A guide for redundant employees in administration or insolvency situations

Completely Motoring Goes Into Administration

in A guide for redundant employees in administration or insolvency situations What Does Going Into Administration Mean?

Family owned Staverton and Gloucester-based company  Completely Motoring Ltd. (CM) that specialises in Vehicles and Motorbike sales has gone into administration and is seeking a buyer.The firm was created in 2009 and has grown to become a major used and new vehicle reseller in Wales and the South West, employing 165 people across 14 showrooms and 11 locations.To March 31, 2023, the firm reported turnover of £78.4 million, up from £50.3 million, although pre-tax earnings fell from slightly over £1 million to £677,000.After a difficult summer and financial issues, the group has gone into administration.Azets restructuring partner and licensed insolvency practitioner Jonathan Amor, Matthew Richards, and Alessandro Sidoli of Xeinadin Corporate Recovery Limited were appointed joint administrators of Completely Motoring Ltd, John Wilkins (Motor Engineers) Ltd, and Thunder Road Motorcycles Ltd.After their appointment, the joint administrators have invited interested parties to approach them as quickly as possible to ensure the group's continuation.Jonathan Amor said: "After weak summer sales, the group is struggling financially. Thus, the group is under administration to preserve it.”We are discussing sales with interested parties. We have received many expressions of interest and ask any further parties to contact us as soon as possible to secure the group's future and save as much of the business and employment as feasible."The group's 2023 accounts showed £4.37 million in fixed assets, £23.8 million in current assets, and £2 million in net assets.

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Completely Motoring Goes Into Administration
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TGI Fridays Secures A Rescue Deal Resulting In 35 Immediate Site Closures

in A guide for redundant employees in administration or insolvency situations Retail What Does Going Into Administration Mean?

Update 07th OctoberBreal Capital and Calveton UK have secured a rescue deal for TGI Fridays, meaning the chain will continue to exist on UK high streets.However, the deal includes just 51 of its 86 sites, forcing 35 to shut with immediate effect.1,012 redundancies have been made - please refer to our guide here on your rights in redundancy.The new private equity owners, Breal and Calveton, jointly own the upmarket restaurant chain D&D London. Between them they have also had investments in Byron Burger and wine bar chain Vinoteca - so they are no stranger to the restaurant world! A full list of the TGI Friday sites closingBarnsley Birmingham Bracknell Brighton Marina Bristol Cabot Circus Cardiff Newport Road Chelmsford Cheltenham Croydon Derby Dundee Durham Edinburgh Fort Kinnaird Enfield Gateshead Gloucester Quays Halifax Jersey Leeds Leeds Trinity Leicester Lincoln Manchester Royal Exchange Newcastle Eldon Square Newport Northampton Prestwich Romford Sale Solihull Southampton West Quay South Speke Sutton Coldfield Swansea Watford NorthUpdate 19th SeptemberHostmore, the owners of TGI Fridays has gone into administration and the 86 sites are now officially up for sale."The sale process remains ongoing, with no decisions having been made to close any existing stores, and TGI Fridays continues to operate normally across the country," a Hostmore spokesperson told the BBC.According to reports in the Telegraph administrators at Teneo, the restructuring firm, are on standby if TGI Fridays cannot sell its restaurants.  The firm ran into trouble following its attempted foray into the US.  The chain has 86 restaurants and employs 3000 people.The owners of the chain, Hostmore, has £35m of debts.The business was spun out of private equity trust Electra in November 2021 in a move that Hostmore chief executive Robert Cook hailed as a “significant milestone”.Its shares started trading at 147p but by March of last year it had lost 90% of its value.  By Monday 16th September 2024 the whole company has been valued at £1m. Could it be that TGIs could go into a CVA? The CVA would only really work if the main problem was high rents or just certain outlets needed to be closed down.  The money that it owes its lender is no doubt secured so they have the power to call in administrators at any time.Without knowing more about its exact financial position it is hard to say.If the company does go into administration it is likely that a number of the restaurants, which are making money, will be snapped up by other restaurant groups and may continue to trade under the TGI brand.  If not then the owners will take advantage of their prime locations.

