Stephen Pegge, UK Finance Managing Director, Commercial Finance, comments:
“UK banks and the Government are working closely to make sure the impact of the Carillion liquidation on SMEs in the supply chain is understood and managed in a way that best supports those in need of assistance. Lenders are contacting customers and, where appropriate, are putting in place emergency measures, including overdraft extensions, payment holidays and fee waivers to ensure those facing short term issues can be helped to stay on track.”
Notes to Editors
Important background information:
- Even for firms that follow good practice by ensuring they are not too reliant on one large customer and ensure that they keep on top of their sales ledger, delays in payment and loss of business can have cashflow consequences.
- We encourage firms to discuss the situation with their bank and other lenders as soon as possible.
- 20 banks are signed up to the Standards of Lending Practice for business customers that ensures that those suffering temporary financial difficulties can access the support they need.
- UK Finance is a new trade association which was formed on 1 July 2017 to represent the finance and banking industry operating in the UK. It represents around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation brings together most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.
- For more information, please contact the UK Finance press office on 0207 416 6750 or firstname.lastname@example.org