Midcheshire Independent Issue 190

APRIL 2026 14 Independent BUSINESS FINANCIAL planning and wealth management firm Suttons Independent Financial Advisors has acquired Wilmslow-based KSP Financial as it contin- ues to expand across the North West. KSP Financial advises cli- ents across Cheshire and sur- rounding counties on pensions and retirement planning, financial planning, invest- ments and life insurance. The firm, which was founded in 2019 and has £10million of assets under management, is headed by Keith Phillips, who will remain as a consultant fol- lowing the transaction. KSP Financial’s client base includes entrepreneurs, company directors and professionals ranging from solicitors and architects to surveyors, headteachers and engineers, along with retirees. Robin Hastings, a corporate partner at North West law firm Bermans, advised Sut- tons on the deal. David Owen of Bluefriars Acquisition Ser- vices advised KSP Financial. The financial terms of the deal are undisclosed. CHANCELLOR Rachel Reeves delivered her update on the state of the UK economy against the backdrop of growing con- flict in the Middle East that is set to send energy prices soaring and create more market uncertainty. The estimate for the coun- try’s economic growth has been lowered for this year, but the Chancellor insisted her financial plan is working. In line with her commitment to only hold one fiscal event per year, she did not announce any new tax changes in the Spring Forecast. However, the statement included downgraded OBR forecasts for growth in 2026 from 1.4 per cent to 1.1 per cent, growing slightly slower in 2026, and faster in 2027 and 2028. She told the Commons: “This government has the right economic plan for our country” and said it had restored economic stability in an “uncertain” world. She added: “The new fore- casts from the Office for Budget Responsibility confirm that our plan is the right one – inflation is down, borrowing is down, living standards are up and the economy is growing.” The OBR says unemploy- ment will peak at 5.3 percent this year and then fall grad- ually to 4.1 per cent by 2030. It also says the two per cent target on inflation will be met later this year. The forecasts do not take into account any potential impact from events in the Middle East – but the OBR warns it “could have very sig- nificant impacts on the global and UK economies”. The chancellor said that she was poised to set out “three major choices that will deter- mine the course of our econ- omy into the future”. There may have been no new tax changes but we already have a number of known changes in motion; the freezing of income tax thresh- olds until 2031, the restric- tions to salary sacrifice in 2029, increases in savings and investment taxes from April 2026, and the reduction of cash ISA to 12,000 fromApril 2027. STOCKPORT headquar- tered accounting and busi- ness advisory firm Hurst has strengthened its cor- porate finance and busi- ness services teams with two appointments. Abigail Kelly has joined Hurst Corporate Finance as a manager and LiamVictoros has joined the business ser- vices team as an associate manager. Both have moved from roles in London. Previously, Abigail was an associate director in the corporate finance team at investment bank and advisory firm Cavendish. She has extensive experi- ence in regulatory advisory and transactional work, including public-to-private takeovers, IPOs, acquisitions, fundraises and complex corpo- rate structures. Liam has moved from Saff- ery, which he joined in 2023 as a fully-qualified senior auditor and was promoted to assistant manager last April, with a specialist focus on the audits of film, TV and video game companies. Hurst Corporate Finance’s team of M&A experts, sup- ported by the wider firm’s business services, tax and dig- ital teams, focuses on advising owner-managed companies Growth forecasts are lowered AN increase in the monthly number of com- pany insolvencies, as well as a rise in the unemploy- ment rate and slow GDP growth, all highlight the continued financial strain facing businesses. The latest government sta- tistics showing that corporate insolvencies in England and Wales increased by four per cent in January 2026, com- pared to the previous month. Mark Davies, North Wests chair of R3, the UK’s restruc- turing, turnaround and insolvency trade body, said: “January is often a tough month financially for busi- nesses and the latest monthly rise in insolvencies reflect the dismal, rain-soaked start to the year the UK has endured. “However, there is a ray of sunshine with corporate insol- vencies 14 per cent lower than the same month in the previ- ous year. “Businesses across several sectors haven’t had the results from the ‘Golden Quarter’ boost they had hoped for. As a result, January has slightly become a tipping point, where high costs, disappointing sales and year-end financial pres- sures converge.” Meanwhile, the unemploy- ment rate has reached a five year high of 5.2 per cent and GDP also grew slowly at 0.1 per cent in December, with construction recording its worst performance in more than four years. Under pressure New arrivals strengthen team Appointments: Abigail and Liam and entrepreneurs on acquisi- tions, sales, debt funding and private equity investments with transaction values of between £5million and £30m. The business services team, which carries out audit, com- pliance, strategic advisory, out- sourcing and business planning work for a growing national cli- ent base, is the largest at Hurst with more than 70 staff. Partner and director of practice development Simon Brownbill said: “Abigail and Liam bring valuable experi- ence from larger firms and the London market, and their arrival further strengthen two key teams within the firm. “Their appointments are great examples of the cali- bre of people we continue to attract as we grow.” Financial firm’s expansion grows Deal: Harvey Sutton, left, and Ben Preston Suttons, which was estab- lished in 2006 by Harvey Sutton, is based in Sale. The chartered financial planning firm provides wealth man- agement, tax, pensions and retirement planning advice to a client base that includes professionals, business own- ers and entrepreneurs. It also advises on mortgages, protec- tion and savings. The deal for KSP Finan- cial follows Suttons’ acqui- sition last year of Bolton firm Whitewell Financial Planning. Alongside organic growth, the transactions have increased Suttons’ assets under management to more than £330m. Ben Preston, managing director of Suttons, said the firm continues to seek suita- ble acquisitions as it looks to expand further. He added: “Keith has devel- oped a strong and loyal client base at KSP Financial, and we are thrilled to welcome them to Suttons. “We’re also pleased that Keith will continue work- ing with us, ensuring con- tinuity for his clients and a smooth transition. “They will continue to receive the high standard of advice they value, now strengthened by our wider expertise and resources, and we look forward to supporting them for many years ahead. “This latest acquisition fur- ther underlines our strategic focus on sustainable growth, combining carefully-selected partnerships with ongoing organic expansion as we con- tinue to invest in the long- term future of the business.” Small and medium size (SME) businesses are par- ticularly exposed to cashflow pressures and late payments, with construction business especially affected. A recent report by the Busi- ness and Trade Committee found SMEs are owed tens of billions of pounds in unpaid invoices and noted that late payments are responsible for the closure of 38 UK busi- nesses every day. Recognising the early warning signs of financial distress is critical. If you are noticing issues like persis- tent late payments, growing debts, or difficulties meeting payroll obligations then it is more than likely time to seek professional guidance. Cash flow issues can esca- late quickly – that is why it is vital that business own- ers and company directors monitor finances closely and seek advice at the first sign of trouble. Having clear and up-to- date financial information is vital. Cash as ever, is king. So, it is really important that projections and cashflow fore- casts are accurate and timely and business leaders are on top of their figures. Take a look at your payment terms and see if they need to be changed. Have honest conversations with suppliers and customers. Look at your overheads to make sure you are get- ting the best deals possible. Assess your office systems and purchasing and ordering processes to make sure you are not incurring unneces- sary costs. Ensure that your stock control is in order and is fit for purpose. Are the right processes in place? Examine and re-evaluate. Also, be prepared to adapt. As well as looking at areas where costs could be reduced without harming cash inflows, gauge if there are opportunities to be exploited and new markets to explore. More than ever, in tough times, due diligence on new customers and regular com- munication with existing ones is really important.