the Prudential Regulation Authority 

and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 122702). Registered in England No. 1026167. 

Registered Office: 1 Churchill Place, London E14 5HP. Barclaycard International Payments Limited, trading as Barclaycard, is regulated by the Central Bank of Ireland. 

Registered Number: 316541. Registered Office: One Molesworth Street, Dublin 2, Ireland, D02 RF29. Directors: Paul Adams (British), Steven Lappin (British), James Kelly, 

Mary Lambkin Coyle, Peter Morris and David Rowe. 


INSOLVENCY 

APPLES AND 

ORANGES 

Finding the right comparisons when trying 

to predict future outcomes is key. 

BY GIUSEPPE PARLA 

THE Insolvency Service published the 

Insolvency Statistics for 2023 on 16 

January 2024, providing us with a 

snapshot of the economy. So where 

did 2023 take us, and does the future 

have in store? 

Insolvencies for December 2023 remained static with only 

a two percent growth for the same month in the previous 

year. However, this statistic only provides us with part of the 

picture. If we compare this statistic to the 2019 figure, before 

the introduction of any Covid support measures, we see an 

increase of 46 percent in companies entering an insolvency 

process – whether that be a Creditors Voluntary Liquidation 

(“CVL”), a Compulsory Liquidation or others, such as an 

Administration or Company Voluntary Arrangement (“CVA”). 

Winding up petitions are on the up, with HMRC being the 

main petitioner – a clear demonstration that any patience 

they may have had, is now wearing thin. The majority of the 

insolvencies are CVLs, most of which are in the construction 

or hospitality sectors. 

What does this small yearon-year 

increase mean v the 

comparison to 2019? 

This demonstrates how significant the Government’s support 

schemes were during the pandemic and, now that the 

support has been removed, businesses that perhaps were in 

financial distress pre-pandemic, are now facing an inevitable 

– insolvency. 

We regularly hear the return of the term, ‘zombie company’, 

which by definition are companies that earn just enough 

money to continue operating and service debt but are unable 

to pay off their debt. How will these companies survive now 

that the Bank of England’s interest rates are no longer at a 

very low level? 

Inflation and bank base rates 

It has been largely publicised that the Government has been 

trying to bring inflation down to two percent - which at one 

point was over 10 percent. Their main tool for doing this was 

by increasing the bank base rate. This increase was paused 

at 5.25 percent whilst inflation had been dropping, but there 

was an unexpected increase in December 2023 that has made 

further economic predictions uncertain. There are many 

attributes that affect inflation, and the December increase 

could have been a blip meaning that the Government is 

still on course to achieve its aim of two percent. But when 

this will happen, and whether it will remain at this level, is 

anyone’s guess. 

Unemployment 

and job vacancies 

In 2023, it was widely reported that unemployment rates 

remained ‘down’, however, as the number of insolvencies 

increased, the number of job vacancies have inevitably 

reduced. Indeed, the Office for National Statistics reports 

that as of September 2023, vacancies were falling to similar 

levels recorded before the pandemic. If insolvencies stay at a 

two percent rate increase, then these unemployment figures 

are likely to rise further. 

Should we be concerned? 

We could be looking at a new Government in 2024, so 

understanding what they may bring is an article in itself. 

However, the short-term economic outlook remains uncertain 

and difficult to predict. 

The cost of living crisis poses more questions than answers. 

If bank base rates remain close to 5.25 percent, whilst this is 

good for savers, it will mean many businesses and individuals 

will be unable to afford loan repayments at the higher rate 

when their current deals expire – whether that be loans for 

property or any other assets. Some experts are suggesting 

that bank base rates may drop a little, but the days of two 

percent or below seem to be a distant memory that may not 

return any time soon. 

As credit managers, it is more important than ever to keep 

your communication lines open with your customers and if 

you are faced with an insolvency or a debt that is becoming 

difficult to recover, seek advice early to consider all your 

options fully. 

Author: Giuseppe Parla is a Business Recovery Director 

and Licensed Insolvency Practitioner at Menzies LLP. 


BRITISH 

CREDIT 

AWARDS 


THE CICM 

BRITISH CREDIT 

AWARDS 2024 

SUPPLEMENT SPECIAL 


Fill your vacancy or find your next career 

move at www.portfoliocreditcontrol.com 

CONGRATULATIONS 

Abi Williams 

Weightmans’ Team Player of the year 

Above: Sean Walsh, Comedian; Abi Williams, Weightmans; Chad Vigano, Portfolio Credit Control 

Below: Portfolio Credit Control with some of our loyal clients 

Contact one of our specialist recruitment consultants to 

fill your vacancy or find your next career move! 

Scan with your phone to fill your 

vacancy or find your next career move 

at www.portfoliocreditcontrol.com 

LONDON 020 7650 3199 

1 FINSBURY SQUARE, 3 RD FLOOR, LONDON EC2A 1AE 

MANCHESTER 0161 523 5585 

THE PENINSULA, VICTORIA PLACE, MANCHESTER M4 4FB 

www.portfoliocreditcontrol.com 

recruitment@portfoliocreditcontrol.com

BRITISH 

CREDIT 

AWARDS 


Recognising 

the best in credit 

management 

What a night and what a celebration of the best in credit 

management. As the professional body for our industry, we 

understand what good looks like. And as the organisers of the 

foremost event in the credit calendar, supported by a team of 

highly-experienced judges from all walks of credit industry 

life, we also understand what excellence looks like. And 

here they are, in all their glory. The winners of the British 

Credit Awards 2024 and the very best that our industry has 

to offer. 

Sue Chapple FCICM, CEO of the CICM. 


BRITISH 

CREDIT 

AWARDS 


B2B Team of the year Award 

Winner 

SEFE Energy 

Sponsor: 

Judges' comment: Astonishing results that 

have evidently been achieved through great 

team work in the face adversit. 

Presenter: Mark McGill, Senior Partnership Manager, Barclaycard 

Collector of award: SEFE Energy Team 

Supplier of the year Award 

Winner 

Esker 

Judges' comment: Really good outcomes 

from a process automation, time saving and 

also solutions to positively impact the team 

members. 

Presenter: Allan Poole MCICM, Executive Board Trustee 

Collector of award: Martyn Brooke FCICM & Alistair Nicholas 


BRITISH 

CREDIT 

AWARDS 


BC2 Team of the year Award 

Winner 

London School 

of Economics 

Judges' comment: The company evidenced 

strong development in Self-serving, customer 

centric initiatives, with KPIs and savings in 

support. 

Presenter: Dr. Stephen Baister FCICM, CICM President 

Collector of award: Ade Oyewumi ACICM 

Equality, Diversity & Inclusion Project Award 

Winner 

Saint - Gobain 

Limited 

Judges' comment: Outstanding performance 

in DE&I - clear ethos, goals and vision backed 

up by data and evidence. 

Presenter: Neil Jinks FCICM Executive Board Trustee and Vice Chair 

Collector of award: Saint-Gobain Team 


BRITISH 

CREDIT 

AWARDS 


Best Use of Technology Award 

Winner 

Aggregate 

Industries UK Ltd 

Judges' comment: For this particular sector 

this solution is a powerful and impactful data 

source. Great initiative to add support the risk 

assessment process. 

Presenter: Luke Sculthorp FCICM, CICM Head of Strategic Relationships 

Collector of award: Aggregate Team 

Risk Management Award 

Winner 

SEFE Energy 

Sponsor: 

Highly Commended: 

Company Watch 

Judges' comment: A good example of Risk 

Management in the last 12 months based on a 

really difficult, sensitive market and economic 

situation. 

Presenter: Yvette Gray MCICM, Regional Manager, Atradius 

Collector of award: SEFE Energy Team 


BRITISH 

CREDIT 

AWARDS 


Best Employee Initiative Award 

Winner 

Biffa Waste 

Services Ltd 

Sponsor: 

Judges' comment: An innovative and highly 

structured approach which engages the 

employees in their own career development 

and planning to the benefit of the whole 

organisation. 

Presenter: Bertrand Mazuir, Founder & CEO, MYDSOMANAGER 

Collector of award: Biffa Waste Team 

Shared Services Team Provider Award 

Winner 

STERIS PLC 

Sponsor: 

Awarded Debt Collection Agency of the Year 

2023, Global Credit Recoveries Ltd are specialists 

in International Debt Collection with offices in 

London and the UAE, alongside a tried, tested 

and trusted global partner network. 

We have the ability, and network, to have 

Judges' someone visiting comment: your debtors offices, A solid entry noting good 

throughout EMEA, within 72 hours. 

collaboration Collecting International across Debt for over the 30 years business, managing 

a no-recovery, no-fee basis. 

ongoing growth of the AR portfolio with 

structured presentations and positive case 

Contact Global Credit Recoveries: 

studies. 

Charles Mayhew FCICM or Joshua Mayhew MCICM 

Email: info@globalcreditrecoveries.com 

U.K Telephone: +44 (0) 203 589 6655 

U.A.E Telephone: +971 (0) 4 8790 250 

www.globalcreditrecoveries.com 

Presenter: Joshua Mayhew MCICM, Director, Global Credit Recoveries 

Collector of award: Steris Plc Team 


+1500 clients in +85 countries trust us 

My DSO Manager extends a warm welcome to credit managers 

worldwide. Responding to the increasing interest from diverse 

communities, we're thrilled to announce the addition of Polish, 

Japanese, and Romanian languages to our existing 

multilingual platform. 

CONTACT US FOR A 

PERSONALIZED DEMO 

contact@mydsomanager.com 

www.mydsomanager.com

BRITISH 

CREDIT 

AWARDS 


Debt Collection Agency Award 

Winner 

Flint Bishop LLP 


STA International 

Judges' comment: Excellent submission 

demonstrating growth, innovative use of IT and 

commitment to clients. 

Presenter: Becki Sharpe ACIM, Marketing and Events Manager, CICM 

Collector of award: Pete Littlefair & Catherine Marksman 

Law Firm of the year Award 

Winner 

DWF Law LLP 


Court Enforcement Services 

Judges' comment: We felt excited when 

reading this entry. Ranking on the Legal 500 is 

impressive! 

Presenter: Samuel Evans, Director of Business Development 

Collector of award: DWF LLP Team 


Dial-in to our weekly talks with inspirational 

leaders from finance space and beyond, to 

learn about some of the hottest topics in 

financial automation and order-to-cash 

transformation. 

