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Daniels Silverman highlights increased financial pressure on day-care nursery sector
Credit management and collection company Daniels Silverman warns of increased financial pressure for day-care nurseries during 2011 and advises businesses involved in childcare to prioritise the collection of fees.
Daniels Silverman canvassed 28 of its nursery clients on their concerns for 2011 and found 86% expect the year ahead to be financially tougher than 2010 due to increased tightening of household finances. It discovered that 82% of parents had expressed concerns about their financial situation and predicted a rise in payment arrears as a result.
Carole Hughes, managing director, Daniels Silverman, says: “Many nurseries are struggling with difficult trading conditions and increased overheads. To add to their concerns the reductions in working tax credits, announced in the Government’s Comprehensive Spending Review, will make childcare even more expensive for many families. Some of our clients fear parents may decide it is no longer cost effective to continue working and paying for childcare.
“As financial conditions worsen maintaining a positive cashflow will become more challenging. We are helping nurseries to take a more systematic approach to fee collection to monitor cash flow more effectively. With solid cash management systems in place nurseries can help ensure outstanding childcare fees are paid in a timely manner so arrears don’t escalate out of control.”
For further information please contact:
Nicolle Farthing / Emma Murphy
Tel: 020 7726 6111
firstname.lastname@example.org / email@example.com
Notes to editors
Daniels Silverman is a leading national debt collection agency that has been providing professional debt recovery services since 1995. It specialises in business debt collection and consumer debt recovery on a no recovery no fee basis.
Daniels Silverman has developed a unique debt recovery IT system and unrivalled debt recovery processes for fast and cost effective debt collection.
Daniels Silverman is committed to delivering professional, ethical debt recovery services. It holds an Office of Fair Trading Licence and is a member of the Credit Services Association.
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Founded in 1994, Broadgate Mainland is an award-winning company that specialises in financial services public relations.