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Administration for Torquay United

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Devon based, Torquay United, of the National League South, have formally gone into administration. This comes following the deadline which passed on Thursday for any potential bidders to bring some saviour capital. Clarke Osborne, owner, announced his intention to appoint administrators for the club in February, two months later and the intention was made a reality. In March the Gulls faced a 10 point deduction so there will be no further sanction. This paves a more positive outlook despite the situation, particularly as administrators are said to be in talks with interested parties already. Begbies Traynor', Scott Kippax, Neil Vinnicombe and Simon Haskew, will be handling the administration process. In the meantime, the club will be run by directors, George Edwards and Mel Hayman, on a voluntary basis. As for any creditors, the club secretary is contactable directly. "A further announcement is anticipated within the next two weeks when the administrators hope to confirm that the club's future has been secured." Will it be the final whistle? Devon Live shares more and Torquay United answer FAQs for fans, on their website.

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Administration for Torquay United
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Dot Dot Loans Goes Into Administration

Dot Dot Loans owner the Morses Club and Shelby Finance has gone into administration with the loss of 101 jobs. 272 staff remain across the two firms whilst the administrators look for a rescue or sale.Ed Boyle and Rob Spence from Interpath Advisory have been appointed as joint administrators.The companies have been under financial stress since the Morses Club is now facing lots of customer redress claims for offering them unaffordable loans.In May 2023, the Morses Club entered into a Scheme of Arrangement which is a system of restructuring used for complex financial companies and trusts and is administered by lawyers.The administrators said; “However, despite management’s best efforts, Morses Club has been unable to complete the refinancing of its existing debt facilities and therefore, the directors took the decision to appoint administrators to the businesses.As a result of the insolvency of Morses Club, the scheme automatically terminates early – further information regarding the impact on customers who submitted a claim in the scheme is available on its website”Shortly prior to the appointment of the joint administrators, all new lending ceased, but the companies continue to collect outstanding loans from customers.Administrators said it was "important that customers continue to make payments on outstanding loans as they fall due, as not doing so is likely to impact their credit rating/profile and their ability to borrow".The joint administrators will be working with the employees affected by redundancy over the coming days to provide them with support.

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Dot Dot Loans Goes Into Administration

Safestyle UK Goes Into Administration

LATEST:Following this mornings announcement, it has been shared that the business has gone into administration. Rick Harrison and Will Wright from Interpath Advisory were appointed joint administrators to H.P.A.S Limited, trading as Safestyle UK, Style Group Holdings Ltd and Style Group UK Ltd on 30 October 2023.Redundancies have been made for 680 of its 750 strong workforce. If you are an employee and have been made redundant or are concerned about what this means for you, please check out our guide.For customers, if you have outstanding orders then they are not going to be fulfilled - unless a buyer is found and the orders are included in the deal.A Bradford based double glazing windows firm has announced its intention to appoint administrators. Safestyle UK announced that it would appoint administrators after weeks of uncertainty at the company. They acknowledged that they haven't been successful in finding a buyer for the company or fresh financiers to provide funding.The company's share price has been falling due to unfavourable trading updates during the autumn, and at the beginning of the month, they announced that they were seeking new investors to provide more funding for the company.They published the following statement on Friday night:Safestyle UK plc (AIM: SFE.) announces that following its announcement of 26 October 2023 (the “26 October Announcement”), the interested parties that were, at that time, involved in the Proposed Sale process as defined in that announcement, have withdrawn their respective interests.Therefore, the Board of the main trading subsidiary of the Group, H.P.A.S. Limited (“HPAS”) and other intermediate holding companies in the Group, namely Style Group Holdings Limited and Style Group UK Limited, has concluded that they are no longer able to continue trading as a going concern.Consequently, the Board has filed notice of intention to appoint administrators to HPAS, Style Group Holdings Limited and Style Group UK Limited in Court today.Unless financial circumstances change, and in accordance with statutory requirements, the board of these three companies intends to appoint administrators within 10 business days.Further announcements will be made as and when appropriate.You can read the original statement here:Additionally, a text message reportedly from the CEO confirms to employees that the business will be put into administration and that there will be a Teams call on Monday at 2:00 PM, at which additional details will probably be disclosed. The way that the intention to appoint administrators was communicated to the personnel has already drawn criticism.A analysis on how the biggest window and door installer dropped from a £250 million valuation to nothing in just six years will one day be conducted. However, employees' top concern right now is whether they will get paid for the work they have completed. Homeowners will be worried about paid deposits, unfinished repairs, and work that needs to be done. Suppliers will be concerned about what will happen to their current inventory and if they will be reimbursed.