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TGI Fridays Secures A Rescue Deal Resulting In 35 Immediate Site Closures

ISG Goes Into Administration and is the biggest Collapse since Carillion in 2018

in A guide for redundant employees in administration or insolvency situations Construction

Update 28th OctoberFirst large casualty of the ISG administration can be seen here https://www.punchline-gloucester.com/articles/aanews/cheltenham-lighting-firm-goes-into-administration​ Update 22nd OctoberAdministrators at ISG have discovered that the company owes some £89m to its trade creditors, with 13 subcontractors owed more than £1m each.​“Keith Steven of KSA Group commented, with over £180m of debt owed to trade suppliers, contractors and subcontractors, this will have hit the construction sector hard. Many creditors will experience trading losses as a result. And with recoveries from the administrators and liquidators work expected to be close to zero or zero, this will have a huge impact on creditors.”.​​​​​​ISG, the construction company and UK Government contractor, has entered administration, making 2,200 workers redundant with immediate effect.Based on turnover, ISG was the sixth largest construction company in the UK, with revenues of around £2.2bn. Despite this, the firm has faced financial strain for some months and attempts to secure a rescue deal failed.ISG Chief Executive, Zoe Price, explained the situation had arisen due to ''legacy issues'' relating to ''large loss-making contracts'' secured between 2018 and 2020.A notable project ISG completed was the Velodrome for the 2012 Olympics. Most recently, the contractor was working on 69 Government projects - 22 of these for the Ministry of Justice.A spokesperson of Ministry of Justice said that contingency plans were in place to mitigate the impact of ISGs collapse. Administrators will be worked with, to ''find alternative ways to deliver these projects where necessary''.As of yet, no administrators have been confirmed as appointed, but rumours are circulating that it will be Ernst & Young.The last time there was a high-profile collapse in the construction sector was in 2018 with Carillion's administration. The aftermath of that collapse was lengthy delays in projects and in addition, increased costs. Is the same going to happen for ISGs paused projects?The collapse of yet another big construction company highlights cracks in the UKs construction industry and certainly raises some questions.Suzannah Nichol, CEO of Build UK (the sector's trade body) remarked, ''While there have been changes since Carillion six years ago, there clearly has not been enough change.''If you are an employee who has just been made redundant, please take a read of our helpful guide here.

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ISG Goes Into Administration and is the biggest Collapse since Carillion in 2018
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Hadden Construction Goes Into Administration

in A guide for redundant employees in administration or insolvency situations Construction What Does Going Into Administration Mean?

