Welcome to the December 2022 issue of Credit Management News Digest. 
This month's issue is sponsored by Farosol.

UK and Ireland: Late Payment & Insolvencies
3 December. UK Government launches review into 'intolerable' late payment. UK Business Secretary, Grant Shapps, has announced a comprehensive review into tackling late payments for small businesses while urging large companies to pay their smaller suppliers promptly. With over £23.4 billion currently owed in outstanding invoices to UK businesses, the Payment and Cash Flow Review will consider the progress made in specific sectors of the economy in combating late payment and include an in-depth examination of current payment reporting regulations and the Prompt Payment Code. Grant Shapps commented: "That many small firms are routinely paid late is intolerable and presents a real barrier to productivity, the creation of high-skilled jobs and ultimately economic growth." To read Gov.UK's news release go to https://www.gov.uk/government/news/business-secretary-launches-review-to-prevent-small-firms-from-being-ripped-off-by-larger-companies.
15 November. UK corporate insolvencies were 31.9% higher in October compared to the same month in 2019. The latest data from the Insolvency Service has found that UK corporate insolvencies increased by 15.7% in October 2022 to a total of 1,948 (compared to September's 1,684) and increased by 38.2% compared to October 2021's figure of 1,410. Corporate insolvencies were also 31.9% higher than October 2019's total of 1,477. Nicky Fisher, Vice President of R3, commented that the rise was being driven by an increase in Compulsory Liquidations, Creditors' Voluntary Liquidations, and Administrations, and noted that a series of economic issues, the end of temporary insolvency legislation and a lack of a post-COVID "bounce" have resulted in more directors choosing to close their businesses and more creditors calling in debts as a means of balancing their own books. To read R3's news release go to https://www.r3.org.uk/press-policy-and-research/news/more/31434/page/1//.
December. UK company insolvencies for 2022 rise to 24,684 — a 42% increase compared to the same period in 2021. New data from Creditsafe has found that 2,682 companies became insolvent in November 2022, a 23% increase compared to October 2022. The total number of UK company insolvencies for 2022 to November rose to 24,684 — a 42% increase compared to the same period in 2021 and a 38% increase compared to 2020. The Construction sector remains the most significant contributor to the insolvency numbers, representing 17% of all insolvencies in November 2022, with 452 Construction companies becoming insolvent. Year-to-date, Construction accounts for 18% of all company insolvencies in 2022. In addition, Creditsafe advises that two sectors that traditionally see large numbers of business failures and are worth keeping under review are Wholesale and Retail. The combined total of these sectors represents 25% of all insolvencies. To read Creditsafe's news release go to https://www.creditsafe.com/gb/en/blog/reports/insolvencies.html.
13 November. Almost half of UK SMEs are facing a cliff edge on energy bills. A new British Chambers of Commerce (BCC) survey has found that nearly half of UK SMEs will find it difficult to pay their energy bills once the Government's Energy Bill Relief Scheme ends on 31 March 2023. A further 4% say they will not be able to pay their energy bills at all, while 37% predict they will find it difficult to pay even when they are in receipt of Government support. Shevaun Haviland, Director General of the BCC, commented on the findings: "It's clearly worrying that almost half of SMEs say they will face difficulties paying their energy bills once the Government support runs out. But what is, perhaps, even more concerning is that 4% said that they will not be able to pay their bills at all after 31 March. With over 5.5 million SMEs across the UK, if this was replicated on a national level, over 220,000 small and medium-sized businesses would be in danger." To read the BCC's news release go to https://www.britishchambers.org.uk/news/2022/11/almost-half-of-smes-facing-april-cliff-edge-on-energy-bills.
UK Economy 
22 November. UK GDP is set to contract by 0.4% in 2023 and rise by just 0.2% in 2024. The OECD's latest Economic Outlook estimates that following a 4.4% expansion in 2022, UK GDP will contract by 0.4% in 2023 and rise by just 0.2% in 2024. Inflation will remain above 9% into early 2023 before slowly falling to 4.5% by the end of 2023 and to 2.7% by the end of 2024. However, the OECD warns that risks to the outlook are considerable and tilted towards the downside and suggests that, although the UK economy has limited direct trade links with Russia and Ukraine, it is vulnerable to developments in the global energy market. In addition, higher-than-expected goods and energy prices could weigh on consumption and further depress growth. To read OECD (2022), OECD Economic Outlook, Volume 2022 Issue 2: Preliminary version, OECD Publishing, Paris, go to https://doi.org/10.1787/f6da2159-en.
