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Friday, 31 January 2014

KSA Group Insolvency Notices

Silver Chair Marketing Limited

Meeting of the Creditors of the above named Company will be held at The Hubworking Centre, 5 Wormwood Street, London, EC2M 1RQ on 11 February 2014 at 11.00 am.

See full notice below:

Allgood Guttering (Contracts) Limited

Meeting of the Creditors of the above named Company will be held at The Hubworking Centre, 5 Wormwood Street, London, EC2M 1RQ on 13 February 2014 at 11.00 am

See full notice below:

Thursday, 30 January 2014

Tomlinson lays into RBS and their Global Restructuring Group

Lawrence Tomlinson, the government advisor and entrepreneur, has accused the Royal Bank of Scotland  of acting like a "vampire" that sucks cash out of profitable businesses.

He made this claims whilst appearing before the Treasury select committee yesterday. He told MPs he had gathered evidence from hundreds of businesses that suggested RBS' Global Restructuring Group (GRG) turnaround division had been driving profitable firms out of business and seizing their assets.  They achieved this by withdrawing lines of credit from healthy firms and increasing fees hence making them insolvent and so seizing their assets.

However, Sir Andrew Large, the sometime Deputy Governor of the Bank of England and more recently author of a report into the way RBS lends to SMEs, said that in the course of his own inquiry he had uncovered no hard evidence to support the allegations made by Tomlinson, but he nevertheless considered them plausible.

Mr Tomlinson does have an axe to grind in that his own firm, LNT Group, had difficulty refinancing with RBS so he is not completely impartial.  But on the balance of probabilities it does look as if RBS were perhaps a bit too keen to say that a business was no longer healthy or did not have a viable future.  It should be noted that banks are often kept in the dark as to the exact state of a business as directors sometimes have personal guarantees so they pay them rather than their suppliers or HMRC.  As soon as the bank gets a whiff of a risk to their lend they play their ultimate card which is to call in the administrators.  Of course, one area of concern here is the fact that there is a club of firms otherwise known as "the bank panel" who are guaranteed all the work from the bank.  Is this fair??

Following Mr Tomlinson's report, RBS chief executive Ross McEwan brought in the law firm Clifford Chance to examine the claims. The Financial Conduct Authority has also launched a probe.

Two liquidation case studies involving two connected companies

Two connected companies working in the cleaning and removals industry both fell into liquidation due to a number of problems. It is the worst case scenario but we can identify a couple of reasons why this happened:

- Too long a delay between actions, giving creditors more time to become impatient
- Too many eggs in one basket bringing down two companies

Click below for the full case study:

Tuesday, 28 January 2014

New CVA case study - global point of sale company rescued

A Company Voluntary Arrangement was approved for a global point of sale company working for the fast food industry.

Due to a few problems with cashflow, this viable company felt a CVA was the best option to maximise its creditors' interests.

Read the full case study here:

Friday, 24 January 2014

KSA Group Insolvency Notice

APSS Consulting Limited Creditors Voluntary Liquidation Notice

Meeting of the Creditors of the above named Company will be held at KSA Group Ltd, Tower 42, Level 7, 25 Old Broad Street, London, EC2N 1HN on 11 February 2014 at 2.15 pm.

See full notice below;

Tuesday, 21 January 2014

Guide to Members Voluntary Liquidation

"Our company is solvent but we need to wind it up - what is the solution"?

A guide to Members Voluntary Liquidation (MVL)

Got a company that has cash, assets, few liabilities and no future purpose? Then MVL could be the most cost effective solution to your problem. If the company has cash or properties that can be turned into cash then MVL can be used to distribute the liquid assets to shareholders for example. The company can then be dissolved and directors' obligations removed.

Ok, what is an MVL"? 
This is a voluntary procedure to wind up the affairs of a SOLVENT company. If your company has cashflow problems or creditor's actions against it, then this is not for you!!

Click here for further details

Monday, 20 January 2014

Mary Portas’ Kinky Knickers firm in administration

The underwear maker, Headen and Quarmby, has gone into administration after ‘orders had fallen sharply’. The company featured in the channel 4 TV show ‘Mary’s Bottom Line’ in 2012, working as Mary Portas’ manufacturer for her ‘Kinky Knickers’ range. 

