Several engineering firms went into administration this week & more.
We hope you’re enjoying the summer and have been able to take stock on where you and your business are right now. There is still nearly half a year left to make 2025 a memorable one but it’s also important to take some time and moments to yourself.
The perfect opportunity to catch up on all the important and interesting business & insolvency news stories you might have missed from the past week.
So if you want to know why a Members’ Voluntary Liquidation is the director’s advantage,
why a Time To Pay arrangement could help businesses with HMRC arrears and how you can give your business a summer boost – you can read all these stories and more at our advice centre page.
Oakman Inns
A Hertfordshire based pub chain that operated 35 sites across England has gone into administration.
Oakman Inns was started in 2008 by entrepreneur Peter Borg-Neal and operated across Bedfordshire, Buckinghamshire, Oxfordshire and the Midlands. Six sites were closed with immediate effect and the loss of 159 positions.
The company confirmed that it had sold one freehold property and 13 leasehold sites to Upham Group Ltd which had secured 531 jobs. Three other properties, the Grand Junction Arms in Tring; The George in Ludlow, Shropshire and The Navigation Inn in Lapworth, Warwickshire have also closed.
In a statement, the company noted that challenging conditions such as the pandemic had led to closures and “restricted trading” which meant the company had to take out “additional borrowings to stabilise the business and preserve its operational footprint.
It went on to say: “The hospitality sector continues to face significant and persistent challenges, including a reduction in customer numbers, which has been driven by changing consumer habits and broader economic pressures.
“In addition, operators are contending with rising operating costs, such as increased energy prices, higher food and beverage costs and wage inflation.”
Very Light Rail National Innovation Centre
The operator of the Very Light Rail National Innovation Centre in Dudley has been acquired by Dudley Council in a pre-pack administration deal that secures the future of the facility.
The Black Country Innovative Manufacturing Organisation (BCIMO) is a non-profit research and technology organisation incorporated in 2019 prior to the construction of the centre. BCIMO went into administration on July 1st but remained operational while buyers were sought.
Following a brief marketing process, the business and assets were sold to the council.
Councillor Steve Clark, cabinet member for resources at Dudley Council, said: “The council has previously provided financial support to BCIMO and so, when the board of directors put the organisation into administration, we made the decision to put in a bid for the business and assets to protect this investment.
“The bid was successful and as the owner of the site, we will now be receiving income from the existing tenants, while looking for an operator to take on the responsibility of operating the site. This was an invest to save decision, which will generate income for the council now and into the future, champion local innovation and support the creation of high value employment opportunities in our borough.”
Woollacott Gears
A Welsh engineering manufacturer founded over 100 years ago has gone into liquidation and closed.
Woollacott Gears are based in Wrexham and produced precision gears and engineering components for clients such as BAE and other major industrial clients.
Unable to find a buyer for the business, administrators are holding an auction for the group’s extensive plant and specialist machinery. High-spec CNC gear cutting machines, tooling and stocks of parts and components alongside a range of other manufacturing assets will be sold with proceeds paid back to creditors.
Dayfold
A Southampton based luxury print and packaging specialist has ceased trading and been voluntarily wound up.
The liquidation follows a series of recent changes including the former managing director leaving the company and a number of employees being made redundant. The company has also been impacted by rising costs, challenging market conditions and a period of poor trading.
As well as commercial print and packaging output, Dayfold pushed out student outreach programmes designed to inspire the next generation into print in the South coast region.
Franklyn Yates Engineering
A Derbyshire engineering company has gone into administration after suffering from “challenging trading conditions following problems with one of its major contracts”.
Franklyn Yates Engineering is an experienced mechanical, electrical, instrumental, control and automation service provider. It has extensive expertise in the power, energy from waste, water and process and anaerobic digestion industries.
The company experienced cashflow difficulties due to difficult trading conditions, which led to the appointment of administrators. 25 positions have been made redundant as a result.
FYE is owned by the Greenbank Group with no other companies affected by the decision.
David Philips Furniture Group
A Manchester company that provided furniture to the residential property and build-to-rent sectors has ceased trading, gone into administration with the majority of their 134 employees being made redundant.
David Phillips Furniture Group was founded in 1998 and provided tailored furnishing packages and end-to-end service offering, serving property professionals, developers and institutional landlords nationwide.
Financial performance across the group in the last year has been hampered by margin pressures and the wider downturn in the construction sector.
Despite efforts by management to improve operational efficiency and strengthen cashflow, the company continued to face mounting financial pressure.
Directors engaged advisors to undertake an accelerated options process including efforts to secure a sale or refinancing but with no viable solvent options available, administrators were appointed.
Abijo
A Midlands excavator attachments manufacturer has been bought out of administration in a pre-pack deal, protecting 19 positions.
Abiljo Excavator Services was sold following a strategic review and accelerated acquisition process.
Founded in 1979, Abiljo built a strong reputation as a family-owned business known for designing and manufacturing durable, high-performance excavator buckets. However in recent years, the company faced mounting financial pressures due to supply chain disruptions, cost volatility and unpredictable order volumes following the Covid-19 pandemic.
Despite efforts to secure additional funding, the business experienced sustained trading losses.
Gordon Nicolson Kiltmakers
An Edinburgh kiltmaker has gone into administration after 18 years of operation.
Established on the Royal Mile in 2009, they opened a second site on St Mary’s Street in the city in 2017.
The company first created pieces for the University of Edinburgh’s tartan in 2007 and also created designs for the Scottish national football team and Celtic FC to celebrate their 130th anniversary.
John Hornby Skewes & Co Ltd
One of the UK’s leading independent trade distributors of musical instruments and accessories is closing after 60 years of trading after the death of the founder in September.
The company was held in a family trust set up by the late John H. Skewes stated that after his death the business should be sold.
Despite searching for a buyer, the company was unable to find one and will close in an orderly winding down process with immediate effect. They will continue to trade and gradually dispose of their stock and assets including trademarks and other intellectual property.
Well-known for their extensive portfolio of guitar brands, instruments and DJ equipment, they also incorporated the popular Odyssey series of brass instruments designed by Peter Pollard.
A statement from Executive Chairman Dennis Drumm said: “At a yet-to-be-determined point, the company will close having discharged all its statutory and other liabilities to staff, creditors and other stakeholders and that, very sadly, will be the end of JHS after more than sixty years.”
There is still plenty of time for you to make any changes you feel are needed to reach your goals in 2025.
Get in touch with us today and chat to one of our advisors about what options you have on the table – it’s usually more than you might realise.
The sooner you make contact, the sooner you can begin to make the rest of the year a memorable one for you and your business.