12 December. UK GDP grew 0.5% in October but fell by 0.3% over the quarter. According to the latest data released by the Office for National Statistics (ONS), monthly UK GDP is estimated to have grown by 0.5% in October 2022, following a fall of 0.6% in September 2022 (affected by the additional bank holiday for the State Funeral of HM Queen Elizabeth II). Monthly GDP is now estimated to be 0.4% above pre-COVID levels (February 2020). The services sector grew by 0.6% in October 2022 after falling by 0.8% in September 2022. Output in consumer-facing services grew by 1.2% in October 2022, after falls of 1.7% in September 2022 and 1.6% in August 2022. Production remained broadly flat in October 2022 after growth of 0.2% in September 2022. The construction sector grew by 0.8% in October 2022 — its fourth consecutive increase. Looking at the broader picture, GDP fell by 0.3% in the three months to October 2022 compared with the three months to July 2022. To read the ONS' news release go to https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/gdpmonthlyestimateuk/october2022.
16 November. The OBR predicts that the UK entered recession in Q3 2022. The Office for Budget Responsibility (OBR) has warned that with high inflation and rising interest rates weighing on demand, it expects the UK economy to have entered a recession lasting just over a year from the third quarter of 2022, with a peak-to-trough fall in output of 2.1%. Although base effects from strong growth in the second half of 2021 are expected to result in annual GDP growth in 2022 as a whole of 4.2%, GDP is expected to fall by 1.4% in 2023. The OBR adds that, without the fiscal support to households and businesses provided by the Energy Price Guarantee and other measures announced since March, we estimate that the recession would be 1.1% points deeper, with a peak-to-trough fall in GDP of 3.2% and the trough in the output gap 0.5% deeper. To read the OBR's news release, with a link to the full report, go to https://obr.uk/efo/economic-and-fiscal-outlook-november-2022/.
8 December. A long road to recovery after over a year of recession. The British Chambers of Commerce's (BCC) latest Economic Outlook forecasts the UK economy will remain in recession for five quarters before an anaemic recovery in 2024. However, inflation has likely peaked at 11%. Following UK GDP growth of 4.2% in 2022, the BCC's annual expectation for GDP growth in 2023 is now -1.3%, broadly in line with the Office for Budget Responsibility (OBR) and Bank of England's predictions. However, unlike the Bank of England, the BCC expects the economy to grow in 2024, albeit at 0.7% — around half of the OBR's forecast. A poor outlook for the global economy means exports are also likely to fall, although they will be outstripped by a sharper decline in imports. BCC expects export growth of 7.3% in 2022, -2.7% in 2023 and 0.4% in 2024, compared to import growth of 11.2%, -6.6% and 0%. To read the BCC's news release go to https://www.britishchambers.org.uk/news/2022/12/bcc-economic-forecast-long-road-to-recovery-after-over-a-year-of-recession.  
5 December. CBI Economic Forecast predicts a UK recession will last until the end of 2023. The CBI had advised that the UK is likely to have fallen into a recession in Q3 2022 (when GDP shrank by 0.2%) and warned that it expects a relatively mild recession to last until the end of 2023. As a result, the CBI has downgraded its GDP growth outlook significantly to -0.4% in 2023 (from 1.0% in its last forecast) after 4.5% growth this year. The CBI also expects CPI inflation to have peaked in October (at a 40-year high of 11.1%) and fall gradually over the coming year, although it will remain significantly above the Bank of England's 2% target over 2023, ending the year at 3.9%. The outlook improves in 2024, when the economy grows by 1.6%, thanks to inflation falling back further and the squeeze on household incomes alleviating. However, GDP will not return to its pre-COVID level (in Q4 2019) until Q2 2024. To read the CBI's news release go to https://www.cbi.org.uk/media-centre/articles/no-new-year-cheer-for-uk-economy-with-productivity-and-business-investment-weakening-cbi-economic-forecast/.