Hadden Construction, the Perthshire housebuilder established in 1992, has gone into administration with the loss of 66 Jobs.Work on active sites including supported living apartment developments and affordable homes will stop depending on an evaluation of ongoing projects.This week joint administrators Ben Cairns and Jonny Marston from Alvarez & Marsal were appointed to "wind down" company operations.The failure of the company was blamed on rising materials costs and an increase in labour rates.Mr. Cairns said: "Like other contractors, Hadden Construction has been battling a number of headwinds in recent years, including inflated materials prices, rising labour costs and supply chain interruptions.“As administrators, we will seek an orderly wind down of the operations and will welcome any investor interest in the company’s assets.”Mr Cairns added: “We understand that today’s news is unsettling for the company’s employees and will be doing all we can to support them over the weeks ahead.”With a turnover of £30.2 million, the most recent figures for the company for the year ended March 31 2023 show a pre-tax profit of £260,503.Hadden was appointed by the Scottish Procurement Alliance to its £100 million Refurbishment and Modernisation (RM3) Framework in March of this year. Apart from several other public sector frameworks including Scotland Excel's New Build Residential Framework, Wheatley Group, Link Group, Hub East Central, Hub South East and The City of Edinburgh Council, Hadden was already appointed to SPA's Public Buildings and Infrastructure (PB3) Framework and New Build Housing Construction (H2).In addition, it was preparing to replace 20 chalets on a permanent Gipsy Traveller site near Perth, the company signed a £1.9m design and construct contract in April to deliver 10 reasonably priced homes for rent in Newtyle for Abertay Housing Association.Elsewhere, Hadden had worked on a £6.25 million renovation at the Muirhead House student residence at the University of Stirling.The construction industry has the highest insolvency rate when compared to other industries. This is due to a number of factors.Below are some of the common problems we’ve seen happen in the industry: Contract arguments and QS problems. Bad debts. Delays in repayments from HMRC, regarding CIS deductions (which are connected to PAYE scheme). HMRC can be slow in making CIS refunds, leading to issues with cash flow. Time to pay deals with HMRC for PAYE and VAT (where applicable) being too expensive for your cashflow. Losses made on large contracts, where large clients or main contractors slow down payments and sometimes go into administration. Hitting YOUR cashflow. So called “subby bashing”. Issues with sub-contractor non performance or slow completions. Difficult customers, be they private individuals, clients or contractors – who add extra work on and won’t pay extra! Lengthy contracts with material prices agreed at beginning. I.e. quotes do not keep up with rising costs. Especially tough after huge price rises in recent years. Less focus on financial accounts, financial management due to directors and management being onsite. Hard to win new contracts if cash flow is tight, perhaps due to low credit rating. Retention sums not released at agreed times. Suppliers taking legal actions such as County Court Judgments, or even issuing winding up petitions.

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Hadden Construction Goes Into Administration
stone kitchen

Levantina Goes Into Administration

in A guide for redundant employees in administration or insolvency situations What Does Going Into Administration Mean?

Operating in Basingstoke and Rotherham, Levantina UK, the stone company, has entered administration citing declining demand in the UK's housing and refurbishment sector as a main cause of its financial difficulties.Levantina UK is the UK distribution division of Levantina Group, a worldwide stone business focused in extracting, manufacturing and distributing stone products including marble, granite, limestone and other natural stones.Mostly buying semi-finished stones in slab form, the company has more than 350 B2B customers from stonemasons and kitchen and bathroom businesses in the UK.Levantina (UK) Limited reported turnover of £5.1 million in accounts for the year ended December 31 2022. But over the same period, its post-tax losses grew from about £538,000 to almost £723,000.Now appointed as joint administrators of Interpath Advisory are Nick Holloway and Stephen Absolom; the wider multinational Levantina Group is not affected by the administration. After the joint administrators were appointed, the company kept its twelve employees."We are working with the business to continue to trade and keep operations running at the sites in Basingstoke and Rotherham, so it is business as usual for staff and customers. The administration provides a period of protection while we explore options for the future of the business in the UK" said Interpath Advisory Managing Director and joint administrator Nick Holloway.The company's assets in its 2022 accounts came out to be just under £3.4 million. But at the time, it owed debtors around £5.8 million, and overall the company had liabilities of more than £2.4 million.

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Levantina Goes Into Administration

Remainder of The Body Shop Stores Saved From Closure Amid Administration Rescue Deal

in A guide for redundant employees in administration or insolvency situations Retail What Does Going Into Administration Mean?

