Features

Checkaco Consumer News: concerns of Viagogo ‘marking up Peter Kay tickets 1,080%’ plus warnings over fake ticket sites scamming punters

Posted on by Harry Mottram Edit”Checkaco Consumer News: concerns of Viagogo ‘marking up Peter Kay tickets 1,080%’ plus warnings over fake ticket sites scamming punters”

The Bolton-based stand-up comedian Peter Kay has unwittingly sparked a deluge of problems for his fans after announcing a number of live gigs later this year and in 2023. Nothing unusual about that except in this digital age scammers and rip-off merchants are two a penny as they fleece punters of their hard-earned cash.

Ten years ago, when Peter Kay last toured the issue of tickets was more to do with demand from the venue – but now criminals have set up lookalike websites and posing as the legitimate seller. And some unscrupulous sellers as highlighted by Elizabeth Haigh of the Daily Mail have hiked prices for Kay’s shows by 1,080%. She reported: “Tickets at a face value price of £150 each in Leeds in September are now on sale at Viagogo for £1,770 – a 1,080 percent mark-up.”

Clearly people are upset by the huge mark-ups but even worse are fake websites that copy legitimate ones down to last piece of graphic in order to take cash for tickets which don’t exist. The BBC’s Simon Read reported in the summer on scammers selling fake Premier League tickets. He wrote: “Fraudsters are using social media to offer fake tickets and trick unsuspecting victims out of their cash – the average loss is £410, according to Lloyds Bank. The fans pay by bank transfer, which offers no protection to consumers. If you can’t pay by credit or debit card, ‘that’s a big red flag that you’re about to get scammed,’ the bank warned. Cases of the scams climbed by more than two-thirds between January and June, according to Lloyds Bank data. This surge was because fraudsters took advantage of people desperate to attend live events after Covid restrictions ended.”

Using sites on social media such as Facebook, Twitter, Instagram and TikTok scammers list tickets they have – sometimes at low prices claiming to be a fan who cannot make a gig – sometimes at high prices for the most popular events. They will post images of tickets online, but these are usually fakes – and they always ask for payment by bank transfer and use high pressure tactics to clinch a sale suggesting there’s only seconds before the offer is withdrawn. And once the bank transfer has gone through the scammer disappears and you have lost your cash and have no ticket.

Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds
Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.
Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)
 
Get the low down on any firm at https://checkaco.com/



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

ICSM Business News: bus companies fall into administration across the UK as economic pressures mount up

By Harry Mottram: Last month Bournemouth’s Yellow buses stopped running after the company ceased trading – but it isn’t the first public transport operator to collapse this year.

Yellow Buses was the trading name of Bournemouth Transport Limited, appointed Simon Rowe and Rachel Hotham of professional services firm Milsted Langdon as joint administrators at the end of July who then pulled the plug on the city’s bus service.

It left a string of supplies from diesel wholesalers to cleaners and office suppliers out of pocket and the staff of 300 out of work. Many of the drivers were taken on by rival company More Bus but it means many routes have now been axed meaning a hit to the local economy with people unable to shop or go to work and having to find alternative transport or stay at home.

One supplier told ICSM that there had been problems in getting paid for months by Yellow Buses with overdue invoices and a reluctance to invest in an ailing infrastructure. But the collapse is not the first in the industry this year with HCT Group slashing services across the country in a desperate bid to stay afloat this summer. The social enterprise transport group has grown to be a nationwide operator since the 1980s but has been closing down services in Bristol, Yorkshire and London as they struggle to survive.

The hit most transport firms took during Covid has continued with a fall in passenger numbers as some customers opt to work from home or simply retire early. However, overheads such as fuel have increased along with interest rates compounding loans taken out which have seen debts bring down various outfits.

HCT’s Powell’s Bus in Yorkshire went bust in August ceasing 26 routes in Sheffield and Rotherham blaming debts and cash flow on the collapse. Other operators this year to shut up shop include John Keenan & Sons (Darwin Garage) Ltd of Coalhall in Scotland who ceased trading in February, and Mayne Coaches limited of Warrington have also hit the buffers this year.

Previously during the last couple of years largely due to a mix of Covid, Brexit, driver shortages, interest rate hikes, debts and inflation has seen Sea View Coaches in Dorset go bust, Lamberts Coaches of Suffolk, King’s Lynn based East Anglian Holidays Ltd, CT Plus in Yorkshire, Coventry-based transport company Travel de Courcey,  coach tour operator Shearings Holidays, Gibson Direct Ltd, based in Renfrew and many more have all gone west.

Ian Carrrotte of ICSM said it was particularly galling for suppliers who were often ‘led up the garden path’ by clients who were in reality insolvent and who kept promising payment before ceasing trading with no warning. He said: “We saw with Yellow Buses that even the drivers didn’t know they out of a job until they turned up for work. If a firm is in trouble, they owe it to their staff and suppliers to announce trading is difficult and administration is a strong possibility. That allows suppliers to pivot to find new customers and minimise losses and staff to look for new employment. Trading while insolvent is illegal, and many firms seem to be in a grey area of business before the collapse.”

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

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.comIan.carrotte@icsmcredit.com

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

CHECKACO NEWS UPDATE: Countdown to the end of funeral plan fraud on 29th July: regulator names firms YOU SHOULD NOT buy plans from (and lists ones they’ve approved of)

Following the scandal of the collapsed Safe Hands funeral plan company the Government’s Financial Conduct Authority (FCA) have published the names of two firms to avoid.

The warning comes ahead of the deadline when all firms in the lucrative sector must be regulated by law. Any that fail to be registered will be banned from trading – but until July 29th, 2022, when the regulations start anyone can offer the public funeral plans.

The FCA name Empathy Funeral Plans UK Limited and Unique Funeral Plans as two firms to steer clear of. They said: “We have been clear for some time that people should avoid buying new plans from funeral plan providers that have not applied for authorisation or had their application withdrawn or refused. We are repeating this guidance and strongly advise that you do not buy a plan from Empathy (Empathy Funeral Plans UK Limited) or Unique (Fox Milton & Co Limited, trading as Unique Funeral Plans).

There are nearly two million people who have taken out pre-paid funeral plans with some 65 companies paying on average around £4,000 each in the UK with an estimated 200,000 new plans sold every year. It’s a growing market but without regulation (declined by David Cameron’s Government in 2000) it has become something of a free for all since anyone can set up a company offering so-called peace of mind plans.

From 29 July, all funeral plan providers will need to follow new FCA rules, which include a ban on cold calling and commission paid to intermediaries, and high standards on governance and financial resilience. Funeral plan holders will be able to refer complaints about a firm to the Ombudsman and will be covered by the FSCS if their provider goes out of business. 

Emily Shepperd, Executive Director of Authorisations at the FCA, said: “As this sector approaches regulation, we want to provide holders of pre-paid funeral plans with some reassurance, which is why we have published a list of the firms we intend to authorise.  

“Our regulation will lead to higher standards in the market and boost consumer protection. We want to see an improvement in the way customers are treated, with better value products, better sales practices and better controls in place so consumers can be confident they will receive the funeral they expect.”

The FCA are still looking at a small number of firms but in the meantime have published a list of companies that will abide by the rules from the 29th of July: 

Alternative Planning Company Limited  

Avalon (Europe) Limited  

Avalon Trustee Company Limited  

Celebration Of Life Planning Ltd  

Central England Co-Operative Limited  

Co-Op Funeral Plans Limited  

Crystal Cremations Ltd  

Dignity Funerals Limited   

Distinct Funeral Plans Limited  

Ecclesiastical Planning Services Limited  

F A Albin & Sons Limited  

Family Funerals Trust Limited  

Freeman Brothers (this includes Peter Christopher Freeman and Bridgid Mary Freeman)  

Golden Charter Limited  

Golden Leaves Limited  

Haven Personal Funeral Plans Ltd  

Independent Funeral Planning Services Ltd  

Low Cost Funeral Limited T/A Affordable Funerals (this includes Memoria Limited)  

Peace Burials Limited  

Plan With Grace Limited  

Pure Cremation Planning Ltd  

Southern Co-Operative Funerals Limited  

The Independent Family Funeral Directors Ltd (this includes Fosters Family Funeral Directors)  

William Alty & Sons Limited 

Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds
Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.
Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)
 
Get the low down on any firm at https://checkaco.com/



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

CHECKACO NEWS: As crypto currencies crash fears are raised that some are in effect Ponzi Schemes as industry is defended on TV

Posted on by Harry Mottram Edit”CHECKACO NEWS: As crypto currencies crash fears are raised that some are in effect Ponzi Schemes as industry is defended on TV”

Last November the Bitcoin was on a high as the new crypto currencies appeared to enjoy financial stability suggesting they were a new way to get rich by investing in them.

Eight months later and Bitcoin has halved in value, Celsius Network has frozen withdrawals, TerraUSD is now valueless, while Ethereum one of the big currencies in the field has plunged in value.

Investors in some currencies have potentially lost their entire investment while others have seen what they put in devalue to almost worthless amounts.

The advice from Checkaco has and always will be don’t invest in any scheme unless you can afford to lose everything. Many commentators have likened cryptocurrencies to Ponzi Schemes in that they suck in huge amounts of money only for the bubble to burst. They criticise the advocates of the currencies as the sector is unregulated and is not based on anything tangible like property, oil, gold etc.

Bitcoin is still the largest of the crypto currencies with a crowded market of similar types, number around 19,000 with some worthless and others claiming to be increasing in value. The cause of the collapse in value of many of these currencies has been the bear market in the traditional stock markets triggered in part by the Ukraine war. Those declines though are tiny compared to wild volatility of the virtual ones so the message is if you want stability stick with the tried and tested and indeed regulated.

Michael Saylor, the CEO of MicroStrategy didn’t help matters when challenged this week on CNN by Julia Chatterley by attempting to liken the creation of cryptocurrencies to the invention of the motor car and admitted ‘average investors’ had been taken advantage of. Writing for the Guardian Professor Robert Reich likened the currencies to Ponzi Schemes where the people who start them become rich while the newest investors at the bottom are most likely to lose out.

He said: “Before the crypto crash, the value of cryptocurrencies had kept rising by attracting an ever-growing number of investors and some big Wall Street money, along with celebrity endorsements. But, again, all Ponzi schemes topple eventually. And it looks like crypto is now toppling.”

Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds
Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.
Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)
 
Get the low down on any firm at https://checkaco.com/



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

CHECKACO NEWS: car insurance scam targeting young drivers with fake insurance

Posted on by Harry Mottram Edit”CHECKACO NEWS: car insurance scam targeting young drivers with fake insurance”

Young and vulnerable motorists are being sold cheap fake car insurance by fraudsters on an industrial scale through social media.

Victims typically see an advert for car insurance considerably lower than £2,000 for a typical Ford Fiesta from a reputable insurance company and ask for a quote from a fraudster posing as a broker.

The broker uses forged paperwork from a well-known company and gives the victim a huge discount which they sign up to and pay their premium in one payment.

It is only when the new driver is stopped by the police or are involved in an accident that they realise they don’t have any insurance.

Action Fraud said that thousands of people fall for the scam each year losing all of their cash as it is often weeks or months before they realise, they’ve been had. IFB Insurers believe 21,000 such policies have been linked to the scam while there are almost many more people driving around today ignorant of the fact their so-called insurance are worthless.

How to avoid ghost brokers

If a deal seems too good to be true, then it probably is.

Ghost brokers often advertise on student websites or money-saving
forums, university notice boards and marketplace websites such as Gumtree. They may also try to sell insurance policies to you through adverts in pubs, clubs or bars, newsagents and car repair shops.

Be wary of brokers using only mobile phone or email as a way of contact. Ghost brokers have even been
reported using messaging apps, including WhatsApp, Snapchat and Facebook. Fraudsters don’t want to be
traced after they’ve taken money from their victims.

If you are not sure about the broker, check on the Financial Conduct Authority or the British Insurance Brokers’ Association website for a list of all authorised insurance brokers: register.fca.org.uk and biba.org.uk

You can also contact the insurance company directly to verify the broker’s details.

You can check to see if your car is legitimately insured on the Motor Insurance Database website: ownvehicle.askmid.com

If you think that you’ve been a victim of a ghost broker, you can report your concerns to Action Fraud at actionfraud.police.uk or on 0300 123 2040.

You can also contact the Insurance Fraud Bureau via its confidential Cheatline on 0800 422 0421 or at insurancefraudbureau.org


Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds
Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.
Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)
 
Get the low down on any firm at https://checkaco.com/



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

ICSM Business News: six major firms reported to be targeted by short sellers in a retail trade article – could the unthinkable be about to happen?

By Harry Mottram: The trade publication Retail Gazette has listed six retailers that they say have been the target of short sellers. That inevitably has raised eyebrows in the retailing sector since the high street has gone through fundamental changes since the rise of home shopping, covid and changes in lifestyles.

Short selling is perhaps best described in the 2015 movie The Big Short with Brad Pitt, Ryan Gosling and Christian Bale in which a small group of city traders realise ahead of the 2008 Credit Crunch that the housing and banking markets are about the collapse in the USA. They buy stocks from the banks and lenders and bet against their collapse before the sub-prime mortgage scandal develops. They get paid the difference between the before and after prices by the banks – which is short selling. Short selling is effectively a sign that the traders believe a stock is over priced as that is the way they make their money.

That’s why when the Retail Gazette published the story anyone with a financial interest in the retailers mentioned need to think seriously about its potential implications. It beggars the question: could the unthinkable be about to happen?

Reporter George Iddenden wrote: “According to data from the London Stock Exchange (LSE), Asos, Boohoo, Kingfisher, Royal Mail, AO World and Naked Wines are all being targeted by short sellers and should be wary of further shifts over the coming months.

“Aggressive or excessive stock shorting is widely recognised as a way to undermine investor confidence, depress a company’s market value and make it more difficult for it to expand or raise capital.”

Iddenden explained all of the firms listed had problems – some caused by debt and some from the Covid hangover but all with falls in their market value. Short sellers are taking big risks in shorting with a lot of money and so anyone who has an interest in those firms need to take note.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

OPINION: inflation, strikes and a stagnant economy – no it’s not back to the 1970s it’s worse than that because of these reasons

Commentators and politicians have cited this year as being a return to the 1970s but this is a poor analogy as society and industry was very different then. It could be argued now it is worse as there are several intractable issues. 

Firstly, the labour market is very different now with a greater number of older people of whom the majority do not work and don’t add to the nation’s exchequer by paying income tax. In the 70s there were more secure jobs – sometimes jobs for life. Now that would be nice without the ever present fear of ‘down-sizing.’

Inflation hit 22.5% in 1975 but it may surprise many that inflation was in single digits going into the decade rose sharply in the middle before coming under control by 1978 before peaking again at the end of the decade. There were three Governments in the 70s – Conservative, Labour and Conservative – so it is hard to lay the blame on one or the other.

Like the early 70s there was an oil crisis when Middle East war saw prices hiked as they have been over the Russian Ukraine conflict. Then many economies still used coal to generate electricity but today the ecological crisis has seen a move away from fossil fuels leaving the UK and other western nations vulnerable to the cutting of Russian oil and gas. In the 1970s after the Middle East war it was more a fuel shortage that was the problem rather than the eye-watering price rises of today.

Today’s GDP is lower in real terms compared to the 1970s when we still have a strong manufacturing sector. Steel producing, coalmining, ship building, and nationally owned transport and utilities meant the economy was sounder (if as many will argue – less efficient) than today’s free markets.

In the 1970s both Ted Heath’s Conservative administration and the Labour Government both had a policy of full employment. The idea we had to rely on Romanians and Latvians to help harvest fruit and veg, drive delivery vans or care for the elderly wasn’t even thought of. Those workers were locked in behind the Iron Curtain. Unless we can access large numbers of workers from abroad then the crisis of a lack of workers will continue and those in jobs who see their wages degraded by inflation will increasingly take industrial action.

This year there has been a huge rise in business insolvencies – in part due to the hangover from the pandemic but even before that the numbers of firms going out of business was massive. Back to the 1970s and there were far fewer business insolvencies, in part due to there being fewer small and medium sized firms and less self-employed. If we could return to the levels of lower business failures of those times, then the Insolvency Service would be delighted and there would be fewer bankruptcies as a whole – and fewer lives damaged by debt and redundancy.

Stagflation is now being warned about – but so far one of the worst aspects of the 1970s is yet to appear in today’s troubled times. That’s a combination of a declining economy and high inflation. That is one aspect of the 1970s that can be seen as a potential parallel to today.

So, a strange mixture of factors – and it helps to remind us all that no two recessions are the same. The 1970s were so different economically, the 1980s boom and bust were coupled to a rise in house prices and privatisation, the dip in the early 1990s was a hangover from the last downturn of the 80s and then there was the credit crunch of 2008-09.

It may be an unfashionable idea for some, but the policy of John Maynard Keynes is one solution: invest in infrastructure to trade our way out of recession. Duelling trunk roads like the A303, reopening more railways lines and stations plus the electrification of more lines – and the extension of HS2 will all create more jobs and business. And there are many more projects which would make a huge difference if implemented – from urban tram systems to upgrading and rebuilding NHS hospitals or state schools.

And again, not a popular course for some but the Conservative MP Tobias Elwood’s suggestion of re-joining the EU single market makes a lot of sense.  It would reopen trade, solve the Northern Ireland protocol, end the queues at Dover and airports and bring in the workers needed in a variety of sectors.

At the moment entrenched Government positions and political ideological are hampering a recovery which most people in business find frustrating. So when politicians say today’s UK is like the 1970s – they are talking nonsense. The 1970s also had the joys of punk rock and disco, films like Jaws and The Godfather, and it can be argued the beginnings of modern 21st century Britain began with equal pay for women, the children’s welfare act, the establishment of the Green Party from the old Ecology Party as the environment also got a Government department and during the 70s the numbers of homes without a shower, bathroom or central heating fell dramatically as the housing stock went through huge improvements. 

So the next time someone says it’s back to the 1970s – welcome the notion – but do look for a pair of flared trousers first.

Harry Mottram

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

CHECKACO NEWS: New Amazon delivery scam highlighted by TV’s Martin Lewis

Posted on by Harry MottramEdit”CHECKACO NEWS: New Amazon delivery scam highlighted by TV’s Martin Lewis”

Martin Lewis. Pic: ITV

Scam alert

The Money Saving expert Martin Lewis has issued a warning over a ‘clever’ scam pretending to be from the Post Office about an Amazon delivery.

He said: “Beware. Just had a clever version of the ‘pay £1.99 for Post Office Parcel delivery’ scam text, aiming to steal bank info. The ‘fee’ isn’t mentioned in the text, it talks about “delays in transit” and offers “a date to reschedule”. It’s only when you click thru it mentions a fee.”

Checkaco have said that anyone receiving the message should forward it to 7726 for it to be investigated by Ofcom as the main aim is to drain the victim’s bank account. There is no delivery simply a criminal attempt to steal cash.

Checkaco have urged the Government to invest in catching the criminals behind this and other scams by increasing Action Fraud’s resources.

Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds
Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.
Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)
 
Get the low down on any firm at https://checkaco.com/



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

ICSM BUSINESS INSOLVENCY NEWS: customers and creditors lose out as Teneo refuses to pay refunds or settle debts following collapse of Missguided

By Harry Mottram: It’s gone from bad to worse for customers of Missguided after it emerged the group running the defunct company will not be returning cash already paid to the online retailer. Public relations and advisory company Teneo have taken on the task of running the collapsed online retailer until the Fraser Group take possession of the business.

And for the suppliers the situation is equally bleak with some businesses hundreds of thousands of pounds out of pocket for providing clothing and accessories to the Manchester based online fashion firm.

Many shoppers had in good faith returned goods they had ordered but had paid for in advance expecting to be reimbursed by the administrators but were told they would not get refunds.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Generated by IJG JPEG Library

ICSM BUSINESS INSOLVENCY NEWS: Ex-Newcastle United and Liverpool footballer Danny Guthrie hit by bankruptcy restrictions over financial irregularities

The one-time professional footballer Danny Guthrie has fallen foul of the Insolvency Service when they tackled him over his debts to creditors.

The service reported that in May 2019, Guthrie borrowed £75,000 from a friend to help him pay his household expenses, promising to repay the loan with funds raised from selling a property.

Incredibly he then blew £120,000 on gambling and chose to pay of those debts first from £160,000 he received from the sale of a property ignoring a string of creditors who needed to be paid. Taking cash out of his bank knowing he was insolvent was what tripped him with the Insolvency Service.

He accepted a six-year bankruptcy undertaking, at Stoke County Court, which runs until May 2028. The service placed on him several restrictions, banning him from borrowing more than £500 without giving details of his finances to a lender and restricting his ability to be a company director.

Kevin Read, Official Receiver at the Insolvency Service, said: “Danny Guthrie’s actions were deliberate in dissipating assets, at a time he was already insolvent, and to the loss of his creditors. This extension of bankruptcy restrictions should serve as a warning that the Insolvency Service will take action to tackle such financial wrongdoing.”

Guthrie played for Newcastle, Liverpool,  Southampton, Fulham, Walsall, Mitra Kukar in Indonesia and Icelandic second tier team Fram.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

CHECKACO NEWS WARNING: Scammers tricking people to enter false Father’s Day beer competition

Posted on by Harry Mottram Edit”CHECKACO NEWS WARNING: Scammers tricking people to enter false Father’s Day beer competition”

The makers of the lager beer Heinekin have appealed to the public not to enter a competition circulating on the internet as it is a scam.

Ahead of Father’s Day on Sunday, 19th June, a message has been appearing on WhatsApp offering the chance to win one of 5,000 coolers full of lager and links to a fake quiz-style competition.

The brewing company with its headquarters in Edinburgh and sites in England said it was a phishing scam set up by fraudsters to trick people into giving their bank details. The criminals behind the con then drain the bank accounts of the victims before they are aware they have been fooled.

It is a particularly nasty scam as it preys on the goodwill of the offspring of fathers who hope to win a big prize for the patriarchal figures.

Heinekin said anyone receiving the message should “delete it immediately”.

Heineken’s representative added: “We’re aware of the current phishing scam circulating through social networks, which is not sanctioned by Heineken. We have alerted the relevant authorities.”

Action Fraud – the police unit dedicated to catching fraudsters – said  that if you receive a random text or WhatsApp message from a brand that you discover is fraudulent, open up the WhatsApp chat from the unknown number, open the sender’s contact details and select Block and Report. Suspicious text messages could be reported to 7726, a free spam reporting service, as well as to the company the text was claiming to be from.


Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds
Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.
Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)
 
Get the low down on any firm at https://checkaco.com/



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

National newspaper is shamed online by Jack Monroe and other freelance writers who claim they wait months to be paid – while the publication lambasts a culture of late payment

By Harry Mottram: The journalist Jack Monroe (pictured) has touched a raw nerve with scores of freelance writers and photographers after she tweeted in a claim about not be being paid on time by the Daily Telegraph for an article she had written.

In a post this week under a handle @BootstrapCook she wrote: “It appears I’m not the only freelance writer waiting literal years to be paid by the @Telegraph. If they also owe you money, drop the month and year of the article you wrote for them and let’s see if a public collective callout achieves more than dozens of polite invoices did.”

The tweet was quickly responded to self-employed writers and photographers who claimed to have had the same experience with some waiting for payment after years of sending reminders – or worse not being paid at all. James Oswald wrote in reply: “Good luck with that. I wrote them 1200 words that got used in a double page weekend spread a few years back. Never saw a penny.”

The Government’s website spells out the details of the late payment legislation

While professor Neil Martin said he was still waiting to be paid for a 2018 invoice and photographer Phil Robinson said he was waiting for a cheque for a January 2022 invoice. That’s obviously over the expected industry standard of 30 days from the day of invoice.

Why might you ask, does a newspaper who credits itself with being business-friendly and a champion of free enterprise and a supporter of the Conservatives would they not stick to the credit terms of their suppliers? The answer according to Brendan Gallagher who is waiting to be paid for covering the 2008 Olympics is ‘because they could.’

ICSM has no way of knowing if the claims made in the twitter feed are genuine or can be verified as being accurate but the newspaper regularly runs stories supporting prompt payment to its credit.

Jack Monroe is also a campaigner for social justice and champions the low paid and those living in poverty and often appears on TV and radio talk shows in that capacity so it seems odd that of all people the accounts department at the Daily Telegraph would be so slow in paying her. The author of Cooking on a Bootstrap and presenter of BBCTV’s Daily Kitchen Live has a high media profile only enhanced when she took the right-wing columnist Katie Hopkins to court over a libellous comment, winning substantial damages.

Ironically The Daily Telegraph has published articles recently by Dafydd Llewellyn, managing director of UK small and medium business at Concur on ‘It’s Time to Confront Britain’s late-payment Culture’ in 2017, and in 2004 Richard Tyler’s piece on ‘how the UK late payment culture is till thriving.’ And the newspaper has also claimed to campaign in favour of the Prompt Payment Code shaming firms that pay late by naming them.

Ian Carrotte of ICSM whose business group is dedicated to fighting late payment said there is often a disconnect between those who commission work and those who run the accounts section and it was always a good policy of having a good relationship with whoever signs off payments.

He said: “There are some basic rules to follow – firstly get something in writing if you are commissioned – ideally a purchase order signed by the editor or staffer. On your invoice and statement have your credit terms such as 30 days together with a reference to the Late Payment of Commercial Debts (Interest) Act 1998 which allows for 8% interest a year to be added to the overdue money.

“ICSM has hundreds of freelancers as members, and we offer free legal letters and also a micro debt service plus a debt collection service. Chasing up late payment through the courts can be time consuming and stressful so joining ICSM and using our knowledge saves time and heart ache. Every year we settle hundreds of over-due accounts for members from less than a £100 to tens of thousands.”

He said that due to the increase in late payments to freelance writers, illustrators and photographers from their clients ICSM is offering free membership for 2022.

ICSM has approached The Daily Telegraph for a comment.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

CHECKACO NEWS: Banks warn of scam loans as victims are asked for an upfront payment to access a cost of living pay out but get nothing

Posted on by Harry Mottram Edit”CHECKACO NEWS: Banks warn of scam loans as victims are asked for an upfront payment to access a cost of living pay out but get nothing”

The cost of living crisis is driving people into debt and the scammers are preying on the public’s desperate need for cash to pay energy and food bills.

Lloyds Bank are one of a number of banks who have issued warnings to customers after scammers have posted adverts online from fictitious companies offering cheap loans.