28 November. Thirty years of business trends data: The emergence of Britain's 'see-saw economy'. According to data released by BDO, the UK has experienced more volatile economic activity across the last 15 years, compared with an almost consistent period of economic growth in the 15 years prior. The 2008 financial crisis, Brexit, the COVID-19 pandemic and Russia's invasion of Ukraine have all contributed to record peaks and troughs. Kaley Crossthwaite, Partner at BDO, commented: "Since we started publishing our Business Trends report three decades ago, the UK and global economies have experienced a number of shocks. The 'see-saw economy' we've experienced across the last 15 years demonstrates the sheer impact events such as the financial crisis, Brexit vote and COVID-19 pandemic have had on the economic climate."  To read BDO's news release go to https://www.bdo.co.uk/en-gb/news/2022/30-years-of-business-trends-data-the-emergence-of-britains-see-saw-economy.
UK Business Confidence & Trade Sectors
5 December. Supply chain chaos and inflation outstrip energy bills as the top concern for UK businesses in the run-up to Christmas. According to the latest research from BDO, rising supply chain costs are the top concern plaguing half of mid-sized companies in the UK. In the bi-monthly survey of 500 medium-sized business leaders, half (49%) said rising supply chain costs ranked top of their concerns between now and Christmas. Supply chain disruption is also one of the biggest challenges facing one in three businesses (33%), while just 16% were most concerned about energy bills specifically. Over a quarter of firms (27%) fear customers spending less in the run-up to Christmas due to the cost of living crisis. This rises to almost a third (30%) in the leisure and hospitality sector. To read BDO's news release go to https://www.bdo.co.uk/en-gb/news/2022/supply-chain-chaos-and-inflation-outstrip-energy-bills-as-top-concern-for-businesses-in-christmas-run-up.
23 November. One in four small UK firms expects to close, downsize, or restructure if energy bills relief ends in April next year. According to a new FSB energy survey, small UK firms' survival during the ongoing energy price crisis will depend on continued government support through the Energy Bill Relief Scheme (EBRS) beyond March 2023. A quarter of small firms (24%) plan to close, downsize, or radically change their business model if the government reduces energy support post-March next year. This rises to 42% of firms in the accommodation and food sector, followed by the wholesale and retail (34%) and manufacturing sectors (29%). A majority of 63% say energy costs have increased this year compared to last year. Some 44% report a double, triple or even higher increase in their energy bills, and nearly one in five (19%) say their bills have tripled or higher. To read the FSB's news release go to https://www.fsb.org.uk/resources-page/one-in-four-small-firms-plan-to-close-downsize-or-restructure-if-energy-bills-relief-ends-in-april-next-year-new-survey-reveals.html.
26 November. UK footfall stumbles as the cost of living crisis puts off consumers from visiting the shops in November. According to the latest British Retail Consortium (BRC) Sensormatic IQ data, total UK footfall decreased by 13.3% in November (Yo3Y), 1.5% points worse than October 2022 and the 3-month average decline of 11.5%. High Street footfall declined by 13.6% in November (Yo3Y), 2.0% worse than last month's rate and the 3-month average decline of 12.3%. Shopping Centre footfall declined by 23.2% (Yo3Y), 1.4% worse than last month's rate and the 3-month average decrease of 22.6%. Northern Ireland saw the shallowest footfall decline of all regions at -7.0%, followed by Scotland at -15.0% and England at -15.4%. Wales saw the steepest decline at -16.2%. Big cities were particularly hard hit, with Birmingham, Bristol and Manchester all seeing the most significant drops in footfall since January. To read BRC's news release go to https://brc.org.uk/news/corporate-affairs/footfall-stumbles-ahead-of-christmas/.
23 November. The cost-of-living crisis is set to impact UK Christmas spending habits. The latest EY Future Consumer Index finds that nearly half of UK consumers (43%) expect to spend less over the festive season compared to 22% for the same period last year. The 11th edition of the survey of over 1,000 UK consumers found that falling consumer confidence due to the cost-of-living crisis will impact Christmas spending habits. 12% of UK shoppers said they would be cutting back on celebrations and expect to have smaller events this festive season, 29% are planning savings on food, while 31% expect to spend less on alcohol. Present giving will also be affected, with 43% of consumers planning on cutting back on gifts for friends and 34% planning on cutting back on gifts for family. To read EY's news release go to https://www.ey.com/en_uk/news/2022/11/ey-uk-future-consumer-index--consumers-cut-back-spending-for-christmas-as-cost-of-living-crisis-intensifies.
