While our Autumn has so far been darker, colder and wetter than we’d have liked, thankfully it hasn’t been as destructive and devastating as Storm Milton that hit Florida this week.
Hopefully you haven’t had to hunker down in a shelter with no power but have been kept busy working and serving customers.
But you can still brighten up your day with this ideal opportunity to catch up with all the important and interesting business and insolvency news stories you might have missed from the past seven days!
So if you want to know why one in five UK pubs are technically insolvent; why retailers are forming a united front to call for business rates cuts and everything you ever wanted to know about members voluntary liquidations (MVLs) – you can read all these stories and more at our advice centre page.
TGI Fridays
More than 1,000 positions at TGI Fridays have been made redundant and 35 stores have announced they will be closed immediately following a buyout by new owners.
New owners Breal Capital and Calveton have acquired the remaining 51 restaurants and 2,400 positions they employ.
TGI Fridays UK Chief Executive Julie McEwan said: “The news today marks the start of a positive future for our business following a very challenging period for the casual dining sector as a whole.
“We are devastated for our colleagues who will be leaving TGIs and thank them for their loyalty and contribution during their time with us. We are doing everything possible to retain our team and support those impacted.”
In Good Company
The owners of Fourpure brewery and Magic Rock have announced they have gone into liquidation.
In Good Company, based in East London, confirmed the decision citing that it would “protect the brands from future liability, the ongoing market pressures and tough commercial realities in the drinks and hospitality industries”.
Fourpure had already applied for a company voluntary arrangement in March this year to secure more time and better conditions to pay its creditors.
Magic Rock continues to be brewed in Huddersfield but the Fourpure brewery in Bermondsey has closed. All brewing transferred to the Magic Rock facility.
In Good Company CEO Steve Cox said: “We’ve had to make a number of tough decisions to protect the overall business, which includes moving the London brewing operations north to Huddersfield and voluntarily placing Fourpure into administration.
“Both decisions have been made to futureproof the brands and the wider business, as we look to maintain stability but also strive for ambitious growth targets.
“Anyone in the craft beer, drinks and hospitality sectors will be familiar with the current challenges of operating in this space. We’re determined to keep taking positive strides to safeguard In Good Company and its portfolio to allow for growth and innovation.”
Simplybetter
An award-winning creative agency based in Keighley has gone into administration with the loss of 26 positions.
Simplybetter was formed in 2001 as a creative events and engagement agency and in a statement blamed the decision on “difficult trading conditions and unforeseen event cancellations.”
Founders Rob and Jenny Woodhead said: “We extend our deepest sympathies and heartfelt apologies to all of those affected. Needless to say a number of alternative options were considered, but circumstances were such that this was the only viable solution.”
The business had worked with some high-profile partners including Yorkshire Water, Skipton Building Society, Chanel, reckitt and Manchester United.
Rankin Group
The advertising agency run by well-known British film director and photographer Rankin has gone into liquidation owing HMRC more than £1 million.
John Rankin Waddell has photographed the late Queen Elizabeth II, David Bowie, Madonna and many other household names and also runs his photography, directing and production company – Rankin & Co – which is unaffected by this decision.
In a statement he said: “Rankin Group was forced into liquidation because of an unforeseen tax bill, which meant that some staff did not receive their entire redundancy payments.
“The HMRC bill came as a big shock to us when we received the demand. Up until that point we were looking at a recovery plan or in the worst-case scenario, a winding down. Even after the demand, I tried to work out a deal, but it was just too late.”
The agency was set up five years ago as Rankin Creative before changing its name. “It was 100% financed and owned by me, which is why I’m the sole director.”
He added that the business did well in its first three years but had begun to struggle over the past two. “Whether it was due to reduced budgets around the economy or losing work to programmatic and AI-based solutions, it was a massively challenging period for us and many other services like us.
