ICSM Insolvency Business News: going, going, gone: TGI Fridays, Tupperware, Carpetright – a round up of firms going or gone bust including The Vampire's Wife

By Harry Mottram: Inflation still above 2%, interest rates remain high, and energy prices continue to cause pain to consumers and businesses alike. We may have had a change of Government and Sir Kier Starmer’s administration says it is seeking to put the nation’s economy on a path to growth, but times are still very tough for firms with more companies going bust.

Some are famous names like TGI Fridays who are entering administration putting 4,500 jobs at risk and its 87 restaurants across the country along with a headache for suppliers who fear their invoices won’t be paid. Harland & Wolff is also in trouble as the holding company begins a fire sale of non-core businesses while Carpetright has left suppliers, contractors and its customers high and dry with nearly £8m in outstanding orders to 21,000 customers with the majority of them expected not to be refunded, the company director’s statement of affairs revealed. The carpet and flooring firm’s debts will not be paid despite it being partly taken over by Tapi Carpets but despite the £5m deal its creditors are owed £373m.

Ian Carrotte said there were question marks over the firm’s directors over how they managed the retailer and its sale and administration. He said the whole affair was opaque and once again it was suppliers and the public who ended up paying.

Another household name in trouble is Tupperware which has filed for bankruptcy in the USA although hopes a buyer will come forward. Founded in 1946 and known for its Tupperware parties the company has come under pressure from rival companies who produce similar plastic container at lower prices.

New-Zealand loan firm LayBuy went into administration last month citing its downfall was caused by cyber-hacking earlier which led to criminals setting up fake accounts applying and receiving loans and then disappearing. The firm moved into the UK market in 2023 with some £17bn loans on its books.

CTD Tiles went bust last month with most of its 86 outlets closed. Some of the stores have been bought by Topps Tiles, but yet more suppliers and customers are out of pocket. More retail misery comes in the shape of fashion business The Vampire's Wife, owned by the wife of Nick Cave, went into administration in the summer after posting losses in the past year. While Morphe Cosmetics, an American-owned make-up cosmetics supplier and retailer, has also shut down with all its staff made redundant – and in August Ted Baker closed its remaining stores, website and concessions, making the staff redundant. 

Ian Carrotte of ICSM said retailers who go to the wall leave a trail of debts which can cripple suppliers who are left unpaid. He said: “Landlords, the taxman and lenders may salvage some of their money but printers, sign-makers, shop fitters and companies that sell stock to retailers are usually left in the lurch. ICSM always advises suppliers to stick to their credit  terms and if a customer fails to pay on time put them on stop. There’s no point in supplying goods or services for nothing. Joining ICSM means firms benefit from credit reports and credit intelligence and with our free legal letters many overdue accounts get paid.”

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ICSM, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR. Tel: 0844 854 1850. www.icsmcredit.com. Ian.carrotte@icsmcredit.com