Credit Management May 2025

CREDIT MANAGEMENT

CM

MAY ISSUE 2025

THE CICM MAGAZINE FOR CONSUMER AND

COMMERCIAL CREDIT PROFESSIONALS

Trade Secret

Understanding the

reality of Liberation Day.

NEWS FEATURE

UK firms are ready

to be tougher on

payment terms.

PAGE 6

THINK TANK

There’s still plenty

to cheer about in

hospitality.

PAGE 14

INTERVIEW

Sean Feast FCICM

speaks to Ed Horton

of Hoist Finance UK.

PAGE 20

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SEAN FEAST FCICM

MANAGING EDITOR

Editor’s column

NOT SO GREEN

AS WE’RE PAINTED

NOW I can’t think anyone

had ever accused me of

being especially ‘right on’.

That’s not to say I don’t care

about social justice, just

more that I am not an active

campaigner. And I don’t

always hold with the idea that evil can only thrive

when good men do nothing.

It was ironic, 20 or so years ago, therefore, when

I was given Board responsibility within my own

organisation for HR. On paper, there could not have

been anyone less suited to the task, since apparently

‘knocking heads together’ is not a prescribed CIPD

module. I did, however, stay the course with not a

single Tribunal to my name.

It was even more ironic when becoming a portfolio

firm within a Private Equity business more recently

that somebody thought it a splendid wheeze to give

me Environment, Social and Governance (ESG) as

a Board brief to run alongside my more usual PR

responsibilities.

Being the Group’s ESG champion has meant aligning

our organisation with carbon reduction targets and

diversity goals, all with the intention of making

us more attractive to future investors, customers

and talent. It has cost us, I don’t mind saying, a

pretty penny, both literally in terms of employing

consultants and paying for annual audits but also in

relation to time and resource in delivering quarterly

reports. ESG is an industry in itself, and I’ve been

happy to go along with it for the greater good.

It has been about creating a level playing field, so

organisations in similar industries can be compared

on a like-for-like basis. And it’s the right thing to do

for any right-thinking person.

So I am more than a little concerned with the mood

music coming from certain parts of the political

spectrum, both home and away, that seems to be

suggesting that it’s all been a waste of my time.

Diversity, if you believe that chap across the Pond,

is the reason why airplanes fall out of the sky, and as

such, dozens of organisations have happily dispensed

with their ESG investment because they can, and

because they have probably only ever seen it as a nonessential

cost in the first place. And it’s happening

here too. But in a more subtle and perhaps less

deliberate or pernicious way.

The 25% tariff being imposed by the US on UK car

exports has prompted an interesting response from

Government. Ministers are looking at relaxing

the Zero Emission Vehicle (ZEV) mandate with

exemptions for low-volume manufacturers and less

stringent fines for non-compliance from mainstream

OEMs. While no doubt a pragmatic and eminently

sensible decision, it also suggests to me that even our

Government sees the environment and other matters

relating to ESG as being of secondary concern to

money, business and jobs.

The previous Prime Minister hinted at something

similar and was shot down in flames. His successors

have discovered that Realpolitik and moral scruples

don’t always make good bedfellows.

I get it. As I said from the off, I am not looking for

a crusade. But having answered the call, and spent

considerable time and effort along the way in doing

the right thing, it would be nice to think I haven’t

been taken for a fool, and all those who sat on their

hands and did nothing are laughing. Because if that’s

the case, it's progress rather than truth, it appears,

that is the first casualty of war.

Brave | Curious | Resilient / www.cicm.com /May 2025 / PAGE 3

contents

May 2025 issue

12 – WEATHER WARNING

Rising costs, HMRC enforcement, and sectorspecific

risks call for smarter credit strategies

in 2025.

14 – ROOM WITH A VIEW

There are still reasons to be cheerful for those

working in hospitality.

16 – ROUGH TRADE

How can creditors survive – or even thrive –

amidst the current economic turmoil?

20 – THE ESCAPE ARTIST

Sean Feast FCICM speaks to Ed Horton about

the changing face of collections, debt purchase

and Grimsby Town FC.

24 – DRIVEN TO SUCCEED

Invoice Finance is helping a haulage

recruitment business to expand in challenging

times.

26 – GROWING FOR GOLD

UK firms are hungry for growth, ready to be

tougher on payment terms and looking to AI

for innovation.

29 – FURTHER EDUCATION

The start of a new era in Professional

Development.

32 – COUNTRY FOCUS

Colombia is turning to tourism and green

energy to fuel its future growth

38 – HOME WRECKERS

County Court delays are crippling local

authorities’ efforts to reclaim housing debt.

40 – THE GENERATION GAME

How to succeed in a multigenerational

workforce.

50 – BORDER CONTROL

Updates from the world of international

recoveries.

Colom

16

ROUGH TRADE

How can creditors

survive – or even thrive

– amidst the current

economic turmoil?

50

BORDER CONTROL

Updates from the world of

international recoveries.

12

INSOLVENCY

Rising costs, HMRC enforcement,

and sector-specific risks.

Brave | Curious | Resilient / www.cicm.com / May 2025 / PAGE 4

32

COUNTRY FOCUS

CICM GOVERNANCE

President: Stephen Baister FCICM

Chief Executive: Sue Chapple FCICM

Executive Board: Chair Neil Jinks FCICM

Vice Chair: Allan Poole FCICM

Treasurer: Glen Bullivant FCICM

Larry Coltman FCICM

Peter Gent FCICM(Grad)

Paula Swain FCICM

bia

Advisory Council: Laurie Beagle FCICM

Laura Brown MCICM(Grad) / Arvind Kumar MCICM(Grad)

Natalie Bunyer FCICM / Glen Bullivant FCICM

Alan Church FCICM(Grad) / Larry Coltman FCICM

Peter Gent FCICM(Grad) / Tom Hope MCICM

Neil Jinks FCICM / Martin Kirby FCICM

Charles Mayhew FCICM / Joshua Mayhew MCICM

Hans Meijer FCICM / Amanda Phelan FCICM(Grad)

Allan Poole FCICM / Emma Reilly FCICM

Philip Roberts FCICM / Paula Swain FCICM

Jonathan Swan FCICM / Mark Taylor MCICM

Atul Vadher FCICM(Grad) / Dee Weston FCICM

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

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

tab labelled ‘Credit Management magazine.’

Credit Management is distributed to the entire

UK and international CICM membership, as well

as additional subscribers

14

HOSPITALITY

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Chartered Institute of Credit Management

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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

Rob Howard, Milica Cosic and

Melanie York

Advertising

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Telephone: 01727 739 196

Email: paul@centuryone.uk

Printers

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International: £171 per annum

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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

Spring Statement offers

little relief for businesses

THE Chancellor’s Spring

Statement offered little

relief for businesses

and is likely to stretch

budgets that are already

being stretched.

Arun Singh, Global Chief Economist,

Dun & Bradstreet, said that with no major

support announced, companies must

stay vigilant, particularly as many of the

measures announced in the Autumn Budget

have now come into effect: “The combined

measures including an increase to employer

national insurance contributions (NICs),

a hike in capital gains, business rates and

inheritance taxes, as well as an increase in

national living and minimum wages are

likely to stretch already tight budgets.

“Since last year’s budget, sentiment

among UK businesses has soured, and with

the economy still sluggish and no significant

interventions in sight, many companies

remain cautious about the year ahead.”

However, Arun said there are signs of

resilience among small businesses – 89%

expect their profits before tax to rise in

Q1 2025, according to D&B’s latest Global

Business Optimism Insight Report: “But

while this optimism offers a glimmer

of hope, SMEs are still grappling with

significant challenges, and the growing

uncertainty could push many to the brink,

increasing the rate of UK business failures.

“Access to reliable data is more important

than ever, helping SMEs assess risks,

plan ahead, and make informed financial

decisions in an unpredictable economic

climate.

“Looking ahead, if the Office for Budget

Responsibility downgrades GDP growth

“Will SMEs

feel more

confident after

the Chancellor’s

announcements?

Likely not, and

we could see

a worrying

continuation of

this ‘wait and see’

approach’’

forecasts or investor confidence wanes, the

Government may be forced to consider

further spending cuts or tax hikes. Such

measures would only deepen the economic

strain, making it even harder for businesses

to navigate the coming months.”

Arun’s comments came before the

announcement of a baseline 10% tariff

on UK goods exported to the US and the

UK Government’s plans to specifically

help automotive manufacturers (whose

goods are being subjected to a 25% tariff)

by extending the transition to an electric

future. His words are supported, however,

by Theo Chatha, CFO at Bibby Financial

Services, who said the Chancellor’s Spring

Statement was a huge disappointment

to the UK’s small and medium sized

enterprises: “We know 87% of SME business

leaders are eager to invest and nearly half

were deferring major investment decisions

until after today’s Statement,” he explained.

“Will SMEs feel more confident

after the Chancellor’s announcements?

Likely not, and we could see a worrying

continuation of this ‘wait and see’ approach

as businesses further delay decisions on

areas of investment such as machinery,

technology and recruitment – resulting in

an economic lag for the UK. Off the back

of an unpopular Autumn Budget and with

increased employer National Insurance

contributions and business rates set to rise,

her statement was a missed opportunity to

support the UK’s SMEs.”

Matt Watkins, Tax Disputes and

Disclosures Director at Menzies noted how

tax evasion and avoidance were clear targets

in the Chancellor’s Spring Statement, with

significant investment pledged to boost

HMRC’s ability to close the 'tax gap'. While

this is expected to raise £1bn by 2029, the

real tax take will be far lower once penalties,

recruitment, and operational costs are

factored in.

“The tax gap still stands at nearly £40bn,”

he said, “and this announcement alone

won’t come close to closing it. More staff

and funding don’t automatically lead to

more effective enforcement, especially with

HMRC already facing a backlog of tribunal

cases. There’s also a real risk that SMEs,

which often lack in-house tax expertise,

will become the default target. This would

increase compliance pressure on businesses

that are already stretched, without

necessarily improving outcomes.”


CREDIT MANAGEMENT

Harry Quilter-Pinner, Executive Director

at IPPR, believed the Chancellor was right

that taxpayers’ money can be spent more

efficiently and effectively, but said it is

important to avoid cuts that harm longrun

growth or hit people in the greatest

need: “The pressures on the state – both

international and domestic - are set to grow

in the coming decade. Greater Government

efficiency can contribute to this – but won’t

be enough on its own.

“The Government needs to think longterm

about who should bear these costs

over time – and make different choices to

previous Governments. Right now, there

are options on the table for raising revenue

without breaking the Government’s selfimposed

tax rules – from closing loopholes

in capital gains and inheritance tax to

looking again at gambling levies.”

Current plans

will result in a

significant net

reduction in social

security spending

by 2029/30

Whatever the Government chooses to

do next, it must not come at the expense

of cutting support for the most vulnerable

according to Richard Lane, Chief Client

Officer at StepChange Debt Charity.

“YouGov polling we commissioned

found UK adults receiving adult disability

benefits (15%) are twice as likely to be in

serious problem debt compared to the

wider population (8%). PIP is designed

to recognise these extra costs, so it’s vital

that the Government ensures people with

disabilities or health conditions can access

the financial help they need.

“While we welcome an increase in UC

payments so that the social safety net keeps

up with the cost of essentials, it should not

come at the expense of cutting support for

some of the most vulnerable. Current plans

will result in a significant net reduction in

social security spending by 2029/30 – that’s

not the direction we want to see.

“Unaffordable debt deductions from

benefits also drive real hardship and the

Government could take further action in

this area by limiting deductions for UC

advances and overpayments to 5% of the

standard allowance. However we need longterm

solutions, which is why we are calling

for a Minimum Income Commission to

provide independent advice on setting

benefit levels.”

CRAs are tight lipped

on progress over fraud

CREDIT Reference Agencies (CRAs)

have not yet taken the chance to reassure

credit managers that they are doing

enough to address the issue of short firm

fraud.

An article by James Campbell in March

which appeared to show CRAs giving

positive risk ratings to a business that

was clearly nefarious has so far elicited

little or nothing by way of a meaningful

industry response. It suggests that James

could be right in his fears that CRAs

might be no nearer to being able to spot

a bogus account today than they were five

or so ago.

Patrick Walsh, BIPA Chair, issued a

statement on behalf of its members. He

said: “BIPA and the member CRAs are in

regular contact with Companies House

and participate in stakeholder forums,

regularly discussing fraud detection

processes and legislative changes. The

recent passage of the Economic Crime and

Corporate Transparency Act (ECCTA)

will give Companies House further tools

to mitigate fraud.”

He added: “We look forward to working

with all stakeholders and are ready,

willing and able to continue to make our

important contribution.”

One industry insider told Credit

Management that CRAs had ‘missed an

opportunity’ to be more robust in their

response.

Equifax Encourages Open

Conversations About Debt

EQUIFAX is working with debt charity

StepChange to help consumers better

understand how to tackle their debt and

encourage individuals to engage in open

and honest conversations surrounding

debt with their loved ones.

StepChange’s recent polling shows why

breaking down the stigma around debt is

so important, with 89% of people saying

they felt a sense of personal shame about

their debt and 40% saying they would not

speak to their friends or family about

debt.

Recent data from the Office for

National Statistics reveals that 56%

of adults experienced increased costs

between October and November 2024,

with 15% turning to credit to cope.

Data from Equifax further highlights

the growing reliance on credit, with

consumer credit card debt levels reaching

approximately £71.2 billion, a 5.6%

year-on-year increase to the end of

December 2024.

Craig Tebbutt, Chief Strategy and

Innovation Officer at Equifax UK, says

that despite the prevalence of debt,

it can be a difficult topic to discuss:

“Sharing financial worries can foster trust

and collaboration in building a secure

future,” he explains. “Discussing financial

concerns with loved ones can help

prevent misunderstandings, ensuring

that family and friends are aware of each

other's financial situations and avoid

unknowingly planning major expenses,

such as holidays or gifts, that could create

pressure.

“Open conversations help the

respective individuals to understand the

full financial picture, working together

to find solutions for managing debt and

easing the emotional strain that financial

worries can bring. Beyond the practical

benefits, talking about money can foster

deeper connections, strengthening

relationships through honest and

supportive communication.”


continues on page 8 >

THE NEWS

Major overhaul demanded

for failing probate process

INTERMEDIARIES believe

their clients are being treated

unfairly by the probate system

and are poorly served by

the processes and platforms

designed to help them.

Reform is now urgently

needed, with a call for the banks, energy

firms and other service providers to have

more dedicated bereavement teams, better

online/digital infrastructure, and improved

communications and transparency.

In a major piece of Quantitative and

Qualitative Research undertaken for The

Estate Registry, 2,000 consumers and a

panel of 200 independent financial advisors

and probate solicitors were asked for their

views on inheritance tax (IHT) and the

probate process generally.

Almost two thirds (65%) of professionals

say their clients are unaware of how the

probate process works, more than three out

of five (61%) believe the process takes too

long, and a quarter (25%) that the process is

difficult to understand. A fifth (21%) believe

the process could also be made simpler if

there was more information made publicly

available; a similar number (18%) believe

the process is unfair.

Beyond the core issues of complexity

and communication, the lack of funds to

pay HMRC was also a challenge, and one

exacerbated by the length of time taken for

probate to be granted. The research found

that on average, the end-to-end process,

from the initial notification to settlement,

is taking 10 months. In the more complex

cases, it can be well over a year before

an inheritance is finally resolved. This is

despite recent figures from His Majesty’s

Courts and Tribunal Service (HMCTS)

suggesting it has cut the average waiting

times for probate to be granted by half for

all digital applications.

The idea of having a dedicated financial

services product that advances cash against

an inheritance was unanimously welcomed,

preventing the bereaved from having to

raid their own savings, take out a loan or

borrow from family and friends. Greater

use of legacy planning tools was also

welcomed.

Of their clients, nearly three in five

(57%) used the Government’s ‘Tell Us Once’

service and around two-fifths (39%) found

the service useful. Interestingly, younger

UK adults who have gone through this

process were more likely to use the service

(82%) and find it useful (49%) than those

aged 55 or over.

Crucially, nearly three in four (72%)

of UK adults agree that every bank and

utility company should have a specific

death notification service similar to the

service provided by Government. In one

case, a bereaved widow had to contact

more than 20 individual organisations to

inform them that her husband had died.

Solicitors were also unanimous in their

belief that all service providers and banks

should use a private sector equivalent of the

Government’s ‘Tell us Once’.

Phil Hickson – SVP, Global Partnerships

at The Estate Registry says that the probate

process is crying out for reform: “The

consumer experience is mirrored by the

professionals who recognise the need for a

fully digitised online application process,”

he says.

“We need to create a more unified, userfriendly

platform that would connect

all parties involved, including HMRC,

banks and probate registries to streamline

document submission, reduce paperwork

and allow for easier tracking of application

progress. Investment is also needed in IT

across all elements of the supply chain to

reduce downtime and technical issues.”

Simplifying and standardising procedures

would further ease the process, and

especially accelerate settlement in the most

straightforward estates, reducing the backlog,

even to the point of creating a ‘fasttrack

probate service’ for uncomplicated

cases.

A quarter of lowest earners in debt arrears

THE average household spends £216 on

monthly debt repayments, excluding

the mortgage, according to the latest

Hargreaves Lansdown Savings &

Resilience Barometer. Almost one in ten

households (8%) are in arrears, and among

the lowest fifth of earners, this rises to

25%. Some 17% of people are concerned

about their debt position.

Credit card debt fell from £71.9 billion

in February 2020 to £55 billion in March

2021, before climbing again to £73.2 billion

in February 2025 (Bank of England data),

causing concern among some expert

commentators.

Sarah Coles, Head of Personal Finance

at Hargreaves Lansdown says that

credit card debt has climbed back

above pre-pandemic levels: “The

flurry of repayments during lockdown

saw tens of bn of pounds wiped off

our debts, but as soon as we were released,

we started spending again. Now we’re

back to carrying even more debt than

before.”

The more we earn, the more we tend

to borrow, Sarah says, so higher earners

are bearing the biggest debt burden: the

HL Barometer found that the top fifth of

earners repay £384 each month. However,

despite having smaller payments, tighter

budgets can make debt repayments harder

to manage for lower earners. The fifth of

people on the lowest incomes will need

to stretch to afford repayments of £62 a

month.

And this is all in addition to any

mortgage repayments. These average £748

for those who have a mortgage, rising to

£804 for those aged 40-44. For those who

have remortgaged while rates have been

so high, bills have risen significantly, and

the Barometer found that those who have

remortgaged since rates started to rise are

paying an average of £815.


Dun & Bradstreet supports

CICM members with

smarter decision-making

DUN and Bradstreet, a leading global

provider of business data and analytics, has

joined forces with the Chartered Institute of

Credit Management (CICM) to strengthen

members’ use of data-driven business

insights and new technology to support

better risk decision-making.

