What happened this week to a national French restaurant chain and an independent London cinema?
Welcome to our latest round-up of the most interesting and important business and insolvency news stories from the past seven days you might have skipped over.
So if you want to know what the forthcoming Spring Statement could mean for your business; how navigating an MVL can be smooth sailing with our comprehensive new guide and how a CVA could be the fresh start a business needs – you can read all these stories and more at our advice centre page.
Bistrot Pierre
A well-known French restaurant group has been purchased as part of a pre-pack administration by new owners but eight venues across the UK have closed as a result with the loss of 158 positions.
They are in Birmingham, Mere Green, Newport, Kidderminster, Southport, Preston, Leamington Spa and Coventry.
Bistrot Pierre will continue to operate ten remaining sites across the country.
Chief executive Nick White said: “We’re delighted to have secured the future of the business and with the backing of our new partners, have a strong platform in place for future growth.
“At the same time, we’re tremendously sad to see eight of our sites close. The impending increases in the National Minimum Wage and National Insurance contributions will add hundreds of thousands of pounds to our costs, making our smaller locations simply unviable.
Catford Mews Cinema
A popular independent London cinema has closed and gone into liquidation after Lewisham Council repossessed the building due to “significant arrears”.
Really Local Group (Catford Mews) Ltd was already facing being compulsorily struck off after failing to meet the deadline to file its 2023 accounts. Parent company the Really Local Group reiterated that it was “actively exploring options for relaunching this cherished cultural hub at a new site within the local area”.
Catford Mews opened in 2019 in a former Poundland unit in the Catford Centre that Lewisham Council aims to redevelop as part of a wider scheme to transform the town centre.
Really Local’s founder Preston Benson said: “Catford Mews and its private investors invested over £1.2 million in transforming the site from its former life as a Poundland.
“The venue has employed over 80 staff members since its inception and has supported local food traders by incubating more than 10 traders. However, this has not been without its struggles, as the site faced significant challenges, such as the Covid-19 pandemic, disruptions to film releases, the impact of the Hollywood strikes and economic pressures from the UK’s rising energy costs – which led to financial losses of approximately £930,000 all of which were borne by these same private investors.
“On behalf of the entire Catford Mews team, I’d like to extend our heartfelt thanks to the Catford and surrounding Lewisham communities for their unwavering support. While the closure hasn’t been easy, we ultimately respect the Council’s decisions around the Catford Centre. We still see a positive future, love our home in the borough of Lewisham, and hope to be back there again for years to come.”
Another Really Local company relinquished control of the Sidcup Storyteller cinema in January after also going into liquidation after Really Local Group (Blockbuster) Ltd faced a winding-up petition from a creditor.
The company continues to run Really Local cinemas in Reading, Ealing and Sutton.
Feversham Arms Hotel
A Luxury North Yorkshire hotel and spa has gone into administration.
The Feversham Arms Hotel in Helmsley was first built as a coaching inn by the Earl of Feversham on the site of an existing pub. It was bought by a brewery in 1967 before going into private hands in 1977 when a swimming pool and gardens were added.
It has been operating as a hotel and spa since 2008 and will continue trading with no redundancies while administrators explore further options.
Mutt Motorcycles
A Birmingham manufacturer of retro-styled motorcycles has gone into administration amid ongoing concerns about the company’s financial stability and prospects.
A statement issued on behalf of the business said: “It is with deep regret that we have to inform you that Mutt Motorcycles has gone into administration and has ceased trading.”
Their parent company Mutt Motorcycles Philippines confirmed the statement but reiterated that it was business as usual for them and their customers.
Acorn Press Swindon/MPD Offset
A South West print business has ceased trading and gone into liquidation less than six months after it was formed through a merger of two print companies.
Acorn Press Swindon and MPD Offset were brought together in July 2024.
Managing director Simon Evers said: “It is a difficult day for everyone involved with Acorn Press Swindon and MPD Offset. Despite substantial investment in many areas it has not been possible for either to achieve the required sales volumes.
“A weakening market in the last 12 months materially impacted the business and it is therefore with great sadness that we have concluded that there was no viable alternative to this action.”
59 positions have been made redundant as a result.
My Space
A Bolton lease-based supported housing provider has entered a company voluntary arrangement (CVA) despite having the lowest possible viability and governance grades given by the Regulator of Social Housing (RSH).
In October 2022, the Charity Commission opened a statutory inquiry into the provider after finding payments of more than £1 million were made to nine of its trustees over a period of seven years.
Then the RSH downgraded them to their lowest possible ratings after a failure to provide evidence was branded “unacceptable”.
A statement from the organisation: “The approval of the CVA means the business is saved and the residents, many of whom are vulnerable, are not impacted in any way.
“The alternative would have been a disaster for residents as landlords would not be able to swiftly find an alternative social housing provider to manage the properties.”
Atlas Leisure Homes
An East Yorkshire caravan manufacturer has gone into administration citing a “very challenging few years” for the industry with the loss of 180 positions.
Atlas Leisure Homes have been operating for more than 50 years making static caravans and holiday homes.
The company saw a significant increase in demand during the pandemic so much that they opened a second manufacturing site in 2020. Since then their order book has declined while operating costs have increased significantly.
The business has undergone two additional restructuring exercises over the past two years alongside attempts to secure new investment.
A statement issued by the business said: “The caravan and holiday homes industry benefitted significantly from the boom in staycations during and after the Covid-19 pandemic. However, with demand falling away and an influx of new homes having come to the market, operating conditions have become extremely difficult for manufacturers who are contending with the dual challenge of increased costs.
“Despite the best efforts of the management team, unfortunately the business was unable to continue trading solvently without new investment. Regrettably this has meant the loss of a long-standing business & employer in the community.”
Steven McGawn, managing director added on social media: “We, alongside our competitors, have shared in the market downturn that followed the pandemic in what has been a very challenging few years for everyone in the industry.
“To allow the business to survive the board and shareholders had engaged with third party investors, and we had generated strong interest in taking the business forward. However, ultimately a deal wasn’t possible and it is with great regret that we must now place the business into administration.
“It is an incredibly disappointing time as I know a huge amount of people will look back on our 50-plus years of trading with great pride and fondness.”
Benbow Steels Ltd
A West Midlands steel business has been purchased out of administration in a pre-pack deal preserving 16 jobs and the company.
Benbow Steels Ltd is a specialist supplier of colour-coated steel products based in West Bromwich.
The business was bought by Nautilus Designs, a family-run business which includes a group of companies specialising in office furniture, hardware, shelving and displays with established relationships with global brands.
Dr Tinkle Jain, chief executive of Nautilus Designs, said: “We are excited to bring Benbow Steels into our group and expand our product and service offerings.”
We’re halfway through the third month of the year and if you feel like your business needs to make a leap forward in 2025 but it hasn’t really got going for yet – don’t worry.
There’s still plenty of time for your business to reach the heights you want but you’ll have even more chance to get there sooner if you get in touch with us for a free initial consultation.
Once our advisors get a clearer picture of your unique circumstances then they’ll be able to come up with a range of options for you depending on your goals.
The sooner you get in touch, the sooner you could start seeing the benefits.