The holiday season is in full swing which might be great news for your business if it’s seasonal or a regular pain if staff are going off and taking some well deserved holidays.
So whether you’re heading to the beach yourself or catching a break between covering for colleagues – it’s a chance to catch up on all the interesting and important business and insolvency news stories from the previous seven days here.
You can also read about if AI is a friend or a foe to your business; when is too much too much for a business?; the reaction to June’s historically high corporate insolvency figures and new statistics from the Insolvency Service show that over half of UK directors disqualifications in the past 15 months have been due to bounce back loan fraud.
Camel Creek Adventure Park
A North Cornwall theme park’s future is uncertain for the Summer season after it went into administration.
Camel Creek family theme park near Wadebridge is going to be run as a going concern while administrators look to secure investment and a longer term future.
A statement from the management said: “The park’s popular family-friendly rides, indoor and outdoor play areas and animal encounters will continue to operate on a business-as-usual basis. We look forward to welcoming lots of families over the summer holiday season and into the future.”
Procam Take 2
A broadcast rental company based in West London but with rental locations in Manchester, Leeds, Edinburgh and Glasgow has gone into administration.
Procam Take 2 was a leading supplier of camera, grip and lighting equipment to the film and TV industry employing 150 members of staff.
Chief executive officer John Brennan said that the company saw a downturn at the end of 2022 due to ongoing challenges surrounding PACT/BECTU industrial action in the UK and writers and actors strikes in the USA.
He continued: “With minimal projects on the horizon and a bleak outlook for the remainder of the year, we have made the difficult decision to cease operations in the coming weeks. It is with deep sadness that I share this news.”
Norman and Underwood
A 200 year old roofing, cladding and glazing specialist has gone into administration this week.
Norman and Underwood appointed administrators and ceased trading as a result. Since being formed in 1825, the company has worked on some of the world’s most important buildings including Westminster Abbey, Windsor Castle, Hampton Court Palace and Salisbury Cathedral.
Most recently they also worked on the Richard III visitor centre in Leicester and Battersea Cats and Dogs Home.
Co Cars and Co Bikes
A non-profit bike and car hire company based in Exeter has gone into administration and ceased trading with immediate effect.
Co Cars Ltd has suffered a turbulent couple of years with services suspended during the pandemic and a broader shift in travel habits. Additionally the company has seen increased costs including significant damage to its bike fleet and bike stations from vandalism and falling demand with attempts to secure additional funding proving unsuccessful.
They provided a fleet of low-emission cars and 200 electric bikes to a combined membership of 10,000 users, mainly gig economy workers and delivery drivers.
A statement from management said: “During the last few months, the Board and management have focussed on seeking additional funding to allow us to make the necessary changes to our business model to safeguard its viability. Unfortunately, we’ve been unable to attract the level of funding needed.”
Oswaldtwistle Arts Centre
A Lancashire theatre has announced that it is closing and going into a voluntary liquidation process.
Oswaldtwistle Civic Arts Centre and Theatre has decided to close due to the cost of living crisis.
Hyndburn Arts Limited, a charity that has been managing the theatre for the last 13 years is the body that is going into liquidation.
A statement on behalf of the charity said: “There has been some speculation online about the future and stability of the Civic Arts Centre and Theatre. We are sad to say that it is actually true and the doors have closed.
“With rising fuel prices, a cost of living crisis, acts cancelling because of low ticket sales, the imminent risk of larger repairs being needed and the loss of some large contracts, notably £45,000 of events business from Hyndburn Borough Council – we do not feel that we are able to make it through the winter, so it’s prudent to make the judgement call now while debts are relatively low.
“Obviously, we are saddened that it could not be saved and saddened that we cannot be part of all the exciting opportunities for arts and culture in the area
Pharmaceutical Packaging Leeds
A Leeds based pharmaceutical packaging company has ceased trading and appointed administrators with more than 20 jobs lost.
PPL Leeds used cutting edge technology to create bespoke labels for a range of national and multinational organisations.
Due to the impact of rising supply costs and supply chain inflation, the business was no longer able to meet its financial obligations. As a result they have ceased trading and gone into administration with 21 positions being made redundant.
A statement from the business said: “Pharmaceutical Packaging had operated in the local area since 1878 and unfortunately, mounting external pressures, most notably rising costs, made the business financially unviable.”
Hotter Shoes, owned by the Unbound Group, has been sold to natural knitwear brand WoolOvers in a pre-pack administration deal.
This will see it acquire all 27 stores and concessions as well as 421 employees.
A statement from the company said: “Following an extensive exploration of options, it became clear that it would not be possible to conclude a transaction on a solvent basis.
“Hotter Shoes has been adversely affected by difficult trading conditions in the retail environment and despite taking steps to address costs across the business, creditor pressure continued to increase.”
Midnight Sun Festival
A Scottish music festival has announced it has gone into liquidation after cancelling its 2023 edition.
The Midnight Sun festival was due to be held in Stornoway in May and would be headlined by Primal Scream and The Pretenders. The three day event did not sell enough tickets to cover the costs so the decision to cancel was made.
Midnight Sun was going to be the first festival completely powered by green energy sources at Lews Castle Green.
Trading from the company has ceased immediately with administrators working to determine a financial review of the business and to see if there are any funds available for redistribution to ticket holders.
A York based finance company has gone into special administration this week.
Fidomoney, the trading name of Fido Finance Ltd, made the announcement this week.
The business operated as an electronic money institution providing payments gateway services, online merchant accounts and foreign exchange services.
A statement issued on behalf of the owners said: “Due to the company’s inability to pay certain customers their safeguarded funds and concerns over the business operations, a shareholder and creditor applied to Court for the Company to be placed into Special Administration.
“The company has ceased trading and the immediate priority of administrators is to determine the company’s financial position and determine the whereabouts of customers’ safeguarded funds.”
A 76-year-old Peterborough based printing business has announced it has ceased trading and gone into administration.
Chief executive Miles Fisher said: “It is with enormous regret that the directors and shareholders have had to appoint insolvency practitioners to put Fisherprint into administration.
“The factors that brought about this situation are many and varied. Certainly Covid was initially responsible for a serious reduction in turnover that has never really fully recovered.
“We have also seen unprecedented increases in material and consumable costs over the last 12 months that has kept the market depressed. We then had a massive spike in electricity charges when our fixed rate utilities charge came to an end in November, increasing from circa £6,500 per month to £40,000 in December alone.
“And then finally we had a further 30% rise in business rates. During this time the Directors took out personal loans of hundreds of thousands of pounds believing the business could trade through the turmoil.
“Unfortunately, it became obvious the business was unsustainable given the enormity of these spiralling costs and the directors and shareholders made a decision to sell the freehold property and relocate to smaller but adequate premises but was unable to proceed in time to have a meaningful impact.”
So whether the summer is the optimal earning time of the year for your business or if it’s a real holiday period – you can start using this time to start planning what the rest of the year and beyond that will look like
Depending on what you want to achieve for your company, our advisors will look at where the business is now and what choices are available.
The most important step is the first one so make your appointment today, while the sun is still out.