Mary’s aim was to bring back the textile industry to former industrial towns to inject some much needed growth and revival. However, last week it was revealed the firm was put into administration losing 33 jobs. 

Headen and Quarmby has previously supplied high street and online retailers such as House of Fraser and ASOS. Upon hearing the news, Mary Portas commented she was ‘heartbroken’ and ‘completely blown away’. She knew there were problems with cashflow but believed the company was still viable. The manufacturer suffered from a poor Christmas sales period as well as a significant drop in orders after the festive break. 

The administrators, BDO, hope to secure a sale in the near future and are inviting businesses to enquire.  

Friday, 17 January 2014

We now have 80 case studies!

We've rescued hundreds of companies by restructuring, stopping legal actions and arranging debt payments. We now have 80 case studies on our website which shows Company Rescue does exactly what it says on the tin.

You can browse all of them here:

Thursday, 16 January 2014

What if you can't pay corporation tax owed?

The fact that corporation tax has been levied on a company means the company has made a profit but as always, the date that it is due is sometime after the event and much can happen in a year.  If you are struggling with paying any taxes, including corporation tax, then talk to us as we have lots of experience with helping companies in relation to their dealings with HMRC.

Please see our page on What if I can't pay corporation tax for more details

Tuesday, 14 January 2014

Signs of economic growth in the North East

Latest research from the Association of Business Recovery Professionals (R3) shows that businesses in the North East, Yorkshire and Humberside are succeeding in many areas of growth, including increasing profits, market share and volume of sales.

According to R3’s Business Distress Index, 63% of businesses in the region are expanding one way or another, a sign that owners are becoming more confident in the economic climate and have the necessary resources to do so.

Steve Ross, the chair of the Association, commented “the latest results are a welcome sign that the recovery is bedding in and gaining ground, and after such a prolonged period of stuttering growth - if any at all - it’s very nice to be able to talk about good news for a change.”

There have been predictions of a weary year for SMEs as many are unable to access the appropriate funding or do not know alternative sources available. However, despite these issues, a recent report from the North East Chamber of Commerce (NECC) revealed businesses were feeling more confident than ever.

While there are still a third of businesses struggling financially, those affected needn't be worried if the business acts now and considers ways to change, restructure, tackle debt and improve business strategy.

Overall, this is great news for SMEs. Hopefully, we will be seeing more surveys with much the same to report across the UK throughout this year.

KSA Group features in Undercover Recruiter

KSA Group has written an article about cost-cutting and improving cashflow for the popular site, Undercover Recruiter.

You can view it here:

Friday, 10 January 2014

Construction firm, Mivan, is in administration putting almost 300 jobs at risk

Nearly 300 jobs are at risk after one of Northern Ireland’s biggest construction firms, Mivan No. 1 Ltd, has gone into administration. The outfitting and building firm has previously worked with the QE2 transatlantic liner, Disleyland Paris, Universal Studios in Florida and Scottish Parliament.

Chief Executive, Dr Ivan McCabrey has blamed the intense competition in the construction industry for the drop in business as well as the ‘intense pressure on profit margins and cash reserves’ directed to the larger companies. After talks of a merger had failed to materialise, the Antrim-based company appointed Deloitte as administrators.

McCabrey said, ‘It is with regret therefore; that the directors have today sought the protection of administration in order to preserve the future options of the business.’

Sources reveal the company lost around £50 million between 2009 and 2011, which led to a complete restructure in 2012. However because of difficult, economic conditions, this change failed to work.

With the very recent news of the construction industry fighting back, this is a sad day for many as Mivan has shown there are still huge challenges in the sector.

We are not involved in the administration and questions should be directed to Deloitte 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.

Thursday, 9 January 2014

Christmas trade - the winners and losers

This week, many investors are preparing for the good and bad news as retailers are releasing mixed results of profits and sale figures for the Christmas period. Some are already reporting a substantial increase while others are failing to live up to expectations.

John Lewis, Asda, Next and House of Fraser are among the large retailers doing well while Marks & Spencer, Debenhams and Mothercare have warned of a significant drop in sales.

