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Happy New Year From KSA Group

We hope that 2014 is a prosperous year for all of our readers and for the UK economy. 

UK growth is underway, some say it is lopsided growth, but recovery is surely better than recession in any shape or form? Personally speaking, I can see faster growth ahead than the general forecast consensus. The "internet revolution" and small and medium sized businesses will drive the economy along - even with lower Government spending.

My prediction is for full year growth of around 3.3% in 2014, unemployment will fall below 7% and there will be a (modest) move to raise interest rates perhaps as early as November 2014.

What's your prediction?

Please enjoy tonight and tomorrow and we look forward to speaking to our colleagues, friends and business acquaintances in January.

Keith Steven

KSA Group Sells Sharda Glass Business

KSA Group sells Hayes based Sharda Glass business just before Christmas 2013. More than 60 jobs saved. Full news released 2nd January.

How to help your clients in 2014

If you have a client call you up in 2014 saying they are really struggling and have just received a winding up petition what will you do?

a)   Say;  "I am sorry to hear of their situation but we are not insolvency practitioners so can't really help"

b)   Say; "please pay my bill first and then I can talk to you."

c)  Request an insolvency toolkit from KSA group, if you haven't already got one, and discover how you can stop your client and perhaps others going into liquidation and not paying your bill.

C is the right answer!

Our insolvency toolkit will demystify the jargon and help you understand all the options open to a struggling business, which, by the way, is not just administration or liquidation!

The toolkit will also show how you can earn EXTRA income from a client who is being rescued by us by providing services that are essential in any turnaround situation.

If you need urgent advice we will talk to all advisors for no charge.  To request a toolkit then please send an email to robertm@ksagroup.co.uk or for urgent advice on insolvency issues then call us on 0800 9700539 or 07974 086779

We have huge amounts of resources online as well at http://www.companyrescue.co.uk

Christmas decoration company is in administration

Fuzzwire, a festive decorations company, has brought in administrators after experiencing cashflow problems and difficult trading conditions over the last few months. It has previously put up decorations in Canary Wharf, shopping centres like Lakeside and Bluewater, as well as some of the UK’s biggest property firms.

FRP Advisory has been appointed administrator after 190 jobs were cut earlier this week, with 65 of them full-time and the rest part-timers or self-employed contractors. On-going contracts have been transferred to Australian company, MK Illuminations, in order to ensure decorations will be taken down for property owners in January.

It is yet unknown whether contractors will be employed by MK Illuminations.

We are not involved in the administration and questions should be directed to FRP Advisory who are handling the administration.

If you are an employee of the business, and you're worried about what might happen in the future, then please listen to the video below as it will tell you your rights as an employee of a insolvent business.  There is a link at the end of the video to the Government website which expands further on what you need to know.







Solicitor firm, HilliersHRW, is in administration due to PII

The solicitor firm, HilliersHRW, based in Herts and Bedfordshire has gone into administration. They were unable to pay their Professional Indemnity Insurance (PII) and therefore could not continue to practise.

34 jobs were lost, however most employees have been transferred to nearby firms, leaving just seven members of staff to oversee the administration process. Hilliers had already given on-going work to other local firms by the time FRP Advisory was appointed administrator on the 9th December.

The firm requested an extended Professional Indemnity Insurance period from the end of October and were allowed to continue working with existing clients but not take on any new contracts. However, Hilliers were unable to get cover ahead of the 29th December deadline, therefore chose to appoint administrators.

According to the SRA, 185 firms have requested extended Professional Indemnity cover before the deadline, revealing that 153 firms would go bust if they could not secure cover by the 29th December. In its first year of new PII regulations, many firms may have to close after the deadline.

If your firm is struggling with high PII premiums and you need legal and insolvency advice, call Grant Jones on 07815 873370.

Good news for Dixons

The electronic retailer has reported that profits and sales are on the up, even after competing with Currys and PC World.

Dixons has struggled for the last few years alongside other high street retailers, like Jessop’s and Comet, but have come out fighting after reviewing price models and restructuring the company as a whole. It’s now planning to sell a million tablets this Christmas.