WEEK 1 WEEK 2 WEEK 3 

WEEK 4 

How AI will 

transform 

finance 

A day in the life 

of an AR team 

AR and AP 

Cyber security 

Trends 

How ERP upgrade 

can boost your 

accounts 

Join us 

Register your space today for all or one 

of these upcoming talks 

ar.quadient.com/weekly-insight-webinars

BRITISH 

CREDIT 

AWARDS 


Supporting the Community Award 

Winner 

Midwich 

Sponsor: 

Judges' comment: A clear focus on giving 

back and a range of fundraising activities that 

have resulted in some fantastic donations to 

charities. 

Presenter: Duncan Groom, CEO, Quadient Accounts Receivable 

Collector of award: Midwich Team 

Rising Star Award 

Winner 

Chanelle Coppinger - 

Winterhalter Ltd 


Gaynor Dayus - Reason - E H 

Smith (Builders Merchants) Ltd 

Sponsor: 

Judges' comment: Joining the business as a 

Credit Control Apprentice and within a year 

managing a national account and helping to 

train new recruits. Clearly committed to a role 

in Credit and exceeding expectations at the 

start of their career in Credit. 

Presenter: Natascha Whitehead, Senior Business Director, Hays 

Collector of award: Chanelle Coppinger 


Awarded Debt Collection Agency of the Year 

2023, Global Credit Recoveries Ltd are specialists 

in International Debt Collection with offices in 

London and the UAE, alongside a tried, tested 

and trusted global partner network. 

We have the ability, and network, to have 

someone visiting your debtors offices, 

throughout EMEA, within 72 hours. 

Collecting International Debt for over 30 years 

on a no-recovery, no-fee basis. 

Contact Global Credit Recoveries: 

Charles Mayhew FCICM or Joshua Mayhew MCICM 

Email: info@globalcreditrecoveries.com 

U.K Telephone: +44 (0) 203 589 6655 

U.A.E Telephone: +971 (0) 4 8790 250 

www.globalcreditrecoveries.com

BRITISH 

CREDIT 

AWARDS 


Technology Development Award 

Winner 

NotifyNOW 

Sponsor: 

LUTIONS, Judges' TO comment: Innovative – A solution to 

R SATISFACTION. 

a very real and emotional problem for society – 

solves a real need and results seem good so far. 

Presenter: Martin Roseweir FCICM, Managing Director, Bill Gosling Outsourcing 

Collector of award: Notify Now Team 

Innovation in Credit Award 

Winner 

Hays Specialist 

Recruitment Limited 

Sponsor: Chaser 

Judges' comment: Results of automation 

are solid – Lovely change, clear results, well 

executed. 

Presenter: Sonia Dorais, CEO, Chaser 

Collector of award: Pavlina Mitchell ACICM & Mark Clowes ACICM 


SmartSearch Adverts Nov 2023.indd 3 09/01/2024 13:58:14 

Evidence your 

compliance in a rapidly 

evolving landscape 

Ensure your business is audit ready 

with our award-winning product 

Call us to book a free demo: 

+44 (0)113 333 9835 

Visit us online: 

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Find us on: 

Ongoing monitoring for 

continuous compliance 

Full audit trail on every customer 

for peace of mind 

Recognised by the JMLSG 

SmartSearch delivers verification services for individuals and businesses in the 

UK and international markets. These services include worldwide Sanction & PEP 

screening, daily monitoring, email alerts and Automated Enhanced Due Diligence.

BRITISH 

CREDIT 

AWARDS 


International Credit Award 

Winner 

Skyscanner 

Sponsor: 

Judges' comment: An innovative and highly 

structured approach which engages the 

employees in their own career development 

and planning to the benefit of the whole 

organisation. 

Presenter: Luke Camille, B2B Director, Skyscanner 

Collector of award: Margaret Dunsmore FCICM 

Team Player of the year Award 

Winner 

Abi Williams - 

Weightmans LLP 

Sponsor: 

PORTFOLIO 

CREDIT CONTROL 

Judges' comment: She seems to step in to 

so many situations and scenarios and her 

unselfish attitude to taking on extra work/ 

responsibilities makes her indispensible to the 

organisation 

Presenter: Chad Vigano, Business Manager, Portfolio Credit Control 

Collector of award: Abi Williams 


BRITISH 

CREDIT 

AWARDS 


Credit Professional of the year Award 

Winner 

Katherine Bailey FCICM 

- Valor Hospitality 

Europe Limited 


Yvette Gray MCICM, 

Atradius Collections 

Sponsor: 

Judges' comment: A wonderful entry from the 

heart with evidence of achievements within her 

operational credit role. 

Presenter: Andy Lilley, Managing Director, Blackline 

Collector of award: Katherine Bailey FCICM 

Jenny Oldfield Supporting Women in Credit Award 

Winner 

Wendy Overton 

ACICM 

Presenter: Steve Round, Pancreatic Cancer UK Representative 

Collector of award: Wendy Overton ACICM 


BRITISH 

CREDIT 

AWARDS 


Outstanding Contribution Award 

mise 

Winner 

ctions 

ase your 

rofitability 

British Credit Awards 2023 winner 

Credit & Collections FinTech Supplier of the Year 

Phil Rice 

FCICM 

to your current processes, 

undreds of thousands a year, 

er and more efficiently, 

d-winning software is 

’s leading FTSE 100 and 

btregister.com/enterprise 

Sponsor: 

Maximise 

cash collections 

Presenter: Gary Brown MCICM, Founder, Debt Register 

Collector of award: The award was collected on Phil's behalf by Rachael Costello and Sarah 

Hicken FCICM 

16/01/2024 11:18 

Sir Roger Cork Prize 

Winner 

John Brooker 

ACICM 

Presenter: Dr. Debbie Tuckwood CICM, Chief Advisor (Professional Development) 

Collector of award: John Brooker ACICM 


YOUR LIFELONG 

WORKFORCE 

PARTNER 

From the rising stars through to senior credit 

professionals, Hays is dedicated to enhancing 

your talent pool with the right people. 

Contact Senior Business Director, 

Natascha Whitehead to discuss 

your hiring needs 

Natascha.Whitehead@hays.com 

0777 078 6433 

Rising Star Award Winner at the British 

Credit Awards 2024, Chanelle Coppinger 

Sponsored by Hays 

Working in partnership 

for 10+ years 

hays.co.uk/credit-control 

© Copyright Hays plc 2024.


BRITISH 

CREDIT 

AWARDS 


Excellence in Credit Management 

Winner 

Aggregate Industries 

UK Ltd 

Presenter: Debbie Nolan FCICM, Chair of CICM Executive Board 

Collector of award: Aggregate Industries UK Ltd 

Winner 

Biffa Waste 

Services Ltd 

Presenter: Debbie Nolan FCICM, Chair of CICM Executive Board 

Collector of award: Biffa Waste Services Ltd 

CICM British Credit Awards 2025 

For more information and details on how 

to pre-register for the CICM British Credit 

Awards 2025, scan here... 




Introducing our 

CORPORATE PARTNERS 

For further information and to discuss the opportunities of entering into a 

Corporate Partnership with the CICM, please contact luke.sculthorp@cicm.com 

My DSO Manager is an intelligent SaaS AR and 

credit management solution for SMEs to international 

enterprises, helping AR analysts manage risk, 

maximize cash collection and streamline the credit-tocash 

cycle, by a real-time insight to KPIs. 

Due to its inventive in-house IT teams and their tight 

collaboration with support staff, many of whom were 

credit managers at large firms, it can quickly integrate 

any ERP data and customize as needed. 

T: +33 (0)458003676 

E: contact@mydsomanager.com 

W: www.mydsomanager.com 

Quadient AR by YayPay makes it easy for B2B 

finance teams to stay ahead of accounts receivable 

and get paid faster – from anywhere. 

Integrating with your ERP, CRM, and billing 

systems, YayPay presents your real-time data 

through cloud-based dashboards. Automation 

improves productivity by 3X and accelerates 

collections by up to 34 percent. Predictive analytics 

provide insight into payor behavior and an online 

portal enables customers to access their accounts 

and pay at any time. 

T: +44 (0)7465 423 538 

E: marketing@yaypay.com 

W: www.quadient.com/en-gb/ar-automation 

Esker’s Accounts Receivable (AR) solution removes 

the all-too-common obstacles preventing today’s 

businesses from collecting receivables in a 

timely manner. From credit management to cash 

allocation, Esker automates each step of the orderto-cash 

cycle. Esker’s automated AR system helps 

companies modernise without replacing their 

core billing and collections processes. By simply 

automating what should be automated, customers 

get the post-sale experience they deserve and your 

team gets the tools they need. 

T: +44 (0)1332 548176 

E: sam.townsend@esker.co.uk 

W: www.esker.co.uk 

The UK’s No1 Insolvency Score, available as a 

platform to help businesses manage risk and 

achieve growth. The only independently owned 

UK credit referencing agency for businesses. We 

have modernised the way companies consume 

data, to power businesses decisions with the most 

important data taken in real-time feeds, ensuring 

our customers are always the first to know. Enabling 

them to deliver best in class sales, credit risk 

management and compliance. 

T: +44 (0)330 460 9877 

E: sales@redflagalert.com 

W: www.redflagalert.com 

Our Creditor Services team can advise on the best 

way for you to protect your position when one of 

your debtors enters, or is approaching, insolvency 

proceedings. Our services include assisting with 

retention of title claims, providing representation at 

creditor meetings, forensic investigations, raising 

finance, financial restructuring and removing the 

administrative burden – this includes completing 

and lodging claim forms, monitoring dividend 

prospects and analysing all Insolvency Reports and 

correspondence. 

T: +44 (0)2073 875 868 - London 

T: +44 (0)2920 495 444 - Cardiff 

W: menzies.co.uk/creditor-services 

HighRadius provides a cloud-based Integrated 

Receivable Platform, powered by machine learning 

and AI. Our Technology empowers enterprise 

organisations to reduce cycle time in the order-tocash 

process and increase working capital availability 

by automating receivables and payments processes 

across credit, electronic billing and payment 

processing, cash application, deductions, and 

collections. 

T: +44 (0) 203 997 9400 

E: infoemea@highradius.com 

W: www.highradius.com 

American Express® is a globally recognised 

provider of business payment solutions, providing 

flexible capabilities to help companies drive 

growth. These solutions support buyers and 

suppliers across the supply chain with working 

capital and cashflow. 

