We’re nearly into the Christmas and New Year holidays and the excitement, expectation and possibly exhaustion are palpable!
But if you get a quiet moment away from serving customers or wrapping presents, you can catch up with all the important and interesting news stories you might have missed this week right here!
So if you want to know what happened with last month’s corporate insolvency figures in England, Wales, Northern Ireland or Scotland; why the education sector faces unprecedented financial challenges in the year ahead; why 2025 could have more twists in store for Capital Gains Tax and if the festive period will give the hospitality industry the strong finish to 2024 it needs – you can read all these stories and more at our advice centre page.
International Boatbuilding Training College
An internationally recognised boatbuilding training centre in Suffolk is closing and going into liquidation with the loss of 11 positions.
The International Boatbuilding Training College (IBTC) has been operating since 1975 and delivered City & Guilds qualifications and a range of customised courses specific to maritime heritage and traditional boatbuilding.
A statement from directors confirmed the decision and said: “A meeting of members has been called to place the company into liquidation at which time the current student cohort will leave having been given the opportunity to complete a minimum of the joinery module City & Guilds qualification.
“All 11 staff will be made redundant on that day and it is expected that a sale of assets will take place in the new year.
“The directors invested heavily in the business to support it in a difficult market due to less wooden boat building.
“Over the years, the directors have tried every avenue to seek support from the businesses that still use the college’s unique skills and had a rescue deal lined up until recently, but regrettably with no prospect of increasing student numbers to turn the college back to profitability have made the difficult decision to close.”
Magnus Group
A freight company that went into administration last year has secured a further 12 months from creditors as there are assets still to collect and funds to return.
Magnus Group, which was based in Great Blakenham, near Ipswich, entered into administration in November last year, with the company owing 164 firms a combined total of £3,955,638.19.
A pre-pack sale for part of the business was authorised to Hemisphere Freight Services Limited – with the sale including the warehouse operations at the main Ipswich site and the freight forwarding operation.
This six-month lease ended in May, with final assets sold such as office and IT equipment equating to £1,097 being received.
In the last year, the largest asset relates to the book debts which Ultimate Finance has continued to collect, with the company being fully repaid to the sum of £977,814.
The administration was due to automatically end, but as there are still assets to collect and funds to return to creditors, the administration was extended by 12 months.
This is now due to end automatically on November 22, 2025, with creditors all consenting to the extension.
In a document update on the administration, it said: “The administration will remain open until the book debts have been collected and the funds distributed amongst the appropriate creditors.
“Once these matters have been finalised the administration will cease and my files will be closed.”
After Magnus entered into administration last year, Premier League Ipswich Town FC, which was owed £33,000, announced that it had ended the partnership with the freight company.
The West stand at Portman Road was sponsored by Magnus but the naming rights ended as a result.
Malpas Tractors
A Welsh agricultural machinery company that was founded in the 1960s has gone into administration with the loss of 40 positions.
Malpas Tractors are based in Wrexham and began in the farming sector before later diversifying into the sale, maintenance and repair of agricultural machinery.
A statement from the directors said: “The company has experienced cash flow difficulties resulting from difficult trading conditions in the sector. These cash flow difficulties have led the directors to take the difficult decision to place the company into administration.
“The administrators are continuing to keep the financial position of the Company under review, regrettably having had to make 43 redundancies to keep the business operating with a reduced workforce while they explore interest from any potential buyers.”
In Practice Systems Limited (INPS)
The main software supplier for GP practices in Scotland has gone into administration.
In Practice Systems Limited was in the process of migrating all of its GP clinical systems in Scotland to its Vision software.
A statement issued by parent company Cegedim based in France said: “Cegedim SA announced that its British subsidiary INPS, a software publisher for general practitioners, has decided to voluntarily place itself under administration with effect from today in view of its financial difficulties.”
The Scottish government said there was currently no impact on patient care or current availability of systems for GPs and that they have instructed National Services Scotland to consider immediate steps to be taken regarding support required for current users, the rollout of the new GP IT system and work with the administrators to understand the implications and opportunities going forward.”
They confirmed that pre-existing contractual agreements were in place to ensure immediate service provision and to support services until a new solution or supplier was secured.
Cegedim is also one of four pharmacy IT suppliers working with NHS England on a pilot feature which allowed patients to trace the status and readiness of their prescriptions via the existing NHS App.
They are also one of eight suppliers working with Digital Health and Care Wales to support the roll out of the electronic prescribing service in Wales.”
With the end of the year in sight, you might not believe it but there is still time to act and begin 2025 on the strongest footing.
Get in touch with us to arrange a free initial consultation and depending what your goals are for your business, you can begin to work towards them straight away.