Your weekly business & insolvency news round-up
It’s bust for the British Darts Organisation’s commercial arm
The British Darts Organisation, breeding ground of darts superstars Raymond Van Barnevled and Glenn “Duzza” Durrant, has placed its promotional division into liquidation.
British Darts Organisation Enterprises Ltd are pursuing a Creditors Voluntary Liquidation (CVL) in order to “safeguard the future for grassroots membership darts in the UK.
Formed in 1980, the commercial arm supported the sporting activities of the organisation but recent falling prize money, event cancellations and lack of broadcast interest combined with the pandemic lockdown to prove an insurmountable total.
A director said: “Our focus is ensuring the longevity of the organisation and despite this setback and some tough decision making, we are committed to making the BDO a success for its members. British darts is safe.”
Darts being one of the few activities that can be successfully played in lockdown, hopefully some budding champions will be able to take up their careers with the BDO when they reemerge at the business oche.
The music stops for Dawsons
Dawsons Music have been supplying musical customers with instruments, music and now DJ equipment since 1898 but have finally been silenced by the coronavirus pandemic crash.
Employing over 75 staff members across six branches in the North West of England along with Leeds, Belfast and Reading, Dawsons is the latest well-known brand to run into the damaging headwinds of declining retail and online sales and the lockdown.
Administrators are hopeful for a sale so we might be hearing from Dawsons again one day.
Arlington Automotive in administration
The first major casualty of the motor industry is Arlington Automotive Group.
The company, which supplies internal thermometers for among others, Ford, Nissan, Aston Martin, Bentley and bus manufacturer Alexander Dennis, has gone into administration.
Some of their 600 UK workers have already been made redundant but there is hope that the remaining jobs could be saved.
A spokesperson said: “The financial issues faced by the group have been compounded by the coronavirus.
“New car registrations have fallen dramatically and the complexity of supply chains in the sector have led to a sudden halt to manufacturing.”
Final curtain for Nuffield Southampton Theater Group
The show can’t go on in Southampton as the group that manages venues at the University of Southampton’s Highfield Campus and a new £32 million hub in Guildhall Square in the city centre has gone into administration.
The Nuffield Southampton Theatre Group has administered performing arts venues in the city for over 50 years and won The Stage’s Theatre of the Year award in 2015.
The severe drop in ticket sales from closure and uncertainty about any reopening date have proved devastating.
80 staff have been furloughed while a solution is sought by administrators. A spokesperson said: “It’s a sad day, not only for Southampton, of which NST has been a venerable part of the city’s cultural fabric for more than half a century, but for the country’s theatreland in general.
“NST is a well-respected theatre company with a range of assets that could survive and thrive. Any buyer would need to be patient because no one yet knows when theatres will reopen, or how social distancing measures would impact upon seating and stage and therefore, revenues.”
Picsolve victim of rollercoaster economy
A company in Derby that specialises in theme park ride photography has gone into administration as a result of the lockdown.
Picsolve, who manufacture and maintain the photographic equipment that takes pictures of people just as they are about to enter the scariest section of the roller coaster or other thrill ride, announced that they would be unable to ride out the downturn.
Over 160 permanent and more than 450 casual positions are now at risk of redundancy.
As more companies will be awaiting news of a further loosening of the lockdown, many will be taking a close look at their own situation.
Some will be robust and ready to go at the drop of a hat while some might realise they need a little bit of work before they could think about throwing open the shutters and letting the sunlight in again.
Others still might be looking at one or two hard conversations and decisions to make.
No matter where your business is on this scale, it will definitely be worth your while to get in touch with us when you can.
A free, initial, virtual consultation with one of our expert team of advisors will help you put your mind at rest by giving you some reassurance that you’re on the right track or that by working together, we can help get you back there as quickly as we can.