ICSM Credit News: Everest Double Glazing teeters on the brink while Cath Kidston owes creditors £90m and 90 UK construction firms go bust (but ICSM Credit offers a lifeline to struggling suppliers)

Everest Double Glazing has been a fixture on British television with its reassuring adverts with its slogan ‘Fit the best, fit Everest.’ The secondary glazing industry has at times had a perception of instability due to the highly competitive nature of the business. Everest are the latest in the industry to be in trouble with the firm teetering on the brink of collapse. Meanwhile the business website Insight Data has reported that its latest analysis of the fenestration industry reveals the credit rating of 9,075 fabricators and installers and found that 353 fabricators and 685 installers had a high or very high credit risk. Widely reported in the national press the double glazing giant Everest is facing the end putting 2,500 jobs at risk and contracts amounting to £100m incompleted.

^{Back in the day: the once mighty Everest is in trouble}

Retailers and travel firms have been particularly hit by the Covid-19 shut down but spare a thought for those associated businesses that rely on the public buying items to take with them. Antler Holdings, the luggage maker, have collapsed into administration just three months after being bought out by fashion tycoon, Michael Lewis. The firm had furloughed most of the 200 workers but with no prospect of a pick-up in trade the company founded in 1914 called in administrators KPMG. 

^{Cath Kidston has hit hard times as her shops closed}

Another retailer Cath Kidston went bust earlier this spring. Commentating on the demise of the handbags and glad rags fashion and home furnishings firm Ian Carrotte of ICSM Credit said: “The unsecured creditors are owed around £90m but are expected to only receive a tiny amount after the administrators negotiated a pre-pack. The online part was sold to the parent company Baring Private Equity Asia for £17.8m meaning the 60 shops shut and 900 people lost their jobs. Again it is suppliers and staff who lose out raising questions over pre-packs.”

Construction industry has bad Q1

In the world of building Construction News Megan Kelly reported 90 firms went bust in Q1 of this year with 64 going pop in March. He said: “Manchester-based fit-out specialist Styles & Wood was the largest company by turnover to enter administration in March. In its last filed accounts for the 18 months ending 30 June 2018, the firm reported a pre-tax loss of £5.5m on revenue of £151.5m.”

Ian Carrotte of ICSM Credit said: “Every sector of the economy is under pressure with construction, retail, printing and marketing, travel and hospitality particularly hit. There is no sentiment in business. If you are owed money from a business in financial trouble unless they offer a payment plan you must make sure you are paid.”

He advocated using ICSM Credit’s offer of free temporary membership and legal letters to chase down outstanding invoices before it is too late. He said: “Once the furlough system ends there will be a blood bath of company collapses. They are hanging on hoping for a miracle but a lot of firms will go under. Suppliers owe it to themselves to get what they are owed before it is too late.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel - while at the moment there's a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach - ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk