All the top stories you might have missed this week
As the Olympic games ends and the domestic football seasons begin, it’s hard for sports fans to find some time to relax between their next big sporting fix.
But it’s worth it – not just to grab a little peace and quiet but if you’re a business owner or director it’s the chance to catch up on all the latest interesting and important business and insolvency news stories you might have missed from the past week.
So if you want to know why the future looks bleak for Capital Gains Tax (CGT) and BADR; why June saw the third highest monthly total of business insolvencies in 24 years and why a Time To Pay agreement could be the best solution to HMRC debts – you can read all these stories and more at our advice centre page.
Kooble
One of Scotland’s oldest hospitality booking websites has gone into administration with the loss of 27 positions.
Kooble, which was the trading standard of 5 PM Ltd, was based in Glasgow since its founding in 1999 by Ronnie Somerville and David Maguire.
The business was one of the first in Scotland to offer discount vouchers for restaurants, hotels and spa treatments.
A statement from the company said: “5PM Ltd has unfortunately been placed into administration following challenges with cash flow that could not be overcome.”
CDT Tiles
One of Britain’s biggest tile suppliers has filed a notice of intention to appoint administrators while seeking a sale to new owners.
CDT Tiles is based in Newcastle and has 87 stores across the UK employing 400 staff. It was acquired by former Body Shop owner Aurelius in 2022 and supplies ceramic tiles to commercial and residential customers.
Boddingtons Plastics
A 73-year-old Kent plastics manufacturer has gone into administration with the loss of 120 positions this week.
Boddington’s Plastics Limited was founded in 1951 in Horsmonden as W.H.Boddingtons and specialised in plastic injection moulding largely for the health and technical sectors.
They opened a multi-million manufacturing facility on the site in 2019 but directors confirmed that based on professional insolvency advice they confirmed that trading the business in administration was unviable so the business ceased trading with immediate effect.
Hitchcock & King
A London based builders and timber merchant has gone into administration.
Hitchcock & King had been trading for over 50 years and operated from six sites across London in Ashford, Burgh Heath, Fulham, Hammersmith, Streatham and Twickenham.
Directors confirmed that the company had faced difficult trading conditions in recent times including the impact of rising costs and decreasing margins. Despite seeking options including investment or a sale of the business no solvent solution could be found so administration was the only option.
27 members of staff have been made redundant with a further 37 retained while the business is wound down.
Alderley PLC
A Gloucestershire based engineering firm has gone into administration with the loss of over 450 positions as a result.
Founded in 1989, the firm operated in oil and gas markets where they designed, manufactured and serviced control systems. They had operations in the UK and Middle East as well as offices in Bristol, Norfolk and Scotland.
Alderley PLC which owned Alderley Systems Ltd (ASL) and Specialised Management Services Limited (SMS) appointed administrators last week.
A statement from the business said: “The companies faced difficult trading in recent months and, despite exploring options to secure the companies’ future, the directors concluded that the best option is for the companies to enter an insolvency process.
“The companies have ceased to trade as a result and administrators will work through the companies’ financial position while they carry out their statutory obligations.”
Hodgkinson Builders
A construction company that featured in a BBC series about young bricklayers has filed a notice of intention to appoint administrators to their social housing division.
Derby based Hodgkinson Builders were formed in 1990 and began as a small, family bricklaying business specialising in commercial brickwork projects, progressing into the new build residential housing sector.
They were featured in a show called “Brickies” which ran for two series on BBC Three in 2022 and 2023. Founder and managing director Ian Hodgkinson is also a project manager on BBC One’s “DIY SOS” series.
A spokesperson for the business said: “Due to the construction inflation over the last few years, the rising cost of living and the resulting financial pressures on construction businesses such as ourselves, we have taken the very difficult decision to close our Social House Building division.
“We’ve taken the decision to close before more costs are accrued from subcontractors and suppliers who we value most highly. Despite previous government directives for housing associations to engage smaller contractors and developers, there is a clear lack of support for such contractors in practice and the current situation has impacted us and those we work with massively.
“We want to emphasise that the Hodgkinson contracting brickwork division remains completely separate and unaffected by this closure. Business operations in that division will continue as usual.”
Fileturn
A luxury fit-out specialist based in Surrey has filed a notice of intention to appoint administrators.
Fileturn Limited provides principal contractor services across the hospitality, leisure, retail and banking sectors but filed a loss in their latest financial accounts due to a loss sustained from a one-off exceptional project.
Operating for over 25 years, the firm has provided interior refurbishment services for several high-profile clients including Marriott, Ramada, Waldorf Astoria, Double Tree, Hilton and Wagamama.
Morphe Cosmetics
One of the UK’s up and coming cosmetic retailers has been purchased in a pre-pack administration deal.
Morphe Cosmetics Limited operated as an online and retail business and was bought by Forma Brands UK.
They offered wholesale distribution for its products and sold directly to customers online and through seven retail stores in the UK with an additional outlet in the Netherlands.
Directors blamed tough market conditions and disproportionately high rent obligations making the existing network unviable. The online and wholesale parts of the business were purchased by Forma while the eight stores closed with immediate effect with 73 employees being made redundant as a result.
While the summer holidays continue, this could be the ideal opportunity to use this time constructively and plan ahead for the rest of 2024 and beyond.
Get in touch with us today to arrange a free initial consultation with one of our expert advisors.
Once they get a clearer picture of where your business is at and where you want to go they can work on a plan to get you there – or start heading in that direction.
Get in touch as soon as you’re ready to get underway!