npower Warns Outdated Financial Records Could Prolong Financial Instability

npower warns that despite evidence showing the UK economy is now out of recession, out of date financial records could prolong financial instability for many UK businesses. This is likely to impact credit ratings, reducing businesses’ access to finance and essential supplies, like energy.

power Warns Outdated Financial Records Could Prolong Financial Instability

Companies House records can be anything from 12 to 18 months out of date, which means that a company’s financial viability will be judged on its performance mid-recession, irrespective of how well it is doing now. Major credit rating agencies typically use these statutory accounts to assess financial health and, despite the scale of the problem, a large number of businesses have a lack of understanding on how their credit rating can impact their business.

Wayne Mitchell, head of corporate sales at npower, explained: “Poor credit ratings mean insurance companies are withdrawing credit insurance for businesses, a necessary guarantee that allows them to negotiate contracts with suppliers. This is impacting businesses’ access to essential supplies like energy and in the worst cases, could lead to tighter payment terms, restricted forward purchasing and even security deposits. In 2009 more than £100m worth of insurance was withdrawn for our business customers and we predict it will continue to be an issue for many businesses in 2010.

“That is why we are calling on businesses, energy suppliers and credit insurers to work together to avoid a credit crisis and prevent businesses facing challenges in securing energy supplies. There needs to be open dialogue and information sharing so that financial decisions are based on real-time data and are not solely reliant on the information held by Companies House.”

npower is also working closely with the Major Energy Users Council (MEUC) to reach businesses and bring to their attention the importance of carefully managing credit insurance.

Via EPR Network
More
Financial press releases

Barclaycard Reveals New Advert

Barclaycard has launched its much anticipated sequel to its famous waterslide commercial. The new advert tells the story of an even more adventurous and innovative commute to work – on a rollercoaster. The fast and exhilarating 60 second rollercoaster ride brings to life Barclaycard’s mission of making its customers’ (both retailers and consumers) lives easier through contactless payment technology.

Barclaycard Reveals New Advert

‘Rollercoaster’ takes forward the successful features of ‘Waterslide’, using a fun and engaging story of one character’s journey to work to promote the ease of using a Barclaycard. The advert begins with the character standing at the lift doors of his apartment block when a rollercoaster pulls up and takes him on a wonderfully smooth and liberating journey high above the clutter and congestion of the city below, only slowing slightly when he makes a contactless payment at the bakery en route to work.

Filmed in New York and Hollywood, the rollercoaster advert has been the most technical and complicated shoot to date in Barclaycard’s celebrated history of advertising. Utilising a real rollercoaster cart and 40ft of working track, the ad also features the first use of the ‘Spidercam’ in an advert since the camera was developed to film parts of the ‘Spiderman’ movies and complex CGI to help create a realistic vision of a rollercoaster weaving in and out of the city’s skyscrapers.

The four week campaign launched online on YouTube and Barclaycard’s Facebook page on the 22nd January with a 60 second advert and aired on television for the first time two days later. A 40 second version was introduced after the first week. The TV activity is part of a wider campaign that will include online adverts and a social media campaign set to reach more than 10 million people using the Barclaycard Facebook page as a hub for all new information about the commercial.

Following on from the success of the Waterslide iPhone game, Barclaycard will launch a Rollercoaster download game later in the year.

Contactless payment technology was pioneered by Barclaycard in the UK in 2007 with the launch of Barclaycard OnePulse. Now, all Platinum, Gold and Classic Barclaycards are issued with contactless technology and over five million are in circulation in the UK. Over 20,000 retailers now accept contactless payments throughout the UK.

Via EPR Network
More
Financial press releases