All major housing developments are now required to deliver at least a 10% benefit for nature with England becoming the first country in the world to make Biodiversity Net Gain a legal requirement. Biodiversity Net Gain (BNG) will apply to applications for major developments only and will be implemented for small sites (between 1 and 9 […]… Continue Reading
Companies House is aiming to introduce the first set of measures under the Economic Crime and Corporate Transparency Act on 4 March 2024. The Economic Crime & Corporate Transparency Act gives Companies House the power to play a more significant role in disrupting economic crime and supporting economic growth. What will change? The first set […]… Continue Reading
We have confirmed that Readie Construction Ltd entered Administration Readie focused on projects that valued between £5m – £100m, primarily in the industrial and commercial sectors. The company has been running for 16 years and according to the last accounts for the trading year ending 31st March 2023 had a pre-tax profit of £ 1.73 […]… Continue Reading
In 2023, UK corporate insolvencies reached a staggering total of 25,159. Among these, the construction industry bore a significant brunt, accounting for just over 15% of the total insolvencies. For construction businesses, navigating through uncertain economic times demands a proactive approach to financial management. Throughout 2023 the construction industry suffered over 10 insolvencies per day […]… Continue Reading
How CICM is partnering with Top Service to advance the credit profession in the construction sector. We are excited to announce a new Corporate Partner. We are thrilled to announce that Top Service Ltd has taken a significant leap forward by becoming a proud corporate partner of the Chartered Institute of Credit Management (CICM). As the exclusive provider of credit […]… Continue Reading
Insolvency statistics for November 2023 were released on the 15th December 2023 by the Insolvency Service. A further increase of 149 cases in November, signifies a 6% increase in insolvency when comparing November to October 2023. Below we break down the figures into a Year and Year and Month by Month comparison. Registered Company Insolvencies […]… Continue Reading
When do you start your credit control process? Upon an overdue balance or earlier? Starting your credit control process as soon as you are approached by a potential new customer for a credit account can save you time, money, reduce the risk of bad debts and keep trading relationships healthy. Below we reveal our top […]… Continue Reading
As the UK trade credit industry looks ahead to 2024, several challenges are poised to shape its landscape, particularly within the UK construction sector. It is predicted that we will experience more of the same with regards to insolvency for the first quarter of 2024 but forecasters remain positive that Q2 will see insolvency figures […]… Continue Reading
As we enter into December, the Department for Business and Trade have released their monthly statistics on 6th December 2023. We discuss below turnover trends, turnover forecast, future price increases and construction output. 1. Turnover Trends: In October 2023, a substantial 20.6% of construction businesses reported a decreased turnover when compared to the previous month, […]… Continue Reading
Reports of overdue payments shared exclusively within the Top Service community by Top Service members continue to climb as we make our way through the last quarter of 2023. Whilst this demonstrates an uncertain time for those operating within the construction industry, sharing trading experiences is the most up to date information available, enabling informed […]… Continue Reading