By creating an additional lever to help support 

supplier/client relationships American Express is 

proud to be an innovator in the business payments 

space. 

T: +44 (0)1273 696933 

W: www.americanexpress.com 

Tinubu Square is a trusted source of trade credit 

intelligence for credit insurers and for corporate 

customers. The company’s B2B Credit Risk 

Intelligence solutions include the Tinubu Risk 

Management Center, a cloud-based SaaS platform; 

the Tinubu Credit Intelligence service and the 

Tinubu Risk Analyst advisory service. Over 250 

companies rely on Tinubu Square to protect their 

greatest assets: customer receivables. 

T: +44 (0)207 469 2577 / 

E: uksales@tinubu.com 

W: www.tinubu.com. 

Building on our mature and hugely successful 

product and world class support service, we are 

re-imagining our risk awareness module in 2019 to 

allow for hugely flexible automated worklists and 

advanced visibility of areas of risk. Alongside full 

integration with all credit scoring agencies (e.g. 

Creditsafe), this makes Credica a single port-of-call 

for analysis and automation. Impressive results 

and ROI are inevitable for our customers that also 

have an active input into our product development 

and evolution. 

T: 01235 856400 

E: info@credica.co.uk 

W: www.credica.co.uk 


Each of our Corporate Partners is carefully selected for 

their commitment to the profession, best practice in the 

Credit Industry and the quality of services they provide. 

We are delighted to showcase them here. 

They're waiting to talk to you... 

Hays Credit Management is a national specialist 

division dedicated exclusively to the recruitment of 

credit management and receivables professionals, 

at all levels, in the public and private sectors. As 

the CICM’s only Premium Corporate Partner, we 

are best placed to help all clients’ and candidates’ 

recruitment needs as well providing guidance on 

CV writing, career advice, salary bench-marking, 

marketing of vacancies, advertising and campaign 

led recruitment, competency-based interviewing, 

career and recruitment trends. 

T: 07834 260029 

E: karen.young@hays.com 

W: www.hays.co.uk/creditcontrol 

Court Enforcement Services is the market 

leading and fastest growing High Court Enforcement 

company. Since forming in 2014, we have managed 

over 100,000 High Court Writs and recovered more 

than £187 million for our clients, all debt fairly 

collected. We help lawyers and creditors across all 

sectors to recover unpaid CCJ’s sooner rather than 

later. We achieve 39 percent early engagement 

resulting in market-leading recovery rates. Our 

multi-award-winning technology provides real-time 

reporting 24/7. 

T: 07759 122503 

E: s.evans@courtenforcementservices.co.uk 

W: www.courtenforcementservices.co.uk 

Shoosmiths’ highly experienced team will work 

closely with credit teams to recover commercial 

debts as quickly and cost effectively as possible. 

We have an in depth knowledge of all areas of debt 

recovery, including: 

• Pre-litigation services to effect early recovery and 

keep costs down • Litigation service • Insolvency 

• Post-litigation services including enforcement 

As a client of Shoosmiths, you will find us quick to 

relate to your goals, and adept at advising you on the 

most effective way of achieving them. 

T: 03700 86 3000 

E: paula.swain@shoosmiths.co.uk 

W: www.shoosmiths.co.uk 

Forums International has been running Credit and 

Industry Forums since 1991 covering a range of 

industry sectors and international trading. Attendance 

is for credit professionals of all levels. Our forums 

are not just meetings but communities which 

aim to prepare our members for the challenges 

ahead. Attending for the first time is free for you to 

gauge the benefits and meet the members and we 

only have pre-approved Partners, so you will never 

intentionally be sold to. 

With over 45 years of experience in supporting 

organisations in the successful delivery of multichannel 

communications, CFH are the innovative 

and trusted partner for driving engagement and 

achieving measurable results. Combining proven 

expertise, the right accreditations and industry 

driven communication solutions including Docmail 

the leading hybrid mail solution, CFH have the 

perfect blend of solutions to help you engage offline, 

online or the perfect blend of the two. 

Top Service Ltd. The only credit information and 

debt recovery service provider specifically for the 

UK construction industry. Our payment experiences 

are the most up to date credit information available 

and enable construction businesses to confidently 

assess credit risk and make the best, most informed 

credit decisions. Coupled with our range of effective 

debt recovery solutions, quite simply our members 

stay one step ahead and experience less debt and 

more cash. 

T: +44 (0)1246 555055 

E: info@forumsinternational.co.uk 

W: www.forumsinternational.co.uk 

T: 01761 416311 

E: info@cfh.com 

W: www.cfh.com 

T: +44 1527 503990 

E: membership@top-service.co.uk 

W: www.top-service.co.uk 

Key IVR provide a suite of products to assist companies 

across Europe with credit management. The 

service gives the end-user the means to make a 

payment when and how they choose. Key IVR also 

provides a state-of-the-art outbound platform 

delivering automated messages by voice and SMS. 

In a credit management environment, these services 

are used to cost-effectively contact debtors and 

connect them back into a contact centre or 

automated payment line. 

TCN is an industry leader in call centre technology 

with offices around the world including, the United 

Kingdom, the United States, Romania, Canada, 

India and Australia. TCN has met the global 

communication needs of its diverse customers. 

Utilising best-practice solutions and 24/7 technical 

support, TCN empowers clients to drive consumer 

interactions through omni-channel, inbound and 

outbound communications. TCN’s call centre 

platform is entirely web-based and available 

on-demand with unlimited capacity. 

Invevo is a cloud-based platform specialising 

in credit management and accounts receivable 

process automation. It streamlines operational 

tasks, offers in-depth analytics via dashboards, 

and allows quick workflow adjustments at zero 

cost. Integrated with existing systems like ERP 

and CRM, Invevo serves as a single source for key 

insights, helping you make data-driven decisions 

to improve cash and operational performance. 

T: +44 (0) 1302 513 000 

E: sales@keyivr.com 

W: www.keyivr.com 

T: +44 (0) 800-088-5089 

E: spencer.taylor@tcn.com 

W: www.tcn.com 

T: +44 7817 613 825 

E: info@invevo.com 

W: www.invevo.com 


BRANCH NEWS 

SOUTHERN 

CREDIT DAY 

THE 2023 Southern Credit Day, held 

at the Twickenham Stoop stadium 

home of Harlequins Rugby Club 

brought together more than 70 

members of the Kent, Sussex and 

Surrey, London and Thames Valley 

Branches. 

The event began with Natascha Whitehead of Hays 

Recruitment and Karen Tuffs FCICM(Grad) of the 

CICM presenting on the ‘Stars of Tomorrow’, how the 

two organisations have collaborated on a joint initiative 

to attract, nurture and develop the talent of tomorrow. 

They shared some great tips both for interviewer and 

interviewee on preparing for and performing in an 

interview. Designing an attractive job advert and 

being flexible are also important in attracting 

candidates. 

Yvette Gray MCICM, of Atradius then shared an 

Economic Update, and how geopolitical events, 

inflation and the price of energy and materials are 

having an impact leading to an increase in insolvencies 

and a growing trend in non-payment. She also 

presented statistics on payment terms and trade on 

credit globally. On a positive note, she explained the 

opportunities such as AI and predictive collections 

could enable more sustainable trade. 

Joshua Mayhew MCICM and Charles Mayhew 

FCICM from Global Credit Recoveries gave some 

of their top collections tips and reminded attendees 

of the important of having the right contacts and 

information, including mobile numbers. They also 

focused on the importance of having local contacts 

and an understanding of local etiquette and culture to 

enable faster collection of debt. 

Attendees were then provided with a delicious 

Moroccan style lunch whilst networking and taking 

photos by the rugby pitch. Chris Sanders FCICM of 

O2C Lab presented on best practice in high performing 

teams. The main reasons people remain in a team is 

they get recognition, have a great team around them 

and a great boss. He summarised the main points 

as having a one-page credit policy that everyone can 

understand, having debt and dispute league tables, 

and the importance of understanding DSO drivers, 

how much a DSO day is worth, and the value of a 

customer to the business, as well as shifting thinking 

‘left’ upstream of the process. 

We then heard from Tim Annis from BlueChain who 

gave an interesting summary of payment methods used 

by businesses and customers. The use of cheques is 

reducing, the use of Faster Payments is increasing, and 

so too is the use of Buy Now/Pay Later. AI is also now 

being used to integrate multiple payment systems into 

one system. There was a discussion around security and 

fraud, particularly on Pay by Link, where a link is sent 

to the customer to make payment, and Confirmation 

of Payee, where payers can check who they are paying 

and QR codes are sent that customers scan to make 

payment. 

The final presentation of the day was a Legal Update 

from Phil Roberts FCICM and Kayleigh Cullis of 

Clarke Willmott. They explained the Civil National 

Business Centre is fully operational. This has resulted 

in processing times improving but there are still 

significant delays. There is now mandatory mediation 

for claims that are defended under £10,000. Their 

presentation also covered the Fixed Costs Regime 

which fixes the costs that can be claimed, depending 

on which stage the claim is concluded, but there are 

still some concerns around the bands of complexity 

and if a contract with provision of costs precedes this. 

Breathing space was also discussed with questions 

around whether it is being abused to challenge with the 

authorised debt advisor. 

Thank you to the organisers of the event, the speakers, 

and sponsors. The next Credit Day – for 2024 – is 

already being planned. 


CICM Elections 2024 

NOMINATIONS ARE OPEN - Do you fit the bill? 

The Advisory Council influences the future direction of the Institute and has a wide-ranging remit. 

Its members reflect the diverse range of skills and experience amongst the Institute’s membership, allowing them to: 

• Act as a true advocate and ambassador for the CICM 

• Ensure the CICM delivers the objectives stated in its Royal Charter 

• Engage with CICM members and the wider business community to promote the CICM, the benefits of membership and the 

Institute’s strategic direction 

• Act on behalf of all CICM members - and on behalf of future generations of members 

• Provide an objective environment for the CICM Executive Board to explore new ideas, opportunities and challenges 

There are up to 23 Advisory Council positions now open for nomination representing our 11 regions and the trade, consumer, 

international and credit services sectors. 

Please visit www.mi-nomination.com/cicm to step up and stand for Nomination or email 

elections@cicm.com to find out more. 

