by paul | Oct 31, 2017 | News
I am seeing an increase in the number of suspicious new customer enquiries across a number of trade sectors. Historically fraudsters used to prey on suppliers of easy to sell high tech goods, but I have seen a number of others looking to target most sectors where goods can be easily sold on again, anything really from food to metal. The notes below will hopefully help you to avoid being scammed. Typically the enquiry will be unsolicited from a company that will have filed 1 and probably 2 sets of extremely good figures, normally within a very short period of their year end. These will usually be a full set of accounts with profit and loss when by size the company would only need to file abbreviated accounts at Companies House. The figures will show an impressive set of results. The fraudsters will have registered the company 2 or 3 […]
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by Paul Humphreys | Jan 20, 2015 | News
January is traditionally a time when the risk of company failure in retail is particularly high. The failures this month of Bank Fashion and West Coast Capital (USC) Ltd are a stark reminder of the difficulties that suppliers face when assessing credit risk. Bank Fashion Limited was owned by JD Sports Fashion Plc until they were sold to Hilco Capital for £1 in November 2014. Within short order the company was placed into administration on the 5 January 2015. Bill Dawson, Joint Administrator and Partner in Deloitte’s Restructuring Services practice, said: “Bank has struggled in a highly competitive segment of the retail industry and has been loss-making for a number of years.” The latest available accounts for Bank at Companies House are for the year ending February 2013. The notes to the accounts refer to new store openings and substantial access to group banking facilities. The ultimate parent was the […]
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