Famous chef’s venues rescued and a fraudulent Birmingham wholesalers is closed down

We’ll get straight to the point this month because we know how busy you are. 

So busy that you might have missed many of the most interesting and important business and insolvency news stories from the past seven days. 

So if you want to know how to navigate the choppy waters of overdrawn directors’ loan accounts why Winding Up Orders and Petitions have risen to decade high levels and why directors should tackle their financial difficulties now before summer arrives then you can read all these stories and more at our advice centre page.

Enteq Technologies

An AIM-listed subsea business based in Aberdeen has ceased operations and seen its shares suspended as a result.

Enteq Technologies was developing a flagship SABER drilling technology seen as a promising alternative to traditional deep-sea rotary steerable systems. SABER (Steer-At-Bit Enteq Rotary Tool) could be used both in oil and gas extraction as well as other emerging sectors such as geothermal drilling and methane capture.

The company’s operations, engineering and manufacturing were based in Houston, Texas with executive leadership in Aberdeen and London to serve customers all over North America, China, the Middle East and Europe. 

A statement was issued confirming that the company’s search for a buyer did not result in any offers and continued to require funding. 

It said: “The board has continued to seek advice on its appropriate next steps and regrettably concluded that, after detailed consideration of the Company’s current financial situation, would not be able to meet its liabilities as they fall due and are therefore required to take the necessary steps to seek to preserve value for creditors.”

The board resolved to appoint administrators at the earliest opportunity to plan the next steps of the business. 

Beam

Another Scottish subsea technology company went into administration this week with the loss of 200 positions. 

Beam operated in Edinburgh, Westhill and Bristol after being formed in September last year through a merger of previous companies Rovco and Vaarst. 

Beam used AI and automated technology on robotic ships and underwater vehicles to service offshore wind farms. 

In January they had been named in The Sunday Times 100 Tech list and were looking to raise £100 million in new capital last year.

Art of the Steak Pre-Pack

A steakhouse brand which went into administration last week has been brought out of administration in a pre-pack deal. 

Steak of the Art was founded in 2019 and had branches in Bristol and Cardiff. The Bristol site will reopen with the existing 17 employees while the Cardiff location will remain closed with all employees being made redundant.

Gino D’Acampo

Upmarket Leisure, the business that operates Gino D’Acampo’s UK restaurants has been brought out of administration, securing 400 positions across five sites. 

The company portfolio includes Luciano by Gino D’Acampo in London and Gino D’Acampo branded restaurants in Leeds, Liverpool, Newcastle and Manchester. The business was served with a winding-up petition by creditors in March before the company went into administration and was purchased as part of a pre-pack deal.

D’Acampo’s My Pasta Bar brand went into liquidation in 2022 before being wound-up by administrators.

SAK Wholesale

A Birmingham wholesaler has been shut down by The Insolvency Service following an investigation that raised concerns about financial misconduct and a lack of transparency. 

SAK Wholesale was wound-up in the High Court in Manchester on April 29th after Insolvency Service investigators described it as potentially being a “vehicle for fraud”. 

The company was accused of overstating its profits to secure goods and services on credit, incurring debts which were never repaid.

Investigators found no accounts had been filed for the most recent financial year and cast doubt on the accuracy of previous filings. Despite being active online, the company’s physical premises had been abandoned and stripped. 

The directors also failed to cooperate with the Insolvency Service and didn’t explain over £2.5 million of payments made from the company’s bank account in just over two months in 2022. 

David Hope, chief investigator at The Insolvency Service, said: “There are serious concerns about SAK Wholesale being used as a vehicle for fraud. The company has seemingly been abandoned but still owes over £270,000 to its creditors. 

“Despite this, payments of over £2.5 million were made from the company over a period of two months in 2022 but without proper records, we were unable to confirm where this money came from.

“Accounts were not submitted for the last financial year and the veracity of accounts submitted in previous years is in doubt. Despite the directors of SAK Wholesale refusing to cooperate with our investigation, the records we uncovered showed the company operated with a real lack of transparency and had a history of improper behaviour. 

“This winding-up order will help protect the public and business community by ensuring SAK Wholesale can’t be used for future trading.”

Investigators also found that the wording on the SAK website had been copied from a local competitor and one of its company accounts had received an unauthorised £200,000 payment from a third party, which was later refunded by the bank when the error was discovered. 

Due to the absence of banking records, investigators could not confirm any legitimate trade or track how funds were spent, with the company owing more than £270,000 to creditors.

The Official Receiver has been appointed as liquidator.

Nick Brown Architects

A Leeds-based architecture practice that had been operating for over 22 years in the city has gone into voluntary liquidation. 

Nick Brown Architects, formerly known as 2B Architecture, designed major housing schemes for developers such as Igloo Regeneration, Citylife and Citu as well as plans for Yorkshire’s tallest building and an 8,000 seat arena in Edinburgh.

They also worked with Leeds band the Kaiser Chiefs to overhaul a run-down recording studio in the city. 

Nine positions will be made redundant as a result.

Heycar

Volkswagen Financial Services have announced they are closing down their used car platform in the UK after years of mounting losses and weak revenue. 

Heycar was launched in 2019 to rival Auto Trader and Motors but never gained sufficient market traction.

The platform listed nearly 100,000 vehicles and will shut down in mid-May with 126 positions at risk of redundancy. The German version of the site will also close. 

Volkswagen Financial Services confirmed that they would reuse Heycar’s technology in a new venture focused on digital tools for the automotive sector. Dealerships using Heycar must move their listings to other platforms or their own sites. 

It’s not summer yet but we can feel the gravitational pull as people start thinking about holidays and a long break in nice weather. 

Which is even more reason why you should use the time you have now to plan for these important next few months – especially if you’re already juggling with sub-optimal financial circumstances.

This is why we offer a free initial consultation to any director or small business owner who’d like some impartial, expert advice on how they can improve and bolster their business in the coming weeks and months. 

Whether you’re eyeing expansion, consolidation or even survival – we’ll be able to help. 

The sooner you get in touch, generally the more options you’ll have and time to implement them so take some time to refresh then get in touch and we’ll work with you to make 2025 a historic year – for the right reasons.