14th June 2023
How to Minimise Invoice & CEO Finance Fraud Attacks on your Business
The persistence of invoice and CEO fraud in the UK, as highlighted by the 2023 UK Finance Annual Fraud report, is indeed a concerning issue for businesses, and having implemented a number of due diligence processes here at Davenham, we provide our own stance below on how you can combat fraudulent attempts on your company.
15th March 2023
Davenham’s overview of The Spring Statement 2023
In his first Spring Budget Statement announced on Wednesday 15th March 2023, the Chancellor, Jeremy Hunt promised to deliver on three of the five key priorities set out by the Prime Minister Rishi Sunak in January: to halve inflation, grow the economy and get debt falling. Here’s Davenham’s summary of the key points from the Budget in relation to the Asset Finance industry.
28th June 2022
500,000 small businesses going bust?
This was the apocalyptic forecast made by the Federation of Small Business (FSB) chairman, Martin McTague at the end of May who said almost 500,000 UK small businesses are at risk of going bust within weeks’ unless Rishi Sunak provides a support package for struggling SME’s. As we approach the end of June, was this just a headline grabbing comment, or did it have substance?
23rd March 2022
Davenham’s overview of The Spring Statement 2022
On Wednesday 23rd March 2022, the Chancellor, delivered his Spring Statement focussing heavily on the impact of the “…unprovoked, premeditated attack Vladimir Putin launched on Ukraine” and its effect on the UK economy. Mr Sunak explained a number of initiatives being put in place supporting businesses which we have summarised below for our asset finance customers.
18th May 2021
A super explanation of the Super Deduction Tax Relief by Davenham Asset Finance
Now the dust has settled, and commentators have given their opinions of the Super Deduction tax relief, is it as good as it seems and deserve the headlines it originally generated? Should businesses be rushing to take advantage of the relief - should tax drive a business decision? Our blog answers these questions and examines how the super Deduction tax relief works - and how asset finance can play a role.
4th March 2021
Davenham’s overview of The Spring Budget 2021 Announcement
In his second (and again made in challenging circumstances) Spring Budget, Rishi Sunak came across as strong as positive as he stepped out of his Downing Street residence, and here’s what we at Davenham have picked out as the key points for our network.
11th March 2020
The 2020 Spring Budget – An Overview of the Main Points from Davenham Asset Finance
Welcome to the Davenham view on the first Budget after a no-deal Brexit has been confirmed. As as expected, the Coronavirus outbreak made the headlines, being allocated £30bn and subsequently declared today as a pandemic by the WHO. Here’s what we’ve taken as most relevant for our network, from today’s announcement.
31st October 2019
Asset Finance market staying strong with new business growth
The total asset finance (market primarily leasing and hire purchase), was up by 6% in August compared to the previous year, with a massive increase of 11% for commercial vehicle finance new business and 1% growth over the same period, for new business in the plant and machinery finance sector.
25th April 2019
Davenham delighted to be featured in NACFB Magazine again
When the owners of a precision engineering company decided it was time to hand their business “baby” over to a new management team, their business advisor – a longstanding contact of Davenham Asset Finance – got in touch with our Sales Director, Paul Lovelock, to help coordinate and fund a management buy in. And, NACFB Magazine wanted to hear all about it as yet another way in which Asset Finance can be used.
7th March 2019
Personal insolvency at its highest for 8 years and company insolvencies also on the rise
The personal insolvency statistics for England and Wales for the 2018 quarter October to December have been published by The Insolvency Service – revealing that figures are at an all-time high since 2011 with the total insolvencies figure increasing to 115,229.
18th JANUARY 2019
Decline in bank underwriting standards cause concern
Amidst the uncertainty of whether a Brexit deal is going to be agreed ahead of the 29th March deadline, Bank of England Governor Mark Carney has expressed concern on the decline of underwriting standards by UK banks, with comparisons to the pre-global financial crash period of 2007.