Nominations close 12 April 2024 

CM 


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Management (CICM), is the leading publication in its field. The magazine 

includes full coverage of consumer and trade credit, export and company 

news, as well as in-depth features, profiles and opinions. To receive the free 

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CICM TRAINING 

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Now, more than ever, the Credit Management and Collections industry 

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Granting you the practical skills and necessary tools to use in your 

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On-Demand training can be viewed anytime, anywhere with our downloadable 

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Online training will be for those who find it easy to learn from the space 

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Face-to-face training It’s been a long time coming but now you can mingle and 

learn together in the same room as your colleagues and peers. 

TRAINING COURSES 

CICM have a collection of training courses to meet the needs of your Credit and 

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For more details, visit our website, scan the 

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ECONOMIC CRIME 

CLEAR 

THINKING 

Economic crime is driving higher 

requirements in corporate transparency 

BY NATALIE QUINLIVAN 



THE Economic Crime and Corporate 

Transparency Bill received Royal 

Assent at the end of October 2023 

and will have implications for 

businesses trying to navigate an 

already complex landscape when it 

comes to combatting fraud. 

Heralded as a sledgehammer for prosecutors to wield 

against the business community in its efforts to tackle 

fraud and corruption, the Act introduces what the 

Government describes as world-leading powers which 

will allow UK authorities to “proactively target organised 

criminals and others seeking to abuse the UK's economy.” 

Time will tell if they can achieve this aim but there are 

few disagreeing that the Act will add significantly to the 

ever-increasing burden on risk and compliance teams. 

Key changes include a wider remit of powers for 

Companies House, a new Failure to Prevent Fraud 

offence, and reforms to the so-called Identification 

Doctrine, in an overhaul of corporate criminal liability 

in the UK. 

Key changes 

Companies House 

In the wake of much commentary on the issues with 

Companies House, the Act contains important reforms 

giving the registry a larger role to play in investigations 

and enforcement. Whilst the existing remit of Companies 

House (per the Companies Act 2006) is to act as a register 

for company information and make that information 

available for public inspection, the Act introduces new 

objectives for Companies House which aim to improve 

the accuracy and integrity of the information on the 

register and give new powers to support this role. 

These include, amongst others, certain powers to: 

1. Require identity verification for all new and existing 

registered company directors, people with significant 

control, and those who file on behalf of companies. 

2. Remove inaccurate or unverified material from the 

register and require inconsistencies to be resolved, 

failing which a company can be struck off. 

3. Share information in line with requests from criminal 

enforcement agencies. 

4. Analyse their data to prevent and detect crime. 

5. Protect personal information to protect individuals 

from fraud and other harms. 

While increased transparency obligations regarding 

company ownership progresses at pace in the UK, it is 

in marked contrast to developments in the EU where 

the EU’s Charter of Fundamental Rights is posing 

challenges to corporate transparency in EU member 

states’ registries. It is increasingly the case that UK 

and UK overseas territories companies will have much 

higher transparency obligations than their European 

counterparts. 

Failure to Prevent 

Fraud Offence 

A decade after the proposal was first mooted by Sir David 

Green, and after a few false starts, the Act introduces a 

new failure to prevent fraud offence. Following in the 

footsteps of the failure to prevent bribery (Bribery Act 

2010) and the failure to prevent tax evasion (Criminal 

Finances Act 2017), the failure to prevent fraud offence 

covers core fraud offences, such as fraud by false 

representation, fraud by failing to disclose information, 

and false accounting. 

Key elements to note are: 

It applies only to large companies and LLPs 

Despite a series of debates between the Houses of 

Commons and Lords on the scope of the offence, 

the failure to prevent fraud offence will only apply to 

companies and incorporated public bodies qualifying as 

large under the Companies Act 2006, i.e. those that meet 

at least two of the following criteria: (a) turnover of more 

than £36m; (b) balance sheet total of more than £18m; 

(c) more than 250 employees. This is a marked difference 

from the earlier failure to prevent offences which apply 

to all companies, regardless of their size. 

The role of an 'associated person' 

Organisations will be liable if an 'associated person' 

commits a fraud offence for the benefit of the company. 

For these purposes, an associated person includes 

employees, agents, subsidiaries and intermediaries who 

perform services for or on behalf of the company. 

No liability if company is a victim 

The Act provides an important exemption where the 

company was or was intended to be a victim of the 

fraud offence. This means a corporate will not be liable 

where an associated person commits a fraud offence 

for their own benefit, rather than for the benefit of the 

company. 

Extra-territorial effect 

Extra-territorial effect. 

Importantly, the offence will have extra-territorial 

effect. This means that where conduct occurs abroad, 

which would constitute fraud under UK law, or targets 

UK victims, the company could still be liable. Similarly, 

where conduct occurs in the UK, but the company is not 

based in the UK, the company could still be caught. 

Defence 

The principle defence available to a corporate is to show 

that the company has reasonable prevention procedures 

in place to prevent the conduct from occurring. It is 

expected that the Government will issue guidance on 

what they consider reasonable prevention procedures to 

comprise early in 2024. 



ECONOMIC CRIME 

Penalties 

If a corporate is found liable, they face an unlimited 

fine, loss in shareholder value and reputational damage, 

alongside the risk of civil litigation. 

This new offence, which will come into effect when the 

guidance is published in 2024, will require businesses 

to conduct updated fraud risk assessments across 

their operations to establish their risk profile. Once 

established, appropriate systems should then be 

implemented, or existing ones can be finessed, to ensure 

the business is safeguarded against future criminal 

enforcement. 

Identification Doctrine 

The amendments to the identification doctrine have been 

on the wish list of prosecutors for a very long time. Up 

until now, corporate criminal liability was determined 

according to the common law identification doctrine, 

which attributed the actions of an organisation’s 

“directing mind and will” to the organisation itself. 

Prosecutors have struggled to satisfy this test 

when applying it to large companies with complex 

management structures whose directing minds are not 

readily identifiable. The Act has sought to reform the 

Identification Doctrine to make it easier to prosecute 

companies for economic crimes committed by senior 

managers. An organisation will now be criminally 

liable when part, or all, of a specified economic crime 

(including fraud, bribery and tax offences) is committed 

in the UK by a senior manager of that company or 

partnership. 

The new doctrine took effect from December 2023 and 

covers instances where the senior manager is a person 

who plays a significant role in the making of decisions 

about the whole or a substantial part of the activities 

of the organisation. If the senior manager is guilty, the 

business will also be guilty. This change alone will mean 

the risk profile of many companies needs revisiting. 

Unlike the failure to prevent fraud offence, this applies 

to all companies regardless of their size. That said, the 

impact will be reduced for smaller and less complex 

companies by virtue of the fact that senior managers 

will be more easily identifiable. Multinationals and 

other corporates will need to take steps to identify who 

their senior managers are for these purposes and assess 

economic crime risk falling within the scope of their 

authority. Consideration can then be given to how best 

to manage these risks. 

The aim of the changes to the identification doctrine is 

to put the common law principle of the 'directing mind 

and will' on a statutory footing in relation to economic 

crime. It should make prosecutions of corporate 

defendants for economic crimes more successful by 

accounting for the practical shortfalls of the common 

law principle. Many high-profile prosecutions have 

collapsed in recent times due to failures in corporate 

criminal attribution, therefore this lowering of the 

threshold signals a new era of exposure for organisations. 

The matter of effectiveness 

Fraud is by no means a new player in the corporate 

crime arena. However, with high corporate transparency 

requirements, and multiple routes through which an 

enforcement agency can investigate and prosecute 

corporates, the Act will likely make it easier for 

corporates to be held accountable for fraud within the 

business or perpetrated by associated persons of the 

business. 

Although the failure to prevent fraud offence is limited 

in its application to large businesses, the attribution 

of liability for corporate crime through the action of 

senior managers applies to businesses of all sizes. This 

means there is homework for risk and compliance teams 

regardless of the size of the business to ensure they are 

fully compliant with the Act. 

When an issue does arise, given fraud's prevalence 

both internally and through third party engagement, 

businesses should seek advice at as early a stage as possible 

regarding whether the offence is engaged. The risks here 

are significant. Long before a criminal prosecution 

takes place, the business facing criminal allegations will 

need to manage an internal and external investigation. 

These are time and cost intensive processes and early 

intervention can make all the difference. 

Author: Natalie Quinlivan is Commercial Crime Director 

at Fieldfisher. 

Fraud is by no 

means a new player 

in the corporate 

crime arena. 

However, with 

high corporate 

transparency 

requirements, an 

enforcement agency 

can investigate 

and prosecute 

corporates 


EXCLUSIVE PAYMENT TRENDS 

WHEN IT 

RAINS IT POURS 

Late payments are on the up across the board. 

BY ROB HOWARD 

AFTER a solid yet unspectacular start 

to the new year, that saw a number 

of improvements, the latest late 

payment statistics show more cause 

for concern, with the figures on 

the rise across the majority of UK 

and Irish regions and sectors. The 

average Days Beyond Terms (DBT) across UK regions and 

sectors increased by 1.4 and 0.8 days respectively. In Ireland, 

the average DBT figure rose by 3.8 and 2.3 days respectively. 

Average DBT across the four provinces of Ireland increased 

by 8.6 days. 

Sector Spotlight 

The UK sector standings are pretty one sided, with 17 of the 

22 sectors seeing increases, only five made improvements. 

Although the majority of the 17 sectors in the red saw 

moderate increases to DBT, so perhaps it is not time to panic 

just yet. The Business from Home sector saw the biggest rise, 

with an increase of 6.2 days taking its overall DBT to 14.6 

days. The two biggest movers in the right direction are the 

Financial and Insurance and International Bodies, cutting 

DBT by 7.1 and 6.0 days. 

The latest sector figures for Ireland are similarly skewed by 

increases, with more than half (11) of the 20 sectors seeing rises 

to late payments. Some five sectors did make cuts to DBT, 

with the remaining four seeing no change. Of those going 

backward, the Construction sector saw the biggest leap, with 

an increase of 9.7 days taking its overall DBT to 18.0 days. 

Elsewhere, the Water & Waste (+8.8 days), Energy Supply 

(+7.5 days), Hospitality (+7.2 days) and Public Administration 

sectors all saw sizeable increases to DBT. 