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Safestyle UK Goes Into Administration

Wilko collapses into Administration

29 September 2023Sky News share today that after seeing some proposals from PwC, it is likely that unsecured creditors will receive between 4p and 8p in the pound, from the collapse of Wilko.According to the proposals, The Pension Protection Fund (£20m owed as a secured creditor), along with Barclays (£2.4m owed) and Hilco UK (£39.9m owed) are expected to be paid in full. The PPF is also owed monies as a unsecured creditor,13th September 2023The Range has purchased Wilko's brand and online assets for a total of £5m it is understood. An announcement is expected by the administrators later.  The Range was under pressure to buy the assets as it faced increased competition from online marketplace OnBuy.12th September 2023The owner of Poundland has agreed to take on the leases of dozens of Wilko shops.Pepco Group, which owns Poundland in the UK, is expected to convert up to 71 Wilko stores to the Poundland brand.11th September 2023Today we here the news that the rescue deal on the cards with HMV owner, Doug Putman, has collapsed. It is expected that now administrators of PwC will strike deals with The Range and Poundland's owner.The Range is likely to purchase Wilko's brand and online assets, whereas Poundland are in talks to buy 100 stores.5th September 2023B&M has bought 51 Wilko shops (locations not disclosed) for £13 million after the discount retailer collapsed into administration.The shops are set to be rebranded as B&M.  The retailer did not acquire Wilko’s brand name or any of its intellectual property. It said it would provide an update on the timing of the new B&M openings in November.Despite this arrangement with B&M, a further 1,332 jobs have been lost. Across 52 Wilko stores, 1,016 redundancies will take place, alongside a loss of 299 roles at two of its distribution centres and 17 at its digital operations department.Conversations with administrators continue.Sky News report more.31st August 2023The latest update to be heard on the situation with Wilko is that OnBuy, the online marketplace, has made a last minute rescue bid for the brand. As reported in the Retail Gazette, it is thought that OnBuy only want to continue trading through Wilko.com.Just earlier on today, it was revealed that a proposed £90m deal from private equity firm, M2 Capital, claiming to retain all employees' roles for two years, whilst it saved Wilko from collapse, had fallen through. The bidder was unable to file the relevant paperwork in time which meant the inability to provide proof of funding.Following this, redundancies will shortly commence, with:269 employees at the retailer's support centre (Worksop) to be made redundant from close of play 4th September 14 employees at Kin Limited to be made redundant from close of play 4th September - this is a subsidiary of Wilko For the two distribution stores in Worksop and Newport, redundancies expected to be announced from next weekJoint administrator Jane Steer said: “It’s with great sadness that we announce these redundancies. We’re incredibly grateful to these team members for the support and dedication they’ve shown to the company, particularly over the last few very difficult weeks. We will continue to do all that we can to support staff through this period of difficult upheaval, and to maximise their opportunities for a rapid return to work. Our priority is to ensure that all team members affected by redundancy are assisted in processing their claims with immediate effect. We will be circulating correspondence to all staff as soon as possible which will outline the support available to complete redundancy payment forms. Advice and assistance will also be available from Job Centre Plus and other agencies.''With this in mind, talks are underway still with HMV owner, Doug Putman and PwC.28th August 2023The latest on Wilko x Administration threat is that Doug Poutman, HMV owner, is in discussion with PwC about offering a finance offer for hundreds of Wilko stores. He seeks a £50m backing to do so. If this falls unsuccessful, a deal with Poundland is likely to go ahead.24th August 2023We hear an update today from the administrators of Wilko. They share that jobs are set to go and stores will close as no buyer has been found for the business as a whole. This being said, some parts of the group could be bought.In a statement, PwC said: "While discussions continue with those interested in buying parts of the business, it's clear that the nature of this interest is not focused on the whole group. Sadly, it is therefore likely that there will be redundancies and store closures in the future and it has today been necessary to update employee representatives.''23rd August 2023Rumours share that Poundland owner,  Pepco Group is in talks with PwC to acquire around 100 Wilko stores. Alongside this, B&M European Value Retail are supposedly negotiating over 40-50 stores. There are then various other value retailers, like TOFS, of whom have lodged offers to acquire smaller parts of Wilko's 400 store strong chain.A more official announcement is expected tomorrow on at least some of the sale agreements.Even with such agreements, there still remains risk of some site closures and job losses.Let's see what is to come...18th August 2023The deadline for interested parties to put forward a rescue deal for Wilko has passed. Administrators weigh up rescue bids. In the meantime,  a secondary sale begins, with discounts on hundreds of products in store.It has been heard that B&M, Poundland, The Range and Home Bargains - all competitors