Good morning and welcome to the first day of a new era with a new government.
Whether you have followed every twist, turn and surprise of the campaign or are happy it’s over – we’ve got the perfect thing to capture your attention instead.
Our round-up of all the interesting business and insolvency news stories from the past seven days!
So if you want to find out why borrowing businesses continue to feel the squeeze; why billions of pounds of bounce back loan repayments have still to be collected; and if you’re still keen on political opinion – what does each industrial sector want from this election? And what each party has promised to businesses in their manifestos – You can read all these stories and more at our advice centre page.
Yorkshire Dales Food and Drink Festival
A food festival organiser has acquired the assets of the Yorkshire Dales Food & Drink Festival and hopes to begin restaging the event in 2025.
Cocker Hoop Creative already run the popular Lichfield Food Festival and other smaller community events and purchased the assets after they went into liquidation last month.
Jon Arrowsmith, Managing Director of Cocker Hoop Creative, said: “There are many similarities between the Yorkshire Dales Food & Drink Festival and the Lichfield Food Festival, and we will bring our experience, commitment to excellence and determination to make this event a success to benefit residents, visitors and local businesses.
“We know that good traders are the lifeblood of a food festival and we are committed to supporting those traders that have unfortunately suffered financially as a result of the liquidation of Events By B3 Ltd.
“For any traders that have already paid to attend this year, we will honour those payments for next year and hope it helps them recover after their losses this year.
R H Smith and Sons
The fancy dress retailer also known as Smiffys has been purchased in a pre-pack administration process after going into administration last month.
The company has stores in Leeds, Liverpool, Newcastle and Oxford and had been operating for over 100 years but saw its financial performance significantly impacted by the pandemic, which led to a drop in demand for its costumes and party products.
They have been purchased by American based Ad Populum which owns various other US brands.
A statement from the business said: “Smiffys is a popular brand that has been operating in one form or another since 1894 but sadly, like many other retailers, it was impacted by the after effects of the pandemic.
“Ad Populum will add Smiffys to its comprehensive range of brands which includes extensive experience of the fancy dress and toy markets.”
The Sussex Exchange
A well-known restaurant, bar and cinema complex in St Leonards in Sussex has gone into liquidation.
The Sussex Exchange opened in 2012 originally as a conference centre but the landlord confirmed that the tenant company had closed down ultimately because their business was hard hit by the pandemic.
A spokesperson for Sea Change Sussex, the landlord company, said: “We have been working with the management team at the Sussex Exchange to try and help them recover – agreeing a repayment plan for unpaid rent and allowing them to seek a buyer for their business.
“Unfortunately, they were unable to get the business back on track or find a buyer so they have gone into liquidation. We’re in touch with liquidators and considering the best options for the future of the facility which remains a striking, prestigious, eco-friendly building in a beautiful countryside setting.”
Small World – LCC Trans-Sending
The collapse of a UK money payments service has left many customers in developing countries waiting for money.
Small World, which was part of LCC Trans-Sending, ceased trading and went into administration this month.
A statement from the company on their website said that administrators had been appointed and would be working to secure the assets of the company and to identify amounts owed to the Company’s customers and creditors.
They said: “We will be seeking to return amounts owed to UK customers as soon as possible. Unfortunately while this work is being undertaken, customers will not be able to access the amounts owed to them and such amounts will be reduced by costs associated with recovery and return to customers.
“Although the company is in special administration, it continues to be regulated by the Financial Conduct Authority (FCA) and is still subject to FCA rules.”
The company’s main users were located in west Africa and the Philippines and were often used by workers to send money back to their families.
60 positions were made redundant as a result.
Whether you are elated or dismayed by the election result, you don’t have to wait to make a decision that can have a positive impact on your business.
Get in touch with us today to arrange a free consultation with one of our advisors.
Once they get a full picture of your business and its circumstances, they’ll let you know what options are available and depending on your goals, how to implement them successfully.