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Corporate debt consultancy customers 'still struggling to access finance'

Date Added: 24/02/2011  

Firms which are taking corporate debt consultancy advice are still finding it a struggle to access the required finance.

Ed Moss, spokesman for the Manufacturing Institute, stated that the banks are not yet lending, which is making it tough for small to medium-sized enterprises (SMEs).

He claimed that the financial services industry is too "preoccupied" with its bonuses to worry about the state of the manufacturing sector in the UK, which could lead to many firms in the sector needing to take advice from a corporate debt consultancy.

"People are just as untrusting of banks as ever and all these glossy statements about how they are going to help everybody, people take with a pinch of salt," said Mr Moss.

He added that cash flow is a problem for firms which are corporate debt consultancy customers as they are forced to chase bills from the companies they supply.

Mr Moss was commenting after the European Commission announced an EU-wide Small Business Act, designed to improve access to lending for SMEs.

Posted by Julie Cutts 

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