27th NOVEMBER 2018
Name checks to be implemented by banks to prevent fraud
Requests from the UK’s payments operator - which monitors the UK's major payments systems - has changed how our banks will process cheques from July 2019. Pay.UK have provided details on how this new system Confirmation of Payee system will work, and as asset fraud has become a big concern in our industry sector as well as push payment scams on the increase, we have provided the details on upcoming changes by banks to combat these issues in time for Brexit
29th OCTOBER 2018
The 2018 Autumn Budget – An overview of the main points
There have been a few outbursts by the Broadsheets on the delivery of the Budget as well as the content (or lack of in some areas) with the most notable reference to “an end to austerity.” But how does the Budget impact UK businesses from an asset finance point of view? Here’s what we’ve taken from yesterday’s 72-minute speech…
9TH AUGUST 2018
Interest rate increase and what it means for savers, mortgages and the stock market
Last week the Bank of England increased their interest rates from 0.5% to 0.75% after nine years and furthermore expects a growth of 0.4% in the second quarter, with a rebounding economy following an unsatisfactory first quarter. In this blog from Davenham Asset Finance, we look at the main effects for the UK population when it comes your savings, mortgages and other debts, and the stock market.
25th JUNE 2018
Brexit and the Farming Industry: Could asset finance help the agricultural community to bear fruit?
Despite belief across the farming industry that Brexit would be a good thing, such as bringing opportunities for new trading partners; making localised decisions at a national level; and cutting out the expense of European bureaucracy, there are several factors that could impact negatively, affecting profit and cashflow for agricultural workers and farm owners.
14th May 2018
Vehicle Rental & Terrorism: Are there consequences for Asset Finance Brokers?
The UK rental sector is at risk of spiralling costs and disappointed customers if vehicle rental business owners attempt to make changes to the vehicle hire process in the shadow of counter-terrorism advice. Whilst the attacks themselves are devastating and inexcusable, the consequential ripple effect has experts commenting on an emerging indirect impact upon the asset finance sector.
26th April 2018
GDPR & Asset Finance
At Davenham Asset Finance we’ve already begun making changes to how we operate to ensure our full compliance with GDPR legislation and to make sure we continue to deliver the best service possible to our brokers, clients and employees. Drawing on advice from the ICO, we’ve put together some general information on how you can also manage your data protection processes in line with GDPR.
20th March 2018
Davenham's View on the Spring Statement for the Asset Finance Sector
As an overview, Philip Hammond in his Statement to Parliament, essentially wants to help businesses plan better with a view to creating an environment of stability, and now that the dust has settled, in this blog we talk about what the Statement means for the Asset Finance sector in particular.
6th March 2018
Commodity Cashflow Concerns: Short term finance solutions to a long term waste management problem
With the announcement that China have now placed a ban on imports of recyclable waste into the country, UK waste management businesses are left facing multiple obstacles that will have a real impact on cash-flow and finances. Traded as a commodity, being unable to dispose of collected plastics presents real challenges until recycling companies can identify new partnerships with other countries to accept recyclable waste from the UK.
23rd February 2018
Asset Finance on the up – record breaking trends are positive indicators for SMEs in 2018
For the seventh year in a row, the leading trade body for asset, consumer, and motor finance sectors, the UK Finance and Leasing Association (FLA), recorded a further increase in asset finance for new businesses, highlighting an overall growth of 5% across the new business sector.
22nd January 2018
An uphill drive for car dealerships in 2018
Getting a new car is great, but of course it is entirely dependent upon the level of disposable income and credit available to a buyer, and, the recent performance of the automotive sector indicates that car dealerships across the country may face a challenging start to 2018, which Duff & Phelps have recently highlighted.
13th December 2017
Davenham delighted to be featured in NACFB Magazine
Earlier this year, we were approached by Liz, a Director of one of the UK's leading staging and event's management companies, after being informed of our reputation to invest time and resource to understand the companies and the assets we fund. As a result, we were asked to raise finance on staging, but this was no ordinary staging - these were world leading structures sought after by the top production companies.
1st December 2017
Ease the pressure on Christmas cash flow with Asset Refinance
Christmas is just around the corner, and for many small businesses this can mean increased pressure on cash flow. This comes down to a myriad of challenges, from customers taking time off over the festive period, to suppliers demanding payment ahead of the big day – all of this can hugely increase stress in the build up to Christmas.
22nd November 2017
The 2017 Budget in a nutshell
In his second Budget as Chancellor, Phillip Hammond has announced a number of key changes, with the most notable being the immediate abolition of stamp-duty for first-time buyers. Despite being forced to admit that growth and productivity forecasts have been downgraded, a splurge of new investment is apparent, particularly when it comes to preparing for Brexit. Here’s Davenham’s take on the key announcements which we feel will be relevant to our clients and contacts…
6th November 2017
Davenham holds rates despite rise in interest
In a shock announcement, the Bank of England has raised interest rates for the first time in more than 10 years, and it is expected to rise twice more over the next three years. As uncertainty around Brexit grows, we are committed to supporting SMEs and will continue to provide dedicated finance solutions to encourage growth in the small business community.