Regional Spotlight 

The UK regional data shows nine of the 11 regions going 

backwards. Northern Ireland (-3.3 days) and the South West 

(-1.3 days) are the only sectors improving, with the latter 

moving to the top of the standings as the best performing 

region with an overall DBT of 10.9 days. On the flip side, East 

Anglia saw the biggest increase in late payments and is now 

the worst performing region, with a jump of 5.2 days taking 

its overall DBT to 17.3 days. 

Things aren’t much better in Ireland, with 16 of the 26 

counties seeing rises in late payments, some of which are 

rather significant. For example, no county saw a bigger rise 

than county Clare in western Ireland, with an increase of 26.6 

days taking its overall DBT to 28.1 days. Elsewhere, Donegal 

(+24.3), Cavan (+18.9 days), Longford (+14.4 days) and Laois 

(+10.3 days) all saw steep increases to DBT. 

All four of the Irish provinces saw increases to DBT. Connacht 

takes over as the best performing province with an overall 

DBT of 8.5 days, despite a rise of 3.2 days. Leinster faired 

marginally better, with an increase of 3.1 days to its DBT, 

but is well behind overall with a DBT of 18.5 days. Ulster and 

Munster, however, saw the biggest increases to late payments, 

rising by 17.2 and 11.0 days respectively. 


* 

STATISTICS 

Data supplied by the Creditsafe Group 

Top Five Prompter Payers 

Region (UK) January 24 Changes from December 23 

South West 10.9 -1.3 

South East 11.8 0.3 

North West 12.6 0.5 

Northern Ireland 12.8 -3.3 

Yorkshire and Humberside 13.1 1 

Bottom Five Poorest Payers 

Region (UK) January 24 Changes from December 23 

East Anglia 17.3 5.2 

Scotland 15.5 2.3 

East Midlands 14.5 3 

Wales 14.4 4.1 

West Midlands 13.9 2.2 

Top Five Prompter Payers 

Sector (UK) January 24 Changes from December 23 

Entertainment 5.6 -0.9 

Hospitality 7.9 -3.6 

Water & Waste 9.6 3.4 

Education 10.1 1.5 

Real Estate 10.7 2.1 

Bottom Five Poorest Payers 

Sector (UK) January 24 Changes from December 23 

International Bodies 23 -6 

Dormant 18.2 2.3 

Manufacturing 17.2 0.5 

Public Administration 16.3 -0.5 

IT and Comms 15.6 0.1 

Getting worse 

Business from Home 6.2 

Water and Waste 3.4 

Other Service 3.3 

Agriculture, Forestry and Fishing 3.2 

Energy Supply 2.4 

Mining and Quarrying 2.4 

Construction 2.3 

Dormant 2.3 

Real Estate 2.1 

Education 1.5 

Professional and Scientific 1.4 

Transportation and Storage 1.2 

Business Admin and Support 0.9 

Health and Social 0.6 

Manufacturing 0.5 

Wholesale and Retail Trade 0.5 

IT and Comms 0.1 

Getting better 

Financial and Insurance -7.1 

International Bodies -6 

SCOTLAND 

2.3 DBT 

Hospitality -3.6 

Entertainment -0.9 

NORTHERN 

IRELAND 

-3.3 DBT 

SOUTH 

WEST 

-1.3 DBT 

WALES 

4.1 DBT 

NORTH 

WEST 

0.5 DBT 

WEST 

MIDLANDS 

2.2 DBT 

YORKSHIRE & 

HUMBERSIDE 

1 DBT 

EAST 

MIDLANDS 

3 DBT 

LONDON 

1.8 DBT 

SOUTH 

EAST 

0.3 DBT 

EAST 

ANGLIA 

5.2 DBT 

Public Administration -0.5 

Region 

Getting Better – Getting Worse 

-3.3 

-1.3 

5.2 

4.1 

3 

2.3 

2.2 

1.8 

1 

0.5 

0.3 

Northern Ireland 

South West 

East Anglia 

Wales 

East Midlands 

Scotland 

West Midlands 

London 

Yorkshire and Humberside 

North West 

South East 

Brave | Curious | Resilient / www.cicm.com / March / PAGE 66

EXCLUSIVE PAYMENT TRENDS 

MUNSTER 

2.1 DBT 

CLARE 

26.6 DBT 

DONEGAL 

24.3 DBT 

CONNACHT 

3.2 DBT 

ROSCOMMON 

-0.7 DBT 

MUNSTER 

11 DBT 

SLIGO 

-7.3 DBT 

MONAGHAN 

0 DBT 

ULSTER 

17.2 DBT 

LEITRIM 

0 DBT CAVAN 

0.2 DBT 

LEINSTER 

3.1 DBT 

LAOI 

2 DBT 

WATERFORD 

-6.5 DBT 

WESTMEATH 

0 DBT 

WEXFORD 

10.3 DBT 

DUBLIN 

-0.1 DBT 

Getting worse 

Construction 9.7 

Water and Waste 8.8 

Energy Supply 7.5 

Hospitality 7.2 

Public Adminstration 6.5 

Agriculture, Forestry and Fishing 5.5 

Business Admin and Support 3.4 

Top Five Prompter Payers – Ireland 

Region January 24 Changes from December 23 

Monaghan 0 0 

Waterford 0.5 -6.5 

Sligo 1.3 -7.3 

Leitrim 2 0 

Roscommon 6.2 -0.7 

Financial and Insurance 1.4 

Manufacturing 1.2 

Professional and Scientfic 1.2 

Real Estate 0.8 

Bottom Five Poorest Payers – Ireland 


Westmeath 120 0 

Donegal 29 24.3 

Clare 28.1 26.6 

Wexford 27.3 10.3 

Dublin 27 0.1 

Top Four Prompter Payers – Irish Provinces 


Connacht 8.5 3.2 

Munster 18.3 11 

Leinster 18.5 3.1 

Ulster 19.2 17.2 

Getting better 

IT and Comms -3.8 

Health and Social -1.2 

Wholesale and Retail Trade -0.9 

Other Service -0.5 

Entertainment -0.1 

Top Five Prompter Payers – Ireland 

Sector January 24 Changes from December 23 

Education 0 0 

International Bodies 0 0 

Mining and Quarrying 0 0 

Wholesale and Retail Trade; Repair 

of Motor Vehicles and Motorcycles 5.7 -0.9 

Public Adminstration 6.5 6.5 

Nothing changed 

Education 0 

International Bodies 0 

Mining and Quarrying 0 

Bottom Five Poorest Payers – Ireland 

Sector January 24 Changes from December 23 

IT and Comms 20.9 -3.8 

Business Admin and Support 20 3.4 

Financial and Insurance 19.6 1.4 

Construction 18 9.7 

Water and Waste 17.8 8.8 

Transporatiomn and Storage 0 


LOOKING FOR 

YOUR NEXT 

CAREER MOVE? 

CREDIT CONTROLLER 

Hampton, Southwest London, £32K + annual bonus 

A leading southwest London-based consultancy is in a period 

of growth and needs a Credit Controller to join them at their 

offices based in Hampton. This is an excellent opportunity for 

an experienced credit controller who lives in the local area and 

can work in the office 5 days a week. This is a varied role that 

covers all aspects of the order-to-cash process. Ref: 4499259 

Contact mark.ordona@hays.com 

or 07565 800574 

E-BILLING MANAGER 

(FTC OR PERM CONSIDERED) 

Fully remote, up to £50k 

Due to restructuring, an international law firm is looking for 

an E-Billing Manager who’ll report to the Finance Operations 

Manager. You’ll support the team, identify issues and drive 

improvement, showing immediate impact whilst considering 

long-term solutions to ongoing issues. They’re looking for 

someone with strong team management skills and experience 

working in a law firm in an E-billing capacity. Ref: 4525405 

Contact sejal.hampson@hays.com 

or 07816 406959 


Birmingham, £28k-£30k 

A company based in Birmingham is currently recruiting a Credit 

Controller permanently. You’ll join a well-established credit 

team and will be responsible for liaising with customers 

regarding overdue invoices. You’ll be managing a ledger of 

over 500 accounts. Ref: 4496321 

Contact henry.brook@hays.com 

or 0333 010 7517 

CREDIT CONTROL/ACCOUNTS RECEIVABLE 

North Acton, £35k 

We’re exclusively working with a food wholesaler who supplies 

top hotel chains and restaurants based in North Acton. This 

business is currently experiencing rapid growth. In this role, 

you’ll work in a team of 3 AR/ Credit controllers, you’ll be 

responsible for their ledger and required to chase debt via 

telephone/ email. Manual invoicing experience is critical. 

Ref: 4454627 

Contact hussain.ahmed@hays.com 

or 0333 010 7453 

hays.co.uk/credit-control-jobs 

Brave | Curious | Resilient / www.cicm.com / March 2024 / PAGE xx 

© Copyright Hays plc 2024. The HAYS word, the H devices, HAYS WORKING FOR YOUR TOMORROW and Powering the world of work and associated logos and artwork are trademarks of Hays plc. 

The H devices are original designs protected by registration in many countries. All rights are reserved. CM-1393210074


Trafford (hybrid), £26k-£28k 

A large manufacturing company based in Trafford are seeking 

an experienced Credit Controller to join their team. You’ll work in 

a team of 5, reporting to the Credit Manager. You’ll manage your 

own B2B ledger (circa 500 accounts), contacting customers 

by telephone, allocating cash and deadling with daily query 

resolution. Proficiency in Excel is required (Pivot tables and 

V-lookups), with SAP experience being advantageous. 

Ref: 4443894 

Contact joanna.taylor-coburn@hays.com 

or 01619 268605 

This is just a small selection of the many opportunities 

we have available for credit professionals. To find out 

more, visit our website or contact Natascha Whitehead, 

Credit Management UK Lead at Hays on 07770 786 433. 


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HR MATTERS 

BLOWING 

HOT AND COLD 

Employers should have clear strategies for dealing 

with changing weather patterns. 

BY GARETH EDWARDS 

THE climate can play havoc with the 

workplace and the wrong temperature 

can affect productivity. But with extreme 

weather apparently becoming more 

common, employers need to understand 

the impact that different conditions can 

have on their employees and take steps to 

ensure that employees are protected where necessary. 

Temperature 

The Health and Safety Executive (HSE)’s Code of Practice 

suggests a minimum temperature of 16 degrees Celsius in an 

indoor workplace (13 degrees Celsius if the work involves 

rigorous physical effort). In addition to bearing in mind the legal 

minimum, employers should also carry out risk assessments to 

identify any specific issues that might arise from working in cold 

conditions. 