Update as per September 2024100+ Body Shop stores have been rescued from closure following an administration rescue deal by a consortium led by Mike Jatania.Mr Jatania is known a 'Cosmetics King'. The deal came from Aurea, his investment firm.Reports share that this new deal will ''steer the Body Shop's revival and reclaim its global leadership in the ethical beauty sector it pioneered''.Sky News report more.End of February 2024According to reports the Body Shop may be using a CVA to exit from administration in order to continue trading.  The administrators have drawn up plans to discuss rent cuts with landlords.  Read our page on administration followed by CVA 20th February 2024The Body Shop has announced that it will close approximately half of its stores, starting with 7 that will close immediately today; Surrey Quays (London), Oxford Street (London), Canary Wharf (London), Cheapside (London), Nuneaton (Warwickshire), Ashford Town Centre (Kent), Bristol Queens Road (Bristol).Along with the store closures, is the cutting of 40% of roles at its London headquarters - leaving around 400 full-time employees.The Body Shop ambassador programme is also going to close. This is the scheme were individuals sell products for a commission.Administrators say the brand's current portfolio is ''no longer viable'' after ''years of unprofitability''. The restructuring will include a renewed focus on the companies' products, online sales channels and wholesale. 13 February 2024Following the reports this weekend, administrators from FRP Advisory have officially been appointed to ''accelerate the restructuring'' of the UK arm of The Body Shop.Administrators will explore all options going forward for the business.Joint administrators, Tony Wright, Geoff Rowley, and Alastair Massey, will continue to trade the business in administration. 12 February 2024It has been reported this weekend that cosmetics retail chain, The Body Shop, is preparing to appoint administrators from FRP Advisory to its UK arm. This comes just six weeks after the chains new owner, Aurelius, took control.It is understood that the retailer experienced weak trading over the festive period and early January, coupled with having insufficient working capital.In the UK, Body Shop has 200 stores to the along with its headquarters in London -It seems unlikely that the British cosmetics, skin-care and perfume company, set up by the late Anita Roddick, will disappear from our high streets completely.  What is likely, is that there will be a focus on reducing its costs and building up a stronger online presence.  The brand still has appeal for its ethical stance and is popular with younger shoppers. Though the process of administration is being explored for the UK operations, the brands global franchise partners are not affected.In fact, very recently, parts of The Body Shop's businesses across Europe and Asia  have been sold to an unnamed family office - according to Retail Week.Will we see The Body Shop appoint administrators? Will there be a change in owners for the fourth time?It is interesting to see that the company has not opted for a Company Voluntary Arrangement.  This may be due to the fact that its problems do not stem from a number of poorly performing stores (which can be exited in a CVA) but to more widespread difficulties.  It is also likely that the owners have security over the assets of the brand.  If they have security then they can appoint administrators and are first in line for any payouts.This news piece will be kept up to date in accordance to current events. You can find out more on this story from BBC News. 

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Remainder of The Body Shop Stores Saved From Closure Amid Administration Rescue Deal

CTD Tiles Has Gone Into Administration – Some Stores Saved By Topps

in A guide for redundant employees in administration or insolvency situations Retail What Does Going Into Administration Mean?

