A Scottish rocket firm stalls on the launchpad and luxury London chocolatiers are sold out of administration this week
It might not seem like it but we’re already 15% of the way through 2026 already.
And hopefully you haven’t given up reading about interesting and important business and insolvency news stories for Lent – because we’ve got you covered!
So if you want to know more about why a CIFAS marker could destroy your business if ignored; the corporate insolvency figures for January rose (but not by much); why Scottish insolvency figures collapsed in the same month (as we predicted); how a new UK sanctions list could put the spotlight firmly on directors and how to best protect the crown jewels (intellectual property) of your business – you can read all these stories and more right here at our advice centre.
Orbex
A Scottish based orbital launch service company and space rocket manufacturer has filed a notice of intention to appoint administrators following funding difficulties.
Orbex is based in Forres in Scotland and failed to find new investment in their latest funding round followed by unsuccessful merger negotiations.
Despite backing from the UK Space Agency, the Scottish National Investment Bank and various venture capital firms, the company was unable to bridge the “scale-up” funding gap inherent in the capital-intensive aerospace sector.
Phil Chambers, CEO of Orbex, said: “Disappointing doesn’t come close to describing how we feel about this moment. We’ve been successfully developing a sustainable, world-class sovereign space launch capability for the UK and were on the cusp of our first test flights later this year.
“It’s no secret that designing and building space rockets to enable a launch service is a capital-intensive, highly advanced process with a long development cycle that creates a “scale-up” funding gap. Institutional support is crucial to bridge this gap and we’ve worked tirelessly to try to find both funding or rescue solutions.
“What is most disappointing is that we’ve brought hundreds of skilled jobs to Scotland; we’ve been at the vanguard of the UK’s space ambitions and we’ve led the way in driving good news about the UK’s space sector.”
The company and its 150 employees will continue trading in the short term as administrators look to secure the best deal for creditors.
Afford Rent-A-Car
A 45-year old vehicle rental business based in Staffordshire has gone into administration and ceased trading with the loss of 35 positions.
Afford Rent-a-Car had two offices in Fenton and Stafford but in recent years the company sustained financial pressure arising from rising operating costs – particularly insurance premiums, vehicle leasing costs, repair and maintenance expenses along with a declining appetite for vehicle rentals.
The directors had been engaged in negotiations to sell the business as a going concern prior to the appointment of administrators but a transaction could not be concluded to complete a going-concern sale within the available timeframe.
A statement from the business said: “Afford Rent-a-Car was a longstanding and respected local employer with deep roots in the community. The directors made significant efforts to secure a sale of the business prior to the appointment of administrators but unfortunately the financial position and time constraints limited the available options.”
Administrators confirmed that the company’s assets had been sold to an undisclosed third party.
Coastal Workboats Scotland
A Scottish shipbuilding firm on the Isle of Lewis has closed with the loss of five positions.
Coastal Workboats Scotland Ltd brought shipbuilding back to Stornoway for the first time in a century in 2023, signing a ten-year lease agreement with the Stornoway Port Authority to relocate from England after receiving £6.2 million backing from the UK government to build the UK’s first fully electric inter-island workboat supported by a shore-powered storage station.
Directors admitted that the company suffered financial challenges through the last year, in part due to design issues and supply chain delays.
These issues are said to have impacted progress on vessel build timescales and placed “considerable pressure on the company’s cashflow”.
Onespace Group
A Cheshire-based construction firm that has completed more than 500 projects across the UK has gone into administration.
OneSpace Group were based in Knutsford from their foundation in 2023 and also had an office in Northwich and specialised in interior fit-out and relocation services. They employed 30 members of staff.
The company had carried out an extensive range of prestigious design and build projects for several prominent clients across the country.
They had recently fully refurbished and fitted out the existing players lounge at Liverpool FC along with the Consumer Centre in the city. They also worked on The Innovation Centre in Oxford; a new London HQ for Dalkia and completed a full refurbishment of a four story office for APH in Manchester.
The company had worked with clients to transform work spaces in the life science, industrial, leisure, hospitality and veterinary health sectors.
Overtone Brewing Co
An independent Scottish brewery has gone into administration and ceased trading this week.
Overtone Brewing Co entered the Scottish craft beer market in 2018 in Yoker, west Glasgow.
They focused on producing high-quality, experimental beer styles. They were known for their distinctive cans featuring colourful abstract pattern designs.
Their range included IPAs, pale ales and stouts and frequently appeared in specialised independent and curated bottle shops in Glasgow and elsewhere in Scotland.