Respected for its expertise in all aspects of

risk management and business intelligence,

Dun & Bradstreet’s data solutions help

businesses assess potential customers,

mitigate financial risks, and ensure

regulatory compliance. Over the coming

months, it plans to share valuable insights

with CICM members in an increasingly

volatile economic landscape.

Several joint initiatives are already being

created exclusively for CICM members.

These include Accelerate with Confidence,

a programme designed to demystify risk in

uncertain times, and a series of roundtables,

webinars, and events kicking off in May –

offering expert analysis on timely economic

trends.

The firm also has an upcoming European

programme, Credit Accelerate, to help

businesses streamline credit decisionmaking

processes using advanced

automation and analytics, details of which

will be shared shortly. This initiative and the

ones already mentioned will provide CICM

members with a different approach to

financial risk management.

David Marshall, Senior Director

of Financial Solutions at Dun &

Bradstreet says that he recognises

the significant role CICM plays in

supporting the credit management

profession: “This collaboration

presents an opportunity for us to

form stronger relationships across

the industry. Getting closer to

credit professionals will help us to tailor our

insights and solutions to help them address

regional economic and business challenges.

“There’s a great deal happening around

payment behaviour, insolvencies, and small

business failures, and credit managers need

the right data to make smarter decisions

about who they partner with,” David

continues. “By sharing some of our expertise

with CICM members, we hope they will be

able to more effectively navigate through

these economical challenging times.”

David says Dun & Bradstreet will also be

talking throughout the year about the new

era of smarter, data-driven, risk decisionmaking,

how to operationalise credit risk

and how to use what a credit manager

learns to take action: “We want to encourage

business professionals to move away from

manual and towards fully automated

decision-making. We are creating a

foundational-level education programme,

primarily for credit managers and credit

controllers, to ensure they are aware of

the latest technology and encourage them

to use the latest data effectively to upskill,

stay knowledgeable and stay ahead of

trends.”

Sue Chapple FCICM, CEO of the CICM,

welcomes Dun & Bradstreet as a new CICM

corporate partner: “We are excited about

the collaboration and the opportunities

it will bring to members: The generous

programme of joint initiatives

supports our continued approach

to educating credit professionals,

helping our people at every stage

of their careers to add to their

knowledge and skillsets,

and ensuring our members

remain at the forefront of the

industry.”

Billions may be being wasted in AI

DESPITE billions invested in AI solutions

worldwide, without proper guidance,

businesses risk stalled adoption, wasted

investment, and an inability to realise AI’s

full potential. This hesitation is hindering

AI adoption and limiting its benefits

within organisations.Recent research from

automation platform M-Files suggests that

only 6% of workers feel very comfortable

utilising AI in their roles.

This stark statistic highlights a significant

skills gap that businesses must address. A

recent McKinsey Global Survey found that

while 85% of businesses have AI initiatives

in place, only 25% of employees feel they

understand how to apply them to their

roles.

This gap stems from a lack of training,

uncertainty about AI’s role, and concerns

over job security. The business believes

that without a confident and competent

workforce, even the most advanced AI

strategies will struggle to deliver meaningful

impact.


THE NEWS

Advanced loans

IN Q4 2024 there were 52,648 new buyto-let

loans advanced in the UK, worth

£9.6 billion, according to new figures

from UK Finance. This was up 39.2%

by number (47.2% by value) compared

with the same quarter in the previous

year. The average gross buy-to-let rental

yield for the UK in Q4 2024 was 7%,

compared with 6.74% in the same quarter

in the previous year. The number of BTL

fixed rate mortgages outstanding in Q4

2024 was 1.43 million, 4.4% up on a year

previously. In contrast, the number of

variable rate loans outstanding fell by

15.9% to 518,000. There were 700 buyto-let

mortgage possessions taken in Q4

2024. This is unchanged from the previous

quarter, but an increase of 29.6% on the

same quarter a year previously.

Five-year plan

IN five years’ time, StepChange wants

everyone to know the charity for

the following key outcomes that will

consistently define the organisation: an

unwavering focus on good long-term

client outcomes; being digital-first, dataled,

and powered by experts (both internal

and external); achieving meaningful

change through policy and influence; and

being a financially sustainable not-forprofit

organisation. The commitments

form part of the charities new five-year

organisational strategy launched in

March.

Fluent speaking

COMPARE the Market has partnered

with Fluent Money to further expand

and enhance its money eligibility

and comparison service. Through the

partnership, Compare the Market

customers can now compare secured loans

alongside unsecured loans from other

providers, based on their eligibility, on

Compare the Market’s website. This will

help customers understand their options

and give them greater opportunity to

access credit.

CONGRATULATIONS

Beth Hanson of Wave Utilities has

received the 2025 North East Branch

Student Prize. Congratulations Beth.

Celebrate your success.

continues on next page >

OBITUARIES

Mike Wykes FCICM - invaluable advisor

to many in the credit profession

MIKE Wykes FCICM

started a career in

credit as despatch

rider for Coopers

and Lybrand in 1974,

later remarking “I should have been a taxi

having just about done ‘the knowledge’

scampering around Greater London.”

As an expert in creditor services, the

lion’s share of Mike’s career was at Booth

White and latterly Moore Stephens after

the two organisations merged in 1995.

He joined Smith & Williamson in 2009,

rising to Associate Director before going

freelance and starting his own consultancy.

He had originally studied Law at Sheffield

University,

He is especially remembered, however,

for his membership and contribution

to the Chartered Institute of Credit

Management, having joined the Essex

Branch in 1986 and serving in various roles

including Chairman, Vice-Chairman,

Secretary, Social Secretary, Membership

Secretary and Treasurer.

Michael joined the London Branch,

having moved back to London, where he

held the role of Secretary, Vice Chairman

(twice), Chairman (twice) and immediate

past Chairman (twice). A keen golfer, he

also ran the London Branch Golf Day for

the last six years.

Michael’s passion for credit and

involvement with the Institute included

playing an active role ‘out and about’

at exhibitions in London and Glasgow,

and as a guest speaker for events from

Ipswich to Liverpool. He was granted a

Fellowship in 2006, having the almost

unique distinction of having his FCICM

certificate signed by Sir Roger Cork to

add to his original membership certificate

that had been signed by Sir Roger’s father,

Sir Kenneth Cork.

His hard work and commitment to the

Institute and the industry was recognised

in 2011 with a richly deserved CICM

Meritorious Service Award.

Stuart Hopewell FCICM, who knew

Michael well, remembers: “‘Wykesy’, as

he was known to many, was an invaluable

advisor to many in the credit profession

and spent almost the entirety of his 50-

year career in Creditor Services. He will

be fondly remembered by all of us at

CICM and by those privileged to have

known him.”

Lee Miller, International Credit

Director, also remembers his friend with

great affection: “On a professional level,

‘Wyksey’ was the glue that kept our Credit

Circle together but equally was always a

wealth of knowledge on all things relating

to the world of credit.

“Always warm and endearing, I will

never forget many years ago entering an

established Credit Circle and feeling very

unsure and nervous. ‘Wyksey’ recognised

this and went to great lengths to make

me feel welcome, at ease and a part of

the group. Probably most important were

the many laughs I had over the years with

‘Wyksey’. I am lucky to have known him.

One of a kind, I will miss him greatly.”

Paul Hodgkins MCICM (Grad)

described Mike Wykes a truly exceptional

individual: “He has left an indelible mark

on my professional career in the credit

industry, like many of us. Mike was more

than just a colleague and friend, he was

a mentor, a confidant, and a steadfast

ally. His wisdom and kindness knew no

bounds, and his impact on my career

and studies in the credit profession was

invaluable. His influence will live on in

the hearts and minds of those who had the

privilege to know him.”

Pierre Haincourt MCICM also

remembers Mike with fondness: “In May

2011, David Hood of CTCA asked me to

co-chair one of the many Credit Circles

that Mike was chairing, as the ‘go to’

person for international debt collection

matters. Mike and I knew of each other

and had many common acquaintances,

but we had never met. Our relationship

grew very quickly, both professionally and

personally.

“Mike was just such a lovely guy that

it was just impossible to do business with

him and not become friends. I will miss

his constant good humour, his stories, and

his great knowledge of everything Credit

Management and Insolvency. I raise a glass

of good French red wine to you Mike.”

Mike and his son Ben had recently

started fundraising for Myeloma on the

justgiving.com website, Benjamin-wykes-1

Michael Wykes FCICM passed away on

9th March.

NEWS

Hoist appoints new Commercial Director

HOIST Finance UK, which has been

reborn as a ‘new’ business with a clear

mandate to buy consumer debt, has further

strengthened its senior management team

with the appointment of Sam Joshi as

Commercial Director.

Sam will support the business to grow

as it refocuses its operations in the UK

to concentrate solely on becoming the

country’s premier acquirer of consumer

debt portfolios from the banking- and

wider lending community.

A familiar name in the credit industry,

Sam has worked on both sides of the

‘buying’ and ‘selling’ fence in a career that

spans more than 25 years. He started his

career with Citigroup as a DCA and Asset

Sales Manager and previously worked for

Hoist Finance UK after it acquired The

Lewis Group in 2014. Most recently he was

Client Director at Lowell.

Sam is delighted to be back: “The UK

is a mature market with plenty of sellers

and volume and there is a real opportunity

to become a leading player,” he says. “We

are both looking to grow our existing

partnerships and diversify further,

working with others who may bring

the additional skills needed to manage

different asset classes, and who share our

ambitions for the future.”

Hoist Finance will continue to target the

Tier One and Tier Two banks and lenders,

but also explore the secondary market,

buying debt from other sellers who may

wish to divest: “We are very open-minded

about creating new partnerships and coinvesting

in portfolios that give us the

returns we are looking for,” he says.


Colin Hingston FCICM –

Champion of future leaders

COLIN Hingston, who died

in February, was a long-time

member and supporter of

the Institute and former

European Credit Manager at

Instron, the international manufacturing

business, responsible for all elements of

domestic and export receivables across

EMEA. He was also, for three years, the

European Credit Manager for D&B.

Colin will be especially remembered,

however, for his contribution over three

decades to the Chartered Institute of

Credit Management as some of his

friends recall.

“I look back with very fond affection to

my time at the Thames Valley branch,” says

Laurie Beagle FCICM. “On my computer

I still have the 2000 AGM minutes when

Colin was Chair and I was Vice Chair.

He got on well with everybody and was

a great encouragement to the students

and new members. The branch had a big

student population at the time and we all

saw them as the future.

“Colin was key member of the ICM

(as it was then), and his influence and

foresight helped build what is today’s

CICM strong foundation. Even though I

moved away from the south we still kept

in touch, so, it was so very sad to hear

of his passing. Goodbye Colin. But not

forgotten.”

Peter Rudd also remembers Colin with

great affection: “When I first became

actively involved in the ICM, Colin was

a leading light in the Thames Valley

branch as well as being well regarded at

national level. He was especially keen

to support students, which was a great

eCapital Strengthens Leadership

Team with new COO

LEADING cashflow finance provider

eCapital Commercial Finance (eCapital)

has appointed Lisa Cleaver as Chief

Operating Officer (COO).

The appointment is said to enhance

eCapital's executive team as the company

continues its growth trajectory in the

competitive financial services market.

Lisa brings valuable experience in

operations, product development, and

change management from her work across

financial services organisations in both

the UK and Australia.

encouragement to me as I was at that time

undertaking the old-style qualification.

“Colin’s open, easy-going manner and

evident sense of humour meant that he

was both eminently approachable and

likeable. His humility and integrity

stemming from his Christian faith.

“However, his jovial exterior hid a sharp

intellect, and a lifetime at the sharp end

of credit management enabled him to see

beyond the balance sheet and utilise that

‘gut instinct’ that comes with experience;

a skill which perhaps is undervalued

today.

For several years, Colin and I worked

together supporting our branch students.

With the support of the CICM HQ we

developed a number of innovations

such as pre-exam revision classes and

mentoring, which we made available

to students nationwide. It is due to the

enthusiasm and dedication of people

like Colin that the CICM is where it is

today.”

A final word goes to former Fellow

Graham Bridgman: “I first met Colin

in the early 1990s and got to know him

very well when we both served on the

ICM Thames Valley Branch Committee.

Colin was lovely to work with and had

a very dry sense of humour – we got on

famously. We continued to see each other

after both of us retired, and whenever I

saw Colin, he was always as affable and

humorous as he had always been. His

death comes as a great shock, and my

thoughts are with his family.”

The team at Credit Management and

the whole of the CICM family extend

their condolences to Colin’s family.

NEWS

In her role as COO, Lisa will focus on

driving operational efficiency throughout

the business while ensuring eCapital’s

strategic vision translates effectively into

execution.

David Tilling, CEO at eCapital,

commented: ‘‘The market has changed

significantly over the past five years, and

to remain competitive, we must adapt

accordingly. Lisa's expertise will help us

scale our regional representation strategy

while further enhancing our clients’

experiences.’’

NEWS

Santander wins …

and loses.

BANKS do not have a duty to recover

funds lost to fraudsters and specifically

take action to reverse harm caused to noncustomers.

The claim comes after reports

that Santander UK successfully dismissed a

lawsuit is a case brought by CCP Graduate

School, which lost approximately £415,000

in an authorised push payment (APP) fraud.

The judge noted that if banks were required

to act on APP fraud allegations, it would

impose an ‘unacceptable burden’ on them.

This follows a 2023 Supreme Court decision

regarding a similar case against Barclays,

which indicated that banks might have a

duty to assist customers in recovering funds.

Meanwhile, Santander UK analysis shows

that £18.4m was stolen from customers in

the first quarter of 2025. While the figure

was down on the previous quarter, it was

still ‘a staggering amount’ according to Chris

Ainsley, Head of Fraud Risk Management.

Despite 63% of consumers being aware

of romance scams and 49% saying they

understand what impersonation scams are,

just 17% are aware of advance fee scams. The

data reveals that gig ticket scams accounted

for over 10% of purchase scam claims, while

impersonation scams are also rising, with

consumers targeted by criminals posing as

banks or HMRC officials.

Wilkin merger

WILKIN Chapman LLP and Rollits LLP

have merged under the trading name of

Wilkin Chapman Rollits. Operating from

six locations, the new firm has more than

500 people including 70 partners and

has a combined annual turnover of £40

million. It is said to be the largest law

firm operating out of both Lincolnshire

and Yorkshire and has a combined history

of more than 300 years. The merger has

been market and client driven and no

planned redundancies are expected as part

of the merger. Robin Simmonds, CEO of

Wilkin Chapman Rollits, said: “There is

a great synergy between the two firms

across culture, values and strategy and

we believe this new firm will provide

our clients with the responsive, personal

tailored support that they expect.”


INSOLVENCY

WEATHER WARNING

Rising costs, HMRC enforcement, and sector-specific

risks call for smarter credit strategies in 2025.

BY ALEXANDRA DAVIES

ONE of the most notable trends in 2025

is the sharp increase in compulsory

liquidations. The 49% year-on-year rise

in February marks the highest level of

compulsory liquidations since 2014,

pointing to a growing trend of creditor

enforcement, particularly from HMRC.

The rise in compulsory liquidations contrasts with a 13%

decrease in Creditors’ Voluntary Liquidations (CVLs),

suggesting that businesses are increasingly opting to

restructure rather than shut down entirely. However, tax

arrears are becoming a significant contributor to insolvency,

with HMRC aggressively pursuing unpaid liabilities from

distressed businesses. As tax debts continue to mount, credit

managers should be particularly alert to businesses that may

be at risk of forced liquidation.

Another key development affecting businesses in 2025 is

the increase in National Insurance contributions, which

disproportionately impacts small and medium-sized

enterprises (SMEs). For many SMEs, payroll is their largest

expense, and the rise in employment costs is adding pressure

to already strained cash flow. The increased financial burden

could result in redundancies, as businesses are forced to

reduce costs. This creates a higher credit risk, particularly

in sectors with tight margins, such as retail, hospitality, and

construction. Credit managers should assess the exposure of

their clients to rising employment costs, as this could strain

their ability to meet financial obligations, ultimately affecting

their creditworthiness.

The construction sector, which accounts for 17% of all

insolvencies, remains particularly vulnerable. Firms in

this sector are grappling with fixed-price contracts that

prevent them from passing on rising costs. Additionally,

soaring material costs, project delays, and supply chain

disruptions are exacerbating cash flow challenges, making

construction companies more likely to face insolvency. In

retail and wholesale, which represents 15% of all insolvencies,

businesses are struggling with changing consumer spending

habits, including a shift towards online shopping, and higher

borrowing and operational costs. Traditional stores are

particularly impacted, leading to store closures and heightened

financial distress.

The hospitality sector, accounting for 15% of all insolvencies, is

facing its own set of challenges, including rising wage costs and

a reduction in consumer discretionary spending. As margins

are squeezed, businesses in this sector may find it difficult to

stay profitable, especially in the face of higher energy costs

and staff shortages. Similarly, the manufacturing sector, which

represents 8% of insolvencies, is facing ongoing supply chain

issues, increasing energy costs, and rising raw material prices.

The use of restructuring plans is on the rise, as many businesses

are choosing this route over liquidation in an attempt to

preserve their operations. A notable restructuring plan to

date is Thames Water which was approved in February 2025.

This is a good example of how well-structured agreements

with creditor support can provide stability and avoid the

need for liquidation. However, while restructuring can offer a

viable alternative, it must be approached with caution. Some

companies may use restructuring as a delaying tactic without

a clear recovery plan. For credit managers, it is important to

remain vigilant about the long-term viability of these plans.

Key Actions in 2025

Credit managers should strengthen their credit risk monitoring

by using real-time data to assess clients, particularly those

in vulnerable sectors. Monitoring payment behaviours, tax

liabilities, and cash flow indicators will provide early warning

signs of financial distress. In addition, credit terms should

be adapted for businesses in high-risk sectors. Offering

shorter repayment periods and requiring additional financial

disclosures can help mitigate potential losses from clients with

weakened financial positions.

Credit managers should also be on the lookout for early signs

of distress, such as sudden requests for extended payment

terms, declining order volumes from previously stable clients,

or increasing court actions and supplier disputes. Monitoring

unpaid liabilities and court judgments or winding-up petitions

will help identify businesses that may be facing serious

financial difficulties.

Proactively engaging with clients that are struggling can

offer an opportunity to address potential issues before they

escalate. Offering restructuring support where viable, while

maintaining strong repayment oversight, will help ensure that

credit managers protect their positions. Collaborating with

legal and finance teams to navigate potential insolvencies is

crucial to minimising exposure.

Risk with Opportunity

While overall insolvency rates are slightly lower than in 2024,

the risks in specific sectors remain significant. By strengthening

credit monitoring practices, adapting credit terms, and

actively engaging with distressed businesses, credit managers

can better manage risk, support viable businesses, and protect

their organisations in a volatile economic environment, as this

is set to continue throughout 2025.

Author: Alexandra Davies is a senior manager in the business

recovery team at accountancy firm, Menzies LLP.


