Welcome to your first business & insolvency news round-up of 2026
We hope you had a nice break over the past few weeks and have started the new year in a positive spirit and can enjoy catching up on all the important and interesting stories you might have missed in the past couple of weeks.
So if you want to know what business owners need to know about financial changes happening in 2026 and why Insolvency legend Kevin Pinkerton chose to join BusinessRescueExpert – you can read all these stories and more at our advice centre page.
Claire’s/The Original Factory Shop
Two major UK high street retailers owned by the same company have filed notice of intention to appoint administrators putting over 2,500 positions at risk of redundancy.
Claire’s and The Original Factory Shop were both purchased by investment firm Modella Capital last year but said they had made the “tough decision” to begin insolvency proceedings after “last-ditch” measures had fallen through.
Claire’s has 154 locations employing 1,355 staff while The Original Factory Shop has 140 locations and employs 1,220 staff.
A statement from Modella Capital said: “We have worked intensively in an effort to save both businesses, having made last-ditch attempts to rescue them but neither has a realistic possibility of trading profitably again.
“In these circumstances, administration is the only option. In both cases, the legacy effects of trading prior to our ownership left them highly vulnerable. The climate on the high street remains extremely challenging.
“A combination of very weak consumer confidence and continued cost inflation is causing many established and much-loved businesses to suffer badly. It’s a simple fact that if retailers can’t make money, they risk having to close and jobs across the country are lost.”
Modella bought more than 150 Claire’s shops last year but 145 weren’t included in the deal leading to their immediate closure. They also purchased WH Smiths last year along with Hobbycraft in 2024.
Sixes
A chain of cricket-based bars which includes England captain Ben Stokes among their investors has gone into administration.
Sixes operated 16 cricket-themed venues across England but has met challenging recent trading conditions.
Their Southampton venue has closed with immediate effect but all other venues will continue to operate as normal while administrators look for options including whole or part sale of the business.
Sixes was founded in 2020 by Calum Mackinnon and Andy Waugh who also run a venue in the West Indies. The business secured additional funding in 2023 from a group which includes Stokes along with other internationals Jofra Archer and Stuart Broad.
A statement said: “Sixes has built a strong brand in the social entertainment space with its unique venues proving very popular with customers. While some locations have struggled in an increasingly competitive market, the business has significant potential and we’re encouraged by the early interest we’ve received from parties interested in acquiring the brand and its strongest-performing sites.
“We’re confident that with the right investment and focus, Sixes can build on its core strengths.”
LK Bennett
An upmarket fashion brand beloved by celebrities and the Duchess of Edinburgh is going into administration for the second time in six years.
LK Bennett has filed a notice of intention to appoint administrators at the High Court.
The company was bought by Chinese investors in 2019 after going into administration. The company employs 280 staff across nine UK stores and an additional 13 concessions in the UK, Ireland and Jersey.
Auditors have indicated that there was “material uncertainty related to going concern” as it was reported that the group had breached agreements with lenders. There is another deadline on January 31st 2026 which could see covenants being breached again with no formal waiver being obtained.
Leaseco 23
A property company that owns dozens of commercial units in Leeds has gone into administration.
Leaseco 23, formerly known as Leeds Dock Limited, owns the leasehold for 24 ground-floor commercial units at Leeds Dock, the city’s tech, media and creative hub.
A statement from administrators said: “Leeds Dock has grown to become one of Leeds’ most vibrant leisure, commercial and residential districts.
“Over the coming weeks and months, there will be a continuity in the operation and management of the numerous commercial units while options are assessed to bring the assets to market”
Acetech Metals
A metals recycler based in Scunthorpe has gone into voluntary liquidation.
Acetech metals was founded in 1998 and processed ferrous metals and aluminium for domestic reuse and export market before closing after facing mounting financial pressure.
The company’s operations covered a broad range of processing activities including magnetic separation, mobile and static shearing, shredding, bailing and downstream handling. They also handled used beverage cans, tinplate and other ferrous material streams linked to Waste to Energy facilities.
An online auction is being held to dispose of their assets.
P&B Metal Components Ltd
A 60-year-old Sheffield based manufacturing business has gone into administration.
P&B Metal Components had built a reputation as a manufacturer of high-quality metal components, notably electromechanical precious metal contacts for critical applications.
They exported to clients in more than 30 countries in a range of sectors including automotive, renewables, HVAC, aerospace, railways and industrial controls.
The business also owns a standalone subsidiary in Malaysia which supplies similar components to customers across South East Asia.
The directors had been exploring options to secure fresh investment following a rephasing of orders from a major customer which placed significant financial pressure on the business. When a solvent solution couldn’t be found, steps were taken to appoint administrators.
While looking to sell the subsidiary, they are hoping to keep operating P&B as a going concern although they have made six redundancies from a staff of 54.
Reflex Vehicle Hire
A family-owned vehicle hire business in Loughborough has been purchased in a pre-pack administration deal, preserving the company and 46 positions.
Reflex Vehicle Hire is a B2B van rental specialist which provides light commercial vans, crew vans, executive cars and EV-ready options.
A statement from directors of the new company, Reflex Fleet Solutions, said: “The investment ensures the continuity of operations and safeguards a highly skilled and experienced workforce, whose deep sector knowledge and commitment to service have underpinned the business’s strong reputation.
“Reflex Fleet Solutions Limited benefits from a loyal and long-standing customer base, built on trusted relationships, service quality and technical expertise across the fleet and mobility market. A going-concern sale secured the continued employment of a loyal and skilled workforce.”
Even if 2026 hasn’t begun with fireworks for your business – there’s still plenty of time for it to catch fire and propel you to greater heights.
Get in touch with us to arrange a free initial chat with one of our advisors. Once they get a better idea of the circumstances you face along with your plans then they’ll be able to let you know what practical options you have to improve your situation – usually more than you thought.
The sooner you make contact, the sooner you can begin to move forward to the future you want this year.