of the homeware retailer, have had interest to submit an offer.Whilst PwC are working on this case, no redundancies have been made. Only time will continue to tell the chains future.14th August 2023Companies vying to buy Wilko have been given until Wednesday 16th August to make an offer for the homewares chain which fell into administration last week.10th August 2023High Street home wear retail chain, Wilko, has collapsed into administration appointing PricewaterhouseCoopers (PwC) as administrators. This leaves 12,000 jobs at risk, as well as the future of many of its 400 stores.With the appointment of PwC, it triggers administrators to run a further administration sale, to see if there are any last minute rescue offers. However, should this not be successful, the 93-year-old chain will close and have its assets sold - making Wilko the biggest casualty of the High Street this year.  If you are an employee, worried about what this means for you, read our guide.Further updates to follow.9th August 2023Wilko has suspended all home deliveries, suggesting a fall into administration is inevitable. Talks with buyers have been underway, but it is thought nothing much will come from them, with the latest updates.8th August 2023 The owner of the Laura Ashley brand, Gordon Brothers, is in talks about a potential rescue deal for Wilko. Insiders say the offer may involve Gordon Brothers providing funding to the retailer to implement a restructuring which would involve a key amount of stores closing and jobs lost.PricewaterhouseCoopers (PwC), which is advising Wilkos', is understood to be seeking binding offers within days, with the company close to running out of cash. Should PwC be appointed as administrator, a further sale process will proceed before embarking on a liquidation of the retailers assets, if no rescue deal comes through.3rd August 2023News today is that Wilko is teetering on the brink of administration, with 12,000 jobs at risk.Despite offers from potential buyers, the needed liquidity to cover the cash pressures being faced, has not been met.Mark Jackson, CEO of Wilko announced the decision to file a notice of intention to appoint administrators. In the meantime, discussions will continue with interested parties in the hope of a late-coming rescue. Watch this space!  A notice of intent gives the company 10 days for a rescue deal to be agreed.  If nothing is forthcoming then it is likely that the company will go into formal administration with the loss of thousands of jobs.27th July 2023It has been reported that Hilco have put in another £5m into Wilko to help with the current cash flow problems.19th June 2023It has reported in the news that landlords of Wilko face the chance of no rental payments for at least the next three years, as a CVA is likely to launch in the next month. The restructuring arrangement looks to cut rents at 240 of its 400 stores, with no stores facing closure.One source close to the process told The Times, that the retailer will soon run out of funds and could collapse into administration if a CVA is not agreed.12th June 2023Wilko has brought in CBRE property advisors to open negotiations with landlords on rent reductions.According to the latest news, Wilko is exploring a Company Voluntary Arrangement, in order to renegotiate rents and potentially close some stores, as part of its cost-cutting plans.PwC advisors are said to have been approached, to look into the various restructuring options possible.Chief executive Mark Jackson remarked: “We’re in the early stages of the turnaround and, as is usual, the directors continue to explore all options for Wilko’s long-term future.”16th February 2023Wilko has announced plans to cut more than 400 jobs, including assistant store managers, retail supervisors, head office managers and call centre workers, in the troubled retailer’s latest effort to control costs.4th January 2023It has been reported that Hilco, the retail turnaround fund, has lent £40m to Wilko to secure its long term future.Wilko has said that it has received a £30m emergency loan to see it through the Christmas trading period. It has already sold its distribution centre for £48m and leased it back. Hopefully this will be enough.In a statement Jerome Saint-Marc, Wilko CEO comments:“Our relationship with our lending partners is solid. The recent sale and leaseback of our distribution centre to DHL earlier this week unlocked £48m which has enabled us to repay our revolving credit facility in full. We’re taking this opportunity, now that the deal is done, to review how we manage our ongoing financing to best trade through the current retail environment while continuing to invest in our future.”Suppliers to Wilko have had their credit insurance withdrawn according to reports. If true, this is a big blow as that now means that suppliers will be reluctant to grant Wilko any credit, so putting serious strain on the retailers finances.Both Retail Week and Retail Gazette have reported that the restructuring advisors Teneo have been instructed by Wilko, the homewares store, to look at how it can turnaround its fortunes. Last month it announced that it was extending its payment terms to 60 days and that anyone due to be paid in September would be paid in November.These are indications that the company is struggling. So what options does the chain have? It has already closed down 15 stores but if it needs to close down many more, that might be subject to long leases, then a company voluntary arrangement is a good way to do this. High rents may not be the issue here but increased competition and a drop in trade as the cost of living crisis bites.

