Claire’s & The Original Factory Shop back in administration this week – what else has happened?
We’ve finally reached the end of what appears to be the longest month in human history.
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Claire’s & The Original Factory Shop
The accessories retailer has gone into administration four months after they were purchased out of administration by Modella Capital.
The owners confirmed the decision and reiterated that “the company is continuing to trade during this period.”
Claire’s currently has 156 stores in the UK and employs over 1,000 members of staff.
Directors unofficially said that a combination of government policy – with an increased tax burden placed on the retail industry – and demands from landlords to take back swathes of Claire’s shops had rendered the future of the chain unviable.
It was also confirmed that administrators were appointed to The Original Factory Shop on Wednesday. Originally founded in 1969, the homewear store has 137 outlets across the UK and employs 1,180 staff. All stores will continue to trade while they assess options.
Gold Crest Holidays
A travel firm based in West Yorkshire has ceased trading with immediate effect and gone into voluntary liquidation.
Gold Crest Holidays, which also operated under the names Advent, Advent Tours and Overseas Dream Weddings is a family-run coach tour operator which specialised in trips to Disneyland Paris, European city breaks and sporting events.
The company issued a statement which read: “After more than 30 years of creating unforgettable holidays, we are deeply saddened to announce that Gold Crest Holidays has ceased trading with immediate effect and has taken steps to enter voluntary liquidation.
“This difficult decision follows the severe impact of the Covid-19 pandemic, strategic changes in key partner arrangements that adversely affected our business and a challenging trading environment with significantly rising costs.
“We’re immensely grateful to our loyal customers, travel agents, supplied and dedicated staff for your support over the years. We are truly sorry we can no longer continue.”
Joanie Ltd
A Yorkshire-based fashion brand known for its distinctive womens wear collections has ceased trading and appointed administrators.
Joanie was founded in Skipton in 2016 and built a loyal customer base built on strong ethical values.
However, the business faced sustained financial challenges in recent years arising from a combination of Brexit-related disruption, the impact of Covid-19, ongoing economic uncertainty and increased barriers to international trade. This prolonged period of difficult trading conditions ultimately proved insurmountable with all 13 employees being made redundant as a result.
Revel Collection
The hospitality business behind the Revolution, Revolucion de Cuba and Peach Pubs brands has appointed administrators who completed two sale transactions for the business and assets of the group to two new owners. The transactions secured the continuation of 20 Revolution, Revolucion de Cuba and Founders & Co Bars along with 21 Peach Pubs.
An additional 14 Revolution, six Revolucion de Cuba and one Peach site did not form part of the transactions and will close with immediate effect with the loss of 591 positions.
The Revel Collective PLC said the move follows discussions with its secured lenders and applies to the company and its subsidiaries.
The business has been actively pursuing a formal sale process since October to identify a buyer. Discussions are said to be advanced but since the transactions being contemplated aren’t expected to provide any return to shareholders, the Revel board has resolved to take the action to protect creditors.
A statement issued from the business said it would continue to trade and the company will continue to work alongside advisers in order to “preserve as much value as possible for all stakeholders”. They also confirmed that their ordinary shares on the Alternative Investment Market (AIM) remain suspended.
The company emerged from a previous restructuring in August 2024 when it closed 15 unprofitable bars.
Alpkit
A specialist outdoor retailer has announced it is going into administration.
Alpkit were founded in 2004 and began as a direct-to-consumer website offering outdoor kits at genuinely reasonable prices. More recently they expanded into physical retail with 10 stores around the UK and also entered the cycling space with a range of bikes under the Sonder brand.
Chief Executive David Hanney wrote to shareholders to confirm the news saying: “I am sharing some extremely difficult news and the hard choices we must take to ensure Alpkit continues.
“We’ve faced some incredible challenges over the last three years – rapid cost inflation, challenging market environment and new trade barriers coupled with the rising weight of interest rates and recovery loan repayments.
“While we have made huge progress and came incredibly close to a successful turnaround, the board recognises that these pressures have created an insurmountable mountain for us to climb as we currently stand. The application to enter administration means that the value of shares held by shareholders, including those who invested as part of two major crowdfunding campaigns, will be lost.”
He confirmed that the company was “in advanced talks with a new owner and investment partner” with more news expected soon. He also reiterated “Every shareholder who joined us through either of our crowdfunding campaigns will be given shares in the new company. This is not just a commitment from the team here; it demonstrates how well-aligned our new investor is with each and every one of you. You invested in us and although that original business is lost, we want you with us with a stake in our future.”
Pedal & Post
A pioneering Oxford based bicycle courier business has closed after 14 years of operation through voluntary liquidation.
Pedal & Post blamed the decision on losing a major client and confirmed that both their Oxford and London locations have closed with 60 positions being made redundant.
CEO Christopher Benton said: “Our closure isn’t a reflection on cargo bike use or logistics. With simple, small businesses that are reliant on five to six major clients, it happens sometimes that you lose one and can’t sustain moving forward.
“The support for the business, its team and our mission has been overwhelming since the news and it’s a real blow to everyone.
“While this chapter has come to a close, we firmly believe this is not the end for cargo bike logistics. The landscape today looks very different to when we started, with major carriers now investing in low-carbon, bike-based, urban delivery models and the bikes themselves being worlds apart from when we started as early adopters. We’re proud to have been part of that shift and to have helped pave the way.”
Pedal & Post were one of the early pioneers of UK green logistics. The company took part in Oxford City Council’s first cargo bike trial scheme, partnered with national parcel delivery giants such as Evri and launched a “local Oxford supermarket” during the Covid-19 pandemic to deliver groceries from local businesses to residents.
Toye, Kenning & Spencer
The future of a luxury insignia, regalia and jewellery business that dates back to the 17th century and holds a Royal Warrant has been secured in a pre-pack administration deal that also safeguards 65 positions.
Toye, Kenning & Spencer has been creating identity products for the civil and military markets since 1685 when they were founded by Guillaume Henri Toye. They operate two manufacturing sites – a metals operation in Birmingham and a textile facility in Bedworth.
Since the onset of the Covid-19 pandemic, the business has faced challenges balancing recovery with continued investment in its operations and, as a result, entered into a Company Voluntary Arrangement (CVA) in 2024.
But subsequent inflationary pressure and increased shipping and energy costs rendered the CVA unsustainable, resulting in administration and a pre-pack sale, which saw the company acquired by two sons of the Toye family.
Managing Director Charles Toye said: “This business has been part of our family and region for generations. Being able to continue that legacy, while protecting our people, their skills and our reputation for quality, means a great deal to us.
“By preserving the business as a going concern, we’ve protected jobs and skills, maintained a historic brand and achieved a better overall result for creditors.”
With February arriving this weekend, we’re already 8% through the year already.
Which shows that no matter how your business is doing – time continues apace and there is still plenty of it to make this year a great one.
It’s also a great time to get in touch with us to arrange a free initial consultation.
Once we find out your plans and ambitions for your business, we’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.