CREDIT MANAGEMENT

ANNUAL GENERAL MEETING

The eleventh Annual General Meeting of the Chartered Institute of Credit Management

will be held on Tuesday, 24 June 2025 at The British Psychological Society, 30 Tabernacle

Street, London, EC2A 4UE at 13:00 (or at the rising of the Advisory Council from its

preceding meeting, whichever is later).

If you plan to attend, please advise via email to governance@cicm.com as soon as you

are able, and no later than 13:00 on Monday, 23 June 2025.

By order of the Executive Board

Sue Chapple FCICM, Chief Executive

To read the Notice, visit: http://www.cicm.com/about-cicm/governance/

Credit Information and

Debt Recovery Services for

the Construction Industry!

Up to the minute trading experiences & payment data

specifically for the construction industry

Company & Director monitoring

Debt Recovery solutions to suit you, your business

and customer relationships

A team of credit experts that really understand credit

management in the construction industry

Contact us to discuss how we can support you and

your business to minimise debt and maximise cash

Supporting the

construction

industry for over

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01527 503990 membership@top-service.co.uk www.top-service.co.uk


HOSPITALITY

ROOM WITH

A VIEW

There are still reasons to be cheerful

for those working in hospitality.

BY RICHARD GRIME

THE hospitality industry, and in

particular the hotel sector, has

changed very little in the last 30

years or so, evolving slowly with

the use of technology. That’s not

to say it hasn’t been challenged: as

a sector it has now endured four,

10-year events condensed into just four years.

For the first time the industry effectively shut down

during COVID. With the help of Government

intervention in the form of furlough, and in some

cases dedicated COVID loans, businesses survived to

reopen.

The second ‘shock’ was the staffing crisis, where the

travelling students from Australia, South Africa and

Europe, who the industry traditionally relies upon,

stayed at home, and those who were here already,

returned to their native countries. The effect of this

shrinking workforce on the ability to produce and

serve food and drink was stark.

The third ‘shock’ was the energy crisis, where the unit

price of electricity went from 15p per unit to 100p

per unit. While the pressure that these three ‘shocks’

have had may have subsided somewhat over time,

they have led to an increase in base operating costs by

some considerable margin. This makes the refinancing

of trading businesses challenging and the financing

of new assets predominantly unfeasible on a loan to

value (LTV) basis.

Limited understanding

As an industry, we are not out of the woods yet.

It became apparent in the last budget that the

Government, with what appeared to be limited

understanding of the impact it would have, decided

to put the final (for many) nail in the coffin of

the hospitality industry as we know it. Increasing

minimum rates of pay by 6.5%, combined with the

lowering of the threshold for those who receive it,

while at the same time increasing the percentage of

Employer National Insurance Contributions may

prove calamitous. Many smaller-bedroom hotels that

have served the industry well for many years will now

cease to trade and will need to be repurposed.

To some, perhaps, this presents an opportunity.

Ironically the value of private houses of the size of

a small hotel is usually significantly higher than

that of a trading hotel, so conversion back to a

private house is a possibility. The Government,

despite all its protestations, will also continue to

rent hotels for immigration purposes.

Currently there are around 35,000 asylum seekers

housed in hotels across the country. This, combined

with the ever-increasing requirement for Houses of

Multiple Occupation (HMOs) and accommodation

for those who fall out of the rental market and who

require support from local councils, will provide

essential alternative use for properties that were once

designed for leisure.

Given the housing targets and Government

commitment to ‘Get Britain Building Again’, it is

inevitable many will be demolished for housing

developments, given that many hotels often come

with substantial grounds attached. Planning will

be a challenge, however; it is not always helpful in

accommodating ‘repurposing’.

Driving efficiencies

Many hoteliers are currently looking to see how

they can become more efficient. They are reducing

their payroll cost and reducing their food and drink

offering.

As a business our focus, for example, is moving to

accommodation with limited ‘other’ offerings. AI is

being looked at to create efficiencies in back-office

functionality, but its true applications are limited. I

have AI at home. He is called ‘Robi’ – a lawnmower

who works every day, providing a great service come

rain or shine, day and night, keeping my lawn in

great shape and never having a day off sick. He saves

me hours of work every week. What he doesn’t do,

however, is smile, say hello or make me feel in any

way special or wanted. For service-heavy industries

like ours, Robi and his kind are not the future.

But all is not lost. As an industry, hospitality generates

£93bn in GDP a year – some 3% of the country’s total.

As such, it is unlikely it will simply disappear, and


CREDIT MANAGEMENT

we should all be focused on the opportunities we

can leverage to ensure that we remain a buoyant and

successful employer providing great life chances for

many of our teams.

One key opportunity for hotels is to focus our attention

on inbound tourism. The UK ranks exceptionally well

on any measure of desirability for other nations to

visit on holiday. The spend from these inbound guests

is high and a great contributor to GDP.

We should be mindful that whilst being fifth in the

ranking, we are an expensive country to visit and the

introduction of city taxes and, even worse, Tourism

Taxes in parts of the UK that are reliant on hospitalityled

businesses is a poor choice. It is often said ‘but you

pay an accommodation tax in Barcelona’ and that’s

true. But VAT in the UK is 20%. In Spain, the tax on

hotel accommodation is 10% so the Government has

already had its slug.

THE UK RANKS

EXCEPTIONALLY

WELL ON ANY

MEASURE OF

DESIRABILITY FOR

OTHER NATIONS TO

VISIT ON HOLIDAY.

Domestic tourism

Domestic tourism and hotel stays must not be

underestimated. It is true that gone are the days

when an entire town would decamp to the coast for

a week. However, the use of hotel accommodation

for short breaks or mini breaks continues to show

little sign of change, and the political instabilities in

certain European destinations that might previously

have been popular are also serving to benefit the UK

hospitality sector.

Prices in the UK are rising to meet the increased

cost base, but they still represent good value for

money, with hotels that are safe and easy to get to,

and generally most welcoming to their guests. Given

that significant numbers of the working population

have seen above inflation increases in salary recently,

it is expected that some of that benefit may be felt by

people choosing to spend their money closer to home.

Whilst the short-term outlook for some in the UK

hospitality industry may be challenged, for those who

are not overgeared and deliver a quality product, there

are still successes to be gained. They will also continue

to offer jobs and careers in an exciting, vibrant and

rewarding business.

Adapted from a CICM Think Tank presentation given

by Richard Grime, Managing Director of Classic Lodges.


TRADE

ROUGH

TRADE

How can creditors survive

– or even thrive – amidst the

current economic turmoil?

B Y

STEVE

KIELY


CREDIT MANAGEMENT

AMERICAN President Donald

Trump has long been known

as a ‘disruptor’, and rarely

has that moniker been more

appropriate than during his

self-proclaimed ‘Liberation

Day’, when he announced

sweeping new tariffs on goods sold into the United

States. But despite the label, it was far from a day of

liberation. And with his more recent 90-day ‘pause’, it

looks like he knows it.

The impact upon the world’s stock markets was

immediate and severe – reaching levels equivalent

to the Great Crash in the 1930’s, but, argues Reem

Ibrahim, Communications Manager and Linda

Whetstone Scholar at the Institute of Economic

Affairs, the consequences for businesses and consumers

could be longer-term and more hard-hitting still, as the

American administration has failed to understand that

one of the greatest benefits of free trade lies with the

importing country, where consumers gain access to a

wide range of goods - crucially, at lower prices.

“Tariffs are artificial costs that harm consumers,” Reem

says. “The real-world evidence is pretty clear. In his first

term, Trump’s tariffs on Chinese imports alone cost

Americans over $800 per household. A 2020 study of

151 countries over five decades found that tariff hikes

reduce GDP growth, with effects persisting for years.

Output fell by up to 1.5% annually in countries with

steep tariff increases.”

Emergency meeting

Creditors around the world have rushed to try to

understand, and respond to, the new realities. As the

crisis unfolded, Chief Executives from several of the

world’s largest banks, including Bank of America,

Barclays, Citi and HSBC, are reported to have held

emergency talks, and then met with US Commerce

Secretary, Howard Lutnick, to discuss the emerging

situation.

One attendee at the meeting, Jamie Dimon, Chief

Executive of JPMorgan Chase, has been forthright

about his fears for the future. In his Annual Letter,

he explained to shareholders that: “The economy is

facing considerable turbulence. We are likely to see

inflationary outcomes. Whether or not the menu of

tariffs causes a recession remains in question, but it will

slow down growth."

Brave | Curious | Resilient / www.cicm.com /May 2025 / PAGE 17 continues on next page >

TRADE

He later took to Fox News with his thoughts, no doubt

aware that the broadcaster represented the best channel

through which he could reach the President.

UK impact

And it would be wrong to consider that such disruption

only comes from across the pond – indeed the UK’s

economy was showing considerable signs of stress well

before ‘Liberation Day’.

Office for National Statistics (ONS) figures show that

the UK economy grew by just 0.1% in the last three

months of 2024. Its final estimate for the end quarter of

last year shows the economy continues to float just above

recession territory.

The very modest growth was driven by the services sector,

which outweighed a 0.3% contraction in construction.

On a per-head basis, GDP fell by 0.1%. Announcing the

finding, ONS Chief Economist, Grant Fitzner, explained

that the UK economy had continued to show little

growth since the Summer.

In their response to the financial situation, consumers are

taking a cautious approach. The household savings ratio

– the proportion of a household’s disposable income that

is saved – rose from 10% to 12% in the final quarter of last

year, the highest rate in the past 15 years, excluding the

pandemic. Non-pension savings are also at their highestever

level recorded outside of the pandemic.

Rethinking risk

In just the same way, lenders may now be forced to

reconsider their own assessments of how to respond to a

more risky environment.

Udaibir Das, Visiting Professor at the National Council

of Applied Economic Research, points out that, even

if tariffs have been framed as an attempt to correct

trade imbalances and protect domestic industries, their

effects extend far beyond manufacturers, exporters

and importers. They also threaten to reshape global

banking, distorting financial flows and forcing banks

to rethink risk models in order to maintain prudential

resilience.

As trade policies become increasingly protectionist, he

considers that creditors must confront a new reality in

which global trade finance faces heightened risks. One of

the primary concerns is the potential for tariffs to disrupt

supply-chains, compelling creditors to reassess corporate

creditworthiness and credit exposure. Second is the

macroeconomic impact of tariffs, which tend to raise

consumer prices without boosting economic activity.

Finally, while some see opportunities in this shifting

environment, there is a growing recognition that trade

finance must adapt to an era of economic fragmentation.

He concludes: “The need for diversification, alternative

payment mechanisms and resilient financing structures

is becoming more urgent. These three developments

point to a future in which banks that finance global trade

must recalibrate their risk models and trade finance

strategies.”

New realities

Inevitably, as risk develops, so will the need for creditors

to maintain robust levels of liquidity to withstand

periods of financial stress – with a significant emphasis

on transparency based on stress-testing and liquidity

reporting.

Lazhare Djeffal, Director of Technology at advisors

Wolters Kluwer, warns that history teaches us that

many bank failures arise not from a lack of capital but

from liquidity crises. However, by adopting a proactive

and unified approach to risk and regulatory metrics,

lenders can ensure greater transparency and enable

early detection of liquidity risks, an essential tool for

identifying and mitigating liquidity risks before they

become critical.

He recommends integrating liquidity risk management

with compliance efforts to strengthen your position in

the face of adversity. By unifying risk and regulatory

metrics, creditors can improve decision-making

processes, ensuring a clearer, more comprehensive

assessment of your liquidity position.

Regular assessment of liquidity risk is vital. Structured

stress-testing scenarios and well-defined contingency

plans are key components of a successful strategy, which

will involve:

• Continuing to identify internal and external liquidity

risks.

• Conducting rigorous stress-testing to gauge the impact

of market shocks.

• Developing contingency funding strategies to ensure

access to necessary liquidity.

• Establishing governance structures for oversight and

escalation procedures.

• Continuously updating and testing liquidity strategies

to remain prepared for evolving risks.

To be successful in times of stress, you must first think

clearly. At the most basic level are decisions you can take

now that you are unlikely to regret later. Put simply, you

need to fix the things that needed to be fixed anyway.

Similarly, while nothing is certain in the short-term,

some things are highly likely in the longer-term.

“Ultimately the costs of the tariffs will be recognised

and they will be rescinded,” says Bryan Taylor, Chief

Economist at Finaeon. “When you look at the past, you

see that eventually markets do recover, because over time

logic prevails.”


CREDIT MANAGEMENT

Keys to success

For the lenders, a continued focus on liquidity will play a

crucial part in surviving the new environment, but, across

the industry, there are further factors to consider:

• Analyse – It is easy to become overwhelmed by the threats

of new tariff barriers, or the opportunities of new trade

agreements. But these often fail to have the significant,

and long-lasting effects that were expected. So, it is

unwise to wait for new measures to be implemented

before thinking about what action to take. Simple ‘whatif’

scenario planning tools can help to assess the impact

of a range of future realities, helping you to prepare for

them now, or deal with them as and when they arise.

• Reclassify – Import tariffs are typically determined based

on the Customs classification of goods. Classifying goods

for Customs purposes is a very technical task, and often

companies do not do this accurately, meaning that they

pay higher duties than they need. A proper assessment

of Customs classifications may help ease the pain of

impending higher tariffs.

• Strengthen compliance – Regardless of what sector of the

industry you are in, local governments and regulators are

likely to increase their level of compliance oversight, for

example to prove where particular items originate. You

will need to be ready for such requirements.

ULTIMATELY, THERE

IS NO SUCH THING AS

WINNING A TRADE

WAR, AND THE

CURRENT PERIOD

OF UNCERTAINTY

WILL HAVE A

SERIOUS IMPACT

UPON MANY CREDIT

PROFESSIONALS

“WHEN YOU LOOK

AT THE PAST,

YOU SEE THAT

EVENTUALLY

MARKETS DO

RECOVER, BECAUSE

OVER TIME LOGIC

PREVAILS.”

Agility and decisiveness

Benjamin Laker, Professor at the Henley Business School,

University of Reading, suggests that businesses need

to remain agile. Within your team and your business,

nurture a culture of rapid adaptation. Encourage every

team member to contribute ideas on streamlining

operations or mitigating risks. Regular brainstorming

sessions can lead to breakthroughs that may not have

been possible when you were focused solely on dayto-day

operations. This proactive approach is not just

about managing a crisis – it will build your long-term

resilience.

He also urges decisive leadership. You should not merely

aim to weather the storm, instead you should recalibrate

your business model to excel in a more complex global

market. The steps you take today will not only protect

your bottom-line, but will also position your business

as a nimble, forward-thinking leader. In this dynamic

environment, every conversation you initiate, every

strategy you refine, and every operational tweak you

implement is a step towards transforming uncertainty

into a competitive edge.

Rethinking your supply-chain is also encouraged. If you

are sourcing critical components from countries facing

steep tariff rises, now is the moment to diversify. Reach

out to your current vendors and have frank discussions

about potential price increases or delivery delays. Ask

yourself if there is an opportunity to shift to domestic

suppliers or regions less affected by these measures.

Conclusion

Ultimately, there is no such thing as winning a trade

war, and the current period of uncertainty will have

a serious impact upon many credit professionals and

their businesses. But, in times of change, significant

opportunities exist for those who are ready and nimble

enough to take them.

Author: Stephen Kiely is a freelance buisiness writer.


INTERVIEW

THE ESCAPE

ARTIST

Sean Feast FCICM speaks to Ed Horton about the changing

face of collections, debt purchase and Grimsby Town FC.

WHILE he has a

great fondness

for his hometown

of Grimsby in

Lincolnshire,Ed

Horton Managing

Director UK of

Hoist Finance had one driving ambition from a very

early age: to escape and see the wider world.

After schooling locally and opting to work rather than

go to university, Ed’s career began in conveyancing,

working as a Customer Team Leader for Countrywide

Property Lawyers. He spent more than three years

with the firm, latterly with responsibility for building

and maintaining relationships with new and existing

Estate Agency Groups.

Joining Barclays in the summer of 2009, Ed was

immediately struck by the assertive nature in which

the bank at that time pursued its debtors: “It was still

the practice to take quite an adversarial approach,” he

says.

“Then Clive Pickett joined the business from Black

Horse and changed the whole conversation. He

reminded us that these were customers we were

talking to and so the first thing we did was to ask,

‘how can we help’ and then listen to their issue. It was

revolutionary for its time and incredibly successful

– every metric by which we were measured was

positive.”

Team leader

Within Barclays, Ed rose quickly through the ranks,

becoming a Collections Team Leader and then a

DCA Audit Manager. He was effectively the ‘face

of compliance’ for the Bank when interacting with

third-party debt collection agencies.

In 2013, Ed was promoted again to become the DCA

and Debt Sale Operations Manager, with significantly

increased responsibility. As such, an approach from

Lowell Group, one of the agencies tasked with

collecting Barclays’ debt, led to the offer of a new

role, initially as Senior Oversight Manager and then

latterly as Head of External Collections: “At one point

we were delivering around £12m worth of collections

every month,” he says.

While he loved his work, and his colleagues, the fivehour

commute from Sale to Leeds five days a week

ultimately took its toll and he took a job closer to

home with Santander. As Head of Vendor Control,

he led a team that ensured all third-party vendors

adhered to the bank’s strict governance frameworks,

especially in relation to operational risk management

and control.

After three years his job at Santander only came to

an end when the bank began to struggle and lay off

staff, at which point Ed applied for the role as UK

Operational Strategy Manager at Hoist Finance in

Salford Quays and joined in the winter of 2019.

A different proposition

Today, the ‘new’ Hoist Finance UK is a very different

proposition to the business of old. Under Ed’s

leadership, it has refocused its operations in the UK

to concentrate solely on buying debt and becoming

the country's premier acquirer of consumer debt

portfolios from the banking and wider lending

community.

The strategy Hoist Finance has taken in the UK is a new

kind of hybrid, partnering with its peers on a Master

Servicing Agreement to manage the collections while

Ed and his team focus on buying: “It’s a partnership

where we are more of an investor and asset manager,”

he says, “giving sellers a classic ‘one stop shop’ with all

of the practical and financial advantages this brings.

“Because we are a regulated credit market company

and take deposits, we are able to deploy funds at a

more competitive cost than our competitors. We

don’t have to rely ultimately on the bond market, for

example, which tends to be more impacted by interest

rate fluctuations, and this means our cost of funds is

more stable and predictable, and ultimately cheaper.

That means we can pay a little more for a portfolio if

we choose to and be very ‘opportunistic’ in what we

buy and more agile in our execution.”


CREDIT MANAGEMENT

“GIVING SELLERS

A CLASSIC ‘ONE STOP

SHOP’ WITH ALL

OF THE PRACTICAL

AND FINANCIAL

ADVANTAGES THIS

BRINGS.’’


