As the Bank of England holds interest rates once more, it’s the perfect time to take stock of the position of your business and how your plans for the rest of 2024 are shaping up.
And it’s also the perfect opportunity to catch up with all the important and interesting business and insolvency news stories from the past seven days that you might have missed.
You can find out 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!
Cazoo
Online car retailer Cazoo has announced it is placing its UK subsidiaries into administration. This follows a statement to the New York Stock Exchange last week where it is listed that it had failed to secure any new funding and could go into administration as a result.
In a statement to the Securities and Exchange Commission (SEC) in the USA, they said notices of intention to appoint administrators had been filed in the UK High Court concerning Cazoo Ltd, Cazoo Holdings and Cazoo Properties.
Cazoo Holdings is a holding company with ownership interests in the group’s subsidiaries while Cazoo Properties holds the majority of its leaseholds.
The announcement also confirmed that Cazoo had missed the deadline for reporting its 2023 accounts and because of pressures on management that CFO Paul Woolf had left the business.
Go Plant
A Leicestershire based road sweeper hire specialist has been sold out of administration helping to maintain 116 staff positions.
Go Plant and their sister business Go Plant Fleet Services went into administration last week but have been sold in a pre-pack administration deal to new owners Sweeptech Environmental Services based in Berkshire.
Unfortunately no buyer could be found for the remaining depots owned by Go Plant Limited and these have been closed with the loss of a number of posts.
A statement from the business said: “The companies had been heavily impacted by challenging market conditions, in particular cost pressures and a subdued UK house building market.
“We’re delighted to have completed the sale of certain depots across the north of England to a strategic buyer, preserving substantial employment although we will work closely with those unfortunately made redundant.”
Wriggly Monkey Brewery
A brewery in Bicester, Oxfordshire is closing its doors after six years due to cost increases and “significant disruption over the past few years.”
A statement from the directors said: “It is with immense sadness that we must call time on the Wriggly Monkey Brewery.
“It has been an incredible journey, with amazing highs, and our fair share of lows. Unfortunately, despite all the incredible efforts of our team, we cannot keep the pedal flat for any longer.
“The brewing industry and the wider hospitality sector has faced unprecedented cost increases and significant disruption over the last few years that have challenged the brewery’s viability going forwards.
“Times are tough out there, and the pubs, bottle shops, and small independent breweries really do need support.”
Atlantic Steel Processing
A Merseyside steel firm has gone into administration and ceased trading with the loss of 41 positions.
Atlantic Steel Processing was based in Brirkenhead and supplied steel products across the UK and Ireland. It specialised in steel decoiling, taking rolled steel and uncoiling it to press it into flat sheets so it could be used in industry.
It boasted “the world’s widest decoiling line” and had a unique advantage of being the only steel processor of its kind inside a port with direct access to a quay.
A statement from the business said: “The company faced challenging trading conditions primarily due to a reduction in demand which resulted in cash flow difficulties and impacted its ability to operate.
“Despite an accelerated marketing process, there were no appropriate partners for a going concern sale so the company ceased trading and was placed into administration as part of an orderly wind down.”
Spectrum
A Scottish charity supporting neurodiverse children has been declared bankrupt by the Accountant in Bankruptcy – Scotland’s insolvency service.
Spectrum has been operating in Dundee since 2001 offering play schemes, after-school groups and youth groups for children and young people.
They were granted an award of sequestration this week which makes the bankruptcy official.
A statement from the organisation said: “The charity was an unincorporated charitable trust which provided after school services to around 20 local families and ceased operations with the loss of six positions.
“Rising costs and fundraising challenges which are affecting many small organisations led to the closure.”
It might be beginning to feel like Summer but if the sun isn’t quite shining on your business just yet – what can you do to improve your outlook?
We offer a free initial consultation for any director or business owner that wants to hear about some new ideas and opportunities to help them reach their goals this year.
Once you have a clearer idea on what possibilities are open to you, you can begin to implement the decisions and changes necessary to bring them about – but only if you take the first step and get in touch with us first.