Danger: more companies in trouble as Covid-19 hits the travel economy BIG TIME

Red alert to suppliers as Airbus says it is bleeding cash (and other warnings over firms in trouble)

The latest news from Companies House gives more stark warnings to creditors of a string of firms in trouble with Airbus Defence and Space Limited catching the eye as its CEO Guillaume Faury saying the multi-national manufacturer was ‘bleeding cash at an unprecedented speed'.

There were high risk credit warnings about Anglo Office Group, Cibo Ventures, FMS Interior Services and Guild Press amongst others.

“These are red lights to creditors,” said Ian Carrotte of ICSM Credit. “I urge all firms chasing payments from these companies to act now as we have seen from the likes of Carillion and Thomas Cook that there were warning signs weeks ahead of their collapse. Members of ICSM benefit from inside information and credit alerts and so mostly they avoid these firms but these are unprecedented times. If Airbus are in trouble then we must all sit up and keep overdue invoices to a minimum. ICSM members are using our free legal letters daily with great success while our debt collection service is bringing in cash owed to members as the court system is open as are accounts departments.”

National Holidays Limited have seen their credit rating fall to zero from £850,000 suggesting major cash flow problems for the budget coach tour business that is part of Shearings and based in Scotland and the North of England. Holiday and travel companies have been ‘hit for six’ since the outbreak of the Covid-19 pandemic with borders closed and restrictions placed on travel. The firm says it hopes to restart tours in June. Meanwhile Airbus is similarly affected by the crisis with warnings the core business of aircraft manufacturing being hit by the near collapse of the air travel business due to the pandemic. More than 3,000  workers in Wales have been furloughed with thousands more on the continent sent home.

ICSM Credit

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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