A major restaurant closes six branches & mental health/gambling charities are under pressure
Now the Summer holidays are in full swing we hope you’ve been able to enjoy some of them and recharged your batteries ahead of a hopefully busy rest of 2025 for you and your business.
Even if you haven’t been able to get away for an extended period, you can still catch the odd moment to yourself, which is perfect because that’s all it will take to catch up on all the interesting and important business & insolvency news stories you might have missed from the past week!
So if you want to know how CCJs directly impact company directors; 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.
Gusto Pre-Pack
A high-street Italian eatery has been purchased in a pre-pack administration deal saving some 300 positions but 200 more will be made redundant and 13 locations will close as a result.
Gusto was launched in Cheshire in 2005 and was bought out by private equity owners in 2014 before entering a CVA in 2020. New owners have acquired the remaining seven restaurants and assets from administrators.
Paul Moran, chief executive of Gusto Restaurants said: “This investment marks an important step forward for Gusto, ensuring the future of the business and putting in place a strong and stable platform upon which we can start to grow the business again.
“We’re profoundly sorry to see six of our restaurants close and are tremendously grateful for the support of our staff and our loyal customers at these locations over the years.”
Fund Ourselves Limited
A peer-to-peer investment business has gone into administration this week.
Fund Ourselves Limited was a lender of high-cost, short-term loans and operated a peer-to-peer lending platform. It also facilitated crowdfunded loans that were used to finance high-cost, short-term credit loans.
The Financial Conduct Authority took action against the company in July to restrict its assets and permissions to carry out regulatory activities.
The FCA said: “The firm is no longer lending or accepting peer-to-peer investments.
“However, all existing loan agreements remain in place and administrators will update customers as soon as possible. Any payment arrangements currently in place will not be affected and customers should continue to make payments as normal.
The regulator said it is engaging with the firm and the joint administrators to “ensure the best outcomes for customers.”
Skydive Buzz
A Devon skydiving company is to cease trading and going into liquidation a month after a tandem skydive jump saw two people killed.
Based at Dunkeswell Aerodrome, Sky Dive Buzz issued a statement that directors had made the difficult decision to cease operations with immediate effect.
British Skydiving and other authorities are still conducting investigations into the incident when Belinda Taylor and Adam Harrison died after their parachutes failed to open during a tandem jump.
The Official Receiver will contact creditors and customers in due course to discuss the proposed compulsory liquidation proceedings.
Samaritans and Mental Health Aberdeen
A 75-year-old Scottish charity has been forced to close with immediate effect after the board decided to shut down its services.
Mental Health Aberdeen chairman Mark Lough said: “It is with sadness and regret that, on behalf of the Board of Trustees, MHA is closing with immediate effect after tirelessly exploring all available options to continue to deliver our vital services.”
These include the Aberdeen Counselling and Information Service, One To One Deeside, ACIS Youth and community projects in Torry and Calsayseat.
He continued: “Sadly, this decision has been reached following an extensive period of strategic review, external consultation and careful consideration of all viable options.
“Demand for mental health services in North East Scotland is growing at an unprecedented pace.
“Despite strategic decisions to invest over the last few years, with the intent of diversifying funding streams from other sources of income away from traditional public funding and fundraising sources, we have not been in a position to realise the long-term benefits of this in the current landscape.
“The year ahead has also become increasingly uncertain. Funding has been reduced or withdrawn and upcoming contract negotiations offer no guarantee of renewal. Rising operational costs, including a significant increase in National Insurance contributions, have added further strain.
“Despite the team’s tireless efforts to meet rising demand, our current income can no longer sustain the level of service we aim to provide. Like many third-sector organisations across the country, we’re facing the stark reality of being asked to do more with less – a position that is no longer viable.”
All the charity’s services, shops and head office will cease to operate services immediately.
The Samaritans have also announced that they are considering the closure of 100 of their branches across the UK and Ireland as part of long-term plans to futureproof their future.
These are half the branches the suicide-prevention charity currently operate and while exact numbers are yet to be decided, 200 are thought to be unsustainable in the long term.
No redundancies are planned as part of the closures and meetings held in late September will decide which branches will be affected with each branch varying in size from ten to 300 volunteers.
Julie Bentley, chief executive of Samaritans, said: “We provide a life-saving service, day and night, 365 days a year, but the changing needs of our callers and volunteers means thinking differently about the way our services need to work.
“We’re engaging with our volunteers on proposed improvements that will mean we’re able to answer more calls, have more volunteers on duty and be there for more people in their darkest moments.”
GambleAware
The UK’s main Gambling addiction prevention charity announced it is winding-down operations ahead of the implementation of the statutory levy for gambling harm.
The charity is the current commissioner of gambling harm research, education and prevention services but the statutory levy will bring with it a transition to a public health-focused approach.
Commissioning work will be led by NHS England as well as the government’s Office for Health Improvement and Disparities and UK Research and Innovation body.
Chair of trustees Andy Boucher said: “We have advocated for the introduction of a statutory system for many years and are proud of our contribution to its implementation.
“Alongside this, we’re proud of the impact GambleAware’s prevention and treatment activity has had in supporting tens of thousands of people over the years, through our national campaigns and our commissioned partners, including the National Gambling Support Network.
“Recognising the change across the system, trustees have decided that GambleAware will work towards a managed closure by March 31st 2026.”
Swallowtail Print
A Norfolk printing firm has gone into administration due to rising costs.
Swallowtail Print, based in Drayton near Norwich, has appointed administrators after an attempt to sell the business proved unsuccessful with 44 employees being made redundant as a result.
The company became Swallowtail Print following a management buyout in 2011 and a merger of Norwich Colour Print and F Crowe & Sons combining 200 years’ of experience in the printing industry starting with “printing handbills of hangings at Norwich Prison.”
Directors acknowledged that the company had faced difficulties since the pandemic and in recent years has been hit with inflation, soaring energy bills triggered by the war in Ukraine and rising employment costs.
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.