Business News Round Up (28/11/2022)
Overdue invoices in Scotland hit 2022 high, new R3 research shows
The number of overdue invoices in Scotland has reached its highest level for this year, according to new research from R3, the insolvency and restructuring trade body. R3’s analysis of data provided by Creditsafe shows the number of invoices in Scotland that have gone past their payment deadline rose to 593,114 in October – the highest recorded monthly figure in 2022, and 13,941 more than September’s figure of 579, 173. The monthly rise in late payments has been mirrored across the UK, with the South East of England and Scotland seeing the biggest jump between September and October rising 4.1% and 2.4% respectively. The number of Scottish-based firms with overdue invoices on their books has also risen, with 101,835 companies failing to meet payments on time between August and October – an increase of 1,016 companies from the previous three months. Richard Bathgate, Chair of insolvency and restructuring trade body R3 in Scotland, says: “The increase in late payments we’ve seen in October 2022 suggests that more and more businesses are either financially distressed or potentially concerned about their cash flows and that more businesses – those on the receiving end of the late payment – are going to potentially have issues paying their own staff and suppliers.
£4m invested in innovative Northern businesses by Angel networks
More than four million pounds has been injected into eight innovative Northern businesses thanks to the collaborative efforts of three Angel networks to bring investors and opportunities together.With deals spanning a large area of the Northern Powerhouse, Newcastle Angel Hub, NorthInvest and the Women Angels of the North Syndicate have worked with some of the brightest Northern businesses and entrepreneurs to secure equity investment for growth, via a series of joint pitch events. Many of the deals have also leveraged further investment via Innovate UK programmes, including the Regional Angel Investment Accelerator, which is managed across the North by Innovation SuperNetwork via the Newcastle Angel Hub and NorthInvest. In the North West and Yorkshire, NorthInvest has helped six businesses secure a total of almost £3.5m, putting them in front of regional and national investors in a series of joint pitch events.
UK signs fintech trade agreement with Singapore
A deal to boost fintech trade and cooperation has been agreed between the UK and Singapore. The Fintech Bridge builds on an agreement signed in 2016 and is seen as an important milestone in developing the UK’s dominant role in the sector. In the first half of 2022 total capital invested in fintech globally reached $59 bn but was flat year-on-year. However, the UK fintech sector continues to grow with investment reaching $9.1bn – a 24% year-on-year increase from H1 2021, and more than the rest of Europe combined. Across the same period, Singapore was ranked as South East Asia’s leading jurisdiction for fintech investment, and the sixth globally. In Europe, $17.6 bn was invested into European fintech across 708 deals, a 10% increase compared to the same period of 2021. However, such an increase has been driven by the positive growth in investment in UK fintech. Data published in March showed Scotland has a fintech cluster of more than 190 firms, up by more than 50% since January 2020. With nearly 25 fintech firms per million population, Scotland’s density of fintech companies is about 60% greater than the UK average outside London. FinTech Scotland says that achieving its goals could boost jobs in the sector from the current 8,500 to 29,300 over the next decade and increase its economic contribution by 330% from £598 million to £2.1 billion.
Manchester Central adds £52m to Greater Manchester economy since April
The latest figures from Manchester Central show that business events are continuing to aid the economic recovery of the region. In its latest quarterly update, the conference and events centre reported that delegate spend was up 33%, as visitors to events held at the venue spent £1.046m onsite and contributed more than £13m to the local economy between July and September 2022. Since April, delegates have contributed a total £52.1m to Greater Manchester through expenditure at restaurants, bars, hotels and transport as a direct result of attending events. The report also revealed that in the latest trading quarter, the venue welcomed 52,328 visitors to a range of national and international conferences, exhibitions and gala dinners including One Young World, The European Society for Clinical Virology, Northern Fashion Week and Professional Beauty North. The results signal Manchester Central’s continued recovery post-COVID and its value to the wider city region. Shaun Hinds, CEO at Manchester Central, said: “The figures we are seeing in our quarterly reports, including the significant increases in delegate spend per head, are comforting and demonstrate that there is a strong appetite for large events in the North West. Furthermore, with our total revenue up £1m year-to-date on pre-COVID figures, it is clear that we are rebuilding at a steady pace after nearly three years of unprecedented economic difficulties. These results will provide the events sector – and the region – with a quiet confidence in its recovery going forward.”