“In addition, the technological revolution has essentially gutted a lot of the creative services agencies delivering great non-programmatic work. Sadly, that is what we were selling: a bespoke creative service around storytelling and brand building. When you combine that, with the lack of face-to-face work and meetings post-covid, it’s been a perfect storm.”
Ballie Ballerson
An Edinburgh bar renowned for its iconic ball pit for adults and illusion lighting has gone into administration.
A spokesperson said: “It is with so much sadness we are announcing the closure of Ballie Ballerson Edinburgh today.
“Like many others in the hospitality industry, we have faced several recent challenges. Rising operating costs, the cost of living crisis and the huge Covid debt we have been carrying since 2020 has forced us to make the tough decision to close our Edinburgh venue.
Ballie Ballerson had been operating since 2022.
McGregor Logistics
A Doncaster based international haulage firm has filed a notice of intention to appoint administrators.
McGregor Logistics have been operating for over 30 years within the transport and warehousing sectors.
They offered full load deliveries, biomass sourcing and supply and pallet distribution along with HGV servicing and repair employing 145 members of staff across various functions.
Getting On Board
An infrastructure charity that promoted trusteeships has announced its closure due to an “increasingly challenging funding environment” and “acute resourcing pressures”.
Getting On Board was set up in 2005 and was founded to make trusteeship more accessible and effective.
The charity issued a statement saying: “It is with deep sadness that Getting On Board must share the news that it is closing its doors.
“Despite considerable efforts from staff, associates and the volunteer board, the reality of an increasingly challenging funding environment for infrastructure charities, coupled with acute resourcing pressures has left no viable alternative but to cease operations.
“Since the formation of Getting On Board in 2005, the charity has worked tirelessly in pursuit of its mission to change the face of trusteeship.
“The organisation is incredibly proud of the work that it has done; providing training, guidance and resources to thousands of individuals, charities and corporate partners to raise awareness of these issues, improve representation and increase the effectiveness of charity boards.
“None of this work would have been possible without the incredible contribution of the charity’s small number of staff, its associate network and the volunteers on its board and beyond who have been able to make Getting On Board’s mission a reality.”
Annie’s Burger Shack
A popular burger restaurant in Nottingham has gone into liquidation with immediate effect and the loss of around 20 positions.
Annie’s Burger Shack had been operating since 2014. A statement from the business Worcesterabs Limited trading as Annies said: “We regret to advise that the Board of Directors have concluded that the Company is not in a position to continue trading and steps are being taken to place the Company into liquidation. In the meantime, it is necessary to bring the trading activities of the Company to an immediate close.”
A branch of Annie’s Burger Shack in Derby closed for maintenance work in January 2024 but never reopened and was placed on the market in March.
New World
The company behind brands such as The Botanist, The Florist and The Oast House is closing three sites as part of a restructuring plan that will see it enter a company voluntary arrangement (CVA).
New World Trading Company (NWTC) blames the decision on several factors including Covid, inflation and the ongoing cost-of-living crisis which it said badly affected trading at its smaller and non-Botanist branded bars.
A spokesperson for the company said: “The business is evolving from its pub inspired origins into a large, city-centre restaurant and bar operator.
“We continue to have a much-loved brand in The Botanist and will be focusing all future openings on this brand. Earlier in 2024, as part of this strategy we successfully converted four of our differently branded sites into Botanists. This process will allow us to safeguard NWTC for our customers, shareholders, creditors and team enabling the business to move forward and flourish.”
The group has closed its loss-making The Florist site in Liverpool, The Botanist in Knutsford and The Botanist in Alderley Edge with immediate effect.
They confirmed they hoped to open new, larger sites in Bournemouth and Lichfield in 2025 with potentially more in the pipeline.
There is still enough time left in 2024 for firms to put in a last strong push to make it a good year overall or to set themselves up for a strong start to 2025.
No matter what your overall goals and ambitions, the sooner you get in touch with us to arrange a free initial consultation, the sooner you can begin to implement the essential changes that will bring them closer.