Victims complete online forms or respond to a phone number to the scammer who allows them to borrow huge amounts of cash with just a small upfront fee to secure the money. The scammers contact them to say a further fee is required as the loan is larger than normal at which point the victim either pays up or begins to have doubts. When no money is released into their bank account they realise they’ve been conned with the average victim paying up £231 for nothing.

Checkaco issue this advice: stop and think – is this a legitimate company with an address and a land line number. Challenge the suspected scammer – if they get unprofessional, they are fraudsters. Contact Action Fraud and report them at https://www.actionfraud.police.uk/

Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds
Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.
Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)
 
Get the low down on any firm at https://checkaco.com/



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

CHECKACO NEWS: Young fundraisers could lose all their cash as sustainable development charity Raleigh International goes bust

Posted on by Harry Mottram

Young fundraisers could lose all their cash as sustainable development charity Raleigh International goes bust

A charity launched by Prince Charles in 1978 has gone bust leaving up to 50 staff out of work and hundreds of young people in the lurch with their hard earned cash from fun raising lost.

Raleigh International is a so-called sustainable development charity linked the Royal Family and is seen by critics as the charity for the well-heeled who want to do their bit for the poor around the world. Both Prince William and Kate Middleton have taken part in the scheme in previous years.  Young people sign up and pledge to raised thousands of pounds to pay for their travel and accommodation in countries in Africa, Asia and South America where they will spend several weeks helping on projects to help struggling communities. Some 55,000 people have used the charity to help others around the globe with projects from building community buildings, digging wells and introducing innovative farming methods to remote villages.

Last week the charity suddenly announced they were ceased operations and entered Creditors’ Voluntary Liquidation having appointed Carter Backer Winter as liquidators.

In a statement they said: “It is with enormous sadness that we report Raleigh International Trust will cease operating from Thursday 19 May 2022. Raleigh International Trust is inclusive of Raleigh Nepal and Raleigh Nicaragua. Raleigh Tanzania and Raleigh Costa Rica have independent status, and we are currently exploring the future viability of them operating without Raleigh International Trust.”

The charity blamed the effects of Covid cancelling a number of projects and trips and the reduction in overseas aid from Governments.

However, that is cold comfort for the hundreds of young people who have already raised tens of thousands of pounds ahead of their trips having sent their cash to the charity. All of that cash could now be lost.

The Times reported a typical case of a volunteer losing out. They quoted Rosie Giesler, 20, from Cambridge, who was due to fly to Costa Rica at the end of July for a ten-week sustainable development programme. She had raised £3,800 by the fundraising deadline on May 16, three days before the announcement. Another victim they reported on was Will Chubb who is only 17 and had raised £2,300 for the charity having also paid for vaccinations, flights and a visa for Nepal ahead of his now cancelled trip.

His mother was furious with the charity as they must have known things were about to collapse but still accepted cash from the volunteers. The Charity Commission said they were looking into the case and were in talks with the administrators.

Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds
Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.
Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)
 
Get the low down on any firm at https://checkaco.com/



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

Huge rise in insolvencies as firms struggle with debts and repaying Covid loans

By Harry Mottram: With furlough gone and covid loans overdue thousands of businesses are struggling to survive and hundreds collapsing every month. The effect on the economy cannot be underestimated as inflation edges towards double digits, interest rates rise and the continuing after effects of Brexit and Covid add to the woes.

The latest government figures show that in April 1,991 companies collapsed more than double the figures from 12 months ago and 39% up from 2019 for April of that year.

The Insolvency Service said: “In April 2022 there were 1,777 Creditors’ Voluntary Liquidations (CVLs), more than double the number in April 2021 and 74% higher than April 2019. Numbers for other types of company insolvencies, such as compulsory liquidations, remained lower than before the pandemic, although there were three times as many compulsory liquidations in April 2022 compared to April 2021, and the number of administrations was 51% higher than a year ago.”

Ian Carrotte of ICSM said the figures mirrored information from the credit intelligence group’s members as anecdotal stories emerge of late payment and firms entering administration such as the YM Group in Yorkshire.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Reforming Insolvency Laws ‘can’t come soon enough’ as a court shuts down rogue Individual Voluntary Arrangement firm

By Harry Mottram: The customers of Vanguard Insolvency Practitioners (IVA) had no idea what they were being charged for as they commissioned the company to help them to negotiate their debts with creditors.

ICSM said the companies that used the IVA suffered a second piece of bad luck as not only were they in debt and struggling to survive but then were charged huge fees that had no details as to what they were for.

The Insolvency Service were tipped off that all was not right with the actions of the Vanguard Insolvency Practitioners and after investigations they took legal action against the firm eventually winding up the firm and its associates.

The Government’s Insolvency Service said in a statement: “The court heard that Vanguard was a ‘volume’ Individual Voluntary Arrangement (IVA) provider that enabled people in debt to come to an arrangement with their creditors to pay all or part of their debts. Vanguard charged customers a fee for facilitating their arrangements, which were supervised by Vanguard’s licensed insolvency practitioner.”

The Insolvency Service said that Vanguard traded from 2016 and used third-party suppliers to help administer the IVAs and realise debtors’ assets. By April 2020 Vanguard had more than 14,000 IVA cases under its management. Investigators found that between August 2018 and June 2020, Vanguard made payments to various third-party suppliers totalling almost £9 million from their customers’ estates under the guise of expenses or disbursements.

They said: “Some of the third parties under a fee sharing arrangement would then make payments to MDN Consultancy and KIS Financial Consultancy, who were connected to Vanguard through close personal or family relationships. Further enquiries discovered that Vanguard’s licensed insolvency practitioner, responsible for overseeing the IVAs, did not properly explain to customers what their fees were being used for. Investigators concluded that Vanguard’s practices lacked transparency as did the activities of its licensed insolvency practitioner.”

Ian Carrotte said that reforms to the insolvency industry currently under review by the Government could not come soon enough as there were regular incidents of ‘sharp practice.’

Claire Entwistle, Assistant Director of Investigation and Enforcement Services for the Insolvency Service, said: “Following a complex and lengthy investigation, the court recognised the severity of Vanguard and the connected companies’ activities before closing them down for good. This sends a strong message to volume IVA providers that if they do not deal with their cases properly and there is evidence of abuse, we will take strong action to protect customers and stop them.

“The winding up petitions have not affected the position of any of the IVAs previously under Vanguard’s control. These were taken on by another provider some time ago and consumers should continue to make payments in accordance with the terms of their agreement. Any customers who are concerned should get in touch with their IVA provider in the usual way.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Concerns mount over the future of Lettershop as the landlord steps in at the printing firm’s Leeds site following the collapse of YM Group

The last month has seen one of Britain’s largest printing empires collapse into administration amongst recriminations, bitterness and the loss of millions of pounds, writes Harry Mottram.

One of the last parts of the YM Group that escaped the initial collapse has its future now in question after the landlord of Leeds-based Lettershop took possession of the factory site.

Writing for the trade website Print Week, journalist Jo Francis reported: “On 1 May an enforcement notice was posted on the factory stating that Learmonth Property Investment Co had entered the Whitehall Park site in accordance with its powers under clause 5.1 of the lease.

“Printweek understands that over the weekend Paragon Group – widely viewed as the most likely future owner of Lettershop – has been working urgently with FRP Advisory and the landlord to come up with a solution to the situation. It’s not known how much work in progress is effectively trapped in the factory.”

The reporter added: “Vehicular access to the site was also blocked off.” And: “A source close to the situation said they believed Lettershop was months behind with the rent.”

The trade publication has followed the demise of the YM Group with interest due to its size and the shadow of an even larger collapse of a similar company a few years ago when Polestar went under. The reverberations of that calamity also echo with YM as the company took over the loss making Chantry from Polestar in 2016 without according to Print Week without gaining assurances from the existing customers of an ongoing commitment to work.

ICSM have noted the downfall of the YM Group through its vast network of member companies engaged in the printing industry and its allied sectors as well as their clients who became increasingly concerned over print deadlines not being met.

Joe Francis in a piece on the collapse raised some of the questions of what went wrong. She noted the board of directors had two accountants in the shape of CEO Stephen Goodman and CFO Lee Richardson who one would have been able to spot trouble in advance. Somehow, they didn’t spot until the last minute there wasn’t enough cash to pay the 500 plus workers their wages this spring which heralded the final shut down. There was also the calamity of buying Chantry along with its press when there was not enough business to keep it running and finally the Daily Mail contract that was won only because they pitched an uneconomical price.

Now administrators FRP Advisory are in charge and will make a report to reveal the reasons, which ICSM believes will show a string of poor management decisions. A spokesperson for ICSM said this was a classic case of ego getting in the way of basic business sense which has resulted in suppliers and workers left unpaid.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

AGENDA WEST NEWS: The high risk of paying into a funeral plan – ahead of enforced regulation Safe Hands goes bust losing all the money their 46,000 customers invested in funeral plans

Reports that directors of failed funeral firm Safe Hands ‘helped themselves’ to £60 million trust money ahead of regulation being imposed has set alarm bells ringing in the industry.

On July 29, 2022, firms who offer pre-paid funeral plans will be regulated by the Government’s Financial Conduct Authority (FCA). Those firms which decline to be regulated must cease trading. Ahead of the deadline there are increasing concerns that some companies will deliberately go bust taking with them the cash invested in them by their customers.

The concerns are genuine following the collapse of Safe Hands whose 46,000 customers will almost certainly lose all their money invested at an average of £4,000 a plan. Media reports have revealed a scandal in which the directors of Safe Hands cynically looted the £60 million pounds held in trust by the company paying themselves vast dividends and hiding millions in other investments and luxury lifestyles.

There are nearly two million people who have taken out pre-paid funeral plans with some 65 companies paying on average around £4,000 each in the UK with an estimated 200,000 new plans sold every year. It’s a growing market but without regulation (declined by David Cameron’s Government in 2000) it has become something of a free for all since anyone can set up a company offering so-called peace of mind plans.

Day time TV is saturated by firms offering customers to pay over several years for plans which mean their relatives won’t have to find the money to pay for their funerals. It’s a good idea for those who can afford it but without regulation there is no knowing that their money is safe if the firm goes into administration as promises made as it the case of Safe Hands to ring fence the funds were broken.

Now there is concern over other companies collapsing with their investors cash before July 29. Heavenly Services went bust in February leaving their customers without any cash despite having taken thousands of pounds in payment plans and there are increasing concerns over more of these companies crashing.

Checkaco’s spokes person said there are some tried and tested companies like the Co-op but if you are considering taking out a pre-paid plan then do a Checkaco credit check on them or wait until after July 29.

Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds
Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.
Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)
 
Get the low down on any firm at https://checkaco.com/



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

Warnings were ignored by the Government over Covid bank loans as The Times reveals billions lost in fraud

While viable businesses were shut down by the Government’s extreme covid shut downs in 2020 and 2021 fraudsters were setting up shell companies to claim Covid cash writes Harry Mottram.

ICSM has repeatedly highlighted the injustices of how legitimate firms were forced to close as their markets were taken away by the Government’s Covid policies. Millions were spent on PPE for hospitals which turned out to be useless to firms that had no history of supplying medical protective clothing while traditional suppliers were ignored. But the scandal of the Government granting loans and grants to companies to get them through the Covid Crisis has cost the nation’s tax payers eye-watering amounts of cash – now revealed in full by The Times.

Ian Carrotte of ICSM said: “We have warned from the start that telling the banks they would not be liable if the loans were not repaid was a mistake. Anecdotally we have heard countless stories of companies being set up simply to claim the cash and then once the money is in their bank accounts they spend it on anything but maintaining their business. Cars, holidays, home improvements – we’ve heard it all. While long standing businesses have stuck to the rules and continued to battle through the lock downs crooks have been allowed to get away with day light robbery.”

George Greenwood and James Hurley of The Times have exposed some of the worst crimes committed by fraudsters who took advantage of the Government’s lax regulations. In an article published today by the newspaper the journalists wrote: “Border force officials have stopped people at airports across Britain ‘carrying large amounts of money suspected from coronavirus bounce-back loans’, a Home Office source said. Other recipients of financial support during the pandemic used the money to fund gambling sprees, home improvements, cars and watches, it has emerged.

“They are among dozens of company directors who have been disqualified after misusing the loans scheme that was set up to support businesses during the pandemic. In many cases the individuals took out the loans before immediately transferring the funds into personal bank accounts and spending the money on themselves instead of their companies.”

Ian Carrotte of ICSM – the group dedicated to exposing potential company insolvencies and late payers so their members can avoid bad businesses – said the newspaper estimated £17 billion of the Government’s £47 billion bounce back loans would never be repaid. “An eye-watering £4.7 billion was lost to fraud,” he said, “according to The Times. Clearly fraud is something that potentially happens with Government contracts – it’s a fact of life – but this is on an industrial scale. £4.7 billion would pay for four new state of the art hospitals – with plenty of cash left over to help fund Action Fraud.”

The Times reported:

  • A gambler used a £50,000 bounce-back loan to fund poker games after claiming his company turned over £200,000, even though he only had £2.72 in his account.
  • One businessman breached scheme rules by securing more than ten pandemic loans for companies in the same corporate group.
  • A sandwich shop owner received a £35,000 loan for his business before using it to fund the refurbishment of his garden, gambling losses and a new business that went bust within six months.
  • A pub landlord paid himself £30,000 after claiming one of the business loans in “consultancy fees”.
  • A soft drink company owner inflated his firm’s turnover by 100 times on his application to get a maximum £50,000 loan.
  • A restaurant owner was able to get a loan after having already been evicted from his premises for not paying rent.

For the full article visit https://www.thetimes.co.uk/article/suitcases-of-covid-loan-cash-seized-at-uks-borders-wcnnjd7r8

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

CHECKACO NEWS: check out the builders first if you plan to use them to construct an extension on your home (or you could end up with £100,000 bill like this MP)

Many people have engaged builders to extend their homes after being stuck inside with the Covid lockdowns and a need to work from home and create a professional office space.

Having an extension can increase the value of your home and create more space making it a more attractive place to live – but beware. Engaging a building firm with a dodgy record of work is bad enough but one with financial problems could leave you high and dry financially. Always check out a limited company with Checkaco to find out if they are either going to go bust on you taking your cash with them – or simply disappear with your hefty deposit.

One such case came to prominence this year with the MP for Wyre Forest Mark Garnier explained how building work on his home took five years instead of the six months promised and a bill of £100,000.

The Daily Mail spoke to him about the case. He said: “It started well and the standard of work was OK. But it soon became clear it would take much longer than we’d expected, and the two builders quickly dropped to one when the junior got fed up with his working conditions. When the work was overdue by four months, they had barely finished half the contract. They stopped taking our calls and when we went to visit the project manager’s home, he refused to see us.

“Eventually, the site was completed to a basic level, with no extension and large parts left undone. That’s when the real nightmare started. They presented us with a mostly fictitious six-figure bill. We engaged a legal team to challenge it but, at each turn, the builders made up more charges.”

He said that after five years and sleepless nights they ended up with a legal bill of £100,000.

It just goes to show how things can go wrong if you choose the wrong builder. The main causes of bad builders are either a lack of professionalism or financial issues. Unprofessional builders can be weeded out through recommendations and qualifications, but financial problems are easier to hide. That’s where Checkaco comes in as a quick check with the firm will reveal County Court Judgements (CCJs), struck off notices and a credit history that should make you run for the hills.

Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds
Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.
Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)
 
Get the low down on any firm at https://checkaco.com/



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

BROKE: The return of Crown Preference scuppers more Company Voluntary Arrangements (CVAs) as the Government seeks to claw back unpaid tax from insolvent companies – and everyone loses out

It appears the vogue for Company Voluntary Arrangements (CVAs) have fallen out of fashion – not because of a new way to save an insolvent company – but because the authorities have insisted on unpaid tax being settled in full when a firm goes bust writes Harry Mottram.

Writing for Accountancy Age Stewart Perry pointed out: “CVAs are a consensual insolvency process. The directors of the company propose to its creditors a resolution of the financial difficulty in which it finds itself. This can take any shape but frequently involves the introduction of more equity, in return for which creditors agree to receive less than they are entitled to in full and final satisfaction of their claims. If more than 75 percent by value of unsecured creditors agree to the proposal, it can bind the dissenting 25 percent. There are saving provisions for secured creditors (who cannot be affected without their consent), and preferential creditors (who must be paid in full before unsecured creditors receive anything, again unless they consent).”

But in the 2018 budget the Government decided too much tax was being written off in CVAs. Essentially secured creditors would get much of what they were owed – such as lenders and banks – but unsecured creditors would at least get some of what they were owed including the taxman. With Crown Preference the taxman must be paid in full from whatever is left of an insolvent company’s assets – meaning most unsecured creditors will get little or nothing – and nobody would vote for that in a CVA.

Tax owing includes the employees’ National Insurance and tax liabilities that have not been paid, VAT and any tax such as corporation tax that is unpaid. Ian Carrotte of ICSM said: “It’s been called the law of unintended consequences as with a fall in CVAs the taxman will get even less than before as insolvent firms will simply be liquidated. Take for instance recent stats from the Insolvency Service. For the last 12 months there were only 115 CVAs which was less than one percent of the total corporate insolvencies. That’s down from 2019 by two thirds. That means fewer firms are saved and less cash goes to the taxman.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Warnings were ignored by the Government over Covid bank loans as The Times reveals billions lost in fraud

While viable businesses were shut down by the Government’s extreme covid shut downs in 2020 and 2021 fraudsters were setting up shell companies to claim Covid cash writes Harry Mottram.

ICSM has repeatedly highlighted the injustices of how legitimate firms were forced to close as their markets were taken away by the Government’s Covid policies. Millions were spent on PPE for hospitals which turned out to be useless to firms that had no history of supplying medical protective clothing while traditional suppliers were ignored. But the scandal of the Government granting loans and grants to companies to get them through the Covid Crisis has cost the nation’s tax payers eye-watering amounts of cash – now revealed in full by The Times.

Ian Carrotte of ICSM said: “We have warned from the start that telling the banks they would not be liable if the loans were not repaid was a mistake. Anecdotally we have heard countless stories of companies being set up simply to claim the cash and then once the money is in their bank accounts they spend it on anything but maintaining their business. Cars, holidays, home improvements – we’ve heard it all. While long standing businesses have stuck to the rules and continued to battle through the lock downs crooks have been allowed to get away with day light robbery.”

George Greenwood and James Hurley of The Times have exposed some of the worst crimes committed by fraudsters who took advantage of the Government’s lax regulations. In an article published today by the newspaper the journalists wrote: “Border force officials have stopped people at airports across Britain ‘carrying large amounts of money suspected from coronavirus bounce-back loans’, a Home Office source said. Other recipients of financial support during the pandemic used the money to fund gambling sprees, home improvements, cars and watches, it has emerged.

“They are among dozens of company directors who have been disqualified after misusing the loans scheme that was set up to support businesses during the pandemic. In many cases the individuals took out the loans before immediately transferring the funds into personal bank accounts and spending the money on themselves instead of their companies.”

Ian Carrotte of ICSM – the group dedicated to exposing potential company insolvencies and late payers so their members can avoid bad businesses – said the newspaper estimated £17 billion of the Government’s £47 billion bounce back loans would never be repaid. “An eye-watering £4.7 billion was lost to fraud,” he said, “according to The Times. Clearly fraud is something that potentially happens with Government contracts – it’s a fact of life – but this is on an industrial scale. £4.7 billion would pay for four new state of the art hospitals – with plenty of cash left over to help fund Action Fraud.”

The Times reported:

  • A gambler used a £50,000 bounce-back loan to fund poker games after claiming his company turned over £200,000, even though he only had £2.72 in his account.
  • One businessman breached scheme rules by securing more than ten pandemic loans for companies in the same corporate group.
  • A sandwich shop owner received a £35,000 loan for his business before using it to fund the refurbishment of his garden, gambling losses and a new business that went bust within six months.
  • A pub landlord paid himself £30,000 after claiming one of the business loans in “consultancy fees”.
  • A soft drink company owner inflated his firm’s turnover by 100 times on his application to get a maximum £50,000 loan.
  • A restaurant owner was able to get a loan after having already been evicted from his premises for not paying rent.

For the full article visit https://www.thetimes.co.uk/article/suitcases-of-covid-loan-cash-seized-at-uks-borders-wcnnjd7r8

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

AGENDA WEST: Beware of that invoice that arrives by email – it might be a scam

The bogus invoice

An email arrives on the family computer for a small amount of money from a DIY store requesting payment. Nothing unusual in that – in a busy life invoices come in for all manner of expenses and it’s always best to pay them promptly. Except this one, writes Harry Mottram.

The invoice in question is from Screwfix for £2.49. It looked genuine enough except I hadn’t ordered or bought anything from the firm nor had anyone else in my household. But I could so easily of paid it thinking I had a memory lapse or that it was such a small amount that it wouldn’t be a problem if a friend or relative had ordered whatever it was under my name and email.

But there was something odd about it so I checked with Screwfix and they said: “We are aware of a fraudulent email sent to both customers and non-customers stating it is an invoice from Screwfix.”

The fraudsters send out hundreds of thousands of emails in the hope that if only one or two percent of those that receive them pay up they will be quids in. But it is a fraud and totally illegal and once they have hooked a victim they will target them with more scams.

Action Fraud of the Police said: “Fake invoice scams happen when fraudsters send an invoice or bill to a company, requesting payment for goods or services. The invoice might say that the due date for the payment has passed, or threaten that non-payment will affect credit rating. In fact, the invoice is fake and is for goods and services that haven’t been ordered or received. If fraud has been committed, report it to Action Fraud.”

Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds
Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.
Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)
 
Get the low down on any firm at https://checkaco.com/



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

YM Collapse: workers left unpaid, anger at directors, calls for an investigation – and Printweek praised for keeping industry informed

The demise of three of YM Group’s print factories has been charted by the trade website and magazine Printweek with the comments from readers giving an added insight into the thoughts of those in the industry, writes Harry Mottram.

The publications reporter Jo Francis has kept readers informed during the slow car crash of the company from its securing of the Daily Mail contract last year to its collapse this spring. ICSM has echoed the news of the decline and fall due to having a large number of print and allied trades as members. The reasons for their joining the credit intelligence group is to avoid the fate of some of the suppliers of YM who have been left unpaid.

There is considerable anger across the industry in the way the YM Group was managed or rather mismanaged and in particular the manner of the collapse leaving workers unpaid and there was praise for Printweek’s coverage of the story.

Jo Francis reported: “FRP was appointed at YM Chantry, York Mailing, and Pindar Scarborough today (31 March). Around 600 jobs are on the line at the factories, based on YM’s most recent accounts, for the year ending 31 May 2020.”

The trade publication explained that YM’s backer Pricoa had refrained from bailing out the group resulting in workers left high and dry and a string of suppliers left unpaid. There was considerable anger over the way the workforce and suppliers were left in the dark about the potential collapse with suppliers receiving orders for goods when the company was insolvent.

One commentator under the name of johannesgutenberg on Printweek’s website said: “Strictly speaking, if the company is insolvent and it can be proved, the company should not be trading. Criminal charges can be brought.” The same writer noted: “In all honesty, like with so many other company groups in the past, the management were never there to make a go of the business. Only there to make a killing on large salaries, expense accounts and pilfer whatever they can before the game is up.”

Ian Carrotte of ICSM said there were similarities to the collapse of Polestar where the collapsed group left huge debts. He said suppliers must be cautious when receiving orders from a firm that is rumoured to be in trouble with evidence of County Court Judgements registered against a company. Another give away he said was taking a careful look at a firm’s published accounts where a long term trend can be spotted such as a year on year fall in profits and turn-over.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Pic: BBC

Parliament: Five recommendations to tame the ‘Wild West’ of the insolvency industry after scandals that have cost suppliers, workers, and tax payers billions

In Westminster, the All-Party Parliamentary Group (APPG) for Fair Business Banking have issued five recommendations to reform the insolvency industry following a number of high-profile scandals.

Sam Alberti of Accountancy Age reported how the APPG had investigated the industry and concluded that lax regulations had allowed for ‘intimidation, deception, dishonesty and even misappropriation of assets, all involving IPs supposedly performing their court-appointed functions.’

They gave examples that included KPMG’s handling of the sale of Silentnight to US private equity firm HIG Capital which allowed to deal to dump the firm’s pension liabilities and the scandal surrounding HBOS Reading, where two directors were involved in misappropriating more that £1bn.

APPG’s five policy recommendations

1 Rules to eradicate a conflict of interest forbidding Ips or insolvency firms to be appointed if they have been interested parties with the insolvent firm within the last two years.

2 A new single regulator with an ombudsman to replace the recognised professional bodies (RPBs), which also oversee the accounting and audit professions.

3 A new Insolvency Code of Ethics on a statutory footing, to enforce rules and punish transgressors.

A centralised database recording the outcomes of administrations so the industry can learn from past practices and improve efficiency in corporate rescue proceedings.

Rule changes to include barring legislative administrators from discussing or pre-agreeing strategies with appointing creditors, and removing banks’ veto powers, which currently grant the lender the right to choose an IP.

Sam Alberti of Accountancy Age added: “The report also suggests putting the obligation for an IP to seek solvent rescue is put on statutory footing, as well as extending new evaluator process to cover asset sales over £5m. Moreover, the government should re-consider extending the CIGA moratorium to financial contracts and imposing a statutory charge or levy over 5 percent of an insolvent company’s assets.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

CHECKACO NEWS UPDATE: the £3.2 million that Katie Price’s company owes in tax and to the public who paid for goods

Posted on by Harry MottramEdit”CHECKACO NEWS UPDATE: the £3.2 million that Katie Price’s company owes in tax and to the public who paid for goods”

Katie Price’s business is shut down owing millions to suppliers and members of the public who won’t get all of their money back.

Much has been written about the demise of the glamour model Katie Price’s business which as a limited company is a separate entity from her personally. For the record her company Jordan Trading Limited that ceased trading in 2017 owed the taxman £192,376 along with more than £25,000 to suppliers and members of the public. They lost out by ordering goods from her firm for items such as cosmetics and clothing. Liquidators expect them to get as little as eight pence in the pound.

The Sun reported some of the details that her firm owed including the fact she is unlikely to have to fork out £176,621 in tax.

Checkaco’s company checks have flagged up problems in the past for Jordan Trading Limited. The newspaper said: “The firm was put into voluntary liquidation five years ago with the 43-year-old’s total debts now up to £3.2 million and there are fears she may even lose her ‘mucky mansion’.”

A row broke out over the cost charged to the company by the liquidators Moorfields who claimed their fees were high due to the complex nature of winding up the business.

