We’re less than two weeks away from the big day now – can you feel the excitement?
Of course we mean Boxing Day – the excitement of returning gifts you didn’t want and being able to hit up Amazon, Primark and other sites, hands full of vouchers to let you get what you really wanted.
If you’re in the hospitality or retail sectors – Boxing Day really could be the big day to blow the winter blues away!
So if things are a little quieter right now or you need a distraction from the anticipation 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 how to stop a CCJ if you receive on and what you can do if you can’t; why 2025 could have more twists in store for Capital Gains Tax; the most important facts to consider when weighing up a Members’ Voluntary Liquidation (MVL) 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.
Cineworld
The beleaguered cinema chain announced that it has completed a restructuring plan with the aim of securing their long-term future and profitability but a further six UK sites will close as a result.
These are in Castleford, Leigh, Middlesbrough, Northampton, Poole and Weymouth.
Cost saving initiatives have included the reduction of rents to market levels at several UK sites as well as accessing additional funding for cash flow and capital expenditure focused on the refurbishment and enhancement of existing cinemas.
Javier Sotomayor, president of Cineworld International, said: “The successful completion of our Restructuring Plan, achieved with the crucial support of our landlords, protects thousands of jobs across the UK and provides us with the financial stability to continue investing in delivering extraordinary experiences for our valued customers.
“This milestone sets the stage for a brighter future, enabling Cineworld to continue sharing joy in communities across the UK for many years to come.”
Age UK Staffordshire
An independently operated charity in the Midlands has gone into administration with all staff being made redundant.
Age UK Staffordshire operated separately from the main charity and served customers in Cannock, Lichfield, South Staffordshire and Tamworth. They closed a week after going into administration.
A statement on behalf of Age UK said: “We are deeply saddened that it has come to a closure decision and understand that this news is upsetting for everyone involved. We’re mindful that this news will be upsetting for the older people that Age UK Staffordshire supported, as well as their staff, volunteers and stakeholders.
“Each local Age UK operates independently as a separate charity with its own board of trustees and management team, while sharing a common commitment to supporting older people.
“Age UK Staffordshire has faced a number of financial challenges due to the impact of the Covid-19 pandemic and then the ongoing cost of living crisis, both of which have placed huge pressure on available resources.
“Unfortunately their Board of Trustees have made the difficult decision to cease operating meaning the charity is no longer able to continue offering services to older people across Staffordshire.
Home Drainage Protection
The Insolvency Service has forced the closure of an Essex based drainage protection company after staff were caught “aggressively cold-calling” pensioners and vulnerable members of the public.
Investigations found that Home Drainage Protection Service ltd “bombarded” pensioners and people suffering from medical conditions with up to 20 telephone calls a day using abusive language and threatening to call the police or bailiffs if the receiver did not sign up to their proposals.
The company claimed to provide replacements and repairs to plumbing and drainage as well as protection plans for items such as satellite equipment and household appliances but the Insolvency Service found no evidence that any such cover was ever provided to customers.
The firm also filed unverifiable accounts, failed to produce accounting records when requested and made unexplained payments worth millions of pounds to dozens of other companies.
Cheryl Lambert, Assistant Director of Operations at the Insolvency Service, said: “We received numerous reports that Home Drainage Protection Services was consistently pressurising vulnerable members of the public, issuing so-called “protection certificates” for household appliances.”
Before winding the business up in the High Court last week, the judge said that the sales techniques used were “beyond aggressive” and that they were frightening to people.
Arctic Fish Products
A Grimsby fish processing business has ceased trading and gone into administration after experiencing a sudden loss of turnover.
Arctic Fish Product was founded in 2005 and operated successfully for many years processing, packing and storing fish for a strong customer base however the company recently experienced significant cash flow difficulties due to material bad debts with key customers along with the related impact on future trading prospects.
A statement from the directors confirmed that the cash flow position was irrecoverable and that all staff had been made redundant.
They said: “It’s a very unfortunate time for the business and its employees but the recent sudden loss of turnover left the company with no option other than to effect an insolvency process.
“We’re working closely with directors and other stakeholders in order to realise the company’s assets for the maximum amount possible. This includes the company’s desirable trading premises, plant and machinery. We are hopeful of securing a material return to the company’s creditors.”
Caledonian Logistics
A Scottish haulage firm has gone into administration two years after being acquired by another haulier Drac Logistics.
Caledonian Logistics employed 130 staff and had three depots in Inverness, Oldmeldrum Kintore and Cumbernauld. Directors said that the decision was inevitable due to a lack of financial support from its parent company along with challenging trading conditions.
A statement was issued that said: “While the company had successfully cut costs and increased turnover, it was unable to return to profitability in the short term.
“The company had recently exhausted efforts to sell the company or the underlying business and assets. These efforts were unsuccessful and the company ceased trading prior to administration.
“Fortunately the large majority of jobs were retained as a result of new operators picking up the routes the company serviced with the additional benefit of minimising the impact on customers.”
Some assets including the Palletways contract have been purchased by GS Light Haulage based in Aberdeen which will retain 60 positions. They will also retain the rights to the Caledonian Logistics name.
They said: “We are delighted to play a huge part in saving so many jobs and look forward to working with staff and customers, new and old, in what is hoped to be a bright future.”
Team Tex UK
An East-Midlands based wholesaler of infant car safety seats has ceased trading and gone into administration.
The international parent company and sole supplier of Team Tex UK – TEAM TEX – was formally placed into insolvency in France leaving the UK business unable to fulfil customer orders and continue to trade.
Despite efforts to find an alternative method of recourse, commencing a marketing process for the business was deemed unviable with all four employees having been made redundant.
A statement from the company said: “The company has suffered due to a chain reaction caused by the cessation of activity of TEAM TEX. Due to market circumstances outside of its control and without a viable solution, the directors had no choice but to shut the business.”
Team Tex UK’s product had received universal negative reviews recently across websites such as Amazon and MumsNet rating them “dangerous”, “unsafe” and “unsafe but legal”.
Dark Matter Rum
A new owner has taken over production of Dark Matter Rum after the original brewers went into liquidation.
Dark Matter Distillers was Aberdeenshire’s first rum distillery when it launched in 2015. It became well-known for its signature spiced rum, white rum and flavoured rum liqueurs.
The brand and other assets were purchased by Ardent Spirits who have restarted production at Banchory’s Burnobennie Distillery.
A statement from Ardent Spirits said: “When we heard Dark Matter was in liquidation we tried to help but it was too late, the company was past saving. But we felt compelled to rescue the brand.
“Up until about two months ago it was in every supermarket on every shelf, on Amazon and it had a big following. It was too good an opportunity at the time to let it slip into the ether. There was nobody else willing to buy the brand, it would’ve disappeared.
“It’s steeped in such history, particularly for Banchory, being the first rum distillery in Scotland, this combined with a strong brand presence meant we couldn’t let the brand disappear.
“The gap in between liquidation and activity is a vulnerable point for anything and people when they can’t get it move onto another type of rum. Our job is to remind people that we’re coming back.”
GMCVO
The Greater Manchester Centre for Voluntary Organisation (GMCVO) has appointed administrators this week after concluding that its business model was no longer viable.
The Administrators are hopeful that following a review of the business and its activities they could potentially “rescue at least some elements” of the organisation by transferring them to other partners.
GMCVO is one of the largest local infrastructure organisations in the UK with five wholly owned subsidiary companies. Three of these manage social investment funds, one oversees consultancy and research contracts while the other looks after a conference centre and tenancies.
St. Thomas Centre, which managed GMCVO’s conference centre and tenancies, is closed to the public although it will remain open to tenants.
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.