11th September 2017
Davenham & their brokers rev-up at Goodwood Festival of Speed
Building relationships with our broker network is of utmost importance to us at Davenham, so we invited a number of brokers to enjoy a fast, furious and very sunny day at Goodwood Festival of Speed – a gathering of the planet's rarest and most glamorous cars.
26th June 2017
A change in the Ogden Discount Rate – what impact will it have?
For those in the insurance industry the Ogden Discount Rate will be familiar, but for business owners it is something you need to be aware of, particularly as significant changes were implemented in March 2017. Luckily, our friends over at Noyce Insurance have given us all of the ‘need to know’ information and we’ve compiled it to make things as simple as possible for you
29th May 2017
Better growth and sales for the construction industry
The first quarter of 2017 has seen the highest level of UK construction machinery exports in 2 years, with sales topping approximately £706 million. The US remained the top destination for UK exports in Q1, accounting for 19% of total exports on a weight basis, as well as 23% by monetary value, which is a great relationship to have in light of Brexit.
24th April 2017
Radical overhaul to agricultural policy expected after Brexit
There’s plenty of speculation as to what will happen as a result of Brexit, but something that does seem likely is an overhaul of the agricultural policy after we leave the European Union. Until now, there has been a powerful farming lobby within Europe that has shielded British farmers, in addition to access to cheap seasonal labour and preferential trade deals, but it is feared all of these benefits may be lost post-Brexit.
31st March 2017
Article 50 has been triggered, now clarity is needed for UK businesses
Article 50 was triggered by Theresa May on March 29th around midday, meaning Britain will officially leave the EU no later than April 2019, leaving the next 2 years for negotiations, deals, regulations and processes to be put into place. So now the clock is officially ticking, the Federation of Small Businesses (FSB) has said SME’s in the UK need more clarity around Brexit, and how it is going to impact the way we run our businesses.
15th March 2017
A step forward for the prevention of money laundering
Money laundering is set to be more strictly monitored through the launch of a new anti-money laundering watchdog, an essential step forward to emphasise how it will not be tolerated. Of course, Brexit is hitting the headlines once again, with both positive and negative outlooks being present in the media this week. The digitalisation of small business taxes has also been delayed, something we imagine will positively impact many of our clients, so read on to learn more…
5th March 2017
Davenham strengthens business development team in northern England
Experiencing a surge of growth throughout the first half of 2017, Manchester based Davenham Asset Finance have expanded their Business Development team once again to increase reach throughout the North of England and Scotland.
3rd March 2017
Positivity ahead of the budget
With the Spring Budget on the horizon, we’re pleased to have seen some positivity when it comes to the financial and economical state of the UK, despite Brexit. Continuous good news for the manufacturing industry as growth remains solid, and more backing for the UK from Range Rover to the super-rich in general, so read on to find out the latest this week.
14th February 2017
Manufacturing & construction lead the way for growth this week
Things seem to be taking a positive turn economically, as we have a financial update full of growth and great news including predictions that the UK will remain a financial hub even after Brexit. News of the sale of Co-Op Bank headquartered in Manchester also broke this week, and after a slow start to 2017 for the UK construction industry things seem to be on the up, so read on to find out more.
2nd February 2017
Major investment opportunities between China and northern powerhouse on the horizon
It’s been a busy week financially and economically, with positive statistics from The Bank of England revealing UK economy growth predictions are up from 0.8% to 2%, and controversy surrounding the White Paper submitted by Theresa May regarding all things Brexit. It’s also great to hear that potentially huge investment opportunities could be brought to the Northern Powerhouse from China as a result of talks due to happen later in February, so read on to find out more…
1st February 2017
Davenham shortlisted at 2018 Northern Powerhouse Northern Lights Awards
In their second awards shortlisting in just 6 months, the Davenham Asset Finance team have been shortlisted at the Northern Powerhouse Northern Lights Awards 2017, further showcasing their contribution to the enhancement of Northwest economy.