Katie Price tried to raise cash from sales from new lines such as equestrian goods under Dazzle in the Saddle, Scented By Katie Price, a children’s boutique Princess & Bunny and clothing and accessories under the DEPOP name.

The glamour model and celebrity is not the only famous face to use her name to sell to the public only for everything to go wrong with the public losing their money. Actress Lindsay Lohan’s club in Mykonos, Greece, collapsed within weeks of opening, the Kardashian’s promoted a debit card that was pulled within days of its launch due to its high fees, even Steven Spielberg tried his own submarine themed restaurant which failed and of course Donald Trump famously had more business failures than successes in the betting industry. All big names – all who took the public’s cash – so you’ve been warned – always run a Checkaco on a business before parting with large amounts of cash.

Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds
Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.
Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)
 
Get the low down on any firm at https://checkaco.com/



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

German national Boris Becker arrives at court with partner Lilian de Carvalho Monteiro. Pic: Reuters for the BBC

Game, set and stash: when stashing cash away from the Insolvency Service and hiding assets as your creditors close in can end in court (and even prison)

By Harry Mottram for ICSM: The former world number one tennis player Boris Becker has been found guilty of hiding assets and cash from the authorities relating to his bankruptcy at Southwark Crown Court on Friday, 8th April 2022.

The case was bought against him by the Insolvency Service after he was charged with 24 offences under the Insolvency Act following his 2017 bankruptcy over a £3.5 million loan from the bank Arbuthnot Latham for a home Spain.

It reveals how he used his former company’s bank account to pay personal bills and maintain his luxury lifestyle after being declared bankrupt as well as hiding a number of assets and cash which he should have declared.

To avoid the bank debt he hid £700,000, transferred hundreds of thousands to his ex-wives, kept quiet about his German house and paid close to a million pounds from the sale of car dealership business to another business account in his name.

He was also found guilty by the court of several other attempts to hide cash and other properties but he was cleared of 20 accounts of hiding assets including the disposal of his tennis trophies. Becker will be sentenced later this month which could include a prison sentence.

The case reveals how trying to avoid paying debts – such as a bank loan – can leave you in serious trouble. ICSM’s spokesman said if he had come clean at the beginning it is possible that some of the debts would have been written off and an out of court settlement could have been sealed. He would not be the first sporting celebrity to go bust and his name alone would have meant he could have restored his fortunes with future work. The spokesperson went on to say it is a mistake to use a business account as though it is also a personal one and a bigger mistake to try and mislead the Insolvency Service.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Pic: Reuters

The UK arm of Russia’s second-biggest bank goes bust as more Russian firms are sanctioned with staff and suppliers hit

Within a few short weeks some of the largest Russian companies and banks have all but collapsed in the UK as sanctions cut the ground from beneath them writes Harry Mottram.

The British arm of the Russian bank VTB is reported to be appointing administrators after it was no longer able to pay its debts, its staff, its suppliers or its landlords due to the sanctions imposed over Putin’s War in the Ukraine.

Dozens of Russian companies have had their ability to trade frozen by the Government with the stock market freezing trade on 27 companies linked to Moscow alone. It’s led to a loss of value in most of the companies sanctioned with some becoming worthless since they cannot operate in the UK. CNBC reported that Sberbank was down 99.72% year-to-date to trade for around a single penny before the suspension, while Gazprom was down 93.71%, Lukoil 99.2%, Polyus 95.58% and EN+ 20.51%.

The Daily Mail reported that the VTB Bank would go into administration in a hearing at the High Court in London yesterday, (Sunday 10 April) when Judge Timothy Fancourt approved its application to appoint administrators. They reported: “He said Russia’s second largest bank was unable to function and pay its debts – such as rent owed – following Western sanctions prompted by the invasion of Ukraine.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

P&O Ferries: a massive PR disaster – when there were legal (and common sense) options to take to turn the firm around

Anger, frustration and incredulity are just some of the emotions created by the P&O’s decision to fire 800 staff from its various UK ferry routes last week writes Harry Mottram.

In a rare show of unity both Conservative and Labour MPs condemned the decision to fire and rehire their UK workforce despite the Government talking out a proposed law last year that would have prevented the practice.

The Prime Minister Boris Johnson has declared the decision illegal and during a parliamentary committee meeting P&O Ferries boss Peter Hebblethwaite admitted the firm had broken the law by not consulting the unions.

He claimed that it was the only course of action that could save the firm from collapse explaining the ferry operation was losing money and was no longer viable. By replacing the staff with agency workers on far lower wages he said the firm could survive although it would be paying out £36.5 million in redundancy settlements.

However, the company had other options including calling in administrators to guide the firm through to solvency which may have seen cost savings in the shape of redundancies and scaling back of its services, a sale of assets, negotiating a negotiate a Company Voluntary Arrangement (CVA)  or even finding a buyer.

The parent company DP World based in Dubai could also have continued to subsidise the ferries until business picked up following two years of losses caused by the Covid crisis. MPs pointed out at the committee grilling of Peter Hebblethwaite that DP World had spent £147 million on sponsoring a golf tournament and paying £270 million dividends to shareholders. In 2020 the firm lost £105m according to the accounts – reported The Guardian.

P&O have taken a massive public relations hit over the affair and could end up failing if the Government insists on their £11 million in furlough payments being repaid or they declare the ferries are not seaworthy and revoke their licences. There is also a possibility of a consumer boycott plunging their operation into further problems – while all the time the Danish firm Det Forenede Dampskibs-Selskab (DFDS) and Irish Ferries must be relishing the prospect that their rival for the Dover-Calais crossing is in crisis. Likewise, Brittany Ferries may also pick up trade from P&O with their cross-channel routes to west France – and Stena Line also have ferries connecting to Europe and Ireland from the UK. And of course, the Channel Tunnel may see more business as a result.

If P&O had taken one of the legal routes to solve their financial problems, then the fall-out (which could still include collapse) would have been avoided. It is a lesson in how not to handle massive losses for a business in an industry that should be able to survive as long as England remains separated from France by the English Channel.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

AGENDA WEST NEWS: beware of the fake aid websites claiming to raise cash for Ukrainian refugees – we list the ones to avoid and the official ones helping to save lives

Fraudsters are pretending to raise funds for Ukraine by creating websites using the name of the country in the title in an attempt to fool people into donating to them.

Unfortunately, all the money goes to criminals. Look out for these as they are fraudulent: help-for-ukraine.eu, tokenukraine.com, supportukraine.today, and ukrainesolidarity.org.

These and many more have been seen by members of the public with more being created every day to trick people into donating online. The Fundraising Regulator, the Charity Commission for England and Wales, National Trading Standards and Action Fraud have issued guidelines to the public who wish to donate online to the Ukraine refugees.

Data from Action Fraud reveals that £1.6m of the public’s money was lost to online charity fraud over the past year as non-existent charities and the fraudulent collections pretending to be from official charities scooped the cash.

The legitimate and most widely use websites for the Ukraine crisis are these:

Disasters Emergency Committee (DEC)

https://donation.dec.org.uk/ukraine-humanitarian-appeal

Every pound given to the DEC is matched by the government, up to the value of £20m. You can donate at a Post Office, as well as directly. It includes The British Red Cross, Christian Aid, Action Against Hunger, Oxfam, Save the Children and many more mainstream charities.

UNHCR, the UN Refugee Agency

https://www.unhcr.org/news/briefing/2022/3/621deda74/unhcr-mobilizing-aid-forcibly-displaced-ukraine-neighbouring-countries.html

UNHCR has a long-standing presence in the region, including in Poland, Hungary, Moldova, Slovakia and Romania, and is coordinating the refugee response with other UN agencies and NGO partners, in support of national authorities.

The World Health Organisation (WHO)

Home

Home

https://www.ukraine.who.foundation/embed/#?secret=EY6mnTdcSD#?secret=PG9zMnT13C

The WHO Health Emergency Appeal for Ukraine supports vital healthcare to treat patients wounded by the conflict or those in need of vital care.

Médecins Sans Frontières / Doctors Without Borders (MSF) 

https://msf.org.uk/

(MSF) teams are working to deliver emergency medical aid to people still in Ukraine, as well as those now seeking safety in neighbouring countries.

There are more well established charities also support the refugees including ones for the Roman Catholic Church Cafod,  World Jewish Relief and the Orthodox Churches. Plus there are local collections and more well-known charities raising cash along with newspapers – but the ones above are the main ones for Ukraine especially the DEC.

Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds
Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.
Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)
 
Get the low down on any firm at https://checkaco.com/



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

CHECKACO NEWS: VAT fraudster arrested in Spain after nine years on the run

Posted on by Harry Mottram

Sarah Panitzke

Sarah Panitzke was arrested in Santa Barbara in Spain while walking her dogs this week. The unremarkable looking 47-year-old woman was one of Britain’s most wanted criminals having skipped the UK after being convicted of a phone tax fraud in 2013.

Born in Spain but brought up in England Panitzke was the bookkeeper and administrator to an 18 strong team of criminals. They bought large numbers of mobile phones abroad and sold them in the UK and elsewhere without paying any VAT or other taxes netting huge profits. When they were busted by the authorities they were estimated to have made £1 billion.

At the trial Panitzke was sentenced to eight years in jail and was ordered to repay £2.4 million to the authorities for her part in the tax fraud.

The National Crime Agency said: “She controlled the company accounts of many companies remotely via different IP addresses. Panitzke travelled extensively to further the fraud to places including Dubai, Spain and Andorra. She was responsible for laundering approximately £1billion.”

The rest of the gang were also convicted at the time and all given lengthy prison sentences and ordered to pay £111 in total as part of their ill gotten gains.

There’s an old saying there are only two certainties in life: death and taxes. The taxman in this case has finally got his woman.

CHECKACO ADVICE: if you knowingly buy a phone that you know has been imported without paying VAT then you are part of the fraud. If you suspect someone is trying to sell you a phone that you think has not paid the relevant tax then you should contact Action Fraud. See https://www.actionfraud.police.uk/

Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds
Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.
Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)
 
Get the low down on any firm at https://checkaco.com/



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

ICSM on Company Voluntary Arrangements as retailer Ann Summers exits its CVA after increasing its online retailing

The retailer Ann Summers has returned to profit after a long stretch of trading under a Company Voluntary Arrangement (CVA).

With around 100 retail outlets the company has concentrated on building its online business after it stores were forced to close during the lockdowns. It’s turn around strategy has worked for the lingerie and sex toy business with an increase in sales of 9.3% up to June 2021 and a profit of £113.8 million. That followed a near collapse in the previous tow years with massive losses of £11.3 and £7.2 million for 2019 and 2020.

Those losses saw the firm teetering on the brink but opted for a CVA to protect the business from creditors in October 2020. It is understood that most of the stores will remain open following agreements with landlords to reduce or suspend terms of their leases or rent arrangements.

Ian Carrotte of ICSM said CVAs can be a blueprint for survival for some retailers. “If their core business is sound then as long as they put into action a radical plan to make the company profitable then a CVA is the right course,” he said, “however although a CVA has to be agreed by the majority of creditors many suppliers will feel aggrieved that they do not get paid. Sometimes the debtor will give assurances that they will trade with the revived firm in the future to help redress the losses – but that is not guaranteed.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

AGENDA WEST NEWS: Russian businesses are in trouble and the Oligarchs have nowhere to berth their super yachts – concerns mount if they can pay their suppliers

A new situation has developed for businesses who are either Russian firms trading in the UK or are UK firms trading with Russia. Essentially the billion pound business has had been halted due to the sanctions over Ukraine war which has seen the West turn against the forces of Putin in disgust as the actions that have created the largest European war since 1945.

One casualty is the former Strictly Come Dancing business-woman Kristina Rihanoff who has had a backlash over her endorsement of Putin’s war against innocent civilians in the Ukraine (hurriedly retracted when she realised public opinion). According to The Sun newspaper her dance business is £500,000 in debt due to not being able to work normally during the pandemic.

Another Russian on the run is the incredibly wealthy Roman Abramovich who famously owns Chelsea FC in London. The owner of the club is thought to be close to Putin but suddenly changed the ownership of the business to the trustees of the club. They are seeking clarification as they are not sure about the move. It’s a mess as the Kremlin sycophant tries to save his reputation. His wealth is reported to be losing its value by several million since the Russian army invaded Ukraine.

The EU announced today Russian billionaires will no longer be able to dock their yachts in European docks and have added sanctions against a number of Russian individuals including Alisher Usmanov and Oleg Deripaska.

The net is closing but for those who trade with Russian businesses in the UK, but there is a problem as if the firms are in free fall as Kristina Rihanoff’s firm is then the question is will suppliers get paid?

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

How the Ukraine crisis will hit your business – and what you can do about it

The war in the Ukraine has redefined the world order – not just politically but economically as well. Back in the days of the Cold War there was a divide between the capitalist come mixed economies of the West and the Communist or state-controlled industries of the Eastern nations dominated by the Soviet Union.

Now the same seems to be happening as the West finally realise that Russia controlled by the dictator Putin wants to conquer whole chunks of Europe. It’s led to schism not seen since the end of the Second World War in 1945. Russian has been isolated due to its aggression and war crimes as it attempts to blast Ukraine into submission. But to cut off the Russian economy comes at a price to British industry and here are some of the costs coming our way which could see many firms struggle and others go to the wall.

1 Oil and Diesel prices

Already filling up a van at a motorway service station has seen prices go over £1.60 a litre while nationally they are not far behind while supermarket diesel is around £1.80 and rising. Petrol is closer to £1.50 a litre but is set to rise as oil hits the $100 a barrel and continues to rise. Every single delivery and every single sales rep shooting off to see clients brings a hike in overheads – and prices are set to increase further with the average saloon or small van being filled up for just south of £100. The rises are not just to do with the war in Ukraine although that’s sent the international markets into a panic as Russia produces around 10% of the world’s black stuff. Meanwhile under pressure from the Government BP has offloaded its 20% stake in Rosneft the Russian oil giant owned by the state slashing its potential profits and potentially jobs ahead of a further price rise as margins are cut.

2 Gas prices

Heating your office or factory is an expensive business and it set to become more expensive with gas prices rising in some cases by almost a third. Last year around 20 energy suppliers went bust as the prices hit the price cap set by Ofgem meant they couldn’t make a profit and with no reserves were insolvent. With a major hike last year prices this year are anticipated to rise according to Energy UK by 50%. Hot weather in Asia – gas is used for air conditioning – and cold weather in Europe has increased demand but the Ukraine war Russia is effectively being frozen out as a supplier to much of Europe meaning most nations are scrambling around to find new suppliers in North Africa and the Middle east – sending up prices. We get about 5% from Russia so we shouldn’t be short of the stuff – but prices are hitting all time highs despite all that gas under the North Sea. These kind of rises mean an average small office with just a couple of rooms will see a monthly bill of close to £100 – potentially rising to £150 this year or £1,800 per annum.

3 Exports and Imports

In the great scheme of things exports to Russia are nothing like as much as they are to the EU. In 2020 we exported £2.1 billion and imported £19 billion in goods with 40% from energy and 11% from non-ferrous metal. Around 4,000 firms trade with Russian but now that figure could be cut drastically – whether its refitting super yachts or exporting luxury cars – trade is set to all but stop.

4 Inflation

Already on the rise inflation is running above 5% and set to hit double digits potentially as oil, gas, diesel, food and just about everything else rises in prices – driven up by energy increases. That means your products or services need to rise in price if you are to keep up with inflation. In most cases passing on price rises may not be an option. Instead many in business look elsewhere to make savings. Salaries? Rent? Suppliers? It’s tricky – and will mean in reality inflation with hit the bottom line.

5 Interest rates

Spare a thought for the Russian consumer – they have interest rates now of 20% after the Rouble all but collapsed this week after the Western nations pulled the plug on many payment methods including the SWIFT scheme. The Bank of England is likely to hike rates in order to keep inflation under control. That means borrowing is more expensive and overdrafts gather increased costs. All of which hit business. The war may not cause interest rate rises but it is a factor in the Bank of England’s calculations. And that means businesses take a hit – as do consumers who have less cash to spend creating a spiral of stagflation.

Advice from ICSM

All of these factors mean it is more expensive to run a business. There are some basic decisions to make in order to stay solvent – and come out the other side when things improve as they will do.

1 Reduce costs with old fashioned insulation – draft excluders and insulating roof spaces – and turning down the heating and wearing a jacket indoors. Not popular with everyone in an office – but practical. Putting a tracker on company cars can prevent reps from taking the scenic route – shall we say. Cutting speeds by a few miles an hour on long journeys saves cash as does ensuring vans are not carrying unnecessary luggage.

2 If it’s a very small office then working from home can save a big cost – but for many this is not possible due to a lack of space. Many a business has started from a lock up or a garden shed – again no good for larger concerns although sharing space with a complementary business can work.

3 Sell off any surplus and hardly used kit and materials.

4 Consolidate working space for production to save money on rent and energy and if you own it lease or rent the extra room.

5 Check all you insurances, loans and utility bills and see if there is a cheaper supplier.

6 Try not to take on any new loans. If you have outstanding debts concentrate on paying them off first.

7 Shorten your payment terms for new customers to increase cash flow. Use ICSM’s micro debt service and our FREE legal letters to chase up long overdue payments. Most firms have many invoices that go unpaid and are written off. Don’t write them off as using ICSM you could be paid even if the invoices are years overdue.

8 Get tough with late payers – remember what happened with Carillion? They expected suppliers to wait up to 120 days to get paid – which meant when they went bust they lost four months of invoices. ICSM’s debt collection service brings in tens of thousands of pounds a year for members.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

CHECKACO News Letter

There was a time when you went a football match and paid a fiver as you went through the turnstile and maybe splashed out on a pie and a Bovril once in the ground.

Tickets for a Liverpool, Manchester City or Arsenal game are between £50 and £80 but if you choose a hospitality package you could spend up to £500 or more meaning it’s cheaper to go to the Royal Opera House in London and watch Tosca performed – knowing what the ending will be.

Buying your ticket from the football club is the safest way to buy – although you may find your chosen deal is sold out months in advance – and nobody seriously expects the likes of Spurs or Manchester United to go bust. However there are umpteen ticket sites run by unofficial companies who offer often cheaper deals from the official club prices. And that’s where problems arise.

Take for instance JM who lives in Germany and paid £890 to Seatsbay.com for three tickets to watch Liverpool play Arsenal in the Premier League this season. The match got postponed and the match was rearranged – but for a date JM couldn’t make. So, JM asked for a refund but was only offered 60% of the price leaving JM £356 out of pocket.

Writing in reply to the consumer in The Guardian, Anna Timms advised: “The law is unambiguous when an event is cancelled. The customer should get a refund. Rescheduling is one of those notorious grey areas. The now defunct Office of Fair Trading ordered football clubs to refund fans in full if they could not attend a rescheduled match. However, those who buy from unofficial resellers have fewer protections.

“Seatsbay says its refund policy is in its terms and conditions. “Refunds will not be issued if the date changes, as we spent time and money getting the tickets,” it says. “This is not something we try to hide, or that is written in small print.” In fact, the relevant clause is a line of small print half-way down the voluminous terms and conditions.

“According to the Competition and Markets Authority (CMA), refund rights depend on the seller’s terms and conditions, but those which exclude a refund in any circumstances are likely to be unfair and unenforceable, while any deductions should be reasonable.”

Many unofficial ticket sellers have extremely unhealthy finances and may well have a chequered history with the authorities. A Checkaco check will spot if they have CCJs against their name or have other tell tale signs they may not be reliable.

Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds
Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.
Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)
 
Get the low down on any firm at https://checkaco.com/



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

Michael and Richard Coffey

Roofers sent to prison after ripping off elderly and vulnerable victims in and around Bristol

Brothers Michael Coffey, 29, and Richard Coffey, 25, both of Northwood Park, Old Gloucester Road, Winterbourne, in South Gloucestershire, have been jailed for ripping off elderly and vulnerable residents in Bristol for shoddy roof repairs.
They quoted low prices but once work began hiked the costs and demanded more cash netting £44,600 from their victims.
The duo received prison sentences of two years and two months and 18 months respectively, they are banned from being company directors and in July a hearing will decide whether to claim the cash off them under the Proceeds of Crime Act.

Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds
Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.
Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)
 
Get the low down on any firm at https://checkaco.com/



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

The programme was set to feature a so-called cryptocurrency millionaire

BBC 1 documentary shut down before it could be screened

Hanad Hasan claims he made £5.9 million pounds after investing £37 a year ago in cryptocurrencies last year. There’s an old saying: ‘if it sounds too good to be true then it’s probably not true.’

The BBC’s Cryptocurrencies are big business documentary scheduled for the BBC 1 We Are England slot on Wednesday, 9th February, focused on the story of a 20-year-old Birmingham man said to have turned $50 into $8m in 12 months. It was of course total nonsense, but the film makers fell for the the story just like so many members of the public who all want to be rich – ideally quickly.

The Guardian newspaper questioned the film makers when they pointed out that Hassan’s cryptocurrency outfit Orfano, was abruptly shut down last October leaving investors high and dry.

The newspaper reported: “The BBC swiftly said it had withdrawn the show but did not make any further comment on its editorial checks. An accompanying online article, which had featured prominently on the BBC News homepage, was also deleted without explanation shortly after the Guardian raised questions. Hassan has also been approached for comment.”

This failure is excruciatingly embarrassing for the national broadcaster since their journalists usually work to the highest standards. What it shows is the power of the conman selling dreams of riches via cryptocurrencies to the public – dreams that are just that.

Checkaco exists to burst the bubble of firms who pretend they can offer incredible value, low cost and guarantee returns above anything offered in reality.

Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds
Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.
Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)
 
Get the low down on any firm at https://checkaco.com/



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

Buying a flat through an affordable housing scheme should be a fairly straightforward transaction as you expect the administrators will have done all the necessary surveys and scrutiny of safety and paperwork. Not so as Haley Tillotson found out when she bought a flat in Leeds as reported by Sam Barket in the Mirror.

They reported: “Hayley Tillotson, 29, bought her ‘dream flat’ in Leeds through the Help to Buy Scheme aged 27. But six months after moving into the property she found it was clad with flammable material. Ms Tillotson could not afford the fire safety costs, and in 2020 she gave up the property. Hayley said: ‘Michael Gove’s new announcement only applies to cladding – not the interim measures which bankrupted me.’ She added residents have faced huge bills for other fire safety measures.”

The Government has introduced some financial help for leaseholders of flats in high rise flats who are left with hefty bills to remove unsafe cladding – identified following the horrific fire at Grenfell Tower in London in 2017 when 72 people died. However the plans have been criticised for have a number of loopholes including the height of a property is in a block.

The Daily Mirror said: “The Housing Secretary axed £50-a-month loans for people in “medium-rise” blocks to pay for fixing cladding. Instead, people in buildings 11-18 metres high will not pay a penny for addressing cladding issues after Grenfell. But that’s not strictly true. People are still having to pay for waking watches; non-cladding issues aren’t covered by the scheme; and people who’ve already doled out cash won’t get it back.”

Buying a property can be an expensive exercise which is why it is well worth doing a credit check on company if you are buying from a builder or a building firm or through any scheme run by a company. Last year hundreds of house builders went bust – owing customers (house buyers) and their suppliers millions of pounds – and in many cases builders went bust when they discovered the could be liable for compensation over flooding, lethal cladding or other major issues with the property.

Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds
Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.
Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)
 
Get the low down on any firm at https://checkaco.com/



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

Con man Shimon Heyada Hayut

Dirty rotten fraudster: outrage as Netflix exposes The Tinder Swindler leaving his victims millions out of pocket – and the Israeli con man is still free and flaunting his stolen wealth

Viewers of the current Netflix series The Tinder Swindler have been shocked by the way con man Shimon Heyada Hayut has relieved a string of women of their savings. Worse still the victims have taken out loans to gift the Israeli citizen so he can continue living a life of luxury – at their expense.

Known by various names including Simon Leviev the handsome criminal has created elaborate ruses to fool women into falling in love with him and to then help him out when his credit lines are stopped. Claiming his credit card has been rejected – despite being the son of a billionaire and heir to a diamond business – having gained the trust of the gullible women – he persuades them to temporarily loan him cash.

As Netflix screened the shocking details and tragic females duped by Shimon there was a backlash on social media as women viewers vented their anger on behalf of the victims. The normally flamboyant show-off reacted by suddenly taking a low profile and deleting his Instagram site. Normally he poses by private jets, in expensive restaurants or by flashy cars – but fearing for his safety Shimon has shown he is fearful of the army of angry viewers.

He has already shown his true self when one of his victims turned the tables on him by tricking him into giving her a temporary loan. Shimon pretended it had ruined him and he was living on the streets as he cried down the line to his female tormentor.

Incredibly the law has not taken a hard line on him despite fraudulently extracting more than £7 million from a number of women. He has been was arrested and charged with fraud, theft, and forgery and was sentenced to five months in prison in 2020 in Finland. Back in Israel Shimon’s notoriety may be his weakness as he is now internationally recognisable.

How did he do it? Shimon would shower the women he met on the Tinder dating app with expensive trips and fabulous gifts, using the money he had taken from his other victims. After a coffee and a chat he would take his victim off on a private jet to a five star hotel abroad – giving the impression he really was incredibly rich. Hooked – the women refused to believe anything else other than he was rich playboy who would give them a life of luxury. That is until he had fooled them into letting him use their credit cards.

If you think you have been a victim of a romance scam, do not feel ashamed or embarrassed – you are not alone. Contact your bank immediately and report it to Action Fraud on 0300 123 2040 or via actionfraud.police.uk. If you are in Scotland, please report to Police Scotland directly by calling 101.



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

Andrew Forrest. Pic: CNN

Australian mining billionaire takes Facebook to court over criminal use of his image to endorse scam investments

For years Facebook has been accused by high profile celebrities and financial influencers for failing to take down fake adverts using their name and images to endorse scam investments.

Now the Australian billionaire Andrew Forrest has decided to launch a criminal case against Mark Zuckerberg’s Facebook for failing to delete fake adverts using his name and image. The BBC said Andrew Forrest argues Facebook breached Australian anti-money laundering laws over the spread of cryptocurrency cons.

Anyone from Harry and Meghan to Money Saving Expert’s Martin Lewis have been portrayed by scammers as testimonials advocating the public invest in schemes which turn out to be non-existent. The adverts are often designed to look like they are a news story on the BBC website, the Daily Mail and other well known media sites and as a result appear to be genuine to the untrained eye.

Few people in the world have the financial clout to take on Facebook but Mr Forrest feels he has a good case which could set a precedent if successful. Australia was the first country in the world to force Facebook to pay newspapers and news sites for using their news stories on Facebook.

