With the Easter break just around the corner many directors and business owners are getting their heads down and pushing on with all their energy and focus.
But when it’s time to take a break and a breath, they can catch up with all the important and interesting business and insolvency news stories from the past seven days right here.
So if they want to find out what the latest monthly corporate insolvency statistics say; what new changes to Companies House powers could mean and how the hospitality sector fared over the past five years and what lies ahead for them – you can find these stories and more at our advice centre page.
Ted Baker
Noted British fashion retailer Ted Baker has announced a notice of intention to appoint administrators with potentially hundreds of positions and all of their 86 UK stores at risk.
No Ordinary Designer Label (NODL) is the holding company for Ted Baker’s retail and online operations in the UK and Europe and is being placed into administration by parent company the Authentic Brands Group which only purchased the brand 18 months ago.
A statement from the business said: “Despite our tireless efforts, the damage done during this period in which NODL built up a significant level of arrears was too much to overcome.
“We wish that there could have been a better outcome for the Ted Baker employees and stakeholders, it is hopefully some consolation for customers that NODL will continue to trade online and in stores. We remain focused on securing a new partner to uphold and grow the Ted Baker brand in the UK and Europe where it began.”
The Authentic Brands Group also owns brands such as Billabong, Eddie Bauer and Forever 21 but these remain unaffected.
Ted Baker was founded in Glasgow in 1988 before moving its headquarters to London.
St Helens Chamber
The St Helens branch of the British Chambers of Commerce has appointed administrators and is to close with immediate effect with the loss of 71 positions.
A statement from the organisation said: “The St Helens Chamber faced a perfect storm of unique funding issues and wider difficult economic conditions, which have led to a reduced demand for our tailored services.
“An unexpected and substantial drop in the value of our office building, due to a post-Covid slump in property demand, made the challenges insurmountable. Added to that, the move from EU funding streams to the Government’s Shared Prosperity Fund had also hampered us, with significant impacts on both cash flow and profitability.”
They added: “Despite these issues, our skilled and committed staff have worked incredibly hard to continue providing services to our members and trainees, and this has been a very difficult decision to make.”
The Chamber won an award in 2011 for its work on skills development and training and is working with the Education and Skills Funding Agency to find new training providers for 260 apprentices.
Engenera Renewables
A Newcastle based renewable energy company has ceased trading and gone into liquidation.
Engenera Renewables offered businesses and homeowner clients the opportunity to have renewable technologies such as solar, battery storage and air and ground source heat pumps and helped Nissan deliver a huge 40,000 panel extension to its Sunderland solar farm in recent years.
The company used a £100 million green bond scheme which attracted local authority pension fund investors and offered customers to install technology with no capital outlay if they signed a power purchase agreement (PPA) that would fix prices for 25 years and allow the purchaser to keep the equipment.
Alucraft Systems
A 49-year-old Midlands based glazing business has filed a notice to appoint administrators just a month after installing new cladding panels at Everton FC’s new Bramley Dock stadium in Liverpool.
Alucraft Systems was founded in 1975 and finally delivered its role in its most high-profile project when it was appointed in 2023 to deliver the curtain walling, aluminium rain-screen and composite cladding for the new stadium.
A spokesman for the business said: “The Board of Alucraft Systems Limited (ASL) has filed a notice of intention to appoint administrators, although the Board is continuing to explore all strategic options for the business.
“Sadly, the company has experienced an extremely challenging trading environment in the UK over the last few years and despite considerable investment has not been able to trade profitably.
“While disappointing, the decision will ensure the rest of the group has the resources to grow.”
The company has experienced an “extremely challenging trading environment in the UK” but is hoping to explore all available options while in administration.
Surgo Construction
A Newcastle-based construction business has gone into administration.
Surgo Construction has been operating for over 100 years and employs 66 employees working in many sectors such as residential, education, energy from waste, commercial healthcare, leisure and retail.
Their projects were based in the North East working on sites in Durham, Gateshead, Newcastle and elsewhere in Northumberland.
The company had been involved in a legal dispute with Bellway Homes since 2022, with the latter serving Surgo with a winding-up petition for non-payment of debts.
Cornish Crabbers
A Cornwall sailboat builder had gone into voluntary liquidation.
Cornish Crabbers produced two popular ranges of craft including the Crabber and Shrimper.
Their first models were originally built in 1973 with more than 1,100 Shrimpers being built and delivered since 1979.
The company had previously gone into voluntary liquidation in 2008 as Select Yachts but their assets were bought by a former customer and entrepreneur who relaunched the business as Cornish Crabbers 16 years ago.
Balgownie
A 117-year-old Scottish agricultural machinery business has gone into administration with the immediate loss of 24 positions following cash flow difficulties.
Balgownie Limited and Balgownie Rentals Limited could trace their trading history back to 1907.
Mike Singer, managing director of Balgownie, issued a statement which said: “As a result of cash flow issues, the board of directors is deeply saddened to announce that we have had to make the difficult decision to appoint administrators to the company with immediate effect.”
Administrators are currently assessing stock levels and consumer interest to determine whether the business may be in a position to continue to trade in the short term.
Valve Components
A Scottish manufacturer has gone into insolvency with the loss of over 100 positions last week.
Valve Components based in South Lanarkshire began in 1987 providing turnkey production services to the oil and gas industries, defence, aerospace and energy industries.
A spokesperson for the Unite union representing workers at the facility said: “Valve Components worked largely within the aerospace sector and employed highly-skilled workers for many years.
“We were aware that the company had experienced financial difficulties due to a low order book and it had been looking for buyers. However, the news of insolvency came as a massive shock.
“It’s absolutely devastating news for the workers and disgraceful it was left so long to the point of putting the workforce out of a job with no notice or any warning.”
Right Track Scotland
A Scottish outdoor recreation charity has gone into liquidation after experiencing “funding disruption” with the loss of 20 positions.
Right Track Scotland Limited had been operating continuously for 41 years supporting young adults by building their confidence through a range of outdoor sports and recreation tasks. They also offered specialised training and access to further education.
A statement from the directors said: “It is with a very heavy heart and significant frustration that the board of directors can confirm the permanent closure of Right Track Scotland Limited.
“Since our launch in 1983, Right Track has supported young people with the most challenging of difficulties to overcome in order that they can participate positively in employment, training or further education.
“Operating in Central Scotland’s most socially and economically deprived areas, our ambition has always been to try to broaden horizons and raise aspiration.
“The need we have fulfilled over the last 40 years is not going away, if anything it will worsen. We have worked with 27,000 young people aged 14-18 years all of whom had “additional support needs”.
“Funding disruption has meant the shrinking of services and geographical coverage in recent years with staffing cuts to manage uncertainty of contract award and payment.”
While Spring is definitely here, we still haven’t quite seen the end of wintery weather.
So if your business suddenly starts to feel a chill from creditors or suppliers, then you should act quickly before your finances start to permanently freeze.
Get in touch with us to arrange a free initial consultation with one of our team of advisors to discuss all the options you could have to start to get things moving in the right direction again.
2024 could be the year when things really start to heat up for your firm but only if you take the first step and contact us first!