Many directors and business owners will now be trying to manage their busiest periods of the year along with their own festive get-togethers and parties for staff to acknowledge the hard work that has got them to this stage.
What can be genuine fun can also be tiring – especially if there is more than one to attend and your own work is physically and mentally demanding too.
So if you get a spare few minutes to yourself to relax, you can use it to catch up with all the important and interesting business and insolvency news stories in our latest regular weekly round up.
If you want to know why more charities are in financial difficulties now than during the pandemic; why business closures have now overtaken start-ups for the first time in 13 years; why 2024 could continue to be a rocky road for the haulage industry and if you’re at risk of director fatigue – or if you just want to check out our new Accountant’s Hub – you can find them all here and more.
Moles
One of the best known grassroots music venues in the UK has gone into insolvency stating the rise in costs and overheads and the impact of the cost of living crisis have made it impossible to continue.
Moles, based in Bath, first opened in 1978 and has hosted countless big names at the venue including The Smiths, Oasis, Blur, Radiohead, Ed Sheeran, Fat Boy Slim and The Killers.
Co-owner Tom Maddicott said: “Making the decision to close Moles was horrendous, but the cost of living crisis has crippled us.
“Massively increased costs of stock, utilities and rent compounded by our customers also feeling the impact of the crisis has made it impossible to continue. It’s obviously an incredibly difficult decision to have to take, for our team, staff, community and the artists that over the years have created such an incredible history of music.
“But the reality is that live music at grassroots level is no longer economically viable and we will not be the only grassroots music venue forced to close.”
Emerald House of Cars
An award-winning used car dealer based in Birmingham has begun voluntary liquidation proceedings.
Emerald House of Cars in Wednesbury was a multiple Car Deal Magazine Used Car Awards winner but creditors were informed of the decision to wind up the company this week.
A statement from the directors confirmed this and that the deemed consent procedure would be appropriate and as such they would seek their approval to close the business.
Bluefruit Software
A hi-tech software business in Cornwall is entering a CVA to deal with outstanding debts.
Bluefruit Software is based in Redruth and has provided embedded software solutions to over 100 products for firms around the world for over 20 years.
The company was formed by Paul Massey 23 years ago in his spare room and worked in various sectors including aerospace, industrial, automotive, medical and biopharmaceutical.
The business has grown to have offices in Ivybridge, Exeter and Truro and has negotiated a CVA with its creditors to pay off outstanding debts over an extended period in return for a proportion of them being written off.
Tingdene Homes
A Wellingborough static home manufacturer has announced they are going into voluntary liquidation with the loss of 156 positions.
Tingdene Homes makes static caravans but has suffered a period of challenging trading conditions leaving the business unable to meet its financial obligations as they fell due.
The business has ceased trading as a result and former employees have been referred to the Redundancy Payments Service.
Joyce Jackson Veils
A wedding veil manufacturer in Wales has gone into voluntary liquidation.
Joyce Jackson Veils, a family-run, small business, had been crafting veils and other luxurious wedding accessories since 1984 from its Kimmel Bay headquarters to over 300 UK and Ireland stockists.
The decision to close and liquidate follows the business being issued a compulsory strike-off notice in September although this was later suspended.
Homeserve
A boiler installation firm in Leeds has announced it is closing with the loss of 130 positions.
Homeserve offered home emergency cover for electrical, plumbing, boiler and drainage repairs but the boiler installation section had been loss-making for several years.
A statement from the directors said that the rest of the business would remain unaffected but the boiler installation section would close “despite the significant efforts of the team”.
They continued: “The scale required to deliver sustainable growth and profitability has not been achieved.”
Jules B
A popular clothes retailer that was subject to a ransomware attack in September is considering entering a creditors voluntary arrangement (CVA) after refusing to pay the £79,200 ($100,000) demanded by the hackers.
Julian Blades, co-founder and managing director of the Jules B brand said that while their trade was impacted for two weeks, their creditors had been “incredibly supportive and sympathetic”.
Mr Blades said: “Landlords need to be more realistic with their demands and a turnover based rent system would be a very equitable way to go. We’re still in negotiations with landlords and until these are agreed we won’t decide which, if any, will close.”
Jules B currently has five stores – two in Kendal, two in Jesmond and one in Harrogate – with 55 employees along with a central head office, warehouse and additional storage space in Newcastle.
The business has had a rough few years. Mr Blades explained: “We were defrauded of £1.2 million in 2015; then we had a pandemic, postal strikes and the cost of living crisis.”
East London Pub Company
A popular pub firm in London has gone into administration while it looks for new owners for its properties.
The East London Pub Company was formed in 2014 when it bought its first property – the Ten Bells in Spitalfields.
It grew to take in three others – the Lock Tavern in Chalk Farm; The Saxon in Clapham and The Gun also in Spitalfields.
A statement from the business said “The business of the pubs will continue to trade as usual in the lead up to the busy Christmas period.”
Designer Childrenswear Limited
A Sunderland based designer children’s clothing retailer has gone into administration with the loss of 30 positions.
Designer Childrenswear Limited was established in 1984, working with 160 brands and shipping products to over 120 countries.
A statement from the directors said: “Unfortunately, like many other businesses in the retail industry, Designer Childrenswear Limited was not immune to a significant fall in demand and mounting external pressures, most notably rising costs, which made the business financially unviable.
“While all customer orders have been fulfilled prior to the cessation of trade, regrettably, this decision means all staff have been made redundant while administrators look to release assets for creditors.”
Even if it seems like there is no time to fit anything else in between now and the end of the year – it could be the most important time to get some professional advice on how your business can be strengthened and supported in 2024 and beyond.
Get in touch with us to arrange a free initial consultation with one of our team of advisors.
They’ll explain what is and isn’t feasible for a company and what you can do to start a new year in the best way you can.