List of insolvencies
| Appointment Date | Name | Summary |
|---|---|---|
| 22 December 2010 | Elizabeth Hotels and Cavendish Hotels | Chain of 14 hotels and 13 pubs employing 462. |
| 3 December 2010 | PharmaSmart | The parent firm of I-HS and SSC |
| 31 August 2010 | Triffitt Trailers | Farm equipment company Triffitt Trailers UK Limited has gone into administration. A statement issued by the Yorkshire outfit said that Andrew Nichols and John Butler of Redman Nichols Butler, Driffield, had been appointed joint administrators. "The company will continue to trade under the supervision of the administrators while the business and assets are marketed for sale," the statement concluded. The company employs 10 staff. |
| 18 August 2010 | Realtime Worlds | Scottish games company Realtime Worlds has gone into administration putting hundreds of jobs at risk. The company, founded by the creator of Lemmings and Grand Theft Auto, employs about 250 people and was seen as one of the biggest players in the global computer games market. Some 60 employees were made redundant last week after the firm's latest offering, an online role-playing game called APB, failed to make the splash expected of it. The announcement came in the wake of the UK government's decision to cancel a tax break for the gaming industry, as part of its budget focus on tax increases and spending cuts. Begbies Traynor have been appointed as joint administrators Paul Dounis, of administrators Begbies Traynor, said: "Our intention is to continue trading the company while we attempt to find a going concern buyer which will safeguard the future of the business." |
| 12 August 2010 | Isle of Shuna | Seafood processor Isle of Shuna has fallen into the hands of administrators after the directors were unable to find enough working capital. The Shetland-based company was established in 2005 and has been involved in the harvesting, processing and marketing of fresh mussels. PricewaterhouseCoopers has been appointed administrators, and said it offered an opportunity for an industry player to step in. Joint administrator Graham Frost said: "Isle of Shuna has grown successfully over the years and is well regarded by customers. The business had encountered cash flow problems in recent months. The board have since reluctantly concluded that without additional working capital and investment this path is no longer feasible on a standalone basis." |
| 9 August 2010 | Fountain Coffee Shop | Begbies Traynor has been appointed liquidator of Portsmouth's long-established Lemon Sole restaurant. The owner company, Fountain Coffee Shop, was forced into liquidation following a difficult period for the restaurant which has seen a steady decline in custom over the last four years. Senior manager at Begbies Traynor Portsmouth Andrew Watling says: "The shift in Portsmouth's corporate community away from the city centre has played a significant role in the restaurant’s collapse." |
| 2 August 2010 | Callbridge Hotels | A hotel company has been placed into administration for the second time. Callbridge Hotels, which has two properties in Leicestershire and Somerset, is now under the control of administrators at Deloitte, who hope to sell the group as a going concern. Prior to being placed into administration for the first time, the company ran nine former Folio Hotels. Callbridge currently operates the 112-bedroom Redwood Hotel & Country Club near Bristol, as well as the 48-bedroom Westfield Hotel in Blaby, Leicestershire, both of which are former Folio properties. Lee Manning, partner at Deloitte, said the high property lease costs inherited from the peak of the property market and a reduction in consumer demand had led to the company's downfall. The administrators added that from the initial interest they had received, a sale was anticipated "shortly". |
| 26 July 2010 | Aston Lloyd & Partners International | A London property business selling and developing overseas homes has collapsed into administration. Aston Lloyd & Partners International, together with its sister company Aston Hotel Sofia, specialised in emerging markets such as Bulgaria, Turkey, Slovakia and Northern Cyprus. Bijal Shah and Nimish Patel of Re10 have been appointed as joint administrators. It is thought that creditors could include many British buyers who have put down substantial deposits for properties that have yet to be finished. At the time of administration, Aston had over €70m (£58m) worth of developments under management including properties ranging from luxury villas to a four-star hotel, with sites in various stages of development. |
| 19 July 2010 | Hammer and Theelen | A 106-year old supplier to the British high street has entered into administration. Hammer and Theelen Ltd, which traded as Hillbrow Fashions, has appointed Geoff Rowley and Jason Baker partners at FRP Advisory as administrators. The fashion supplier will continue to operate with no redundancies while the administrators seek a buyer for the business. The Stratford based company sources and supplies fashion clothing accessories for major retail chains including Debenhams, Dorothy Perkins and Topshop. The group employs five members of staff and has an annual turnover of around £3m. The Joint Administrators confirmed they are working closely with suppliers and customers to fulfil the £1.72m order book ahead of the forthcoming winter season. The administrators said that under pressure margins and growing competition from suppliers in Asia meant the business could not continue to trade without the protection of administration. |
| 12 July 2010 | Alexandra | Uniforms supplier Alexandra has appointed PricewaterhouseCoopers as administrators after announcing it no longer has sufficient funding to continue trading. The company based in Thornbury, South Gloucestershire, directly employs 484 people at locations including Thornbury, Bristol, Swindon, Langley, Edinburgh and Uddingston, near Glasgow. PwC partners Rob Lewis, Rob Hunt and Derek Howell have been appointed. The directors of the company recently abandoned an equity fund raising following weak demand which resulted in pressures on the company’s working capital requirements. The company’s subsidiaries are not currently subject to insolvency procedures, but their affairs are being reviewed by administrators. The subsidiaries employ 174 full time equivalent staff in Morocco, seven in the UK, eight in Southern Ireland and eight in Holland. The administrators said that they have held talks with a number of interested parties and are looking to sell the business as a going concern. |