INTERVIEW

Ed believes the big challenge the sector faces is

around pricing: “Many buyers fund their purchases

through the bond market. It’s a popular model that

has proven successful in the past. It’s a model that

worked when the interest rates were lower than

they are today, but given the uncertainty we are

now facing, predicting where the interest rates will

go is incredibly difficult but will probably mean

purchasers having to refinance at greater cost than

they did previously. If the cost of borrowing goes up,

many in our industry will feel the squeeze.”

Mini summit

Hoist Finance UK recently hosted its own successful

mini debt purchasing summit in Manchester, with

invited sellers and guest presentations from, among

others, PwC: “There is certainly some nervousness out

there from the sellers about what’s going to happen

to prices,” Ed continues. “It will also be interesting to

see what happens to competition.

“Most of the big Tier One sellers will continue with

standard forward flows that run for two or three

years and sometimes they bring them back to market.

Hoist Finance has an opportunity to disrupt the

status quo. It will certainly be interesting to see how

it all plays out.”

What will also be interesting to see is how ‘new’

sellers – including those from the Buy Now Pay Later

(BNPL) sector – will enter the market. Whereas

Ed believes it unlikely that Hoist Finance would

buy from ‘pure play’ BNPL providers, many of the

mainstream banks and credit card lenders are now

launching their own derivations of delated payment

products.

C Ed’s real passion is cricket, but it’s not clear if his son shares the love!

In terms of the immediate future, Ed does not expect

to see a ‘flood’ of BNPLs entering the market. But

he does see plenty of opportunity across multiple

asset classes, from vehicle finance to mobile phone

contracts, and several points in-between. He is

keeping an open mind.

So does Ed ever have any regrets about leaving his

hometown? It appears not: “I still follow Grimsby

Town and as a teenager had a season ticket,” he

laughs. “There is something about watching lower

league football that is always fun. But my real passion

is cricket, and I can think of nothing better than

spending a lazy summer’s day watching a test match

with friends and family.”

C Ed with some of his cricketing heroes – Ian Bell, Graeme Swann, and the incomporable 'Sir' David Gower.


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Data: 2022.08.08 18:47:58

+03'00'

Moneyknows no borders—neither do we


INVOICE FINANCE

DRIVEN

TO SUCCEED

Invoice Finance is helping a haulage recruitment

business to expand in challenging times.

BY LES CLISBY

THE extent to which the UK relies

on the Road Haulage industry

cannot be underestimated.

Figures from the Road Haulage

Association (RHA) published

last year suggests that 98% of all

food and agricultural products

and 89% of all freight is moved by road. There are

nearly 60,000 road haulage firms contributing £13.5bn

to the UK economy every year, accounting for 5.6% of

the country’s GDP.

That’s not to say that the industry isn’t facing

significant headwinds. Costs are increasing and

freight volumes are unpredictable. Drivers have been

in short supply. The volatile nature of the sector

means that flexibility is key, which means being agile

in terms of people, vehicles and finance.

When Grant Kelly, therefore, thought about setting

up his own specialist haulage recruitment business,

he knew he needed funds but wanted to explore his

options. An initial, anonymous, call into the Scottish

office of invoice financing provider eCapital, and a

conversation with its regional Managing Director

Richard Walker gave Livingston-based Grant all the

information he needed to start his own business –

Vantage Recruitment – and to see that business grow.

It’s now not only one of the most successful providers

of drivers to local haulage firms throughout Scotland

but can also provide the vehicles as well. It has also

seen its turnover rise from a standing start to nearly

£1.8 million in two years.

Secret source

The secret behind its growth story is invoice finance,

a cashflow solution that allows organisations to

release cash from outstanding invoices. It not only

provides fast access to immediate cash but also an

ongoing source of funding which grows as a business

grows – a key requirement for startups and scaling

businesses keen to make their mark.

“I HAD NO

UNDERSTANDING

OF INVOICE

FINANCING,

BUT THE TEAM

EXPLAINED

EVERYTHING TO

ME CLEARLY.’’

Grant made the initial exploratory phone call into

eCapital six years ago and started a connection: “After

leaving my recruitment job I’d planned to become an

air traffic controller but had thought about launching

my own recruitment business focused on drivers,

haulage, logistics and transportation – areas I know

well,” he explains.

“I’d worked at another agency, and I was interested

in finding out if it was possible to start a business in

recruitment without having an initial sum to invest.

I picked up the phone to eCapital for a general chat

to find out what invoice finance was about and how

it worked.

“I’ll always remember the conversation,” he continues.

“I was sat in my driveway for about 45 minutes and at

the end of the phone call, despite not giving my name

– Richard knew who I was. He said that ‘You don't

realise how good you are in the industry. You don't

realise how good you are at what you do.’”


CREDIT MANAGEMENT

It was another 12 months before Grant set up his

business. All the while eCapital was on hand to

support him, answer his questions and reassure

him that his cashflow could be covered: “I had no

understanding of invoice financing, but the team

explained everything to me clearly, and without any

pressure, which was important to me.

Christmas wages

“It was in January 2020 that I finally gave it a go with

the new business. I had budgeted and targeted for a

certain amount for year one, but in the first few weeks

after the relaunch in September due to COVID, the

company did much better than I’d originally planned,

and I quickly realised that I’d need a facility to pay

the Christmas wages. Because I’d been speaking with

eCapital for close to two years, before opening the

facility, and because they knew about the business,

they were able to setup the account up really quickly.”

Vantage and eCapital have worked together ever since.

eCapital is able to advance cash to Vantage based on

the value of its invoices whenever it’s needed: “By

using Invoice Finance I’ve been able to grow Vantage

and turned over around £1.2 million in itsfirst full year

and closer to £1.8 million the year following.”

The logistics and industrial recruiter has gone

from strength to strength. Having originally setup

as a recruitment business, placing drivers with

organisations in need of transportation, Vantage has

expanded and now provides not only the drivers,

but also the vehicles themselves. It currently has five

vehicles on its fleet.

eCapital, meanwhile, is so proud of the support it

provides to a local business that it even advertises on

a number of branded trailers. “As a startup I wanted

to limit my spend, so approached eCapital with the

idea of buying advertising space on the curtains of the

trailers. When it’s not on the road its very visible in

our yard.”

Authour: Les Clisby is a freelance journalist.

“BY USING INVOICE

FINANCE I’VE

BEEN ABLE TO

GROW VANTAGE

AND TURNED

OVER AROUND £1.2

MILLION IN ITS

FIRST FULL YEAR

AND CLOSER TO £1.8

MILLION THE YEAR

FOLLOWING.”


TECHNOLOGY

GROWING

FOR GOLD

UK firms are hungry for growth, ready to be tougher

on payment terms and looking to AI for innovation.

BY HEATHER GREIG-SMITH

AFTER several turbulent

economic years, UK executives

had hoped 2025 would prove

more stable. Every year,

credit management firm

Intrum surveys around 10,000

businesses across Europe and

the UK, examining trends around payments. This

year, six in ten UK businesses put growth at the top

of their agenda. Signs of optimism were evident, with

38% saying they expected the economy to pick up.

Whether these sentiments endure remains to be

seen. In only a short period of time, uncertainty has

rocketed, with radical changes to US trade policy

destabilising the global economic environment.

But even before this, scratch beneath the surface and

there was caution. Almost half of UK businesses (43%)

told Intrum they expected the economy to remain

flat or shrink, and 51% said they are being cautious

with their borrowing and spending. This is a higher

proportion than in 2024 (47%), showing businesses are

alive to the economic realities and far from bullish.

“Half of the businesses we surveyed were worried that

changes to fiscal policies would have a negative impact

on their profits this year,” says Intrum UK Managing

Director Jim Appleby. “International events mean the

prospect of tariffs and further economic upheaval are

now a very real threat.”

Companies at risk

Macroeconomic pressure has taken its toll on UK

businesses and 48% say revenues are not recovering

as quickly as they would expect. Only around a third

(34%) currently have no major concerns about cash

flow in the immediate future, which is lower than the

European average of 38%.

In fact, if economic conditions do not improve soon,

more than a fifth of UK companies say there is a risk

they could go out of business within the next two

years. That’s 6m UK businesses, employing 5,026,120

people, under threat. SMEs are disproportionately

affected – 26% say they’re at risk.

When it comes to payments, over a third of UK

businesses (36%) claim payment delays remain as

bad today as they were during the extreme economic

disruption of the pandemic, with 54% seeing the

risk of late payment going up. While across Europe

the number of businesses worrying about customer

ability to pay has fallen, in the UK this has risen to

59% from 55% last year.

Time to be tougher

Despite this, UK businesses themselves are not finding

it as difficult to pay their own suppliers. Only half

said this was challenging, down from 61% in 2024 and

68% in 2023.

With this in mind, firms are unwilling to be as flexible

on payments as they have been in the past. Almost half

(47%) say they are now introducing stricter payment

terms as inflation and interest rates have moderated.

The number who say they will not negotiate longer

payment terms has also risen, to 26% from 23% in 2024.

“Businesses have had a tough time for many years

now,” says Jim Appleby. “UK firms are looking for a

break and the culture of late payment is something

many are less willing to tolerate than in the past.”

UK businesses estimate that, on average, 11.8% of

their revenues are paid late. Overall, the time taken

to chase late payments has fallen slightly from 2024,

from 10.05 hours on average a week to 9.56 hours.

However, this still amounts to 69 days a year, using

resources businesses could deploy elsewhere.

Answers in innovation

In recent years, UK businesses have stepped up their

use of AI in payments management. This year’s report

shows that only a small minority have no plans to use

the technology.


CREDIT MANAGEMENT

Around nine in 10 (88%) are open to using or are already

using AI technology in their payments management.

In addition, over half (53%) of UK businesses agree AI

will significantly enhance the ability to manage late

payments – up from 51% in 2024.

Of those already using AI, enhanced efficiency is

seen as the number one benefit (25%), followed

by a reduction in late payments (19%). Others cite

improved analysis, better customer engagement,

lower costs and greater accuracy.

2024

2024

2024

2024

Yet, although almost all businesses are or soon will be

using AI to manage their payments, few are using the

technology to its full potential. Only a quarter (24%)

say they are relying on AI interfaces such as chatbots,

virtual assistants and robo-advisers to communicate

with customers.

It may be that firms are not up to date on what their

customers are thinking. Only 23% of those surveyed

say customers prefer using AI to communicate, but

Intrum’s 2024 European Consumer Payment Report

found 34% of customers would feel less judged

discussing late payments with a bot than a human.

In addition, 48% said they prefer interacting with

AI when requesting a loan or payment extension

precisely because it is impersonal.

“Handled well, AI technology offers massive benefits

in the payments sphere,” Jim continues. “It offers

UK firms new ways to communicate with and serve

their customers, opening up further innovation

and increasing efficiency. We expect to see its use

increasing significantly in the coming months and

years.”

Lingering challenges

There are challenges and barriers when it comes to

AI adoption in the payments arena. More than half

(53%) of UK businesses say they are struggling to find

the right skills in-house. Although this has fallen from

55% last year, it is still a major concern.

2024

2024

x Intrum UK Managing Director Jim Appleby



TECHNOLOGY

Customer privacy is also an issue, one flagged by 62%

of consumers. However, 51% of executives surveyed in

the European Payment Report say they are actively

taking steps to address this. As regulation comes in

and customers become more comfortable with AI

tools, they may feel reassured.

Regulation is also a concern for businesses, with

more than half (52%) of those in the UK saying they

will struggle to ensure full compliance by the time

European AI legislation comes into force in summer

2025. Two in five (41%) believe regulation will restrict

their ability to innovate.

“Concerns around the use of AI are understandable

given the pace of change, but are not insurmountable,”

Jim adds. “Those that do not embrace the tools and

their potential will find themselves falling behind.

Whether businesses can protect themselves from the

next wave of economic upheaval is unclear. What we

can expect is ongoing AI innovation and a tightening

of payment terms as businesses pursue a growth

agenda.

Author: Heather Greig-Smith

is freelance business writter

“CONCERNS

AROUND THE

USE OF AI ARE

UNDERSTANDABLE

GIVEN THE PACE

OF CHANGE,

BUT ARE NOT

INSURMOUNTABLE,

THOSE THAT DO

NOT EMBRACE THE

TOOLS AND THEIR

POTENTIAL WILL

FIND THEMSELVES

FALLING BEHIND.”


CICM EDUCATION

FURTHER

EDUCATION

The start of a new era in Professional Development.

BY: SUE CHAPPLE FCICM

DR Debbie Tuckwood, the long-time

Chief Advisor to the Chartered

Institute of Credit Management

on Professional Development, has

formally announced her retirement,

an innings declared after almost

a quarter of a century within the

organisation.

Debbie joined what was the Institute of Credit

Management in 2001, to lead the accreditation of the

Institute’s Awarding Body, and has held various education

leadership roles over the last 24 years. During this time,

she helped create the CICM Professional Standards

and Vulnerability Framework and was instrumental in

the development of credit control and debt collection

specialist apprenticeships.

Debbie also played a lead role in developing CICM

qualifications in credit management, debt collection,

money and debt advice, High Court Enforcement and

Taking Control of Goods. During her time, Debbie also

developed and grew the members’ Knowledge Hub on the

CICM website and created, and gained accreditation for,

the CICM Credit Academy.

Throughout her career at the CICM, Debbie also

focused on her own professional development, achieving

a doctorate specialising in vocational learning and

qualifications from Leicester University to add to her

existing Post Grad Certificate in Education from Durham.

Her research centred on the use of credit qualifications

as a catalyst for performance in credit management

departments.

As she steps into her retirement, Debbie plans to travel,

spend more time with family and friends, and become

more involved in conservation initiatives such as the

Tacugama environmental education programme in Sierra

Leone. She is also keeping her fingers firmly crossed for

more European football if her beloved Nottingham Forest

continue their current form!

Learning continuity

While an undoubtedly hard act to follow, there can

be few, if any, better qualified to step into the role

as Head of Professional Development than another

Debbie – Debbie Nolan FCICM(Grad).

Debbie brings extensive industry experience and a

deep understanding of best practices, helping to drive

standards and promote continuous learning. Passionate

about professional growth, she will work closely

with industry leaders to develop innovative training

programmes and qualifications that equip credit and

collections professionals with the knowledge and skills

they need to succeed.

With a focus on continuing to shape the CICM’s

educational delivery, Debbie is particularly keen to drive

even greater emphasis on qualifications that recognise the

skills required for those who provide solutions within the

FCA regulated environment.

Debbie’s primary focus has been collaborating with

employers to develop customised training and

qualification programmes for credit and collections

teams across a wide range of industries, including the

Government debt management departments, banking,

utilities, telecommunications, and pharmaceuticals. She

has particularly worked with large organisations aiming

to standardise skill levels across their global teams.

Dr Debbie Tuckwood

Debbie Nolan FCICM(Grad)


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Genius provides solutions designed to enhance your

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T: +44 (0) 141 280 0275

E: sales@geniusssl.com

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Outstanding (DSO) to just 15 days. By combining

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solutions, we enhance cash flow and streamline

operations, freeing up resources and reducing costs.

Discover a new standard in AR efficiency—because

better cashflow starts with smarter

AR management.

T: 020 317 71713

E: ahassan@corcentric.com

W: corcentric.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...

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

Court Enforcement Services are the CICM Enforcement

Business of the Year. Recognised for our professional,

client-focused, and approachable service,

our expert team has enforced over 100,000 Writs,

recovering over £105m for clients and claimants

since the end of the pandemic. Our commitment to

excellence is reflected in our client satisfaction survey,

where 100% of respondents confirmed we meet

or exceed expectations as a High Court enforcement

supplier, with many highlighting our superior

collection performance over industry competitors.

T: 07759 122503

E: s.evans@courtenforcementservices.co.uk

W: www.courtenforcementservices.co.uk

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.

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

E: spencer.taylor@tcn.com

W: www.tcn.com

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.

Dun & Bradstreet is a leading provider of

comprehensive global business data and

analytics. We help clients make smarter decisions

and drive resilience by bringing together millions

of data sources into a globally consistent view,

underpinned by our D-U-N-S number.

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

TOP SERVICE

MINIMISE DEBT

MAXIMISE C ASH

T: +44 (0)808 239 7001

E: hello@dnb.com

W: www.dnb.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.

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.

STA International is a leading credit management

provider, offering debt recovery, outsourced credit

control, address tracing, and legal debt recovery

services. We maximise cash flow and minimise

risk with tailored strategies for businesses of

all sizes. Acting as an extension of your team,

we ensure efficient, amicable collections and

compliant solutions for complex cases. Trust STA

International to safeguard your financial health and

strengthen client relationships.

T: +44 (0) 1302 513 000

E: partners@keyivr.com

W: www.keyivr.com

T: +44 (0)1273 696933

W: www.americanexpress.com

T: +44 (0) 1622 600 921

W: www.stainternational.com


COUNTRY FOCUS

on Colombia

The Jolly

Green Giant

Colombia is turning to tourism and

green energy to fuel its future growth


CREDIT MANAGEMENT

MANY – possibly most – haven’t

a clue where Colombia is yet

they will have heard of it, or

rather they will have heard of

the drug lords and cartels of

the 1980s that began their rise

to prominence in the 1970s.

But just as a country shouldn’t be tarred with the same

brush because of the actions of a few, so there are plenty of

positives for the average British exporter to consider.

Colombia is the second most biodiverse country in the world

after Brazil which is 8.5 times its size; its name is derived

from the surname of explorer Christopher Columbus. By

the way, it’s pronounced Col-o-mbia, not Col-u-mbia; has a

population that greatly values age so that the older a person

is, the more powerful their voice becomes; produces some

of the world’s most delicious espresso coffee; and mines

around 70-90% of the emeralds in the world.

Route for migration

The region now occupied by modern day Colombia is

believed to have been the route for mankind migrating

south from North and Central America. While some

travelled further to set up Inca societies, others stayed to

inhabit the Andean region. In 1499, the Spanish arrived,

saw gold, and not unsurprisingly, aggressively colonised the

area.

A number of conquistadors journeyed into the interiors

of Columbia, establishing settlements within Muisca

territory. However, rivals set up the cities of Popayan and

Cali. Battles for supremacy followed until Carlos V of Spain

brought the cities under the Viceroyalty of Peru in 1550.

The Spanish eventually ruled Colombia for nearly 250 years,

trading heavily in African slaves, trampling on indigenous

peoples in their wake. In the late 18th century, frustrated

with taxes levied by the Spanish Crown, native Colombians

revolted against the colonial powers. Venezuelan general

Simon Bolivar defeated the Spanish in the early 1800s and

won independence for Colombia.

Independent Colombia was initially a part of a larger

nation, New Granada, but separated in 1835. Political

turmoil, regional disputes and civil war marked the 19th

century. After the Thousand Days War, the US built and

controlled the Panama Canal that led to the liberation of

Panama from Colombia.

Coffee berries are a part of the Coffea

genus and are the small fruits of the Coffea plant

belonging to the Rubiaceae family.

