Now we’re finally into Spring, businesses are looking forward to lighter nights and hopefully brighter times ahead over the next few weeks and months.
Even if you haven’t found a true “spring” in your step yet, you can hopefully find something interesting in all the business and insolvency news stories from the past seven days that you might have missed over the long Easter weekend.
You can find out how the education sector is facing unprecedented financial challenges; what recent changes to Companies House powers could mean for your business and why a company voluntary arrangement (CVA) could be a fresh start for many companies – you can find these stories and more at our advice centre page.
Muji Europe
The European section of a Japanese clothing and homeware retailer is appointing administrators.
Muji has six stores in London and one in Birmingham and has pursued the strategy as part of a “planned strategic restructuring of the business” with no immediate impact on shops, staff and the general running of the chain.
A statement from the business said: “For Muji’s colleagues and customers in Europe it is business as usual. All stores and e-commerce will continue to operate as before, and all new and outstanding orders will be fulfilled.”
Muji was launched in Japan in 1980 and sells a range of products including clothes, stationery, homeware, beauty products and essentials. It focuses on Japanese-inspired simplicity and functionality.
Fourpure CVA
A London craft brewer has applied for a company voluntary arrangement (CVA) to continue trading.
Fourpure, owned by In Good Company Brewing, made the application just before Easter when CEO Steve Cox said the CVA was “a short term move to futureproof the business.”
He added: “In Good Company still has a huge amount of belief in the Fourpure brand, the people behind it and the fantastic beers Fourpure has been making for over a decade.
“This move is about taking decisive action sooner rather than later, and facing issues head on to protect the business for the future. We are working hard to ensure continuity of supply during this time, and that this does not impact customer agreements. We want to ensure that Fourpure continues forward with as little disruption as possible.”
Fourpure was formed in south east London by Tom and Dan Lowe in 2013 before being bought by Australasian brewer Lion in 2018. It was then sold to In Good Company in 2022.
Virtual Aerospace Ltd
One of the UK’s biggest flight simulator businesses has closed and entered liquidation with immediate effect.
Virtual Aerospace Limited was based in Stockport and had two main simulators at its headquarters in the town as well as operating two other locations in West Sussex and Northamptonshire since its creation in 2011.
The company employed over 40 flight instructors which gave visitors the chance to virtually fly iconic planes such as the Vulcan bomber or a World War Two era Spitfire.
During the pandemic, demand on the operation caused by customers buying vouchers massively affected new sales with an estimated backlog of 2,500 vouchers still outstanding.
The business has closed with immediate effect with all voucher holders having their details passed onto liquidators.
TWT Logistics
A South Wales based logistic firm has gone into administration weeks after its owners also appointed administrators.
TWT Logistics and its subsidiary Switch International Trailers (UK) Ltd made the decision after owners, Aquila Food Group, who purchased them in 2022, also went into administration themselves.
TWT Logistics was launched in the 1980s and specialised in time critical consignments in the print industry, domestic appliance deliveries, home furnishings and building products.
Orka Technology
A Manchester software start up with some multinational clients has gone into administration.
Orka Technology was a software-as-a-service (SAAS) business that provided tech-based solutions for shift workers and their employers, helping workers find temporary employment with large organisations, and a flexible payment product that allowed workers to access 50% of their wages as soon as they earned them.
Customers included G4S, ISS, Wilson James and several other security companies.
Founder Tom Pickersgill said that the decision to appoint administrators was the right thing to do and his main priority was to find new jobs for the 24 staff employed by the business.
He said: “It’s been a tough 12 months. Orka was a fantastic business with plenty of potential but it’s hell out there at the moment trying to raise money for a tech business.
“We did everything we possibly could and made some really tough calls. We tried to cut costs and do everything we could.”
Ktwo
One of Britain’s biggest manufacturers of farming machinery including trailers and muck spreaders has gone into administration.
Ktwo and their subsidiary Warwick Trailers are affected.
Based in Aylesbury, Ktwo was formed in 1988 with Warwick Trailers being able to trace their heritage back to the 1950s.
The business had been struggling financially due to rising interest rates recently with several customers acknowledging that it was a shame and a big loss to the agricultural machinery world.
Others have pointed out that UK farming was in a sour spot and unable to sustain large price tags of machinery while farm subsidy incomes fell.
All Cleaned Up Scotland
An Edinburgh based social enterprise that provided employment for former addicts and offenders has ceased trading and gone into liquidation.
All Cleaned Up Scotland was a subsidiary of Apex Scotland since its incorporation in 2012.
A statement from Apex said: “Apex Scotland have supported All Cleaned Up since 2012.
“The Apex Board has had the financial situation at ACU under close review for over two years. During this time the Apex Board gave as much support as we could to try and ensure that it continued trading and providing employment.
“Sadly, ACU continued experiencing serious financial challenges that we are unable to support and ACU became insolvent, meaning it became illegal for ACU to continue trading. This left Apex Scotland Board of Trustees with no other option than to move to liquidate ACU.
“A provisional liquidator has now been appointed to manage the process involved in winding up All Cleaned Up. We understand how difficult and upsetting this is for all those who were employed by ACU at this challenging time.
28 employees have been made redundant as a result.
You might be fed up with article after article talking about new beginnings, especially if you feel like you and your business are stuck in a rut at the moment.
But the beauty of a new start is it could literally happen at any time – especially if you can instigate it yourself.
Get in touch with us today to arrange yours and see what positive moves you can make that could mean 2024 is a year to remember after all.