MP’s have previously called for a limit to be introduced. In 2016, 

a motion was called in parliament calling for the Government to 

limit temperatures to 30 degrees Celsius, or 27 degrees Celsius 

for more strenuous work. The motion suggested that employers 

would have to introduce control measures, such as breaks, 

access to water or air conditioning in the event that the above 

thresholds might be met or exceeded. The motion has not found 

its way into statute, however. 

In the meantime, employers should be aware of the effects of 

heat stress on employees and look to reduce the risks where 

possible by removing or reducing sources of heat. Practical steps 

suggested by the HSE include controlling the temperature; 

providing mechanical aids; preventing dehydration; providing 

PPE; training; acclimatisation; identifying those at risk; and 

monitoring health. 

Identifying those at risk is likely to be important. In particular, 

employers need to be aware of their obligations in the Equality 

Act 2010, particularly with reference to the obligation to make 

reasonable adjustments in respect of any elements of a job which 

places a disabled person at a substantial disadvantage compared 

to someone who is not disabled. It may be that additional 

measures or actions need to be put in place to combat the 

challenges posed by working in hot conditions. Again, a risk 

assessment would be appropriate in order to recognise risks and 

identify measures to reduce or avoid those risks. 

More generally, employers must be careful to consider health 

and safety issues. Section 44 of the Employment Rights Act 1996 

gives employees and workers the right ‘‘not to be subjected to 

any detriment by any act, or any deliberate failure to act, by his 

employer done on the ground that: 

• in circumstances of danger which the employee reasonably believed to 

be serious and imminent and which he could not reasonably have been 

expected to avert, he left (or proposed to leave) or (while the danger 

persisted) refused to return to his place of work or any dangerous part 

of his place of work; or 

• in circumstances of danger which the employee reasonably believed 

to be serious and imminent, he took (or proposed to take) appropriate 

steps to protect himself or other persons from the danger.’’ 

This protects employees against, amongst other things, being 

subjected to a detriment (such as losing pay) when they leave 

the workplace or propose leaving the workplace where they 

reasonably believe there to be serious and imminent danger. 

This might include circumstances where an employee reasonably 

believes that the temperature in the workplace is so low or high 

as to create serious and imminent danger. 

Employers should be aware of the effects of heat 

stress on employees and look to reduce the risks where 

possible by removing or reducing sources of heat. 



“The handling of bad weather and travel 

disruption can be an opportunity for an 

employer to enhance staff morale and 

productivity by the way it is handled.’’ 

IT is important for all employers to have a strategy in place to 

deal with the effects of a reduced workforce on a bad weather 

day, as well as HR and payroll issues that follow on. 

Employers should adopt a policy which makes expectations clear. 

It might confirm that it is the responsibility of all employees to 

make every effort to attend work – even in exceptionally severe 

weather conditions or where other unusual travel difficulties 

arise such as rail strikes. These efforts may include taking a 

different route to work or using alternative transport, such as 

lift sharing, public transport, or walking. 

Policies might also state that employees should listen out for 

information about local conditions and transport services; 

detail the circumstances in which working from home will be 

authorised; and when absences will be paid or unpaid. 

To manage risks, the policy should be clear that it does not 

expect employees to put their own or others' safety at risk. 

Where severe weather is forecast or other travel difficulties are 

expected, employees should (if possible) make suitable plans for 

travel and work in advance. 

There is no automatic right to payment for time lost due to severe 

weather conditions or other travel difficulties - the terms of the 

employment contract should be reviewed to understand the 

specific position. Generally, employees who find it impossible to 

reach the office and who cannot work from home will usually be 

expected to take annual leave. Employers may also suggest that if 

an employee does not want to take annual leave or unpaid leave 

that they make up the lost time on other days. 

Where employees are faced with childcare issues due to school 

closures, this is likely to constitute a domestic emergency 

entitling the employee to take unpaid leave in order to look after 

their children or other dependents. Employees are entitled to a 

reasonable amount of time off to deal with the emergency. There 

is no obligation on an employer to pay an employee during 

emergency leave. 

Employers should risk assess the workplace, paying specific 

attention to risks that arise from employees working in hot or 

cold conditions. 

Employers should develop a strategy for dealing with travel 

disruptions. It is important that a bad weather policy is finalised 

and made available to employees prior to the event. In this way, 

employees will understand in advance their employer's approach 

and the consequences of their absence. 

Wherever possible it is advisable to collaborate with employees 

and they should be appreciative of those who have made the 

journey in and seek to agree alternative working arrangements 

with those who cannot attend. Such arrangements could include 

remote working, making up hours at another time, or working 

from another location. 

Author: Gareth Edwards is a partner 

in the employment team at VWV. 

That said, careful consideration should be given to what 

payments should be made to employees who do not attend work 

because of bad weather. Reducing pay may create animosity 

between employees who were able to work from home and still 

be paid and those who were not and lost out. There may also be 

a risk of creating negative publicity by reducing pay for reasons 

outside of an individual's control. In its guidance in relation to 

this issue, ACAS says “the handling of bad weather and travel 

disruption can be an opportunity for an employer to enhance 

staff morale and productivity by the way it is handled.” 


Cr£ditWho? 

CICM Directory of Services 

COLLECTIONS 

CREDIT DATA AND ANALYTICS 

CREDIT MANAGEMENT SOFTWARE 

Guildways 

T: +44 3333 409000 

E: info@guildways.com 

W: www.guildways.com 

Guildways is a UK & International debt collection specialist with over 

25 years experience. Guildways prides itself on operating to the 

highest ethical standards and professional service levels. We are 

experienced in collecting B2B and B2C debts. Our service includes: 

• A complete No collection, No Fee commission based service 

• 10% plus VAT commission for UK debts 

• Commission from 22% plus VAT for International debts 

• 24/7 online access to your cases through our CaseManager portal 

• Direct online account-to-account payments, to speed up 

collections and minimise costs 

If you are unable to locate your customer, we also offer a no trace, no 

fee, trace and collect service. 

For more information, visit: www.guildways.com 

CoCredo 

Missenden Abbey, Great Missenden, Bucks, HP16 0BD 

T: 01494 790600 

E: customerservice@cocredo.com 

W: www.cocredo.co.uk 

For over 20 years, CoCredo, one of the UK's leading Credit Report 

companies, has helped thousands of business customers minimise 

their bad debt. Our data is compiled and constantly updated from 

various prominent UK and international suppliers, encompassing 

235 countries, so our clients can access the latest information in an 

easy-to-read report. Our product and service solutions are tailored 

to meet our clients' needs, including market-leading Dual Reports 

and integrated XML solutions, monitoring, and our D.N.A. Credit 

Risk Management tool that reduce costs and boost cashflow. 

Since 2014, we have been finalists and winners of Small Business 

and Credit Awards. Our clients appreciate our involvement in their 

customer journey, resulting in a 99% client retention rate. 


Cedar Rose Int. Services Ltd 

Tel: (+357) 25 346630 (Cyprus Office) 

(+971) 4 374 5758 (UAE Office) 

E: info@cedar-rose.com W: www.cedar-rose.com 

Follow us on LinkedIn 

Cedar Rose stands at the forefront of global leadership in the 

provision of premium compliance, due diligence investigations, 

and identity verification services for both individuals and 

companies. As a distinguished recipient of numerous awards, its 

reputation is founded on unparalleled excellence and precision. 

Originally specializing in the Middle East and North Africa, 

Cedar Rose has now expanded its horizons, offering insights 

on entities and persons across the globe. With its innovative 

CRiS Intelligence Platform, clients gain immediate access to an 

expansive database of over 384 million companies. 

Cedar Rose offers a holistic range of data-driven solutions tailored 

to meet diverse needs. Its offerings range from automation 

solutions that streamline onboarding and monitoring processes, 

to in-depth compliance investigations, and advanced electronic 

identity verification for KYC and KYB requirements. 

MIL Collections Ltd. 

Palace Building, Quay Street, Truro,TR1 2HE 

M: 07961578739 E: GaryL@milcollections.co.uk 

W: www.milai.co.uk 

From our dedicated office in Truro, Cornwall, our team of over 50 

staff work tirelessly to ensure our clients expectations are not just 

met but exceeded. 

We offer clients an experienced, dedicated and regulated 

collection service. From small sundry invoices through to complex 

property cases and overseas jurisdictions we can help our clients 

recover what is due to them in a fair and timely manner. 

Added to the ISO certification, MIL is a pioneer bringing AI to the 

collections world with a platform dedicated to ensure customers 

are treated fairly and clients work is managed effectively. 

COLLECTIONS LEGAL 

Lovetts Solicitors 

Lovetts, Bramley House, The Guildway, 

Old Portsmouth Road, 

Guildford, Surrey, GU3 1LR 

T: 01483 347001 

E: info@lovetts.co.uk 

W: www.lovetts.co.uk 

With more than 25yrs experience in UK & international business 

debt collection and recovery, Lovetts Solicitors collects £40m+ 

every year on behalf of our clients. Services include: 

• Letters Before Action (LBA) from £1.50 + VAT (successful in 86% 

of cases) 

• Advice and dispute resolution 

• Legal proceedings and enforcement 

• 24/7 access to your cases via our in-house software solution, 

CaseManager 

Don’t just take our word for it, here’s some recent customer 

feedback: “All our service expectations have been exceeded. 

The online system is particularly useful and extremely easy to 

use. Lovetts has a recognisable brand that generates successful 

results.” 

HighRadius 

T: +44 (0) 203 997 9400 

E: infoemea@highradius.com 

W: www.highradius.com 

HighRadius provides a cloud-based Integrated Receivable 

Platform, powered by machine learning and AI. Our Technology 

empowers enterprise organisations to reduce cycle time in the 

order-to-cash process and increase working capital availability by 

automating receivables and payments processes across credit, 

electronic billing and payment processing, cash application, 

deductions, and collections. 

Tinubu Square UK 

Holland House, 4 Bury Street, 

London EC3A 5AW 

T: +44 (0)207 469 2577 / 

E: uksales@tinubu.com 

W: www.tinubu.com 

Founded in 2000, Tinubu Square is a software vendor, enabler 

of the Credit Insurance, Surety and Trade Finance digital 

transformation. 

