Increase in NI debt judgments
Cath Kidston on the up with £800k profit
THE number of debt judgments in Northern Ireland increased during the first half of 2017, new figures show.
There were 4,101 small claims judgments in the first six months of the year. That’s a year-on-year increase of 11%, according to the Registry Trust, a non-profit organisation which collects judgment information from jurisdictions across the United Kingdom and Ireland.
The total value rose by 21% to £8.3m, while the average value of a small claims judgment rose by 9% to £2,031.
In the High Court, 75 judgments were issued worth a total of £12.5m. That’s more than double the overall amount a year earlier. The average High Court judgment was £165,692.
The debt judgments range from individuals and companies defaulting on payments, to individual small claims and larger business claims made in the High Court.
“Although defendants in Northern Ireland have every opportunity to notify us when they have satisfied a judgment, it is clearly not happening enough,” Registry Trust chairman Malcolm Hurlston said.
“It will be in everybody’s interest if claimants make it best practice to notify the trust. Then positive information will reach credit files and public notice quicker.”
Around 3.5% of judgments in Northern Ireland were marked as satisfied during the first two CATH Kidston, which has one store in Northern Ireland, has swung into profit after sales at its overseas business helped mitigate the impact of the collapse in sterling following the Brexit vote.
The clothing and homewares retailer said it turned an operating profit of £800,000 in the 12 months to March 26, compared with a loss of £2.1m the year before.
Sales rose almost 8% to £129.2m, helped by a 20% increase in international sales to £42.3m.
The company benefited from its decision to buy back its Japanese subsidiary, with growth in the Asian region providing a currencyhedgeafterthecollapsein sterling.
In the UK sales grew 3.3% to £87.7m, while overall group earnings shot up 27% to £9.3m.
Chief executive Kenny Wilson hailed a “strong year”, adding: quarters of 2017. That contrasts with 12.02% in England and Wales, where ‘satisfaction rates’ are “generally higher owing to differences between the legal systems”, according to the Registry Trust.
The Registry Trust says there were almost 15,000 searches on its register for Northern Ireland individuals or businesses.
“It is a unique benefit for consumers to be able to check the debt record of any person or business with which they may be transacting,” Mr Hurlston said. “Negative information would certainly make me think twice.”
Meanwhile, the number of small claims brought against Scottish businesses fell to “record” lows this year, dropping by around a third. “Our growing international business helps mitigate the effects of weaker sterling and we have already made good progress in growing our international footprint even further.”
The group said it will be entering Latin America later this year, with stores due to open in Argentina and Mexico, while it is continuing to expand in Japan withanother10newstoresinthe pipeline.
The local Cath Kidston shop is in Belfast’s Arthur Street.