ICSM News Update: who has gone bust and crashed and burned this summer – plus the billion dollar debts left by Sir Philip Green’s Arcadia – and who will buy Oxford Street’s Topshop building?

ICSM News Update: who has gone bust and crashed and burned this summer – plus the billion dollar debts left by Sir Philip Green’s Arcadia – and who will buy Oxford Street’s Topshop building?

The pandemic has seen a major shift in consumer habits with a shift from the high street to online shopping. Debenhams collapsed along with a whole list of household names with the biggest being the Arcadia group who own stores like Burtons, Top Man and Dorothy Perkins.

Sir Philip Green’s empire has been sold off piecemeal by piecemeal by the administrators – mainly to the new inheritors of online shopping like Boohoo.

The BBC’s Emma Simpson reported: “More than 8,700 chain stores closed in British High Streets, shopping centres and retail parks in the first six months of this year, research suggests. That is an average of nearly 50 outlets a day as the impact of the pandemic and changing shopping habits continue to hit many towns and city centres.”

In November 2020 Arcadia finally collapsed owing around two billion pounds to creditors many of them hauliers, printers, shop fitters, cleaners, sign makers and manufacturers of clothing. The taxman and VAT also took massive hits as did landlords but the upshot is despite a fire sale of stock which raised over a million quid very little will be left for unsecured creditors.

This November the final acts will take place as the last part of the group is sold by administrators Teneo – Topshop in Oxford Street. Price tag: £420m according to Forbes. However almost all of that cash will go to pay off mortgage on the sit to a secured creditor in Apollo MI. So little for everyone else – once Teneo are paid along with any other secured creditors.

“It’s a watershed moment in retailing history,” said Ian Carrotte of ICSM, “with the high street hit by lockdowns when stores were denied footfall. The jury is out on whether this is a long term trend – it may go back to pre-covid crisis in the future if stores can entice people back in with added value. So many suppliers of these stores have lost out as each one needs signage, graphics, stock and a hundred and one other things to make them attractive.”

More firms will collapse so get paid now

This autumn more stores will collapse as the furlough system ends meaning zombie companies will go to the wall. ICSM has offered a 90 day free membership to businesses along with its free legal letters designed to prompt late payers to settle accounts. Around 90% of unpaid invoices get paid as a result of sending out one of ICSM’s letters and they also have a micro debt recovery service. Any invoice that has not been paid in several years under £500 that has been written off despite the company still trading can be chased up using this service.

“Surprisingly the micro debt system works in the majority of times,” said Ian Carrotte, “it’s due to a third party chasing the money that does the trick. They know we mean business and will take them through the legal system if they don’t pay their supplier.”

Back to Oxford Street and who will buy the empty Topshop building. The street remains a thriving retail centre so it is likely that a potential new landlord with an eye on the future will take it on – but with the possibility of installing flats above the shop to help pay the bills.

“The death of the high street has been greatly exaggerated,” said Ian Carrotte, “but remember – Amazon are now opening retail stores so perhaps it’s just a changing of the guard.”

Below is a sector by sector list of firms who hit the buffers this summer: 