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Wilko collapses into Administration

Linder Myers Solicitors Served A Winding Up Petition

Update 1 August 2023Linder Myers cases are now being handed by Gordons.  You can contact Gordons LLP directly by calling 0113 227 0385 or emailing metamorph@gordonsllp.com.Hundreds of jobs could be at risk after HMRC issued a winding-up petition against law firm Linder Myers Solicitors.The 100-year-old firm, one of 14 legal brands run by Metamorph Group, has locations in Manchester, Chester, Lytham, York, and Shrewsbury.Three of these names—Linder Myers, Donnelly and Elliott Solicitors in Gosport, and SLC Solicitors in Telford—combine to form MLL Ltd, which was this week served with a petition for winding up.The group is "working hard and in collaboration with HMRC to resolve any outstanding matters in relation to our company MLL" a representative for the group told TheBusinessDesk.com.MLL is currently four months behind on its accounts for the year ending in June 2021.Donnelly and Elliott Solicitors, SLC Solicitors, and Linder Myers Solicitors were combined as part of a reorganisation, which resulted in a £2.1 million deficit for the 18 months ending in June 2020, according to MLL's most recent filed accounts.The company had more than 300 employees and assets worth £4.5 million at the time, yet its financial statements also had a signed promise from Metamorph Group to offer help for at least a year if necessary.The company stated in the notes to the financial statements that "Covid-19 has had a mixed impact on the group, with some areas such as trusts and probate and family increase in demand for services throughout the period and in other areas, the courts slowing down has reduced our ability to complete cases.“Furlough was used to help manage the financial impact of this situation, which also enabled the retention of key skills and capacity within the business.”In a statement addressing the action taken by its creditor, Tony Stockdale, the founder, CEO and Chair of the group, said, "We are working to resolve matters with HMRC and we are very confident of a successful outcome".He said the group had "a supportive group of shareholders and management team who remain committed to our strategy"."That said, the action of HMRC was a shock to everyone. As a result we will be making a number of changes in the business to avoid a repetition."