CTD Tiles goes into administration and closes 56 of its outlets.The company's administrators stated that 268 employees were laid off as a result of the failure.Despite the huge number of retail closures, rival Topps Group purchased 30 CTD Tiles locations and two distribution sites in a rescue plan.Topps Tiles has purchased CTD Tiles' brand and intellectual property for £9 million from administration.The tile expert has purchased the supplier's brands, which include CTD Tiles, CTD Trade, and CTD Architectural Tiles, as well as 30 retail outlets, chosen inventory, and all related intellectual property.Topps stated that the retailer is "complementary" to its other businesses and that the acquired stores and assets provide it with "the opportunity to make a meaningful entry into the housebuilder segment and expand its existing share of the architect and designer segment".Topps bought 30 branches that generated £20 million in sales for the fiscal year ending June 2024 and will continue to trade under the CTD brand name. Why didn't Topps Tiles buy the company in a Pre Pack Administration? A pre pack administration sale is possible in these circumstances but the downside is that Topps would have had to take on all the employees via a TUPE process.  By waiting until the administration was started they were able to pick up the assets they wanted.  CTD might have been able to use a CVA to reduce stores but without knowing the make up of the creditors it is difficult to say.  If the business was simply not viable or had significant secured lenders then an administration would have been the correct procedure.If you have purchased goods from CTD then see this page on your rights Below is a full list of the stores which have been immediately shut and those which have been saved: 56 store closures: Aintree, Liverpool Ashford, Kent Aylesbury, Buckinghamshire Basildon, Essex Blackpool, Lancashire Bolton, Lancashire Brierley Hill, West Midlands Cambridge Central, Cambridgeshire Canterbury, Kent Carlisle, Cumbria Chelmsford, Essex Chester, Cheshire Colchester, Essex Coventry, Warwickshire Cricklewood, Greater London Croydon, Greater London Denton, Greater Manchester Derby Ascot Drive, Derbyshire Dundee, Scotland Eastbourne, East Sussex Exeter, Devon Falkirk, Scotland Gateshead, Tyne and Wear Glasgow Helen Street, Scotland Hanwell, Greater London Harlow, Essex Huddersfield, West Yorkshire Ipswich, Suffolk Kilmarnock, Scotland King’s Lynn, Norfolk Leeds, West Yorkshire Lincoln, Lincolnshire Livingston, Scotland Maidstone, Kent Newcastle North Shields, Tyne and Wear Newcastle West Kingston Park, Tyne and Wear Northampton, Northamptonshire Peterlee, Scotland Plymouth, Devon Portsmouth, Hampshire Preston, Lancashire Rochdale, Lancashire Rotherham, South Yorkshire Slough, Berkshire Southampton, Hampshire St Albans, Hertfordshire Stirling, Scotland Stratford Upon Avon, Warwickshire Sunderland, Tyne and Wear Sutton Coldfield, West Midlands Swindon, Wiltshire Tonbridge, Kent Uxbridge, Greater London Wembley Stadium, Greater London Weston-Super-Mare, Somerset Whetstone, Leicestershire  30 stores rescued by Topps: Aberdeen, Scotland Basingstoke, Hampshire Birkenhead, Merseyside Cambridge Bar Hill, Cambridgeshire Chichester, West Sussex Coatbridge, Scotland Coulsdon, Greater London Crawley, West Sussex Darlington, County Durham Dorking, Surrey Edinburgh Seafield, Scotland Edinburgh Stenhouse, Scotland Fakenham, Norfolk Farnham, Surrey Glasgow London Road, Scotland Hampton, Greater London Hull, East Yorkshire Inverness, Scotland Newbury, Berkshire Newcastle Under Lyme, Staffordshire Norwich, Norfolk Nottingham, Nottinghamshire Perth, Scotland Peterborough, Cambridgeshire Poole, Dorset Stockton, County Durham Warrington, Cheshire Watford, Hertfordshire Wimbledon, Greater London Woking, Surrey

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CTD Tiles Has Gone Into Administration – Some Stores Saved By Topps

Cafe Rouge Owner Goes into Administration

in A guide for redundant employees in administration or insolvency situations What Does Going Into Administration Mean?

Cafe Rouge Owner Goes into Administration12 July 2020It has been reported that Epiris, the buyout firm, is having detailed talks with administrators about buying Casual Dining Group.A deal is yet to be finalised, but is expected in the coming days.Elliott Advisors have also shared interest in purchasing the group.3 July 2020Bella Italia and Café Rouge owner, Casual Dining Group, has gone into administration. This has meant 91 outlets to close immediately and 1,900 of the 6,000 staff to lose their jobs.The 91 restaurants are located mainly in England, with a few in Scotland and Wales. The remaining 159 of the groups 250 outlets will remain open.Administrators, Alix Partners, are looking for any interested parties to make offers for all, or part of the business.It is reported that already multiple offers have been received of which the business hopes to pursue in efforts to rescue itself.Chief executive, James Spragg said: ‘’We are acutely aware of our duty to all employees and recognise that this is an incredibly difficult time for them.’’He stresses he will do all he can, working alongside and supporting the administrators, aiming to preserve as much employment as possible.The ‘’extreme operating environment’’ for the casual dining sector, among others, due to coronavirus forcing restaurants to shut since the start of March, is blamed. The full list of Casual Dining Group closures Bella ItaliaNewburyEast KilbrideBaker StreetCambridgeCheltenham PromSoton Above BarBlackpool ChurchWatfordPlymouthDunfermlineIslingtonGloucester QuaysHatfieldSouthendDidsburySolihullBrighton BelottaWindsorManchester DeansgateCamberley AtriumAberdeenLoughboroughCreweColliers WoodBrighton MarinaCardiffShaftesbury AveHemel HempsteadLeedsSilverlinkBexleyNew BrightonOrpingtonManchester Piccadilly Café Rouge Bury St EdmondsNewburyMaidstone Earl StSolihullPinnerBlackheathHarborne BirminghLeamington SpaYorkDulwichEpsomBirmingham MailboxWokingHitchinOxfordLeicesterChesterCheltenhamLoughtonChelmsfordCambridgeEdinburghSouthgateEsherBromleySalisburyCanterbury LongTrafford CentreExeter PrincesshayHertfordMilton KeynesLas IguanasHarrogateBrighton MarinaDerbySheffieldWokingChesterBrunswick SquareBraintreeBournemouthNorwichNewcastleBelgoBelgo KingswayBelgo NottinghamBelgo CentraalAirport sitesCafé Rouge Rapide Inverness AirportBristol AirportThe George Ale & Coffee House (T5)The Darwin Ale & Coffee House (T3)Jersey AirportOriel LutonOriel Heathrow T4La Salle Heathrow T2Bella Italia LutonOriel Heathrow T3Huxleus Heathrow T5The Shipyard Jersey

