Oil refinery goes into administration and a super model shuts her make-up brand down

We’re now more than halfway through 2025 so it’s a perfect time to take stock on where you and your business are compared to where you wanted to be at the start of the year. 

It’s also a good time to take a few moments to catch up on all the interesting and important insolvency and business news stories from the past seven days!

So if you want to know why business insolvencies have reached a 12-month high; what directors can do if they’re struggling with high business energy costs; why a Time To Pay arrangement could help businesses with HMRC arrears and how you can give your business a summer boost – you can read all these stories and more at our advice centre page.

United Fitness Brands

A group of London fitness studios and boutiques is going into voluntary liquidation.

United Fitness Brands was originally formed in 2021, during the pandemic which had decimated the health and fitness industry. UFB began opening more studios and diversifying their models and modalities, looking to merge with other boutiques to make a “supergroup” of boutique brands which could pool resources, share expertise and work collectively. 

Despite some growth over subsequent years and diversification, UFB closed a number of loss-making sites in January at short notice stating that it was “right-sizing” ahead of launching a five-year strategy that eventually lasted five months.

Dealing with higher living costs, consumers are also looking for value and there are many options available for their wellness spend, especially with recovery studios and social wellness clubs popping up across the capital. Additionally, many mid-range and low-cost operators have raised the bar on their experiences offering classes in lines with the boutiques but within the price of a monthly membership, forcing the boutiques to drop their prices. 

UFB also had significant debt owing more than £17 million in its latest published accounts from 2022. Despite investors injecting cash in 2023 and 2024, it has not been possible for the business to return to profitability.

Sole director Hilary Rowland confirmed that a Creditors Voluntary Liquidation was in process with some interest in the businesses assets. 

Lindsey Oil Refinery

State Oil, the owners of the Lindsey oil refinery in Lincolnshire, have gone into administration putting the future of the facility and 200 petrol stations under the Prax Group brand in jeopardy.  

State Oil Ltd employs 180 people with 440 employed at the Prax Lindsey Refinery and hundreds more across the country. 

The Lindsey Refinery on the Humber Estuary provides about 10% of Britain’s oil capacity with an annual production of 5.4 million tonnes, processing more than 20 different types of crude oil including petrol, diesel, bitumen, fuel oil and aviation fuels. 

Some of the company’s assets including the petrol stations and oilfields are not in administration themselves but will come under the insolvency practitioners decisions about their future.

The High Court has appointed the official receiver as the liquidator to ensure the continued safe operation of the site with other administrators assisting them. Employees remain in place and continue to be paid.

Energy Secretary Ed Miliband is writing to the Insolvency Service to demand “an immediate investigation into the conduct of the directors and the circumstances surrounding the insolvency.”

Energy Minister Michael Shanks said the firm’s collapse was “deeply concerning” and said the company had left the Government with “little time to act”.

He said: “There have been longstanding issues with this company and workers have been badly let down.

“The Government will ensure supplies are maintained, protect our energy security, and do everything we can to support workers and the local community, including engaging with trade unions and industry bodies.”

He added: “The Government believes that the business’s leadership have a responsibility to the workers and the local community.

“We call on them to do the right thing and support the workers through this difficult period.”

Celtic Holiday Park

One of Wales’ most renowned holiday park operators has gone into administration. 

Celtic Holiday Parks own several high-end destinations across South Pembrokeshire. 

In a statement, the company will continue to run its operations during this period without interruption while searching for a new owner or other solutions. 

The statement says that the administrators will operate the Noble Court Holiday Park in Narberth and Meadow House Holiday Park in Amroth as well as a partnership park at Croft Country Park while a buyer is sought. 

All bookings will be honoured by administrators unless customers are contacted and advised otherwise. 

Established in 2023, Celtic Holiday Parks have expanded during the subsequent 20 years to offer static caravans, luxury lodges and glamping pods as well as touring and camping pitches.

Prohire

An established commercial vehicle contract hire and fleet management business based in the Midlands has filed a Notice of Intent (NOI) to appoint administrators. 

