Business News Round Up (12/01/2022)
Small UK businesses warned of increased risk of targeting scams
Small and medium enterprises (SMEs) have been warned of increased risk of scams targeting their companies. According to UK Finance, British businesses lost £59.2m ($43.6m) to fraudsters in the first half of 2021, an increase of 35%. “As many businesses start the new year with people working from home, fraudsters will try to take advantage of opportunities to steal money where firms might be working outside of their normal processes,” the trade association said. In a new survey conducted for the Take Five to Stop Fraud campaign, 80% of SMEs said they had received an unsolicited text or email request for money and personal information, and 64% had received unsolicited phone calls. The survey also found that although 62% of SMEs claim to be more aware of fraud since the start of the coronavirus pandemic, 16% still did not challenge unsolicited phone calls requesting money or personal information.
Scottish SMEs target US for first in-person trade missions since pandemic began
Scottish business leaders have targeted the US for a first in-person trading mission since the start of the pandemic. Around 25 leaders of small to medium-sized enterprises (SMEs) – across key sectors including technology, food and drink and finance – are expected to join trade missions to Miami and New York. The International Trade Partnership (ITP) missions, led by Inverclyde Chamber of Commerce and Forth Valley Chamber of Commerce, aim to forge new trade links in key markets, including tech, sport and leisure, food and drink and the creative industries. The Scottish Government-backed ITP mission links smaller and emerging Scottish businesses with commercial contacts overseas – and already this year more than 20 firms have benefited from successful virtual trade missions to Colombia and Italy. The virtual Colombia mission, which was the ITP’s first trade mission to South America backed by the Scottish Government, involved 16 businesses who took part in more than 60 meetings with contacts. Some have already forged working relationships with contacts in Colombia, seen as a gateway to the Latin American and the Caribbean market. The organisers are planning a series of networking events and meetings, as well as involvement in the return of the Tartan Day in New York in April.
https://www.insider.co.uk/news/scottish-smes-target-first-person-25921126
Vibrant investment sector drives SME growth with strong pipeline assured
A range of multimillion-pound investment deals have been struck to support business growth across the North West in the coming months and years. The North West team of mid-market private equity firm LDC has celebrated a record year, completing transactions with a combined enterprise value of more than £500m in 2021. In its annual performance summary, LDC, the private equity arm of Lloyds Banking Group, said it will increase its support for mid-market businesses across the North West, underpinned by a commitment to invest in at least 100 medium-sized businesses nationally over the next five years. In 2021, the team’s investments included Rochdale-based wireless surveillance products supplier WCCTV, Warrington preventative healthcare specialist PAM, Alderley Edge software company IEG4 and developer of mobile, console and PC board games Marmalade Game Studio. The firm also exited successful partnerships with Middlewich-based SRL Traffic Systems, after supporting the business to more than double revenues through increased investment in its fleet and network of depots, and the sale of Speke-based ChargePoint, following a four-year partnership that saw the specialist manufacturer develop new products and accelerate a successful international growth strategy.
Survey finds optimism and resilience among UK manufacturers
The 2022 Make UK/PwC Senior Executive survey has found that companies are building resilience into business models, which is highlighted by 35 per cent of companies planning to source from Britain and 31 per cent planning to re-locate some, or more, of their production back to the UK. Escalating inflationary pressures and access to talent and key skills have been identified as the biggest issues companies are addressing. Despite this, 73 per cent of companies believe conditions for the manufacturing sector will improve in 2022. According to the survey, almost two thirds (63 per cent) of companies believe the UK is a competitive location for manufacturing with just 13 per cent believing it to be an uncompetitive place to do business.However, one year on from leaving the EU, two thirds of companies said that leaving had moderately or significantly hampered their business, with 56 per cent of companies fearing a further impact this year from customs delays due to import checks and changes in product labelling.