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Cafe Rouge Owner Goes into Administration

Torquay’s Famous Grosvenor Hotel Goes Into Administration

in A guide for redundant employees in administration or insolvency situations What Does Going Into Administration Mean?

The costly refurbishment of the hotel – and its relaunch – has contributed to the hotel’s insolvent state and that of the wider Richardson Hotel Group. Here, we’ll explore what happened to the Grosvenor and what might lie in store for the future of this group.What is the Grosvenor Hotel? The Grosvenor Hotel is a three-star hotel in Torquay. It’s one of the main hotels on Belgrave Road or ‘golden mile’ and has 46 bedrooms. It is part of the Richardson Hotel Group’s portfolio along with five other hotels across Devon and Cornwall. Keith Richardson is the sole owner of the hotel. He bought it from the comedian and entertainer Mark Jenkins in 2012. It cost less than £1m but is still trying to shake the bad reputation it gained during Jenkins’ ownership. Jenkins and the Grosvenor Hotel found fame in Channel 4’s ‘The Hotel’ - a reality show that “followed the exploits of hapless hotelier-turned-events manager Mark Jenkins”. It ran from 2012–2015 and did not seem to benefit the hotel’s reputation. It's now called the John Burton-Race Restaurant with Rooms. The name comes from the hotel's Michelin-starred chef who controls the restaurant. He is not the owner, but he may boost the hotel's reputation. Estimates claim the refurbishment cost over £750,000 and includes:Structural changes Refurbishment of the restaurant Re-designed reception An increase to 50 rooms Plans for a champagne barWhy has it gone into administration? The Richardson Hotel Group went into administration in early January 2018. The five other hotels in the group fell into administration at a similar time. The Grosvenor Hotel is the sixth and final hotel in the group to fall into administration. The administrators for all six hotels are Mark Boughey and Matthew Wild of RSM Restructuring Advisory. All the hotels in the group are still trading. Administrators are discussing sales strategies with Colliers International and may end up selling one or more of the other hotels to finance the continuation of the Grosvenor. Too much money went into the refurbishment, rebrand and relaunch of the hotel. This is why the Grosvenor Hotel and the rest of its group fell into administration. HMRC petitioned the Grosvenor Hotel to wind up the business. But the move to administration has halted these proceedings. However, it’s “business as usual” according to Burton-Race. “This is just a glitch, which will be sorted, I’m not worried. The company has plenty of assets and once one of them is sold, things will go back to normal.” Hopefully, the move into administration will help the Grosvenor Hotel restructure and become viable once more. If not, its liquidation could affect all the Richardson hotels in the area.

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Torquay’s Famous Grosvenor Hotel Goes Into Administration

SMS Alderley Goes Into Administration

in A guide for redundant employees in administration or insolvency situations What Does Going Into Administration Mean?

