Supporting viable businesses in 2024 is vital, warns Time Finance
Time Finance, a leading provider of funding solutions to UK SMEs, is ramping up its support for businesses in 2024 amidst new data from the Office for National Statistics (ONS), which shows that business insolvencies exceeded 25,000 in 2023.
Responding to the ONS’ latest data, Time Finance is cautioning that while inflationary pressures on businesses remains a reality, many could have avoided insolvency with the right financial planning and support in place.
The ONS’ latest data set for December 2023 shows that in 2023 business insolvencies reached 25,159, a 14% jump from the previous year when 22,129 folded, which at the time was reported to be the worst year for insolvencies since 2009.
In response to the continuing challenges experienced by UK SMEs, Time Finance has been investing in its team, and product and services over the past four years in order to increase the variety and availability of support for businesses.
This includes extensive investment in the growth of its Invoice Finance team, which works on behalf of businesses to recoup money owed in unpaid invoices, enabling businesses to access vital working capital.
Ed Rimmer, CEO of Time Finance, commented: “Given the financial pressures facing many businesses, partly through the impact of inflation but also for those paying back Covid-19 recovery schemes, it is perhaps unsurprising that we’re seeing such high insolvency figures. That being said, the reality is that within those figures there will inevitably be businesses that could, and should, have survived if they had access to funding to aid their cashflow.
“That is our job; we’re here to work with businesses, understand their challenges, ambitions and opportunities and put in place the right financial support that gets them over their hurdles and into a healthy place to succeed. If predictions are correct, inflation and its widespread impacts will start to ease this year, after which we will be heading steadily towards economic growth. We are here to help businesses through those trying months, to make 2024 the year that we turn the tide so that we can look back in a year’s time and see fewer of our country’s great businesses throwing in the towel.”
*ONS, Monthly Insolvency Statistics December 2023, 16th January 2024