It has suffered losses of up to £83.5 million, largely due to Pixmania and Electroworld, its digital businesses that had been dragging the company down. Once it was able to split from them, Dixons has been focusing on completely updating the stores to bring a fresh lease of life and thankfully customers too.

Despite profits improving, shares dropped this morning on account of the recent debt figures as well as a lack of dividends.

Sebastian James, Chief Executive of Dixons, believes that the company can only improve and has ‘never looked better’.

Restructuring a business is a great way to identify financial issues and discover new ways to move the business forward. It can be very challenging for directors but also hugely rewarding if it allows the company to continue. For advice on cutting costs and dealing with cashflow problems, call us on 0800 9700539 for free confidential and honest advice.

Visit Company Rescue's News page

We have recently launched a News section on Company Rescue - keep up to date with the latest goings on in insolvency and business!

Help is at hand for retailers this Christmas and New Year

With the latest reports revealing lower than expected profits on the high street this December, it’s looking bleak for some as we head towards the New Year. Despite growing economic confidence, high street retailers are failing to see a sufficient increase in spending in the lead up to Christmas. According to the British Retail Consortium (BRC), high street footfall in November has fallen below last year’s level by 4.2%. Worryingly, there has been an overall 2.9% drop across the general retail sector.

Researchers speculate that consumers have delayed their Christmas shopping trips in order to benefit from December sales. With wages failing to keep up with inflation, many customers are feeling the pinch and are holding off until the last minute. The consensus is that it’s been a slow start for retailers, however there is still time to catch up in the last week before Christmas (and then of course the January sales which begin for some retailers on Boxing Day).

Not surprisingly, growth in the non-food market over 2013 has come via online transactions, sparking the on-going (and inevitable) need for companies to have a good online presence.

If the lead up to Christmas hasn't been quite the miracle you’d hoped for, now is the perfect time to consider other options to help your business. The rent quarter may be coming up for some companies so it’s important to get your finances in order and take some time to review the business. Whether it’s cost-cutting, restructuring or securing a CVA with creditors, there are ways to help your company continue in the New Year.

Now is the time to start afresh and head into the New Year with support around you. We offer free, detailed guides on how to turnaround your company and can give you honest guidance, specific to your business.

Bradford Bulls to go into administration again?

As previously mentioned (back in March and July 2012), the Bradford Bulls rugby club had been facing many financial issues and was on the brink of liquidation - the club was eventually taken over by millionaire businessman Mark Moore. However, bad news for Bulls fans as the latest reports have revealed the club is close to administration again!

Bradford Bulls has allegedly asked players to take a 10% pay cut to avoid falling into administration but they have refused. They are already running up huge debts and need to save over £400,000 to keep the club going.

League 13, the Super League Players' Association, is looking into the issue and is awaiting further information to try and help. They hope history won't be repeating itself for the Bradford Bulls.

If the club does go into administration, there is still a chance of using a CVA as an exit strategy. However, time will only tell whether the club can find sufficient funding to keep going.

Another customer safe from administration and in a CVA

A recent customer admitted other potential advisors were pushing for them to go into a pre pack administration, but with KSA's help, this business is in a CVA and will continue trading and returning money to creditors, including paying back a proportion of their £500k of tax liabilities to HMRC.

We were sent the following email:

All,

I just wanted to thank you all for your assistance with the CVA preparation.

With 100% of creditors voting in favour this is a testament to your experience and process in putting these together.

The last few weeks has been a nerve wracking time and timing has been close to the wire, but the end result means that we are now well positioned to execute our plans going forward to the benefit of all.

In deciding to go with KSA we had numerous other providers who were either cheaper or pushing a pre-pack route. You have delivered what you set out and certainly a much better outcome than administration.

Marie, a special thanks for your efficient and calm handling of all the issues that have arisen, and Andrew – your “mother of all spreadsheets” will now double as our operating budget for next year.

Finally, if you ever have any prospective clients who require a reference, I would be happy to talk with them.

Regards

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