24 November. UK businesses need more confidence about the costs they will pay to export goods. A British Chambers of Commerce survey has found that 34% of UK SME goods exporters are either 'never confident' or 'rarely confident' about the final cost of shipping goods until they get the bill. Only 12% are 'always confident', and 55% are 'usually confident'. Half of SME exporters (47%) say it has become difficult to trade through UK or international ports since the start of 2022, while only 3% say it has become easier. 38% report no change. Businesses cited constant changes in shipping and transportation prices, unexpected customs charges, exchange rate volatility, delays at borders and fluctuating fuel costs as factors causing uncertainty. The same research also discovered that SME exporters generally do not regard a weaker pound as beneficial to their business. Half (50%) say a weaker pound generally corresponds to an increase in input costs, while 8% say it corresponds with a decrease. To read the BCC's news release go to https://www.britishchambers.org.uk/news/2022/11/cost-transparency-holding-back-exports.
28 November. UK retail outlook darkens in November. According to the CBI's latest quarterly Distributive Trades Survey, UK retailers saw their sales volumes fall at "a firm pace" in the year to November and remain pessimistic about their business prospects for the next three months. Retail sales declined in the year to November (-19% from +18% in October), with a broadly similar fall expected next month (-21%). Martin Sartorius, Principal Economist at the CBI, said: "Sales volumes fell at a firm pace in the year to November, and retailers remain notably downbeat about their future business prospects. This pessimism is reflected in investment intentions worsening to the greatest extent since May 2020. Retailers and wholesalers contribute £352 billion to the UK economy . . . these survey results underline what a tough time it is for the sector." To read the CBI's news release go to https://www.cbi.org.uk/media-centre/articles/retail-outlook-darkens-in-november-cbi-distributive-trades-survey/.
24 November. A "stark situation" for independent UK retailers as they enter their busiest time of year. Xero's latest Small Business Index has indicated that, although sales among the broader small business economy rose by 4.6% year-on-year, UK retailers experienced a 5.1% drop in sales in October. This follows a 7% rise in September. Overall, London experienced the strongest sales growth (+7.3% y/y), while Scotland (+3.1%), East Midlands (+3.5%), West Midlands (+3.9%) and Yorkshire & the Humber (+4.6%) experienced the lowest. Xero warns that this shows the stark situation for independent retailers as they enter their busiest time of year. Xero's research also found the length of time small businesses wait to be paid lengthened by 0.6 days to 30.5 days in October — the sixth increase in payment times in the past seven months. On average, late payments to small businesses by their customers increased again by one day, up to 8.3 days. To read Xero's news release go to https://www.xero.com/uk/media-releases/xero-xsbi-uk-october/.
Global Economy
22 November. Global GDP growth in 2022 looks set to grow at around half the pace of 2021. The OECD's latest Economic Outlook advises that, although its central scenario is not a global recession, it anticipates a significant growth slowdown for the world economy in 2023 and still high, albeit declining, inflation in many countries. Global GDP growth is projected to be 3.1% in 2022, around half the pace seen in 2021 during the rebound from the pandemic, and to slow further to 2.2% in 2023, well below the rate foreseen prior to the war. In 2024, global growth is projected to be 2.7%. Global prospects are also becoming increasingly imbalanced, with the major Asian emerging-market economies accounting for close to three-quarters of global GDP growth in 2023, reflecting their projected steady expansion and sharp slowdowns in the US and Europe. To read OECD (2022), OECD Economic Outlook, Volume 2022 Issue 2: Preliminary version, OECD Publishing, Paris, go to https://doi.org/10.1787/f6da2159-en.
11 November. NIESR downgrades its prediction for global growth in 2023. The National Institute of Economic and Social Research's (NIESR) latest global outlook for Autumn 2022 warns that its current global forecasts indicate higher inflation and slower growth in 2023 than previously, and, as a result, its prediction for global GDP growth for 2023 has been revised down from 2.8% to 2.5%. NIESR then expects slightly stronger GDP growth, at 3%, in 2024. NIESR's baseline forecast also projects recessions in Russia, Ukraine, and Germany in 2022 and 2023, while, after two successive quarters of falling GDP, the US economy will border on a recession in 2023. NIESR has also increased its projections for global inflation for 2022, from 9.6% to 10.6%, and for 2023, from 6.2% to 7.3%. To read NIESR's news release with a link to the full report go to https://www.niesr.ac.uk/publications/troubled-waters?type=global-economic-outlook.
