Today’s news in brief – 23/10/2024
Evelyn Partners’ Assets under Management and Advice (AuMA) hit a record high of £62.7bn in Q3 2024, a 12.8% increase. Group operating income rose by 11.1% to £181.8m, with growth across Financial Services, Professional Services, and Fund Solutions. The firm also saw gross inflows of £1.9bn and continued net positive inflows of £0.2bn. Year-to-date, gross inflows amounted to £5.4bn, equivalent to a 12.2% annualised growth rate. CEO Paul Geddes highlighted the firm’s successful acquisitions and strong new business generation, despite economic uncertainties, with expectations of improving conditions in the financial landscape.
360 Chartered Accountants has expanded its team by hiring Niall Daysh as senior corporate portfolio manager, Mia Farrell as a trainee accountant, and Ellis Horrobin as an apprentice accountant. Daysh, who previously worked in Lincolnshire, specialises in tax planning for owner-managed businesses across several industries and will manage a client portfolio while completing his CTA qualification. Farrell joins as a trainee accountant from Scarborough, while Horrobin, who attended 360’s careers evening, joins after completing his A Levels. Founder Andy Steele praised the new recruits, emphasising the importance of shared values and commitment to client service.
HWB Chartered Accountants raised over £8,500 for Mountbatten Hampshire, a charity supporting people with life-limiting illnesses. The firm’s employees participated in various fundraising activities, including skydives, marathons, Tough Mudder events, and bake-offs. Notably, associate director Matt Cooper raised £2,415 by overcoming his fear of heights and skydiving from 15,000 feet. HWB’s managing director, Tracy Jenkins, praised the firm’s ongoing support for the charity, while Mountbatten’s corporate partnership manager, Caitlyn Sherry, expressed gratitude for HWB’s efforts. The funds will help Mountbatten continue providing vital care to patients and families in the region.
A report by Bibby Financial Services (BFS) revealed that bad debt among UK SMEs surged by 127%, with businesses writing off nearly £40,000 in unpaid invoices on average over the past year. The percentage of SMEs affected by non-payment rose to 40%, up from 30% in March, while more than half experienced the insolvency of at least one supplier or customer. BFS CEO Jonathan Andrew warned that the increasing bad debt could disrupt SME supply chains, urging for better measures to inject working capital into these businesses and address the broader issue of non-payment.
