All the top headlines from July 21st to 28th
We’re technically still in summer and we’re technically in a growing economy but many business owners are just not feeling it on either count!
It’s definitely the holiday season though and a lot of people are taking advantage of the downtime to go away on holiday or get some free time at home instead.
So if you’ve got some downtime while you’re seeking out the shade then you can use it to catch up on all the important and interesting business and insolvency news stories from the previous seven days here.
You can also find out why CVAs are coming back strongly, why company dissolutions are at their highest level in over a decade and why UK manufacturing is facing an uncertain rest of 2023.
Find out what else has happened this week right here!
AMTE Batteries
The UK’s only homegrown battery cell maker is going into administration.
AMTE Power has announced an intention to appoint an administrator after failing to secure fresh additional funds for the business.
A statement from the company warned that “while active discussions continue with existing and potential investors, there can be no certainty of the outcome of these discussions, in which case putting the company into administration is ever more likely.
The business is currently listed on the AIM market of the London Stock Exchange and would see shares suspended if it entered administration.
AMTE Power specialises in lithium-ion and sodium-ion cells used in high performance electric vehicle batteries and long-duration energy storage.
Julien Macdonald
The self-titled label owned by fashion designer and entrepreneur Julien Macdonald has gone into liquidation.
Founded in 1997, the business fell into trouble during the Covid-19 pandemic which affected all aspects of the retail sector. The business also lost a significant proportion of revenue following the collapse of Debenhams in 2020 and no employees or existing contracts could be saved.
A statement from the directors said: “Cash flow had been severely impacted due to the loss and under performance of several key contracts. The cash flow issues were compounded by general inflationary costs, which impacted on all aspects of the business.”
Macdonald has designed dresses for Jennifer Lopez, Kylie Minogue, Kim Kardashian and Beyonce and appeared as a contestant on Strictly Come Dancing.
Makehappen
A Leeds based broadband infrastructure installation business has ceased trading and appointed administrators with 165 posts being made redundant.
The company installed fibre optics for clients throughout the UK although recently experienced significant pressure on cash flow after a number of contracts were withdrawn by customers.
As a result the company was unable to continue trading and service its liabilities as they fell due so after considering all options, the directors sought the appointment of administrators to wind up the business.
So whether the summer period is the busiest of the year for you or if you can take some time off – it’s also the perfect time to start planning what the rest of 2023 and beyond will look like for your company.
You can begin the process by getting in touch with us to arrange a free initial consultation.
Depending on what your plans are, our advisors will look at where your company is now and what choices you have available to you to help achieve them.
The most important step is the first one so make your appointment today, while the sun is meant to be shining!