A London newspaper folds and several festivals are cancelled as the promoter goes into administration.
As we approach the last Bank Holiday weekend of the year, we hope you’ve managed to get some rest and relaxation in, ahead of a busy end of the year.
Hopefully you can use a few minutes of it to catch up on all the important and interesting business & insolvency news stories you might have missed from the past week.
So if you want to know why corporate insolvencies held steady last month; why CCJs against businesses have increased annually once again; five things directors need to know about Members’ Voluntary Liquidations (MVLs); how to avoid making an overdrawn Directors’ Loan Account (DLA) an anchor and how you can still give your business a summer boost – you can read all these stories and more at our advice centre page.
EDC
Three connected debt collection companies based in Sunderland have been shut down by The Insolvency Service after keeping more than £50,000 in client funds they collected on their behalf.
EDC Group NE Ltd, UK EDC Ltd and UK TCF Limited falsely presented themselves as professional agencies, taking money from both clients and their debtors. They targeted small businesses through unsolicited phone calls, using misleading information to convince them to sign contracts for debt collection services.
Victims reported paying instruction fees and then being unable to contact the companies despite assurances that collected funds would be safeguarded. At least £54,847 in funds was collected and retained by the companies without being passed back to their clients.
The companies were wound-up at the High Court after failing to provide any accounting or financial records to the Insolvency Service. The registered company director failed to co-operate throughout the investigation, ignoring all attempts by investigators to locate and communicate with the companies and those in control of them.
The Official Receiver has been appointed as liquidator.
David Hope, Chief Investigator at the Insolvency Service, said: “These companies systematically deceived their clients by presenting themselves as professional debt collection agencies when they were nothing more than operations designed to take money from clients.
“The victims trusted these companies to collect debts on their behalf but instead found themselves unable to contact anyone after paying upfront fees, while money that was collected was kept by the companies.
“We will continue to take robust action against those who prey on both creditors seeking legitimate debt recovery services and debtors who believe they’re making payments to settle their obligations.”
Humber Services Limited
A Yorkshire logistics business specialising in furniture retailer deliveries has gone into administration and ceased trading following a dispute with a major customer.
Humber Services was founded in 2018 in Rotherham offering a “white gloves” logistics service across the UK and Europe.
Unfortunately, the business experienced cash-flow difficulties following a dispute with a major customer which resulted in a breakdown of the relationship, non-payment for services rendered and the receipt of significant counterclaims for non-performance.
Following creditor action, the company was at risk of liquidation and the secured creditor appointed administrators to gain control of the situation on a more urgent basis than liquidation which would have followed.
Administrators will now work to obtain the maximum value for remaining creditors.
Express Parcel Services
A Cheshire-based North West parcel delivery firm has appointed administrators and ceased trading with the loss of 30 positions that have been made redundant.
Express Parcel Services looked to find a buyer prior to the appointment of administrators for the business and assets but unfortunately none were identified as viable. They are now working with all stakeholders to achieve the best outcome for creditors including realising the vehicle fleet and leasehold property.
Trust Financial Planning
A financial planning company based in Leicester has gone into voluntary liquidation after the Financial Conduct Authority (FCA) found it had failed to meet the required regulatory Threshold Conditions.
Trust Financial Planning stopped regulated financial activity in March 2025 as a result and despite investigating alternatives to improve the financial position of the firm, directors reluctantly concluded that liquidation was necessary and unavoidable.
Liquidators will now be responsible for closing the company, addressing outstanding liabilities and managing any outstanding claims from creditors and shareholders.
Ashley Adams Worldchoice
A renowned East Yorkshire travel agency has gone into voluntary liquidation “with the heaviest of hearts” with owners citing the knock-on impacts of the Covid pandemic.
First established in Driffield in 1969, Ashley Adams Worldchoice specialised in group travel and sold coach tours and cruises.
Owner Steve Riley issued a statement saying: “As a small independent travel agent, the effects of the Covid-19 pandemic have been devastating. The restrictions on travel over the four-year period of uncertainty and cancellations created losses from which it has been incredibly difficult to recover.
“Recent government changes to wages, national insurance and pension contributions have put the final nail in the coffin.”
He said the business implemented cost-cutting measures and underwent a financial restructure in a bid to recover financially from the pandemic but this wasn’t enough to prevent it from closure.
He said: “The impact was simply too great. Bookings dropped dramatically during those years, and even as travel began to return, the financial gap created by that long pause left us struggling to stay afloat.
“Without question, this decision is the saddest moment of my life and the hardest thing I have ever had to do.
“For decades, this business has been my pride and joy – a place where dreams were built, holidays were planned and friendships were made. To close the doors and bring this chapter to an end has been utterly heartbreaking.”
Wannasee
Several UK music festivals including Sunderland’s Kubix Festival, have been cancelled after parent company Wannasee Ltd says it was unable to continue and has ceased trading blaming the difficult trading environment and a sudden collapse in customer confidence.
The Kubix Festival was due to see Shaggy, A1, Louise, Liberty X, Gareth Gates and Basshunter perform in Herrington Country Park.
A statement was issued saying: “We’re heartbroken to confirm that Kubix Festival will not be going ahead this year. Despite enormous efforts behind the scenes, recent developments have made it impossible to continue. We’re devastated – Wannasee has delivered nearly 100 independent festivals over the past 13 years.”
Wannasee also announced the cancellation of the Monument Festival in Sunderland, Wannasee Penrith, Wannasee South, Jukebox Sunderland, Jukebox Bingley, Sign of the Times, Stone Valley South, Stone Valley Midlands and Stone Valley North.
However, Lindisfarne Festival and Northern Kin will go ahead as planned.
City Matters
A free monthly newspaper in London has closed and gone into voluntary liquidation citing the rising costs of running a print business and declining print ad revenue as the main reasons.
City Matters launched in 2016 aiming to fill a local news gap for the City of London that, at the time, had no dedicated title.
Three members of staff have been made redundant including managing director Nick Chapman.
He said: “We managed to keep publishing for almost a decade despite facing a uniquely challenging backdrop: a tough advertising market, the uncertainty of Brexit, Covid lockdowns, recurring tube strikes and the rising costs of running a print business.
“Print costs, staffing costs and the bulk of revenues coming from the print newspaper rather than the website were also contributing factors.”
The title distributed 20,000 copies per week to 30 locations around the city every Thursday with readers focused on what “workers and residents spend their money on in the City”.
The Sleep Haven
A homeware retailer has gone into administration and will close its four sites in Warrington, Castleford, Oswaldtwistle and Reddish as part of the process with no immediate redundancies among the 13 employees.
The Sleep Haven opened two years ago and sold a range of mattresses, bed frames and headboards.
Directors identified many factors including the cost of living crisis for its struggles and customers having less cash to spend on mattresses and beds. Some sites were struggling and the unexpected death of one of the founding group a few weeks ago also destablised the company.
A statement said: “It’s a tragedy that a business created with such optimism and which had become well-established so quickly has failed to survive its start-up phase. We’ll continue a stock clearance campaign for as long as possible to raise money to repay creditors.”
Even though we’re nearly in Autumn, there’s still time 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.