| 5 July 2010 | Regency Park Hotel | The Regency Park Hotel in Kent has collapsed into administration. The four-star hotel in Tull Way, is now in the hands of its administrator Grant Thornton. Administrator David Dunckley, said: “While each hotel continues to be cash positive, the aggregate operational revenues have been insufficient to cover the group overhead and borrowing costs.” The business will continue to trade as a going concern until a buyer is found. CB Richard Ellis Hotels will be assisting the administrators in the disposal of the Grade II listed building. |
| 1 July 2010 | Have you been appointed? | Let us know about your company's latest appointment. Please send updates and releases on administrations, liquidations, rescues and restructurings to Ashley Armstrong: ashley@insolvencynews.com / 020 7940 4846 |
| 29 June 2010 | The Art Group | The Art Group, which designs and sells greetings cards, prints and frames, has gone into administration.Will Wright and Mark Orton of KPMG were appointed joint administrators to The Artful Group Limited, which trades as the Art Group. Most of the redundancies are at the Brackmills printing site, with 30 staff being redundant at the London office. Wright said a sustained drop in consumer demand was the cause for the firms collapse. The administrators are now working on finding a buyer for the firm. |
| 24 June 2010 | Fabric | Partners from PwC have sold Fabric nightclub after it went into administration earlier this month. David Chubb and Colin Haig announced the sale of Fabric 591 Limited, which operates the 1500-capacity late night haunt, to Fabric Life Limited for an undisclosed sum. David Chubb, partner and joint administrator of Fabric 591 Limited said: "We are delighted to announce the sale of the Company. This ensures that Fabric, an iconic London club, will stay open and continue to entertain. "Through the sale of the business, the jobs of over 100 people will be saved. We kept the club open during the administration and this would not have been possible without loyal employees, clientele and suppliers. "We would like to thank them for their support over this period. |
| 21 June 2010 | Barcud Derwen | Wales’ best-known media company has come to an end with the announcement that most of the divisions that make up Barcud Derwen have been closed with immediate effect. The failure of the last efforts to keep the TV business alive will mean that 80 jobs will be lost, in addition to 30 in the Caernarfon division who had already been made redundant earlier this week when the company was put into the hands of administrators. Members of the management team, led by managing director Bryn Roberts, were understood to be seeking to acquire two of the component businesses in the group and attempting to secure financial backing from the Welsh Assembly Government. In its current financial year starting last July to February this year, Barcud Derwen made pre-tax losses of £640,000, on a turnover of just over £8m. Administrators Alistair Wardell and Nigel Morrison of Grant Thornton UK said that a sale of the business had not been possible. |
| 21 June 2010 | Oracle Group | Four companies controlled by David Burke’s residential developer Oracle Group have gone into liquidation as part of ongoing restructuring of the company. Insolvency and restructuring adviser MCR was appointed liquidator to four companies – Oracle Group, Oracle Epsom, Oracle Residential and Hillstone – on 7 June. MCR partner Paul Clarke was put in charge if the liquidation by the directors of Oracle Group after creditors ratified the decision. It is thought the decision to appoint MCR to liquidate the companies was taken to streamline the Oracle business and reduce audit costs and other subsidiary company administration costs. |
| 14 June 2010 | St Margaret's School | Blair Nimmo of KPMG has been appointed provisional liquidator of St Margaret’s School and of its 100 per cent subsidiary St Hilary's House Limited. The Edinburgh-based school, which has charitable status and was incorporated in 1960, provides private education for girls at nursery, primary and secondary level, and for boys at nursery and primary level. St Hilary’s provides boarding facilities during term and operates as a hotel and youth hostel during the holidays. The school has been affected by a sustained decline in pupil numbers over recent years and despite actions taken by the board of governors, the school could not continue to operate viably. At the time of the provisional liquidator’s appointment the school and nursery comprised 397 pupils and 143 staff; 69 teaching and 74 non-teaching. The school and nursery will continue to operate and provide its services under the liquidator’ supervision through to the end of term date - 29 June 2010. |
| 7 June 2010 | Northcott Theatre | A deal that secures the immediate future of the Exeter Northcott Theatre has been completed. Begbies Traynor were appointed to the Northcott Theatre Foundation at the end of February after its trustees were told it was insolvent. A new company set up by the University of Exeter had agreed to take over running the arts venue and joint administrators Ian Walker and Gilbert Lemon, of Begbies Traynor, have now confirmed the sale of their interests in the Northcott to the Exeter Northcott Theatre Company, a company controlled by the university. |
| 4 June 2010 | Fabric | PricewaterhouseCoopers have been called in to handle the administration of London's super-club Fabric. The dance-music venue will remain open while administrators seek a new buyer, but is no longer accepting credit cards. David Chubb and Colin Haig of PricewaterhouseCoopers will handle the account. They worked together on the administration of bridging loan firm Link Lending last month. Meanwhile, property consultant firm Edward Symmons has been instructed to find a buyer for the iconic Farringdon-based club, which also hosts nights at the O2 arena. Colin White, partner at Edward Symmons, said he has already received a number of offers for the club. |
| 27 May 2010 | Loft Interiors | Accountancy firm Beever and Struthers has been appointed to provide auditing services to retailer Loft Interiors. The firm, which is headquartered in Greater Manchester, will provide the retailer with year-end accounts, tax planning, IT assistance and strategic planning work. Loft Interiors, which is also known as Buy to Let furnishings, will be worked on by the Owner Managed Business (OMB) department of Beever and Struthers. The Manchester-based retailer provides furniture to landlords to furnish buy-to-let properties. Iain Round, a partner in the OMB team, said: “We’re delighted to add Ben and Loft Interiors to our already strong portfolio of Small and Medium-sized Enterprise (SME) clients.” Hall added: “In the current financial climate it’s vital for SMEs to have strong advisors on their side. “Loft showed great agility during the recession, adjusting our business model to emerge stronger and leaner.” |
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