In the week when all the major UK political parties launched their General Election manifestos, there are still a long four weeks to go before the first vote is cast.
So whether you are avidly engaged with every twist, turn and slip on the election trail or wanting to hide away for another month instead – you can get a break from it all by catching up on all the interesting business and insolvency news stories from the past seven days instead.
So if you want to find out why billions of pounds of bounce back loan repayments have still to be collected; what accountants and directors need to know about AI and if you’re still keen on political opinion – what does each industrial sector want from this election?
You can read all these stories and more at our advice centre page.
Morrison McConnell
A Derbyshire based menswear supplier has gone into administration.
Morrison McConnell supplied menswear including the Viyella heritage brand to independent shops across the UK and Europe.
A statement from the business said: “In response to evolving retail trends and the increasing shift towards online purchasing, Morrison McConnell made significant investments in new websites.
“However the company has faced considerable challenges due to Brexit, with import duties on EU sales and increased freight and container costs leading many customers, both wholesale and direct-to-consumer, to seek alternatives.”
The business continues to trade while buyers are sought but two members of staff have been made redundant as a result of the move.
Bink
A loyalty app that attracted investment funding from Lloyds and Barclays banks has closed and gone into liquidation.
Loyalty Angels is the parent company of Bink which was founded in 2015 operating in the UK and US markets.
The app was based on Payment Linked Loyalty (PLL) technology, which linked the payment cards of its customers with the loyalty programmes of its partner brands. As part of investment from the banks, the technology was rolled out to both banks’ retail customers.
A statement from Loyalty Angels said: “Bink had suffered significant losses for a number of years and recent efforts to secure additional funding had proved unsuccessful.
“The business had therefore ceased trading prior to the appointment of liquidators with all 46 members of staff sadly being made redundant. Joint liquidators will now progress with an orderly wind down of the business while seeking to maximise any potential returns for creditors.”
Piper Homes
A Midlands property developer has gone into administration this week.
Piper Homes was formed in 2015 and focused on building homes on mainly greenfield sites in affluent areas of the Midlands and South West and employs 40 staff.
Their annual turnover halved from 2021 to 2022 citing a reduction in open market sales rates and “delays in achieving planning consent on new site starts”.
The company was recognised in the Financial Times 1000 Europe’s fastest growing business list in 2022, coming in as the number one independent housebuilder in the UK.
Boyd International
A machinery supply company based in North East Scotland has ceased trading and gone into liquidation with immediate effect.
Boyd International is based in Buckie and was formed in 1997 from a warehouse in the town. The firm bought, sold, engineered, reconditioned and traded food machinery and refrigeration equipment across the world with export sales accounting for 80% of turnover.
Seven positions have been lost as a result.
A statement from the business said: “The Covid years were unkind to the company because much of its trade was to and from businesses in England and abroad and travel was severely restricted.
“The company has ceased trading and the Redundancy Payments Office is processing all claims.
The Haulage Group
A family haulage company based in Sutton Coldfield has gone into administration.
The Haulage Group was founded as the Howell Group in 1960 and changed names in 2021. It specialised in general, contract and automotive haulage as well as pallet distribution and storage services.
They employed 15 staff and had operating licences for 70 trucks and trailers.
One of the exacerbating factors for the decision was a fine the business received along with Turner’s (Soham) when a man was killed by a reversing HGV in 2019. The Haulage Group pleaded guilty for breaching the Health and Safety at Work Act and were fined £300,000 and ordered to pay costs of £7,300.
Surepak
A Nottingham based flexible packaging manufacturer has ceased trading and gone into administration.
Surepak was founded in 1991 and supplied most of the UK’s major chain supermarkets including M&S, Waitrose, Tesco, Aldi and Lidl.
The decision was made with directors blaming spiralling overheads and a reduction in the firm’s turnover due to a change in packaging requirements and a relocation abroad.
They also received a winding up petition from creditor Flint Ink earlier this year.
A statement from the directors said: “We’re disappointed with the ultimate outcome in not securing a sale of the business and assets as a going concern.
“We would like to wholeheartedly thank the employees for their hard work and dedication, as well as customers for their continued support throughout this difficult process.”
QV Realisations/A H Worth
A Lincolnshire potato business has gone into administration and ceased trading with over 200 positions being made redundant.
QV Realisations, formerly known as A H Worth, made the announcement this week.
The potato packing and processing business had suffered significant losses in its previous two years of trading due to a combination of volatile potato prices and increased operating costs that weren’t fully recovered in its selling prices.
Efforts had been made to find a buyer but no deliverable offers were received.
A statement from the company reiterated that this was only one part of the A H Worth group of companies and the others continued to operate as normal.
Chief Executive Duncan Worth said: “This is a very sad day for our business and especially all our colleagues affected at Holbeach. This is not a decision that we have taken lightly and one we only took after exploring all other possible options.”
Lucy Locket Loves
A Sheffield based sportswear brand set up by a young entrepreneur has gone into voluntary liquidation.
Lucy Locket Loves sold leggings, shorts and gym clothing but founder Lucy Arnold has confirmed that the business was unable to meet quarterly rent payments to landlords so made the difficult decision to close.
She said: “Facing no operational ability and mounting financial obligations, we made the difficult decision to enter voluntary liquidation.”
The cost of living, supply chain issues, rising import costs and flooding at the premises all contributed to the situation.
All 15 employees have been made redundant.
Ms Arnold was one of Forbes’ 30 under 30 young entrepreneurs in 2020 and began her business in 2017 while she recovered from a back injury.
She is planning to relaunch the business at a later date saying: “The rebuilding phase will take time, especially as I am also caring for my newborn daughter, but I am dedicated to restoring the service and products you love.”
OPX Logistics
A Swindon based logistics firm has gone into administration.
Founded in 2021 as part of the OPX Group which also contains recruitment and distribution arms, OPX Logistics specialised in haulage services to the retail sector operating 91 trucks and trailers.
While initially successful, the business had faced challenging conditions from 2022 onwards following the Covid-19 pandemic and a period of strong growth through the pandemic.
A brief statement from the business said: “It has not been possible for the group’s haulage operations to be maintained although options are being explored to sustain the group’s storage facilities.”
The good news for directors and business owners is that while their vote is of great importance, 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 getting a full picture of the business and its financial circumstances, they will 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!