Specialised Management Services (SMS)-Alderley in Gorleston went into administration last week, and employees were informed that they had lost their jobs. Established in 1999, the company manufactured equipment and supplied maintenance and installation services to the oil and gas industry, focussing in hydraulic, pneumatic, and electrical control systems.SMS is based at Starling House, off Lancelot Road, and has offices in Aberdeen and Bristol.SMS was bought by its parent business, Alderley PLC, a multidisciplinary engineering organisation, in 2003.Both Alderley Plc and Alderley Systems have gone into administration.Alderley was established in 1989 and has locations in the United Kingdom, India, Saudi Arabia, Singapore, the United Arab Emirates, and Qatar.Joint administrators were summoned on Wednesday, July 24.Joint administrators were called in last week.A letter sent from the joint administrators to SMS-Alderley staff read: "I regret to have to inform you that the company is no longer in a position to make payments to you for services rendered by you."As a result you should regard your contract of employment with the company as terminated with immediate effect."You should complete Redundancy Payments Service form RP1 online at www.gov.uk/claim-redundancy. This enables you to claim up to certain limits under the provisions of the Employment Rights Act 1996 for arrears of pat, holiday pay, notice and redundancy pay."The letter continued: "Your claim for pay in lieu of notice is effectively a claim for breach of contract as circumstances prevented you from working your notice period with the company.  

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SMS Alderley Goes Into Administration

Cineworld Looking At A CVA

in A guide for redundant employees in administration or insolvency situations Retail What is a CVA (Company Voluntary Arrangement)?

According to information obtained by Sky News, the movie chain and its advisors at AlixPartners have started formally investigating a company voluntary arrangement (CVA).  This is following earlier reports that the company was seeking a sale of the business.The Cineworld chain is a global business that went into Chapter 11 bankruptcy protection in the US back in 2022.  It has now emerged from that and much of its debts have been swapped for equity.  So it seems that many investors are still keen to be part of it.In the abscence of any sort of sale a CVA is the companies best chance of reducing its overheads as it enables it to exit non profit making cinemas.  It can also help restructure its unsecured debts provided that the creditors agree to its proposal.  75% by value of those that vote will need to support any proposal.The company has more than 100 sites in the UK, including the Picturehouse chain, and employs thousands of peopleIn a statement issued to Sky News earlier in the month, it said: "Like many businesses, we are continually reviewing our UK operations."It is also worth pointing out that this years film releases have underperformed.  Furiosa, Fall Guy, Civil War, Planet of the Apes have been well below expectations.  This is probably a combination of high ticket prices, streaming competition and lower quality compared to previous years..

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Cineworld Looking At A CVA
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Laybuy Goes Into Administration

in A guide for redundant employees in administration or insolvency situations Retail What Does Going Into Administration Mean?

Laybuy, the pay now pay later firm, has collapsed into administration just days after suspending its service.  The company allowed customers to buy products online and spread the costs over 2-3 months.The company has 500,000 users operates across New Zealand, Australia, and the UK with 300,000 in the UK.The company has gone bust in New Zealand after failing to find a buyer.Sam Ballinger, joint administrator at FTI Consulting, said: "The joint administrators are currently assessing the options available to the companies and supporting the employees, merchants and other affected stakeholders through this difficult period."Laybuy is not currently accepting new transactions, however, customers should continue to make payments as normal."FTI said that further updates including those affecting customers will be shared in the coming days at www.fticonsulting.com/uk/creditors-portal/laybuy-uk.It is indeed a good idea that any customers who have bought goods using Laybuy must continue to make payments.  The administrators will pursue any customers who do not pay and non payments will affect your credit score.The company has 29 employees in the UK.It is possible that the company may be sold out of administration.  Klarna are the main operator in this market space and could be interested if Laybuy had any particular areas where they dominated.  However with 300,000 users in the UK it might be worth waiting until all those payments have been made and they simply have the technology left over.

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Laybuy Goes Into Administration