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Linder Myers Solicitors Served A Winding Up Petition

Breathe, the EV company backed by the Mayor collapses into adminstration

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Electric Vehicle Company, Breathe, which provides EV's including Teslas to private-hire drivers, has collapsed into administration. This could greatly impact on London taxpayers, with millions of pounds of losses to be faced.Sadiq Khan, the founder of The Mayor's Energy Efficiency Fund (MEEF), had injected £3.2m into the company in March 2022 - just 15 months prior to administrators from Begbies Traynor being appointed. The MEEF was set up to provide debt and equity to small business owners, and is managed by Amber Fund Management.As of yet, the reason for the collapse is not clear. The appointed administrators are working closely with all parties involved to complete a sale of the business and if needed, realise assets to enable any debts to be repaid.Breathe operates with a subscription service, whereby customers can take full ownership of their car at the end of the subscription period. Other disciplines are involved too, with financial products being offered including insurance.Sky News provide more information.

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Breathe, the EV company backed by the Mayor collapses into adminstration

A landlord’s and tenant’s guide to commercial rent arrears recovery (CRAR)

For the better part of 250 years, landlords enjoyed the right to claim ‘distress’ for unpaid rent – meaning that they could seize (distrain) and sell their tenants’ goods to recoup the loss of earnings.The Rent Act 1977 stripped this right from residential landlords1, but commercial landlords continued to be able to exercise distraint until April 2014, when distress laws were replaced with the commercial rent arrears recovery (CRAR) process2, 3. So what exactly is CRAR? Like most archaic UK legislation, distress law was unnecessarily complicated and, many felt, rather unfair. The CRAR rules that supersede them are intended to be simpler and more balanced, with a greater focus on tenants’ rights than their predecessors.CRAR still allows a landlord to collect overdue rent without the need for a court order; however, it applies only to commercial tenancies, and the tenancy must be subject to a written lease. It can only be used to recover rent and any interest and/or VAT payable under the terms of the lease. Landlords: enacting the CRAR procedure Before claiming unpaid rent from a commercial tenant, you must remember the following:The arrears must be at least seven days’ worth or more at the time the notice is served and at the time of enforcement You do not have the right to seize your tenant’s goods yourself; they can only be seized by a certified enforcement agentOnce you have found an authorised enforcement agent, you will need to fill out a Warrant of Control form to enable them to begin enforcement action. The enforcement agent will then take over the process, issuing a seven day notice to your tenant in the first instance.If the rent remains unpaid at the time of enforcement, the agent will enter the property and take control of certain goods located thereon to be sold at public auction. Tenants: your rights under CRAR Firstly, you must remember that a notice of enforcement binds goods to remain on the property, meaning you cannot sell or remove them. You can, however, delay enforcement by applying to court for a delay of execution or a set aside.It is possible to enter a controlled goods agreement in order to repay what you owe over time. Under such an agreement, the goods will remain on the premises, but your landlord’s enforcement agent will be able to remove them if you default on your agreed repayments.If goods are taken, the enforcement agent must provide you with an inventory of everything seized as specified by section 33 of the Taking Control of Goods Regulations 2013.If your lease has expired, your landlord can only use the CRAR process if:the lease ended within the last six months; the lease did not end by forfeiture; the rent was owed by you at the time the lease ended; you still possess some of the goods formerly located on the premises; you occupy the goods under a commercial lease; and your old landlords was, at the time the lease ended, entitled to immediate reversionBeing unable to pay debts, such as commercial rent, when they become due is a warning sign of insolvency. If this described your company’s situation, it is highly recommended that you seek insolvency or turnaround advice from a professional firm.References1. Rent Act 1977, s 147(1)2. Tribunals, Courts and Enforcement Act 2007, s 713. The Taking Control of Goods Regulations 2013, SI 2013/1894