20th January 2017
Brexit hits the headlines again
There was a rather negative spin on our first financial summary with export ambition lacking and SME funding running low, but this week it seems that there is unsurprisingly a lot of impact being made by Brexit, particularly after Theresa May’s speech detailing plans to withdraw from the EU’s single market. So read on to get the latest on the financial happenings this week…
6th January 2017
Export ambition lacking and SME funding running low this January
As our blog readers may remember, the Davenham team used to compile a weekly economic update to keep you informed on the latest goings on in the world when it comes to funding and the economy. With a new year upon us, we thought it was about time we brought bring back something similar, and begin to issue a simple financial summary highlighting key points effecting our clients and contacts. So, without further ado, read on to learn about the main financial issues in the papers this week…
29th November 2016
Asset Finance can help SME manufacturers stuck with unsold stock
Research carried out by The Asset Based Finance Association (ABFA) shows that the value of unsold stock held by SME manufacturing companies has risen to £4.94 billion, putting cash flow under greater strain. Being in this situation, SME manufacturers still need to grow, but many are still unaware of the alternative methods of finance; by refinancing fixed assets the cashflow issues caused by unsold stock can be eased, and the pressure removed until the stock is sold.
12th September 2016
Increasing number of small businesses turning to Invoice & Asset Finance
Lending secured by UK businesses through invoice finance has risen above the £20billion mark for the first time ever, increasing by 5% from £19.3billion last year to £20.3 billion this year. It’s not just invoice finance either, as the amount of invoice finance and asset-based lending combined secured by UK businesses over the past five years has risen by a huge 27% according to the Asset Based Finance Association (ABFA), likely meaning awareness of these alternative routes is on the increase, finally.
15th June 2016
Davenham supports NACFB warning to small businesses
Further to a recent article published in the Telegraph stating ‘Small business lenders are as bad as payday loan firms’, we of course being a small business lender ourselves wanted to make sure all users of SME finance were aware of the statement issued by the National Association of Commercial Finance Brokers (NACFB).
10th March 2016
Appetite for Asset Finance hits 7 year high!
The appetite for asset finance amongst UK business has hit a 7 year high, with a staggering £29.1bn secured through leasing in 2015, which is great news!
18th December 2015
Does recent alternative finance controversy call for increased regulation?
As you may know from a series of our previous blogs, alternative sources of funding are on the rise with increasing numbers of entrants to the market. However, with more and more start-ups and small businesses turning to alternative finance, it was unlikely to get away unscathed when it comes to negative portrayals in the media, and in October, this is exactly what happened.
7th October 2015
Mind the (Funding) Gap
The funding gap for UK SME’s when it comes to alternative finance is unmistakable, but why is this? Over the past year, there has been a fall of £7.9 billion in lending to SME’s, with 38% of small businesses believing that insufficient access to funding is affecting their ability to grow. If this is the case, why is there such a lack of knowledge when it comes to alternative funding?
6th April 2015
The Value of Time
For the past four years, the SME Finance Monitor has been providing facts, figures and statistics on access to finance for UK SME’s through more than 65,000 interviews. All report’s and underlying data are made available for free to all interested parties here, however we have provided a summary of the reports from the first quarter of 2015.
30th March 2015
Keeping it in the family
Although a huge 70% of businesses are family owned within the UK, shockingly only a small percentage (around 13%) survive beyond the third generation. Often this can be due to the drive and passion found in the first and second generations being surpassed by family loyalty and inheritance by third generations.
8th September 2014
Davenham's sales team gets a triple boost
Manchester-based Davenham Asset Finance Ltd (Davenham) is undergoing significant growth within just a year of its launch, instigating the promotion of Paul Lovelock from Business Development Manager to Head of Sales, and opening up opportunities for a national sales team with the appointments of Business Development Managers Rebekah Middleton and Stuart Berry.
24th March 2014
Portfolio hits first million as funding lines increase
Only six months after we started to lend, Davenham has hit its first milestone, following our return to the Asset Finance market, as the portfolio tops the one million pound mark!
27th March 2014
Making the news
We were contacted recently by the Daily Telegraph asking us to provide a comment about funding for SMEs. Although we only launched the asset lending division in June we are delighted that our reputation in the market place has reached a point where our expertise is sought from such a well respected newspaper title.
10th June 2013
Davenham returns to lending
Seven months after their successful management buy-out of the Davenham loan book, the Manchester-based team led by Paul Burke and Heather Robinson, is returning to the lending market by launching a new company, Davenham Asset Finance.