A famous department chain is closing its physical stores
Welcome to our round up of the latest business and insolvency news stories from the past week that you might have missed.
So if you want to know why bailiffs want the government to start treating debtors better; how to protect your business from supply chain contagion; what to do if you think your business’s engine warning light is flashing and if you could go personally bankrupt if your company fails? You can read all these stories and more at our advice centre page.
Beales
A 144-year-old department store chain is closing their last remaining physical store in Poole and moving online only.
Beales first opened in Bournemouth in 1881 before going into administration in January 2020 leading to the closure of all of their 22 high-street stores.
They were bought out and reopened three stories later that year in Poole, Peterborough and Southport with the latter closing in 2023 and 2024 respectively.
Tony Brown, chief executive and majority owner of the new company said they were taking the decision to close due to “additional costs being foisted on us” saying increased employers’ National Insurance Contributions, the rise in the legal minimum wage and a reduction in business rates relief in April would not only directly affect Beales’ own costs but suppliers too.
He said: “It is not a secret that large department stores are very expensive to run and difficult to keep going. We are a microcosm of what is going on across retail. If you aren’t a big business then you can’t absorb those costs”.
25 positions will be made redundant when the shop closes its doors for the final time in May.
Conigital
An AI-powered driverless vehicle company based in the Midlands has gone into voluntary liquidation due to severe funding issues.
Conigital was founded in 2015 with a vision to automate commercial and industrial fleets including a driverless vehicle platform called ConICAV for any vehicle types operating in airports, ports or goods yards.
A statement was issued on behalf of the company which said: “This is a truly innovative, high-end technology company which attracted funding for a number of years due to the progress it was making. Unfortunately, due to funding issues, the directors and shareholders felt that they had no alternative than to voluntarily liquidate the company, following careful consideration due to the business being unable to sustain operations.
“This company appears to be another victim of investor fatigue and an inability to raise the required levels of finance due to market conditions.”
22 positions have been made redundant as a result of the process.
Aeristech
A Warwickshire motor technology business has gone into administration and is seeking a buyer.
Aeristech was founded in 2006 and manufactures power-dense compressors used within hydrogen fuel cells. They employ 45 people along with manufacturing and business development offices in China and the US.
The business owns multiple patents and developed various innovative oil-free solutions.
A statement from the administrators said they are actively seeking buyers and considering offers for the company. No redundancies have been made as the business is continuing to operate as normal.
Jurassic Coast Trust
A Charity set up to protect and promote the Jurassic coast in Dorset and Devon has closed down due to financial difficulties.
The Jurassic Coast Trust was an independent charity that found its rising cost of operations was “unliveable” to continue. Trustees determined the best way to ensure the continued benefits of World Heritage Status of the area was to revert control back to the local authorities – Dorset Council and Devon County Council.
Luke Rake, Chairman of the Jurassic Coast Trust said: “The Jurassic Coast is the only natural World Heritage site in England and rightly deserves its recognition as being of international significance.
“Sadly, despite excellent work of the staff in promoting the benefits and palaeontology of the area, and productive partnerships with research universities, local museums and business, the financial position of the trust means it cannot continue in its current form.
“We’re committed to ensuring World Heritage status is maintained and we will work closely with partners to ensure the best possible outcome for Devon and Dorset.”
J S Wright & Co
A Birmingham Mechanical & Engineering (M&E) specialist has filed notices of intention to appoint administrators.
J S Wright & Co (JSW) and an allied business Wright Maintenance are headquartered in Birmingham with additional offices in Bristol and London employing 160 staff.
The business switched to an employee ownership model in October 2021 but had subsequently struggled with cost inflation and project delays as well as a general slowdown in the market.
Profit and cash-flow had been declining with the business taking out a recent £1.35 million loan with a repayment holiday agreed until May 2025.
JSW had been trading since 1890 when the business began supplying fresh water and heating to Birmingham’s Victorian-era slums.
Bluegrass BBQ
An American-themed Barbecue restaurant chain with three locations has closed and gone into liquidation.
Bluegrass BBQ served pulled pork, ribs and brisket dishes and had deals with independent breweries to supply drinks and desserts. Their restaurants in Reading, Windsor and High Wycombe have all closed with immediate effect.
The chain opened its Reading location in 2015 and won various hospitality awards in the intervening decade.
Househam Sprayers
A Lincolnshire-based agricultural technology specialist has confirmed that it has gone into administration this week.
Founded in 1970, Househam Sprayers specialises in the production and engineering of a range of self-propelled crop spraying machines.
Despite securing the backing of the Recovery Loan Scheme in 2022, the business faced increasing financial difficulties with administrators now considering all options for the future of the company including part or wholesale.
Troy
The UK’s largest independent network for tools and maintenance supplies has gone into administration.
Troy was first launched in Bideford in Devon in 1986 when it secured its first supplier agreement with the Dormer brand. They established their first wholesale arm in 1990 and added Makita and Bosch as suppliers in 2000.
By 2023 the network comprised over 450 UK independent distributors of tools, maintenance and industrial supplies with a turnover of £260 million.
Troy’s stated focus was on helping its members – independent distributors of tools, maintenance and industrial supplies – compete with national chains and empower them to maximise their business potential via national buying power, business support services and technological expertise.
A statement confirmed the appointment of administrators and said they are considering all options available to the business including a sale of the whole company as a going concern or its assets.
GWE Group
A Sheffield based energy saving technology firm has gone into administration and ceased trading with the loss of 18 positions.
GWE Group was founded in 1994 and manufactured voltage optimisers for companies such as Kellogg’s, IKEA, Asda and Amazon.
A statement was issued on behalf of the business saying: “GWE Group Ltd was experiencing significant cash flow issues in the lead up to administration.
“This was a combination of non-payment by one of its debtors and orders not materialising – having been promised at the end of the year. The company was making a loss on a monthly basis, which was not sustainable.
“The business was marketed for sale by external agents which attracted various interested parties but no sale was concluded. As a result the company ceased to trade and a sale of the company’s assets is being undertaken.”
We hope 2025 is treating you like a loved one this Valentine’s Day but if you’re already feeling like it’s brushing your business off don’t worry – we’ve got a lovely solution.
Get in touch with us for a free initial consultation with one of our team of expert advisors.
Once they get a clearer picture of the unique circumstances you face then they’ll be able to work with you to come up with a range of options depending on your goals and where you want to be this year.
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