Administrators Appointed

MS Construction Group Limited    12362907


Compulsory Liquidators Appointed s 136

GILB Construction Limited    07123381


Creditors’ Voluntary Liquidation Deemed in Consent Meetings

G & S Construction (NE) Limited    09602514

Kent Building Maintenance & Refurbishment Limited    04267589

MKB Construction Limited    10754932

Multi Trade Design & Build Limited    11830757

Sunray Construction Limited    09107175

TUD Construction Limited    10906495


Liquidators Appointed

A Lewis Construction Limited    08206244

Carillion Properties Limited    09431282

Eastwood Builders Limited    09135241

Fox Design And Construct Limited    09493437

Longford Construction Limited    09620573

Monro Homes Limited    04680501

M S Construction and Joinery Limited    08771556

Prism Architectural Limited    04017047


Members Voluntary Liquidations

A & A Construction Group Limited    02551724

Duffield Homes Limited    09666771

Signature Homes (Southern) Limited    09366118


Petitions to Wind Up

BDC Aggregates Limited    10121695

Holmes Construction (Cumbria) Limited    10191432


Winding Up Dismissal

UK Steel Fabricators Limited    08437203


Winding up orders

Beasons Construction and Development Limited    07665477

Perrin Construction Limited    04363753

Pochin Construction Limited    00396388

Purple Development Homes Limited    11621690



Compulsory Liquidators Appointed S 136   

Manchester Food Traders Limited    05559270


Creditors’ Voluntary Liquidation Deemed in Consent Meetings

Fast Food Traders Ltd    07556638

Handsome Foods Limited    08789655

Hunters Fisheries Limited    11076852

Maryam Foods Limited    12430929

Peoples Coffee Limited    09855202


Liquidators Appointed

Best Milk Limited    11429371

Chaudhry Foods Limited    09157570

Foodco UK Limited    OC301010

Herbies Pizza Woking Limited    09762076

IG Pizza Limited    12147437

MUB Foods Limited    12369748

Ruby Mae’s Diner Limited    10707942

Wardour Foods Limited    05575730


Members Voluntary Liquidations

Selby Salads Limited    04204258

Spice Bread Limited    07830223

The Good Food Company of Harefield Limited    02344092


Petitions to Wind Up   

G Lawrence Wholesale Meat Company Limited    01084692


Winding up orders

The Meat Company (Sussex) Limited    11974869




Administrators Appointed

Alexander (Gatwick) Limited    00965062

Club La Costa (UK) PLC    03123199

Greenbrow Social Club Limited    IP19117R

Walworth House Pub Limited    10046639


Creditors’ Voluntary Liquidation Deemed in Consent Meetings

Canal Taverns Limited    12338520

Event Exhibition Services Limited    05169724

Foodafayre (UK) Limited    04005117

The Little Gloster Restaurant Limited    09211406

Toastie Taverns Limited    10327504

Travel Kings Limited    06537441


Liquidators Appointed

Brand Inns Limited    09184529

Bristol prosecco Bar Limited    11299900

Clark Taverns and Inns Limited    10116390

DDP Events Limited    07792175

Farmers Arms (Wilmslow) Limited    10169840

Independent Coach Travel (Wholesaling) Limited    01867070

Indian Garden Gloucester Limited    08082496

Myriad Travel Limited    06116398

Olive Tree Brasserie Preston Limited    09075790

Paragon Hospitality (Manchester) Limited    12027826

Sam Smith Travel Limited    03870414

Shepherd Cox Hotels (Darlington) Limited    09867021

TDB Entertainment Limited    08707912

Top Travel & Tours Limited    10707657

Travel Etc Limited    03756772


Members Voluntary Liquidations

Holiday Inns Of America (U.K.) Limited    00891885

Plymouth Hotel Holdings Limited    10816545

London City Airport Jet Centre Limited    02120138

City Airport Development Company Limited    03113096

Tourico Holidays UK Limited    07194495

Unique Travel Representation Limited    09630746


Petitions Dismissed

Nite Stop Limited    03018778   


Petitions to Wind Up

Billion Lenny Events Limited    11636107



Administrators Appointed

Panalpina World Transport Limited    00357697

The Wheel Company (North East) Limited    09051661


Creditors’ Voluntary Liquidation Deemed in Consent Meetings

C.C.T. Logistics Limited    02878795

D Chauffeurs Limited    06984645

Dutch Logistics Limited    09443819

Edcommercials Ltd    11093438

F F Shipping UK Limited    12473870

Falcon Direct Limited    11453591

Kiazen Transport Services Limited    08126641

M.K.W. Transport Limited    09753350

Rossay Logistics Limited    10308078

UK Transport Solutions Limited    11768249

Yorkshire Sameday Limited    12011113


Liquidators Appointed

Fast Despatch Logistics (Glasgow) Limited    11622201

Fast Despatch (Leicester) Limited    11621997

Fast Despatch (Leeds) Limited    11609458

Fast Despatch (Luton) Limited    11610075

Fast Despatch (Weybridge) Limited    11613491

Fast Despatch (Stoke on Trent) Limited    11610210

Fast Despatch (Worcester) Limited    11610188

Fast Despatch (Maidstone) Limited    11612802

Fast Despatch (West Drayton) Limited    11613609

Fast Despatch (Swansea) Limited    11613444

Ferys Logistics Limited    11712215

GH Transport Limited    11769859

NG Logistics Holdings Limited    11293565

Performance Logistics UK Limited    09634456