John Lewis has reported an increase of 22.6% in online sales, giving the overall total a welcoming boost; sales over the last few weeks of December were up 7.2% from the end of last year. John Lewis’ Managing Director, revealed sales reached £35.6 million on the day their sales began (27th December). They avoided joining other retailers in the sales before Christmas, which evidently was in their favour!

The successful sale period for many medium and large sized retailers was largely due to the rise of online sales, with BDO’s high street sales tracker reporting a 31% increase in online sales towards the end of last year. However, medium sized retailers overall were down 2.2% with fashion shops the most affected (a drop in sales of 4.6%).

Not everyone can share the good news though - Mothercare, Debenhams, Tesco and Marks and Spencer have all appeared to have done worse than expected in the lead up to Christmas.

Marks and Spencer’s plan to boost sales before Christmas, by heavily discounting items in store, raised alarm bells for investors and industry analysts. They have since been expecting to hear an overall drop in profits in December. Figures out today show this indeed was the case, with a fall of 2.1% in clothing and homeware sales compared to the last few months of 2012. The food department, however, has been doing very well; its biggest day of sales on the 23rd December reached £64 million.

Debenhams released a profit warning earlier this week admitting they would be down £15 million mostly due to the surprisingly poor week of sales before Christmas. While, Tesco released figures today showing a 2.4% fall in sales in the lead up to Christmas, blaming a ‘weaker grocery market’.

Mother care’s three year turnaround plan is still very much in development as their profit warning yesterday (8th January) revealed that UK Christmas sales had dropped by 4% and worldwide by 6.1%. Share prices also sharply fell by 30%. It’s too early to tell whether Mothercare will face administration in the future but we all know there will likely be more challenges to come.

Overall the fall in sales across stores in the UK show we’re still in tough times, with many venturing to cheaper online stores, dismissing pricier high street retailers. Will it be more of the same next Christmas? What will retailers’ predictions be for 2014?

If you’re struggling with rent increases and poor sales, there may be a way to keep your retail business alive, either with a CVA or pre-pack administration. For more tips and advice, visit our retailer rescue pages:

Tuesday, 7 January 2014

SMEs in West Midlands struggling to secure finance

A recent study by the invoice finance company, Close Brothers, shows nearly half of SMEs in the West Midlands want to obtain funding over 2014 to expand their business. However, many are unsure of how this can be achieved, causing concern about the future. Every industry in the UK has had some trouble adapting to the economic climate, finding it challenging to secure finance and grow as a business. While many are profiting and doing well, the general consensus from companies is the lack of funding available to continue a solid growth.

41.6% of survey participants in the West Midlands want to obtain further funding over 2014, yet over half of these are concerned with how they can get the finance.

The Close Brothers Business Barometer revealed that across the UK, the manufacturing industry has found it the most challenging, with over half (50.7%) of firms suffering from poor trading conditions.

It’s not all bad news though – the engineering sector (as well as food and drink sectors) in the UK are reporting healthy turnovers with some unaffected by trading and economic conditions. However, with the current poor weather in the UK, US and Canada, this will inevitably lead to poor crops and limited produce later on this year, causing a difficult trading environment.

There are plans for many to expand their businesses over the coming months but the biggest challenge is finding suitable finance. Alternative options to bank funding may be the best solution.

Whatever industry you’re in, we can help. If your company is struggling financially, call us on 0800 9700539 and speak to one of our turnaround and recovery experts. We provide support for cashflow problems, we can arrange new working capital facilities (very quickly) and we can deal with debt management and protection against aggressive creditors. Visit our options page for more information.

Monday, 6 January 2014

KSA Group Sells Sharda Glass Business in Pre Christmas Pre Pack

Eric Walls and Wayne Harrison confirm that, acting as administrators, they sold the business and assets of Sharda Glass Limited on Friday 20th December to CCPE Architectural Glass Limited.

Sharda Glass is a specialist supplier of flat and coated glass to the construction and industrial sectors. Based in Hayes, Middlesex, the company had been advised by turnaround experts, from KSA Group, since late October 2013.

Having grown quite rapidly in the past couple of years the company suffered from a sharp deterioration in its financial position in the last few weeks of December 2013, which put unsustainable pressure on its cash flow. At the time of its collapse Sharda Glass employed 65 employees.