Violence tore Colombia apart mid-20th century.

Encouraged by wealthy landowners, guerilla factions

became active across the country. Several, including FARC,

battled the Government for nearly 20 years until 2016.

The period saw a burgeoning drug trade run by drug lord

including Pablo Escobar; the Government lost control over

the countryside.



COUNTRY FOCUS

x Medellín is the capital of Colombia’s mountainous Antioquia province.

Nicknamed the “City of Eternal Spring” for its temperate weather, it hosts

a famous annual Flower Festival. Modern metrocables link the city to

surrounding barrios and offer views of the Aburrá Valley below.

Its climate is tropical along the coast and the eastern

lowlands, and cooler in the highlands and Andes.

The country’s topographic diversity defines the three

recognised climatic zones: the high elevation cold

zones (tierra fria), located above 2,000 metres in

elevation, with mean annual temperatures ranging

between 13ºC–17ºC, a temperate zone (tierra

templada), located between 1,000–2,000 metres, with

mean annual temperatures of approximately 18ºC, and

a tropical zone (tierra caliente), which covers all areas

below 1,000 metres and mean annual temperatures of

24ºC–27ºC. Average annual rainfall is 2,630 mm; but

there is significant variability across the country.

Diverse demographics

According to the United Nations Population Fund

(UNPF), the population of Colombia in 2024 stood at

52.3m.

Macrotrends illustrates just how the population has

grown over time. In 1950 it was recorded as being

11.7m, 26.17m in 1980, and 44.81m in 2010. It’s projected

to peak at 56.98m in 2050 and then start on a gradual

decline to reach 45.83m in 2100.

As to age, UNPF reckons that 21% are aged 0-14 years,

69% are aged 15-64, and just 10% are 65 years of age or

more.

Even with a long history of violence, Colombia had, by

the late 20th and early 21st centuries, successfully set

up a democratically elected presidential regime.

Interesting Geography

Officially the Republic of Colombia, the country sits

to the northwest of South America with coastlines on

the Caribbean Sea to the north and the Pacific Ocean

to the west. In terms of land neighbours, it’s bordered

by Venezuela to the east and northeast, Brazil to the

southeast, Peru and Ecuador to the south.

We’ve noted that Colombia is 8.5 times smaller than

Brazil. Even so, with 1.03m km2 it’s placed 25th in the

world by landmass. Brazil is 8.4m km2 (and is the

world’s 5th largest country). As a comparator, the UK

occupies just 242,741 km2 and is placed 78th.

The World Bank Climate Change Knowledge Portal

states that “Colombia is recognised as a megadiverse

country with a diverse range of ecosystems, such as

paramos, mangroves, wetlands, coral reefs, glaciers,

oceans, and tropical forests, as well as significant

biodiversity and water resources.”

Where the data becomes interesting is in a comparison

of the population pyramid for 1950 and 2021. Back

in 1950, using data from UNPF, the sexes were very

evenly balanced, and the pyramid itself resembled

a short fat bishop on a chessboard with a very wide

base which then took an exponential curve upwards,

albeit with a couple of bands of narrowing, which then

tapered quickly to reach a peak around 75-80 years of

age. However, by 2024, the profile was more akin to

looking at cruise liner, bow on, in that those 20 or

under formed the hull, both above and below water,

those aged 20-65 made up the cabin decks, and the rest

formed the open top decks and funnels

Ethnically, the CIA states that in 2018, the

population was 87.6% Mestizo and White, 6.8% were

Afro-Colombian (including Mulatto, Raizal, and

Palenquero), 4.3% were Indigenous, and 1.4% were

unspecified.

As for languages spoken, Spanish is the official tongue

with 98.9% speaking it while 1% used an indigenous

language, and Portuguese was spoken by just 0.1%.

There are 65 indigenous languages in some form of use.

As to where the population resides, World Population

Review, citing Geonames, states that there are 400

cities and towns of which Bogota – the capital - is the

largest with an estimated 7.67m people, followed by

Cali (2.39m), Medellin (1.99m), Barranquilla (1.38m)

and Cartagena (952,024).


Colombia

There are another 21 cities with more than 200,000

residents, 14 with between 100,000 and 200,000 people,

and 360 with numbers below 100,000 and as low as

7185. Beyond that are countless hamlets.

Infrastructure investment

Given that Colombia is so vast it’s fair to think

about infrastructure. Thankfully, following a peace

agreement in 2016 with FARC, the country has

invested in transport infrastructure. But as the US

International Trade Administration noted, Colombia’s

infrastructure is still underdeveloped compared to

regional counterparts.

An investment plan, post FARC agreement - the

Intermodal Transportation Master Plan - encompassed

100 road projects, 52 highway projects, five railway

projects, eight fluvial projects, 31 airport projects, and

various dredging projects. Much was completed by

former administrations.

Railway renovation is a priority for the current

president as Colombia’s railway network is only

37% active (2,195 miles); the government has plans

to reactivate another 1,181 miles. The current

administration has detailed five airport renovation

projects valued at $2.7bn.

CREDIT MANAGEMENT

x Bogotá is Colombia’s sprawling, high-altitude capital. La

Candelaria, its cobblestoned center, features colonial-era

landmarks like the neoclassical performance hall Teatro

Colón and the 17th-century Iglesia de San Francisco. It's

also home to popular museums including the Museo Botero,

showcasing Fernando Botero's art, and the Museo del Oro,

displaying pre-Columbian gold pieces.

Colombia has eight ports on the Pacific and Caribbean.

However, Buenaventura and Barranquilla are losing

their competitiveness because the sediment rate is

impacting port access. There are, however, plans to

reduce the volume of the sediment.

The economy

The Colombian economy is the fourth largest in

South America according to the IMF with a GDP

of $363.54bn in 2023. As a comparator, the top three

are Brazil ($2.33tn), Mexico ($2.01tn), and Argentina

($604.26bn).

It’s notable that GDP was largely static from 1960 to

1974 with a figure of $4-10bn (Macrotrends). A gentle

rise then saw more stasis between 1980 and 1988 with a

GDP of mid to late thirties of billions of dollars. There

was another gentle rise until 1997 $106.66bn. Another

muddling along in the early 2000s followed by a takeoff,

albeit with some peaks and troughs. Notably, there

was high point was in 2014 with a GDP of $381.24bn.

Colombia has seen wild swings in inflation. From 5.81%

in 1960 to 26.36% in 1963, to 6.91% in 1970 to 33.80%

in 1977. From there on it see-sawed down to 7.13% in

2003 and bubbled around the 5% level until a pandemic

peak of 13.25% in March 2023. It’s now 5.22%.

Overall, FocusEconomics reckons that in 2022, services

accounted for 57% of overall GDP, manufacturing 11%,

other industrial activity 23%, and agriculture 9%.

Business sectors

Agribusiness and food production

According to Invest in Colombia, the country produces

some 8m tonnes of fruits, 65m tonnes of crops and

maintains around 250m livestock.

In more detail, farmers cultivate coffee (Colombia

is the fourth-largest producer globally), cut flowers,

bananas, rice, tobacco, corn, sugarcane, cocoa beans,

oilseed, vegetables, fique and panela.

Finance Colombia reckoned – in December 2024 -

that of the country’s employed population of 23m, the

agriculture, livestock, hunting, forestry, and fishing

sectors employed 3.3m.

The Guardian wrote, in the same month that

Colombia is the third-largest beef producer in South

America, a region that accounts for 24% of the world's

supply. However, it also reported that cattle ranching

has also been Colombia's top contributor to illegal

deforestation in recent years.


COUNTRY FOCUS

There are currently more than 251 renewable projects

registered with the Mining and Energy Planning Unit.

On hydrogen, in September 2021 the Government

launched a 30-year Hydrogen Roadmap.

Ca

Technology

LATAM FDI considers – as do others– that the tech

sector in Colombia is one to watch. It cites Colombia’s

Software and IT Federation data that comments that

in 2010, the sector’s sales as a percentage of GDP

was 0.40%, 1.19% in 2015, and 2.94% in 2020 – a rate

maintained in 2021 and 2022. Overall, the sector

supports over 150,000 jobs.

Invest in Colombia says that in 2021 the sector was

worth over $1.81bn in areas such as applications,

application development and implementation, system

infrastructure software, infrastructure, security

software and AI platforms.

Mining

Colombia is mineral rich and possesses significant

amounts of nickel and gold as well platinum, silver,

copper, small amounts of iron ore, and bauxite. It

also mines minerals such as salt, limestone, sulphur,

gypsum, dolomite, barite, feldspar, clay, magnetite,

mica, talcum, and marble. It produces most of the

world's emeralds. As of 2021, the sector employed

254,410 people and made up 10.6% of GDP.

The Canadian Government also said that ‘the

private sector has adopted the Canadian Towards

Sustainable Mining Standard since 2021; responsible

business conduct and critical minerals are becoming

increasingly relevant.

Petroleum

This is a key sector for Colombia and Statista reported

that oil production amounted to 777,000 barrels per

day (bpd) in 2023, a 3% increase on the previous year.

However, production was over 1m bpd in 2013 and

2015. The BBC has written that in 2020 more than 40%

of exports were fossil fuels.

Enerdata detailed in January 2024 that the country

possesses large energy resources but that in early 2023,

the Ministry of Mines announced that Colombia

would not issue new oil and gas exploration contracts

and would now rely on tourism and green energy to

fill the gap.

Indeed, Invest in Colombia makes little mention of

petrol as a key sector – focussing on renewables and

green hydrogen instead. On the former, it says that

in some parts solar irradiation levels are 60% higher

than the global average; Colombia has the potential

to implement wind farms generating over 50GW; the

potential installed hydropower capacity is around

65GW; and geothermal electric power could generate

1170MW.

Exports in this sector were made in relation to the fields

of fintech, healthtech, agritech, oil and gas, energy

and telecommunications, logistics, Government,

digital marketing, virtual and augmented reality and

big data.

Tourism

BBVA Research in a December 2024 report said that

in 2023, Colombia hosted some 6.1m international

tourists and sector contributed 2.3% to GDP; by 2026,

more than 7m visitors are expected - despite challenges

in infrastructure, security, and sustainability. Overall,

international tourists generated $8.54bn in 2023 and

that number could reach $17bn in 2026.

Latina Republic reported in June 2024 that the sector

employed 872,527 people – an all-time high since

records began in 2021. Most tourists come from the

US and in terms of destination cities, Bogotá received

the most overseas visitors with 36.7% of the total,

followed by Medellín, Cartagena, and Cali.

This sector is a key part of the current administration’s

economic policy and is being furthered with support

for rural and community-based tourism, sun and

beach tourism, urban hotels and entertainment.

And it’s being backed with investments in civil

infrastructure (roads, airports, waterworks, etc.),

telecommunications, innovation, IT, and training of

workers.

Summary

It’s perfectly true that Colombia has problems to

overcome – security, infrastructure, and economic

volatility to name but a few. However, the country

has turned a corner and is well worth consideration

for any exporter. Its history is interesting, but not as

interesting as its resources and market potential.

Author: Adam Bernstein is a freelance

finance writer for CM magazine.


BRANCH NEWS

STAYING SAFE

Report of CICM East of England Branch

City of London Police Cyber Griffin Webinars.

CICM East of England Branch

committee member Steve Walsh

of RSM Creditor Solutions hosted

two thought-provoking webinars on

cybercrime, introducing Matthew

Eccles of the City of London Police’s

Cyber Griffin team. The Baseline

Briefing webinars gave delegates key actionable advice

they needed to secure themselves against the most prolific

cyber-attacks in use today.

Matt stressed that your data is a currency and should be

treated with great caution and not given away lightly.

We tend to over share, giving away our valuable data on

sites such as LinkedIn and Facebook without questioning

whether it is necessary. People forget that what you put

online is a digital footprint following you for life.

Also discussed was the balance of privacy, convenience,

and security. Attackers commonly target our emails

(phishing) and increasingly our SMS (smishing) as well

as employing malicious QR codes (quishing) to further

obfuscate their attacks. As such, our account security is

vital. Some of the key takeaways to keeping safe online

are; use 2-step verification (2SV) whenever possible, setup

a password manager to create and protect long, unique

passphrases, install a VPN on your devices to secure your

connection, keep devices and apps updated and change

default passwords.

YOUR DATA IS

A CURRENCY

AND SHOULD BE

TREATED WITH

GREAT CAUTION

AND NOT GIVEN

AWAY LIGHTLY

Matt also introduced how artificial intelligence (AI)

is changing the security landscape and demonstrated

deepfakes and voice cloning. He explained that AI is both

creating new attack vectors such as these but also being

used to enrich older known attacks like phishing. He also

emphasised that data entered into the likes of ChatGPT

or Google Gemini is immediately in the public domain.

Cyber security goes hand-in-hand with physical security.

Matt stressed not allowing tailgating, always challenging

unaccompanied strangers in the workplace, keeping

doors locked, using screen protectors, and never using

unknown devices or cables.

Matt closed with answering several questions, after which

Steve Walsh passed on the grateful thanks of the Branch

and all who listened. This report covers just some of the

valuable information from Matt’s two comprehensive

webinars on cybercrime and how to prevent it.

Author: Richard Brown FCICM,

CICM East of England branch Vice Chair.

Dear Branch Members,

If you have a branch event that you would like to be featured in the CM magazine, please submit your article to the Art Editor.

Articles should be no more than 400 words, and if you are providing images, they must be of high quality for print.

Please note that inclusion is subject to space and the editor’s approval. We look forward to showcasing your branch activities!


ENFORCEMENT

HOME

WRECKERS

County Court delays are crippling

local authorities’ efforts to reclaim housing debt.

BY MICHAEL JACKSON

LOCAL authorities across England and

Wales are facing mounting challenges

in recovering properties, even after

possession orders have been granted

by the courts. The core issue lies

in severe delays within the County

Court system, which has become

a significant barrier to timely property repossession.

These delays not only prolong the housing crisis but

also place unsustainable financial pressure on councils

already stretched thin.

A System Under Strain

On average, it now takes 24.5 weeks from claim to

repossession, an increase that underscores the scale of

the problem. In heavily burdened areas such as London,

this wait time is often far longer. Courts like Barnet

and Central London County Court are booking bailiff

appointments as far out as late 2025.

One striking example involves a possession order applied

for in July 2023, and not enforced until January 2025. Such

cases are no longer anomalies but part of a disturbing

trend.

The root cause? A critical shortage of County Court

bailiffs, with only around 300 available across England

and Wales. This bottleneck is leaving properties in limbo

and tenants in uncertainty, with local authorities left to

absorb the financial fallout.

Every week a possession is delayed, councils continue

to lose income through unpaid rent. Beyond that, they

are forced to provide costly temporary accommodation

for tenants awaiting rehousing. Frozen Local Housing

Allowance (LHA) rates have only worsened this issue,

creating a £700m subsidy gap over the past five years.

These are costs councils cannot reclaim from central

Government.

In 2022-23 alone, councils spent £1.6bn on temporary

accommodation. With actual costs in 2023-24 likely

closer to £2.42bn, the burden is staggering. What’s more,

the net expenditure for temporary housing has more

than doubled in five years—from £479m in 2018-19 to

£1.058bn in 2023-24.

A Viable Alternative?

While reforming the County Court system would be

ideal, one effective workaround already exists: transferring

possession orders to the High Court for enforcement.

High Court Enforcement Officers (HCEOs) can execute

possession orders far more quickly than their County

Court counterparts. Once a County Court Judgment

(CCJ) is transferred, enforcement can begin almost

immediately, bypassing what can be a long wait for a

bailiff appointment.

This faster process helps local authorities reduce both

the length of time rent goes unpaid and the amount

of time properties remain unoccupied. More efficient

recovery allows for quicker turnover, placing rentpaying

tenants back into homes sooner and easing the

demand on temporary accommodation. To understand

the scale of potential savings, it’s important to consider

the broader picture. Approximately 5% of private renters

in England were in arrears in 2023, representing about

220,000 households. These arrears add up to an estimated

£240m in unpaid rent.

Given that local authorities often bear the brunt of this

crisis in terms of funding both support services and the

provision of temporary housing, the financial impact

is profound. The quicker councils can reclaim these

properties and replace non-paying tenants with those

who can meet rent obligations, the more they can stem

their losses.

Taking Steps

The Local Government Association (LGA) has flagged

the sharp rise in subsidy gaps – from £102m in 2018/19

to £204.5m in 2022/23 – as a pressing concern. Without

intervention, these figures will only continue to climb.

Improving efficiency in the property recovery process

is one of the few available levers that councils can pull.


CREDIT MANAGEMENT

Transferring to the High Court won’t singlehandedly

solve the housing crisis or the underlying issues within the

County Court system. But it represents a practical step

forward. By accelerating the enforcement of possession

orders, local authorities can save millions, reduce their

dependence on costly temporary accommodation, and

help move more families into stable housing.

The current system isn’t working for councils or landlords,

and certainly not for tenants. While systemic reform is

necessary, local authorities can take immediate action to

improve outcomes by embracing High Court enforcement

where appropriate.

As the housing crisis deepens and local authority budgets

tighten, streamlining property recovery isn't just a

legal issue, it's a matter of financial survival and social

responsibility. The faster we move properties from

court orders back into circulation, the sooner we can

provide sustainable housing solutions for those who

need them most.

Author: Michael Jackson is Vice Chair of the High Court

Enforcement Officers Association (HCEOA).

THE FASTER WE

MOVE PROPERTIES

FROM COURT

ORDERS BACK INTO

CIRCULATION,

THE SOONER WE

CAN PROVIDE

SUSTAINABLE

HOUSING SOLUTIONS


CAREERS

THE

GENERATION

GAME

How to succeed in a multigenerational workforce.

BY NATASCHA WHITEHEAD FCICM

THE credit management workforce

is made up of a range of professionals

from different generations;

knowing how to navigate

today’s multigenerational workforce

is crucial for both overcoming

the challenges and seizing the

opportunities this diversity presents.

For context, there are currently four generations

operating simultaneously across the world of work.

Those born between 1946 and 1964 are known as

Baby Boomers, followed by Gen X who were born

between 1965 and 1980, then Millennials who were

born between 1981 and 1996. Gen Z is defined as those

born between 1997 and 2012, and many of those now

in their twenties are entering into the workplace,

introducing another generation into the mix and

further changing the dynamic.

The question is, how can credit professionals ensure

they work in harmony alongside individuals from

different walks of life and importantly tap into the

potential of a multigenerational workforce? Here are

three tangible ways:

Acknowledge and respect

differences

Firstly, every professional brings their own attitudes,

approaches, preferences, skills and ways of working to

the table. Whilst typically individuals from the same

generation share some of these aspects, it’s important

not to overgeneralise or stereotype, as even people of

similar ages have their differences and people from

vastly different generations share similarities. The

main thing is to keep an open-mind and to accept

and respect these inevitable nuances, rather than

expecting everyone to have the same workplace

perspectives and needs.

