Here’s your handy round up of all the interesting business and insolvency stories from the past week that you might have missed.
So whether it’s news about local and national businesses going into administration, liquidation or restructuring their debts with a CVA – you will find them all here from the past seven days.
CPS Drivelink
A maker and supplier of car parts on Tyneside has gone into administration with the loss of 25 positions.
CPS Drivelink operated a range of remanufactured driveline, steering and braking products at their Team Valley headquarters to a range of customers including motorsport and marine – supplying driveshafts for speedboats.
A statement from the business said: “The business failed primarily due to a fundamental change in its core market of motor factors which have increasingly become part of buying groups which are importing their own products into the country rather than purchasing through intermediaries.
“Unfortunately, despite marketing the business prior to appointment, no purchaser could be found for the business as a going concern was unable to be found. The company has ceased trading with the loss of all 25 positions.”
Henley Construction
A South London contractor who’s sister company was liquidated last month has gone into administration.
Henley Construction was owned by the same directors as Intelligent Steel Solutions which went into liquidation in March.
A statement at the time said the business “relied to a large extent on supplying structural steel for projects being conducted by Henley Construction Limited”.
Just Hype
Birmingham streetwear manufacturer Just Hype has been bought in a pre pack administration deal preserving both the brand and all 82 jobs with the company.
Investor Sarjon Dulai has confirmed that they will continue to trade online and through its existing network of stockists.
Co founder Bav Samani said: “As with many online retailers we expanded very aggressively during Covid and in the aftermath were left with a large stock overhang. In addition, we had spent a considerable amount on advertising which although elevated the brand significantly left us heavily indebted.
“Falling sales left the brand very exposed and unable to trade effectively. Our new investor has a strong international distribution network which will be of mutual benefit to us both as the brand continues to grow both domestically and and internationally. The new investors will enable us to continue to grow and operate with greater strength and agility, helping us achieve our long-term goals and objectives.”
David’s Bridal
Wedding dress retailer David’s Bridal has gone into administration after its American parent company filed for bankruptcy.
The company has four UK stores in Birmingham, Glasgow, London and Watford employing a total of 150 people. Operations will continue to trade as normal to fulfil orders whilst conducting a stock liquidation through these outlets.
The brand first launched in the UK in 2013.
A statement from the business said: “Like many retailers David’s Bridal has faced challenges resulting from the Covid-19 pandemic and uncertain economic conditions.
“We’re working with our US counterparts to help deliver all current orders to customers.”
9,000 positions in the US have been lost with immediate effect as administrators look to explore a sale of some or all of the company’s assets.
Topside Group
A building facades specialist on Teesside has gone into administration with the loss of 30 positions.
Topside Group specialised in the design, fabrication and installation of cladding, curtain walling and balustrades.
They had been trading for over 30 years and worked on several prominent buildings at Teesside University, Newcastle University and The Mint offices in Leeds as well as Centre Square in Middlesbrough.
A spokesperson for the business said: “The company has seen various problems similar to many others in the construction industry and in the end administration became unavoidable with cashflow a real problem.
“All trading activities have ceased and we are hopeful that creditors will receive a return from the administration.”
Stewart and Shields
A 60-year old construction company based in Helensburgh, Scotland has gone into liquidation this week with the loss of 15 positions.
A spokesperson for Stewart and Shields said: “The collapse of the business is another indicator of the challenges and economic headwinds currently facing the Scottish construction sector.
“The directors fought hard to save this long-standing family-run business, but the construction industry has experienced several challenges over recent years, with rising raw material costs, supply chain disruption and labour challenges putting businesses under increased pressure.”
Alphabet Brewing Company
A Manchester based independent brewery and taproom has gone into administration amidst an industry-wide challenging economic climate.
Alphabet Brewing Company was founded in 2014 and known for ales such as Juice Springsteen and Charlie Don’t Surf supplying bars, restaurants and retailers throughout the region as well as its own venue.
It is thought that 12 positions within the business have been made redundant.
A statement released from the business said: “Alphabet Brewing Company was a well-respected brand that played an important role in the craft beer scene in Manchester.
“After exploring all the options available the directors took the decision to place the company into administration. They are currently working with administrators to maximise the return for creditors.”
In the past week alone we’ve also written about national corporate insolvency figures that are at the highest levels seen since monthly records began in January 2019.
We’ve also covered the issues facing the hair and beauty industries too.
So no matter what specific challenges your company faces, after a free initial consultation with one of our expert advisors, you will have a better idea of your options than before and a clear path ahead with no misconceptions.
Just get in touch with us first to start your road back to recovery!