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A landlord’s and tenant’s guide to commercial rent arrears recovery (CRAR)

Directors are being investigated over Bounce Back Loans

New legislation has been enacted to make it easier to investigate and prosecute directors.The Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Act has just been passed into law which is principally designed to stop directors dissolving companies to avoid investigation into their conduct.There was a 205% increase in the number of directors being prosecuted for fraud as a result of investigations by the Insolvency Service in 2021. For the latest statistics for 2022/3 on this please see this report in Accounting WebThey are especially looking at companies that have taken out Bounce Back Loans (BBL) and Coronavirus Business Interruption Loans (CBILS)If you are struggling to pay the loans and the business isn’t viable then you must liquidate the company.   Click on this link to download our 2023 experts guide to liquidating a company.If you are dissolving your company, ensure there are minimal debts (ie less than £2000) and if you want all the templates and letters then you can get them from our site www.dissolvemycompany.co.ukDon't forget that if you write off debt using a Company Voluntary Arrangement rather than a liquidation then there is no investigation into the directors conduct.Don't get caught out and get someone to advise you. Call us on 0800 9700539 Now

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Directors are being investigated over Bounce Back Loans

Administration for major UK wedding dress retailer, David’s Bridal

Just hours after its US owner filed for bankruptcy and David's Bridal UK has filed an intention to go into administration. Andy Pear and Milan Vuceljic of Moorfields Advisory have been put on standby to be  appointed as the administrators working on the case.Across the UK, David's Bridal has 100 employees across its four stores in Watford, London, Brimingham and Glasgow.The retailer, founded in America in 1950, has operated in the UK since 2013, specialising in wedding and occasion dresses and accessories - a name known for many to-be-brides!In a statement, David’s Bridal said: “David’s Bridal stores remain open, and the company intends to continue operating in the ordinary course, including by fulfilling all customer orders without disruption or delay.'' It said it “intends to continue exploring a sale of all or some of its assets”.This is not the first time the retailer has faced difficulty. In 2018 it had filed for bankruptcy. According to CEO of the American parent company, meaningful strides had been taken in recent years to meet customers needs and transform accordingly.“Our business continues to be challenged by the post-Covid environment and uncertain economic conditions, leading us to take this step to identify a buyer who can continue to operate our business going forward. We are determined to stay focused on our future, because we believe we have an important role in ensuring that every bride, no matter her budget, can have her perfect dress.”When analysing the recent history of the UK counterpart, it had warned of a “material uncertainty” about its ability to continue in its 2021 accounts, which were signed off by the board last December. This was because the US parent company had done a deal in November 2022 to create additional liquidity that was dependent on “continuing compliance” with the loan terms.The UK business’s most recent published accounts, for 2021, showed a £170,000 loss on revenues of £4.3m. It last recorded an annual profit in 2018.

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Administration for major UK wedding dress retailer, David’s Bridal

More than 100 building firms predicted to go bust each week in 2023, according to new research

in Construction News

New research from Red Flag Alert suggests that the construction sector is going to face some trouble this year, with financial experts predicting more than 100 building firms to go bust every week.This is no shock, with construction having faced difficulty before, and as The Insolvency Service reported before Christmas, businesses within the construction sector are going bust at the fastest rate in a decade.According to Red Flag Alert’s research, there is around £300m in bad debt within the UK construction industry, as we enter 2023. This could rise to £1bn by the start of 2024. Ultimately, firms who usually keep their heads above water though the current recession, are being dragged under by the bad debt of those whom fail.Why are there so many unpaid bills? Well, with much pressure from staff and supply chain issues for the sector, what do you expect? Mixed with Covid and all the implications left, along with inflation and rising interest rates. Things do not look good.Chief Economist of Red Flag Alert, Dr Nicola Headlam remarked:‘’ This is not good news for the industry and UK as a whole. This will lead to a much smaller pool of construction companies available for contracts and for suppliers to do business with. The post-recession economic bounce back will be hampered by a lack of building companies available for projects in the next growth stage, and a supply chain that will be unable to respond to growth signals This will choke off growth in the next economic cycle.”Its looking to be a pretty perfect storm for insolvencies this year in the construction industry. And what a time! With this recession, we need construction to lead the way forward, particularly with the housing crisis we are in. Will the construction industry continue to decline or is there at least some hope for a healthier future?If you are a worried director of a construction firm or a business related, do get in touch. Let our expert advisors talk through and consider the best way forward.

