National retailers and logistics firms enter insolvency
Welcome to our round up of the latest business and insolvency news stories from the past seven days you might have missed.
So if you want to know why business insolvencies unexpectedly rose last month for the first time in January for 13 years; how to protect your business from supply chain contagion and why bailiffs want the government to start treating debtors better, you can read all these stories and more at our advice centre page.
Quiz
A well-known high street retailer is going into administration with the closure of 23 stores and loss of 200 positions expected imminently.
Administrators have been appointed to Zandra Retail by Quiz. Zandra operates Quiz’s standalone stores in the UK and Ireland.
The company’s assets and IP will be sold in a pre-pack administration deal to a company called Orion Retail which is a subsidiary of the company controlled by the founding Ramzan family. Orion will hold the right to trade from 42 outlets previously occupied by Zandra.
Quiz currently trades from 60 standalone stores in the UK and Ireland and dozens more concessions employing about 1,500 people in total.
The company had been facing mounting financial pressure with deepening losses and poor trading performance for the six months leading to September 2024. The company warned it would run out of cash in early 2025 unless swift measures were taken.
Quiz CEO Sheraz Raman said: “We’re deeply sorry to those affected by the store closures including our retail colleagues. However this decision will put the business on a more sustainable footing for the future and protect several hundred jobs as a result.”
In The Style
An online UK fast-fashion retailer has announced a notice of intention to go into administration.
In The Style was founded in 2013 and sold to Baaj Capital for £1 million in March 2023 despite once being valued at over £100 million when they floated on the AIM junior market in London in 2019.
The womenswear business was formed by entrepreneur Adam Frisby who has returned to the company twice before his last departure last year. They have recently aligned themselves with a number of prominent social media influencers but financial performance has continued to deteriorate.
Heraldic Pottery
A Stoke-On-Trent ceramics company has gone into voluntary liquidation.
Founded in 1998, Heraldic Pottery is based in Newstead and produces decorative and commemorative mugs, cups, plates, bowls and other ceramic products for customers from sole traders to blue-chip businesses across the globe.
Managing Director Jason Simms issued a statement saying: “Over the last few years, since Covid, there has been a decline away from the contract print and decoration services we used to offer involving imported blank goods.
“Over this same time period there has been a global move towards sustainability and locally with heritage crafts. Although it is terribly sad to see the company close after 26 years, we’re very fortunate to say that no-one has been made unemployed with all staff having been transferred over to Duchess China 1888 last year to enhance the growth of fully UK manufacturing.”
Three Logistics firms entered insolvency last week
A West Midlands temperature controlled specialist has gone into administration.
Joyce European Logistics had been operating for over 40 years and built a reputation as a reliable cold chain transportation specialist out of three operating bases in Market Drayton and Shrewsbury.
They join Bolton-based ecommerce and logistics operator Tailormade Logistics.
A statement from the directors of Tailormade Logistics UK said: “The company effectively ceased operations just prior to the administration, meaning it is not thought that any customer parcels remained in transit when administrators were appointed.
“Regrettably, it has been necessary to make all five employees redundant with supported staff making their claims to the redundancy payments service.
“Administrators are now working with directors to maximise returns from the debtor ledger and other assets for the benefit of creditors.”
A third domestic and commercial delivery haulier Swiftcare UK has also gone into administration after 30 years of trading.
The freight firm specialised in transporting white goods and furniture as well as overseeing the logistics of commercial re-fits. It operated nine trucks and trailers from their Banbury base.
It is expected that 49 positions will be made redundant as a result.
Blanchford Building Supplies
An independent builders merchant and business supplies firm with four branches that has been operating in Oxfordshire for over 75 years has closed with immediate effect.
Blanchford & Co Ltd opened its headquarters in Headington in the city before expanding to Princess Risborough in Bucks in the 1960s and opening two more locations in Wallingford and Bicester.
They provided tailored services to private and corporate customers including everything from plumbing, heating, kitchens, bathrooms, timber, ironmongery, paint, tools and plants.
Approximately 80 positions will be made redundant as a result.
Invenia Group
A Leeds executive search business has been sold in a pre-pack administration deal which secures 21 positions.
Founded in 2019, Invenia Group Ltd specialises in mid-to-executive level talent acquisition for firms at the intersection of life sciences and technology.
Due to a series of financial challenges, they entered a Company Voluntary Arrangement (CVA) in July 2024. The recruitment market has been negatively impacted recently to the extent that their projected turnover was less than 50% of previous forecasts.
As a result, the CVA failed and the business subsequently entered into administration.
They have been purchased by Essex-based XT Group Ltd, also a recruitment company.
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