Soul Logistics Limited    11022104

Truck And Trailer Services (Telford) Limited    06813447

UK Transport Solutions Limited    11768249

Warburton Plant and Haulage Limited    09697491


Members Voluntary Liquidations

Nutfield Car & Commercials Limited    04833802

Stobart Transport & Distribution Limited    05907280

Worldwide Digital Distribution Limited    04447743


Petitions to Wind Up

J Automotive and Development UK Limited    12227327

P Young Transport Limited    04869024


Winding up orders

DPB Transport Limited    10965610

LV Distributions Limited    11892823

Net Driver Limited    11881732



Administrators Appointed

Form Manufacturing Limited    09462616

Fruehauf Manufacturing Limited    07176536

GBM-Manufacturing Limited    01284029


Compulsory Liquidators Appointed s 136

Oso Polymers UK Limited    11167768  


Creditors’ Voluntary Liquidation Deemed in Consent Meetings

Dowdeswell Engineering Company Limited    01007286

Refine Garment Processing Limited    10941759


Liquidators Appointed

Forever Textiles Limited    10975106

Jhj Sheet Metal Limited    09846665

Mark Woolley Engineering (MWE) Limited    11064379


Members Voluntary Liquidations

Streetwise Fabrications Limited    06652243


Petitions to Wind Up

AG Safebooths UK Limited    09619365


Winding up orders

Furniture Production Limited    10958376

Oakhurst Engineers North West Limited    11354777



Administrators Appointed

24 Live UK Limited    08433977

KEO Films Limited    03138064

KLT Communications Limited    11059534


Administrators Meetings Para 51

Monument Paper Bag Company Limited (The)    00481099


Creditors’ Voluntary Liquidation Deemed in Consent Meetings

Adlestrop Creative Platform Limited    12059603

Aventor Design Limited    04557090

Boom Advertising Limited    11769873

Elmley Sales & Marketing Limited    10607048

Grand Design London Limited    09024197

Ian Rogers Media Limited    11366945

Sixth Story Creative Limited    07451857

TES Media Group Limited    08704040

Waltham Print Limited    09904745


Liquidators Appointed

Adlestrop Creative Platform Ltd    12059603

Apple Graphics Uk Limited    10390034

Boradside Posting Services Limited    04304382

Clinton Smith Design Limited    05859993

Colour Rite Limited    05853308

Creative Group Inc Ltd.    10868477

Fam Media Limited    12161783

Four Four Studio Limited    11892103

Grand Design London Limited    09024197

Hallam Signs & Graphics Limited    09520982

H K Packaging Limited    11853663

Hilton Publicity Limited    10424957

Image Star Creative Solutions Limited    11456909

LCE Architects (UK) Limited    07491229

McLaren Marketing (Yorkshire) Limited    04223683

Mint Copy Limited    08945356

Mountain Paw-Print Limited    07617318

Platform Press & Publicity Limited    07864344

SA Marketing Solutions Limited    08986721

Soho Post Production Limited    08848965

TCE Productions Limited    08906321

TES Media Group Limited    08704040

Time Design Limited    11925131

TMS Publishing Limited    11002243

Vanadu Limited t/as First Point Print    02562027

Villiers Forbes Design Limited    05419711

Waltham Print Limited    09904745


Members Voluntary Liquidations

BOHL Publishing and Consulting Limited    09812398

By Design (UK) Limited    06019413

Ink Studio London Limited    08442694

JCA International Sales Promotion Services Limited    03427899

MB Designs Limited    09580795

PPS Media Limited    03165439

Smudge Media Limited    10251647


Petitions Dismissed


Petitions to Wind Up

Aequitas Packing (UK) Limited    08913537


Winding Up Dismissal


Winding up orders

One Space Media Limited    06741203

Strata Shopfitting Solutions Limited    08201475



Administrators Appointed

AMG Office Furniture Limited    05911748

Clement Browne Limited    07184480

Dream Fitness Limited    08671445

Pheasant Clothing Limited    03504842


Administrators Meetings Para 51

Clement Browne Limited    07184480


Compulsory Liquidators Appointed s 136

Your Car Solutions Limited    10398386


Creditors’ Voluntary Liquidation Deemed in Consent Meetings

Country Kitchen Superstore Limited    12189896

The Stamp Shop Limited    07884938


Liquidators Appointed

Blue Retail Ltd    05309196

Dorothy Perkins Retail Limited    01716523

Emmanuel Stores Limited    07328449

Fencepost Trading Limited    12038217

Hot Yoga Sheffield Ltd    08702535

Top Girl Fashions Limited    03100094

Miss Cute Fashion Limited    09190134

National Wholesale Limited    12159790


Members Voluntary Liquidations

West End Cold Stores Limited    02939740


Petitions to Wind Up

HW Retail Limited    08269584


Winding up orders

Golf Depot Limited    02995248



Administrators Appointed

Sumatra Copper & Gold PLC    05777015

Ockbrook School    05086591


Administrators Meetings Para 51

Essex County Laundry, Limited    00140030


Compulsory Liquidators Appointed s 136

Lordrite Wooden Floors Limited    06599600


Creditors’ Voluntary Liquidation Deemed in Consent Meetings

1ST Call Locksmiths Limited    07021894

Wildcard Payment Services Limited    12041135


Liquidators Appointed

Beverly Hills Pet Club Limited    08477685

Blagreaves Care Home Limited    06478523

