You may have been browsing the shops this week and noticed that sun cream and suitcases have disappeared off the shelves, and in its place costumes and candy.
So whether you are clinging on to the last of the summer sun or patiently waiting for the leaves to change, you can use some of it to catch up on all the important and interesting business and insolvency news stories happening every single week – including this one.
So whether you’re interested in finding out Why the foundations of the construction industry are coming under strain this year or What the warning signals are for a business in financial difficulty– you can read these and lots more!
Buckingham Group
The construction company behind the redevelopment of Liverpool FC’s Anfield Road stand and who built the impressive Riverside stand at Fulham FC have filed a notice of administration indicating they will activate the insolvency process within the next 10 days.
The Buckingham Group was founded in 1987 and directly employs 600 staff and is the largest contractor to switch to an employee ownership trust structure.
The Anfield Road stand was due to be completed in October and will increase the capacity of the Anfield stadium to 61,000. The lower tier of the stand has been granted a safety certificate by Liverpool City Council and will open for the club’s next match but further progress will depend on what happens next with the Buckingham Group.
AC Plc
A data centre construction specialist based in Bedforshire went into administration this week.
AC Plc employed 193 staff and worked across the UK and Europe on the manufacture and installation of cladding, roofing and curtain walling within data centres.
Kin
The ramifications of Wilko going into administration last week are beginning to be felt through several industries.
Consumer products business Kin is going into administration following the decision. The Worksop based home and garden products specialist is a sibling company to Wilko but has other commercial relationships too.
Set up in 2019 to develop brands and design sustainable products initially for sale at Wilko, their Clever Pots and Skin Therapy secured distribution deals with 129 B&Q stores and 900 independent pharmacies nationwide.
Wilko’s latest accounts, signed off in November acknowledged material uncertainty about the group’s ability to continue to support the company in the event of trading conditions worsening.
As a result of Wilko’s trading difficulties Kin have now filed a notice of intention to appoint administrators which gives it ten days legal protection from creditors while directors look to find a solution.
Allma Construction
A Barrhead based construction company has gone into administration and ceased trading with immediate effect leading to the loss of 181 positions.
Allma Construction and its sister company Centre Plant Limited was a long-established supplier of groundwork services to leading housebuilders operating in central Scotland and Ayrshire.
A statement from the business said that both companies had experienced a sharp downturn in recent activity in the house building sector. Rising raw material prices and delays to new developments have caused unsustainable financial and cash flow pressures.
It said: “Allma Construction is a long-established and highly regarded supplier of specialist groundworks services to many of the leading housebuilders.
“Unfortunately the business has been severely affected by a downturn in the homebuilding markets and rising labour and material costs and despite the best efforts of the directors in exploring other options, administration was the only option.”
Northcare and Medway
A North East pharmacy group has gone into administration this week.
Northcare Limited and Medway Limited along with five other subsidiary companies responsible for eight shops in the North East and Yorkshire area employ 76 staff that remain in place as a buyer for the group is sought.
A statement from the business “Pharmacies provide essential service to local communities, so it has been vital that we move quickly to bring forward the administration and create a protective structure to enable the eight sites across the group to keep trading.
“ We’re committed to engaging with suppliers, customers, the NHS and other healthcare providers to ensure a continuity of service while we explore options for the future of the business.”
Consumer Choices
A South Yorkshire customer acquisition company has appointed administrators and ceased trading with immediate effect with the loss of 99 positions.
Consumer Choices was established as a new entity in 2020 when it spun out of Origin Broadband that helped to acquire digital leads for companies through outbound calls to convert those leads for customers.
Working primarily for broadband suppliers from their base in Rotherham, a material deterioration in market conditions left the company unviable and after a buyer could not be found and no other viable solution available, the decision was made to close down.
Border Steelwork Structures
Border Steelwork Structures, a steelwork and cladding design, fabrication, and installation company located in Carlisle has filed for administration.
Following unsustainable cash flow issues due to a significant downturn in contracts and rising operational costs, Border Steelwork Structures had to make the decision to cease trading. The joint administrators will now focus on marketing the company’s assets for sale, including plant, machinery, and workshops.
A representative on behalf of the business said, “Border Steelwork Structures is a long-established and highly regarded supplier of steel framed buildings for a wide range of sectors and industries. Unfortunately, the business has been severely affected by a dramatic downturn in contracts and income, and despite the best efforts of the directors to effect a turnaround, administration was the only option.”
North Lands Creative Glass
North Lands Creative Glass, based in Lybster in Caithness, went into liquidation earlier this week.
The company which was started in 1995, aimed to “stimulate the growing interest in the possibilities of glass as an art form and provide cultural activities to the community of Caithness and across Scotland”.
But the firm said it was battling soaring costs alongside a difficulty in recruiting workers in the area.
Representatives on their behalf said, “North Lands Creative Glass is a unique organisation with a well-founded reputation for developing glass and therefore it is extremely disappointing for the company’s many stakeholders, funders and employees that it could not continue to trade viably.”
“Our focus will now be on supporting the employees affected and securing and realising the business and assets of the company, which include freehold property, artwork, furnaces and other equipment.
“Clearly it would be great to see the business continue in some manner and therefore, if any party is interested in acquiring the business and/or its assets, they should contact the joint liquidators as soon as possible.”
Elcock Reisen
The Shropshire Coach firm which has been operating for almost 100 years has gone into administration with all future bookings being cancelled.
The firm announced on social media that its offices would close on Friday and that they were contacting customers as quickly as possible however there was no guarantee they would get their money back.
Elcock Reisen said the administration was a result of a takeover falling through after it ran into financial difficulties due to rising prices and wages. This combined with a fall in securing contracts, especially with Shropshire Council.
The company thanked people for their “loyalty and valued custom over the many years we have been in business”.
Whether summer has provided you and your business with some well needed downtime or had you swept off your feet – it’s important to remember that the colder months are quickly approaching and now may be the best time to prepare for the rest of the year ahead.
Depending on what your plans are, our advisors will look at where you are now and what choices you have available.
The most important step is the first one so make your appointment today and make hay while the sun is possibly shining!