So far Meta who own Facebook have not commented on the case although they say they take down scammers when they are notified of their existence. Mr Forrest said he is taking legal action not just for the rich and famous but for all Australians who fall foul of the scammers.

Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds
Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.
Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)
 
Get the low down on any firm at https://checkaco.com/



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

Beware being contacted by your bank as they could be scammers as happened in the case of the Kleinwort Hambros

Paul Lewis of the BBC Radio 4’s Money Box programme has revealed that members of the general public have been duped out of an astonishing £3.9m. The banking scam used the name of the Kleinwort Hambros to dupe customers into moving money from their real account into fake ones where the criminals could help themselves.

Chris Flynn of the Money Box programme said: “Criminals pretended to be from the legitimate private bank Kleinwort Hambros, convincing victims to transfer money to them using branded documents and names of real employees at the bank.”

Shockingly they reported 69 victims had lost £3.9m between them with one victim called Janet being conned out of £25,000 which incredibly the police won’t even investigate.

The programme on BBC Radio 4 reported that Her Majesty’s Inspector of Constabulary and Fire & Rescue Services, Matt Parr as saying: “These people shouldn’t be discounted. These are high-harm crimes. And it’s impossible to imagine, from my perspective, how those people are feeling with that kind of service.”

Checkaco understands that the police make a decision on whether to investigate based on what evidence there is and the likelihood of being able to charge someone. Victims should always report fraud to the police unit run by the City of London force at Action Fraud, the UK’s national reporting centre for fraud and cybercrime, run by the City of London Police who make the final decision about whether to investigate.

Mat Parr was clearly not impressed by the decision not to investigate any of the 69 case known to police – with the largest one being £465,000.

Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds
Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.
Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)
 
Get the low down on any firm at https://checkaco.com/



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

CHECKACO NEWS: be careful when buying from an unofficial ticket company for football tickets as your cash may not be refunded if the game is postponed – as shown in this case

There was a time when you went a football match and paid a fiver as you went through the turnstile and maybe splashed out on a pie and a Bovril once in the ground.

Tickets for a Liverpool, Manchester City or Arsenal game are between £50 and £80 but if you choose a hospitality package you could spend up to £500 or more meaning it’s cheaper to go to the Royal Opera House in London and watch Tosca performed – knowing what the ending will be.

Buying your ticket from the football club is the safest way to buy – although you may find your chosen deal is sold out months in advance – and nobody seriously expects the likes of Spurs or Manchester United to go bust. However there are umpteen ticket sites run by unofficial companies who offer often cheaper deals from the official club prices. And that’s where problems arise.

Take for instance JM who lives in Germany and paid £890 to Seatsbay.com for three tickets to watch Liverpool play Arsenal in the Premier League this season. The match got postponed and the match was rearranged – but for a date JM couldn’t make. So, JM asked for a refund but was only offered 60% of the price leaving JM £356 out of pocket.

Writing in reply to the consumer in The Guardian, Anna Timms advised: “The law is unambiguous when an event is cancelled. The customer should get a refund. Rescheduling is one of those notorious grey areas. The now defunct Office of Fair Trading ordered football clubs to refund fans in full if they could not attend a rescheduled match. However, those who buy from unofficial resellers have fewer protections.

“Seatsbay says its refund policy is in its terms and conditions. “Refunds will not be issued if the date changes, as we spent time and money getting the tickets,” it says. “This is not something we try to hide, or that is written in small print.” In fact, the relevant clause is a line of small print half-way down the voluminous terms and conditions.

“According to the Competition and Markets Authority (CMA), refund rights depend on the seller’s terms and conditions, but those which exclude a refund in any circumstances are likely to be unfair and unenforceable, while any deductions should be reasonable.”

Many unofficial ticket sellers have extremely unhealthy finances and may well have a chequered history with the authorities. A Checkaco check will spot if they have CCJs against their name or have other tell tale signs they may not be reliable.

Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds
Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.
Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)
 
Get the low down on any firm at https://checkaco.com/



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

Printing, sign-makers and hauliers hit by the collapse of retail chain stores in 2021

More shops are closing than are opening and the trend is set to continue according to the latest research by accountants PwC.

In a survey compiled by Local Data research for PwC 17,000 chain store outlets closed last year with a net loss of 10,059 outlets across Britain – the largest slide in the sector since 2014. The firm surveyed 200,000 retailers in High Streets, shopping centres and retail parks where a company owned more than five shops. It didn’t record the numbers of stand-alone shops that have opened or closed although the proportions are thought to be similar. It meant in the chain sector for the last two years in a row around 45 shops closed every day.

“This is bad news for all the companies that supply them,” said Ian Carrotte of ICSM, “a some of these chains closed completely leaving the staff out of a job and suppliers usually high and dry. The pandemic hasn’t help with a surge in online shopping and the working from home policy of the Government. Hopefully we will see a rise in footfall in the high street this year as without all those cafes, pubs, shops and chains stores there is fewer jobs and fewer suppliers.”

The main casualties have been in the high street with the lowest numbers of closures in retail parks, with fashion retailers seeing the largest number of closures followed by banks, convenience stores and charity shops. On the positive side there’s been an increase in take-aways, cakes hops and not surprisingly job centres.

“Independent shops, fashion retailers and convenience stores and small supermarkets need a lot of signage and point of sale items,” said Ian Carrotte, “so printers, and of course couriers and lorry firms are missing out if they close. Councils need to make town centre parking free or low cost and landlords need to free up leases to new businesses that will attract the public back. Shopping online only makes the likes of Amazon who pay little tax richer and traders poorer.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Sanjeev Gupta  Pic: BBC

Liberty Steel firms could collapse as they are served with winding up orders threatening thousands of jobs in England

The possible decline and fall of Sanjeev Gupta’s steel empire was described last year by ICSM’s Ian Carrotte as a ‘slow motion car crash.’ You can see it happening and there’s nothing you can do to stop it.

Winding up orders have been filed against four interconnected firms in the labyrinth of companies controlled by Gupta who was once seen as ‘the saviour of the steel industry.’ And it would seem it’s not just suppliers who have run out of patience with yhe embattled group as the taxman is owed in the region £26.3million.

The firms affected are Speciality Steel UK Limited, a division of Liberty Steel, along with Liberty Pipes, Liberty Performance Steels and Liberty Merchant Bar. Speciality Steel UK Limited has 2,000 workers in plants at Rotherham and Stocksbridge, whose jobs are now threatened if it goes bust. The main trade union has blamed the situation on GFG Group who own the company. GFG is controlled by Gupta and last year demanded the Government step in to save the steel making company from liquidation with a £170m grant. That was last spring – but finally it seems creditors have caught up with the business.

GFG was hit by the collapse of the disgraced Australian businessman’s and friend of David Cameron Lex Greensill whose company Greensill Capital was essentially factoring Liberty Steel’s invoices – except many of those invoices were found later to be fictional. Afterwards Gupta asked for a Government cash injection but this was refused as the accepted wisdom is the Government didn’t want to bail out a company that will eventually fail. Instead, many think they will wait for Liberty to enter receivership and only then step in to save jobs and seek a buyer or for a short time effectively nationalise the outfit.

“Once Greensill went down it was only a matter of time this would happen,” said ICSM’s Ian Carrotte, “as the company lost most of its cash flow. My concerns are for the suppliers to the four firms. Anyone from the cleaners to the haulage contractors could end up not getting paid. Anyone considering trading with the four companies need to think long and hard about credit. Once those winding up orders take effect banks will usually freeze accounts and they won’t even be able to pay themselves let alone outsiders.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Brexit border controls creating delays, increased costs and economic problems for the logistics industry (including liquidations) plus chaos for Northern Ireland

Whether you are a Leaver or a Remainer there is no getting away from the problem that is the Brexit Trade Deal. Hailed as a breakthrough in the UK’s post EU economic independence it has been a disaster negotiated by politicians who have no idea of how businesses run.

It’s led to the near collapse of the fishing industry, major problems for agriculture and manufacturing and a nightmare for hauliers and exporters alike. Delays, lost orders, ridiculous paperwork, unhelpful border officials and long queues outside Dover. And it has squeezed profit margins and even led to some firms going into administration or collapsing completely.

 Diamond Logistics told Carol Millet of the trade website Motor Transport that their trade had been severely hit by the trade deal. She reported on Natalie Wainwright, the Diamond Logistics group operations director, who said: “Brexit continues to be an enormous deterrent of trade to the UK thanks to problems at custom control. Our international trade is down 70%. This was primarily shipments from the European Union. Small businesses – like the many e-commerce retailers we are partner to – are being hit particularly hard.”

The increased customs checks are taking the average time taken to clear a truck through border control to 15 minutes – which has caused the long tailbacks on the approach roads to the port. Seemingly in denial of the problem the Government insist the queues are caused by an increase in freight transport to the Continent which flies in the face of their statistics which has seen fall in trade – down nearly 20% since the referendum and a sharp fall since the trade agreement came into force.

In Northern Ireland the trade agreement has not only had a hit on trade as the province is as far as business is concerned still in the EU with the border being the Irish Sea. Trade with the Irish Republic has not surprisingly increase but the barrier with the rest of the UK has seen tensions amongst the Unionist Community rise leading to the Agriculture Minister Edwin Poots announcing the suspension of the deal. That decision has been overturned by a judge, but the problems continue to mount up including sectarian activity.

The biggest losers are hauliers who are used to travelling backwards and forwards with few delays from England, Scotland and Wales to Northern Ireland or across the channel to the Continent. It is not yet possible to see how many firms have gone bust as a result yet – in comparison to pre 2019 – but there have been several casualties. They include recently Amica Distribution Limited, BD Transport (Norfolk), Mebenco Transports UK Limited, A&L Logistics Services Limited, Golden Fleet Logistics Limited, H & H Distribution (UK) Limited, Medley Davies Transport Limited, Raza Logistics Limited, Rossiter Haulage and Zago Logistics Limited.

Spare a thought for the drivers of the trucks waiting to board the ferries – some of the queues have been more than six miles this side of the Channel – but in France up to 20 miles.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

The programme was set to feature a so-called cryptocurrency millionaire

BBC 1 documentary shut down before it could be screened

Hanad Hasan claims he made £5.9 million pounds after investing £37 a year ago in cryptocurrencies last year. There’s an old saying: ‘if it sounds too good to be true then it’s probably not true.’

The BBC’s Cryptocurrencies are big business documentary scheduled for the BBC 1 We Are England slot on Wednesday, 9th February, focused on the story of a 20-year-old Birmingham man said to have turned $50 into $8m in 12 months. It was of course total nonsense, but the film makers fell for the the story just like so many members of the public who all want to be rich – ideally quickly.

The Guardian newspaper questioned the film makers when they pointed out that Hassan’s cryptocurrency outfit Orfano, was abruptly shut down last October leaving investors high and dry.

The newspaper reported: “The BBC swiftly said it had withdrawn the show but did not make any further comment on its editorial checks. An accompanying online article, which had featured prominently on the BBC News homepage, was also deleted without explanation shortly after the Guardian raised questions. Hassan has also been approached for comment.”

This failure is excruciatingly embarrassing for the national broadcaster since their journalists usually work to the highest standards. What it shows is the power of the conman selling dreams of riches via cryptocurrencies to the public – dreams that are just that.

Checkaco exists to burst the bubble of firms who pretend they can offer incredible value, low cost and guarantee returns above anything offered in reality.

Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds
Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.
Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)
 
Get the low down on any firm at https://checkaco.com/



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

CHECKACO NEWS: Hidden repair costs and construction problems plus replacing dangerous cladding following the Grenfell Tower fire disaster brings financial ruin to home buyers as they face hefty bills

Buying a flat through an affordable housing scheme should be a fairly straightforward transaction as you expect the administrators will have done all the necessary surveys and scrutiny of safety and paperwork. Not so as Haley Tillotson found out when she bought a flat in Leeds as reported by Sam Barket in the Mirror.

They reported: “Hayley Tillotson, 29, bought her ‘dream flat’ in Leeds through the Help to Buy Scheme aged 27. But six months after moving into the property she found it was clad with flammable material. Ms Tillotson could not afford the fire safety costs, and in 2020 she gave up the property. Hayley said: ‘Michael Gove’s new announcement only applies to cladding – not the interim measures which bankrupted me.’ She added residents have faced huge bills for other fire safety measures.”

The Government has introduced some financial help for leaseholders of flats in high rise flats who are left with hefty bills to remove unsafe cladding – identified following the horrific fire at Grenfell Tower in London in 2017 when 72 people died. However the plans have been criticised for have a number of loopholes including the height of a property is in a block.

The Daily Mirror said: “The Housing Secretary axed £50-a-month loans for people in “medium-rise” blocks to pay for fixing cladding. Instead, people in buildings 11-18 metres high will not pay a penny for addressing cladding issues after Grenfell. But that’s not strictly true. People are still having to pay for waking watches; non-cladding issues aren’t covered by the scheme; and people who’ve already doled out cash won’t get it back.”

Buying a property can be an expensive exercise which is why it is well worth doing a credit check on company if you are buying from a builder or a building firm or through any scheme run by a company. Last year hundreds of house builders went bust – owing customers (house buyers) and their suppliers millions of pounds – and in many cases builders went bust when they discovered the could be liable for compensation over flooding, lethal cladding or other major issues with the property.

Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds
Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.
Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)
 
Get the low down on any firm at https://checkaco.com/



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

Con man Shimon Heyada Hayut

Dirty rotten fraudster: outrage as Netflix exposes The Tinder Swindler leaving his victims millions out of pocket – and the Israeli con man is still free and flaunting his stolen wealth

Viewers of the current Netflix series The Tinder Swindler have been shocked by the way con man Shimon Heyada Hayut has relieved a string of women of their savings. Worse still the victims have taken out loans to gift the Israeli citizen so he can continue living a life of luxury – at their expense.

Known by various names including Simon Leviev the handsome criminal has created elaborate ruses to fool women into falling in love with him and to then help him out when his credit lines are stopped. Claiming his credit card has been rejected – despite being the son of a billionaire and heir to a diamond business – having gained the trust of the gullible women – he persuades them to temporarily loan him cash.

As Netflix screened the shocking details and tragic females duped by Shimon there was a backlash on social media as women viewers vented their anger on behalf of the victims. The normally flamboyant show-off reacted by suddenly taking a low profile and deleting his Instagram site. Normally he poses by private jets, in expensive restaurants or by flashy cars – but fearing for his safety Shimon has shown he is fearful of the army of angry viewers.

He has already shown his true self when one of his victims turned the tables on him by tricking him into giving her a temporary loan. Shimon pretended it had ruined him and he was living on the streets as he cried down the line to his female tormentor.

Incredibly the law has not taken a hard line on him despite fraudulently extracting more than £7 million from a number of women. He has been was arrested and charged with fraud, theft, and forgery and was sentenced to five months in prison in 2020 in Finland. Back in Israel Shimon’s notoriety may be his weakness as he is now internationally recognisable.

How did he do it? Shimon would shower the women he met on the Tinder dating app with expensive trips and fabulous gifts, using the money he had taken from his other victims. After a coffee and a chat he would take his victim off on a private jet to a five star hotel abroad – giving the impression he really was incredibly rich. Hooked – the women refused to believe anything else other than he was rich playboy who would give them a life of luxury. That is until he had fooled them into letting him use their credit cards.

If you think you have been a victim of a romance scam, do not feel ashamed or embarrassed – you are not alone. Contact your bank immediately and report it to Action Fraud on 0300 123 2040 or via actionfraud.police.uk. If you are in Scotland, please report to Police Scotland directly by calling 101.



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

Businesses face thousands of pounds in a hike in energy costs while Bulb Energy are bailed out by the tax payer with a loan of £1.7 billion

Every household in the UK is set to see a hike this year of £700 on average with many in badly insulated rented properties certain to pay a lot more. The costs have been loaded onto the populace due to increases in demand for gas and oil worldwide, as well as expanding and demanding markets in China and elsewhere around the world.

It comes on top of a rise in inflation with levels not seen in a generation with some products going up higher than the current 5% or so – with more hikes in interest rates to come as the Bank of England tries to dampen inflation.

During the lockdown at the height of the pandemic firms were offered furlough cash,  Coronavirus Business Interruption Loan Scheme (CBILS) , rural business grants and Bounce Back Loans. This time around with the Covid-19 virus still affecting the population there is no financial help – unless of course you are a troubled energy provider like Bulb Energy.

The company went into ‘special administration’ last year because it claimed it couldn’t withstand the increases in wholesale gas and power prices. More than 20 other suppliers crashed last autumn but when Bulb flickered and looked to go out they were saved as they were the seventh largest supplier with one and half million customers. Small fry were left to collapse by Ofgem but Bulb owed £254 million to its customers and a whole lot more to its suppliers.

Teneo were put in charge of finding a buyer but as rival energy firms went through Bulb’s books they all shied away from a take-over. The search for a buyer or a solution goes on while Bulb’s customers await to see who they will be switched to by Ofgem the energy regulator – whoever it is their bills will rocket. They include many in business who must be wondering when the crisis in the economy will end.

Ian Carrotte of ICSM said firms need to look at costs this year and downsize if necessary, as the country’s economy looks set to return to a period not seen since the 1970s. “I’ve seen several down turns and recessions and my tip is not to plan too far ahead if you are thinking of expansion as your fixed costs will change. That is because we don’t know how much more energy prices will rise, including diesel at the pump, and we don’t know if inflation will rise to double digits. Keep things tight. The Government is not going to be forking out billions to the average business that’s for sure.”

However the Government’s plans to help customers through the current crisis with a £200 rebate later this year from a household’s energy bill – although it is repayable over five years – so more like a loan. Once again said Ian Carrotte it is the average small and medium business that is picking up the tab for much larger failed concerns.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Pic: Construction Executive

Viability of tens of thousands of businesses in the balance – all caused by rising levels of late payment

Back in the recession hit days of the 1980s and 1990s I regularly suffered from clients for my graphics business who thought paying on 90 and 120 days was acceptable. Some of the worst offenders went bust – like Carillion who used to boast on their website that their terms for some suppliers was 120 days after date of invoice.

Ian Carrotte of ICSM said late payment was one of the biggest issues for small and medium sized businesses as it cripples cash flow.

In the trade construction website Building this week Tom Lowe has highlighted how Vistry is one of the slowest paying housebuilders despite its pre-tax profits. He reported: “Vistry is still one of the industry’s slowest paying housebuilders despite the firm saying it will have more than doubled pre-tax profit when it publishes its 2021 results next month. Latest government data compiled by Build UK showed the firm took an average of 44 days to settle its invoices, with the figure being unchanged from when the data was last reported in July.”

Ian Carrotte said: “It’s a problem that has never gone away and it needs legislation to ensure firms who are clearly in profit to stick to their supplier’s and sub-contractor’s terms of credit and to abide by the Prompt Payment Code. The code is voluntary, but we would like to see it become compulsory as it would increase business expansion and give confidence to businesses that wish to grow.”

Last year, the Independent newspaper listed some of the country’s worst offenders – who also happened to be some of the most profitable companies. They included aerospace firm Meggitt who take on average 132 days to pay most invoices, the C&C Group pay most bills on 120 days, Coca-Cola paid theirs on 83 days and Premier Foods on 76 days.

The Federation of Small Businesses (FSB) reported in a survey of more than a thousand firms that saw late payment increasing. They reported: “The new study of more than 1,200 business owners finds that close to one in three (30%) has seen late payment of invoices increase over the last three months, with a further 8% experiencing other forms of poor payment practice.”

Even worse the FSB said one in ten said late payment was threatening the viability of their business. The FSB said in a statement this year: “Latest government statistics show that there are an estimated 5.5 million small business in the UK – a figure which fell by 400,000 over last year’s lockdowns. The new FSB study suggests that a similar number of firms (440,000) could be forced to close again this year due to late payment alone.”

ICSM has introduced free legal letters for chasing up overdue invoices and a free micro debt service to secure payments of a smaller invoices that have not been paid for months or even years. They also offer a highly respected and successful debt recovery service that brings in hundreds of thousands of pounds for businesses struggling to get paid.

Harry Mottram

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Midas touch deserts the Midas Group as the construction firm teeters on the brink of collapse

The writing has been on the wall for some months for those following the fortunes of another large construction company struggling to survive – this time it is the Devon based company Midas Group. Not on the scale of Carillion but nevertheless a major hit to the industry.

David Price writing for Construction News reported: “The £290m-turnover company filed the notice for itself and its main subsidiary Midas Construction Limited earlier this afternoon. Such a notice typically means a company will formally appoint an administrator within 10 days, unless it can find an alternative financial solution to its problems first.

“Concern for the company’s future mounted this week after reports that work had halted on a number of projects. The company said its projects had been affected by the pandemic, Brexit, and labour and material inflation and shortages.”

Alarmingly David Price reported that a number of subcontractors were owed five-figure sums by the Exeter-based contractor. Concerns rose after the firm posted a  £2m pre tax loss last year and locals noted that work on a number of high profile prejects appeared to have stopped.

The Plymouth Herald reported this week: “Concerns were raised when it emerged that work has ceased on three major Midas Construction hotel projects in Torquay, and that the Coal Orchard development in Taunton had been hit by a dispute with subcontractors.”

In business for more that 40 years the company was one of the largest private construction companies in the country with 500 employees and a large and similar number of contractors who relied on the firm for work.

In a statement, Midas said: “On Friday January 28, 2022, the company filed notices of intention to appoint an administrator in respect of Midas Group, Midas Construction Ltd and Mi-Space (UK) Ltd. This does not mean that Midas has entered into administration and the company continues to operate, while the directors work to explore all available options to achieve the best outcome for the business and our people, our customers, supply chain partners and all our stakeholders. “Midas is committed to pursuing an outcome that will achieve continuity for our live contracts and asks all our valued stakeholders to remain supportive of the group at this time.”

Ian Carrotte of ICSM said it was another blow to the struggling construction industry with the likes of Bumflu Construction Limited and Excellence in Construction Limited to name but a few in liquidation this month and of course others include Simons, Shaylor and Clugston. He said: “My heart goes out to the suppliers and contractors who may not get a penny. It’s the old story of a trusted family firm getting into trouble – may the pandemic as they have suggested, the economic down-turn or even Brexit related factors – whatever the cause subcontractors and supplier should stop trading as soon as a client fails to pay on time.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Use or lose it – phone firms keep your credit on PAYG after 70 days

Writing in the Guardian newspaper the consumer expert Anna Timms gave advice to a reader who had asked why the phone company Three had kept the credit on her late mother’s phone after she died.

JC of London had written into the newspaper’s consumer guru saying: “My mother recently died of cancer, just three weeks after her diagnosis. While she was in hospital and the local hospice, visitors were restricted due to Covid. Many of her friends therefore paid for credit to top up her pay-as-you-go (PAYG) mobile phone so that they could keep in touch. But she deteriorated so quickly that she was unable to use all the credit, and had £93.86 left on the phone when she passed away.

“I asked the provider, Three, to refund the money so it could be donated to one of the four charities she had nominated in her final days. It was five weeks before the company told me that the money couldn’t be returned and that the number would have to be cancelled as it was in my mum’s name. Three has taken the money my mum’s friends so kindly gave her to ease her dying days and refused to allow me to pass it on to the hospice that looked after her so well.”

Anna Sims explained that: “Most mobile phone providers, believe it or not, hang on to unused mobile phone credits. Not only that – customers forfeit any outstanding money on their sim card and their phone number if they don’t use their phone for six months – or in the case of some providers, for just 70 days. This policy, buried in the small print, penalises often elderly customers who buy a PAYG phone for emergencies, and may find it doesn’t work when they suddenly need it.”

Although this case was resolved amicably after the publicity the practice continues with most phone companies pocketing your cash. Some allow 90 days some firms up to six months and if you do not use the phone for longer the number may be allocated to a new customer so you will have a phone with no credit and a number that no long works.

Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds
Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.
Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)
 
Get the low down on any firm at https://checkaco.com/



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

Harry and Meghan misused in fake investment endorsement that sees scammers rip off investors

The Financial Conduct Authority (FCA) have said the number of fake adverts for get-rich-quick schemes has massively increased in the last few years with the latest ones using the Duke and Duchess of Sussex to grab attention.

Online adverts purporting to be endorsed by Harry and Meghan tempt consumers into parting cash for investments in the world of crypto currencies which will bring instant profits. The adverts use fake interviews and falsely use the logos and graphics of the BBC, the Daily Mail, the Sun, Forbes, Good Morning Britain and the Guardian to make them appear genuine.

Headlines such as: ‘Harry and Meghan shocked everyone in the studio by revealing how they making an extra £128,000 every month,’ and ‘My ex-girlfriend dumped me because I was too poor. Now I’m a multi-millionaire and I have an even better girlfriend,’ are used to attract attention. The names of celebrities and the well heeled are also used – implying they back up the investment schemes – except of course they are all false.

Criminals are behind the scams as once money is transferred to one of the investment schemes the cash disappears. The Financial Conduct Authority (FCA) reported that in 2016 there were 8,000 cases of fraudulent investment schemes while last year there were 34,000.

Many of the adverts are from websites linked to non-existent company names – so a quick check with Checkaco before parting with cash will reveal if they actually exist. Last year citizens in the UK lost up to £10m to the phoney schemes.

Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds
Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.
Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)
 
Get the low down on any firm at https://checkaco.com/



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK



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

Pic: Daily Record

Gullible parents are losing thousands to fraudsters using WhatsApp to scam cash pretending to be their children

Action Fraud have issued warnings about a new type of scam that has been fleecing parents of cash using the encryptic messaging service WhatsApp.

The police have reported on a number of incidents where parents have been sent messages apparently from their children asking for money due to being in financial trouble whilst away for from home. The typical ones being about a need for the price of an air ticket to get home or money for a night in a hotel after having missed a train.

The BBC reported on the rise of these scams quoting Supt Pollock of the Police Service of Northern Ireland: “In each case, a person purporting to be a family member, often a daughter or son, asks for money. Typically, the ‘child’ is short of money or late paying bills, and asks the recipient to transfer money into an account. This is backed by a story that he or she has recently changed their phone or phone number.

“Just last week, one victim lost £6,000 after receiving one of these messages. We’ve seen victims from Northern Ireland lose in excess of £65,000 to this scam. The amounts of money vary from victim to victim. In some cases that has been as low as £20, all the way up to £15,000.”



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

If only I had done a Checkaco on the holiday firm I wouldn’t have lost my £5,000 deposit

Last year the cruise liner firm Cruise & Maritime Voyages (part of South Quay Travel & Leisure), went into administration taking with it hundreds of thousands of pounds in deposits from customers planning on taking their dream holiday.

