A world-famous movie company goes into administration this week

Welcome to our newest round up of the latest business and insolvency news stories from the past seven days you might have missed or not seen until now.

So if you want to know more about how directors can make their MVL a swift success; why business insolvencies unexpectedly rose last month for the first time in January for 13 years; how to protect your business from supply chain contagion and why bailiffs want the government to start treating debtors better, you can read all these stories and more at our advice centre page.

Ben Johnson

A York based interior design business that can trace its history back to 1855 has gone into administration following the discovery of an accounting issue at the start of the year.

Ben Johnson was founded originally as a printing company and worked on several office transformations and fit outs for financial and professional service clients as well as gaming and technology businesses.

The company also completed projects for engineering businesses, private hospitals and mixed use schemes including specific environments such as laboratories.

A statement issued on behalf of the directors said: “Ben Johnsn has traded successfully in recent years but found itself in an impossible situation at the start of this year due to a major accounting issue. As a result of this, a former director was dismissed earlier this month for gross misconduct.

“We’re now exploring all options and working closely with the remaining directors, team and creditors as we attempt to safeguard the future of the business.”

Technicolor

The World-famous movie studios and special effects house has gone into administration in the UK with the loss of up to 440 positions. 

Technicolor Creative Studios UK is to close along with their sister studios in the USA, France, India and Canada. 

A statement from the management of the studio confirmed the news and added that “the economic headwinds which are affecting companies right across the creative industries have proved too challenging to overcome. As a result, and with regret, the majority of our 440 employees in the UK have been made redundant.

“The Technicolor Group has a long and proud heritage, dating back more than a century, and whose credits include working on famous films including Disney’s Pinocchio in the 1940s all the way through to more recently, Sir Ridley Scott’s Prometheus. 

“The business will be wound-down in an orderly manner while we support staff who have been impacted by redundancy and explore options to realise the company’s assets.”

Maizecor Foods

A Hull-based Maize mill has gone into administration with the facility set to close later this year.

Maizecor Foods is a toll miller of yellow maize, manufacturing products including polenta and maize flour, meal for animal feed and grits for snack foods, cereals, coatings and brewing.

Their primary contract will end later in 2025 following which the facility is set to close. A statement from the directors said: “We will be working closely with administrators and our employees to continue to trade the business whilst ever there is demand for its services after which steps will be taken to facilitate an orderly wind-down.” 

Acheson Construction

A Dorchester construction based company has gone into administration with the immediate loss of 40 positions. A further eight have been retained to assist with winding down the company’s affairs. 

Acheson Construction had operated for nearly 50 years in Hampshire working on many local and regional projects.

Directors admitted that the firm had been impacted by higher costs on fixed price contracts but added that their current efforts are focused on supporting employees. 

A statement said: “The business has been impacted by increased costs on fixed price contracts, delays in the commencement of new projects and a dispute over amounts due under a key contract. 

“Whilst the directors had considered alternative options, they sadly concluded it was no longer viable to continue to trade.”

The Dorchester Chamber of Business said that Acheson entering administration is a significant loss to their local business community including several suppliers. 

They said: “This sad news highlights the broader challenges currently facing the construction industry. Over the past year, profit margins in the sector have been under considerable pressure. Notably the average margin among the top 100 UK construction companies has declined from 2.7% to 1.7% in the previous year.”

“Several factors have contributed to this margin compression. While building material costs have begun to decrease, ending a period of record high inflation that severely undermined profits, operating conditions remain challenging and mixed. Additionally the industry continues to grapple with tight profit margins and ongoing skills shortages.

“It is a concern when a company with the heritage and size of Acheson Construction is unable to continue.”

MaxiDeals

A Midlands convenience discount store has gone into liquidation and ceased trading. 

MaxiDeals was launched during the pandemic in 2020 selling general merchandise and household goods in Hinckley, Leicestershire.

It spread to 24 locations across the UK including an office in London but went into voluntary liquidation after a general meeting agreed that it could not continue due to its excessive liabilities. 

Managing Director Paul Mathers said that trading had ceased “very suddenly” and they were in “a really tough trading environment on the high street accompanied with rising costs.

HAC Pipeline Supplies

A Plumbers’ Merchant based in Leicester has appointed administrators and ceased trading after 40 years of operation. 

HAC Pipeline was a one-stop shop for plumbing and pipe fitting products but directors made the decision following ongoing cash flow challenges and increasing pressure from creditors. 

27 positions have been made redundant as part of the process.

TJ Books

A Cornwall-based book manufacturer that had been operating for over 50 years has been sold out of administration in a pre-pack administration deal.

TJ Books is based in Padstow and has faced financial headwinds caused by general economic uncertainty compounded by an unsuccessful expansion plan following the company’s acquisition of a competitor. 

As one of the largest employers in the area, the deal has secured the positions of 132 employees for the immediate future.

If you feel like your business needs to make a leap forward in 2025 but it hasn’t really got going for you yet, then don’t worry. 

There is plenty of time for your business to reach the heights you want it to but you’ll have more chances if you get in touch with us for a free initial consultation first. 

Once they 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.

Remember – the sooner you get in touch, the sooner you could start seeing the benefits.