Law firm throws down new £50 Challenge

Four charities based in Milton Keynes are set to benefit from an Apprentice-style fundraising challenge.

Women’s refuge MK ACT and Willen Hospice have again been selected to benefit from the Franklins £50 Challenge, run by law firm Franklins Solicitors. And now they are joined by two other charities: grief support organisation Harry’s Rainbow and YMCA Milton Keynes.

The challenge to teams from participating businesses sees each receive an initial £50 seed funding which they are tasked with using to generate valuable extra funds for their chosen charity.

The challenge takes place over three months from February next year. In previous years teams have organised auctions, cake sales, barbecues and car washes among a myriad of fundraising ideas to help their chosen cause. Four charities in Northampton will also benefit from the efforts of participating teams challenged by Franklins’ office in the town.

“We are excited to be working with eight local charities who do amazing work in our communities and rely on public support to help make this happen,” said Franklins partner Andrea Smith. “We hope to see as many local businesses as possible signing up to take part for 2024.” as higher interest rates hit working capital for the foreseeable future.” Begbies Traynor’s findings highlight trouble particularly in the telecommunications and IT and professional services sectors, which have seen rises of businesses in distress of 29.4pc and 22.9pc respectively.

The Franklins £50 Challenge began in 2018 and has raised more than £100,000 for local charities, The aim of the 2024 challenge is to fight hunger, fuel wellness and change lives locally.

Nationally, the latest Red Flag Alert research for Q3 2023 recorded 478,176 businesses in significant distress, up by 8.7pc on the previous quarter. Almost 40,000 are classed as being in ‘critical financial distress’, led by companies in construction, real estate and property which saw rises of 46pc, 38pc and 28pc respectively.

“Taken together with stubbornly high inflation and weak consumer confidence, many of these businesses will inevitably head towards failure,” said Ms Palmer.

“While stabilising inflation and interest rates could start to slow the rising levels of distress in the economy, history dictates that this will take some time and insolvencies often peak long after a recovery has started.

“Unfortunately for many businesses, time is not on their side.”