One wrote to Tony Hazell of the Daily Mail asking why their £4,693.20 deposit for a cruise to the Azores had not been repaid by the administrators. In March of last year the cruise was cancelled due to Covid and the couple hoped their booking would be transferred to the next available liner set to sail last summer. Alas not – the firm went bust in July before that could happen leaving the couple out of pocket even thought they had paid with a credit card.

The couple explained: “We submitted a claim to ABTA, it said that as we had paid by Barclays debit card we must apply to the bank for a refund via a dispute process known as chargeback. Blame game: Barclays bank refused to refund a couple’s cash after their dream £5,000 Azores cruise was cancelled due to Covid Barclays refused. ABTA needs to know the reason for refusal before considering a refund. Barclays has ignored requests for a letter of explanation. On November 6 last year, we asked the Financial Ombudsman for help. But it said it was unable to appoint an agent because it had a huge backlog of cases due to the pandemic.”

Tony Hazell of the Daily Mail questioned what was the point of ABTA since they had failed to help in a straight forward case of a lost deposit through no fault of the customer. Eventually he managed to get the money restored – mainly because of the high profile of his name and that of the newspaper. However for most people they would simply not get their deposit back without a huge effort and sleepless nights. A quick Checkaco on the firm Cruise & Maritime Voyages would have shown they were on the verge of collapse.

Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds
Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.
Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)
 
Get the low down on any firm at https://checkaco.com/



For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

Print industry takes a hammering as furlough ends, Covid related loans are called in and past lockdowns hit cash flow forcing more firms to call it a day

Writing in the trade publication Print Week Darryl Danielli reported on Boss Print who have shut up shop this month due to an ‘unsustainable drop in work.’

The London based company have made the 11 staff redundant blaming the pandemic for the crisis that has seen clients cutting spending on print.

He wrote: “Managing director Fenton Smith said that trading had been difficult since the start of the pandemic, and that despite the firm making use of the furlough scheme, like many print businesses, and the various lockdown respites, the business had run out of time.”

Fenton Smith also said he considered taking out further loans to keep the company going but decided against it saying he was ‘beaten up and worn out’ – a feeling many in business can relate to.

In the same sector Print Week have also reported on Kesslers who have been making workers redundant as they battle to survive.

ICSM noted these details from Companies House last month:

PRINTERS AND PUBLISHERS: SIGN INDUSTRY, PAPER & INK MAUNUFACTURERS
Creditors’ Voluntary Liquidation Deemed in Consent Meetings
CHP Publishing Limited    11610124
Lincoln House Publishing Limited    12434079
P.S. Office Supplies Limited    06748354
Sprint Envelopes Limited    04672168
 
Liquidators Appointed
Business Print Services Limited    04695882
Colorsign and Print Ltd    07804745
Copyprint (Wales) Limited    07277864
Digital Print & Supplies Limited    12537550
Express Print Limited    02284433
Neon Print Studio Limited    08683638
Print Imp Limited    06232176
P.S. Office Supplies Limited    06748354
Pulse Publishing NW Limited    08377367
See Learning Films Limited    08972127
Signature Signs and Print Limited    12804605
 
Members Voluntary Liquidations
Arthouse Creative Limited    03978300
Matthews the Printers Limited    01811630
 
Petitions to Wind Up
Stacked Publishing Limited    10645630

Anecdotally ICSM understands many companies have taken furlough payments and made use of the Government backed loans and grants but have still not been able to survive as the restrictions have eased. When furlough finally ended 1,400 went bust in September 2021, while in the energy sector alone these companies bit the dust last autumn:

PfP Energy – September 2021

MoneyPlus Energy – September 2021

Utility Point – September 2021

People’s Energy – September 2021

Green – September 2021

Avro Energy – September 2021

Igloo Energy – September 2021

Symbio Energy – September 2021

ENSTROGA – September 2021

Pure Planet – October 2021

Colorado Energy – October 2021

Daligas – October 2021

GOTO Energy – October 2021

Bluegreen Energy Services Limited – November 2021

Omni Energy Limited – November 2021

MA Energy Limited – November 2021

Zebra Power Limited – November 2021

Ampoweruk Ltd – November 2021

CNG Energy – November 2021

Neon Energy – November 2021

Social Energy Supply – November 2021

Bulb – November 2021 (in administration)

Entice Energy – November 2021

Orbit Energy – November 2021

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

AGENDA WEST: New year new concerns as city traders indulge in short-selling targeting well-known names

Short-selling

City traders have started the year with a rash of short selling targeting some of the stock market’s biggest names. The HUT Group, Asos, Ocado Bohoo and AO World have all been subject to the practice – reported on the This is Money website – part of the Mail Online group. Neil Craven of the business desk for the Daily Mail and Mail on the second Sunday in January reported on the short selling by city traders of the HUT Group – owner of many beauty and fashion brands – causing the share price to fall. He noted: “The number of contracts out on loan – so-called short positions which controversially allow investors to profit from a drop in the share price – have doubled in the past fortnight, hitting a new high. The value of shares held by short-sellers is now £110million. The sustained short attacks are threatening to derail a recovery in the share price. They come despite persistent rumours that the company’s billionaire founder Matthew Moulding, also its largest shareholder, may seek to take it private.”

Short-selling is where a trader borrows shares and sells them at the market price hoping they fall in value. They then buy them back at a lower price before returning them to the owner having made a profit equal to the difference in price. GameStop was the subject o short selling last year but fans rallied and pumped in cash to restore the share price so it doesn’t always work.

Famously in the 2015 movie The Big Short trader Michael Burry played by Christian Bale realises the USA housing market is about to collapse due to sub-prime mortgages loaned by the banks to people who can’t repay the loans. As the first to see this he makes a series of loans of shares to short sell knowing the shares will fall in value – which happened – creating the 2008 Credit Crunch. Burry made a lot of money from the practice – an activity repeated from time to time by other traders spotting overpriced businesses but it remains a controversial activity.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Authorities claw back fraudulent claims for CBILs, Bounce Back Loans, Furlough Payments and Covid-19 Support for Rural Businesses that see a string of convictions – but millions are still missing

Anecdotally those in the business community regular hear of fraudsters who saw the Government’s financial help to business as free money.

ICSM sources have heard of company directors taking the money on offer by giving misleading information about the viability of their business. One source said they had known of company directors who had claimed their firm was viable on the application when in reality they were hugely in debt and had no chance of ever breaking even with the help of a loan.

Stories like this are two a penny and it would seem are born out by a string of court cases brought by the Insolvency Service as they seek to claw back some of the lost cash.

Previously the Insolvency Service brought Raashid Khan in Birmingham to book who took a £50,000 Bounce Back Loan before transferring the full amount out of the company’s account to himself just days before his company went into administration. A year ago the Insolvency Service petitioned the Courts to wind up five limited companies with one taking a £240,000 CBILs on the basis of false information.

ICSM’s source said many of the company directors who completed the loan application assumed there would be no consequences. He said: “Some saw it as a way to wind up a business by taking the cash and promptly folding the firm having secured themselves a dividend. It doesn’t work like that – fraud in a criminal offence.”

The Inland Revenue has also been hunting down fraudulent claims for the furlough scheme announcing last year they had been doing spot checks on businesses. The taxman was also open to ‘whistle blowers’ contacting them – over 4,000 reports sent to them during the first period of the furlough scheme.

ICSM’s Ian Carrotte said the classic examples were where a firm had expected their workers to continue working for them while also claiming furlough payments. He said: “We’ve heard through the grapevine of managers have asked furloughed employees to do ‘a little bit of work on the side’ which was illegal and there have been cases where someone has left a firm but the company continued to claim their furlough cash.”

HMRC and the Treasury said they designed the schemes to protect public money against error, fraud and abuse and sifted out 100,000 applications for rejection. However fraud and mistakes with the schemes which are backed by the tax payer and not the banks who facilitated the loans are expected to see somewhere north of £7bn in lost cash.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

PIC: FT

Suppliers to Jamie’s Italian received little from the £83million debt after collapse – but multi-millionaire Jamie Oliver gets £1.75m pay-off

Many is business believe the administration system of collapsed companies is in need of reform due to the much-criticised pre-pack system, phoenix companies and the way unsecured suppliers are treated.

The criticism will only increase after it was revealed that when Jamie’s Italian chain of 22 restaurants went bust in 2018 suppliers of food, drink and a wealth of services to the TV chef were left with little or nothing. And the company owed £83million but following work by administrators KPMG only £600,000 is left to pay a tiny amount of cash to a long list of suppliers.

However, Oliver’s holding company received a £1.75m windfall from KPMG as the holding company had ploughed £15m into the ailing company in a bid to save the collapsing chain.

Writing in the Mail Online Katie Feehan reported: “In January last year, the company’s administrator KPMG revealed that the majority of the £83million owed to secured and unsecured creditors such as food suppliers, councils and landlords would not be recovered.  

“Auditors said that while three of Jamie’s Italian restaurants and delis at Gatwick Airport remain open, the people owed money for the past eight months are likely to be significantly out of pocket.

“Now it has emerged that unsecured creditors, such as the suppliers owed millions, will have to share £600,000 that has been set aside for their claims. One of the largest debts to a supplier is the £221,494 run up by the chain with Direct Meats, based in Essex.”

Ian Carrotte of ICSM said the list of 288 creditors included printers, couriers, cleaners and landlords including local authorities who leased premises to Oliver. He said: “This is a classic case of suppliers being hoodwinked by a famous name and allowing their credit terms to be broken. It doesn’t matter how big a company is suppliers should never fall for the ‘do you know who I am’ line. Big and famous names go bust and they should only be judged on whether they pay their bills on time – and not on how big they are on TV. Frankly this case stinks as many small businesses will get next to nothing.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Checkaco News: beware of pubs and restaurants going bust this winter taking your deposits with them; get rich quick schemes – a warning from Albania; cryptocurrency fraud takes millions from the general public



Beware of the pub: warnings over ‘surge’ in insolvencies as hospitality sector hits the rocks


If you’re considering booking a restaurant or gastro pub for a belated festive meal for your work colleagues, then beware. Due to the Government’s warnings about the Omicron variant of Covid-19 the hospitality industry has had a poor Christmas with thousands of bookings cancelled putting many on the brink of insolvency.

Before parting with a hefty deposit for a meal check out the business with Checkaco to check the company isn’t about to go bust – taking with it your deposit.

Patrick Dardis should know as he’s the head of Young’s – the pub and restaurant chain. He said there would be a surge in collapses due to the sector’s lack of earnings during the Christmas period. Speaking on BBC Radio 4’s Today programme he said: “Unfortunately, with the latest fear campaign that’s being run, it’s damaging so many businesses that could have possibly survived, and as a consequence, thousands and thousands of businesses will now collapse in January.

“There are a lot of individual owner-operators who’ve been running their businesses for years and have thrown the kitchen sink – people have lost their marriages, they’re losing their livelihoods, and this is the last straw. This is the bit that they were desperately clinging on to and it’s been taken away from them without any support from government.”

Before you pay a pub or restaurant this year remember they may be about to go bust – meaning you’ll not only lose your and your colleagues’ cash – but you won’t get that meal either. So if in doubt always do a Checkaco.

Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds
Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.
Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)

 
Get the low down on any firm at 
https://checkaco.com/
Check out the blog at https://checkaco.com/blog/ or leave a comment
More stories at https://checkaco.com/blog/stories/
More cartoons at https://checkaco.com/blog/cartoon-strips/
Previous newsletters at https://checkaco.com/blog/news-letters/



A warning from recent European history: the day Albania ran out of cash due to pyramid schemes


You may have read this month about Elizabeth Holmes in America who has just been sentenced to serve time in prison for fraud. Essentially, she created an elaborate and contemporary Ponzi Scheme – a phoney investment that promised huge returns – for a machine that can detect all forms of disease from a few drops of blood. She demonstrated what appeared to be a legitimate device and soon had investors pouring in their savings making her a billionaire – except the machine didn’t work. It was a con.

Back in the 1990s the former Iron Curtain Communist state of Albania was experimenting with the free market following the end of anti-revisionist Marxism–Leninism policies. Several get rich quick schemes were set up fronting themselves as legitimate investors buying land, buildings and businesses by con men – but they were fraudulent, and their controllers took the money and invested it in themselves.

The amount of cash lost when 25 of the most prominent investment schemes collapsed ran into the billions with banks running out of cash and inflation reaching three figures. The upshot of the scandal in 1997 saw the country descend into anarchy and civil war. Banks and shops were looted and the nation’s gold reserves were stolen as fighting broke out across the country – and it took an international UN backed armed intervention led by Italy to bring stability back to the country. And it had all started over Ponzi Schemes – if only they had Checkaco in Albania at the time!

Get the low down on any firm at https://checkaco.com/
Check out the blog at https://checkaco.com/blog/ or leave a comment
More stories at https://checkaco.com/blog/stories/
More cartoons at https://checkaco.com/blog/cartoon-strips/
Previous newsletters at https://checkaco.com/blog/news-letters/

Crypto currency fraud is on the rise and it’s mainly the young who lose out to the tune of £20,000 a time

Action Fraud – the UK’s police unit dedicated to catching fraudsters – said that last year around £150 million was stolen by criminals from the general public. The crime fighting organisation said: “Since the start of 2021, Action Fraud has received 7,118 reports of cryptocurrency fraud, with an average loss per victim of just over £20,500. 18 to 25 year olds accounted for the highest percentage of reports (11 per cent) and over half (52 per cent) of victims were aged 18 to 45 years old.”

They said a common tactic was to put fake of celebrity endorsements online. A link to the article takes the potential victims to an investment site where they are encouraged to invest in crypto currencies with promises of huge returns. Most firms selling investments in cryptoassets are not authorised by the Financial Conduct Authorotiy (FCA) which means you have no protection when things go wrong. So always check the FCA Register to make sure you’re dealing with an authorised firm and check the FCA Warning List of firms to avoid.

If you think you’ve been a victim of an investment fraud, report it to Action Fraud online at www.actionfraud.police.uk or by calling 0300 123 2040. For more information about investment fraud, visit www.fca.org.uk/scamsmart

Get the low down on any firm at https://checkaco.com/
Check out the blog at https://checkaco.com/blog/ or leave a comment
More stories at https://checkaco.com/blog/stories/
More cartoons at https://checkaco.com/blog/cartoon-strips/
Previous newsletters at https://checkaco.com/blog/news-letters/

 

Checkaco was created for consumers so that they can quickly access very detailed information about a company. Using our secure search, you can view any company anonymously in seconds.

Full peace of mind for £6.50 per company checked when you buy three reports for £19.50.

Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more.

Or buy in bulk: 10 reports for £37.50 (£3.75 each); 25 reports for £88.75 (£3.55 each); or 100 reports for £335 (£3.35 each)

 Get the low down on any firm at https://checkaco.com/






The ratings are poor, fair, good or excellent – find out all their details now at https://checkaco.com/


For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

COMMENT 2021 a year to forget: recession, covid crisis, logistic problems, the Northern Ireland protocol, labour shortages and of course Brexit – the elephant in the room politicians won’t talk about

There are certain moments in economic history that stand out for their sheer horror. Black Thursday in 1929 which heralded the Wall Street Crash and a worldwide depression. Black Wednesday in 1992 when John Major’s Conservative Government were forced to withdraw the pound from the European Exchange Rate Mechanism costing the nation more than £3bn and hiking interest rates to 15%. Then there was August 9th in 2007 when there was a run on the bank of Northern Rock triggered by the sub-prime mortgage scandal in the USA. And who can forget 9/11 on 2001 then global markets plummeted in the following days after the twin towers of the World Trade Centre in New York were destroyed by terrorists.

The Wall Street Crash of 1929 saw economic ruin for many

And there are others closer to this year. The Brexit referendum in June 2016 has seen a major hit to a range of sectors including haulage, farming, fishing and hospitality – although politicians in the two main parties are not keen on talking about it. The Government tends to blame all the problems caused by Brexit on Covid although its own experts in the Office of Budget Responsibility estimates Brexit is a 4% hit on GDP compared to 2% from Covid. Perhaps the lesson is to never again allow referendums to be decided on a simple majority – but rather a minimum majority of 60-40% – including the potential Scottish Indi-ref 2 as they are so divisive.

Another day the economy took a turn for the worse without realising it was on January 20th, 2020, when Peter Atwood from Kent died of the Covid-19 virus. It was only months later that covid was identified as the main factor in his death but within weeks the numbers of patients succumbing to the virus rocketed, prompting the first lockdown. And that was another dark date in the UK’s economy – when the Government implemented the first legally-enforced Stay at Home Order on March 23rd, 2020. Suddenly whole sections of the economy had their business and cash flow halted. The knock-on effect was felt by taxi drivers, airports, airlines and tourist industries, train and bus operators and the countless firms who supply offices, factories and places of work with everything from sandwiches to paper clips.

The economic problems of Brexit are now well documented from a shortage of labour to harvest crops, to healthcare workers returning to their home countries and truck drivers from Europe preferring to work nearer to home. And there is the massive drop in trade from Northern Ireland due to the bungling of the Government’s EU Trade Agreement that has left the province adrift of the UK in all but name. It will take years to sort out the economic problems it has caused but neither the Government or the Labour Party seem interested in re-joining the EU or striking a more liberal trade deal. My prediction is within 10 years or so there will be a change in attitude in Downing Street and a more cooperative policy with Europe will emerge with potentially renewed membership in the decades to come. I say this not as a fan of the EU but from the point of view of business and the UK’s social and economic wellbeing.

The effects of Covid on the economy are obvious but just as the so-called Spanish Flu that killed millions around the world from 1919 to 1923, it will pass. Doomsters predict it will be around for many years but that seems unlikely based on past epidemics. Not because it will naturally die out but because modern medicine and vaccination programmes will dent its effects and create immunity for most. Nobody doubts the lockdowns have changed society and the economy. Some sectors have boomed – from PPE manufacturers to courier companies – while others like pubs and high street shops have been hit badly. I suspect that when the virus disappears people will return to the saloon bars of Britain and their High Streets as we are essentially a social species.

From the point of view of business one of the talking points of the year has been the uneven help given to companies. The Chancellor of the Exchequer Rishi Sunak was quick to dish out cash to the private sector at the start of the pandemic, but his generosity seems to have been curtailed this Christmas with his less than generous help for hospitality. Retailers appear to have been left out as have many businesses associated with the high street as the public have opted to stay at home. There are countless tales of firms abusing furlough payments, Coronavirus Business Interruption Loan Scheme (CBILS) and bounce back loans with the Government predicting it will lose at least £7bn to fraud. That is incredible. Especially when most freelancers and self-employed workers got nothing – other to claim benefits – as their work was taken away by the lockdowns. Actors, photographers, musicians, designers were given zero help – and they number in the millions.

Figures are yet to come in, but the recession caused by the Covid crisis has created six consecutive quarters of economic contraction in the UK from Q1 in 2020 to Q2 in 2021. There has been a recovery this summer but again the economy is stalling. It is longer than any slump in the 20th and 21st centuries. The way the Government has (and still is) trying to stimulate the economy is by printing money through quantitative easing (QE) and helping sectors with investment such as new infrastructure of grants and loans.

And the economy has not been helped by the hike in energy and fuel prices which universally affect everyone and every business.

The long-term effects of Covid and Brexit on the economy are unknown but in the short term they have seriously hit Britain, led to a fracturing of the United Kingdom and produced a Government that spends much of its time arguing with its own MPs. Whether it can get its act together in 2022 remains to be seen but right now for many in business the outlook is a question of survival. Someone once said to me back in the teeth of the early 1990s recession that if you can survive in business during a downturn then when things pick up you should be fine. On that optimistic note may I take this opportunity as business editor for ICSM to wish you all a healthy and solvent New Year.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Pic: Daily Mail

As Petra Ecclestone winds up accessories business Stark with liabilities of £4.3m ICSM notes just because owners are rich doesn’t mean they can find success in business

ICSM’s Ian Carrotte has criticised the failed business run by Petra Ecclestone’s accessories business after it was wound up with liabilities of £4.3m.

He said: “It’s another case of a wealthy person thinking they can start a high end business and make a success of it just because they are famous. There’s always been doubts about Mrs Beckham’s fashion house and is it really in profit – and then the case recently of Kate and Pippa Middleton’s brother James’s confectionary company Boomf crashing with millions in debt. There is only one way to succeed in business and that is to use some basic housekeeping rules. Don’t run up debts, don’t pay yourself more than the business can afford and have a sound business plan complete with a cash flow forecast. But above all create a business around something you know really well.”

Named Stark, Petra Ecclestone called her handbag business the unusual name after apparently her billionaire father, Bernie, said the idea was ‘Stark Raving Mad’. The firm that sold handbags made from snake and crocodile skin at £1,000 a go had net liabilities of approximately £4.3 million, and was removed from the Companies House register and dissolved this autumn. It’s the second time she has seen a business fail having seen the demise of clothing firm Form previously.

Ian Carrotte said: “Lady Gaga went bust in 2009, but she bounced back with a successful string of music hits. Donald Trump famously has seen six companies go bust including a casino despite all his father’s money and celebrities like Martine McCutcheon and Kerry Katona have hit the skids because of their lifestyle expectations – it other words they have lived beyond their means – which is essentially what happens with failed businesses. Cut your cloth this winter to suit the situation your business finds itself in.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

ICSM blasts Farmdrop’s ‘shocking £11million losses’ as anger grows amongst suppliers and customers who say their Christmas’ have been ruined after the firm went bust last week

Ian Carrotte of ICSM has blasted the directors of defunct firm Farmdrop after it called in administrators and failed to pay suppliers of deliver Christmas turkeys to its 10,000 customers.

“How can a firm like that run up losses of ten million pounds,” he said, “thousands of customers have been left shattered. No turkeys, no vegetables for their Christmas dinner – all paid for in advance with nothing to show for it.”

Trade magazine The Grocer’s Edward Devlin said the company was set up in 2012 by city broker Ben Pugh after he saw a gap in the market for organic farm produce to be delivered to Londoners. Devlin reported: “Farmdrop has made heavy losses since its inception in 2012 – which totalled more than £30m in just the past four years – and has raised more than £30m in funding across several rounds.

“In its latest set of accounts filed at Companies House for the year ended 30 June 2020, the company’s auditor UHY Hacker Young warned the business needed significant funding to continue trading as a going concern.

“Losses at Farmdrop came in at £10m in the year despite revenues more than doubling to £12m as the pandemic drove up demand for its food sourced from local farmers, fishermen and other producers. The accounts stated the company employed around 175 staff in the period, with the wage bill coming in at more than £7m for the year.”

ICSM’s Ian Carrotte said the firm had a long list of directors who must have known the company was heading for the rocks for months. “They simply don’t understand their social responsibilities when you are in business. More than 100 staff made redundant two weeks before Christmas, suppliers left unpaid and customers out of pocket with nothing to show for it. Something was going wrong months ago before Pugh resigned as a director.”

The Guardian reported: “Anxious customers who had been expecting a delivery over the next few days asked on social media what would happen now and if they should attempt to source items from elsewhere. Moira Doyle tweeted: ‘My delivery today is cancelled. Payment taken yesterday for Xmas order. Refund?’ She added that it would be ‘back to Tesco’ for her. Another tweeted: ‘Well @farmdrop have gone bust, and with that, my Christmas food delivery … anyone got any intel on places still selling goose?’ Jane Tidey was one of those tweeting she had just received an email saying her order for Christmas Eve was cancelled. Meanwhile, Rhiannon Litterick tweeted the company to say her order had not arrived and the phone line was closed. ‘Please help! We’re isolating, so are relying on this order,’ she added.”

And the newspaper also reported on supplier John Malseed of Frenchbeer Farm in Newton Abbot, Devon, who said it was “a bit of a kick in the teeth.” They reported he said there were hundreds of its turkeys in a warehouse in London and “we are trying to get our stock back”. Malseed said he was hopeful he could send them on to the customers who had ordered them, but that it was too early to say for sure what would happen. His farm had more than doubled the number of birds it produced this year, Malseed said, adding: “We will try to fulfil as many of their orders as possible.”

ICSM have reported on the scores of farms and food suppliers who have hit the rocks this autumn in their regular newsletters and listing of who has gone bust including Euro Farm Foods and the Covent Garden Fruit Company.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Graphic from Youtube CNN video

Prepare for Credit Crunch 2 in 2022 as bankrupt China’s Evergrande Group defaults on repaying debts potentially causing a domino effect like the USA sub-prime mortgage scandals

Concern is mounting in finance departments across the UK over the impending collapse of Chinese property giant Evergrande in the New Year.

China’s largest property group owes billions of pounds and has defaulted on a series of repayments to lenders worth £1bn this week triggering bankruptcy proceedings by German finance screening outfit Deutsche Marktscreening Agentur (DMSA).

S&P Global Ratings have also agreed with DMSA heaping pressure on the Chinese Government over whether to bail out the giant developer that owes more than $300bn and has failed to pay lenders a series of bonds to stay afloat.

The Chinese President Xi Jinping is facing a dilemma as not saving the company with tax payers’ cash could see a domino effect as Evergrande’s creditors and suppliers follow the firm into liquidation. They include some Chinese banks and numerous businesses tied to the property market which make up two percent of the nation’s GDP.

If that was to happen then many Chinese investors and wealthy families could be hit badly as they are owed fortunes by Evergrande. The fall out could see banks unwilling to lend to Chinese firms as the economy of the People’s Republic of China falters for the first time in two generations. That would spook the group of male billionaires who run the one-party state with fears of public demonstrations as hundreds of thousands of workers are left unpaid along with the suppliers. With the financial implications to the London property market, the Chinese economy and those of the Far East. Commentators have routinely suggested that just like the sub-prime mortgage scandal in the early noughties that led to the Credit Crunch of 2008 the effects could end up affecting almost all economies eventually.

The crisis has echoes of the sub-prime nortgage scandal that saw some USA banks fail

As banks around the world are also left with massive debts they would do what they always do and call in current loans to businesses and cease lending at the same time to protect their capital.

Ian Carrotte of ICSM said the situation could ultimately hit businesses in the UK. He said: “Combined with hikes in interest rates, increasing inflation and a stagnant economy caused in part by the pandemic it does not bode well for 2022. Before the ripples arrive in Britain, I advise all businesses to rethink their borrowing and expansion plans to make sure they are secure financially. So many firms in the UK are in a highly fragile state due to the Government’s Covid regulations, the hangovers from CBIL loan and Bounce Back loans and workers under employed due to the furlough scheme.”

