What are the main stories from these past seven days?
Congratulations! You’ve made it through another week and hopefully have a little time to dedicate to yourself.
We can help you enjoy it even more by catching up on the latest important and interesting business and insolvency news stories from the past seven days you haven’t seen!
So if you want some ideas on how to master economic uncertainty in 2025; why the insolvency service disqualified 1,000 directors last year and how the new US tariffs will affect your business – you can read all these stories and more at our advice centre page.
GAK Music
One of the UK’s leading musical instrument shops went into administration this week with the physical store in Brighton closing and all staff being made redundant.
The store for Gak Music Emporium, standing for Guitar, Amp and Keyboard, closed on March 25th but the announcement and decision were made this week.
The businesses assets including stock and website have been bought by online retailer Gear4music, described as the UK’s “largest retailer of musical instruments and music equipment”.
Gear4music have confirmed that they have purchased stock for a cost value of £1.8 million along with “certain intangible assets including websites, trademarks and commercial data for an additional consideration of £600,000.”
A statement added that “GAK Music has entered insolvency and its assets, including stock, branding and websites have been sold to Gear4music.com.
“The original company, however, still legally exists and remains responsible for its liabilities but may not have funds to meet them.”
The Original Factory Shop/Hobbycraft
The new owners of The Original Factory Shop (TOFS) are preparing to enter a Company Voluntary Arrangement (CVA) which could see landlords of the discount chain face steep rent cuts as result.
There could also be significant job losses and store closures as a result of the decision by owners Modella Capital.
They purchased TOFS 180 stores in February and also own Hobbycraft and WHSmith’s high street business.
Along with the high street stores, a major distribution centre is also expected to be included in the proposals.
News is also breaking that Modella are now considering a CVA for Hobbycraft too and have announced the permanent closure of nine stores this week. They will also be seeking to renegotiate the rent terms on an additional 27 stores out of their estate of 126.
A statement released from the company said: “Modella Capital is absolutely committed to bricks and mortar retail, at a time when the sector is coming under increasing pressure.
“Modella understands that high streets provide a vital service to consumers, are an essential source of employment and are key to the future success of local economies.
“Modella Capital believes that many retailers can thrive on the high street, particularly those with a distinctive offer and a loyal customer base. Where necessary, Modella Capital has the skills and experience to restructure retailers that require it, in order to ensure they create profitable, ongoing businesses that will continue to serve communities and employ thousands of people across the UK.”
Stones4Homes
A Sheffield-based specialist in supplying natural aggregates has ceased trading after attempts to secure a sale proved unsuccessful.
Stones4Homes was established in 2008 and specialised in the sale of natural aggregates for residential properties. The company was purchased by Prestige Holdings Ltd in 2022 which introduced new management and a new strategic direction to the business.
Unfortunately, bad weather conditions during the winter of 2024 had a detrimental effect on sales of both Stones4Homes and Prestige Holdings causing cash flow pressures for both.
Directors said they were “disappointed with the outcome of not securing a sale of the business and assets as a going concern and they would like to thank their employees for their hard work and understanding during this difficult process.”
Neat Burger
A Vegan burger chain restaurant with investors including Sir Lewis Hamilton and Leonardo Di Caprio is closing its remaining two UK locations.
Neat Burger has two restaurants in Camden and Wembley in London employing 150 people who will be made redundant. The company will continue to operate two branches in Milan after closing their UK and US locations.
A statement from the business said: “We have no further comment at this time, other than to confirm that the business has taken the difficult decision to close its UK restaurants.”
The chain was founded in 2019 and has experienced some financial difficulties in recent months attributed to decreased footfall due to changing work patterns and rising operational costs. The previous six London locations were closed 18 months ago.
Keeping up with all the news and developments this year can feel exhausting. Almost as tiring as trying to run your own business with all the obstacles and hassles in your way.
This is why we offer a free initial consultation to any business owner or director who’d like an expert, impartial opinion on what else they can do to help their firm in these increasingly tricky times.
No matter what your goals for the rest of 2025 and beyond – whether it’s expansion, consolidation or even survival – we’ll be able to help.
The sooner you get in touch, generally the more options you’ll have and time to implement them so take some time to refresh then get in touch and we’ll work with you to make this the best year it can be.