May is a good time to survey how your business is set for the next few weeks and months. If things are going well then you can go into the Summer months with a spring in your step and maybe adopt some more ambitious targets than before.
If you’re a little behind then you still have time to make some course corrections and turn things around before the holidays really begin.
No matter how 2024 is playing out for your company, there is always time to catch up on all the interesting business and insolvency news stories from the past seven days that you might have missed.
You can find out why HMRC are making big changes to their R&D tax enquiries; why MP’s are angry at the treatment of small businesses by their lenders; how tattooists are reacting to a saturated industry that is receding for the first time; why Scottish corporate insolvencies are at their highest levels in a decade – Read these stories and more at our advice centre page.
Amey Finance Academy
The Insolvency Service secured a winding-up order against a cryptocurrency advice firm, which has forced them to close.
The Amey Finance Academy was created in 2018 by sole director and shareholder Desmond Amey to offer financial education and advice on cryptocurrency. However, based on false assurances made by the company some consumers lost their investments.
The company also failed to deliver up-to-date accounts to investigators meaning its financial dealings could not be scrutinised.
Investors were offered assurances that their cryptocurrency investments were solid but complaints were made that they lost money in investment opportunities and that Amey Finance Academy was classified by the Financial Conduct Authority (FCA) as providing financial services or products in the UK without its authorisation.
Mark George, Chief Investigator at the Insolvency Service, said: “Desmond Amey used Amey Finance Academy to recklessly persuade individuals to invest in cryptocurrency schemes and mislead them about the risks of doing so.
“The failure to deliver adequate accounting records and a general lack of transparency shown has prevented the Insolvency Service from establishing the true extent of the company’s activities, its assets and liabilities, or the use of £5 million which passed through the company’s bank account between October 2019 and March 2022.
“The public deserve protection from companies trading in an opaque and objectionable manner which is why we applied to have Amey Finance Academy shut down.”
Investigations also revealed that the business had subsequently failed to register an address with Companies House to receive any official correspondence.
The Official Receiver has been appointed as liquidator of the company.
Our Isles and Oceans Ltd
A boating company based on the West coast of Scotland has gone into liquidation after being unable to provide £900,000 in a sponsorship deal with one of the world’s biggest boat races.
Our Isles and Oceans Ltd agreed to sponsor one of 11 yachts taking part in the ten month long Clipper Round The World contest. The race began in September last year and is due to finish in late July in Portsmouth.
A statement from the business blamed the cost of living crisis, the ongoing war in Ukraine and general political uncertainty for affecting their ability to sell on the sponsorship rights and persuade firms taking part in commercial events.
They said: “We set off with all the best intentions and this is a terrible outcome. We made our level-best efforts over a long period of time and unfortunately we were unable to deliver.”
Yorkshire Dales Food and Drink Festival
The company that runs the popular Yorkshire Dales Food and Drink Festival held near Skipton have gone into liquidation and cancelled this year’s event in July.
The event has attracted over 30,000 visitors in the past since its launch in 2015 and this year was set to host chef James Martin, Chesney Hawkes and Blue.
B3 Ltd have ceased trading with immediate effect meaning that the three-day festival won’t take place currently.
A statement issued from the company said: “Unless an interested party comes forward to resurrect the festival, unfortunately the event in July will not take place. Customers are encouraged to check with their credit or debit providers if they can claim a refund by making a chargeback request on their purchase.”
The event was one of the biggest food festivals in the UK and was one of the favourites of the late Dave Myers from the Hairy Bikers. Si King said: “Both me and Dave had been involved since its inception when the very first Yorkshire Dales Food and Drink Festival was in the Skipton cattle market, and it was brilliant.”
The festival also hosts 200 exhibitors each year with bands, pop-up restaurants, street food and masterclasses and was estimated to have generated an approx. £7 million for the local economy.
Sadly the 2023 festival was loss-making due to being seriously affected by flooding, which led to unforeseen costs. This had a significant impact on B3’s cashflow continuing into 2024.
Additionally the festival’s operational costs increased dramatically this year, while revenue generated from ticket sales was behind the levels expected at this time of year. As a result, the directors decided to cease trading and pursue a creditors voluntary liquidation (CVL) to close the company.
Bepps
A healthy snacking brand has ceased trading and closed after an attempt to secure funds to support working capital failed.
Bepps was established in 2018 by Eve Yankah and gained national recognition for its range of snacks made from black-eyed peas.
In a statement, Yankah said: “Bepps had some amazing momentum last year. We had listings in Tesco and Sainsbury’s and we were doing well in foodservice, wholesale and online.
“We had secured a funding deal but it fell through right at the very last moment due to circumstances outside both parties’ control.
“As a lot of small brands know, it’s such a difficult time and financial climate to secure funds, let alone at short notice, so there was no alternative to the liquidation.”
Tevva Motors
An Essex-based electric truck manufacturer has announced their intention to appoint an administrator.
Founded over a decade ago by Asher Bennet, the older brother of a former Israeli prime minister, the business had secured deals with the Royal Mail and Travis Perkins to build trucks using hydrogen fuel-cell technology to replace traditional delivery trucks.
A spokesperson for the company said: “Despite positive customer interest in Tevva and its products, current global economic conditions have created a challenging environment for electric vehicle startups.
“As a consequence, we have filed notice of intent to enter administration with the court while the board is pursuing investment that secures the future of the company.”
Chamberlin PLC
A West Midlands engineering group has suspended trading in its share on the AIM and has begun an insolvency process after receiving a winding up petition from its main power supplier.
Directors of Chamberlin PLC said they were under increased pressure from other creditors and its bank, had lost further sales revenue and was unable to secure additional funding of the “scale and form required for ongoing business stability.”
This was despite their best cost reduction actions and wholesale customer price increases and places 165 positions employed with the business in some doubt.
A statement from Chief Executive Kevin Price said: “Despite subsequent discussions with creditors, customers and shareholders, we don’t have a funding solution that provides the necessary liquidity in the time we have available.
“On behalf of the board, I express to our staff, shareholders and all other affected stakeholders our deepest regret that we are having to take the very difficult decision to commence an insolvency process.”
Presteigne Broadcast Hire
A broadcast hire business with two locations in Warrington and Crawley has entered administration.
Presteigne Broadcast Hire hired professional equipment for the film and safety industries and employs 40 people.
A statement from the business said: “The company has an established global client base with operations across various geographies, sectors and specialist areas within the broadcasting industry, including major sporting events including the Olympics and Euro 2024.
“In response to recent challenging trading conditions, the company sought professional advice but unfortunately as there were no solvent options available, the business has entered administration.”
The business will continue to trade and deliver work at this time while administrators seek to sell the business as a going concern.
The Mailshop
A Nottinghamshire direct mail provider has filed a notice to appoint administrators this week.
The Mailshop is based in Hucknall and was formed in 2008 providing direct mail printing and paper wrapping services to clients from all over the UK. They currently employ 48 workers.
It is understood that the company’s trade insurance was cut last year after incurring significant losses and rising debt to creditors.
The Summer months might be creeping ever close but if it feels like the sun isn’t quite shining on your business just yet – what can you do to improve your forecast?
We offer a free initial consultation for any director or business owner that wants one so they can learn about several different opportunities and directions they can take their business in depending on their goals and targets.
Once they have a clearer idea of what choices are available, directors and business owners can then begin to implement the necessary changes to make them happen – but only if they make the most important choice first and get in touch with us!