GAME & Quiz going back in administration & big law firm unexpectedly closes
Welcome to a new month and the latest edition of our weekly insolvency and business news round-up.
All the important and interesting stories you might have missed from the past seven days.
So if you want to know if a Notice of Intention (NOI) is breathing space or a binding commitment; why administration is better than liquidation for creditor returns; if HMRC can tax outstanding Directors’ Loan Accounts and how your accountant could be the key to supercharging your success in 2026 – you can read all these stories and more right here at our advice centre.
GAME
One of the UK’s largest gaming retailers has confirmed it is going into administration and closing the remainder of its stand-alone UK stores.
GAME was founded in 1990 but taken over by Frasers Group in 2019 who then opened a series of concessions within Sports Direct and House of Fraser stores and closed the majority of its 300 stores at the time, allowing the leases on the rest to run down. Now the remaining three will close.
Managing Director Nick Arran will also leave his position.
The business will continue to operate concessions and have an online presence concentrating on collector’s editions of games and pre-order bonuses.
Solfest
The company behind Solfest, a family music and arts festival which has been taking place in Cumbria for more than 20 years has gone into voluntary liquidation.
A statement issued by the company said: “The decision follows a series of significant challenges, many of which were outside the control of the festival team.
“These included dreadful weather in 2024 leading to cancelled performances and reduced attendance figures and wider pressures facing the live events industry including rising infrastructure costs, production, staffing and safety costs alongside declining ticket sales linked to the ongoing cost-of-living crisis.
“Historical debts were significantly exacerbated by these setbacks placing the company under unsustainable financial pressure. We’d like to sincerely apologise to everyone affected by this decision, including ticket holders, artists, traders, suppliers, staff, volunteers and the local community. This has not been an easy decision and it is deeply regretted.”
Barry M
A prominent London cosmetics brand has filed a notice of intention to appoint administrators.
Barry M was founded in 1976 by Marry Mero at Ridley Road Market in East London, recognised for its bold colours and accessible pricing. His son Dean took over in 2014 after his death, focusing on ethical practices and vegan offerings.
The business employs over 100 staff at its manufacturing facility in Mill HIll and underwent a major rebrand last year. The initiative was aimed at appealing to younger consumers emphasising individuality and natural beauty.
Unfortunately, this fell short amid a deteriorating commercial landscape, escalating energy costs, raw material expenses and increasing labour costs.
LK Bennett
A clothing retailer is set to close its remaining nine standalone stores and 13 concessions across the UK after new owners confirmed they would trade for a maximum of three months before closing.
LK Bennett was acquired by investment firm Gordon Brothers last week in a deal which encompassed the brand and its intellectual property but not the shops. 89 employees work in these with an additional 56 workers employed at the head office.
A statement from the business said: “We’re pleased to conclude a deal which will preserve the LK Bennett brand and its heritage of craftsmanship and quality for which it has been historically renowned.
“Our intention is to continue to trade the remaining portfolio of stores and concession partners for a period of up to three months.”
Quiz
Glasgow based fast-fashion chain Quiz has filed a notice of intention to appoint administrators blaming higher costs and weaker trading.
The company has 40 UK stores and employs over 1,000 people but directors say they are continuing to look at a range of options including “new financing and possible store closures, to secure the future of the brand.
“We have taken the decision to file a Notice of Intention in order to provide us the time we need to explore all financing options. In the meantime, all our stores remain open with business as usual.”
This will be the third time Quiz has gone into administration in six years and the second time in less than a year.
Slzzp
A North East bed retailer has appointed administrators.
Slzzp was founded in 2019 by three former managers of the New Bridge Street Bedding Centre that went into liquidation after 30 years of operation.
Slzzp has stores in Newcastle, Sunderland and Gateshead that will remain open with a 50% off sale although the website has been taken down.
Alexander Cleghorn
A family manufacturing business based in the Midlands for over 60 years has gone into liquidation.
Alexander Cleghorn was headquartered in Tiptree and specialised in producing MDF, plywood and other laminated or veneered products. The business had been under financial pressure and undertook a company voluntary arrangement (CVA) in November 2024.