28 November. World trade is weakening: WTO's Goods barometer indicates slowing growth as global import demand weakens. According to the latest WTO Goods Trade Barometer, as the global economy continues to be buffeted by strong headwinds, global trade growth will likely slow in the closing months of 2022 and into 2023. The Barometer's current reading of 96.2 is below both the baseline value for the index and the previous reading of 100.0, reflecting cooling demand for traded goods and below-trend growth. The WTO also notes that the downturn in the goods barometer is consistent with its trade forecast of 5 October, which predicted merchandise trade volume growth of 3.5% in 2022 and 1.0% in 2023 due to several related shocks, including the war in Ukraine, high energy prices, and monetary tightening in major economies. To read the WTO's news release with a link to the full report go to https://www.wto.org/english/news_e/news22_e/wtoi_28nov22_e.htm.
8 December. Potential global growth is predicted to average 2.8% annually between 2024 and 2029 before gradually declining. New research from Goldman Sachs suggests that the world's fastest years of economic growth are likely already behind it, with worldwide potential growth forecast to average 2.8% annually between 2024 and 2029 and gradually decline after that. That compares with an average of 3.6% in the decade before the global financial crisis and 3.2% in the ten years before the COVID pandemic. Emerging economies, led by powerhouses in Asia, are growing more quickly than developed ones and are forecast to keep catching up to richer countries. China is forecast to overtake the US as the world's largest economy by around 2035, while India is expected to have the world's second-largest by 2075. To read Goldman Sachs' news release go to https://www.goldmansachs.com/insights/pages/the-global-economy-in-2075-growth-slows-as-asia-rises.html.
21 November. OECD GDP growth was still sluggish in Q3 022. The OECD has advised that, according to provisional estimates, GDP in the OECD rose by 0.4% quarter-on-quarter in the third quarter of 2022. Quarterly OECD growth rates have now remained weak for the past three quarters. Among G7 countries, GDP grew by 0.6% in the US in Q3, following contractions in the two previous quarters. GDP growth also increased in Germany (to 0.3%, compared with 0.1% in the previous quarter) but slowed in Italy (0.5%, compared with 1.1%), Canada (0.4%, compared with 0.8%) and France (0.2%, compared with 0.5%). GDP fell in Japan (-0.3%, compared with growth of 1.1% in the previous quarter) and the UK (-0.2%, compared with Q2 growth of 0.2%). With the exception of the UK — which was still 0.4% below its pre-pandemic level in Q3 — GDP in the OECD area exceeded its pre-pandemic (Q4 2019) level by 3.7%. OECD (2022), GDP Growth - Third quarter of 2022, OECD, https://www.oecd.org/newsroom/gdp-growth-third-quarter-2022-oecd.htm.
22 November Morgan Stanley forecasts dramatic variations in economic outlook between Asia, Europe and the UK. Morgan Stanley believes global GDP growth in 2022, though lower than the 3% expected, will narrowly avoid recession — topping out at just 2.2%. Regionally, the outlook varies considerably. Morgan Stanley forecasts the US economy will tread water with 0.5% growth, and emerging markets should recover modestly. However, it expects that economies in Europe and the UK are likely to contract: the euro area by 0.2% in 2023 on the back of the ongoing energy crisis, while the UK economy is predicted to decline by -1.5% in 2023 — the greatest economic deceleration of any major economy, except for Russia. Although, as a whole, Asia's outlook is relatively upbeat, the real outlier is India where GDP is on track to expand by 6.2% in 2023. To read Morgan Stanley's news release go to https://www.morganstanley.com/ideas/global-macro-economy-outlook-2023.
Credit Management Tools
Free service provides Prompt Payment Reports and insight into payment culture in the UK. The Good Business Pays website has a free facility that enables users to enter a company's name to receive a Prompt Payment Report detailing the average time the company takes to pay invoices, the volume of invoices it pays late, its performance in comparison to other companies, and the payment terms it offers. Users of the website are also encouraged to submit their own data based on past trading experience. In late 2021, the service introduced an annual Good Business Pays Fast Payer Award for companies that demonstrate good practices in fast and on-time payments to their smaller suppliers over time. The service has accredited nearly 300 companies this year with its Fast Payer Award. 
Good Business Pays has also released a new report, 'Understanding Payment Culture — Insights from the Fastest Paying Companies in the UK', which examines the characteristics fast-Payers share, beyond paying their suppliers fast. For more information go to https://goodbusinesspays.com/.