Tinubu Square enables organizations across the world to 

significantly reduce their exposure to risk and their financial, 

operational and technical costs with best-in-class technology 

solutions and services. Tinubu Square provides SaaS solutions 

and services to different businesses including credit insurers, 

receivables financing organizations and multinational corporations. 

Tinubu Square has built an ecosystem of customers in over 20 

countries worldwide and has a global presence with offices in 

Paris, London, New York, Montreal and Singapore. 

Credica Ltd 

Building 168, Maxell Avenue, Harwell Oxford, Oxon. OX11 0QT 

T: 01235 856400E: info@credica.co.uk W: www.credica.co.uk 

Our highly configurable and extremely cost effective Collections 

and Query Management System has been designed with 3 goals 

in mind: 

•To improve your cashflow • To reduce your cost to collect 

• To provide meaningful analysis of your business 

Evolving over 15 years and driven by the input of 1000s of 

Credit Professionals across the UK and Europe, our system is 

successfully providing significant and measurable benefits for our 

diverse portfolio of clients. 

We would love to hear from you if you feel you would benefit from 

our ‘no nonsense’ and human approach to computer software. 

Data Interconnect Ltd 

45-50 Shrivenham Hundred Business Park, 

Majors Road, Watchfield. Swindon, SN6 8TZ 

T: +44 (0)1367 245777 

E: sales@datainterconnect.co.uk 

W: www.datainterconnect.com 

We are dedicated to helping finance teams take the cost, 

complexity and compliance issues out of Accounts Receivable 

processes. Corrivo is our reliable, easy-to-use SaaS platform 

for the continuous improvement of AR metrics and KPIs in a 

user-friendly interface. Credit Controllers can manage more 

accounts with better results and customers can self-serve on 

mobile-responsive portals where they can query, pay, download 

and view invoices and related documentation e.g. Proofs of 

Delivery Corrivo is the only AR platform with integrated invoice 

finance options for both buyer and supplier that flexes credit 

terms without degrading DSO. Call for a demo. 

ESKER 

Sam Townsend Head of Marketing 

Northern Europe Esker Ltd. 

T: +44 (0)1332 548176 M: +44 (0)791 2772 302 

W: www.esker.co.uk LinkedIn: Esker – Northern Europe 

Twitter: @EskerNEurope blog.esker.co.uk 

Esker’s Accounts Receivable (AR) solution removes the all-toocommon 

obstacles preventing today’s businesses from collecting 

receivables in a timely manner. From credit management to cash 

allocation, Esker automates each step of the order-to-cash cycle. 

Esker’s automated AR system helps companies modernise 

without replacing their core billing and collections processes. By 

simply automating what should be automated, customers get the 

post-sale experience they deserve and your team gets the tools 

they need. 


FOR ADVERTISING INFORMATION OPTIONS 

AND PRICING CONTACT 

paul@centuryone.uk 01727 739 196 


CLOUD-BASED SOFTWARE 

ENFORCEMENT 

My DSO Manager 

22, Chemin du Vieux Chêne, 

Bâtiment D, Meylan, FRANCE 

T: +33 (0)458003676 

E: contact@mydsomanager.com 

W: www.mydsomanager.com 

My DSO Manager is an all-in-one intelligent SaaS accounts 

receivable and credit management system that provides realtime 

insight and scalability from SMEs to international multientity 

companies. It helps AR analysts, accounting or finance 

managers, and any client-facing employee, manage risk and 

maximize cash collection. 

It can swiftly integrate any kind of data from any ERP and 

implement any customization due to its creative, competent IT 

teams that are headquartered inside the firm and collaborate 

closely with support employees, many of whom were formerly 

credit managers at big corporations. 

The feature-rich functions, automated reminders, alerts, and 

numerous services connected to the solution, such as EDM/ 

CRMs/insurance/e-payment/BI platforms etc., along with a 

reasonable pricing system, have simplified the credit-to-cash 

cycle by monitoring daily KPIs like DSO, aging balance, overdues/ 

past-dues, customer behavior, and cash forecast. 

My DSO Manager's worldwide clientele are its real ambassadors, 

who assist the company in expanding on an ongoing basis. 

SERRALA 

Serrala UK Ltd, 125 Wharfdale Road 

Winnersh Triangle, Wokingham 

Berkshire RG41 5RB 

E: r.hammons@serrala.com W: www.serrala.com 

T +44 118 207 0450 M +44 7788 564722 

Serrala optimizes the Universe of Payments for organisations 

seeking efficient cash visibility and secure financial processes. 

As an SAP Partner, Serrala supports over 3,500 companies 

worldwide. With more than 30 years of experience and 

thousands of successful customer projects, including solutions 

for the entire order-to-cash process, Serrala provides credit 

managers and receivables professionals with the solutions they 

need to successfully protect their business against credit risk 

exposure and bad debt loss. 

Top Service Ltd 

Top Service Ltd, 2&3 Regents Court, Far Moor Lane 

Redditch, Worcestershire. B98 0SD 

T: 01527 503990 

E: membership@top-service.co.uk 

W: www.top-service.co.uk 

The only credit information and debt recovery service provider 

specifically for the UK construction industry. Our payment 

experiences are the most up to date credit information available 

and enable construction businesses to confidently assess credit 

risk & make the best, most informed credit decisions. Coupled 

with our range of effective debt recovery solutions, quite simply 

our members stay one step ahead & experience less debt & more 

cash. 

Cr£ditWho? 


FOR ADVERTISING 

INFORMATIONOPTIONS 

AND PRICING CONTACT 


TCN 

T: +44 (0) 800-088-5089 

E : spencer.taylor@tcn.com 

W: www.tcn.com 

TCN is a leading provider of cloud-based call centre technology 

for enterprises, contact centres, BPOs, and collection 

agencies worldwide. Founded in 1999, TCN combines a deep 

understanding of the needs of call centre users with a highly 

affordable delivery model, ensuring immediate access to robust 

call centre technology, such as SMS, email, predictive dialler, 

IVR, call recording, and business analytics required to optimise 

operations while adhering to callers’ requests. 

Its “always-on” cloud-based delivery model provides customers 

with immediate access to the latest version of the TCN solution, as 

well as the ability to quickly and easily scale and adjust to evolving 

business needs. TCN serves various Fortune 500 companies and 

enterprises in multiple industries, including newspaper, collection, 

education, healthcare, automotive, political, customer service, and 

marketing. For more information, visit www.tcn.com or follow on 

Twitter @tcn. 

Invevo 

Daniel Gregory 

T: 07843591646 

E : daniel@invevo.com 

W: www.invevo.com 

Invevo is a fully integrated, cloud-based provider of credit 

management and accounts receivable automation solutions, 

offering dynamic features to optimise operational efficiency and 

improve cash performance. 

Our flexible platform empowers organisations to: 

- Automate the manual and repetitive work allowing your team to 

focus on the value-added activities 

- Discover financial and operational insights through beautiful, 

data-rich dashboards 

- Test and adjust workflow strategies immediately through zero-cost 

configuration 

- Mitigate customer global risk through integrated credit reporting via 

credit agencies or open banking 

Invevo integrates with your existing systems (ERP, CRM, accounting, 

billing) to present the insights you need to make strategic decisions 

through one system that acts as a single source of truth. Access 

the undiscovered analytics and improve performance across your 

portfolio through data-driven actions. 

ENFORCEMENT 

Court Enforcement Services 

Samuel Evans – Director of Business Development 

T: 07759 122503 

E : s.evans@courtenforcementservices.co.uk 

W: www.courtenforcementservices.co.uk 

Court Enforcement Services is the market leading and fastest 

growing High Court Enforcement company. Since forming in 2014, 

we have managed over 100,000 High Court Writs and recovered 

more than £187 million for our clients, all debt fairly collected. We 

help lawyers and creditors across all sectors to recover unpaid 

CCJ’s sooner rather than later. We achieve 39% early engagement 

resulting in market-leading recovery rates. Our multi-awardwinning 

technology provides real-time reporting 24/7. We work in 

close partnership to expertly resolve matters with a fast, fair and 

personable approach. We work hard to achieve the best results 

and protect your reputation. 


High Court Enforcement Group Limited 

Client Services, Helix, 1st Floor, Edmund St, Liverpool, L3 9NY 

T: 08450 999 666 

E: clientservices@hcegroup.co.uk 

W: hcegroup.co.uk 

Putting creditors first 

We are the largest independent High Court enforcement company, 

with more authorised officers than anyone else. We are privately 

owned, which allows us to manage our business in a way that 

puts our clients first. Clients trust us to deliver and service is 

paramount. We cover all aspects of enforcement – writs of control, 

possessions, process serving and landlord issues – and are 

committed to meeting and exceeding clients’ expectations. 

ENGAGEMENT 

CFH Docmail 

T: 01761 416311 

E: info@cfh.com 

W: www.cfh.com 

With over 45 years of experience in supporting organisations in 

the successful delivery of multi-channel communications, CFH 

are the innovative and trusted partner for driving engagement 

and achieving measurable results. 

Combining proven expertise, the right accreditations and industry 

driven communication solutions including Docmail the leading 

hybrid mail solution, CFH have the perfect blend of solutions to 

help you engage offline, online or the perfect blend of the two. 

FINANCIAL PR 

Gravity Global 

Floor 6/7, Gravity Global, 69 Wilson St, London, EC2A 2BB 

T: +44(0)207 330 8888. E: sfeast@gravityglobal.com 

W: www.gravityglobal.com 

Gravity is an award winning full service PR and advertising 

business that is regularly benchmarked as being one of the 

best in its field. It has a particular expertise in the credit sector, 

building long-term relationships with some of the industry’s bestknown 

brands working on often challenging briefs. As the partner 

agency for the Credit Services Association (CSA) for the past 22 

years, and the Chartered Institute of Credit Management since 

2006, it understands the key issues affecting the credit industry 

and what works and what doesn’t in supporting its clients in the 

media and beyond. 

FORUMS 

FORUMS INTERNATIONAL 

T: +44 (0)1260 275716 

E: info@forumsinternational.co.uk 

W: www.forumsinternational.co.uk 

Forums International Ltd have been running Credit and Industry 

Forums since 1991. We cover a range of industry sectors and 

International trading, attendance is for Credit Professionals of all 

levels. Our forums are not just meetings but communities which 

aim to prepare our members for the challenges ahead. Attending 

for the first time is free for you to gauge the benefits and meet the 

members and we only have pre-approved Partners, so you will 

never intentionally be sold to. 


