What's happened this week in the world of insolvency and administration?

The news is still wall-to-wall coverage of the coronavirus pandemic and lockdown so you may be forgiven for thinking that the rest of life is on hold too.

 

If you’re running a business then you know that’s not strictly the case and the country’s economic life is continuing although at a drastically reduced pace and volume than before. 

 

We’ll keep bringing you all the business and insolvency news stories you might have missed – right here every week. 


This week’s round up of all the administration news

Animal

 

 

 

 

 

 

 

Surfing suppliers suffers wipe out

 

Animal, the Poole-based surfing wear and accessories company has announced it intends to close its 29 stores and cease business entirely by next year.

This also means that it’s existing stockists including Debenhams and John Lewis will not be resupplied.

Their parent company H Young holdings said that the business was losing money and all attempts to save and sell the business had proved unsuccessful.

A spokesperson said: “As a result of the extremely challenging retail market which has now further worsened due to Covid-19, we will be closing Animal by the end of January 2021.

“This will obviously be a very sad announcement for all Animal’s hardworking employees and its loyal customers. We would like to thank everyone for all their support over these many years.

 

Pain spreads to bakeries

 

Belgian themed bakery chain Le Pain Quotidien is set to appoint administrators in the near future putting its 26 UK sites and over 500 jobs at risk .

The business will remain up for sale until the last possible moment but if no buyer can be found, and it is even more difficult under the current circumstances, then administration will be the favoured option. 

 

Cath Kidston closes all UK stores, moves online only

 

As we’ve previously written, clothes designer and retailer Cath Kidston went into administration earlier this week .

The brand was bought out from the administrators by its owning group Baring Private Equity Asia (BPEA) which has held a stake in them since 2014. 

They purchased the online business, brand and wholesale arm to continue as a 100% online only brand. 

This means that it’s 60 physical UK stores will close with the loss of 900 jobs. 

CEO Melinda Paraie said: “While we are pleased that the future of Cath Kidston has been secured, this is obviously an extremely difficult day as we say goodbye to many colleagues. 

“Despite our very best efforts, against the backdrop of Covid-19, we were unable to secure a solvent sale of the business which would have allowed us to avoid administration and carry on trading in our current form.

“I would like to thank all our employees for their hard work, loyalty and patience over the last few weeks as we worked through this process.”

 

Last orders for Beales Gourmet

 

The coronavirus pandemic outbreak and lockdown has been particularly devastating for the outdoor catering industry. 

Beales Gourmet, who host weddings and corporate events at such high-profile venues as Lulworth Castle, Highcliffe Castle, Sopley Mill and Sunninghill House have entered administration this week. 

The company has seen it’s 250 event Summer schedule wiped-out but was able to place it’s 14 full-time staff on furlough while buyers are sought. 

Administrators are looking to sell the company either wholly or in part and acknowledged that: “It’s unfortunate that due to the current unprecedented crisis and restrictions around social gathering, have had a negative impact on what was otherwise a highly successful and reputable business.”

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It’s the fourth week of the lockdown and while businesses are understandably getting anxious about being able to reopen, until the all-clear comes not much is going to change in the near future. 

 

That includes the quality content and articles you can get right here.

 

We’re open all hours and ready to speak with you virtually about how your company is managing and to help plan what you need to do in the near and further future – so when you do reopen your doors again, you can do it with a bang. 

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