All the important and interesting stories from July 7th to 13th
We’re into high summer and businesses all over the country are starting to feel the heat themselves.
After just experiencing the hottest week on record, keeping cool becomes an imperative for business owners and directors – literally and figuratively.
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.
In another data point in how the cost of living crisis is affecting British institutions, Majestic Bingo have announced that they are entering administration.
They operate eight clubs across England and Wales and employ 143 people in various positions.
The company has historically been profitable but was adversely impacted by lockdowns during the pandemic which caused significant reductions in footfall which haven’t recovered. Additionally their bingo hall in Spalding, Lincolnshire burned down due to an electrical fault and never reopened.
Directors also confirmed that the cost-of-living crisis and fall in disposable incomes has impacted the business negatively leading to cash flow challenges. The premises will remain open while a sale as a going concern is explored.
The company’s online bingo business continues to operate separately.
The owners of a popular holiday park in Northampton have gone into administration and no longer have operational control over the parks.
Royal Life Group trading as Billing Aquadrome Limited,wrote to the residents of the park declaring that administrators have legally taken over the day to day running of the facility.
They took over the business in October 2021 and planned to accommodate an additional 1,000 caravans onto the site.
A major Uk Cinema chain has gone into administration with the immediate closure of six multiplexes and 150 positions including Sunderland, Wigan and Walthamstow.
Empire Cinemas Clydebank location and six others remain open while a buyer is sought.
A statement from directors said the pandemic had a hugely negative effect as the chain was forcibly closed and visitor numbers have continued to dwindle since then.
Chief Executive Justin Ribbons said: “As we were mandated by the government to close down our entire chain for protracted periods in 2020 and 2021, we were left with a high fixed cost base and no income.
“The operating environment remains extremely challenging as it has been for any business to manage through without any long-term damage and having exhausted all other available options for the business, we firmly believe that this process can be a platform to restructure the business and preserve as many of our cinemas and the maximum number of jobs as possible.
Ideal World TV
A home shopping network has gone into administration and made the majority of its workforce redundant with immediate effect.
Ideal World was based in Peterborough and employed 275 staff at its studios but has been hit by weaker consumer spending habits from the pandemic onwards.
The channel broadcast over 18 hours of TV per day since its launch in 2000 and sold a wide variety of products across several TV platforms with shows hosted by the likes of former Dancing on Ice star Matt Evers.
Mr Evers issued a statement on social media saying: “A very sad goodbye to all my producers, directors, fellow presenter, guests, models, audio, stage hands, stage managers, buyers and production staff – thank you for almost 10 years of pure joy.
“I cannot thank you all enough for making my experience with Ideal World TV nothing but bliss. We cannot forget our viewers and loyal customers. Without you, we were nothing.
“To those who hired me 10 years ago as a guest this past year and believing in me to present my own shows I could not have done it without each and every one of you. Three hours of live, non scripted, no ad break, off the cuff television is definitely exciting.”
A statement from the business said: “Over the last few years, the Direct Response TV sector globally has suffered a decline in viewer and customer numbers as consumer spending habits changed.
“Whilst Ideal World TV had brought a significant number of new brands and retail partners to the channel over the last year, overall trading was not strong enough for the business to continue in its present format.”
They said their immediate priority was to provide support to all the employees impacted by the administration while they work on an orderly wind down of the business and will fulfil existing customer orders where possible.
J Tomlinson Ltd
A 70-year-old Nottinghamshire based construction business with 400 staff has gone into administration this week.
A statement from J Tomlinson Ltd blames a combination of long Covid and inflation as the precipitating factors.
It says: “Despite the scale of the business and the success achieved across a number of its divisions, the severe impact of Covid and recent inflationary pressures meant that J Tomlinson was not in a financial position to continue trading and so we have had to make the difficult decision to cease operations.”
Chief executive Mark Davis added: “It is with a heavy heart that I have to announce that we will enter administration.
“We have worked tirelessly to attract additional overall finance into the group to invest for the future. Sadly we have been unsuccessful in this regard and we have run out of time.”
Simon Lee Gallery
A prominent London gallery has announced it has gone into administration following a petition from creditors that was approved by the high court.
The Simon Lee Gallery, founded in 2002, had been undergoing a sustained period of financial difficulty. Administrators are now exploring various options for the company to achieve the best outcome for creditors as a whole.
The gallery has some 40 artists on its roster including George Condo and Chistopher Wool.
Skylark Golf and Country Club
An award winning golf and country club that hosts weddings in an 18th century Grade 2 listed barn has gone into administration.
The Skylark complex at Skylark Meadows, Whiteley in Hampshire will continue to operate with members and guests able to continue to use the facilities while a purchaser is sought.
So whether the summer is the busiests time of the year for your business or if it is the real holiday period – you can start using this time to start planning what the rest of 2023 and beyond will look like
Depending on what you want to achieve, our advisors will look at where your company is now and what choices you have available to you.
The most important step is the first one so make your appointment today, while the sun is still shining.