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More than 100 building firms predicted to go bust each week in 2023, according to new research

Construction Sector Insolvencies Hit A Record High

in Construction News

According to the latest data from the Insolvency Service, businesses within the construction sector are going bust at the fastest rate in a decade. As a result, the number of company insolvencies overall is being driven to a 13-year high.Data found that for the first half of the year there were 10,717 company insolvencies – of which the construction sector accounted for a fifth (2,094 insolvencies). When analysed more closely, in just the first quarter the construction sector reached 1,048 insolvencies. This marks the highest level since the same quarter of 2012. For the second quarter, numbers reached its highest since Q3 of 2009.Construction firms, which make up 7% of the UK economy, are being hit by rising material costs, staff shortages and falling consumer demand – leaving no other option than seriously squeezed margins.When you take into consideration that for each building project, the materials account for around a quarter of the total cost, it is no wonder there are struggles. The price of core materials such as timber and steel have risen around 17%-18% each. Smaller, local builders struggle most with vulnerability since they cannot benefit from economies of scale.Passing costs onto customers in response is proving difficult with clients rather just pulling out of the project and fewer new ones being requested.The construction industry has faced trouble for some time now, as reflected in data overtime – will the tables turn or is this the way forward for the sector?

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Construction Sector Insolvencies Hit A Record High

