Even if you don’t have much interest in politics or Football, it’s been a momentous seven days.
A new government and England getting to the final of the European Championships don’t happen every day, let alone within a week.
If you need to catch your breath or take your mind off the forthcoming final in Berlin on Sunday evening then we’ve got the perfect distraction for you.
Our round up of all the important and interesting business and insolvency news stories from the past week!
So if you want to find out what the new government plans to do with Capital Gains Taxes; Why British Gas has tripled its use of winding up petitions against debtors; why borrowing businesses continue to feel the squeeze and why billions of pounds of bounce back loan repayments have still to be collected – you can read all these stories and more at our advice centre page.
Charge Cars
A company planning to manufacture an electric conversion of the classic 1967 Ford Mustang has ceased trading and gone into administration.
Operating at their UK base of Hillingdon in west London, Charge Cars obtained a licence from Ford to design their own electric version of classic older cars with the Mustang being seen as a test concept.
Ford produces an electric vehicle under the Mustang name but has a vastly different exterior and is known as the Mach-E Mustang.
499 were to be produced with each tailored to its individual owner and distributed through the firm’s Monaco showroom. They were due to retail at £350,000 each.
A statement from Charge Cars said: “The collapse of the business was nobody’s fault and due to a financial rough patch.
“We truly believe that this is not the end for the ‘67 and we’re exploring all avenues to get back on track.
50 positions have been lost as a result.
The firm’s sister company, Arrival, filed for bankruptcy in the United States in February.
Newton Rigg
An Agricultural training company in Cumbria has gone into liquidation this week.
Newton Rigg Ltd offered rural advice, training, education and knowledge transfer from its Penrith base. The aim was to reestablish land-based education in Cumbria at the site of the former Newton Rigg College from later 2020.
Unfortunately they suffered losses from their involvement in running the Equine Centre on the campus which closed in April this year.
The losses had a knock-on effect on the financial health of the rest of the organisation who recently struggled to gain sufficient funding to make the business viable despite seeking support and investment.
A statement from the board of directors said: “Unfortunately, sustainable funding for this type of local training organisation is notoriously difficult.
“Despite our efforts we were unable to raise enough to cover the cash flow needed to provide ongoing land-based education in Cumbria.”
Hoskins Architects
A Glasgow based Architecture practice which designed some landmark buildings in Scotland has ceased to trade and gone into liquidation.
Hoskins Architects were founded by the late Gareth Hoskins in 1998 and traded as a subsidiary of the Hoskins Architects Group which operates in several other countries and is unaffected by the failure of the UK business.
The firm worked on Aberdeen Art Gallery, the Love Loan development in Glasgow and a planned skyscraper at Washington Street in what would be the tallest building in Scotland.
A statement from the company said: “Hoskins Architects Group Limited is sorry to announce that the directors of its UK trading subsidiary have been forced to take the decision to cease trading and appoint a liquidator.
“The situation has come about as a result of project delays combined with the illiquidity of a major client and the significant outstanding six-figure debt owed to Gareth Hoskins Architects Limited by that party.”
34 positions will be lost as a result.
Stonehouse Garden Buildings
A Gloucestershire based construction company has gone into voluntary liquidation this week.
Stonehouse Garden Buildings created bespoke garden buildings for customers and rooms.
They employed ten staff on site with three installation teams operating throughout the UK.
The business had recently installed two shipping containers at their headquarters in Stroud but this was recently turned down for retrospective planning permission by the local district council so would have had to be moved.
Now the company has closed, their future is uncertain.
Heat Exchange Group
A heat exchanger and boiler specialist business located in Wakefield has gone into administration after being purchased by new owners last week.
The Heat Exchange Group Services Limited business and assets were acquired on June 27th. The company currently employs 35 workers and supplies heat exchangers and industrial and marine boiler products and support services.
A statement issued on behalf of the owners of the business said: “The business has recently faced trading challenges due to difficulties associated with one of its major contracts.
“Despite management seeking to divest their interest in the business as part of a wider group rationalisation, the contract frustrated the sale process.
“After several attempts to resolve this contract, it became clear that they would consider involvement only through acquisition of substantially the whole of the company’s business and assets as a going concern.
“Following the sale, given the company’s underlying precarious financial position, management had little alternative but to instigate a formal insolvency procedure and appoint administrators, and we will be looking to realise the company’s remaining assets if feasible.”
Home Delivery Solutions
A Chesterfield haulage business has entered administration after multiple attempts to sell the firm fell through.
Home Delivery Solutions have ceased trading with the immediate loss of 90 positions.
Directors had sought professional advice on how to improve the cash flow of the business and overcome growing legacy debts. They decided an accelerated sale was the best opportunity to save the business.
While they entertained several offers and a preferred bidder, growing uncertainties over the company’s ability to provide its services including some of its biggest customers seeking alternative suppliers led to the withdrawal of the preferred bidder’s interest.
This left closure as the only viable course of action and a managed wind down of the company’s operations.
Sparta Security
A Darlington security company which featured in its own BBC docu-series has gone into voluntary liquidation.
Sparta Security was featured in 2015 and focussed on founder Francis Jones and his amusing antics.
Mr Jones said: “Like many small independent businesses, the unprecedented economic challenges have been unrelenting which have forced the business under when time ran out.
“Having worked around the clock to try and preserve both the business and jobs, time unfortunately ran out and the situation has sadly become untenable. However, many of the problems were brought on by the actions of former staff, some of which had a catastrophic impact on the business.
“These actions cost the Sparta Security Group vital clients and caused enormous stress to myself and my family. Where possible I’ve taken steps to reimburse people where I can – including making payments out of my own pocket. I’m committed to repaying creditors and I’m working with the likes of HMRC through this long and complicated process.”
Whether you’re a huge football fan or don’t follow the game at all – it’s actually a great metaphor for business life.
Every plan and system you have can suddenly be upturned by a piece of bad fortune no matter how well you have run your company to that point.
This can happen to even the best run businesses so whether you’re at the top of your game or honestly feel you’re stuck in mid-table at the moment, there’s something you can do to help yourself right now.
Get in touch with us today to arrange a free consultation with one of our advisors.
Once they get a full picture of your business and its circumstances, they’ll let you know what options are available and depending on your goals, how to implement them successfully.
Then you can look forward to the rest of the year with more certainty than a penalty shoot out!