A credit policy provides a framework for managing credit related processes, sets clear expectations and promotes efficient communication within a construction business. By implementing and adhering to a credit policy, businesses can mitigate financial risks, improve cash flow and support sustainable growth. A credit policy can support construction businesses in several ways: Streamlining credit processes: […]… Continue Reading
Our very own CEO provided a guest blog for the latest Registry Trust newsletter. Discussing the impacts of rising energy costs, interest rates & the impact on the construction industry: The construction industry is grappling with rising interest rates, which affects the cost of borrowing for construction projects. Additionally, inflation’s impact on the cost of […]… Continue Reading
We were pleased to welcome Rachel Maclean MP to our offices in Redditch to discuss Top Service’s success & growth. Rachel says “ Meet Emma Reilly MCICM and Lisa Cardus from Top Service Ltd – two formidable business women who have taken their company from strength-to-strength! Over the past year they have increased headcount by 25%, and their growth […]… Continue Reading
The latest insolvency statistics have been published today by The Insolvency Service. The number of registered company insolvencies in July 2023 was 1,727, 6% lower than in the same month in the previous year (1,831 in July 2022). This was higher than levels seen while the Government support measures were in place in response to […]… Continue Reading
The latest insolvency statistics have been released by the Insolvency Service and show an increase overall in corporate insolvencies The number of registered company insolvencies in June 2023 was 2,163, 27% higher than in the same month in the previous year (1,698 in June 2022). This was higher than levels seen while the Government support […]… Continue Reading
Supplying goods on credit can be a risky business. In the midst of tough economic times, it is more important than ever for businesses to protect themselves against the risk of a customer becoming insolvent. One way to do this could be the effective introduction of a retention of title clause. We’re delighted to bring […]… Continue Reading
Nottingham based J Tomlinson Ltd file a Notice of Intent to Appoint Administrators yesterday afternoon (10/07/2023). Reports suggest that over 400 jobs will be lost. A Notice of intent to Appoint Administrators is a court filed document giving notice of the companies intention to go into Administration. Once filed a moratorium is created over the […]… Continue Reading
The current increase in insolvency figures, coupled with rising material costs & labour shortages, highlights the importance of taking preventative measures when taking on new customers as well as keeping cash flowing through the business with the effective collection of overdue invoices. By implementing effective credit management practices, you can protect your business from the […]… Continue Reading
As the construction sector’s only specialist credit reference agency we have been monitoring the situation closely and have been providing our members with up-to-the-minute updates. We have been tracking sporadic periods of slow payments by Henry Construction Projects Ltd for the past decade but the frequency of slow payments has increased over the past twelve […]… Continue Reading
