No matter how busy and focused you are in the last third of 2023, you should still try and carve out a little downtime during the day to yourself.
It’s also an 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 if the end of BADR is possibly on the horizon; why directors who’ve been taken in by fake insolvency firms could be in trouble themselves; why small businesses are paying on average more than £5,000 on energy bills and why HMRC are warning about a sophisticated new scam aimed at directors – you can read all these stories and more at our advice centre page.
Harland & Wolff
The owners of the Belfast shipyard where the Titanic and other famous ships were built have gone into administration after failing to attract new funding.
Up to 60 positions will be made redundant but owners are hopeful that the companies operating the shipyards would be purchased in the near future as they continue to operate employing another 1,600 workers across the business including other shipyards in Devon and Scotland.
The shipyard is famous for two huge yellow cranes named Samson and Goliath which are Belfast landmarks.
The government had promised to build three new warships at the yard. Business Secretary Jonathan Reynolds ruled out a loan guarantee to the business but said in July that he was confident that the ships would be built in Belfast.
Russell Downs, Interim head of Harland and Wolff, said: “The group faces a very challenging time given the overhang of significant historic losses and its failure to secure long-term financing.”
However he said despite good progress being made looking for buyers the listed business would close but “extremely difficult decisions have had to be taken to preserve the future of our four yards.”
TGI Fridays
The operator of a major UK restaurant chain has gone into administration with potentially 4,500 positions at risk of redundancy.
Hostmore, who operate the TGI Fridays chain, are struggling with debt and increasing losses and are looking to complete a sale of the business by the end of September.
While confirming administration a statement from Hostmore said the chain will continue to operate normally and that all existing stores will remain open for the time being.
“The sale process remains ongoing, with no decisions having been made to close any existing stores, and TGI Fridays continues to operate normally across the country.
Karen’s Diner
The company that ran notorious restaurants in Manchester has gone into liquidation.
Karen’s Diner in Bury was renowned for featuring rude servers that insulted guests while the Broadway Diner in the Trafford Centre featured singing staff.
Viral Venues, the company behind both venues, said it was closing them as part of a reshuffle to turn the brands into pop-up touring ventures Karen’s Diner on Tour and Broadway Events On Tour.
Unfortunately, due to mounting financial pressure the company went into liquidation precipitated by a creditor bringing a winding up petition.
The company employed 77 staff and had events booked in Liverpool, Plymouth, Newcastle and Glasgow.
A statement from the directors of the company said: “It is always a challenging moment when a business, especially one with the reach of Viral Ventures, is forced into liquidation.
“We understand the disappointment and concern and our priority is to guide those affected through this process and ensure the necessary steps are taken. We extend our sympathy to our employees, customers and creditors at this difficult time.”
Greens Restaurant
A vegetarian restaurant operated by TV chef Simon Rimmer has closed in Manchester after first launching two years ago.
Greens was based in Sale and followed the closure of the original Greens in Didsbury in January this year after 33 years of trading as a result of rising cost pressures making the business “unviable”.
A statement from Rimmer and Simon Connolly, his business partner, said: “Greens is closing with immediate effect following a decision by the board of directors and shareholders. We’ve done everything possible to make this work but it is now clear that the business is untenable.”
International Decorative Surfaces
The UK’s largest distributor of decorative surfaces has been put up for sale after it went into administration this week after failing to secure further funding due to a significant slowdown in the property and construction industries.
International Decorative Surfaces (IDS) are based in Newcastle-Under-Lyme with 11 other locations across the country including Leeds, Exeter, Fife, London, Norwich and Gateshead, employing 393 staff. They are Europe’s largest distributor of decorative surface materials with a stockholding of over 6,000 products.
The business was formed from a merger of two firms in 1999. A statement from the business said: “While IDS has faced significant challenges in recent months, it remains a business with considerable strengths and capabilities. We’re focused on exploring all options to secure a future for the business, including marketing it for sale.”
CTS Transport Group
A Kettering based haulage company has gone into administration.
Core Logistics was formed 20 years ago but changed its name to CTS Transport Group in 2018. They operated a fleet of 41 trucks and trailers offering haulage and storage, workshop services, specialist technicians and mobile fleet servicing from their 40 strong staff.
Gallant Business Services
A Mansfield based M&E construction specialist has filed a notice to appoint administrators this week.
Gallant Business Services were a specialist contractor focusing on hotels and healthcare that had additional offices in London and Liverpool and employed 30 staff.
They are currently working on an extra care living facility at the Lancaster campus of the University of Cumbria, a 100 room Travelodge in Chiswick, West London and a scheme of 400 high rise flats in central Leeds.
It is believed that the decision has been precipitated by a winding up petition brought by a creditor.
Hirsel Golf Club
A popular Scottish golf club known affectionately as the “Augusta of the borders” has closed with immediate effect following its annual general meeting.
A statement from the board confirmed that “unfortunately, after a resolution at tonight’s AGM, the membership voted to commence bankruptcy proceedings. Therefore, the Hirsel Golf Club is closed with immediate effect.”
The decision was taken after membership dropped from over 600 to around 120 with “people feeling it was a sinking ship and moving to other clubs in the area. The wet winter didn’t help the course because it had to close a few times due to flooding.”
The course was founded in 1948 and expanded to 18 holes in 1998. It sits on the Hirsel Estate which is the ancestral home of former Prime Minister Sir Alec Douglas-Home.
This week a small but not insignificant milestone in the year was reached – there were 100 days until Christmas.
So while there is still lots of time to make important decisions and changes to help your business – it’s not unlimited and the sooner you act the better.
Get in touch with us today to arrange a free initial consultation so we can discuss what goals you want to reach.
Then we can work with you on a specific plan to meet these – starting right away.