Enaam Motor Sport Limited    07166728

Evergreen Education Limited    11363383

Football Survivor Limited     1085655

Phone Surgery Limited    11343414

Professional Railway Driving Services Limited    10061742

Unique Parking Limited    09821330


Members Voluntary Liquidations

Nigel Mansfield Limited    11030944

Practical Mediation Solutions Limited    09215018

Skegness College of Vocational Training Limited    01731248

Westminster Local Education Partnership Limited    06458328

Wyevale Garden Centres Capital Limited    07942713


Petitions to Wind Up

Addington Equestrian 2019 Limited    11294806


Winding up orders

Sunbeds Services Limited    11800386


Types of Insolvency


Administration applies to limited companies and partnerships and is intended to get the company out of trouble and trading again if possible. Administrators can be appointed to a company that is unable, or is likely to become unable, to pay its debts. They can be appointed by the courts (on application from a creditor, directors or partners), the holder of a qualifying floating charge over the assets of the business, or the company or its directors. An administrator's primary goal is to rescue the company as a going concern. If this isn't possible, the administrator will try to get a better result for the creditors than would be possible if the company was wound up. If neither of these is possible, the administrator will sell the company's property to make at least a partial payment to one or more secured or preferential creditors, such as employees or the bank.

Administrators Meetings Para 51

This statement by the administrator of his proposals must be accompanied by an invitation to an initial creditors' meeting (Sch B1, para 51(1)).


This can only apply to individuals (including sole traders and individual members of a partnership). Bankruptcy petitions may be presented to the court by the individual, by creditors who are owed £750 or more, or by the supervisor of an individual voluntary arrangement. A bankruptcy order is made by the court.

Company Voluntary Arrangement (CVA)

A company comes to an arrangement with its creditors to pay the debts in full or in part over time. A CVA begins with the company (or its adviser) drafting a formal proposal at a Creditors' Meeting to pay part or all of the debts. If the proposal is accepted by the creditors, the arrangement will become legally binding and the directors will retain control of the company.

Compulsory Liquidation

This is the winding up of a company or a partnership by a court order (a winding up order). A petition is normally presented to the court by a creditor stating that he or she is owed a sum of money by the company and that the company cannot pay.

The Official Receiver becomes liquidator when the order is made but an Insolvency Practitioner will be appointed to take over if the company has significant assets. The liquidator's role is to realise the company's assets, pay all the fees and charges arising from the liquidation, and pay the creditors as far as funds allow in a strict order of priority.

Compulsory Liquidators Appointed S 136

When a winding-up order has been made, the Official Receiver is initially appointed as liquidator (section 136, IA 1986). The company's creditors and contributories may appoint another individual, who must be a registered insolvency practitioner, to act as liquidator (section 139, IA 1986). More than one liquidator can be appointed to act jointly.

Creditors' Voluntary Liquidation

Here the shareholders pass a resolution to wind the company up without the need for a court order. A Creditors' Meeting is held to nominate the appointment of a liquidator and consider a statement of affairs. Creditors can appoint a committee to work with the liquidator, whose role is to realise the company's assets, pay all the fees and charges arising from the liquidation, and pay the creditors as far as funds allow in a strict order of priority.

Creditors' Voluntary Liquidation Deemed in Consent Meeting

Creditors are now 'deemed to have consented' to a decision or resolution if 10% of creditors (by value) have not objected to it. In other words, if objections are not received by the specified decision date, creditors are 'deemed to have consented' to the decision or resolution.

Individual Voluntary Arrangement (IVA)

An individual comes to an arrangement with creditors to pay his/her debts in full or in part over time as an alternative to bankruptcy. The arrangement is set up by a licensed Insolvency Practitioner who will put it to a meeting of creditors. If the proposal is accepted at the meeting, the agreement reached with the creditors will be legally binding. An Interim Order is sometimes issued by a court and will immediately protect the debtor from any legal action by creditors.

Petitions to Wind Up

A winding up petition is a legal notice put forward to the court by a creditor. The application, in effect, asks the court to liquidate the company as they believe the company is insolvent. Proceeds of the liquidation can be used to pay back creditors.



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