All the top stories from September 15th to 21st
We’re now into autumn and it actually feels like it.
While some of our luckier colleagues might be jetting off to enjoy the last of the sun wherever it can be found – most of us are settling in for the days and longer nights ahead.
And while you can use the extra time to get some essential tasks done, you can also use it to catch up on all the interesting business and insolvency news stories from the past seven days too!
So whether you’re interested in finding out why the latest monthly insolvency statistics are climbing again, why so many construction companies are in arrears with their CBILS and bounce back loans and what changes to business energy bills could be coming next month – you can read them (and lots more).
The sustainable fresh food producers based in Woking have filed a notice to appoint administrators after their Dutch parent company had done the same.
The company had plans to create a 6,400 sq metre vertical farm in Suffolk producing 415 tonnes of food a year but now this looks in jeopardy.
The site was due to be operational by February 2023.
A statement from the company said: “OneFarm Limited has filed a Notice of Intention to appoint administrators. The issues at hand are more complex and not related to energy prices or the sales pipelines. We will issue further updates later.”
A long-established company that supplies go-karts and other leisure vehicles for the amusement industry in over 50 countries has gone into administration.
Formula K International, based in Rhyl, was launched by Graham Liddle, four times former world Go Kart champion in 1997 and was the first manufacturer in Britain to specialise in go karts and small cars for theme parks and play centres in Europe, the US and the Middle East.
A statement from the business said: “Covid forced the global leisure industry into lengthy lockdowns and the knock-on effect continues.
“Two core markets for the business in theme parks and indoor play areas faced the harshest lockdowns of all sectors which had a major impact on the company’s cash flow.
“More recently, global supply chain issues caused by inflation and delays to shipments of materials into the UK left the company unable to fulfil orders for the first time in its history despite demand. Formula K was a well-run and respected business for decades but it has been hit hard by external factors outside of its control.”
Additionally Graham Liddle, managing director of Formula K International, said: “I explored every single avenue to rescue the business and save the jobs of my trusted employees but realistically had no other choice but to place the company I founded more than 25 years ago into administration.
“The irony is that we received two large orders in the past few weeks but given the uncertainty of the supply chain of goods required to build the products we just couldn’t guarantee the clients that the orders could be completed. Our separate business, Formula K Products, which provides aftercare services for our products remains solid and we will continue to support our existing clients moving forwards. It’s only our manufacturing business that has been affected.”
A national law firm with headquarters in Stoke has gone into administration this week.
Youngs Law Ltd had other offices in Newcastle-under-Lyme, Kent, Liverpool, Southampton and Havant and only rebranded from Swain & Co in April last year.
The original business could trace its roots back to the first half of the 19th century and had grown last year to 58 staff offering a full range of private client services.
Lithium battery developer Aceleron has gone into administration after struggling to secure investment.
Founded in 2016 in Bromsgrove, Aceleron created patented sustainable battery technology as part of its mission to accelerate the shift to renewable energy.
The decision was taken as the company was no longer able to meet its financial obligations with 11 positions being made redundant as a result.
A statement from the business said: “Aceleron had sought further investment this year to support growth plans and further scale the business, however given the challenging investment climate, this was not forthcoming.”
Anytime Fitness Solihull
A popular Midlands gym in Solihull has closed and gone into insolvency with a “challenging macroeconomic” climate cited as the main reason.
Anytime Fitness opened in May 2021 as a part of the Anytime Fitness franchise organisation. The closure only affects this branch.
A statement from the organisation said: “All Anytime Fitness locations are independently owned by franchisees and we can confirm that unfortunately our Solihull franchise is now permanently closed and has entered insolvency.
“The closure is a result of the incredibly challenging macroeconomic climate and the rising operating and energy costs of running the gym for the franchisee.”
Heath Springs and Components
A Redditch based metal components business has gone into administration after suffering “unprecedented cost increases.”
Heath Springs and Components makes professional grade springs, clips and other precision formed metal components for the automotive, aerospace and industrial markets.
A statement from the company said: “Heath Springs and Components is a long established business, with a reputation for specialist engineering and providing a wide range of high quality products.
“However, like many companies in this sector, it has suffered from unprecedented cost increases which it has been unable to pass on quickly enough to its customers. Consequently, due to cash flow pressures facing the business, steps were taken to place the company into administration to stabilise operations and allow trading to continue.
“The business will be on the market and are hopeful that it will be purchased as a going concern moving forward.”
A UK synth manufacturer has gone into administration this week.
Modal Electronics that makes the Cobalt, Argon and 00 ranges has declared insolvency and is hoping to use the administration process to restructure the business and debts and re emerge stronger.
A statement from the business said: “Due to the global impact of the Corona crisis and the economic teething problems that followed, it is essential to realign and streamline the structure of Modal Electronics.
“For this purpose, extensive plans were drawn up with new and existing partners to ensure the continuity of the company. All essential activities such as support, further development of the ModalApp and ensuring market presence will continue despite the restructuring.
“The current employees of Modal Electronics will also remain employed and were involved in planning the restructuring.”
Christian Stahl, temporary MD of Modal added: “This complex restructuring process opens up unimagined opportunities to make the company more economical and even more customer-friendly. We want creativity to continue in the coming years with extensive concepts for new, exciting products for musicians.”
Whether you’re ready for the rest of 2023 or not – it’s going to be on us quickly so it’s best to be ready for it sooner rather than later.
One of the best ways to prepare is to make sure you understand what options your company has in front of it.
Arrange a free consultation with one of our team of advisors at your earliest opportunity and they will go through the range of choice available no matter what your ambitions and strategies to realise them.
The sooner you get in touch with us, the sooner you can begin to implement these decisions that can only benefit your business.