It’s useful to understand where people from different

generations are coming from, including their

background and motivations, so you can come from

a place of awareness rather than judgement. For

instance, more senior professionals may be in favour of

return-to-office mandates whereas younger members

of staff might champion flexible working policies.

However, these beliefs often stem from the norm

that people have gotten used to. Older professionals

are likely to have spent majority of their working

life without workplace flexibility so may not see the

need for it as much as someone just entering the

workforce who view flexible working options as a

priority. Recognising and respecting these kinds of

contrasts in principles and ways of working is the

first step to thriving in today’s multigenerational

workforce.

Address tensions and find a

middle ground

Secondly, employers should nurture a psychologically

safe and transparent environment where tensions can

be brought up, rather than bottled up, as and when

they arise and without leading to confrontation. For

example, professionals from different generations are

thought to have varying attitudes when it comes to the

importance of punctuality. Openly talking through

these differences and establishing clear expectations,

whilst also reaching a compromise where possible

to accommodate different preferences, can help to

reduce tension and ensure colleagues know where

they stand.

Another example is being able to address and

adapt to different communication styles to avoid

misunderstandings. An effective way to bridge

generational gaps, once you understand the different

preferences that exist across your workforce, is by

tailoring your communication in certain scenarios.


CREDIT MANAGEMENT

THE MOST IMPORTANT

THING IS BEING

COMMITTED TO BLEND

THESE DIFFERENCES

TOGETHER

For instance, if you know specific colleagues prefer a

face-to-face interaction over a digital call, where and

when possible, you can opt for this method. Consider

the language you use in an email and how it could be

interpreted differently depending on the recipient.

Finding a way to overcome generational tensions will

look different across various organisations, but the

teams who have an open and honest culture will stand

in good stead for success.

Be supportive and tap into

individual strengths

Thirdly, it’s crucial to be proactive about reaping

the many rewards of a multigenerational workforce.

Mentorships between different aged professionals

can help to build positive working relationships

and enable mutually beneficial knowledge sharing.

The skillset of someone who is more experienced

can certainly inspire and support a more junior

credit professional, especially as they have the lived

experience and wisdom to help younger staff members

overcome challenges in their own careers.

It can also work the other way, as Gen Z professionals

may be more confident when it comes to utilising

newer technologies, for example, and can therefore

share advice and guidance to their more senior peers.

Younger professionals could be seen as disrupting

the status quo when it comes to things like flexible

working, but by questioning the effectiveness of

old ways of working, employers are more likely to

consider the benefits that change could bring, thus

improving innovation and creativity.

It goes without saying that every professional has

their strengths and weaknesses – the most important

thing is being committed to blend these differences

together and tap into the attributes of each generation

to ultimately enhance employee morale, problem

solving and productivity.

Author: Natascha Whitehead is Senior Business Director

at Hays specialising in Credit Management


OPINION

THE CIRCLE

OF LIFE

What goes around comes around – including sausage rolls.

BY GLEN BULLIVANT FCICM

as mad as hell and I’m not

going to take it anymore”.

This outburst was made on

air by the fictional television

newscaster Howard Beale,

brilliantly portrayed by the

“I’M

late, great actor Peter Finch in

the 1976 film Network.

The storyline was against a background of oil and

financial crises, rising prices, global unrest, rising

unemployment and general dissatisfaction with

governments, local and national, big business and the

headlong rush into technology dependency.

It is somewhat disconcerting to realise that 50 years

later the character’s plea to get us all to rise from

our sofas, go to the window, stick our heads out and

shout at the top of our voices his outburst above is

just as relevant. If anything, I could argue that it is

even worse now than it was then. I confess that I am

irritated by current global unrest, local and national

governments, the technology race, duvets and duvet

covers.

Driverless cars

A recent poll in the United States showed that only

13% of US citizens would be prepared to travel in a

driverless Tesla. That may be in part, of course, be

because of the involvement of the Tesla CEO in the

chainsaw massacre of Federal jobs and unelected

interference in the governance of their country, but

it may also be because in all honesty, we are not really

there yet technically. I would be interested to know

if a poll in the United Kingdom on the same subject

would produce a similar result. Us Brits may also be

influenced in examples of tech unreliability, which

could colour (or cloud) our judgement.

A recent report in the UK showed that in the

financial sector of banks and building societies, there

was a total of 33 days outage in the last two years –

failures in computer systems which froze customers

out of their accounts, interrupted cash transactions,

be they ATM withdrawals or more seriously salary

and payment transfers (the latter often occurring

at month end coinciding with salaries and bill due

dates) – all against a background of branch closures

and hence increasing reliance on on-line banking.

We are bombarded every day with the enormous

progress of AI and all the advantages that come

with it, but the reality is that there is a little shred

of dinosaur DNA in all of us which may just make us

hesitate before getting into the robotic automobile.

One cannot help but think that better roads (i.e.

fewer potholes and clearer road markings rather than

the bumpy smudges we have now) would increase our

confidence just a tad.

Global unrest

Global unrest is at an all-time high right now and

leadership in what we still like to think of as the Free

World is not all that safe in the hands of the current

administration across the pond. Notwithstanding the

fact that the present President and Vice-President

were democratically elected, it does seem to us mere

mortals that Trump and Vance (or Duck and Liability

as they are better known) do value themselves more

than less on important issues such as democracy,

freedom of speech and the right to be different.

Many behavioural specialists were quick to post on

social media following the disastrous White House

Oval Office encounter between Ukrainian President

Zelenskyy and the Duck/Liability double act – most

concluded that the US duo displayed classic ‘bully’

characteristics, similar to those shown in domestic

abuse scenarios, employing the full range of abusive

tactics.

What was on show in the Oval Office was victim

blaming, coercion into gratitude and manipulation of

the concepts of peace and diplomacy. In other words,

this was not a negotiation, but an attempt to force

their adversary into accepting terms beneficial to the

US (and Duck/Liability) but in all likelihood fatal for

Ukraine and its President. Add to all that, Trump

setting off a global trade war by imposing what he

called the most beautiful word in the English language


CREDIT MANAGEMENT

DRIVERLESS

CARS, AI, GLOBAL

UNREST AND

DOGMATIC POLITICS

OF ANY SHADE

ALL PALE INTO

INSIGNIFICANCE

COMPARED TO

LIFE’S MOST

IRRITATING

FEATURE IN THIS

MODERN WORLD.

on Canada, Mexico and China (to begin with), and

the despicable derogatory references by Vance on the

armed forces of the UK and France and we have the

whole balance of world order turned inside out and

upside down. I dare say that more intelligent minds

than mine could make some sense of it all, but right

now I am all for rushing to the open window and

shouting.

So now when you give the cabbie your destination

address in the City, his first response is to tell you that

he will drop you as close as he can – you then enjoy a

journey of what can only be described as disgruntled

cabbyness (OK Editor, there is no such word as

cabbyness but I am sure you get my drift), railing

against being banned from this street or that road even

if his or her cab is electric (having sold the children to

be able to afford to buy it), private hire drivers who did

not have to get ‘The Knowledge’ but are glued to their

satnavs, and cyclists of all types for whom one way

streets, zebra crossings and traffic lights do not exist.

Naturally, the Tube remains a perfectly feasible option

(if you are not lugging a heavy load), but that does

involve a dangerous walk from the Tube station to the

ultimate destination. This can be similar to the Light

Brigade advance, assailed on all sides not by cannon,

but by mini Harly-Davidsons carrying the pizzas and

sausage rolls which have to get through no matter the

obstacles such as the Highway Code and people on

foot.

Driverless cars, AI, global unrest and dogmatic politics

of any shade all pale into insignificance compared to

life’s most irritating feature in this modern world. How

on earth can you get a duvet into a duvet cover without

copious loud swearing and/or slipping a disc? Excuse

me – I am off to the window right now.

Author: Glen Bullivant FCICM is officially old.

My irritations are not yet done because local

government is getting up my nose. There was a time

when arriving at a London mainline terminus from

what inhabitants of the great metropolis would refer

to as the ‘Provinces’, all one had to do was to walk a

short distance, get into a splendid black cab and

give the cheerful driver your destination address. True,

the meter seemed to be running before you had closed

the cab door, but at least you knew that aforesaid

cheerful cabbie would take you where you wanted

to go.

Pizza hooligans

It was almost inevitable that visiting London on

business in the credit profession meant that where

you wanted to go was in the City, but that was never

a problem in days of yore. All changed now of course

since the City Fathers wanted to turn the streets over

to pedestrians, plus of course big red buses, bicycles of

every shape and size and absolute hooligans delivering

pizzas and sausage rolls on electric bicycles just one

step down from a Harley-Davidson.


HR MATTERS

LIKE IT OR NOT

Navigating social media risks in the workplace

BY GARETH EDWARDS

SOCIAL media can be a powerful tool

for many businesses. However, its use

by employees creates a real risk for

employers, particularly in terms of

productivity, confidentiality and the

potential for reputational damage.

Employers need to carefully consider

what expectations they have around employee social

media use and how they communicate them to

employees.

Risks arising

It’s easy to see that employees can be distracted by

social media while at work – especially by their own

accounts - with the follow-on detrimental impact on

productivity. While employees may connect with coworkers

in the online world to enhance relationships,

unfortunately these online interactions can create

the potential for inappropriate behaviour and online

bullying and harassment. Often the forum that such

activity takes place in is not accessible or monitored

by the employer, making it difficult to police.

Facebook and X (Twitter) are two well-known

platforms where users can express their personal

views for others to see. As lawyers have witnessed

first-hand, employees not only have the ability to post

controversial comments and opinions, and often do

so, but such messages can also very quickly spread.

Where inappropriate, controversial or offensive

comments or viewpoints are shared, members of the

public could very easily associate those comments or

points of view with the company which employed

that individual, thus damaging its reputation.

Of course, many use social media platforms as a tool

for marketing. However, the line between personal

and professional accounts can become blurred and

this is why employers should ensure that employees

with responsibility for running a business social

media account use it in a professional way, and not as

though it is their own personal channel.

Tribunal cases

An example of how employees and social media don’t

make for great bedfellows was evidenced in Whitham

v Club 24 Limited t/a Ventura in 2010.

In this case, an employee made derogatory comments

about her workplace on Facebook. Amongst other

things, she said ‘I think I work in a nursery, and I

do not mean working with plants.’ The employer

dismissed the employee, but an Employment Tribunal

went on to find that this dismissal was unfair and

that the comments made by the claimant on social

media were ‘relatively minor’. It was felt by the

tribunal that there was nothing to suggest that the

employer had suffered any actual embarrassment or

that its relationship with clients had been harmed as

a result.

But that outcome isn’t always true and to

prove the point there is the 2015 case of British

Waterways Board (BWB) v Smith. Here Mr Smith

was employed by the BWB as a manual worker for

eight years. As part of his job, he worked on a rota

where he was on standby for one week in every

five. BWB prohibited employees drinking alcohol

when they were on standby. It also had a social media

policy which prohibited ‘any action on the internet

which might embarrass or discredit BWB’.

It appears that during a disciplinary investigation into

Smith's conduct, Facebook comments were identified

which were either derogatory about BWB, supervisors

and colleagues, or suggested that he had been drinking

on days when on standby. Mr Smith accepted that

he made the comments but said that they were just

'banter' and he had not in fact been drinking. He also

contended that his Facebook account had been hacked

and changed from private to public. However, it was

determined that Smith's actions were a clear breach of

BWB's policies, and he was summarily dismissed for

gross misconduct. The Employment Appeal Tribunal

held that a dismissal for derogatory comments about

an employer on Facebook was fair.

Third time unlucky

A third case – Gibbins v British Council in 2017 - drives

the point home. In this case Ms Gibbins, a senior

employee of the British Council at the time, posted

an offensive comment on a public Facebook post

about Prince George. The employee believed that

the comment could only be seen by her 150 Facebook

friends. However, it was leaked to the media and

brought the employer's reputation into question.


CREDIT MANAGEMENT

The employee was dismissed based on a ‘reckless lack

of judgement, inexcusable in someone in a senior

position.’ The Employment Tribunal concluded that

in this case, the employee had been fairly dismissed on

the grounds that the British Council held a genuine

belief that the employee was guilty of misconduct in

respect to her remarks and it was those remarks that

caused negative publicity. It found that Ms Gibbins,

a senior employee, knew that her comment would be

deemed unacceptable if associated with the British

Council and was aware of the organisation's social

media policy. Therefore, her actions amounted to

‘reckless risk taking’.

The importance of policy

It should be clear to any reader that these cases

illustrate the importance of a good social media

policy. Employers should have an enforceable social

media policy in place in order to minimise the

potential risks that come as a result of using social

media in and out of the workplace. The policy

should set boundaries and define acceptable and

unacceptable use and behaviour as this will prevent

any ambiguity around social media use amongst

employees.

It is strongly advised that employers write a policy

to detail how employees should portray themselves

online; what social media accounts are deemed

acceptable, especially in the workplace; whether

personal social media accounts can be used during

working hours; the difference in using company

social media accounts and personal social media

accounts; and guidance on how employee's activity

on personal social media accounts can be linked back

and associated with the company.

When drafting an effective social media policy, an

employer should carefully consider the policy’s

purpose and objectives. This involves balancing

several factors, including the employer's attitude

toward social media use in its workplace, the nature

of the employer's business, and the characteristics of

the employees and workplace environment.

The policy should also highlight expectations when

sharing company information online and the extent

to which this is prohibited. It should also make

mention of the disciplinary measures that could be

taken if policies are breached which could include

dismissal on the grounds of gross misconduct,

particularly if the conduct damages the employer's

reputation.


HR MATTERS

It’s also vital that the policy makes clear that it applies

not only to use of social media sites using the employer's

equipment, but equally to social media sites used or

accessed outside of work or using the employee's own

equipment. The policy should make it clear that accounts

set to ‘private’ should still adhere to the requirements of

the policy.

It is likely that employers will have other policies that

may have a bearing on a social media policy. As a result,

the advice is that these other policies, for example,

disciplinary and grievance, bullying and harassment and

data protection, are all updated in line with any social

media policy that is written. A social media policy can be

used as part of a staff handbook, part of a general IT and

communications systems policy, or as a free-standing

policy on the acceptable use of social media.

Beyond policies there is the desire for employers to

not want employees accessing social media accounts –

at all – in the workplace. Where this is the case, it is

recommended that employers apply technical measures

to block access to these sites from company devices

and its network. While this may protect the employer's

network from viruses and hacking, firms should be aware

that an employee can still access social media whilst in

the workplace by just using their own devices.

Only going so far

Finally, there’s the matter of training for HR teams

and managers as this is an important part of ensuring

compliance with policies. Employers must be careful

about monitoring employees in the workplace; this should

not go further than necessary, and employers should

avoid implementing restrictions which are intrusive or

unreasonable – it is a balancing act that employers must

carefully undertake.

A SOCIAL MEDIA

POLICY CAN BE USED

AS PART OF A STAFF

HANDBOOK, PART OF

A GENERAL IT AND

COMMUNICATIONS

SYSTEMS POLICY,

OR AS A FREE-

STANDING POLICY

ON THE ACCEPTABLE

USE OF SOCIAL

MEDIA.

Current human rights legislation provides individuals

with the right to respect for private and family life

and correspondence and this could be contravened

by monitoring. Also, employees could argue that

scrutinising their social monitoring postings could be

discriminatory.

Proportionality and consistent treatment of employees is

therefore important; monitoring should be proportionate,

meaning that an employer must consider any less

obtrusive alternatives and consider providing employees

with certain details about the purpose of the monitoring

and how it is carried out. Employers may need to carry

out an impact assessment to balance the needs of the

business against an employee's right to privacy.

Summary

Social media is a part of society whether we like it or

not. Employers have no choice but to live with it and

this means applying thought as to how it’s to be managed

within the workplace.

Author: Gareth Edwards is a partner

in the employment team at VWV.


.

MEMBERSHIP AND ACHIEVEMENTS

Do you know someone

who would benefit from

CICM membership?

Or have you considered applying to upgrade your membership? See our website

www.cicm.com/membership-types for more information, or call us on 01780 722903

NEW AND UPGRADED MEMBERS

FCICM

Alan Smith FCICM Marios Pilavakis FCICM Philip Spence FCICM Stephen Rose FCICM

MCICM

Rebecca Acquaye MCICM

Stacey Smith MCICM

Michelle Brown MCICM

Daria Stepien MCICM

David Tolley MCICM

Jovana Novak MCICM

Becky Childs MCICM

ACICM

Jemma Minett ACICM Helen Bowman ACICM Liam Marsden ACICM Sumodh Mohanan ACICM

AWARDING BODY

Congratulations to the following, who successfully achieved Diplomas

Level 3 Diploma in Credit & Collections (ACICM(Dip))

Tamsin Wright

Geo Patrascoiu

Kadeen Barrett-Edwards

Ilona Gobl

Paul Evison

Milena Ferrante

Madeleine Martin-McRoberts

Gary Timms

Level 3 Diploma in Credit & Collections

Rebecca Clement Rhianna Leigh Liam Palmer

Level 3 Diploma in Money & Debt Advice ACICM(Dip)

Sophie Barnes

Jack Boswell

Alexandros Elissaiou

Adam Faulkiner

Brooklyn Gale

Mark Mitchell

Gavin Wadsworth

Level 5 Diploma in Credit & Collections Management MCICM (Grad)

Ciara McLellan

Tay Yow Hong


Looking for

your next

career move?

Credit Controller

Blackburn, £28k

A multi-award-winning, nationwide service provider based in

Blackburn, is looking to recruit an experienced Credit Controller.

In your new role you will manage your own ledger of accounts,

chase customers daily, and run debtor reports from the ERP

system. Allocating payments and working closely with other

departments to resolve queries, will also form part of this role.

Ref: 4672194

Contact Megan Capstick on 0177 255 5587

or email megan.capstick@hays.com

Credit Team Leader

Birmingham, £34k - £38k

We are supporting a charitable organisation based in

Birmingham that is recruiting for a Credit Team Leader on a

permanent basis. In this challenging role you will manage a small

but growing team, whilst remaining hands-on in dealing with a

ledger of up to 600 live accounts. The role is hybrid working in

the office two days a week. Ref: 4655167

Contact Henry Brook on 0333 010 7517

or email henry.brook@hays.com

Credit Controller

Manchester (outskirts), £30k + bonus

Reporting to the FD, you will work alongside a Senior Credit

controller as part of a small finance team. You will manage a

B2B ledger, chasing overdue monies by telephone and email,

allocating payments, running credit checks, arranging credit

insurance and be responsible for liaising with both internal and

external parties. Proficiency in SAP & Excel required.

