ICSM Retail Insolvency News: HMRC issues winding up order for bakery chain

By Harry Mottram: Bakery chain Wenzel’s has been issued a winding up order in the High Court by the taxman for an undisclosed tax liability. The baker has around 100 outlets mainly in the London area has insisted the matter will be sorted.

Ian Carrotte of ICSM said this was highly unusual as HMRC only take this type of drastic action when they have run out of patience. He said: “Wenzel’s is dwarfed in size by Greggs but with more than 100 shops it is not a small enterprise. Profits were down last year to just over £1m from over £5m the year before so on the face of it there isn’t a problem but a lot can happen in a year and with the Cost of Living Crisis money is tight for many people.”

HMRC said in a statement: 'We take a supportive approach to dealing with customers who have tax debts and only file winding-up petitions once we've exhausted all other options, in order to protect taxpayers' money.' 

Karl Spinks, Chief Operating Officer at Wenzel's, told MailOnline: 'The winding up notice is in relation to ongoing discussions with HMRC regarding an outstanding balance, however we are actively engaged with HMRC and expect this matter to be resolved shortly. We do not expect any redundancies, we do not expect any store closures.”

++++++++++++++++++++++++++

ICSM CREDIT
For information on ICSM visit www.icsmcredit.com or call 0844 854 1850.
ICSM, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR. Tel: 0844 854 1850. www.icsmcredit.com. Ian.carrotte@icsmcredit.com