On December 3rd, 2025 it was found that the business failed to pass on the income tax and national insurance contributions deducted from employees’ wages to HMRC. This was found to be a third breach of the CVA which was deemed an “irrecoverable failure”.
Centre for Contemporary Arts
One of Scotland’s most famous arts venues is closing with immediate effect and all staff being made redundant.
The Centre for Contemporary Arts in Glasgow opened in 1992 and has hosted major artists over many years including Billy Connolly and Whoopi Goldberg.
It had received a year of funding from Creative Scotland as part of a three-year agreement but they issued a statement saying they were unable to make further payments as the CAA “is unable to demonstrate its ongoing viability and therefore cannot deliver the activity set out in its multi-year funding agreement.”
This follows on from several directors at the CCA resigning last year before a new chairperson, Muse Greenwood, was appointed in December before she stepped down a month later.
In a statement the board said it had been “unable to achieve a sustainable financial position” and was entering liquidation.
The CCA building was originally home to the Third Eye Centre which was established by the Scottish Art Council in the 1970s. It closed in 1991 with the CCA taking its place as a hub for the city’s art scene.
The venue has endured a turbulent several years, having been first forced to close in 2018 after a fire destroyed the nearby Glasgow School of Art.
Several of the businesses which rented out space inside the building never returned after it reopened. The centre’s popular cafe bar – the Saramago – closed permanently in 2023 which resulted in a financial hit.
The site was also taken over by the Art Workers for Palestine Scotland group in June which resulted in police being called to evict them. During the closure more businesses based at the CCA had to leave the venue.
LNC Property Development
A prominent care home specialist based in Chesterfield has gone into administration and ceased trading.
LNC Property Developments Ltd were based in Chesterfield and specialised in end-to-end delivery of new care homes across the UK. The firm was recognised for its sector-specific expertise in programme management, internal refurbishments and care home extensions.
The decision by directors followed a period of significant economic pressure including rapid cost inflation and high interest rates which has challenged the wider construction sector.
15 members of staff have been made redundant as a result.
PM Law
A legal group made-up of 20 firms in South Yorkshire, Berkshire and Cumbria has closed with immediate effect causing confusion for clients and the loss of over 500 hundred jobs this week.
PM Law was formed in 1990 and was comprised of PM Property Lawyers, Proddow Mackay, GN Law, Gaines & Wilkinson, John M Lewis & Co, Valerie Holmes Law, Angela Viney, DJ Mackey & Partners, Lexelle, OSOI Global, Barrett and Co, Wilsons Solicitors, Butterworths Solicitors and WB Pennine Solicitors.
A statement from the Solicitors Regulation Authority said that PM Law Limited had not closed “in the manner we would expect” and pledged to contact the partners to find out what was happening and “remind them of their professional obligations.”
Sarah Rapson, Chief Executive of the SRA, said: “The sudden announcement was troubling news and I fully sympathise with the clients of the firm.
“Many of those involved are buying or selling a house or dealing with personal injury claims. These matters can be stressful enough without the added complication of your solicitor’s firm closing during the process.
“While we cannot disclose information about an on-going investigation, we’re working quickly to gather all the relevant information and provide answers to those that have raised important questions about their on-going matters with the firm.
“Finally, we also recognise that this is a difficult time for the employees who have sadly lost their jobs this week.”
Point Blank
A popular Newcastle bar & electronic shooting range has closed with immediate effect and gone into voluntary liquidation.
Point Blank opened in Autumn 2020 in the city centre and offered “exceptional shooting realism using the most up-to-date technology”.
A statement from the company said: “It is with a heavy heart that we announce that Point Blank Newcastle has entered liquidation and all existing bookings at our venue are unfortunately cancelled with immediate effect.
“The situation arose entirely out of the blue and was beyond our control. Following our Manchester landlord entering administration, we lost our lease which created a severe knock-on effect for the rest of the business and left us with no alternative.”
Hopefully you’ve started 2026 strongly and will continue but if business hasn’t caught fire yet, don’t worry. There’s still plenty of time to make this year a great one.
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You can talk to one of our advisors about your plans and ambitions and 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.