Full office based 7:30 - 4:30 Monday - Friday. Ref: 2192121

Contact Joanna Taylor-Coburn on 0161 926 8605

or joanna.taylor-coburn@hays.com

Bilingual Credit Controller (French)

Shoreditch, London, £35k - £40k

A leading PR company with vibrant offices in the heart of

Shoreditch is looking for a bilingual credit controller to join them

on a temporary basis. Initially this temporary assignment will

run for three months, but there may be scope to extend. Your

customers will be based in France, therefore fluency in French

and experience of successfully collecting from the French

market is essential. Ref: 4674618

Contact Katie Bohun on 0203 465 0020

or email katie.bohun@hays.com

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 786433.

hays.co.uk/credit-control-jobs

UK Billing Project Analyst

Epsom, £35k - £40k

Working as a UK Billing Project Analyst, you will be a member of

an international, fully integrated professional services and project

management company. Key responsibilities of the role will

include ensuring invoicing and documentation accuracy, invoice

tracking and analysis, and liaising with internal and external

stakeholders. You will also get involved in a forthcoming billing

transformation project. Ref: 4667979

Contact Mark Ordona on 07565 800574

or email mark.ordona@hays.com

Legal Biller

Central London, up to £50k

This role will see you take responsibility for managing the

billing process. Duties will include raising and checking

draft invoices, resolving billing issues, and liaising with fee

earners and the cashiering team. The position also supports

accounts receivable, time recording enquiries, and expense

management to ensure efficient and accurate billing. Previous

billings experience within a legal environment required.

Ref: 4674601

Discover new

opportunities today

Contact Max Witek on 0203 465 0020

or email max.witek@hays.com

© Copyright Hays plc 2025. All rights are reserved. CM-00836


RECOVERIES

BORDER

CONTROL

Updates from the world of international recoveries.

BY PIERRE HAINCOURT MCICM


CREDIT MANAGEMENT

ON the eve of a conference in

London being organised by the

TCM Group, Credit Management

asked collections expert and

CICM Member Pierre Haincourt

for a round-up of key

issues exercising the minds of

the international credit management and collections

community and a few insights and tips to keep the

cash flowing:

United Kingdom

Since Brexit, both EU and UK exporting companies

have been wondering ‘what is the best way to achieve

effective cross-border recovery?’ Now that the

European Enforcement Order (EEO), the European

Order for Payment (EOP) and the European Small

Claim (ESCP) Procedures are no longer available to

use between the UK and the EU, what options are left

on the table?

Despite trying hard, the UK has not been readmitted

into the Lugano Convention either. The EU (well,

mainly the French) have blocked their request. As a

result, the focus has been on the specific contractual

clauses of Law and Jurisdiction applicable to our

contracts.

Exporters have had the option to rely on the rules

of the Hague Convention on Choice of Court

Agreements 2005 (HCCC), which the UK remains a

part of. If creditors’ agreements point to an exclusive

jurisdiction (e.g. Courts of England & Wales) the

recognition and enforcement of foreign judgments

in cross-border disputes with EU Member States

(and including China, Mexico, Montenegro, North

Macedonia, Singapore, Ukraine and the United

States) can be achieved more easily.

Other than that, the only alternative is to have

a different set of Terms and Conditions for each

country pointing to the local laws and jurisdiction

which is always a difficult call to make. We are

always more comfortable using our local laws. Better

the devil you know. But changes are just around

the corner. On 27 June 2024, England & Wales has

formally ratified the Hague Judgments Convention

2019. From 1st July 2025, when this comes into force,

recognition and enforcement of judgments without

the need for starting new local Court proceedings will

be reestablished between the signatories, who are, so

far: EU, Ukraine, England & Wales, Uruguay.

Czech Republic

In recent years, the Czech Republic has undergone

significant legislative changes concerning receivables,

creditors’ and debtors’ rights, debt collection, and

enforcement proceedings. Since 1st January 2025,

the method for calculating the non-seizable portion

of income in attachment of earnings and personal

insolvency proceedings has changed. Spouses or Civil

Partners can no longer be declared as dependents,

which will result in a reduction of the protected

earnings debtors can retain. This measure is expected

to increase the funds available for debt repayment

and significantly boost this enforcement route.

Nigeria

Debt collection in Nigeria is increasingly challenging

due to legal complexities, currency volatility, and

enforcement difficulties. The slow judicial process

often delays debt recovery, with cases taking years

to conclude. Increased foreign exchange restrictions

have hindered cross-border collections further. The

Nigerian Central Bank’s policies limit access to

foreign currency, causing payment delays and debt

restructuring in Nigerian Naira (NGN).

WE ARE ALWAYS

MORE COMFORTABLE

USING OUR LOCAL

LAWS. BETTER THE

DEVIL YOU KNOW.

Emerging trends include the Nigerian Arbitration

and Mediation Act 2023, which provides a legal

framework for alternative dispute resolution (ADR),

allowing creditors to resolve disputes faster than

litigation. Additionally, recent reforms like the

Business Facilitation Act 2023 and the Data Protection

Act 2023 further strengthen creditors’ rights. Despite

challenges, leveraging ADR mechanisms and strong

contractual safeguards is improving debt enforcement

and mitigating risks in Nigeria. In the last two years,

the Naira depreciated from GBP1.00 = NGN565.00 in

2023 to ₦ 2,000 in 2025.

Exporters seeking to recover old debts in strong

currencies such as GBP, USD or EUR, may need to

get prepared to consider meaningful settlement

discounts.

Australia

The Jurisdiction Clause is essential in cross-border

transactions. It is something that non-exporting

companies do not need to worry about too much,

but it is essential for exporters to spend time on this

clause in their contract. It states which court has the

authority to resolve disputes and can be the key to

successful recovery.


RECOVERIES

In 90% of cases, creditors will go with legal advice

and choose their own jurisdiction. Their corporate

solicitors will obviously prefer this option because

they are comfortable with the legal environment in

their jurisdiction and will often have little knowledge

about the legal system in other countries.

But this is not always convenient.

Take a £10,000 debt owed by an Australian debtor

(AUD20,500). With a jurisdiction clause set to ‘the

Courts of England & Wales’, the creditor would

need to commence legal action in England, obtain

judgment, after organising service of the proceedings

in Australia, and then register the judgment in

Australia, adding an additional two to six months (if

undefended), plus a second helping of legal fees and

solicitor costs.

To domesticate that English judgment, the application

must go through the Supreme Court in Australia and

the cost will vary depending on which state it goes

through. The Court fee alone will be AUD3,000 to

AUD5,000 (£1,500 to £2,500), and you can add another

AUD2,500 (£1,250) for solicitors costs and processserving

costs which are expensive in Australia given

the size of the country.

If jurisdiction is set to ‘the Courts of Australia’, Court

Fees would be as little as AUD350 to AUD450 (£175 to

£225) and AUD800 (£400) in solicitors’ costs to issue

proceedings. So, if you export to Australia, consider

a separate set of terms and conditions for your Ozzy

clients!

Saudi Arabia

In line with Saudi Arabia's Vision 2030, the country

is transforming its debt collection practices to

align with the highest global standards. This shift

emphasises governmental oversight, stringent

governance, advanced technology, professional

licensing, efficiency, and financial stability within the

industry. Additionally, there is a focus on categorising

beneficiaries such as financial institutions,

governmental bodies, local and foreign companies,

and investors.

Under the umbrella of Vision 2030, Saudi Arabia

has introduced Bankruptcy Laws to regulate the

relationship between liquidated companies and

their creditors. This initiative aims to promote

transparency, accountability, and fairness in debt

collection, fostering trust among stakeholders.

Bankruptcy Laws provide a structured process for

individuals and businesses facing financial challenges,

offering a legal mechanism for debt reorganisation and

repayment. By safeguarding the rights of debtors and

creditors, this law is said to contribute to economic

stability and revitalisation.

Saudi Arabia's enforcement system, supported by

detailed regulations, plays a crucial role in enforcing

court judgments related to debt collection. It ensures

the efficient enforcement of debt collection orders,

maintaining integrity and fairness in financial

transactions.

The Grievances Board serves as a judicial entity for

reviewing appeals and complaints related to debt

collection procedures with governmental agencies.

Through this platform, stakeholders can seek

legal recourse and redress, reinforcing principles

of justice and equity in debt collection practices.

Investor confidence is paramount in Saudi Arabia's

debt collection landscape, which is bolstered

by the country's reputation for judicial security

and reliability. Investors prioritise efficient debt

collection processes, especially when dealing with

entities across various sectors. Saudi Arabia's precise

regulations aim to protect the rights of both local and

foreign investors, fostering a conducive investment

environment. Supervised by the Saudi Arabian

Monetary Authority (SAMA), financial entities’

debt collection activities in the Kingdom adhere to

established guidelines and standards set by the central

bank.

Saudi Arabia’s proactive approach to debt collection,

in harmony with Vision 2030 and investor confidence

initiatives, are said to demonstrate its commitment

to economic growth and sustainability. By prioritising


CREDIT MANAGEMENT

investor protection and implementing stringent

regulations, the Kingdom aims to attract both local

and foreign investors, solidifying its position as a

favourable investment destination.

Denmark and Digital Post

In Denmark, in 2024, Collection Agencies have

improved their service levels. As the exclusive right

of lawyers to bring cases before the Courts has

been brought to an end, authorised debt collection

companies are now able to appear before the Courts

in claims up to 100,001 kr (£11,000), even where the

debtor has filed a defence. This means that Authorised

Debt Collection Agencies can now offer a Legal

Recovery service to their clients at a very competitive

price without having to pay for an external lawyer.

Since 2001, Danish public authorities have started

planning for the creation of the foundation of a digital

public sector. The Danish Parliament adopted the legal

Act on Public Digital Post in June 2012 and it became

mandatory for businesses in 2013 and all citizens

above the age of 15 in 2014 to use the national digital

service to receive Digital Post from public authorities.

Public Authorities no longer send any physical mail.

Everything goes to Digital Post.

Consumers can access online banking, e-tax, healthcare,

as well as their Digital Post with their ID number

(MitID). Because businesses such as banks, utilities,

insurance companies, etc. have all started using MitID

as their official consumer identifier, debt collection

agencies are also able to reach debtors through the

Digital Post system.

BY SAFEGUARDING

THE RIGHTS OF

DEBTORS AND

CREDITORS, THIS

LAW IS SAID TO

CONTRIBUTE

TO ECONOMIC

STABILITY AND

REVITALISATION.

The security of MitID brings with it the highest levels

of compliance, and any document delivered to Digital

Post is guaranteed to be read and to have been served.

Any agreement a debtor enters into through MitID is

deemed enforceable. Convenient, efficient, time and

cost saving, Digital Post has become an indispensable

source of productivity, for individuals and companies

alike, and the most digitalised country in the world

continues to be a paradise for debt collection agencies.

Some other countries have also improved. In Sweden,

postal delivery now only takes place three times a week,

with significant reduction in physical post, and with

95% of the mail being delivered within 48 hours (two

business days). In Germany, several companies are also

offering digital mailboxes. For ultimate success, this

clearly needs to be Government led, and with Royal

Mail losing £400M last year, I wonder what we are

waiting for?

Aurthor: Pierre Haincourt MCICM is Managing Director

of Credit Limits International. The TCM Conference is

being held between 6 – 10 May 2025 at the Sea Containers

London Hotel.


International Trade

Monthly round-up of the latest stories

in global trade by Andrea Kirkby.

TRUMP’S W(H)INE

WHILE President Trump tariffs may

harm UK steel and aluminium exports,

his threat to impose a 200% tariff on

wine and champagne imports from

the European Union could help

English sparkling wine exports, as US

buyers look for alternatives to French

champagne.

Business Matters cites the example

of a Wiltshire winemaker, Hugo

Stewart. He was about to cancel a

planned tasting trip to the United

States but may not, given the new

tariffs. His view changed when

after the tariff announcement he

received an order from an Oregon

importer who had long expressed

interest in stocking his sparkling

wine, but had not acted on it until

now.

The publication wrote that

economists think that if US

consumers are forced to pay a

premium for French champagne, they

may turn to English sparkling wine as

an alternative. It cited Martin Jacob, an

economic adviser to the German finance

ministry, who said the tariffs could end

up benefiting British exports: “Instead

of substituting the European product,

American customers might substitute it

with British products,” he said. “In that

sense, it could well be that the Brits

actually benefit here.”

The UK’s wine industry remains

relatively small but is expanding

rapidly. According to WineGB, the

industry body for English and Welsh

wine, exports doubled from 4% to

8% of total sales in just two years,

with producers selling a record 8.8m

bottles in 2023. The US is already

the third-largest export market

for English and Welsh wine, after

Scandinavia and Japan.

Patrick McGrath, co-founder of

Domaine Evremond, a Kent-based

sparkling wine estate, is about to

launch his first bottles in the US

in the coming weeks, a well-timed

move given the potential impact

of the tariffs.

But the big problem – one that

Business Matters identified – is that of

Trump’s unpredictability. Shipping takes

time and the nightmare scenario is the

addition of tariffs while the goods are in

transit.

New UK–Japan Economic Partnership

IN March the Government sent the

Foreign and Business Secretaries to

Japan to the Economic 2+2, ‘a new way

for the UK and Japan to coordinate

international economic policy.’

Japan is the world’s 4th largest

economy and already invests £86bn in

the UK. The delegation sought to drive

more investment and opportunities for

British companies in Japan.

Japan’s decision to enter into an

Economic 2+2 with the UK, something

that it only currently has with the US,

is said to demonstrate that Japan and

other major world economies view the

UK as an important partner for driving

long-term sustainable growth and

security.

UK-Japan joint defence industrial

projects are presently being delivered

through programmes like GCAP (Global

Combat Air Programme) – the UK,

Japan and Italy’s joint future fighter jet

programme.

The delegation also hosted an AI

business reception to promote the UK’s

AI Opportunities Action Plan and to look

for new growth opportunities between

British and Japanese AI.

Major UK brands already exporting to

Japan include Warhammer, Brompton

and Burberry. UK exports to Japan

totalled £14.7bn in the 12 months to

September 2024 – an increase of 5%

from the previous year.

INDIA MATTERS

THE UK Government has announced

that UK-India free trade talks are to

be relaunched; it considers India a

key target for a trade deal since the

country is forecast to have the highest

growth rate in the G20 for the next five

years and is set to become the world’s

third biggest economy by 2028.

It said: ‘With an expected 95m

strong middle class by 2035, there

are more and more opportunities

every day for UK businesses to sell

to consumers in India ready to buy

British.’

The Government says that over

600 UK companies are already based

in India and that UK firms exported

a total of £17bn worth of goods and

services to India in the 12 months to

September 2024. India is expected to

become the fourth largest importer by

2035, presenting new opportunities

for UK businesses.

The story details a number of UK

firms already in India: Radio Design, a

manufacturer of RF solutions to mobile

networks, defence, and aerospace

markets; Marcus Evans Group, Londonbased

specialists in high-impact and

bespoke events; Leicester-based

chemicals company Microfresh; and

REM3DY Health, a Birmingham based

advanced manufacturing business.


Breaking down EU regulatory barriers

WITH so many big global stories

dominating the news headlines, the FSB

thinks that sometimes it’s easy to forget

the many issues affecting businesses in

Northern Ireland and that significant work

continues behind the scenes to ensure

smoother operation of the Windsor

Framework – in particular 'dual market

access.'

As the FSB is keen to say, ‘dual market

access is a significant asset for Northern

Ireland businesses, allowing them to

trade goods seamlessly within both the

UK Internal Market and EU Single Market,

reaching a vast consumer base of half a

billion people’. However, it notes that since

the Windsor Framework was introduced,

many new or revised EU regulations have

come into force in Northern Ireland, posing

challenges for businesses.

Consequently, the body is calling on the

UK Government to establish a dedicated

unit to provide early insight into proposed

regulatory changes in key trading markets,

enabling effective horizon-scanning,

consultation, and mitigation efforts before

new rules are adopted.

To this end it recently met with Ciara

Ferguson MLA, the new chair of Stormont's

Windsor Framework Democratic Scrutiny

Committee, and deputy chair David Brooks

MLA, to discuss potential solutions to

regulatory challenges.

Similarly, the FSB also has concerns

about the nature of regulatory scrutiny.

It thinks that regulatory divergence is an

ongoing challenge and wants government

help to ensure that businesses understand

the implications of dual-market access.

Trumps tariffs are causing harm

A recent piece in The Independent had

codified what many think – that President

Trump’s tariffs are harmful.

The report cited Tata Steel UK and

British Steel as saying that the damage

to sales could be ‘significant’ after the US

imposed tariffs on steel imports in March.

The story commented that Donald

Trump’s trade tariffs on US metals

imports has ‘spooked’ customers who are

now taking steps to cancel orders. As a

reminder, Trump brought in a 25% tariff on

global steel and aluminium imports – with

no exceptions to the levy.

Tata’s UK Chief Executive Rajesh Nair

told MPs that ‘customers are already

talking to us and wanting to cancel orders

and in some cases are asking us for

compensation for potential orders.’

Allan Bell, Chief Commercial Officer

at British Steel, said something similar:

“We’ve got customers that are concerned

about the impact of the tariffs and, at

the moment, are considering order

cancellation.”

On top of that where British Steel is the

sole supplier, customers have told the firm

they are making moves to purchase that

steel elsewhere.

Bell said: “It won’t hurt us immediately,

but we anticipate that there will be

damage done in circa nine months’ time.”

HIGH LOW TREND

GBP/EUR 1.20223 1.14681 Down

GBP/USD 1.32887 1.27182 Up

GBP/CHF 1.32887 1.06182 Down

GBP/AUD 2.15712 2.03387 Up

GBP/CAD 1.86381 1.80049 Down

GBP/JPY 195.72 184.572 Down

The UK Government has not yet taken

retaliatory action against the tariffs but

says all options remain.

For the latest

exchange rates visit

www.currenciesdirect.com

or call 020 7874 9400

Currency Exchange Rates

This data was taken on 16th April

and refers to the month previous

to/leading up to 15th April 2025.

CREDIT MANAGEMENT

INVEST IN AFRICA

MONEYWEEK has run another story

on the changing demographics of

populations around the world. It thinks

that firms should be bullish on Africa

because while most of the world is on a

‘slippery slope’ downwards, with birth

rates at, or well below, replacement

rates, in Africa, by contrast… birth

rates…are still high enough to ensure

that the population grows by roughly

1.5% a year.

On top of that, Africa’s population is

also much younger than that of other

parts of the world. This is going to

help African economies as it’ll be quite

some time before they have to start

worrying about ageing populations and

having anguished discussions about

the cost of care and pensions systems.

The publication stated that

demographers estimate that Africa’s

share of the world’s working-age

population will nearly triple, from about

15% at present to more than 40% by

the end of this century. Also, and this

is important, Africa has an advantage

when it comes to labour costs. These

factors means that Africa will ‘take over

from Asia as the factory of the world.’

SCOTTISH BUSINESSES

EXPORT £42M MORE

UK Export Finance (UKEF) recently

announced that some of Scotland’s

businesses have grown their exports

by £42m since last summer.