Atradius Payment Practices Barometer finds that businesses in Western Europe are "greatly enhancing" their management of credit risk. Atradius has announced that it has published its 2022 edition of the Atradius Payment Practices Barometer survey findings for Western Europe. Topics covered include: the impact of late or non-payment on the industries polled; the average time it takes to turn overdue B2B invoices into cash; how businesses manage payment default risks related to selling on credit to B2B customers; expected challenges to profitability during the coming months. Atradius advises that this survey is a snapshot taken in a very volatile economic environment, and notes that companies in the various industries polled in several markets in Western Europe addressed this worry by greatly enhancing their management of credit risk. To read Atradius' news release go to https://group.atradius.com/publications/payment-practices-barometer/b2b-payment-practices-trends-western-europe-2022.html.
Events & Professional Development
9th Annual Supply Chain Finance Summit, 24-25 January 2023. Madrid.
Growth in supply chain finance has been ongoing for over a decade with the pace accelerating in the past two years and showing no sign of slowing. With ESG, digitalisation and blockchain, the industry is now ushering a new stage of development. These developments are poised to aid reduction of the USD1.7tn trade finance gap, now at an all-time high. In the coming years supply chain finance will be a focus of growth for not only major global banks but also for those in emerging markets.
We are delighted to join our media-partners @BCR and @FCI for the 9th Annual Supply Chain Finance Summit on 24-25th January in Madrid to hear from industry experts to discuss the challenges of creating resilient, sustainable and harmonised payables finance solutions, which form the basis of the future of supply chain financing.
To register for an Early Bird discount please follow: https://bcrpub.com/events/9th-annual-supply-chain-finance-summit.
Credit Insurance News readers can get 20% discount with code: MEDIA-20.
STECIS, the Trade Credit Insurance & Surety Academy endorsed by ICISA, offers a range of webinars and classroom training courses.
The webinars on Trade Credit Insurance and Surety are organised multiple times per year. For 2023 the new range of Classroom courses are planned as well: 
  • 14 & 15 February 2023: Trade Credit Insurance Foundation Course
  • 16 & 17 February 2023: Trade Credit Insurance Advanced Course
  • 14 & 15 February 2023: Surety Foundation Course 
  • 16 & 17 February 2023: Surety Advanced Course
All classroom courses will take place in the Steigenberger Airport hotel close to Schiphol Airport/Amsterdam the Netherlands. The courses include the lunches and a dinner at the end of the first training day.
The courses are hosted by seasoned expert from the industry and there is enough opportunity for posing questions, discussions and networking.
Also there is the possibility to arrange an inhouse training: then there will be created a tailor made outline for your staff on basis the training demand of your of your company. The training will be effected at your own offices or at a venue of choice.
Details information about the webinar and classroom training courses are available on the Stecis’ website: www.stecis.org also further information can be obtained by sending an e-mail to info@stecis.org.
About this month's sponsor: Farosol
Table Mountain, Cape Town. Farosol's international Annual Conference in 2022

Farosol, one of the leading international networks of specialist credit insurance brokers serving more than 20 countries around the world, recently held its first personal meeting in over 2 years. Cape Town was the postponed annual conference venue and was expertly hosted by its South African member Debtsource, Africa’s leading credit management and insurance business.
The president of Farosol, Winfried Vogt and the CEO of Debtsource, Frank Knight welcomed old and new members, notably from Dedalo (Italy) and Hub Canada (Canada) to the conference. In addition, W. Denis of the UK confirmed their commitment to Farosol having recently acquired Trade Credit Global.
All the Farosol members who attended reaffirmed their momentum and commitment to work with cohesion as a global alliance which can clearly offer distinctive attractions for multinational clients. Indeed, the Farosol brand has such a growing presence in the international market place that several group members reported they had been approached by notable brokers in other countries wishing to join.
The conference was particularly successful, as after a long gap, the group came together with energy and enthusiasm to harness exciting plans for the future. It was very much the catalyst for redefining the strategic direction of the group with the appointment of Advisory Board directors to oversee sales, marketing, IT and new member recruitment developments. The objective is to differentiate Farosol from other networks whilst retaining the ‘thinking globally acting locally’ dynamic.
If you wish to know more do visit our website (www.farosol.com).
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