Many businesses are already planning their summer strategies and for those that operate on a seasonal basis, it might be the best season they’ve enjoyed for many years.
Whether you own, operate or work for any similar firms, you also need to find out what else has been going on in the wider economy, not just your own sector, which is why we pull together all the important and interesting business and insolvency news stories from the previous seven days.
So if you want to know more about whether fast fashion has finally had its day, why more banks are demanding bounce back loan repayments and what help there is for businesses energy bills you can read them all right here on our blog.
Premiership Rugby Union team London Irish have signalled their intention to go into administration after being suspended from the league this week after missing a deadline to pay players and staff.
A proposed takeover has fallen through so the funds were not available to complete the transactions in time. Owner Mick Crossan who purchased the club in 2013 said that administration had always been the last resort but was now the safest path forward.
“The decision to suspend the club from the Premiership was bitterly disappointing but my focus is now on working with the appointed administrator and I hope that the club will come out of administration as quickly as possible.
I understand the sadness felt by thousands of our loyal supporters and the frustrations of our incredible coaches, medical staff, back office team and players.
“This decision has ultimately ended any hope of an acquisition of the club and has regrettably forced us to file for administration.”
London Irish are the third Premiership Rugby Union team to go into insolvency this year following Worcester Warriors and Wasps.
RFU board chair Tom Ilube said that this was further proof that rugby must “professionalise its management off the pitch.
“Covid accelerated the impacts of underlying structural challenges and had a major effect on PRL clubs and the RFU. Given the cost of living crisis, the post-Covid bounce back has been weaker than expected, and that has meant clubs with unsustainable business models have gone out of business – regrettably so for players and their fans.
“All three clubs that have failed this season have had fragile business models for many years.”
The club were also served with a winding up petition by HMRC over an unpaid tax bill last week which will only have added to their current problems.
North Highland Events and Promotions
An Inverness based events company has gone into voluntary liquidation.
North Highland Events and Promotions supported performing arts activities and events. Director Liam Christie said: “Personally, I am beyond distraught that this has happened. We are working hard with the team to make sure everyone gets their money back.
“It feels like a part of me has died at closing the business. We struggled since Covid kicked off and put so much money into it to make sure we kept running. We were hoping we could have found a source of funds but it just was not to be.”
Two months ago, the company was forced to cancel the Isle Be Back two-day festival due to take place at the Black Isle Showground in May but ticket sales did not add up to make it viable and subsequently led to it being cancelled.
A meeting was held and it was agreed that the business should be wound up.
It passed a special resolution “that it has been proved to the satisfaction of the meeting that the company cannot by reason of its liabilities continue its business and it is advisable to wind up the same and, accordingly , that the company be wound voluntarily.”
A South London contractor is set to be liquidated following issues caused by inflation.
A statement from Claritas group confirmed they are pursuing a Creditors Voluntary Liquidation process and that “the challenge of cash flowing and managing the losses associated with the inflationary pressures of these uncertain times was just too great.”
Formed in Bromley in 2014 as Airey Miller Construction, the group underwent rapid expansion in recent years specialising in both residential and commercial projects.
The directors also apologised for the impact the firm’s closure would have on projects, people and businesses as well as the wider supply chain.
Two Scottish care homes have closed after their owner announced they are gone into liquidation.
Hogganfield Loch Care Centre in Glasgow and Skye View Care Centre in Airdrie closed after occupancy at the Hogganfield Care sites “fell sharply to an unsustainable level”.
A statement from the business said: “It has been a very difficult period for operators in the care sector.
“The cash flow for both Hogganfield Care and Skye View Care Homes has been stretched due to significant increases in energy, food, staffing costs and other inflationary pressures.
“Unfortunately, the director was unable to resolve these issues particularly at Hogganfield where occupancy had fallen sharply to an unsustainable level. The quality of care, dignity and well being of residents is of paramount importance and they will continue to ensure patients are relocated to new accommodation at the most convenient opportunity.”
Boxmodel Digital Media
A Newcastle based tech firm announced it is going into a creditors voluntary liquidation process (CVL).
Boxmodel Digital Media was founded in 2009 and expanded into new offices a number of times in the following years in Newcastle city centre.
They provided end-to-end software services delivered using software, web apps and smartphone apps.
During the Covid lockdown they created a takeaway app to help restaurant customers order food directly without having any direct contact with staff.
The company had five employees who have been made redundant as a result.
Another British bike manufacturer and retailer Planet X has gone into administration.
They posted a notice in the London Gazette stating that the company will appoint an administrator and be struck off the register and dissolved within two months.
Founded in Sheffield, the company specialised in both road and off road bikes.
The company stated that it suffered a precipitous decline in sales within the EU due to the impact of Brexit while disruptions in stock and extended lead times were cited as additional contributing factors.
A Birmingham based haulage business has gone into administration.
Cross Transport is a family run company with 200 vehicles in their fleet based in Coleshill that also employs 117 staff.
Directors say that they have been hit badly by increased fuel and labour costs as well as generally rising overheads.
A statement said: “Cross Transport was reliant on the ongoing success of those companies offering significant online presence and home delivery and have adequate resources to continue operational existence for the foreseeable future.
“We remain confident that we will return to success in the forthcoming year dependent on key risks including confidence in online shopping, the wider economy and market competition.”
Whether the summer months of June, July and August are a quieter time for your company or the busiest 12 weeks of the year that will make or break it for you – it’s also the perfect time to start planning what the rest of the year will look like for your business.
Depending on your short and medium term goals, they will look at where you are and go through the options you have to achieve them.
The earlier you get in touch, the more choices you will usually have to make a positive change in your company’s fortunes.
The first step is down to you, then we can work with you the rest of the way.