The Olympics are in full swing and you might now be taking a keen interest in sports you had no previous interest or expertise in before. 

That’s ok – you’ll probably remember the feeling whenever you tell anybody what you do for a living and everybody has an opinion on how you should run your business!

But one thing you probably already understand, that any competitor will tell you, is that proper downtime is an essential part of any successful training routine. 

So when you do have some time to yourself – it’s worth spending a small part of it catching up on all the latest interesting business and insolvency news stories you might have missed from the past week right here.

So if you want to know why June saw the third highest monthly total of business insolvencies in 24 years; Why the future looks bleak for Capital Gains Tax (CGT) and BADR and what the 40 bills announced in the King’s Speech might mean for your business – you can read all these stories and more at our advice centre page.

Cineworld

Cineworld has confirmed that six cinemas will close in the coming weeks as part of its restructuring plans if approved by creditors. 

They will shut screens in Glasgow, Bedford, Hinckley, Loughborough, Yate and Swindon as they are all “economically unviable” according to the company. 

A statement from the business said: “Against a background of increasingly high and unsustainable operating costs, the business is set to implement a restructuring plan that will enable it to address its lease portfolio and rental terms with landlords.”

The chain hopes it will “return our business to profitability and ensure a sustainable long-term future for Cineworld in the UK”. 

Staff at the cinemas earmarked for closure will be offered redeployment at nearby sites as far as possible. The statement added that “the total number of impacted sites cannot be confirmed until the process is complete.”

Cineworld operates more than 100 sites in the UK including the Picturehouse chain. 

It delisted from the London Stock Exchange in August 2023 having seen its share price collapse amid fears over its future. 

The company is pursuing a restructuring plan rather than a company voluntary arrangement (CVA). Remaining sites in the property portfolio could see rent reductions as the company seeks to bring rents down.  

One advantage of a resturing plan is that a court could enforce conditions on creditors whereas a CVA requires 75% approval in order to proceed. 

It is expected that the finalised plan will be put before a court in September. 

Astradent

A Dental group has gone into administration and closed six practices in Hampshire and the Isle of Wight with immediate effect. 

Astradent Dental Group operated Kingston Crescent Dental and Northern Dental based in Portsmouth and Southampton possessing NHS dental contracts for four of the six locations. 

The NHS said it was not aware of any financial problems within the company until Astradent informed NHS England of their entering administration who then informed NHS Hampshire and Isle of Wight. 

Patients have complained recently about their lack of appointments and efforts to push private treatments instead. 

The NHS said it was working on securing the next steps for the sites and that there had been some interest from other NHS dental providers who could possibly take over from them. 

hyperTunnel

A start-up tunnel construction business based in Basingstoke has gone into administration after being unable to secure a workable solution to substantial debt obligations. 

A statement released from the business said: “The affairs, business and property of the company are being managed by administrators.”

hyperTunnel was founded in 2018 with the aim of revolutionising tunnelling by integrating modern technologies such as AI, machine learning and swarm robotics. 

The company gained initial attention by using an innovative 3D printing tunnelling method using horizontal directional drilling bore pipes. 

Unfortunately they were unable to grow sufficiently to repay their principal investor sufficiently leading to the current financial situation with an outstanding repayment deadline approaching to repay £14.8 million including interest. 

The company had obtained a research and development contract with Network Rail and had appointed former Network Rail CEO Mark Carne as their Chair. 

Efforts to find investment, sell the business or restructure the debt have proved unsuccessful leaving the 37 employees positions in doubt.

Beck Interiors

A luxury fit-out construction specialist based in South East London has filed a notice to appoint administrators this week. 

Beck Interiors worked on several hospitality, leisure, residential and museum restoration projects including the refurbishment of the Dorchester Hotel in London, the National Museum of Scotland in Edinburgh and the Hippodrome casino in the West End. 

Founded in 1994 the company also worked on projects in the Middle East and Asia. Several sub-contractors recently complained about going unpaid and creditors had brought winding up petitions against the company in the past year. 

MTAG Composites

A Lincolnshire based manufacturer of moulded composite parts for the rail, automotive, aerospace and construction sectors has gone into administration with trading temporarily halted while all viable options are being considered.  

MTAG Composites produced the items for use on boats, train interiors and aircraft seating. 

Administrators have confirmed that operations had recommenced which demonstrates the commitment of all stakeholders to save the business and livelihoods of staff and remain hopeful of a sale to interested parties. 

Southend Carers

An Essex based social care charity has announced it will go into liquidation this week after 20 years of operation. 

Southend Carers has experienced “severe and ongoing financial challenges which have made it impossible to continue our operations.”

Daryl King, Chair of the Board of Trustees said: “For almost 25 years, Southend Carers has been a pillar of support, providing vital services to unpaid carers in our community. Our mission has always been to offer assistance, hope and a sense of community to unpaid carers.

“This decision has not been made lightly, and we understand the significant impact this will have on the individuals and families who rely on us. We want to assure you that we have exhausted all possible options to avoid this outcome. Unfortunately, despite our best efforts, we have been unable to secure the necessary funding to continue operations.”

The Chancellor Rachel Reeves has unveiled the government’s direction of travel for the weeks and months ahead and indicated that the road is going to be a bumpy one. 

How does your road look for the rest of 2024?

We won’t offer your business a SatNav but we do provide the next best thing – a free initial consultation with one of our expert advisors to let you get your bearings and plot your way forward from here.

Once they get a full view of your firm and its current financial circumstances, they’ll be able to work with you to come up with an ideal roadmap to your destination – whatever that is for you.  

Get in touch as soon as you’re ready to get underway!