The good news (or bad news) is that the general election is still two weeks away so there will be a lot more discussion on what this could mean for the country depending on who wins. 

So whether you are following every breaking news story or trying to ignore it and concentrate on Euro 2024 instead – you can catch up on all the interesting business and insolvency news stories from the past seven days as well.

So if you want to find out what each sector wants from the next government; or what each party is promising business in their manifestos or what the latest corporate insolvency statistics tell us – then you can read all these stories and more at our advice centre page.

Rapid Response Transport

One of the largest courier and storage companies in the North East has gone into administration. 

Rapid Response Transport UK had traded for over 20 years offering same day, overnight, refrigeration and European deliveries. 

The company held an international operator licence for 30 HGVs and 15 trailers from its bases in Middlesbrough and Stockton on Tees. 

The business employs 50 staff whose positions are at risk. 

Linkline Transport

A Northamptonshire warehousing and logistics business has filed a notice of intention to appoint administrators. 

Linkline Transport are based in Wellingborough since their founding in 1993 and worked for Primark and GXO operating 100 trucks and 130 trailers with 50 staff employed on logistics, haulage, warehousing and pallet network services. 

They specialise in home delivery, contract, general haulage and white label services.

Spirit Fires

A gas fire manufacturer based in Newton Aycliffe has ceased trading and gone into liquidation.

Spirit Fires were formed in 1999 and produced wholesale gas fires including bioethanol and outdoor fires, some of which appeared on the TV show “Grand Designs”.

A statement from the directors of the business said: “Spirit Fires has built a reputation for producing high quality products over the years. Unfortunately, the trading challenges that have developed over recent years have proved too great.”

An auction will be held of stock and assets to release funds for creditors.

Loscoe Chilled Foods

A Derbyshire meat factory has gone into administration with the loss of 120 positions with immediate effect. 

Loscoe Chilled Foods were subject to an investigation from the National Food Crime Unit over how a client – the supermarket Booths – may have been supplied with mislabelled pre-packed sliced meat in 2021. The meat was sourced from South America and Europe but had been labelled as British instead.  

As a result their BRC food safety accreditation was withdrawn. 

A statement from the business was sent to all staff which read: “Following the suspension of the BRC certificate and the cancellation of orders from customers, we had to lay off staff temporarily. 

“While the business had hoped to find a buyer so that it could keep operating, this has not proven possible. Therefore it is with regret that Loscoe Chilled Foods Ltd is entering administration.”

Inner London Developments

A developer behind a large £100 million seafront property scheme in Southend has gone into liquidation with the site going up for sale. 

Inner London Developments Ltd were behind the Marine Plaza scheme which was first granted planning permission in 2015. 

The project was planned to include 282 apartments, restaurants, cafes and bars overlooking the Golden Mile in the town but a series of setbacks including Covid, lockdown and various financial crises have prevented it from becoming reality. 

The site is currently being managed by a local seafront trader on behalf of its offshore owner until it can be sold to a new owner. 

A statement from the owner said: “The Inner London Group were just land agents. It has planning permission from Southend Council to be a car park so it’s a possibility that might happen along with other eventual developments.”

OKA

An upmarket interiors brand has launched a company voluntary Arrangement (CVA) to restructure its finances. 

OKA was founded by Lady Astor but she has since stepped down from the company’s board at the insistence of creditors. She retains a financial interest in the business but it is majority owned by a private equity firm InvestIndustrial.  

If the proposal is accepted then one of the company’s 13 stores would close along with a distribution centre. 40 positions would be expected to be made redundant but the owners would inject new capital.

The owners initiated Chapter 7 bankruptcy proceedings in the USA last week to protect its interest but would see three stores closed as a result.  

A statement released from the business said: “The CVA forms part of a wider restructuring of the Oka group, which is supported by the company’s main shareholder who has agreed to provide further funding to the company totalling £4 million if the CVA is approved by creditors.”

Wonder/Amscan

A national party supplies retailer and distributor has announced a notice of intention to enter administration this week. 

Wonder Group, which was previously known as Amscan, have seen a downturn in consumer spending which has led to the decision along with falling demand in international markets for party and costume products. 

Wonder employs 200 workers in the UK whose positions are now under threat.

Project D 

A Derby-based Doughnut specialist is bullish on its future claiming it is “as strong as ever” after agreeing to a company voluntary arrangement (CVA) with its creditors. 

Project D said that the core wholesale business was booming and debts were associated with the retail “bricks and mortar” side of the business, not the bakery or wholesale sides of the operation. 

The company produces 17 million doughnuts a year but a downturn in customer spending and unexpected shop fit-out expenditures lead to a loss making quarter and closure of three of its four retail locations in York and shopping mall outlets in Nottingham’s Victoria Centre and Sheffield’s Meadowhall, which resulted in some minor restructuring of one of Project D’s operating companies. 

The remaining outlet at Heathrow Terminal 2 has remained successful, with online sales having increased annually by 50%. 

Co-founder Max Poynton said: “We’ve been focusing on bakery efficiencies, large wholesale customers, working with bigger event partners and improving our donut offering.  

“We look forward to continuing to serve customers for many years to come.”

The good news for directors and business owners is they don’t have to wait until after the election to see how it can positively influence their future – they can do it right now by arranging a free appointment with one of our team of advisors.

After they work with you to get a full picture of the business and its unique financial circumstances, they’ll then let you know all the options available to you and you can decide, depending on your goals, how to proceed. 

But you have to get in touch with us first to make this happen!