Cr£ditWho? 


FOR ADVERTISING INFORMATION 

OPTIONS AND PRICING CONTACT 


INSOLVENCY 

Menzies 

T: +44 (0)2073 875 868 - London 

T: +44 (0)2920 495 444 - Cardiff 

W: menzies.co.uk/creditor-services 

Our Creditor Services team can advise on the best way for you 

to protect your position when one of your debtors enters, or 

is approaching, insolvency proceedings. Our services include 

assisting with retention of title claims, providing representation 

at creditor meetings, forensic investigations, raising finance, 

financial restructuring and removing the administrative burden 

– this includes completing and lodging claim forms, monitoring 

dividend prospects and analysing all Insolvency Reports and 

correspondence. 

For more information on how the Menzies Creditor Services 

team can assist, please contact Bethan Evans, Licensed 

Insolvency Practitioner, at bevans@menzies.co.uk or call 

+44 (0)2920 447 512. 

INSOLVENCY 

Red Flag Alert Technology Group Limited 

49 Peter Street, Manchester, M2 3NG 

T: 0330 460 9877 

E: sales@redflagalert.com 

W: www.redflagalert.com 

The UK’s No1 Insolvency Score is available as platform 

designed to help businesses manage risk and achieve growth 

using real-time data. The only independently owned UK credit 

referencing agency for businesses. We have modernised the 

way companies consume data, via Graph QL API and apps for 

many CRM / ERP systems to power businesses decisions with 

the most important data taken in real-time feeds, ensuring our 

customers are always the first to know. 

Red Flag Alert has a powerful portfolio management tool 

enabling you to monitor all your customers and suppliers so 

you and your teams can receive email alerts on data events 

i.e. CCJ, Petitions, Accounts, Directors, amongst 84 alerts 

produced and tailored to your business. 

Red Flag Alert works towards growing and protecting 

businesses using advanced machine learning and AI technology 

data to provide businesses with information to deliver best in 

class sales, credit risk management and compliance. 

LEGAL 

Shoosmiths 

Email: paula.swain@shoosmiths.co.uk 

Tel: 03700 86 3000 W: www.shoosmiths.co.uk 

Shoosmiths’ highly experienced team will work closely with credit 

teams to recover commercial debts as quickly and cost effectively 

as possible. We have an in depth knowledge of all areas of debt 

recovery, including: 

•Pre-litigation services to effect early recovery and keep costs 

down •Litigation service •Insolvency 

•Post-litigation services including enforcement 

As a client of Shoosmiths, you will find us quick to relate to your 

goals, and adept at advising you on the most effective way of 

achieving them. 

PAYMENT SOLUTIONS 

American Express 

76 Buckingham Palace Road, 

London. SW1W 9TQ 

T: +44 (0)1273 696933 

W: www.americanexpress.com 

American Express is working in partnership with the CICM and is a 

globally recognised provider of payment solutions to businesses. 

Specialising in providing flexible collection capabilities to drive a 

number of company objectives including: 

• Accelerate cashflow • Improved DSO • Reduce risk 

• Offer extended terms to customers 

• Provide an additional line of bank independent credit to drive 

growth • Create competitive advantage with your customers 

As experts in the field of payments and with a global reach, 

American Express is working with credit managers to drive 

growth within businesses of all sectors. By creating an additional 

lever to help support supplier/client relationships American 

Express is proud to be an innovator in the business payments 

space. 

Key IVR 

T: +44 (0) 1302 513 000 E: sales@keyivr.com 

W: www.keyivr.com 

Key IVR are proud to have joined the Chartered Institute of 

Credit Management’s Corporate partnership scheme. The 

CICM is a recognised and trusted professional entity within 

credit management and a perfect partner for Key IVR. We are 

delighted to be providing our services to the CICM to assist with 

their membership collection activities. Key IVR provides a suite 

of products to assist companies across the globe with credit 

management. Our service is based around giving the end-user 

the means to make a payment when and how they choose. Using 

automated collection methods, such as a secure telephone 

payment line (IVR), web and SMS allows companies to free up 

valuable staff time away from typical debt collection. 

Quadient AR by YayPay 

T: +44 20 8502 8476 

E: r.harash@quadient.com 

W: www.quadient.com/en-gb/ar-automation 

Quadient AR by YayPay makes it easy for B2B finance teams 

to stay ahead of accounts receivable and get paid faster – from 

anywhere. Integrating with your existing ERP, CRM, accounting 

and billing systems, YayPay organizes and presents real-time data 

through meaningful, cloud-based dashboards. These increase 

visibility across your AR portfolio and provide your team with a 

single source of truth, so they can access the information they 

need to work productively, no matter where they are based. 

Automated capabilities improve team efficiency by 3X and 

accelerate the collections process by making communications 

customizable and consistent. This enables you to collect cash 

up to 34 percent faster and removes the need to add additional 

resources as your business grows. 

Predictive analytics provide insight into future payer behavior to 

improve cash flow management and a secure, online payment 

portal enables customers to access their accounts and pay at any 

time, from anywhere. 

Cr£ditWho? 


RECRUITMENT 

Hays Credit Management 

107 Cheapside, London, EC2V 6DN 

T: 07834 260029 

E: karen.young@hays.com 

W: www.hays.co.uk/creditcontrol 

Hays Credit Management is working in partnership with the CICM 

and specialise in placing experts into credit control jobs and 

credit management jobs. Hays understands the demands of this 

challenging environment and the skills required to thrive within 

it. Whatever your needs, we have temporary, permanent and 

contract based opportunities to find your ideal role. Our candidate 

registration process is unrivalled, including face-to-face screening 

interviews and a credit control skills test developed exclusively for 

Hays by the CICM. We offer CICM members a priority service and 

can provide advice across a wide spectrum of job search and 

recruitment issues. 

PORTFOLIO 

CREDIT CONTROL 

Portfolio Credit Control 

1 Finsbury Square, London. EC2A 1AE 

T: 0207 650 3199 

E: recruitment@portfoliocreditcontrol.com 

W: www.portfoliocreditcontrol.com 

Portfolio Credit Control, a 5* Trustpilot rated agency, solely 

specialises in the recruitment of Permanent, Temporary & Contract 

Credit Control, Accounts Receivable and Collections staff 

including remote workers. Part of The Portfolio Group, an awardwinning 

Recruiter, we speak to Credit Controllers every day and 

understand their skills meaning we are perfectly placed to provide 

your business with talented Credit Control professionals. Offering 

a highly tailored approach to recruitment, we use a hybrid of faceto-face 

and remote briefings, interviews and feedback options. 

We provide both candidates & clients with a commitment to deliver 

that will exceed your expectations every single time. 

FOR ADVERTISING INFORMATION 

OPTIONS AND PRICING CONTACT 

paul@centuryone.uk 

01727 739 196 


Exclusive CICM 

member benefits 

We told you we’d have more exclusive member 

benefits coming this year, and we are so excited to 

share our partnership with Parliament Hill, a 

money-saving benefit discount organisation. 

Exclusive 

Rewards 

As a CICM Member, you will have access 

to a wide range of discounts from Retail, 

Travel, Food & Drink, Well-being and Tech, 

plus many more at your 

fingertips! 

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YOUR MEMBERS 

AREA NOW TO 

ACCESS. 


BRANCH NEWS 

AGM REPORT: 

CICM EAST OF 

ENGLAND BRANCH 

THE CICM East Of England Branch 

held is AGM on 17 January, and used 

the opportunity to invite presentations 

from Annabel Gray, director of 

RSM Creditor Solutions and Robert 

Norman, CICM Head of Project 

Delivery (Digital Transformation). 

Annabel gave a detailed overview of the current insolvency 

landscape covering Personal insolvency and Corporate 

insolvency. The update prompted a lively debate and several 

questions which Annabel dealt with fully and in depth. 

Robert provided an update on the new CICM website, 

outlining the reasons for the change, and the benefits for 

members and HQ. He was pleased to hear positive feedback 

about the new website’s look, feel and content. 

Branch events 

During the AGM an overview of 2023 events which included 

eleven virtual committee meetings and three well attended 

webinars, as well as the Branch’s first live conference since 

the pandemic – “Establishing the New Norm of Credit 

Management”, which was held in central London and 

hosted by CICM’s premier partner Hays. The conference 

was well attended by members of six CICM Branches: East 

of England, London, Surrey & Sussex, Kent, Thames Valley 

and North West. 

Atul said that the Branch intended to continue to deliver 

free of charge physical and virtual events for members of 

our Branch, of every Branch, and prospective new members. 

We planned to increase and deliver useful information on 

our Branch LinkedIn group and to invite others. The group 

already has 1,193 members. Some 235 articles had been 

posted in 2023, with 7,069 views. 

The first two virtual events in 2024 under heading of ‘Lunch 

and Learn’ had confirmed dates: 

• Demystifying the Impact of A1 on Credit and Collections 

by Jamie Wroe, Chief Technical Officer of Invevo, would 

be hosted by Branch committee member Daniel Gregory 

on 28 Feb 2024 

• B2B E-Commerce - The Gold Rush, by Branch committee 

member Andy Moylan, CEO of EFCIS Ltd to be held on 

20 March 2024. 

Committee changes 

Mark Maynard, Liam Hastings and William Plom had left 

the committee in 2023 and Atul thanked them all for their 

contributions. Daniel Gregory had joined the committee. 

The AGM re-elected Katherine Bailey, Richard Brown, Sean 

Frisby, Daniel Gregory, Naimesh Khetia, Andy Moylan, 

Steve Walsh, Atul Vadher and Lorna Westgarth-Pearce, 

and they were joined by new member Lee Tyers. The 2024 

committee members were then elected to posts. 

Atul Vadher again thanked the two speakers Annabel Gray 

and Robert Norman, and everyone who attended. He also 

thanked the Branch committee for their drive and devotion 

in making these events happen. This included subject 

matter for our members’ benefit, their time in giving 

back to the industry, their passion for all things Credit, 

their creative ideas and concepts, their support of him and 

each other in challenging times – without losing the fun 

factor. 

Author: Richard Brown, 

Branch Vice Chairman and Secretary 

We want your branch news! 

Get in touch with the CICM by emailing branches@cicm.com with your branch news and event reports. 

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Credit Management March 2024

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