Credit, Collections & Insolvency News
High street store, Debenhams has appointed Geoff Rowley and Alastair Massey of FRP Advisory as administrators, with the chain describing the move as a ‘necessary step’ to protect it from the threat of legal action which could see the firm pushed into liquidation. In a statement, the company said “This move will protect Debenhams from…
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UK manufacturers are facing a precarious future according to insights1 from fintech business lender MarketFinance. Over two thirds (68%) reported their order books have halved in the last 30 days. To compound matters, the majority (67%) have less than £50,000 cash and without any support will run out of money before the end of the…
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New analysis by UHY Hacker Younger has revealed that 1,452 restaurant businesses and 526 pub businesses went insolvent in 2019, highlighting the weak state of the leisure industry as it entered the Coronavirus-related disruption. The number of restaurant insolvencies rose 10% last year, up from 1,323 in 2018, while the number of pub insolvencies also…
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New research by UHY Hacker Young has shown that the average UK SME does not have enough cash to cover debts due in the next year. UHY’s analysis of the balance sheets of more than 13,500 SMEs in the UK shows that the average SME now has only 95% of the cash (or other easily…
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In March the following administration notices have been issued and advertised in the London Gazette for the following companies: 18 HOSPITALITY LTD 56-58 ESSEX ROAD LTD A.T.B. COMPUTING SERVICES LTD AEGIS WATER TREATMENT LTD AHS COMMERCIAL LTD AIS SECURUS LTD AMIANTO LTD AMTEC LTD AND WORLDWIDE LTD APERTURE TRADING LTD ASSEMBLED ELECTRONIC SOLUTIONS LTD ATL…
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Creditors Voluntary Winding-Up – Appointment of Liquidators notices have been issued in the London Gazette for the following companies in March 10 DEGREES C LTD 100 DG RESTAURANT LTD 101 STUDIO (UK) LTD 1ST EURO FIRE PROTECTION LTD 55 PUB CO LTD 868 LTD 9PERCENT LTD A H CONISBEE & CO LTD A J AGIUS…
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In March, Winding Up Petitions (Companies) have been issued and advertised in the London Gazette for the following companies: 3 THREE’S COFFEE LOUNGE LTD A-TEAM DEMOLITION & WASTE SERVICES LTD A1 GROUP (SOUTH) LIMITED ACE CONSTRUCTION EQUIPMENT LTD ACTIVE REMEDIAL SOLUTIONS LIMITED ADVANCED COATING SOLUTIONS LIMITED ADVENT BUILDING SERVICES LTD AGAR BROWN EVERTON LIMITED AH…
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Audit, tax and consulting firm RSM says that whilst a spike in corporate insolvencies as great or greater than the levels last seen in 2008 is almost inevitable, the current numbers being mooted represent a major exaggeration. RSM believes there will be an initial flurry of insolvencies, as was seen in 2008, for those businesses…
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Quantuma has announced it will acquire Manchester-based specialist insolvency and advisory firm Bell Advisory following a period of significant growth in Manchester. Bell Advisory has two team members, Gary Bell (founder) and Paul Llewellyn, both of whom will join the business advisory firm as restructuring and insolvency director and manager respectively. Bell Advisory will operate…
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A survey by the British Chambers of Commerce (BCC) has found that 62% of businesses have only enough cash to keep operating for the next three months, while 18% said they had sufficient capital to cover their outlay for only a month. The survey found that companies were planning to put large numbers of workers…
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Restaurant chain Carluccio’s has entered administration. The company has 71 UK restaurants meaning that 2,000 employees at now at risk of losing their jobs. FRP Advisory have been appointed as the administrators. Geoff Rowley, Partner at FRP, said “We are operating in unprecedented times and the issues currently facing the hospitality sector following the onset…
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Rent-to-own firm BrightHouse has entered administration. Chris Laverty, Trevor O’Sullivan and Helen Dale of Grant Thornton have been appointed as Joint Administrators. BrightHouse is the trading name of Caversham Finance. The company provided rent-to-own and cash lending services to the consumer market. The company also included Caversham Trading Ltd (CTL) operates a logistics and engineering…
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The HM Revenue & Customs ‘Time To Pay’ (TTP) support has been welcomed by Duff & Phelps. The company says that the growing scale of economic disruption amid volatility in financial markets as a result of the coronavirus (COVID-19) means that urgent steps are required to restore business confidence. As a result, businesses should welcome…
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