Bowdens
A historic Kilt hire store in Edinburgh that has operated at the same premises for 110 years is going into voluntary liquidation.
Bowdens claim to be Scotland’s oldest independent hire company specialising in highland wear, formal wear and evening wear.
Owner David Hughes cited the impact of Covid which saw work functions dwindling as office life changed, along with new rates, rising bills and parking charges in the area as issues for the business.
He said: “Since Covid a lot of functions have disappeared. Corporate events and that kind of thing are all gone. The way people work is different.
“In the winter time when weddings aren’t as popular, those events would keep us going. We had them tiding us over, but it’s not there now.”
Gilks
An electrical and mechanical engineering company based in Cheshire and Anglesey has gone into liquidation with the loss of 105 jobs.
Gilks are headquartered in Nantwich but had a base on Anglesey with contracts supplying the Ministry of Defence at RAF Valley, Anglesey Council and Cyngor Gwynedd among their main clients.
A statement from administrators said: “The company operated within a sector that has faced increasing cost pressures and challenging market conditions in recent years.
“This follows a period of facing financial pressures and wider sector challenges which have impacted trading. Despite exhaustive efforts by the directors to secure investment and explore all available options, including alternative funding and restructuring routes, it wasn’t possible to achieve a viable solution for the business.”
“Regrettably, despite exploring all options, it wasn’t possible to secure a viable future for the business. Our immediate priority is to support employees with their redundancy claims and to ensure an orderly wind down of the company’s affairs
“As a result the company has ceased trading and all staff have been made redundant.”
Beauty Bay Ltd
An online cosmetics retailer based in Greater Manchester has filed a notice of intention to appoint administrators to “protect the position of the business as we strive to find a way forward.”
Beauty Bay was founded in 1999 by Arron and David Gabbie in Salford.
A spokesperson for Beauty Bay said: “Like many other companies operating across the retail space, we’ve been battling hard in the face of strong headwinds over the past 12 months.
“Cost inflation and fragile consumer confidence have had a heavy impact on consumer spending. Over recent weeks, we’ve been working closely with our stakeholders to find a path forward, including exploring options for sale and investment, with the aim of putting in place a stable financial platform upon which we can continue to build.
“While we continue to explore the options available to us, we’ve taken steps to protect the position of the business as we strive to find a way forward.”
Marasu’s Petit Fours
A prestigious chocolate brand has announced that it is being purchased in a pre-pack administration deal.
Marasu’s Petit Fours was founded in 1987 by patissiers Rolf Kern and Gabi Kohler before being acquired by the Prestat Group in 2006.
It has since established itself as London’s largest producer of premium chocolates, supplying Prestat’s own store, Selfridges, Harrods, Fortnum & Mason and Pret a Manger.
Prestat held two Royal Warrants and was named as one of the top three chocolate shops in the world.
A pre-pack deal will see the parent Prestat company sold to L’Artisan du Chocolat, which is owned by Polus Capital Management. The agreement will see Prestat continue as an online-only brand.
The developments come after the chocolate industry struggled with global cocoa prices surging to record highs in 2024 as cocoa crops were hit by disease and extreme weather.
O&H Vehicle Conversions
An East Yorkshire emergency vehicle manufacturer has gone into administration and ceased trading with the loss of 164 positions.
O&H Vehicle Conversions had been building ambulances and other emergency vehicles in Goole since 1988, completing 227 NHS Emergency Double Crewed Ambulances in 2025 alone.
The business continued to trade and searched for new investment but after a solvent going concern sale was not possible, the decision was made to cease all operations.
A statement from administrators said: “The company had faced financial pressures affecting the wider vehicle conversion industry and had recently suffered from delivery delays which further impacted income and cashflow.
“It’s always a sad day when a longstanding business is forced to close. Given the financial position and outlook for the company, securing a sale of the business as a going concern was not possible.”
The Lunar New Year begins and hopefully you’re able to harness the energy of the Fire Horse to power your business to great success in the rest of 2026.
But if you’re feeling like an also-ran, don’t worry – there’s still more than enough time to make this year a memorable one for all the right reasons.
Get in touch with us to arrange a free initial consultation at a convenient time for you.
Once you talk to one of our advisors about your plans and ambitions then they’ll be able to help you come up with a realistic plan to achieve it or let you know about other options you have that you might not have considered.
The sooner you contact us, the sooner we can begin to work together and make your plans a reality – sooner.