We are less than 50 days from Christmas.
We know, we’re shocked too but we did the calculations and the numbers check out. So if you haven’t started preparing for what could be the busiest time of the year then it’s time to prepare.
But before you do, make sure you take a minute to catch up on all the rest of the important and interesting business and insolvency news stories from the past seven days first.
Whether you want to know about how small and medium sized businesses could be getting hassled by HMRC over their R&D credits soon; or the most frequently asked questions and answers about company voluntary arrangements (CVAs) and winding up petitions (WUPs) – you can find them all here and more!
A Midlands based waste gasification firm is going into administration unexpectedly.
Cogen is an end-to-end developer of technically advanced energy recovery facilities in the UK using advanced thermal treatment facilities across all stages of the project lifecycle; from site identification through to construction, operations and maintenance.
Cogen had set up five UK gasification facilities at Welland, Birmingham, Dartmoor and Hooton that each received between 30,000 and 300,000 tonnes of waste per year.
The company had used crowdfunding to raise £3 million in 2019, which was the first time this technique had been used to raise funds for energy recovery and the company claimed to be the first major waste gasification facility that didn’t rely on government subsidies.
One Collection Group
A group of companies behind a host of North East leisure and property businesses have been placed into liquidation.
The One Collection Group included 21 subsidiaries that ran among others a prominent Tynemouth bar called Ora and managed lettings in Newcastle’s new Hadrian’s Tower development.
It is reported that a buyer for the assets had already been found and a sale agreed with no redundancies. A statement from the directors confirmed: “The business has been acquired and One Collection Group was simply a holding company with no assets and has been liquidated as part of the process.”
A Welsh construction firm building a new housing development in Denbighshire has gone into voluntary liquidation.
Brenig Construction was formed in 2012 and was principal contractor for Denbighshire County Council’s Llwyn Eirian scheme in Denbigh providing 22 low-carbon homes available for social rent.
A statement read: “We’re sorry that Brenig Construction has gone into voluntary liquidation and our thoughts are with all staff who have been affected.
“Brenig have been affected by the prevailing economic climate and post-Covid challenges that are particular to the construction sector.”
Green Energy Together (GOT)
An energy company working with Devon County Council on a solar panel and battery storage scheme has gone into liquidation.
Green Energy Together (GOT) installed many of the solar panels and energy storage batteries householders bought under a council scheme called Solar Together Devon where they could sign up at a preferential rate.
The scheme concluded in 2020 with most of the installations completed in the first half of 2021. The council confirmed there were no plans to reopen the scheme.
A Widnes based timber product supplier has gone into administration.
Silva Timber Products provided decking, cladding and fencing and has ceased trading with the loss of 30 positions.
A statement from the directors said: “Silva Timber Products has been one of the UK’s leading importers of specialty timber products, sourced from the world’s most reputable sawmills for more than 23 years.
“Unfortunately, mounting external pressures, most notably reduced sales and rising costs resulted in the business being unable to meet its financial obligations.”
They confirmed that the business was facing challenging trading conditions primarily due to a fall in demand which resulted in cash flow difficulties and impacted its ability to operate.
A Luxury lingerie company is being wound up in the High Court after failing to pay outstanding tax debts.
La Perla is based in Savile Row in London and designs, manufactures and sells high end lingerie, nightwear and beachwear. It has several high street shops in London and the South East as well as a website and various department store concessions.
HMRC took the company to court via a winding up petition for an outstanding debt of £2.8 million in unpaid tax. La Perla’s lawyer confirmed at the hearing that the tax payment had been postponed as a shareholders’ cash injection had not gone ahead as expected.
A specialist retail contractor based in Bradford has gone into administration and ceased trading.
HB Projects also has offices in Livingston in Scotland and at Gatwick Airport. The decision means 140 positions have been made redundant.
The business was founded in 1993 but struggled recently through Covid when workloads fell and was finally handicapped by project delays which caused a terminal cash flow crisis at what would normally be their busiest time.
The firm principally delivered refurb and fit-out services for new Asda, Morrisons and B&Q new build facilities.
A statement was issued which said: “This has been a difficult but necessary step due to a number of cancelled and/or deferred projects which meant that we were unable to maintain a positive cash flow throughout the forthcoming months.”
As the end of 2023 approaches and the vast, untouched potential of 2024 begins to appear on the horizon – no matter how busy you are now and between these two milestones, there will be some time to take stock both personally and professionally.
No matter if this year has or hasn’t seen the progress and profit you might have wanted or how you are preparing to attack the next year – it’s the perfect time to sit down with an expert and get some free, impartial advice on what areas can be improved or strengthened before they’re tested.
Get in touch with us to arrange an initial consultation with one of our team of advisors.
They can explain all the possible options available depending on the unique circumstances of the company. Then you can decide what changes you want to make and get on with implementing them in time for them to have a positive effect.