What happened this week?
Welcome to the latest news round up of the most important and interesting business and insolvency news stories from the past week that you might have missed while you’ve been busy helping clients and running your own business.
It’s been a busy news week so if you want to know why, even though all UK business insolvencies fell 5% last year, there are still strong undercurrents to beware of; what important upcoming tax and employment law changes are coming in 2025; How to avoid sleepwalking into a directors’ disqualification this year and how your accountant can help you more in 2025 – you can read all these stories and more at our advice centre page.
Pizza Hut
Heart with Smart, who operate 140 Pizza Hut restaurants in the UK have had 139 of their franchises purchased in a pre-pack administration deal by Directional Capital, who operate the restaurants in Sweden and Denmark.
This will keep the restaurants operating and maintain 3,000 positions all across the UK.
The business was placed into administration last week and the pre-pack sale concluded immediately afterwards.
Jens Hofma, CEO of Heart with Smart, said: “Over the six years, we have made great progress in building our business and strengthening our operations to become one of the UK’s leading hospitality franchise operators, all whilst navigating a challenging economic backdrop.
“With the acquisition by Directional Capital announced today, the future of the business has been secured with a strong platform in place.”
George Adams
A Lincolnshire food manufacturer which dates back to 1910 has gone into administration and ceased trading with the loss of 50 positions.
George Adams started serving people in Spalding from a single shop before becoming a large-scale manufacturer focusing on pies, sausages and cooked meats.
A statement from directors said: “Despite significant efforts by the shareholders, who invested £1.6m over recent years to support the business, ongoing losses meant they were no longer able to sustain operations.
“The business was marketed in an attempt to find a buyer but no viable interest was received.”
Ancient House Press
An Ipswich-based web and sheet printer which started printing in 1845 has gone into liquidation.
Ancient House Press had been acquired by an investment company in 2021 and had been undergoing a corporate restructuring process before Christmas.
A statement released on behalf of the owners said: “The directors of Ancient House Press have made the difficult decision to appoint administrators following the steady decline in sales.
“This resulted in the company experiencing significant financial challenges which has placed significant pressure on trading operations, meaning the business was no longer viable.”
160 positions have been made redundant as a result.
Inspiring Learning Group
A company running a series of outdoor activity centres across the UK has entered administration with seven sites closing down although a deal has been reached for four additional centres.
Inspiring Learning Group went into administration with the seven centres operated by its subsidiary Kingswood closing as a result. These are located in Staffordshire, South Yorkshire, Northumberland, North Wales and the Isle of Wight.
PGL Beyond has acquired three sites in Kent, South Yorkshire and Norfolk, retaining 150 positions. The fourth site in North Devon was acquired by the Halsbury Travel Group.
PGL Group chief executive Anthony Jones said: “While the trading environment remains challenging and our sector continues to face rising costs, we’re pleased to be able to acquire these three centres and provide the required financial support to maintain their operations.
“We know how important a milestone in a young person’s journey a school residential provides, and are mindful of the potential impact should they miss out on this life-changing experience.
“With this in mind, PGL has pledged its support from the outset, offering to work with the administrators of the Inspiring Learning Group to proactively facilitate as many trips as possible booked with the closing centres, with no financial impact to parents.”
London Community Credit Union
A London-based Credit Union has gone into administration and stopped trading.
The London Community Credit Union (LCCU) served members across several London boroughs primarily in Hackney, Tower Hamlets and Islington.
The good news for their 17,000 members is that under the protection of the Financial Services Compensation Scheme (FSCS) all accounts up to £85,000 are fully protected and they will receive their money automatically within seven working days of the closure date.
A statement issued on behalf of the trustees said: “This is, of course, hugely disappointing news for members and the local community.
“But we want to reassure everyone that their money is safe and all deposits will be returned in full by the FSCS.”
Whether this year has begun as strongly as Storm Eowyn or you’re still waiting for it to pick up, you don’t have to wait until the wind fills your sails – you can take action now to explore all the options available to you to make your business stronger.
Get in touch with us to arrange a free initial consultation with an expert advisor.
So no matter what your goals are for 2025, they’ll be able to work with you to make sure you can head towards them confident that you can reach them.