ICSM Business Retail Insolvency News: Quiz Clothing, In The Style and Select Fashion in trouble as Poundland mulls its future
By Harry Mottram: High Street fixture WH Smith are closing branches in Halstead, Halesowen, West Midlands, Diss, Norfolk, Newport, Haverhill and Woolwich, ahead of the sale of the stationers to Modella Capital who will rebrand the shops as TG Jones. The number of retailers in trouble continues to rise despite a slight increase in retail sales this year.
Ian Carrotte of ICSM said much of the problems are due to historic debt and changing consumer habits. He said: “With the current issues caused by the USA’s policy of imposing tariffs on countries around the world including the UK there is uncertainty. People watching the news will automatically put off purchases if they believe that their jobs are uncertain or that interest rates and the cost of borrowing will go up. And if they see prices rising then again, they will think twice about purchasing non-essential goods. Their decisions will affect retailers from new cars and electrical items to holidays and hospitality.”
Quiz Clothing called in Teneo as administrators in February closing 23 of their stores and making 200 staff redundant after a pre-pack deal with Orion Retail who intend to keep 42 of the outlets. The firm have blamed the rise in employers' national insurance contributions introduced by the Chancellor Rachel Reeves although ICSM understands trade was poor over the Christmas period and the company carried debts which needed to be serviced. Sky News reported at the same time: “Poundland's parent has hired advisers to assess options for the leading discount chain; Lakeland, the family-owned kitchenware retailer, has been put up for sale; and that The Original Factory Shop was being sold to Modella Capital.”
Retail Research said that In The Style e-commerce fashion retailer had been bought in a pre-pack procedure by Alps Sourcing Limited to Baaj Capital for £1m in 2023. They also reported the staff were not paid and invoices for suppliers were also not honoured. Select Fashion has been liquidated – for the second time closing its 35 stores. Also in trouble is the painting and decorating merchants Paint Well who have been bought out of administration by Brewers Decorator Centre. And the 24 outlets of Maxi Deals have closed after the hardware supplier ran out of credit and decided on a voluntary liquidation in February.
Image from Quiz Clothing's YouTube video Here Comes the Sun
Below are some more retailers who have hit the buffers:
ADMINISTRATORS APPOINTED
JVS (UK) LTD 09181451
SALTIRE MOTORCYCLES LTD 12682894
THE CAMBRIDGE CARRIER LTD 07248511
CREDITORS’ VOLUNTARY LIQUIDATION DEEMED IN CONSENT MEETINGS
BRIXTON CYCLES LIMITED 01772005
DEALS ON WHEELS WEST YORKSHIRE LTD 12165522
KINETIC ENERGY LTD 14853945
NORTHERN VINTAGE LIMITED 08813260
OAKWOOD CARS DERBY LTD 15298222
R.L. MORGAN FUNERAL DIRECTORS LIMITED 08724466
SIGNATURE RETAIL LIMITED 07633734
WHITE OAK MOTORS LTD 12509051
CVL LIQUIDATORS APPOINTED
A K GROOMING LTD 14501032
ALL THINGS BRIGHTON BEAUTIFUL LIMITED 07405209
ACADEMY FOOD IMPORTS LTD 11746883
BEAUTYQUEEN COSMETICS (EDMONTON) LTD 04603347
BEDZ4ZZZZ LIMITED 06431002
BPS (LEEDS) LIMITED 06945109
CHRISTOPHER ANDREW CARS LIMITED 12165176
DEERS LEAP BIKES LIMITED 09221470
EDENSHIRE JEWELLERY & WATCHES LTD. 07370134
GOGUY LIMITED T/A GOGUY CLOTHING 09861284
FAIRY GIFT LTD 12195872
KEVIN PARKER HORSEBOXES LIMITED 04663829
K-MART LIMITED 11201331
LAVENDERS GREY FLORIST LTD 11481229
M.G.ASBURY FLOORING CENTRE CO.LIMITED 00861766
REGENCY FISH LIMITED 06408619
RIMZI COSMETICS LTD 07448864
SHOPDEADGORGEOUS LIMITED 11908076
THE ONYX AESTHETIC GROUP LTD 12345682
MEMBERS VOLUNTARY LIQUIDATIONS
BARRONS HAIRDRESSING LIMITED 04681281
CENTRAL SPARES LTD 04910988
G.W.COLLINGWOOD & SONS LIMITED 00413459
HARWELL CAR SERVICES LIMITED 00654576
HUDDERSFIELD SUPERBIKES LIMITED 01295253
J D CAR SALES LIMITED 05310641
KENNEDY WILD BIRD FOODS LTD 07458120
MARMALADE LONDON LIMITED 03784283
MARTIN MOTORS (HIGHGATE) LIMITED 00532677
PEDALPOWER (MARKET HARBOROUGH) LIMITED 02001267
RICHARD HEROLD JEWELLERS LIMITED 03602481
THE EAST LONDON GYMNASTICS CENTRE LIMITED 03567345
THE HAIR SHOP (KESWICK) LIMITED 04777441
PETITIONS TO WIND UP
LAMBADA WHOLESALE LIMITED 14086158
MUNSELL SPORTS LIMITED 12460087
THE FROCK SHOP LIMITED 11985228
SECRETARY OF STATE LIQUIDATION APPOINTMENT
ALFIE SALAD VEG EXPRESS LIMITED 12373746
CHRISTINA NAIL SPA LTD 08606090
KUDOS SPORTS MGMT LTD 07925664
PURE ORGANIC DRINKS LIMITED 11330618
WINDING UP ORDERS
ESSEX HORTICULTURE WHOLESALE LIMITED 09037752
KERRY FOODS SPALDING LTD 10467115
MALLOY'S CRAFT BUTCHERY 2 LTD 04580230
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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