Prohire Limited was formed in 1997 and provided commercial vehicle rental, contract hire, fleet maintenance and accident management services from a fleet including refrigerated trucks and HGVs needed by national and regional logistics firms. 

Rising interest rates, inflation and the increasing costs of acquiring and maintaining commercial vehicles have hit the sector hard and Prohire specifically have been further impacted by slow payments from distressed clients and volatile asset values in the used vehicle markets.

Additionally prolonged delivery timelines, uncertain residual values for leased vehicles, changing tax treatment for leased assets and emissions-based incentives and surging repair and maintenance costs due to labour shortages and parts delays are affecting the sector as a whole. 

With ongoing pressures such as severely reduced operating margins, firms in the frozen food distribution and even logistics sectors are heavily exposed.

The future of 80 positions are in doubt as a result. 

PLM Global

A Nottingham computer hardware company has gone into administration and ceased trading with immediate effect. 

PLM Global specialised in the supply, repair and maintenance of hand-held data capture devices, mobile print and EPoS hardware. 

Unfortunately due to a decline in trade, the business was unable to pay its debts when they fell due so the Managing Director ceased to trade the business and called in administrators with all positions being made redundant.

Bishopstrow College/Padworth College

An international boarding school in Warminster, Wiltshire and a college near Reading has closed mid-term with immediate effect as its owners have gone into administration. 

Inspiring Futures Education and International Future Education are the owners who made the decision after being unable to find a buyer so Bishopstrow College and Padworth College will close. 

In a letter sent to all staff they said that the reasons behind the closures include the “ongoing challenging market environment” created by the imposition of VAT on independent schools.

Despite initial interest from several buyers who “recognised the strength of our programmes and our reputation”, none “had the confidence to proceed given the challenging market conditions”. 

As a result the student enrollment was no longer sufficient to continue. 

The board confirmed that the school’s chief creditor, a bank that had been supportive of the school for many months, indicated that it was no longer prepared to provide the cashflow required to cover the costs for the remainder of the school’s academic year.

CosMoss

A skin-care and wellness product line launched by Kate Moss is going into voluntary liquidation. 

CosMoss was launched by the supermodel in 2022 and promoted its holistic wellness message and initial good reviews from the beauty industry and customers.

Sadly, sales didn’t take off or rise to cover essential costs so the business is closing owing unsecured creditors approximately £3 million. 

Homeslice

A London-based pizza group which has been in administration since December last year is preparing a CVA for its creditors to hopefully approve and “rescue the company as a going concern”. 

Administrators for Homeslice said: “It is envisaged that the CVA will provide for a better return to creditors than the ongoing administration. 

“If the CVA is not approved the administration will not allow for a distribution to any class of unsecured creditor.”

Founded in 2013 by Mark and Alan Wogan, sons of legendary broadcaster Terry, Homeslice opened its first restaurant in 2013 and operated three sites in London until earlier this year.  

One in Marylebone closed but two in Covent Garden and the City of London continue to trade.

AMLo

A Newcastle life sciences company has gone into administration and ceased trading after fresh investment for their work failed to materialise. 

AMLo Biosciences was launched as a spinoff from Newcastle University six years ago on the back of a pioneering early-stage skin cancer test. The company had developed a diagnostic test which allowed clinicians to ascertain whether early-stage melanomas are at low-rise of progression. 

The company had gained a UKCA mark which allowed their kit to be used throughout the UK public and private healthcare systems and was also operating in the US. 

Unfortunately the company had recently hit investment issues and were seeking new capital to help them expand but they were unsuccessful so the business closed as a result with the loss of 11 positions. 

Directors confirmed that “although there was tangible interest, no deal could be concluded quickly. Consequently the directors resolved that it would be in the best interests of the company and its creditors for directors to place the company into administration while negotiations continued with interested parties.”

Although we’re now officially in the second half of the year, there is still plenty of time for you to make any changes you feel are needed to reach your goals in 2025. 

Get in touch with us today and chat to one of our advisors about what options you have on the table – it’s usually more than you might realise.

The sooner you make contact, the sooner you can begin to make the rest of the year a memorable one for you and your business.