ICSM Business Insolvency News In Brief: retailer Quiz in trouble; Thames Water’s future in the balance; plus more January administrations

By Harry Mottram: The business and political worlds may be obsessed with President Trump’s tariffs but in the UK one of the main concerns continue to be the numbers of firms going bust. The bigger they come the harder they fall could be how to describe the potential collapse of Thames Water which is pleading its case in court to allow yet more loans to keep it afloat. Minority shareholders are not keen to see yet more billions heaped onto the utility that has no hope of paying off the debt with the only alternative is a type of nationalisation.

Quiz on the brink

The Scottish based fashion retail chain Quiz is widely reported to be on the brink of entering administration. If it does then around 1,500 staff will be out of pocket and a job and hundreds of suppliers will potentially be left high and dry. The company is believed to have liabilities of around £2.8m with Teneo likely to be the insolvency specialist tasked with sorting out the mess and finding a buyer or buyers for the 62 stores and 47 concessions. The Towie actress Sam Faiers was a Quiz Clothing ambassador giving the firm a glamourous profile in their fashion shoots although in a contracting economic atmosphere caused by the Cost of Living Crisis.

Yachts and caravans

January saw the collapse of Ryedale Caravan & Leisure Limited in Leicestershire with Brett Barton and Dean Nelson of PKF Smith Cooper appointed as joint administrators hoping to find a buyer. The site is potentially worth the best part of a couple of million pounds so there may be hope suppliers can be paid along with the taxman and the bank.

Another firm that creates high end products for the public is Fairline Yachts Limited - Northamptonshire-based luxury yacht builder, who have appointed administrators and hope to keep going for now. Although they turn over more than £40m a year the firm has run up over £21million in losses. Business Sales Report noted: “The administration was reportedly triggered by Fairline’s main lender, DF Capital, and comes just eight weeks after the company was acquired by clean propulsion technology business Arrowbolt Propulsion Systems.”

Plus more casualities this year

Other casualties so far this year include UK Live Limited who were involved in the performing arts sector, while Frost & Co. Jewellers Limited  in London trading as Frost of London, fell into administration earlier in January, appointing Ian Goodhew and Abigail Shearing of Voscap as joint administrators. Kingswood Learning and Leisure Group Limited the company behind the Kingswood brand of outdoor education and recreation centres went bust in January with some of their centres bought by PGL Beyond and Halsbury Travel Group with the rest closed. PharmaKure Limited in Cheshire involved in the treatment of neurodegenerative diseases, fell into administration with liabilities of £2.8 million. And Home Curtains (UK) Limited in Nottinghamshire, Southerns Broadstock Limited, Hush Brasseries Limited all hit the buffers in January. 

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