The latest to benefit is Aberdeenbased

First Tech, an offshore services

firm. UKEF helped it with a £12m

support package delivered with Virgin

Money for First Tech subsidiary, First

Subsea. That company wanted to

‘continue its growth into the offshore

wind market and provide UK-made

products like cable protections

systems, bend restrictor products

or heavy lift connectors, across the

globe.’

Other cases of note were Ferguson

Whisky Limited which secured a

£450,000 funding package from

Virgin Money via the UKEF. Ferguson

plans investments in whisky and also

distillery tours and other events;

and Emergency One, a manufacturer

of fire and rescue vehicles. A UKEF

loan allowed the Iraqi Government to

purchase 31 Emergency One vehicles.


Another benefit

for CICM Members

Download and view your digital

membership card via the Folio app today!

Download the app for your iOS or Android operating system


EXCLUSIVE PAYMENT TRENDS

GLASS

HALF FULL

Latest late payment data is mostly full of positives

BY ROB HOWARD

ALTHOUGH it’s not quite all

sunshine and rainbows, the

latest late payment statistics

provide plenty of reason for

optimism, with a number

of regions and sectors,

particularly in the UK, making

improvements. There are, however, a few causes for

concern, mainly in Ireland, to keep a watchful eye on.

The average Days Beyond Terms (DBT) across UK

regions and sectors reduced by 2.4 and 1.5 days

respectively. In Ireland, the average figure dropped by

0.4 days across the counties, but increased by the same

amount across sectors. Average DBT across the four

provinces of Ireland decreased by 3.2 days.

Sector Spotlight

The UK sector standings make for positive reading,

with 18 of the 22 sectors making cuts to their DBT. The

Financial and Insurance sector took the biggest leap

forward, and is now the second top performing sector

with an overall DBT of 4.8 days following a reduction

of 9.0 days.

The Energy Supply (-6.3 days) and Hospitality (-5.4

days) sectors are also on the up, meanwhile a further

reduction of 5.2 days solidifies the International Bodies’

position as the top performing UK sector with an

overall DBT tally of 0.7 days. Of the four sectors moving

in the wrong direction, the Manufacturing sector took

the biggest hit (+7.2 days) and slides down to the bottom

of the standings, now the worst performing sector with

an overall DBT of 19.2 days.

In Ireland, despite the average sector DBT figure

increasing, more than half (12) of the 20 sectors made

improvements to their late payment performance.

Focusing on the positives, the Professional and

Scientific sector takes the title for most improved,

cutting its DBT by 11.9 days, taking its overall tally to

6.2 days. Elsewhere, the Real Estate (-5.9 days), IT and

Comms (-5.8 days) and Hospitality (-5.4 days) all made

solid progress. The Water and Waste sector, however,

provides real cause for concern. Already adrift at the

bottom of the standings, a further, significant rise of

34.0 days means its overall DBT now stands at 61.0 days.

Regional Spotlight

It’s very nearly a full house across UK regions, with 10 of

the 11 regions moving in the right direction. A reduction

of 5.6 days means that Northern Ireland moves off the

bottom of the standings, now with an overall DBT 9.0

days. Meanwhile, the same improvement for the South

West (-5.6 days), means it is now the top performing

region with an overall DBT of 6.1 days. East Anglia was

the only region to let the side down, an increase of 4.6

days means it is now the worst performing UK region

with an overall DBT of 17.3 days.

Across Irish counties, the picture is a little more

mixed, but more than half (14) of the 26 counties made

improvements in cutting late payment terms. Of those

going in the wrong direction, Carlow saw the biggest

jump, with a significant rise of 32.0 days taking its

overall figure to 38.0 days and in turn making it the

worst performing county. At the other end of the

scale, however, a number of counties made important

progress. Monaghan made the biggest improvement and

moves to the top of the standings following a sizeable

reduction of 18.4 days. Roscommon (-13.0 days), Laois

(-12.7 days), Donegal (-9.1 days) and Longford (-7.4 days)

all made good progress.

Across the four Irish provinces, three made

improvements to DBT. Munster remains at the top of

the leaderboard with an overall DBT of 6.8 days, but

Ulster isn’t too far behind on 7.4 days, following an

encouraging reduction of 9.1 days.


*

STATISTICS

Data supplied by the Creditsafe Group

Top Five Prompter Payers

Region (UK) 25 March Changes from Feb 2025

South West 6.1 -5.6

London 6.9 -3.8

Wales 7.6 -3.2

West Midlands 7.6 -4.2

South East 7.8 -2.1

Bottom Five Poorest Payers

Region (UK) 25 March Changes from Feb 2025

East Anglia 17.3 4.6

East Midlands 10.2 -0.6

Yorkshire and Humberside 9.9 -0.6

North West 9.6 -2.6

Northern Ireland 9.0 -5.6

Getting worse

Manufacturing 7.2

Dormant 2.9

Public Administration 2.5

Professional and Scientific 1.7

Getting better

Financial and Insurance -9

Energy Supply -6.3

Hospitality -5.4

Top Five Prompter Payers

Sector (UK) 25 March Changes from Feb 2025

International Bodies 0.7 -5.2

Financial and Insurance 4.8 -9

Business from Home 4.9 -0.5

Energy Supply 5.8 -6.3

Entertainment 6.0 -1.5

Bottom Five Poorest Payers

Sector (UK) 25 March Changes from Feb 2025

Manufacturing 19.2 7.2

Dormant 13.4 3.4

Professional and Scientific 11.6 1.7

IT and Comms 11.1 -0.3

Other Service 10.0 -1.3

International Bodies -5.2

Construction -3.7

Water & Waste -3

Business Admin & Support -2.7

Real Estate -2.6

Transportation and Storage -2.2

Education -2

Entertainment -1.5

Other Service -1.3

Mining and Quarrying -0.7

Business from Home -0.5

IT and Comms -0.3

SCOTLAND

-2.8 DBT

Wholesale and retail trade; repair of

motor vehicles and motorcycles -0.3

Health & Social -0.2

NORTHERN

IRELAND

-5.6 DBT

SOUTH

WEST

-5.6 DBT

WALES

-3.2 DBT

NORTH

WEST

-2.6 DBT

WEST

MIDLANDS

-4.2 DBT

YORKSHIRE &

HUMBERSIDE

-0.6 DBT

EAST

MIDLANDS

-0.6 DBT

LONDON

-3.8 DBT

SOUTH

EAST

-2.1 DBT

EAST

ANGLIA

4.6 DBT

Region

Getting Better – Getting Worse

-5.6

-5.6

-4.2

-3.8

-3.2

-2.8

-2.6

-2.1

-0.6

-0.6

4.6

Northern Ireland

South West

West Midlands

London

Wales

Scotland

North West

South East

East Midlands

Yorkshire and Humberside East

Anglia


EXCLUSIVE PAYMENT TRENDS

Getting worse

CONNAUGHT

-4.3 DBT

SLIGO

0.4 DBT

MONAGHAN

-18.4 DBT

ULSTER

-9.1 DBT

Water & Waste 34.0

Transportation and Storage 9.0

Business Admin & Support 3.4

LEINSTER

1 DBT

LOUTH

5.5 DBT

DUBLIN

2.6 DBT

Construction 1.5

Agriculture, Forestry and Fishing 1.5

Entertainment 0.6

MUNSTER

-0.5 DBT

CORK

-3.1 DBT

WATERFORD

4.6 DBT

WEXFORD

8.5 DBT

Getting better

Professional and Scientific -11.9

Top Five Prompter Payers – Ireland

Region 25 March Changes from Feb 2025

MONAGHAN 0.0 -18.4

TIPPERARY 1.6 -4

SLIGO 3.9 0.4

WICKLOW 4.3 -3.1

CORK 4.6 -3.1

Bottom Five Poorest Payers – Ireland


CARLOW 38.0 32

WATERFORD 27.1 4.6

LOUTH 22.9 5.5

WEXFORD 19.5 8.5

DUBLIN 12.1 2.6

Top Four Prompter Payers – Irish Provinces


MUNSTER 6.8 -0.5

ULSTER 7.4 -9.1

CONNACHT 8.1 -4.3

LEINSTER 11.5 1

Real Estate -5.9

IT and Comms -5.8

Hospitality -5.4

Education -3.5

Public Administration -2.2

Energy Supply -2

Other Service -1.7

Health & Social -1.7

Wholesale and retail trade; repair of

motor vehicles and motorcycles -0.8

Financial and Insurance -0.7

Manufacturing -0.5

Top Five Prompter Payers – Ireland

Sector 25 March Changes from Feb 2025

International Bodies 0.0 0

Mining and Quarrying 0.0 0

Education 3.3 -3.5

Other Service 3.9 -1.7

Entertainment 4.0 0.6

Bottom Five Poorest Payers – Ireland

Nothing changed

International Bodies 0

Mining and Quarrying 0

Sector 25 March Changes from Feb 2025

Water & Waste 61.0 34

Transportation and Storage 15.9 9

Business Admin & Support 14.6 3.4

Real Estate 11.2 -5.9

Construction 11.0 1.5


CreditWho?

CICM Directory of Services

COLLECTIONS

COLLECTIONS LEGAL

CREDIT DATA AND ANALYTICS

Controlaccount

Compass House, Waterside, Hanbury Road, Bromsgrove,

Worcestershire B60 4FD

T: 01527 386 610

E: sales@controlaccount.com

W: www.controlaccount.com

Controlaccount has been providing efficient, effective, and

ethical pre-legal debt recovery for over forty years. We help

our clients to improve internal processes and increase cash

flow, whilst protecting customer relationships and established

reputations. We have long-standing partnerships with leading,

global brand names, SMEs and not for profits. We recover

over 40,000 overdue invoices each month, domestically

and internationally, on a no collect, no fee arrangement.

Other services include credit control and dunning services,

international and domestic trace and legal recoveries. All our

clients have full transparency on any accounts placed with us

through our market leading cloud-based management portal,

ClientWeb.

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

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.

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.”

CREDIT DATA AND ANALYTICS

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, winner of the CICM British Credit

Awards 'Technology Development Award 2025', has been

a leading Credit Report Agency in the UK, providing online

company credit checks and business credit score information

to businesses and suppliers in the UK, Ireland and globally. Our

services include competitively priced data aggregation from top

UK, Ireland, and overseas providers. Our business credit report

service provides financial data and credit scores from companies

in 240 countries/territories. Additionally, we offer CRM integration,

Dual Reports, Business Credit Monitoring, and other essential

business credit report checking services. We have consistently

been finalists or winners in numerous Small Business and

Credit Awards. Our clients love how we actively engage in their

customer journey, delivering over 90% customer retention rate.

We consistently offer value for money, excellent customer service,

and ongoing product innovation.

DataTrace UK

Compass House, Waterside, Hanbury Road, Bromsgrove,

Worcestershire B60 4FD

T: 01527 386 626

E: info@datatraceuk.com

W: www.datatraceuk.com

DataTrace is recognised as one of the leading trace agencies in

the UK. Our client portfolio includes leading debt collection and

enforcement firms, utilities companies, housing associations,

law practices and universities. Providers of volume electronic

trace services, enhanced desktop tracing, employment and

international tracing, propensity to pay reporting, address and

telephone appending, and pre-litigation reports. We can build

a bespoke workflow to meet your data needs. All our data is

validated and priced competitively.

Dun & Bradstreet

T: 0808 239 7001

E: hello@dnb.com

W: www.dnb.co.uk

At Dun & Bradstreet, we have a standardised risk approach to

help make confident, timely, and accurate lending and credit

decisions. We help businesses access up-to-date and timely

data on hundreds of millions of global businesses. And we

don’t limit how often you’re able to run checks on businesses in

your portfolio. So, you can be sure you always have the latest

information on the companies you choose to do business with

– whether micro businesses run by a single person right up to

large, international enterprises.

TOP SERVICE

MINIMISE DEBT

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

MAXIMISE C ASH

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.

CREDIT MANAGEMENT SOFTWARE SOFT-

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.

Corcentric

Information: Ali Hassan| 020 317 71713

ahassan@corcentric.com | corcentric.com

Social media links: https://www.linkedin.com/company/

corcentric/, https://x.com/corcentric?lang=en-GB

Membership can go to: Lee Allen lallen@corcentric.com

Jonathan BlackBurn jblackburn@corcentric.com

Ali Hassan ahassan@corcentric.com

About Corcentric: Corcentric is a leading global provider

of best-in-class procurement and finance solutions. We

offer a unique combination of technology and payment

solutions complemented by robust advisory and managed

services. Corcentric reduces stress and increases savings

for procurement and finance business leaders by forming a

strategic partnership to diagnose pain points and deliver tailormade

solutions for their unique challenges. For more than two

decades, we've been a trusted partner who delivers proven

results. To learn more, please visit www.corcentric.com.


FOR ADVERTISING INFORMATION OPTIONS

AND PRICING CONTACT

paul.heitzman@cplone.co.uk – 01727 739 196



ENFORCEMENT

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-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 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.

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.

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 are the CICM Enforcement Business

of the Year. Recognised for our professional, client-focused,

and approachable service, our expert team has enforced over

100,000 Writs, recovering over £105m for clients and claimants

since the end of the pandemic. Our commitment to excellence

is reflected in our client satisfaction survey, where 100% of

respondents confirmed we meet or exceed expectations as a

High Court enforcement supplier, with many highlighting our

superior collection performance over industry competitors. We

work closely with legal professionals, businesses, and individuals

to provide ethical, effective, and fully compliant enforcement

solutions. Combining experience with innovation, we ensure the

best possible outcomes while upholding the highest standards of

professionalism, integrity, and service excellence.

Genius Software Solutions

T: +44 (0) 141 280 0275

E: sales@geniusssl.com

W: www.geniusssl.com

Genius provides solutions designed to enhance your customer

engagement with compliance in full focus; our team have decades

of operational experience in the Debt & BPO space.

As a global outreach partner our technology drives compliance

and operational efficiency to help your business thrive.

• Streamline Collections, Payments & Asset Recovery, whether this

be in-house or within a BPO setting with our Adept platform.

• Enhance customer engagement with our cloud-based

omnichannel platform, Commpli.

We've helped businesses worldwide enhance efficiency, optimise

workflows, and respond to the dynamic needs of a changing

marketplace.

DEBT & ASSET RECOVERY SERVICE

Shakespeare Martineau

E: jayne.gardner@shma.co.uk,

W: www.shma.co.uk

T 01789 416440

Shakespeare Martineau provides expert debt and asset

recovery services across various sectors, including energy,

manufacturing and Government. Our team supports regulated

and unregulated debt, acting as an extension of internal

collections when needed. We prioritise keeping client costs low

while empathetically engaging with debtors. Our 70+ experts

offer cradle-to-grave B2B and B2C collections, transparent

fee plans, bespoke service, flexible case management, and

additional support like training, advice, litigation and mediation.

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

Why choose us?

With over £400 million recovered for our clients, our track

record is second to none. We have enforced over 320,000 writs

of control and are committed to providing you with a unique

and personalised service. Our enforcement agents cover all of

England and Wales, are trained to the highest standards and

each holds strong local knowledge of the areas they cover.

Our clients rate our service extremely highly, with a 99%

satisfaction score in our most recent annual survey.

You can rely on us, the largest independent High Court

enforcement company in the UK, with the highest number of

HCEOs and a wealth of experience across all our teams.

ENGAGEMENT

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

real-time 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-tocash

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.

STA International

T: 01622 600 921

E: sales@staonline.com

W: www.stainternational.com

STA International is a trusted leader in credit management,

providing expert solutions in global debt recovery, outsourced

credit control, address tracing, and legal debt recovery. For

over 30 years, we’ve helped businesses of all sizes maximise

cash flow, minimise risk, and recover outstanding debts

efficiently.

We act as extension of your credit control team, using

technology, knowledge, and an effective ethical approach

to your debt recovery. Our bespoke processes ensure that

collections are dealt with professionally and amicably, helping to

protect your reputation and relationships while achieving results

that improve your cash flow.

Our activities on individual cases and overall performance stats

can be accessed 24/7 on our market-leading client reporting

platform, Your Debts Online. At STA International, we don’t

just recover debt; we support businesses to create healthy

financial positions while fostering better long-term customer

relationships.

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

best-known 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.


CreditWho?


FOR ADVERTISING INFORMATION

OPTIONS AND PRICING CONTACT

paul.heitzman@cplone.co.uk

INSOLVENCY

PAYMENT SOLUTIONS

RECRUITMENT

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.

Menzies LLP

T: +44 (0)2073 875 868

E: creditorservices@menzies.co.uk

W: www.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 LLP Creditor

Services team can assist, please contact Giuseppe Parla,

Licensed Insolvency Practitioner, at:

E: gparla@menzies.co.uk / tel:+44 3309 129828

Key IVR

T: +44 (0) 1302 513 000 Opt 3 E: partners@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.

Bottomline Technologies

115 Chatham Street, Reading

Berks RG1 7JX | UK

T: 0870 081 8250 E: emea-info@bottomline.com

W: www.bottomline.com/uk

Bottomline Technologies (NASDAQ: EPAY) helps businesses

pay and get paid. Businesses and banks rely on Bottomline for

domestic and international payments, effective cash management

tools, automated workflows for payment processing and bill

review and state of the art fraud detection, behavioural analytics

and regulatory compliance. Businesses around the world depend

on Bottomline solutions to help them pay and get paid, including

some of the world’s largest systemic banks, private and publicly

traded companies and Insurers. Every day, we help our customers

by making complex business payments simple, secure and

seamless.

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 faceto-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 award-winning 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 face-to-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.

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.

DCS

T: 01656 663 930

E: Jason@creditpro.co.uk

W: www.dcscreditjobs.co.uk

DCS is a specialist Credit Management Recruitment

Company with over 18 years of experience, supplying

Credit Professionals at all levels.

We supply high calibre candidates to our clients within the

FinTech, Credit, Collections, Enforcement and Legal Industry.

We also cover many different sectors listed below

Utilities Gas / Electric / Water / Collections

International Collections & Credit Insurance

DCA Collections, Legal, Enforcement & Asset Recovery

Credit Information, Credit Management Software, Data &

Analytics, Invoice Factoring and Invoice Discounting,

Insolvency, Payment Solutions, Parking, Banking.

CreditWho?


For advertising information

options and pricing contact

paul.heitzman@cplone.co.uk 01727 739 196


View our digital version online at www.cicm.com

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

labelled ‘Credit Management magazine’

Just another great reason to be a member

Credit Management is distributed to the entire UK and international

CICM membership, as well as additional subscribers

Brave | Curious | Resilient

www.cicm.com | +44 (0)1780 722900 | editorial@cicm.com


EXPERIENCED

DEDICATED

AGENTS

ETHICAL

CUSTOMER

SERVICE

EFFICIENT

COLLECTIONS

CASH FLOW

CURE

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TRACING &

GLOBAL

COLLECTIONS

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Revolutionary Utility, Commercial

& Consumer Debt Services

Credit Management May 2025

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