After you’ve hopefully enjoyed the highs of Shrove Tuesday and Valentine’s Day, it can feel like a natural comedown with the start of Lent meaning giving up something you enjoy and still two weeks of Winter to endure.
It’s the same for businesses. As the ONS confirms the UK entered a recession at the start of 2024, it can feel like you’re working harder just to stand still.
Our latest round up of all the important business and insolvency news stories from the past seven days illustrates how tough the start of the year has been for businesses in every sector.
So if you want to know why The Body Shop has gone into administration; why increasing CCJs are a good indicator that a business is heading for insolvency and how an insolvency moratorium can help businesses press the pause button – you can find these stories and more at our advice centre page.
The Body Shop
One of the UK’s most storied beauty brands has announced a notice to appoint administrators just six weeks after being acquired by new owners.
Aurelius have announced that they will be looking to appoint administrators for The Body Shop within the next few days.
Founded by the late Anita Roddick, the company has over 200 UK stores as well as prestigious London headquarters.
Weak trading over the festive period and early January coupled with insufficient working capital have caused the decision to be taken by directors who said it hoped to create a more nimble and financially stable business and was an important step in becoming a modern day beauty brand.
You can read more about The Body Shop’s administration options here.
JS Crawford
A family-run Scottish homebuilder that has been operating for over 70 years has ceased trading and gone into liquidation.
Directors of JS Crawford made the decision following the delay to completion of a development in Melrose near the English border.
Founded in 1946, the firm employed 23 staff who will be made redundant as a result.
Managing Director Michael Crawford said: “Provisional liquidation was something I had been desperately trying to avoid and hoped that the company could trade out, but unfortunately, the necessary backing from suppliers and funders was not there.
“Over the past year, additional and unsustainable interest charges combined with rampant cost inflation has resulted in a significant loss on a construction project.
“Persistent strong headwinds, including tight margins and labour shortages are continuing to impact companies across the housebuilding and wider construction industry and, unfortunately, they were too difficult to overcome.
Euromax Solutions
A Yorkshire-based uPVC window and door manufacturer has filed notice that it intends to appoint administrators.
Euromax Solutions was founded in 1950 as Ellbee but was acquired in 1993 by an American company and rebranded as Euromax before being acquired once more by a British group called Modular Group Investments (MGI) in 2021.
Based in Hoyland, the company provided modular building services as well as home renovation and services to the holiday home and leisure markets. Euromax was also one of the creditors of Ilke Homes who were liquidated in 2023 owing them £619,000.
David Adamson and Partners
A chartered surveying and building consultancy firm founded nearly 100 years ago has gone into liquidation following cash flow issues and difficulties in securing additional funding.
David Adamson and Partners worked with the Scottish Government, NHS Lothian, Qatar Energy and Dundee University.
They employed 16 staff of which eight have been made redundant with the remaining eight joining Hardies Property and consultants who acquired a portion of the David Adamson group after liquidation.
A statement from the business said: “The insolvency is a result of several factors but in particular cash flow, where the business was unable to obtain further funding to meet its liabilities.”
Elland Brewery
An award-winning brewery in Leeds has announced it is going into liquidation.
Elland Brewery was founded in 2002 originally as Eastwood and Sanders Fine Ales. Following the amalgamation of the West Yorkshire Brewery and the Barge and Barrel Brewing Company, it rebranded in 2006.
The company brews the current CAMRA Champion Beer of Britain with its 1872 Porter which also won the prize in 2010, 2013 and 2015 respectively.
CAMRA Chairman Nik Antona said: “To hear Elland Brewery is facing liquidation just six months after its 1872 Porter was crowned Champion Beer of Britain is a major cause of concern.
“The worrying news that another prestigious, award-winning brewery is facing pressure to remain trading and survive is indicative of the wider problems the brewing and pub trade are experiencing.”
There is still plenty of time to turn 2024 into a great year for you and your business but you need to start putting the essential building blocks for success in place now.
The first step to building the foundations of a better year for your company is to get in touch with us and arrange a free initial consultation with one of our advisors.
Our advisors will get a better idea of where your firm is, where you want it to be and together we can work on a roadmap to get there – but only if you act and get in touch with us first!