Massacre of the innocents: firms liquidated as a result of the restrictions imposed by the Covid-19 regulations
There’s a growing body of opinion in the Conservative Party and the commercial community that believes the Government’s Covid-19 regulations are systematically destroying businesses. Not the zombie firms who stagger from one bail-out to another but fiscally sound businesses whose customers have been taken away by the regulations and deemed unviable by the chancellor.
Historic school liquidated
Barbara Speake School of Performing Arts was founded at the end of the Second World War but after 75 years the network of dance, singing and acting schools is being liquidated. The school in Acton in London was up sale for £2,750,000 but has been withdrawn from the market. Alumni includes the model Naomi Campbell, the rock star Phil Collins and actor Kwame-Armah.
Sandwich shop folds
The Hog and Hedge sandwich shop and cafe in Newbury has shut down. It closed its doors this summer and has since been listed by the Insolvency Service as defunct. A string of cafes, sandwich shops and pubs have closed due to a lack of customers this summer in part due to the Government’s policy of encouraging office workers to work from home.
Rover doesn’t return
Another sector hit by the regulations is the holiday and travel business with the latest casualty closing down after 70 years in business. Rover European Travel said: “It is with the heaviest of hearts that we have made the very difficult decision to close the doors and cease trading. The pandemic has had a devastating effect across all areas of our business with a complete loss of revenue for our private hire, day tours and holidays in what is usually our busiest time of year.”
The firm based in Nailsworth in Gloucestershire organised coach trips to Europe, theatre excursions and holidays in the UK and abroad.
Photography studio liquidated
A round a million plus freelancers and sole traders have had not help from the Government’s Covid-19 schemes including photographers. Based in Buckinghamshire All The World’s A Studio has been liquidated after work more or less ended on March 23 with the lock down. No customers and no business.
Ian Carrotte of ICSM Credit said: “Perfectly good businesses are being ruined by the restrictions – with no end in sight with the Covid-19 virus not going away. We need to live with it and allow all businesses to reopen with common sense precautions.”
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