We hope you are having a decent year and things are starting to go the way your business needs them to go.
No matter how everything is going, it is always important to get some precious time to yourself to clear your mind, think things through and also catch up with all the interesting business and insolvency news stories from the past seven days that you might have missed.
You can find out what 2024 could hold for the manufacturing sector; find out why directors’ disqualifications have doubled in a year because of bounce back loans; why a creditors voluntary liquidation can help you keep control of your company and all the implications of every financial change that came into effect this month – you can find these stories and more at our advice centre page.
Granit
A London based architectural practice has appointed a liquidator to wind up the business.
Granit Architecture + Interiors employed 15 employees who have been made redundant with immediate effect. The studio carried out work on residential and commercial projects in London and the surrounding areas. It also offered interior design and surveying services.
First founded in 1988, a statement from the business admitted that a lack of commissions had led to the liquidation. Commenting on the precarious financial landscape facing many architects they said: “In terms of fee cutting, we are seeing some ludicrous prices. We’ve witnessed some fees from other practices for a full design service equivalent to what we’d charge just to measure a building properly.”
Getir
The rapid grocery delivery app is preparing to withdraw from the UK market with 1,500 positions at risk if the move goes ahead.
The Turkish founded business is also planning to withdraw from the German and Dutch markets at the same time leaving it operating in the US and Turkey as a result.
Founded in 2015, Getir became one of the largest delivery app firms raising more than £4 billion during the pandemic. Since then most of its rivals have been sold or shut down as consumer demand shifted after lockdowns ended and full freedom of movement restored.
In 2023, 10% of its global workforce was made redundant and it withdrew operations from Spain, Italy and Portugal.
Cellar Head Brewing Company
A Kent based independent brewer has closed with immediate effect after entering administration this week.
Cellar Head operated as a microbrewery, tap room and bottle shop.
Owners confirmed that they had been looking to find a buyer for the operation but that despite plenty of interest, no deal had materialised.
A statement was issued that said: “The whole team over the past seven years have ploughed heart, soul, blood, sweat and a few tears along the way into creating amazing beers and fantastic memories.
“The past two years have been more than an uphill struggle due to the financial climate, huge increases in production costs and a stressed market which have all led to the business being unviable.”
Marina Salon
A 50-year-old Glasgow hair salon has gone into liquidation.
Marina Salon was one of the oldest salons in the city and had hundreds of regular clients.
A statement from owner Gavin Jones said he was sorry for staff but had no other choice but to liquidate due to personal reasons.
He said: “I took over the hairdressers three years ago during the pandemic, I put my heart and soul into making it the very best it could be. However, I’ve been struggling personally and after regularly working 12-hour days, I reached a point where it was impacting my mental health. After much consideration, I took the difficult decision to close. I had to think of my health and the impact managing such a busy salon was taking on me.
“I wish things had been different and I’m sorry it ended this way which was partly due to the unavailability of reliable staff and extremely high overheads.”
HG – NY Blinds and Shutters
A Harrogate blinds and shutters company has gone into liquidation.
HG-NY Blinds and Shutters was set up in 2022 to manufacture and fit bespoke blinds and shutters.
In a statement from managing director Amanda Simmons the company said the move followed unforeseen financial difficulties which meant it was no longer able to sustain operations.
She said: “As a result we initiated a liquidation procedure. This means that the company will be winding down its affairs and assets to pay off its creditors. We apologise for any inconvenience this may cause. We are committed to handling this process with transparency and integrity.
“We let all staff go at the end of March, without pay, so we’re not able to offer any further fitting services.”
Geoffrey Osborne
Construction contractors Geoffrey Osborne has filed notice to appoint administrators but remains in talks to sell the business to new owners.
A statement issued by the board of directors said: “The decision was reached after an 18-month programme to restructure the firm to focus on the core construction business and following an extensive effort to secure new investment into the business.
“The company with its advisors are currently working with interested parties with the ambition that aspects of the business will be sold and will continue to trade.
“Osborne has faced significant headwinds common to the entire construction industry over the past two years, fuelled by high inflation, the lingering impacts of Covid-19 and Brexit, and a slowdown in public sector procurement. Despite the management team ensuring the current business is profitable with a good pipeline of work, the business has struggled to secure the necessary investment to continue as a going concern.”
Chairman Andrew Osborne added: “Everyone in the construction industry knows the challenges of the past few years and Osborne has worked hard to deliver projects. Our management team has done everything possible to look after our people and protect suppliers, while seeking to trade through the economic headwinds.
“While the decision to move towards administration is a last resort, it is now the right thing to do while we continue to seek external investment.”
The business is currently working with 71 clients on a range of projects including local authorities and central government departments and agencies. The firm has also worked on housing, transportation, education and commercial projects.
City Couriers Direct
A same day delivery service based in Chesterfield has gone into administration.
City Couriers Direct made the decision after having a winding up petition brought against it by a creditor.
The company employed 15 workers offering a same day, next day and medical courier delivery service across the whole of the UK.
Arc Vehicle
A high-end electric bike maker which created the Arc Vector has entered a voluntary liquidation process.
Arc Vehicle were based in Coventry and began as a startup with funding from Jaguar Land Rover but found life difficult after the funding was pulled. They first went into administration in 2019 before being wound up in 2021 and revived by Arc V Ltd.
The revolutionary design found 11 buyers including movie star Ryan Reynolds.
Founder Mark Truman said: “Ultimately when you sell high-cost, low-volume bespoke products, it doesn’t take many people letting you down to put you in a difficult position.
“Things had been going very well but distribution issues in the US really hurt our revenue which forced us to seek investment. I’m currently working with partners and am determined to try and bring Arc out of administration. I will also do everything I can to support client motorcycles in the market going forward.”
Arc V filed an extraordinary resolution to wind up and appointed a voluntary liquidator last week.
The weather doesn’t feel like Summer is just round the corner but we are and it underlines how time is ticking away for you and your business this year.
Are you making the most of it?
If you make an appointment for a free initial consultation with one of our advisors, you will have a lot of new ideas and opportunities to use your time more effectively in your business to bring your plans closer to fruition and with enough time to implement them that could really make a difference this year and beyond.
All you have to do is get in touch!