Having looked at the possibility of restructuring the company’s debts through a company voluntary arrangement (CVA) the directors of Sharda Glass and their advisors concluded that a CVA would not be appropriate. Several buyers had approached the company and KSA Group, so a decision was taken to market the business and assets for sale. Consensus Capital Private Equity Limited was the successful bidder and it formed a new company called CCPE Architectural Glass Limited to acquire the assets from the administrators who were appointed on 20th December 2013.

Commenting on the sale, Eric Walls KSA Group’s national insolvency director, said, “We endeavoured as we always do, to try and find a non administration solution. However the scale of the debts and the business problems meant that this option was not available. Having sold the business to a well capitalised buyer we managed to maintain 65 jobs for employees, the continuity of the business for its customers and we believe a better result for stakeholders.”

Creditors should contact KSA’s Gateshead office on 0191 482 3343 for further information if required.

Contact Eric Walls 07787 278527 or Keith Steven 07974 086779
KSA Group Ltd
Level 7
Tower 42
25 Old Broad Street
020 7877 0050

Friday, 3 January 2014

Majority of SMEs are unsure of the future

According to a survey by Platform Black, 89% of small and medium enterprises are concerned about how their business will grow in 2014. Many are unsure of what the future holds and have even admitted this worry is bigger than that of cashflow problems over the Christmas period. Furthermore, 56% of survey participants are anxious about cashflow issues over 2014.

Even though there are plans to cap business rates with the government’s support, many SMEs are still sceptical about the future of business lending and are worried about their own company for 2014. The biggest problem for SMEs is accessing support and funding from the bank with some companies unaware of alternative options. With predictions of economic growth in 2014, businesses are unsure how they will be affected as well as how, if at all, their company can expand.

The good news is there are increasing ways to secure finance outside of the bank which may be a comfort to some. Insolvency rates have also been gradually falling over the last year, indicating the power of restructuring, reorganising debt and turning around a viable business.

Good cashflow models are essential to keep on top of day-to-day finances and are key if you need to cut costs in your business, as you’ll be able to point out and cancel the non-essential costs. Ensure you know everything going in and out of the business by getting a good grip on cashflow. Our free daily cashflow template can be downloaded from the page below:

Thursday, 2 January 2014

McKechnie Brass is in administration

One of the oldest brass mills in the UK, McKechnie Brass, called in administrators on 30th December and had to let 60 members of staff go, leaving only 15 employees.  The business had suffered large financial losses and struggled with scrap brass prices. It previously entered administration in 2011 but was bought by Grove Industries in the West Midlands.

The company has worked with engineering firms for over 140 years but is now trying to arrange a buyer the second time round, with the help of Duff & Phelps. It could no longer cope with the market’s difficult trading conditions and felt administration was the only solution. It’s been reported that McKechnie made a pre-tax loss of £1.2 million last year, even though Grove Industries had injected finance into the business.

Many are sad to see the business in trouble as it is one of the last standing brass mills in the UK. If no buyer can be found, many engineering companies will be forced to obtain material overseas and the UK will lose yet another homegrown business.

It’s worth pointing out that directors have the power to appoint administrators with the aim to sell the business if they feel there is no other way forward. If your company is struggling, you may be able to arrange a trade sale, however this can be difficult if the company is insolvent, as most buyers will not want to take on debt and aggressive creditors. Using a CVA or Pre-pack administration are alternative options and can be very powerful tools to help companies turnaround or move on.

KSA Group Insolvency Notices

Langford M & E Limited Creditors Voluntary Liquidation Notice

Meeting of the Creditors of the above named Company will be held at The Holiday Inn, Garden Court A1 Sandy-Bedford, Girtford Bridge, London Road, Sandy, SG19 1NA on 14 January 2014 at 11:45 am.

See full notice below:

Lola-Bean Limited Creditors Voluntary Liquidation Notice

Meeting of the Creditors of the above named Company will be held at KSA Group Limited, Level 7, Tower 42, 25 Old Broad Street, London, EC2N 1HN on 7 January 2014 at 10.45 am.

See full notice below:

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