Energy Suppliers That Have Gone Bust

The collapse of Bulb energy has been in the headlines as it has emerged that the tax payer is going to have to bail out its customers at a cost of £6.5bn.  Chris O'Shea the CEO of Centrica has warned that other suppliers are technically insolvent and may fail this winter.21 February 2022Whoop Energy which was introduced as a “small, independent family-run company” supplied 262 customers – the majority of them were businesses.Xcel Power had 274 customer accounts, gas only and all non-domestic.10 January 2022Following on from the recent news of Together Energys' likely collapse, FRP Advisory are heard to have been lined up for the handling of the procedure. Administration is expected this week.05 January 2022Together Energy, of which has a 50% backing from Warrington Borough Council, is the latest energy supplier on brink of collapse.Without an emergency cash injection via a rescue deal, it will run out of funding this month.Close sources say that Alvarez & Marsal, was close to concluding its hunt for new funding for the business and that the prospect of a solvent deal was now remote.Sky News report more.01 December 2021Zog Energy is the latest energy firm to go into administration. The market regulator will appoint a new supplier for its 11,700 gas and electricity customers.25 November 2021Orbit Energy and Entice Energy are the latest energy suppliers who have collapsed following the surge in gas prices being seen at the moment.22 November 2021It has been confirmed that Bulb Energy is to enter "special administration" following the collapse of discussions with its secured creditor over a £50m loan. “We’ve decided to support Bulb being placed into special administration, which means it will continue to operate with no interruption of service or supply to members," said a Bulb spokesperson. "If you’re a Bulb member, please don’t worry as your energy supply is secure and all credit balances are protected.”Bulb is the first energy supplier to be placed into the Special Administrator Regime, where the government will take over and run its operations, through regulator Ofgem. Such a proces is only used when Ofgem struggle to find another supplier who can take over the collapsing suppliers customers.16 November 2021Neon Reef and Social Energy Supply have ceased trading, with 35,500 customers impacted.2 November 2021Another day and another four energy suppliers collapse; Omni Energy Limited, MA Energy Limited, Zebra Power Limited, and Ampoweruk Ltd become the latest to cease trading.Together, the companies supplied about 23,700 domestic and overseas customers.1 November 2021Bluegreen becomes the latest small energy provider to collapse, amid high gas prices putting a strain and leaving the company in an ''unsustainable situation''.The provider serves 5,900 customers, of which will be moved to another supplier - as stated by energy regulator, Ofgem.29 October 2021The Government has accelerated contingency plans for the collapse of Bulb, the seventh-biggest energy supplier in the UK. This could leave 1.7 million household customers at risk - it would be a big demise! Ministers and officials, as well as Ofgem, have warned the company could collapse as early as next week.Some interested parties are in talks, but others have pulled out in recent days. A solvent resuce is possible, but it is unlikely the supplier would then survive November, if they lack any new funding.Sky News reports more.18 October 2021British energy supplier GOTO Energy Ltd has ceased trading, regulator Ofgem said on Monday, becoming the 12th UK energy firm to go bust since the beginning of September as companies struggle with record wholesale energy prices.GOTO Energy supplied gas and electricity to around 22,000 domestic customers.13 October 2021According to BBC News, Pure Planet and Colorado Energy have added to the list of collapsed small energy firms.It is reported tonight that advisers of CNG Group are seeking offers for its commercial supply arm, which supplies more than 40,000 SME businesses. Bids are required by the end of the week.This comes as the energy supplier prepares to withdraw from the gas wholesale market, highlighting the worsening impact the energy sector crisis is having on those within.Sky News reported that sources said the group was working with legal and accounting advisers to prepare for an insolvency process, with an insolvency practitioner likely to be appointed next week.See more from Sky News here.12 October 2021It has been reported that energy regulator, Ofgem are expecting another wave of collapses from suppliers, amid the crisis the industry is facing.As shared by Sky News, it is understood that at least four suppliers were in talks with the regulator about entering its 'Supplier of Last Resort (SOLR)' system, which would result in adding to the amounts of households impacted by rapidly increasing wholsesale gas prices.11 October 2021As reported by Sky News,  Pure Planet, which is partially owned by BP, is in talks with government regulator Ofgem to initiate the Supplier of Last Resort (SLR) process and transfer its 250,000 clients to other providers.  Pure Planet was founded in 2017.29 September 2021Just a week later and three more energy suppliers have ceased trading; Igloo, Symbio Energy and ENSTROGA.Customers of the collapsed suppliers have been reassured that a new supplier will protect them, in due course.Sky News report on the issue.22 September 2021Not even 24 hours since the last news update and we have further to add!Now, Green, alongside Avro Energy, have ceased trading and fallen victim to the energy sector crisis. Together, these energy suppliers, serve over 800,000 customers.''Unprecedented market conditions and regulatory failings'' are to blame.More casulaties are expected.Whilst all this has been happening, is has been revealed that Igloo, a small player in the same sector, has called in advisers and stopped taking on new customers, hinting signs it could be next.  See below for some of the latest news.https://www.energy-review.co.uk/guides/which-energy-suppliers-are-going-bust/21 September 2021Green, a small UK energy supplier, lines up advisers, Alvarez & Marsal, to oversee a potential insolvency. Administration could happen within days. This is the latest, but by all means, not the last, energy firm to struggle. Right now, there is an energy crisis being faced. Ministers rule out any help and action to assist companies on the brink of collapse.The advisors are working with Green to arrange plans, using Ofgem’s (energy industry regulator) Supplier of Last Resort mechanism.Around 200 people are employed with the firm. Unless state support is received, the CEO, McGirr, warns that the company may fail within three months.State support is unlikely. There are talks of support in some ways for larger energy companies, including extensions to state-backed loans, to subsidise the cost of taking on lossmaking customers from insolvent rivals.Sky News reports more.

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Energy Suppliers That Have Gone Bust