A property boom developed in China in the noughties funded by massive loans

The background to the crisis is the Chinese Government’s policy to reduce real estate prices by insisting on tougher rules for property and building firms to meet in their borrowing. Once the rules were implemented two years ago loans to firms like Evergrande dried up causing cash flow problems and an inability to service debt. The Chinese Government believe that they can allow giant firms to fail as it sends a message to other firms not to increase their borrowing. They don’t believe in a company being ‘too big to fail.’ It’s a delicate balance as it could throw hundreds of thousands of workers out onto the streets and lose suppliers millions in lost payment. The Chinese Communist Party is terrified of civil disorder and so it is gamble for them as they try to dampen property prices and call out firms that over borrow.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Remember City Link? Suppliers and staff nervous about the dreaded ‘business goes bust on Christmas Eve’ practice as fears mount over hospitality, retail and print industries

Remember when courier firm City Link went bust on Christmas Eve 2014 when its 2,272 staff lost their jobs and their suppliers were left high and dry? To use the old phrase dating from 9/11 – it was a good day to bury bad news or in the case of City Link to dump on everyone.

It’s a pretty shitty thing to happen whether you are an employee or a supplier. And I should know as I was made redundant from a graphics studio on Christmas Eve after the staff party along with half the workforce. It’s the worst time as by then you’ve spent out on Christmas and there’s no chance of getting another job for at least three or more weeks. For suppliers it’s even tougher as there’s no chance of getting paid at the last minute or even trying to get their goods back from the company as it’s all locked up.

Ian Carrotte of ICSM said many bosses and staff are very nervous about the Christmas holiday period this year following the Government’s mixed messages about social events which has caused a body blow to the beleaguered hospitality industry.

“Retailers, pubs, cafes and small shops that service workers in town and city centres have already been hit by the non-sensical work from home advice,” he said, “you can have an office party but don’t go to work or the pub. Already around a third of firms are looking to lay off staff in the New Year – and some in the hospitality industry are already drawing up plans now – before the break to either shut up shop or make redundancies.”

Concerns have mounted in the printing and allied industries over the problems of the debt ridden YM Group with some in the business suggesting they are another Pole Star that could go under over the holiday period. The firm is massively in debt according to trade journal Print Week triggering concerns in accounts departments and among ICSM members.

“We all remember City Link as they dropped a bombshell over the Christmas holidays, “said ICSM’s Ian Carrotte, “and of course only three years ago the computer firm Kaiam in Scotland made 310 staff redundant without much warning.”

It’s a brutal time as it’s not only the insolvent firm that’s in debt – often it’s their workers who have mortgages and bank loans to pay. This week Nottinghamshire Live reported on Charlotte Tomlinson, 27, who was made redundant as a marketing assistant at Lockwood Publishing. She told the news site she would have to sell her home after the company made her and others redundant.

With days to go before the holiday period Ian Carrotte’s advice is to chase for payment from clients who have failed to pay on time and show signs of shutting up shop. He said: “It’s a desperate time, and I’ve known financial directors when they hear a whisper of a customer about to go bust who have visited the firm and refused to leave until they get some payment.”

If you have problems with non-payers or customers who are months late in paying their bills – contact ICSM today.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Daily Mail reports Duchess of Cambridge’s brother James Middleton’s food firm Boomf is set to go into administration owing £2million

There’s confusion over the future of Boomf, the company with Royal connections that sold personalised marshmallows after it has been widely reported the business was about to enter administration.

The Daily Mail reported that Boomf was carrying almost £2million of accumulated trading losses, with ongoing losses down from £3million.

Unlike his parents’ party paraphernalia firm which has made them very wealthy Mr Middleton, 34, who set up Boomf in 2013 has apparently been a flop with a string of creditors demanding payment. Administration will potentially find a buyer or the possibility of liquidation is on the cards.

The Daily Mail’s Richard Eden reported: “Boomf’s investors include James Matthews, the husband of Mr Middleton’s sister Pippa, greetings card company Moonpig founder Nick Jenkins and former VoucherCodes supremo Duncan Jennings. Despite the retained balance sheet losses, the company was £1.3million in the black at the date of the accounts, with £3.2million in share capital offsetting the ongoing losses.  Last weekend, Boomf was reported to have been ‘sold’ to a photography company, Splento. Its chief executive, Roman Grigoriev, declined to say how much Splento had paid. He said: ‘I cannot possibly comment on whether investors might lose money.’ He said Splento would keep using the name of Boomf, which also sold greetings cards that explode in a shower of confetti when opened.”

Ian Carrotte of ICSM said the charitable explanation was the downturn in the economy caused by the Covid-19 crisis. However he added: “Any business that size cannot function with debt running into the millions. Questions will be asked as to how such a huge amount of debt was accumulated when business was flat or clearly not booming. Something went seriously wrong with Middleton’s business plan.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Print Week reports on a director banned for abusing a Bounce Back Loan while ICSM raise concerns over insolvent PS Office Supplies

Fraudulent firms across the UK have been ‘taking the p*ss’ as they’ve been abusing the Government’s Bounce Back Loan scheme.

That’s the view of Ian Carrotte of ICSM and swathe of financial directors, credit managers and accountants in the printing and allied industries.

Ian Carrotte said: “It sticks in the throat that legitimate firms have pulled up the drawbridge, cut costs and did what they had to do to survive the Covid-19 crisis but fraudsters have been taking and p*ss. Insolvent companies have been taking the cash when they had no hope of repaying it. It’s disgusting.”

Print Week’s Jo Francis reported on the demise of Rugby-based Pick it Pack It Send It Limited and its director Christopher Pearson.

She wrote: “On 16 June 2020, Pearson was advised by an insolvency practitioner that Pick It Pack It Send It was insolvent and that any continued trading should not worsen the position of its creditors. On 27 July 2020 he applied for a taxpayer-backed Bounce Back Loan of £50,000. The scheme was targeted at small businesses to help firms get through the pandemic. The maximum loan amount available via the fast-track funding was £50,000. 

“The Insolvency Service report into Pearson’s behaviour said that on 28 July 2020, the £50,000 BBL funds were paid into Pick It Pack It Send It’s business bank account. On the same day, Pearson transferred £38,000 of the BBL funds from the company’s business bank account into his personal bank account, ‘contrary to the terms of the BBL agreement which state that BBL funds should be used for the economic benefit of the business’. Pick It Pack It Send It ceased trading on 22 October 2020.”

Since the establishment ICSM has consistently warned about the abuse of the £47.4billion Government scheme that was instigated to support business suffering during the Covid-19 shutdowns.

Ian Carrotte said: “The National Audit Office has had a right go at the Department for Business, Energy and Industrial Strategy because the taxpayer would pick up the bill for not only the interest on the loans but act as guarantors if they were defaulted on. It was a disaster waiting to happen as Government ministers like Rishi Sunak and his advisers rushed through the scheme and didn’t listen to industry voices saying this was licence for fraudsters.”

Pick it Pack It Send It Limited owed the loan but also £153,628, including £37,730 to the taxman for VAT plus £76,514 to trade and expense creditors. 

“If a member of the public took out a £50,000 loan and did what Pearson did, they’d go to jail,” said Ian Carrotte, “it took the Government until March this year to shut the stable door after the horse had bolted and shut the scheme down.”

Another case in the industry has come to light via Companies House involving a £50,000 Bounce Back Loan is that of PS Office Supplies that was wound up by IP Andrew Turpin in October. The firm crashed owing just shy of a quarter of a million pounds including the £50K Bounce Back Loan. The figures suggest that the firm may have been insolvent when the loan was applied for.

ICSM understands from industry insiders and those left with unpaid invoices by PS Office Supplies that they had concerns over its links to Nectere and one of its directors Paul Musgrove who was also a director of PS Office Supplies.

Ian Carrotte said: “These cases are just the tip of the iceberg. I’ve been banging on about the lack of due process and diligence shown by the Government’s Bounce Back Loans for months. Back in 2020 even the British Business Bank’s Keith Morgan told Alok Sharma the business secretary that the scheme was vulnerable to criminals and fraudsters. And so it’s played out. And it’s legitimate businesses that have picked up the tab.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Bulb, Avro and now Zog: the energy crisis smashing the free market dominated by the big six leaving customers and suppliers in the lurch

With Zog Energy’s collapse there are now 3.8 million households affected by Britain’s worst energy crisis since the Three Day Week in the 1970s. Then under Ted Heath’s Conservative Government energy was in the hands of the state and prices were supervised by the Secretary of State for Trade and Industry. Under the deregulation of Margaret Thatcher’s Government the energy industry was privatised leading eventually to a multiplicity of firms bidding for your business. That worked until the price of gas in particular (but also of oil) began to rise sharply. The regulator Ofgem’s price cap meant smaller firms couldn’t absorb the losses and were effectively trading at a loss while the larger firms – the big six – buy in bulk in advance when prices were lower.

Zog Energy ceased trading this week with their 11,700 customers allocated to another company – but as ICSM’s Ian Carrotte has pointed out if they were in credit, they are lending the new energy supplier an interest free loan.

“Factories that use thousands of pounds of electricity and gas a month could find their overheads are hiked without warning,” he said, “apart from giving an energy firm an interest free loan in form of credit they lose control of one of their fixed costs. It is unacceptable. As least in the good old bad old days of British Gas and the likes of SWEB there was consistency in price – something businesses need when working out their costs.”

The ICSM boss also pointed out that when the energy firms go bust they usually take with them thousands in unpaid invoices to suppliers, sometimes the taxman and VAT are left unpaid and of course their staff are canned – and not always paid off with their entitlement meaning the tax payer picks up the tab. Bulb were a big played in the market with 1.7 million customers and so when they went into a special administration regime (SAR) which protects consumers and ensures continued energy supplies. Outside of the Big Six Bulb was the largest of the smaller suppliers.

So who is next? Octopus Energy UK is the largest firm outside the Big Six and they have told the Government and Ofgem this week they are safe as have Green Energy UK.

Which energy suppliers have gone bust this year?

Green Network Energy – Taken over by EDF in February 2021

Simplicity Energy – Taken over by British Gas in February 2021

HUB Energy – Taken over by E.ON Next in August 2021

PFP Energy – Taken over by British Gas in September 2021

MoneyPlus Energy – Taken over by British Gas in September 2021

Utility Point – Taken over by EDF in September 2021

People’s Energy – Taken over by British Gas in September 2021

Arvo Energy – Taken over by Octopus Energy in September 2021

Green – Taken over by Shell in September 2021

Enstroga – Taken over by E.ON in October 2021

Igloo Energy – Taken over by E.ON in October 2021

Symbio Energy – Taken over by E.ON in October 2021

Colorado Energy – Taken over by Shell in October 2021

Pure Planet – Taken over by Shell in October 2021

Daligas Limited – Taken over by Shell in October 2021

GOTO Energy Limited – Taken over by Shell in October 2021

Zebra Power – Taken over by British Gas in November 2021

Omni Energy – Taken over by Utilita in November 2021

AmpowerUK – Taken over by Yü Energy in November 2021

MA Energy – Taken over by SmartestEnergy Business Limited in November 2021

Bluegreen Energy – Taken over by British Gas in November 2021

Neon Reef –Taken over by British Gas in November 2021

Social Energy –Taken over by British Gas in November 2021

Bulb – Ofgem is in the process of allocating a new supplier for customers in November 2021

Orbit Energy – Ofgem is in the process of allocating a new supplier for customers in November 2021

Entice Energy – Ofgem is in the process of allocating a new supplier for customers in November 2021

Zog Energy – Ofgem is in the process of allocating a new supplier for customers in November 2021

Which leaves just 10 energy firms in the UK.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Manufacturing and print industry news: more than a third of businesses are close to insolvency as costs mount

The Times has reported on research from trade group Make UK and RSM accounts that around 40% of British firms surveyed reported they were close to tipping into a financial crisis or insolvency.

The reasons given included debt and rising costs. Prices from manufacturers of animal feed for agriculture has seen inflation over 20% according to an investigation by Private Eye while The Times also reported that input costs for half the businesses surveyed were up 20%.

The newspaper reported: “As the latest producer prices index showed input costs up 13 per cent for manufacturers in October, against 11.9 per cent in September, a rise of that magnitude was ‘very much plausible’, especially with the combination of increases in taxation, raw material, shipping and energy costs, ‘Make UK’ said.”

It went on to say that: “Supply chain disruption and staff shortages could prove the ‘tipping point’ for businesses under strain, as customers and suppliers cling to cash or change their payment terms, according to research from Make UK, the trade body, and the accountancy firm RSM.”

Ian Carrotte of ICSM said the findings reflected the views of many of the members of ICSM’s business intelligence group with so many clients of firms admitting they were in trouble.

He said: “The restrictions brought in by the Government to combat the Omicron variant of Covid 19 will further hit business as people stay away for their offices, the night time economy is hit and spending is curtailed. We need to live with the virus and its various versions not run away and hide as commerce is being hit from all sides – HGV shortages, worker shortage in many industries, the issues over the Brexit trade deal and debt built up over the last two years.”

The Times reported that 40% of manufacturers had, “…engaged restructuring and insolvency professionals or intended to within the next 12 months, either out of necessity or as a precautionary measure.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

+++++++++++

The man who had his business Buy My Debt closed down by the Insolvency Service ‘in the public interest’ is back again with a new company

Phillip Allingan of the former firm Buy My Debt that was closed down ‘in the public interest’ in 2011 has set up a new business called Should I Liquidate?

A sales email seen by ICSM from the business asks: “Did you know it is possible to liquidate your Limited Company, get rid of all the debts the company has, and carry on in business through a new Limited Company with a fresh start and no debts?”

It then lists ‘negotiating payment plans with HMRC and other creditors’ plus raising finance and getting investment as options. This after listing CBILS and Bounce Back Loans as reasons why a business may be in trouble and implying that company directors could avoid having to repay debts by liquidating their business and starting up again under a new name.

At the time the Mail’s This Is Money reported in 2012: “The Government’s Insolvency Service went to the High Court last December to close down Allingan’s two debt advice firms – Buy My Debt and The Trusted Partnership. The firms promised to help individuals negotiate with creditors to cut their debts or to take over the liability for them entirely. Clients were charged £1 plus ten percent of their debt and a £250 fee in return for supposedly offloading what they owed. However, according to the Insolvency Service: ‘None of the debt sale agreements was approved by lenders, thus the client was left in a worse financial position, having paid fees but still having a contractual obligation to repay the full amount of the debt to the lender.’”

On the website Should I Liquidate it explains how the firm works: “Give us a call. Telephone discussion – free of charge, without obligation and with total confidentiality. I’ll explain what your options are and if you wanted us to get involved any further what we can do and what our fees will be. I’ll leave you to sleep on it and think about what you want to do. Remember we don’t recommend or advise. The decision has to be yours. If you never come back to us that’s it. It has cost you nothing. If you would like us to assist you in any way we can then we will and before we start you will know exactly what our fees are and what we can do for you.”

On his LinkedIn profile Phillip Allingan describes his role as the managing partner of Business Advice Services which was established in 2008 offering advice and mediation to businesses in debt.

ICSM – the UK’s leading credit intelligence membership group for businesses looking to avoid bad debts and late payers said there are three ways to liquidate a company. These are: Creditors Voluntary Liquidation or CVL, an Administrative Dissolution and a Compulsory Liquidation.

ICSM advises directors of struggling firms to seek professional advice from their accountants, an insolvency professional or legal firm before taking out further loans to stave off insolvency.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Suspicions grow as ‘sharks’ offer ‘get out of jail free’ cards to desperate businesses looking ‘to dump debt’ including bounce back loans and CBILS

Did you know it is possible to liquidate a limited company, dump all the debts and carry on in business through a new company with no debts?

It sounds a tempting prospect but in reality ‘doing a phoenix’ is not as simple as that and is often illegal if due process is ignored. If is shown a business has deliberately acted to dump their bounce back loans and Coronavirus Business Interruption Loan Scheme (CBILS) then not only are the directors potentially liable for those loans, but it could constitute fraud ending in prison for the culprits.

A quick online search reveals various firms offering to help companies to enter administration to stave off creditors and to potentially find a buyer through a pre-pack deal or to eventually close the business legally. Loans of any type may have a guarantee from the lender and although technically banks don’t have to ask a business for a personal guarantee (usually a home or property) for the Government’s emergency Covid loan schemes, there are many instances where they have enforced a clause as part of the loan.

If a firm cannot repay one of these loans, there is the scheme known as Pay as You Grow which restructures the repayments but to simply shut up shop and say you can’t repay the loan isn’t that simple.

Ian Carrotte of ICSM said there are ‘sharks’ out there pretending they can help a company to dump their debts and restart under a new name without any liabilities.

“We have seen sales emails and offers online suggesting it’s possible to liquidate a company without any comeback whatever the liabilities,” he said, “these are effectively fishing exercises by these ‘sharks’ to temp the desperate company director into replying. Once hooked they are not offered the phantom ‘Get out of jail free’ cards but are pushed towards taking another loan at a higher interest rate which they can never repay.”

Ian Carrotte said there are essentially three ways for a business to close legally with a potential long term prospect of seeing the directors establishing a similar business in the future.

He said: “A Creditors Voluntary Liquidation or CVL comes from the directors of the struggling firm who will appoint an IP or licenced Insolvency Practitioner who liquidates the company. Creditors get a report from the IP before the liquidation takes place. The staff need to be dealt with and paid if possible while all the assets are listed and sold. Any money left over is then allocated first to secured creditors and after that, unsecured creditors are paid – although this is rare. Failure to do this properly or for the directors to secretly squirrel away money or assets is illegal.

“Another way is an Administrative Dissolution where the directors wind up the firm without any need for an IP – a typical example is on retirement of the owners or a firm that no longer trades and has little or no debts.”

He said that a Compulsory Liquidation is the third way to end a company and that’s more serious as usually a creditor such as the taxman or a customer has had enough of the excuses for non-payment and goes to court to get a winding up order.

ICSM has seen a dramatic rise in the number of companies simply shutting up shop without due process. Customers are not told, suppliers are left in the dark, phones and emails go unanswered, and the directors simply disappear.

“If one of your customers does this disappearing act then contact ICSM,” said Ian Carrrotte, “as there are ways to contact the directors and force them to confront their liabilities. Some of these firms hope that by simply stopping and disappearing the trail will go cold and at some stage Companies House will strike them off as companies.”

ICSM’s debt recovery department is well versed in chasing down the ‘disappeared’ and realising payment for their suppliers left high and dry.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Mini forest set to grow larger in Somerset

With concerns over the amount of carbon dioxide in the atmosphere and the loss to wild habitat for flora and fauna in England there is one place which is seeing the planting of more trees which provide solutions to both issues.

The Stables Business Park at Rooksbridge in Somerset is set to further expand its tree cover by the planting of another 1,800 trees this winter. They will add to the already extensive woodland cover earlier this year when 5,000 trees were planted in the grounds of the park just off the A38.

“We have a motto here: relax you’re at work,” said proprietor Tom Dally, “as we have made the business park as green as we can with woods and even a pond to attract wildlife. With the grants available through National Grid and the Hinkley Point Project we’ve already created a large wood on the right as you come in with more trees to the left. The new trees will add to the main forested area with more on the left nearer the office in the meadow.”

With a mixture of native broadleaf trees that include oak, beech, hazel and holly the first plantation was created in January and has already thriving in the rich soil of the park.

The Hinkley Connection plantation at Rooksbridge is already the single largest planting undertaken so far in the policy of increasing reforestation and is set to grow even larger under the 106 planning agreement to offset the new power lines currently being constructed linking Hinkley to Seabank near Avonmouth. Hinkley Connection is a joint project featuring National Grid, Western Power and EDF at Hinkley Point C Nuclear Power Station.

It goes without saying that the recent COP26 conference stressed the importance of planting trees to improve the environment, encourage wildlife, combat pollution and carbon dioxide and pump oxygen into the atmosphere.

Hinkley Connection said: “We’re already engaged with landowners closest to the route, and we’re now making the scheme available to landowners within 3km of the new connection. Wherever possible we will use native species such as oak, willow, hazel, hawthorn and maple, to create woods and to infill in existing hedges.”

The initiative known as the Off-Site Planting and Mitigation Scheme (OSPES) aims to increase local biodiversity as well as increasing the amount of tree cover along the route which passes Rooksbridge in Somerset.

The Stables Business Park lies just off the A38 at Rooksbridge close to the M5 at Edithmead and features new classic English farmstead style buildings occupied by a wide range of businesses.

“It really improved the park as we are in a rural location,” said Tom, “with thousands of broadleaf native trees the business park effectively doubles up as a nature reserve as well.”

The Stables Business Park

Tel: 07968 910 761.

www.stablesbusinesspark.com 

Stables Business Park, Rooksbridge, Somerset BS26 2TT

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

New regional offices for national autism charity in Rooksbridge

A major national charity has moved its regional office into the bucolic surrounds of the Stables Business Park at Rooksbridge in Somerset.

The National Autistic Society is the UK’s leading charity for people on the autism spectrum and their families. Since 1962, they have been providing support, guidance and advice, as well as campaigning for improved rights, services and opportunities to help create a society that works for autistic people.

The charity run a range of services for autistic adults in Burnham-on-Sea and across the South West. This includes residential care, outreach support and increasingly supported living, supporting people in their own homes in the community.

The charity has moved into the Tack Room and Unit 3 at the business park choosing the offices as they are close to national transport links including the railway at Highbridge and Worle.

Carly Jarvis, Interim Area Manager for the South West, National Autistic Society, said the offices were ideally located for the staff. “It’s the perfect base for our work across the South West. With the M5 close by at Junction 22 the A38 leading to the local rail network it couldn’t be better. We particularly like the parkland style, with its trees and green spaces which make the location very pleasant.

“It’s an exciting time for our charity, not least as we’re starting to provide more supported living services in the area, where we’ll be supporting people in their own homes. We’re currently looking for motivated and enthusiastic people to join our team – and help us support local autistic adults to become more independent and take a more active role in their community.”

National Autistic Society, The Tack Room, Stables Business Park, Rooksbridge, Somerset BS26 2TT

For more about the charity visit www.autism.org.uk

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Vision Media Networks moves into the Stables Business Park in Rooksbridge

A high-tech communications firm has moved into the Stables Business Park at Rooksbridge in Somerset.

Vision Media Networks has relocated to the ground floor of The Mill House (in The Granary) at the business park choosing the offices as the park is close to national transport links including the railway at Highbridge and Worle.

The proprietor Dan Durie of the business said the offices were ideally located for the staff and enjoyed a green and pleasant outlook.

The managing director said: “With the M5 close by at Junction 22, the A38 leading to the local rail network it couldn’t be better. I established the firm in 2004 and we have always been in the area in Bristol or Somerset but needed to relocate this year due to growth. We liked the park immediately and the owner Tom is really passionate about keeping it at the highest standards with excellent internet connections.”

The business works with the retail, veterinary and dental sectors providing now Europe’s fastest growing network of screens across the UK and Ireland.

Vision Media Networks, The Mill House, Stables Business Park, Rooksbridge, Somerset BS26 2TT

For more about the firm visit http://www.intentor.co.uk/

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

The highly successful Stables Business Park has gained further planning permission for three new stand-alone units offering more than two thousand square metres of office space each.

Tom Dalley, the park’s proprietor said: “It means we can expand to allow a wider selection of accommodation from small businesses to larger concerns. Since we opened in 2005 every unit has been occupied with newly empty ones quickly let. I’m told by estate agents we have a unique business park with trees, woodland and a parkland aspect which makes it very attractive for staff and companies alike.”

“The three new self-contained units will be constructed during 2022 ready for occupation on completion,” he said, “with each one having its own car parking area and separate entrance. They will have plenty of space which will be enhanced with more tree planting and landscaping to ensure they blend into the campus.”

Tom Dalley said the Stables Business Park’s sales pitch is ‘relax, you’re at work.’

The village of Rooksbridge has a general store and Post Office, pub and garage, plus within a short drive are supermarkets and a range of shops at Edithmead and Highbridge.

Transport links include Junction 22 of the M5 one mile away on the A38, along with Bristol Airport a 20 minute drive and national railway connections at Highbridge and Worle close by.

For more information visit the park’s website at https://www.stablesbusinesspark.com/the-park/new-builds/

Stables Business Park, The Stables Business Park, Rooksbridge, Somerset BS26 2TT UK. Tel: 07968 910761.

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

ICSM’s listing of who has gone bust recently

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

Runners and Riders
Below is a collated list taken from the Government’s London Gazette of various businesses who are experiencing problems in the last few weeks.
We have broken them into different sections to make it easier to see and we have included the company number in each case. 
 

ADVERTISING AGENCIES, DESIGN STUDIOS, MARKETING, MEDIA, PUBLIC RELATIONS
Administrators Appointed
Dawsons Music & Sound Limited    12587114
KLT Communications Limited    11059534
 
Creditors’ Voluntary Liquidation Deemed in Consent Meetings
Ashworth Creative Limited    09837324
Bacall PR Limited    08562898
Better Marketing Solutions    12330037
Display Revolution Limited    11091409
H J Design Limited    09155535
JGM Media Limited    10134079
Market Link Creative Marketing Limited    00481743
Nationwide Marketing Limited    12392387
Rupert Design and Packaging Limited    11935459
The Original Art Company (UK) Limited    04450492
Thomas Music & Art Limited    08046579
TW Shopfitting Limited    09880591
Whizz Promotions Limited    08936819
 
Liquidators Appointed
2Plus2 Creative Limited    12474183
Aventor Design Limited    04557090
Beyond Visual Designs Limited    07901085
Blue Active Media Limited    00558127
Be Yourself Marketing Limited    07440633
Chase PR and Social Media Limited    08696010
Climate Media Limited    08268852
Cocktail Marketing Limited    08644191
Cresco Communications Limited    08840929
Digital Fuel Marketing Limited     08607772
Flyght Designs Limited    11959589
Grand Designs Animation Limited    04367385
Greystone Communications Limited    10955776
H & Q Design Limited    09021362
Ian Rogers Media Limited    11366945
In-Out Design Limited    07669421
Joshbrand Promotions Limited    09423212
JHP Design Limited    01858953
Junkyard Creative Limited    10423448
Longhorn Films Limited    05354568
MGK Design Solutions Limited    05642993
Money Tree Media Limited    09153411
Nelson Design Limited03969066
P.B. Signs Limited    05665800
PK Printwork Ventures Limited    08405812
Roadhouse Productions Limited    05551771
SPM Marketing Limited    10823945
TMS Publishing Limited    11002243
The Good Marketing Company Ltd    11444075
The Hotel Marketing (Cyprus) Limited    03230648
Vibe Communications UK Ltd    05742367
Yellow and Grey Design Limited    12121281
 
Members Voluntary Liquidations
Aldridge Print Group Limited    03923817
Allied Outdoor Advertising Limited    02317772
AM Marketing (Kent) Limited    09935185
Angus Advertising Limited    10668962
Apeseven Media Services Limited    06291905
B S B Design Limited    10553296
BCS Design Limited    04858971
C.F.D. Billboards Limited    01329843
Chiron Communications Limited    01081808
CH Promotions Limited    10668854
Clear Channel Banners Limited    04715228
Clear Channel (Midlands) Limited    01448409
Clear Channel (South West) Limited    03030075
Clear Channel UK (One) Limited    01441161
Clear Channel UK (Three) Limited    01847745
DSG Broadcast Services Limited    06007577
D’Souza-Rauto Broadcast TV Clear Limited    07274970
GHF Media Limited    08957120
Family Type Limited    12178226
F M Media Limited    04143850
Grosvenor Advertising Limited    03130865
Kippax Boy Limited    08839736
KMS Advertising Limited    03021896
Linotype Hell Limited    00765637
Mint Solutions Design Limited    08991321
PPS Media Limited    03165439
Spear Communications Limited    03258560
Strategic Communications Consultancy Limited    08070607
Tee Media Company UK Limited    07888317
Total Office Printing Services Limited    01014073
Town and City Advertising Limited    01624909
Vision Posters Limited    02526180
XR Design Limited    11732366
 
Petitions to Wind Up
Aequitas Packing (UK) Limited    08913537
 
Winding up orders
One Space Media Limited    06741203
 
CAFES, DRINK, FOOD, PUBS, RESTAURANTS
Compulsory Liquidators Appointed S 136   
Manchester Food Traders Limited    05559270
 
Creditors’ Voluntary Liquidation Deemed in Consent Meetings
85 Leisure Limited    11256791
Garvey Taverns Limited    10123337
HIIT Kitchen Food Services Limited    11197965
L & O Meats Limited    03883042
Molana Foods Limited    09252081
Orange Acorn Taverns Limited    09899819
Pearl Food Distribution Limited    07908857
Peoples Coffee Limited    09855202
Raw Construction (Foods) Ltd     09552033
Star Spice And Grill Limited     12288018
Taste Cuisine Limited    06744692
The Lounge Restaurant Manchester Limited    08803380
The Lunch Box (A & D) Limited    04505392
Wakefield Pizza and Kebab Limited     12292364
 
Liquidators Appointed
AAHZ Hospitality (PVT) Limited    12057477
ADC Food Limited    09722515
A & W Foods Limited    10385115
AYS Food Limited    11240813
Bargain Drink Busters Limited     08086095
Birrell Bars Limited    12140031
Butterfly Food Limited    12253955
Caffeine Lounge Ltd    11745088
Concept Food Services Ltd    07757194
Cotleigh Brewery Limited    04758308
D & P Food and Wine Limited    11411793
Dorset Food Limited Limited   11927563
D.Rock Champagne Limited    11696043
Duck Restaurant Limited     11333949
Foodafayre (Uk) Limited    04005117
Global Food & Drink Supermarket Limited    11304891
Hai Shui Restaurant Limited    08541398
JMP Catering Limited    11827155
K D Restaurant Group Limited     10083992
Ladybird Off Licence Limited    09729407
Maido Foods Limited    10265708
Meat Boutique Limited     13150265
Mettricks Limited    08327715
Munchies Grilled Limited     11994771
New Dawn Foods Limited     08078983
Pizza Unit Limited    12290953
Premier Bar and Catering Limited    09797075
Premier Westminster Restaurants Limited    07172594
Rock Grill and Pizza Limited    11249126
Roamers Caterers Limited    09157896
Wardour Foods Limited    05575730
 
Members Voluntary Liquidations
Bloomsbury Drinks Limited    08462775
K and D Wines Limited    03965255
Pandora Express 1 Limited    04688642
Pandora Express 2 Limited    04688647
Pandora Express 3 Limited    04688610
Pandora Express 4 Limited    04688632
Pandora Express 5 Limited    04709081
Pandora Express 6 Limited    02776512
Pandora Express 7 Limited    04992210
Pizza Express (Soho) Limited    00646528
The Gourmet Pizza Company Limited    02874428
The Good Food Company of Harefield Limited    02344092
 
Petitions to Wind Up   
G Lawrence Wholesale Meat Company Limited    01084692
 
Winding up orders
OTR Restaurant Limited    09315889
The Meat Company (Sussex) Limited    11974869
 
CONSTRUCTION, PROPERTY, SURVEYORS, BUILDING TRADES
Administrators Appointed
All Foundations (UK) Limited    06749253
ASA Crushing & Screening Limited    10191566
Hayden Homes Limited    10674359
Kapex Construction Limited    10538428
MS Construction Group Limited    12362907
Res Homes Limited    10781847
Shackleton, Wintle and Lane Limited    01736379
 
Administrators Meetings Para 51   
Minister Building Company Limited    06402398
Saul Brothers Limited     06739784
 
Compulsory Liquidators Appointed s 136
GILB Construction Limited    07123381
SCG Building Services Limited    08408460
 
Creditors’ Voluntary Liquidation Deemed in Consent Meetings
Ashford Newbuild Limited    11825307
Beechwood Construction Limited    07092676
Bow Builders Limited    10310438
Camellia Construction Limited     12285488
CG Rail Limited    09574790
Easy Access Construction Limited    04778979
Elm Rail Limited    11578798
Fairhold Haven Limited    05441733
Fairhold Homes (No.8) Limited    03697443
JJ Building Services (Gloucester) Limited    10480874
Kiveton Rail Limited    10126862
Matt a’Court Building Contractors Limited    10690292
Midgley Construction Limited    08516993
Red Door Homes (NW) Limited    11341186
S & T Builders Limited    08883314
SJS Construction Ltd    08342200
State Of The Art Construction Limited    10699642
Sparrow Building Limited    08842213
Total Construction and Maintenance Limited    07154984
TUD Construction Limited    10906495
 
Liquidators Appointed
All Work Construction Limited    11408155
APS Plumbing Heating & Gas Engineers Limited    05187423
AS Builders (Warwickshire) Limited    11344840
Boon Consulting (UK) Limited    03926039
Cambourne Construction Limited    11082397
CHB Construction Limited    09858195
Drax Homes Limited    07797352
Fen Rail Services Limited     12477215
FWD Construction Limited    06791986
Infrastructure Developments Limited    08785458
GM Build-UK Limited    11936758
H M T Construction Limited    09362444
Homeseal Windows Limited    10052787
JE Construction Sussex Limited    08858943
Live O Electrical Ltd    11187311
MF Building Construction Limited    10672267
Midgley Construction Limited    08516993
Northeastern Construction Limited    08843179
PHL Plastering Limited    06328525
PJH Building Contractors Limited    06416600
Prism Architectural Limited    04017047
Red Door Homes (NW) Limited    11341186
Robert Sterling Surveyors LLP    OC355537
SOS Construction & Civil Engineering Limited    10031940
Span Construction Limited    11320465
 
Members Voluntary Liquidations
Albert Cottages Limited    07268999
Carbis Bay Developments Limited     08104017
Construction 123 Limited    04904365
Dove Construction Services Limited    02849051
Signature Homes (Southern) Limited    09366118
 
Petitions to Wind Up
Holmes Construction (Cumbria) Limited    10191432
Regency Build & Development Limited    11112966
 
Winding Up Dismissal
UK Steel Fabricators Limited    08437203
 
Winding up orders
BPL Build Limited     09749998
Purple Development Homes Limited    11621690
 
COURIERS, HAULAGE, LOGISTICS, STORAGE
Administrators Appointed
The Wheel Company (North East) Limited    09051661
W.E. Deane Limited    00768571
W E Deane Liverpool Ltd    11472808
White Peak Distribution Limited    04751874
 
Creditors’ Voluntary Liquidation Deemed in Consent Meetings
ABC Couriers Limited    03303731
Budget Express Limited    09911392
KV Cars and Couriers Limited    04535471
Pearl Food Distribution Limited    07908857
Rossay Logistics Limited    10308078
Squirrel Freight Limited    11315974
THL Transport Limited    11543224
The General Storage Company Limited    05552475
VAL Transport Limited    10603698
 
Liquidators Appointed
I 54 Logistics Limited     08842678
A1 Elite Courier Services Limited    08532149
AJD Logistics (Basingstoke) Limited    09446584
AL J Transport Limited    09209900
A P Warehousing and Logistics Limited    11577969
Bishop’s Move Limited    00860924
Darrells Transport Services Limited    07844868
D Gilbert Transport Limited    08610191
Douglas & Sons Logistics Network Ltd.    10288132
Dunlace Taxi Services Limited    04174672
Dolphi Couriers Limited    06658308
DTS Couriers Limited    09223368
FMCG Logistics Limited    11028581
Gorilla Haulage Limited    10672141
K Transport Systems Limited    12140118
One Distribution Limited    11243506
Melbourne Courier Company Limited    06060889
Performance Logistics UK Limited    09634456
Rossay Logistics Ltd    10308078
Squirrel Freight Limited    11315974
Steve Swift Transport Limited    07244115
S. W. Allen Logistics Limited    09639057
THL Transport Limited     11543224
Transport Resources International Limited    05635230
Translogic Limited    03936360
Wolf haulage Limited    11280694
YH Transport Limited    12113384
 
Members Voluntary Liquidations
Bob Sherwin Limited    04823622
Cardinal Shipping Limited    06693315
Logistics Projects (Pontefract) Limited    10377376
Stobart Transport & Distribution Limited    05907280
Westminster Shipping Limited    06358101
 
Petitions to Wind Up
P Young Transport Limited    04869024
 
Winding up orders
LV Distributions Limited    11892823
 
EVENTS, EXHIBITIONS
Administrators Appointed
F3 Events Limited    05973055
 
Creditors’ Voluntary Liquidation Deemed in Consent Meeting   
A-Z Banqueting Solutions Limited    08081799
Fine Manor Events Limited    07198089
 
Liquidators Appointed
Derby Ritz Events Venue Limited    12256942
Event Exhibition Services Limited    05169724
Elf Events Limited    07606463
Event Exhibition Services Limited    05169724
Exhibitions Conferences & Banqueting Services Limited    04372359
F4d Events Limited    11169643
P.B. Signs Limited    05665800
Walsall Banqueting and Conference Limited    11039991
 
Members Voluntary Liquidations
Mitie Events & Leisure Services Limited     07836059
The Worx (Canteen) Limited     03446136
 
Petitions to Wind Up
Billion Lenny Events Limited    11636107
 
HOLIDAYS, TRAVEL
Creditors’ Voluntary Liquidation Deemed in Consent Meetings
Guided Motorbike Tours Limited     10235164
Polka Dot Cycling Limited    07508781
Seychelles European Reservations Limited    03524046
 
Liquidators Appointed
Bliss Travel (Bawtry) Limited    08486105
DJ Travel Industry Consultants Limited    07778468
Lotus Tours Limited    10957469
Mark Pollard Travel Limited    06285320
Paradise Travel & Tours Limited    04803012
Rydewell Travel Limited    04634365
Saturn Travel Limited    00965522
Top Travel & Tours Limited    10707657
 
HOSPITALITY, HOTELS
Administrators Appointed
Fletcher’s Arms Limited    06166950
The White Swan West Coker Limited    03856581
Walworth House Pub Limited    10046639
 
Creditors’ Voluntary Liquidation Deemed in Consent Meetings
Duck Restaurant Limited    11333949
Henna Wedding & Catering Limited    07782752
Kim Korean Restaurants Limited    07205480
Seychelles European Reservations Limited    03524046
Sky & Star Limited    08818659
Travel Kings Limited    06537441
Trademark Events Limited    10265116
Yaz Cafe Limited    12093358
 
Liquidators Appointed
Arctic Bars Limited    11850345
Bliss Travel (Bawtry) Limited    08486105
Coaster Coffee Limited    11798228
Elf Events Limited    07606463
Exhibitions Conferences & Banqueting Services Limited    04372359
F4d Events Limited    11169643
Firefly Cinema Club Ltd     13047611
Front Foot Hospitality Limited    08116855
Giant Hospitality Limited    09589283
HMR Sporting Club Limited    11952119
Lahore Restaurant Watford Limited    10870014
Lotus Tours Limited    10957469
Meat The Art Limited    10091868
Paradise Travel & Tours Limited    04803012
RLCL Entertainment Limited    09416395
Top Travel & Tours Limited    10707657
Traditional London Pubs Limited    06350567
Walsall Banqueting and Conference Limited    11039991
 
Members Voluntary Liquidations
BH Hospitality Limited    10088787
Cyphers Indoor Bowling Company Limited    00312671
Kempston Liberal Working Men’s Club and Institute
MJ Restaurants Limited    06523322   
Newlands Coffee Limited    07476611
Swansea Bay Hotel Ltd     11786831
The Pailton Pub Company Limited    06651043
Tourico Holidays UK Limited    07194495
Wear Inns Limited    05613167
 
Petitions Dismissed
Nite Stop Limited    03018778   
 
Petitions to Wind Up
Billion Lenny Events Limited    11636107
Black Diamond Bars Limited    11452878
 
Winding Up Orders
OTR Restaurant BM Limited    10647317
 
MANUFACTURING
Administrators Appointed
AE Aerospace Limited    03286967
All-Counties Supplies Limited    02677377
GBM-Manufacturing Limited    01284029
J E Lord & Co Limited    04192816
Trade Business Limited    05490057
 
Compulsory Liquidators Appointed s 136
Oso Polymers UK Limited    11167768  
 
Creditors’ Voluntary Liquidation Deemed in Consent Meetings
Chistya Clothing (Leicester) Limited    10110748
DHK Fashion Limited    11579336
JTD Engineering Limited    11637181
Kitchen and Bathroom Collective Limited    07488220
Refine Garment Processing Limited    10941759
Scope Engineering Services Limited    09650941
 
Liquidators Appointed
Atlas Engineering Services Limited    03379887
G & J Engineering Limited    02600227
GAL Fashion Limited    11256573
Relaxing Times Limited    08830125
Mark Woolley Engineering (MWE) Limited    11064379
Pro-Fit Bespoke Fitted Furniture Limited    09315277
 
Members Voluntary Liquidations
CRM Engineering Services Limited    10773257
Grimes Mechanical Limited    11134204
Mitie Engineering Limited     05077998
Streetwise Fabrications Limited    06652243
 
Petitions to Wind Up
AG Safebooths UK Limited    09619365
 
Winding up orders
Oakhurst Engineers North West Limited    11354777
 
PRINTERS, PUBLISHERS, PAPER & INK MAUNUFACTURERS
Administrators Meetings Para 51
Monument Paper Bag Company Limited (The)   00481099
 
Creditors’ Voluntary Liquidation Deemed in Consent Meetings
Supreme Digital Print Limited    10503828
Waltham Print Limited    09904745
 
Liquidators Appointed
Blue Print High Wycombe Limited    08583218
Britannia Sign and Print Limited    11331347
Copyprint UK Limited    00991016
Double Six Press Limited    04131708
Festival Publications Limited    09017770
Mitchells Printers Limited    10523755
P.B. Signs Limited    05665800
PK Printwork Limited    08405812
Supreme Digital Print Limited    10503828
The Westdale Press Limited    01787743
TRB Print and Graphics Limited    05766404
TMS Publishing Limited    11002243
 
Members Voluntary Liquidations
Aldridge Print Group Limited    03923817
Family Type Limited    12178226
Quill And Ink Limited     08077088
Linotype-Hell Limited    00765637
Total Office Printing Services Limited    01014073
 
RETAILERS, SHOPPING CENTRES & MARKETS, HIGH STREET TRADERS, WHOLESALERS
Administrators Appointed
FSLP Limited    06470282
Pheasant Clothing Limited    03504842
Superior Meat Processors Limited    09828815
 
Administrators Meetings Para 51
Clement Browne Limited    07184480
Kurt Orban Partners Limited     08475033
 
Compulsory Liquidators Appointed s 136
Your Car Solutions Limited    10398386
 
Creditors’ Voluntary Liquidation Deemed in Consent Meetings
A & S Townsend Limited    04463206
Best Car Seller Limited    10831203
Building Supplies Surrey & Sussex Ltd    11716264
Country Kitchen Superstore Limited    12189896
Cartel Menswear Limited    10848103
Copper Still Company Limited    08966492
Elite Bespoke Linen Limited    07643532
Florence Beauty Limited     10826260
H & B Tailoring Limited     11005742
Miss Euro Limited    06459212
Sun To Sea Cornwall Limited    12253635
 
Liquidators Appointed
AI Retail Limited    09072997
Bishop Lifting Services (Wales) Limited     01641631
Caisi Aviation Limited    06777180
Care Home Recruitment UK Limited     10900005
Cask And Corks Limited    08267995
C&D Antiques Limited    11588702
Chase Motorcycles Limited    10031824
Dorothy Perkins Retail Limited    01716523
D H Convenience Stores Limited    10367995
D. S. Clothing Limited     04092629
Dress Rail Boutique Limited    11234718
Fancy Dress Superstore Limited    09270590
House Of Bling Ltd    10845669
MacPrint (Blackpool) Limited    03183019
Masterwork Graphic Equipment (UK) Limited    05890721
NT Wholesale Limited     09252851
Stark Naked Lingerie Ltd    12295805
S.T.E.D. Electrical Limited    02610058
 
Members Voluntary Liquidations
Paramount Jewellery Limited    03721613
West End Cold Stores Limited    02939740
 
Petitions to Wind Up
Essex County Laundry Limited    00140030
HW Retail Limited    08269584
My London Shopper Limited    12675989
 
Winding up orders
Golf Depot Limited    02995248
 
VARIOUS INDUSTRIES
Administrators Appointed
Avro Energy Limited    09174794
Northamptonshire Industrial Training Association Limited    01343155
Ockbrook School    05086591
People’s Energy (Supply) Limited    09844617
Swift Energy UK Limited    08867685
Trinity Nursing Services Limited    05646151
 
Administrators Meetings Para 51
Essex County Laundry, Limited    00140030
 
Compulsory Liquidators Appointed s 136
Essex county Laundry Limited    00140030
Lordrite Wooden Floors Limited    06599600
UK Calling Party Ltd    12792732
 
Creditors’ Voluntary Liquidation Deemed in Consent Meetings
Cleaner Energy Limited    08825096
K. S. Fashion UK Limited    12319293
Norfolk Painting School Limited    06871673
Wildcard Payment Services Limited    12041135
 
Liquidators Appointed
BBC (Bristol) Club Limited     07201733
Beacons Safety Training Limited     11922735
Carers Elite Homecare Limited    10244151
Darrow Farm, Pet and Equestrian Limited    11907417
Evergreen Education Limited    11363383
Gurkha Coins and Bullion Limited     09226224
Harley Street Therapy Centre Limited    06501573
LG Avionics Ltd     09831991
Platt School Nursery Limited    08488957
RLS Care Services Limited    11682364
 
Members Voluntary Liquidations
Core Laboratories (UK) IP Company Limited     08772020
JM Highway Management Services Limited     06775117
The Detective Agency Limited    02346660
The Shell Centenary Scholarship Fund    03608466
Wyevale Garden Centres Capital Limited    07942713
 
Petitions to Wind Up
Addington Equestrian 2019 Limited    11294806
CFL Finance Limited    05718498
United Health Hub Limited    10568746
Wuji Limited    11602117
 
Winding up orders
Sunbeds Services Limited    11800386
 
Types of Insolvency
Administration
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)).
Bankruptcy
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.

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

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.comIan.carrotte@icsmcredit.com

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

West Country building firm owed £2.5m when it went bust with workers left unpaid

West firm owed £2.5m
Last month Plymouth’s URBN Construction went bust owing 182 creditors a total of £2.5 million. William Telford of Plymouth Live reported: “URBN Construction left just £44,400 in assets, but was faced with claims totalling more than £2.5m for money owed. Even the taxman, HM Revenue and Customs, will not receive the full £345,687 it is due, despite being a preferential creditor. And 20 former employees are unlikely to see any of the £65,262 that is owed to them.”

Ian Carrotte of ICSM said that around 2,000 building firms had collapsed since 2019 and the start of the Covid-19 crisis.

Plymouth Live said creditors included Burrington Estates (New Homes) Ltd, owed £51,462, while MEP Systems Ltd, based in Estover, Plymouth, was owed £159,523, Plymouth’s YGS Landscapes Ltd is £37,669 out of pocket, Westcountry Fabrication Ltd were taken for £87,333.Others included Exeter’s System Six Kitchens are owed £119,338, Pavilion Construction Ltd, in Newton Abbot, lost £93,179, builders merchants RGB Holdings Ltd, were hit with a £59.135 loss, and Ashburton’s Devon Tarmasters (SW) Ltd was owed £33,943.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

AGENDA WEST NEWS: High-end luxury store is widely reported as being on the brink of appointing administrators



Fashion insolvencies
The Covid-19 lockdowns that forced many businesses to close appears to have claimed another victim in the fashion store Roland Mouret based in London’s West End. The high-end luxury store is widely reported as being on the brink of appointing administrators.

The Sunday Times reported Roland Mouret filed the notice due to the slump in sales of their designer dresses. Roland Mouret is owned by designer Roland Mouret and businessman Simon Fuller and their landlord Grosvenor Estates. Other fashion stores killed off by the lockdowns and a switch to online shopping include Laura Ashley, Debenhams, Jaeger, Ralph & Russo and Oasis.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

AGENDA WEST NEWS: tributes to former print industry boss and BPIF president Gerald White who died last month

The British Printing Industries Federation (BPIF) have published a tribute to their former president Gerald White who died in October.

He had been diagnosed with cancer and passed away on Friday, October 15. The BPIF published this tribute on their website: “This day is a profoundly sad one, though even in this time of grief I cannot help but reflect on the many wonderful experiences that I – and the rest of you – shared with Gerald White. In navigating this loss, it’s important for us to remember how much richer our lives have been as a result of our relationship with Gerald.

“He was a true gentleman and a believer in people, he loved the print business, and especially Book production and Publishing. I personally will miss him tremendously, for the support and belief he had in me, and our businesses ability to produce books of the highest quality and for a fair price. He will be sadly missed. Our thoughts are with Gerald and his loved ones at this sad time.”

Born in 1961 Gerald trained as an accountant and worked his way up in the printing industry to become the CEO of the Berforts Group in Stevenage in the early 1990s moving on to become a director at Print2Demand in Westoning, Bedfordshire. In 2015 he became the president of the BPIF giving him a high profile within the print industry after taking over from Tony Garnish. In 2014 he had worked with the legendary magazine publisher Felix Dennis as joint owner of Butler, Tanney and Dennis before its collapse. He was reported by Print Week as having been instrumental in appointing Charles Jarrold as the federation’s new chief executive.
Ian Carrotte of ICSM said Gerald was a singular character. He said: “During his time he saw the end of the glory days of the print industry and its transition to digital printing and short runs. He will be greatly missed and our thoughts are with his family and friends.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Checkaco News: check a company first in case they go bust with your cash, Rip-off Britain presenter ripped-off, and the story of Anna Sorokin the con woman who stole thousands from friends

Posted on by Harry MottramEdit”Checkaco News: check a company first in case they go bust with your cash, Rip-off Britain presenter ripped-off, and the story of Anna Sorokin the con woman who stole thousands from friends”

Millions of people have lost money to companies going bust this autumn – and with a simple check with Checkaco they could have saved the heartache.

In September 1,446 UK companies crashed taking with them billions of pounds of customers cash, leaving their suppliers invoices unpaid and their staff unemployed. A string of energy firms ceased trading leaving their customers in the lurch as their accounts were switched by Ofgem and much higher tariffs. And the switch often meant that customers who were in credit had to wait weeks to find out if their credit was still intact or swallowed up by the higher bills.

Utility Point, People’s Energy, PfP Energy and MoneyPlus Energy all ceased trading in September while a string of retailers and travel and holiday firms including hotels have gone bust taking with them the deposits of their customers. Worse still are builders who have taken hefty upfront payments from customers and then declare their business has gone west along with the deposits which are often thousands of pounds.

If you are planning of parting with a large amount of cash to business – a wedding venue, a holiday firm, a double glazing company or a shop then check them out first.

You can check to see if the company is solvent for £6.50 per company checked.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more at https://checkaco.com/

Anna in court in New York

Anna Sorokin con woman

Sentenced to four years in New York’s Rikers Island state penitentiary in 2019 and fined £20,000, Russian born con woman Anna Sorokin is currently awaiting deportation to Germany.

Born in Domodedovo near Moscow in 1991 Anna wanted to become rich and famous. She achieved both of these ambitions before her arrest on several charges of larceny and one of theft in 2017. Her family moved from Russia to Germany when she was a teenager and following school she gained an internship at Purple magazine in Paris. From this she was able to make contacts in the fashion world which gave her an entry to the well heeled and well connected changing her name to Anna Delvey.

Anna had arrived in New York in 2013 to work for Purple magazine although whether she was on the payroll was disputed. She blagged her way into the publishing crowd based on her previous connections and after meeting a fashion photographer she illegally used his credit card to fund her lifestyle. Her next step was simple: she announced to friends and businesses she was fabulously rich and would soon inherit a fortune from her wealthy father in Germany. All a lie of course – but it opened doors and hotels, restaurants and stores were happy to grant her large amounts of credit.

To enable her to pay some of the bills she obtained a hundred thousand pound bank loan based on her supposed millionaire status. Using this cash she continued to live in hotels and dine out at expensive restaurants grandly announcing to her sycophantic friends she was to open the Anna Delvey Foundation – a sort of posh arts centre in the city. By now the banks and hotels were closing in Anna persuaded some gullible friends to pay for a luxury holiday in Morocco on the promise it was to promote the foundation.

Running out of credit Sorokin was eventually arrested at a rehab centre and the full details of her crimes quickly unfolded. Various friends told of how she had borrowed money on the promise to repay the next day as her credit card wasn’t working, hotels listed unpaid bills of tens of thousands of dollars and banks and credit companies rued the day they granted her hundreds of thousands of dollars of credit.

The joke is Anna may well end up being rich – she is already famous – as TV and film companies have lined up to tell her story and although she is unlikely to be paid directly by the media she will be able to publish her own story and sell it to the highest bidder back in Germany.

It’s a story that has hit the headlines around the world since Anna is unrepentant and believes she did nothing wrong as only rich people and institutions were affected. She says she should have known better to lend her money – but many of those she conned were friends – and there lies a universal crime perpetuated by con artists the world over.

We have all had a friend or a relative who has asked to borrow money due to a crisis and have paid it back. Some of us have had a friend who in a restaurant realises they’ve left their company credit card at home and can’t pay their fair share but promise to repay you the following day – but then fails to do so as the company credit card has been rejected.

If that happens you can check to see if the company is solvent for £6.50 per company checked.
Quickly view a company’s CCJ’s, legal ownership, credit history, credit score and more at https://checkaco.com/

Gloria Hunniford

BBC Rip-off Britain presenter ripped-off

Unauthorised payment card fraud costs the public more than half a billion pounds a year with the commonest form taking the form of scammers using stolen credit and debit cards to withdraw money from cash points.

The fraudsters use a number of methods to empty the bank accounts of their victims, but the one that was used to empty the bank account of BBC Rip-off Britain presenter Gloria Hunniford was unusual.

A woman who did not look like Hunniford walked into at a Santander branch in Croydon North End and told the bank official she was the TV personality. Banker Aysha Davis did not know who Hunniford was and was duped into handing over £120,000 from her account convinced by two ‘relatives’ who accompanied the woman. She had Hunniford’s bank details and a bank card in the name of Mary Winifred Gloria Hunniford – the full name of the BBC presenter.

Gloria Hunniford alerted the bank when she saw her bank statement and eventually the culprits were arrested and convicted of fraud while the bank refunded the cash. It’s an unusual case for its brazen nature but if the fraudster had known the pin number of Hunniford’s card she could have used a cashpoint – which is why you should guard against anyone trying to see your pin number.

The majority of card fraud is by remote purchases. The criminal has a stolen card and orders goods on line (usually high value) to be delivered. That way they only need to read out the number to the store salesperson or if they have the password and username they can simply fill in an online form.

There are rogues out there who pose as legitimate businesses or are firms with terrible credit histories. Before you pay a cash deposit to them do a credit check with Checkaco for £7.95 and see if they are legitimate. All firms have tell-tale credit histories which reveal if they can be trusted with your money. Checkaco’s credit checks are accurate and up to date so you can spot if the trader you choose is safe – and won’t go bust. Get the low down on any firm or individual at https://checkaco.com/

The ratings are poor, fair, good or excellent – find out all their details now for just £7.95 at https://checkaco.com/

For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

And then there were six: the collapsing energy companies leaving a trail of debts, their staff axed and their customers left in the lurch – and now Bulb Energy are on the brink

The energy firms going bust this autumn are leaving a trail of millions of pounds of unpaid debts as well as forcing their customers to take massive hikes in prices as they are switched to new suppliers.

Go To Energy went bust last month owing more than £2 million, while Ampower left £3.5 million in what has become a discredited sector with numerous companies collapsing as the price of energy soars. With the Government’s Ofgem enforced price cap in place most firms cannot break even and so are calling it a day in unprecedented numbers with Bulb Energy the latest on the brink of collapse.

This year the following energy firms have gone bust: Green Network Energy, Simplicity Energy, JUB Energy, Moneyplus Energy, PFP Energy, Utility Point, People’s Energy, Green, Avro, Enstroga, Igloo, Symbio, Colorado Energy, Pure planet, Daligas, GOTO Energy and Bluegreen Energy with around three million customers between them. It could well end up with the so-called Big Six companies left as the only ones still standing mainly due to their inherited wealth from the days of state ownership.

British Gas, EDF Energy, E. ON UK, npower, ScottishPower and SSE supply 70% of the market with a long list of smaller firms making up the rest. These smaller outfits are the companies going to the wall.

Ian Carrotte of ICSM said the situation had become unacceptable for businesses as manufacturing in particular uses massive amounts of energy which are fixed overheads. He said: “Take the average small factory such as a printing company who had switched to a low tariff with one of these smaller firms. Then the energy company goes bust – usually with hundreds of thousands of pounds in credit from their customers – leaving the factory with a hike in prices as they are switched to a new company – usually one of the big six – plus they have to wait for their credit balance to be restored. You need stability to run a factory so you can keep overheads under control – this energy crisis is a nightmare for business and could force many to cut staff and downsize.”

He also said that anyone supplying goods and services to any of the firms left outside of the Big Six should be very cautious. He said: “The media concentrate on the general public – the consumers – left in the lurch by these energy firm failures – which is understandable. But each one that goes bust, the staff lose their jobs and their suppliers are left with unpaid invoices to the tune of many thousands. Enough to sink a small company. There is enormous collateral damage.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Picture: CNN

The Bounce Back Loan fraudsters who have been caught out by the Insolvency Service with one spending his loan on his girlfriend and the bookies

Thousands of businesses have survived the bleak months of the covid lockdowns by taking out bounce back loans and furloughing staff.

With the furlough system now gone and the loans backed by the Government due for repayment the Insolvency Service have revealed some of the shocking cases of business owners who abused the system. Up until the cut off date for new applications the chancellor Rishi Sunak had allowed £47bn in bounce back loans to be taken out by hundreds of thousands of businesses in the UK.

Ian Carrotte of ICSM said the figures were shocking as The House of Commons public accounts committee estimated that between £16 billion and £27 billion would never be repaid due to fraud.

He said: “That’s a potential default rate of between 35% and 60% – which is eye-wateringly high. And since all these loans were state-backed, any failures to pay will be paid by the taxpayer.”

The Insolvency Service said that three directors have been banned following investigations this month included cleaning company N&S Solutions Limited who had gone bust before the Bounce Back Loan scheme came in owing £150,000. But that didn’t stop director Rafael Henrique Scher, 38, from pocketing £30,000 on 15 May 2020. Scher signed a disqualification undertaking which prevents him from acting as a director for 9 years.

In another case the Insolvency Service explained how Mujeebullah Khan, 34, and Muhammed Omair Javaid, 33, ran Chunky Chicken, a local Nottingham takeaway until December 2019, when they sold the business. Despite this they improperly applied for a government-backed Bounce Back Loan of £50,000 in the business name after the sale of the company. They said: “The money was used to repay a business creditor and who was also a relative of Muhammed Omair Javaid. Both Mujeebullah Khan and Muhammed Omair Javaid made themselves bankrupt on 24 May 2021, citing debts of over £200,000 that included the Bounce Back Loan. Both Mujeebullah Khan and Muhammed Omair Javaid signed bankruptcy undertakings that extend their restrictions for 8 years. This means they are limited to what credit they can access, as well as not being able to act as a company director without the permission of the court.”

Publican Malcolm Wilks, 57, ran the Royal Oak pub in Nuneaton since 2014.

The Insolvency Service reported: “At the start of the pandemic in March 2020, the pub closed for lockdown and Wilks entered into an Individual Voluntary Arrangement (IVA) and began to claim Universal Credit. The pub later reopened and traded for a few hours a week until it finally closed in November 2020 due to the reintroduction of COVID-19 restrictions.

“On 11 November 2020 Malcolm Wilks received a Bounce Back Loan of £19,000. A day later, the supervisor of his IVA terminated the agreement, and confirmed to the Insolvency Service that Wilks had only made 2 repayments.

“As a result of the Insolvency Service investigation, it was established that Wilks transferred nearly £17,000 of the Bounce Back Loan into his personal bank accounts. From there, he paid over £4,100 to his ex-girlfriend and spent £1,120 on online gambling. Nearly £3,500 was withdrawn in cash and cannot be accounted for. Only £6,500 was allocated as wages for himself to cover the period when he wasn’t working.

“Separately, Wilks also received £1,100 in business rates refunds in December 2020, just weeks prior to declaring himself bankrupt. He received a further £10,500 in subsequent weeks but failed to disclose this to the Official Receiver. On 27 September 2021, Malcolm Wilks signed a bankruptcy restriction undertaking that extends the duration of his bankruptcy for 8 years, starting on 18 December 2021.

Alan Draycott, the Deputy Official Receiver, said: “The Government loan schemes have provided a lifeline to millions of businesses across the UK – helping them to continue trading during the pandemic and protecting millions of jobs. As these three cases show, the Insolvency Service will not hesitate to investigate and use our powers against those who abused the COVID-19 support schemes.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Rishi Sunak

ICSM says bricks and mortar businesses are disappointed by Rishi Sunak’s failure to reform business rates in the budget

Despite a cut of 50% in business rates for shops, restaurants, bars and gyms of up to £110,000 there is still considerable concern over the failure of the Government to reform business rates in the Chancellor Rishi Sunak’s October budget.

Ian Carrotte of ICSM said the 50% reduction in business rates was welcome but there was a wide range of firms hit by the Covid crisis who were in the high street but were not included.

“It’s very helpful for the hospitality industry, the night time economy and village shops and many retailers but there’s a long list of firms who will not benefit,” he said, “as the high street contains all manner of companies from printers and sign-makers to couriers and smaller manufacturers. What we need is a total overhaul of business rates so online retailers pay their fair share as opposed to the bricks and mortar businesses stumping up the lion’s share.”

Tony Danker of the CBI said: “On Business Rates, the Chancellor made real strides in making the system more palatable for businesses in the shorter term. More frequent valuations, wider reliefs and improving the incentives for firms to decarbonise their premises is what firms have been calling for. But the hard truth is that wholesale reform to unlock investment was rejected today. The Government missed the opportunity to truly reform a business rates system that diminishes Britain’s high streets and factories.”

Ian Carrotte said there had been a record number of shops closing due to the Covid lockdowns when many were effectively denied their customer base. However online retailers such as Amazon prospered but pay far less tax than the equivalent high street store he said.

He said: “Earlier this year we were led to believe the chancellor was planning on a new online sales tax with the likes of Amazon, Asos and Ocado in mind. That’s something he’s shied away from and apparently, he’s now in talks about such a tax. High streets are the heart of every town and city but increasingly you see shops boarded up. Every retailer generates business for local companies from shop fitters to printers – out of town warehouses preferred by the likes of Amazon do not – and to add insult to injury they pay far less tax.”

The 50% cut is temporary with the savings set to be continued in the next financial year – the cut in business rates for eligible firms is up to a maximum of £110,000 and the chancellor has scrapped 2022’s planned annual increase in rates for all firms for the second year in a row.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

*******************

One of Britain’s big beasts of construction has gone bust: NMCN enters administration leaving suppliers in the lurch and 1,700 out of work

The Nottinghamshire based NMCN engineering and construction giant has gone bust and have entered into administration with Grant Thornton in charge of seeking solutions to the collapsed firm.

It leaves debts of more than £40m, suppliers and contractors wondering if they will get paid along with 1,700 staff out of work.

The ‘people-focused business that works in partnership with their customers to deliver major built environment and critical national infrastructure projects across the UK’ has collapsed having failed to sign off its 2020 accounts and secure a re-financing of the business.

The company said in a statement: “NMCN today announces that the board of the company, having taken advice, has concluded that the company is no longer able to continue trading as a going concern. The board of NMCN wishes to thank all of its shareholders, customers and suppliers for their support over the years and particularly Svella and those who had intended to participate in the equity subscription that formed part of the Proposed Transaction, which has had to be cancelled.”

Ian Carrotte of ICSM said it was cold comfort for firms who had likely been chasing payment for weeks ahead of the collapse. He said: “It doesn’t matter how big or famous a firm is suppliers must never fall for the kudos of household name. If a company fails to pay you on time then you have to make the difficult excuse to cease giving them credit. I suspect NMCN’s demise will also force smaller businesses into liquidation if they are owed substantial amounts of money.”

The firm began life immediately after the Second World War with the name of North Midland Construction and was engaged in rebuilding Britain in the 1950s and 1960s. Hospitals, roads, schools, reservoirs and shopping centres became their stock in trade. Despite the administration it seems likely sections of the group will be sold off by Grant Thornton since much of the business is potentially profitable with pre-tax profits in 2019 of more than seven million pounds and a turnover of £400m.

ICSM believes that if the business can be sold in job lots then most of the workforce could be saved but there would be serious doubts over unpaid invoices to suppliers and contractors.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Liberty Steel’s impending collapse as furlough ends; private school shuts after 222 years; and Hugh Fearnley-Whittingstall’s film company owing millions to suppliers

The GFG Alliance that includes the UK’s Liberty Steel is likely to collapse when the furlough scheme ends at the end of September according to industry insiders. Its demise would see thousands out of work and hundreds of businesses left unpaid for services rendered.

ICSM’s Ian Carrotte has been warning of the industrial disaster for months as the unravelling of the David Cameron Greensill Capital scandal has led inevitably to the financial props to the steel business being kicked away.

“Sanjeev Gupta’s opaque finances have been at the heart of the problem,” said Ian Carrotte, “it is well documented that the GFG conglomerate is financially unsustainable and it on life support from the government’s furlough scheme. ICSM has huge concerns for the suppliers who range from the cleaners to other steel companies who are owed millions. The Government don’t want to hand Gupta any more cash and I think the likeliest outcome is the whole lot will go into administration and then the Government will step in as they can take control of the business.”

Around two million people remain on furlough prompting fears from ICSM that when the system ends it won’t just be Liberty Steel that goes under. The firm employs up to 5,000 people directly with thousands more reliant on the business. ICSM understands that 70% of Liberty Steel’s workforce are on furlough meaning 60% of their wages are paid by the taxpayer.

After 222 years a private school calls it a day

Ockbrook School has closed after more than two centuries of teaching school age children from pre-school to A levels in the sixth form. Based near Derby the school was founded in 1799 for girls before coming a co-educational boarding school in later years.

The Trustees said the school with 252 pupils had been loss making for years despite the fees of more than £4,500. Apart from the upset for pupils suddenly finding they will no longer be attending the school in September and the concerns of parents seeking alternative places suppliers are also worried by the decision which one supplier said, “came out of the blue.”

Numerous independent schools have closed since the start of the Covid-10 crisis including Ashdown house in East Sussex, the Minster School in York, and Moreton Hall Prep School in Suffolk. The reasons include parents loosing their incomes from the pandemic and pulling their children out of school and overseas students unable to travel due to the regulations.

Millions owed by a Hugh Fearnley-Wittingstall business

The new owners of KEO Films, formerly owned jointly by the TV celebrity chef Hugh Fearnley-Wittingstall has said it will try to pay off some of the money owed to freelancers. Passion Pictures bought the collapsed company this summer but when KEO crashed it owed staff and suppliers millions and insiders believe it is unlikely that all will be paid by the new owners.

Fearnley-Wittingstall and his fellow directors paid themselves millions in salaries despite the film company losing money as it ran up millions in debts. The Guardian reported that he had admitted the company had a poor reputation at paying invoices on time and hoped suppliers may get work from Passion Pictures and recoup some of their losses.

Ian Carrotte of ICSM said: “This is a classic case of a celebrity using their name to gain business and to avoid paying their bills on time with the ‘do you know who I am’ excuse. We have seen this many times where a famous person hoodwinks suppliers into giving credit on terms that are totally unacceptable in normal circumstances. It’s a pretty poor show that Hugh is suggesting those out of pocket can recoup their losses by working for the new company. My advice is as always to never accept payment terms which break your own credit agreements. Just because someone is a household name doesn’t mean they can’t go bust.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

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

The duo at the time when portraryed as the Bonnie and Clyde of the print industry

The Bonnie and Clyde of the print industry and the strange story of how the police lost computer evidence that could have jailed a couple of fraudsters

The printing industry was rocked in recent years by a couple of fraudsters known as Bonnie and Clyde who took printers for tens of thousands of pounds and the public for even more. The nickname for Neill Malcolm Stuart John and his accomplice Clair Hunnisett of Barry in South Wales was coined by one of their victims – and it stuck.

This month ICSM has seen an email sent by the South Wales police last year to author and victim Trevor Montague which reveals an unfortunate incident that ruined the chances of bringing to book Neill Malcolm Stuart John and his accomplice Clair Hunnisett some years earlier.

It was a huge pity as at the time John was under investigation from a number of groups including ICSM and if the evidence on the seized computer had born fruit he may not have been banned as a director but banged up as well. And there was another unfortunate aspect of Trevor Montague’s relationship with the case of John – he ended up in court accused of attempting to blackmail John. The case hinged on an email he sent to John after he had been ripped off by the print farmer – an email that was considered by the police to have implied violence. Montague was eventually exonerated by the legal system but typically John seemed to get off.

Author and victim Trevor Montague

The email sent to Montague from Dc Emma Sweeney of Team 1 Cardiff and the Vale reads: “During my lengthy investigation, I conducted a warrant at Mr John’s house and seized all his computer equipment. This was then sent to be examined by our Digital forensic unit. Unfortunately, whilst it was there the premises suffered a flood and all Mr John’s equipment was damaged. As a result, it was not able to be examined. Without this evidence, the matter cannot be progressed to a satisfactory conclusion and will not satisfy disclosure requirements if the case was taken to court.”

The con was to offer the public very low prices for printing books and magazines on an internet site. They always asked for money up front – they often did process the printing through many printing companies across the UK and Europe – but never paid the printers in full. If the punters did receive their order is would be short or wrong but no money was refunded. An estimate made at the height of their operation suggested they were earning around half a million a year with virtually no overheads.

The trade press less the campaign to stop their activities

ICSM helped organise a petition, an open letter and a campaign to stop the couple continuing to trade under several names. Eventually John and Hunnisett were banned from being directors and their firms shut down by the Insolvency Service in the high court in Manchester in 2019 thanks to the work of ICSM, a victims’ group and the trade press. Even the BBC and the national press covered the story at the time – after ICSM’s numerous tip-offs.

If anyone in the industry hears that John is back and up to his old tricks do let ICSM know so we can warn everyone. He and Hunnisett split up and went their separate ways after the court hearing.

It’s a story not just about crime but of how trusting the public are with internet sites and have a willingness to pay up front when years ago you only paid when you got the goods. It is also a story of how printers continue to trust customers and assume they will pay when they send an invoice – and accept the work without checking their credit. Any printer who had contacted ICSM when receiving an order from John and Hunnisett would immediately have had a warning they were not to be trusted. So, a lesson learned for the hundreds if not thousands ripped off by the couple – who still have their freedom and looking at their separate social media accounts enjoy a very comfortable lifestyle – at everyone else’s expense.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

AGENDA WEST: “It’s about time!” New law to allow the Insolvency Service to ‘go after’ directors of phoenix companies and insolvent firms suspected of abusing Government loans and furlough payments

The passage of the Ratings (Coronavirus) and Directors Disqualification (Dissolved Companies) Bill through parliament this summer is slow and complex but its eventual passing will be welcomed by ICSM boss Ian Carrotte.

“It’s about time,” he said, “it’s a tightening of the law that is long over due as the phoenix phenomenon has been around for years and has got worse with he Covid-19 crisis. Going after directors who have cynically dumped debt, left staff unpaid and failed to pay suppliers but have lined their pockets and had the cheek to set up shop with an identical firm days after insolvency represents the unacceptable face of business. My main concern is that words and bills are one thing but action is needed to enforce the law and that means giving the Insolvency Service the resources and staff to do the job.”

Ian Carrotte of ICSM

The Ratings (Coronavirus) and Directors Disqualification (Dissolved Companies) Bill is currently in the report stage in the House of Commons before its third reading and then a five stage passage in the House of Lords before its final reading and Royal Assent. It means it should be law later this year.

What does it mean?

The Insolvency Service will be given powers to investigate directors of companies that have been dissolved, closing a legal loophole and acting as a strong deterrent against the misuse of the dissolution process.

The process will no longer be able to be used as a method of fraudulently avoiding repayment of Government backed loans given to businesses to support them during the Coronavirus pandemic

Extension of the power to investigate also includes the relevant sanctions such as disqualification from acting as a company director for up to 15 years. These powers will be exercised by the Insolvency Service on behalf of the Business Secretary.

At present, the Insolvency Service has powers to investigate directors of live companies or those entering a form of insolvency. If wrongdoing or malpractice is found, directors can face sanctions including a ban of up to 15 years.

The measure will also help to prevent directors of dissolved companies from setting up a near identical business after the dissolution, often leaving customers and other creditors, such as suppliers or HMRC, unpaid.

The measures included in the Ratings (Coronavirus) and Directors Disqualification (Dissolved Companies) Bill are retrospective and will enable the Insolvency Service to also tackle Directors who have inappropriately wound-up companies that have benefited from Bounce Back Loans.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Agenda West: Glamour model Katie Price promoted Forex con; don’t get caught out by fake NHS; the phoney booster jab scam; and the rip-off price hikes for break down cover in Checkaco’s consumer credit news

Celebrity model cons her followers

Celebrity glamour model Katie Price was exposed last month to have promoted a Forex scam to her 2.6 million Instagram followers. She failed to reveal she was paid thousands of pounds by rogue Forex trader Josh Chandler according to Jack Newman in the Mail Online.

Price claimed not to know it was a con and promptly fled abroad on another holiday to escape the wrath of the thousands of victims who had fallen for the scam. They vented their fury at the model having trusted her recommendation to invest in the trader’s scheme which uses the fluctuating values of international currencies to make a profit from buying low and selling high.

One victim was nurse Kate Dalrymple who told The Mail Online that she had lost £825 having been guaranteed she’d get an instant profit of £425 if she ‘transferred £100, but was then asked to pay a ‘release fee’ of £725 with the promise of receiving £4,000.’

If they had done a Checkaco credit check they would have spotted a wrong ‘un.

Get the low down on any firm, company or business for £7.95 at https://checkaco.com/

Have you been affected by this? Leave a comment at https://checkaco.com/blog/

Track and Trace scam

Scammers have been phoning people at random to tell them they have been close to someone infected with Covid-19 and so they need to self-isolate.

The caller tells them they will be sent a new testing kit which gives an immediate result meaning they can end self-isolation – but it costs several hundred pounds.

Once their bank details are obtained on the phone their bank account is drained and of course no such testing kit exists.
Get the low down on any firm, company or business for £7.95 at https://checkaco.com/

Have you been affected by this? Leave a comment at https://checkaco.com/blog/

Booster Covid jab offer – for cashPeople have been receiving an email saying they can have a booster Covid-19 jab if they have already been double jabbed. The text states it means they will be protected from any new variants this winter and prove a barrier against future outbreaks including the flu. Except it’s a con.

Victims are asked to pay up front for the jab and are given a link to a fake NHS website to convince them it’s genuine. Of course, once they have paid up to £500 for the ‘jab’ they discover when they contact the NHS than no such jab or appointment exists.

Always check the URL on any website as it may be similar to the real NHS website but is slightly different such as ‘NNHS’ or ‘National Healthy Service’ which reads as the NHS in short form.

Get the low down on any firm, company or business for £7.95 at https://checkaco.com/

Have you been affected by this? Leave a comment at https://checkaco.com/blog/

Expensive breakdown cover

It’s not only motor insurers who jack up the cost of their cover every year in the hope the customer doesn’t spot the increased direct debit but the break down cover organisations like the RAC, AA, Green Flag and others do the same.

Take one customer who noticed the AA were about to take £370 from his bank account having been with them for 30 years when last year he paid £260 making it a massive increase. And he had not used their service in five years.

He checked the price for a new customer and was stunned to see it was £139 and so phoned the AA to complain – they said he could pay the same as last year which was more than £100 over what he would pay if he was a new member. Not surprisingly he left the AA.

Always check those standing orders and direct debits in case the company has attempted to hike the price without you noticing.
Get the low down on any firm, company or business for £7.95 at https://checkaco.com/

Have you been affected by this? Leave a comment at https://checkaco.com/blog/

There are rogues out there who pose as legitimate businesses or are firms with terrible credit histories. Before you pay a cash deposit to them do a credit check with Checkaco for £7.95 and see if they are legitimate. All firms have tell-tale credit histories which reveal if they can be trusted with your money. Checkaco’s credit checks are accurate and up to date so you can spot if the trader you choose is safe – and won’t go bust. Get the low down on any firm or individual at https://checkaco.com/

The ratings are poor, fair, good or excellent – find out all their details now for just £7.95 at https://checkaco.com/

For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

Checkaco News: Glamour model Katie Price promoted Forex con; don’t get caught out by fake NHS; the phoney booster jab scam; and the rip-off price hikes for break down cover 
Celebrity model cons her followers

Celebrity glamour model Katie Price was exposed last month to have promoted a Forex scam to her 2.6 million Instagram followers. She failed to reveal she was paid thousands of pounds by rogue Forex trader Josh Chandler according to Jack Newman in the Mail Online.

Price claimed not to know it was a con and promptly fled abroad on another holiday to escape the wrath of the thousands of victims who had fallen for the scam. They vented their fury at the model having trusted her recommendation to invest in the trader’s scheme which uses the fluctuating values of international currencies to make a profit from buying low and selling high.



One victim was nurse Kate Dalrymple who told The Mail Online that she had lost £825 having been guaranteed she’d get an instant profit of £425 if she ‘transferred £100, but was then asked to pay a ‘release fee’ of £725 with the promise of receiving £4,000.’

If they had done a Checkaco credit check they would have spotted a wrong ‘un.

Get the low down on any firm, company or business for £7.95 at https://checkaco.com/

Have you been affected by this? Leave a comment at https://checkaco.com/blog/

Track and Trace scam

Scammers have been phoning people at random to tell them they have been close to someone infected with Covid-19 and so they need to self-isolate.

The caller tells them they will be sent a new testing kit which gives an immediate result meaning they can end self-isolation – but it costs several hundred pounds.

Once their bank details are obtained on the phone their bank account is drained and of course no such testing kit exists.
 Get the low down on any firm, company or business for £7.95 at https://checkaco.com/

Have you been affected by this? Leave a comment at https://checkaco.com/blog/
 

Booster Covid jab offer – for cashPeople have been receiving an email saying they can have a booster Covid-19 jab if they have already been double jabbed. The text states it means they will be protected from any new variants this winter and prove a barrier against future outbreaks including the flu. Except it’s a con.

Victims are asked to pay up front for the jab and are given a link to a fake NHS website to convince them it’s genuine. Of course, once they have paid up to £500 for the ‘jab’ they discover when they contact the NHS than no such jab or appointment exists.

Always check the URL on any website as it may be similar to the real NHS website but is slightly different such as ‘NNHS’ or ‘National Healthy Service’ which reads as the NHS in short form.

Get the low down on any firm, company or business for £7.95 at https://checkaco.com/

Have you been affected by this? Leave a comment at https://checkaco.com/blog/

Expensive breakdown cover
 
It’s not only motor insurers who jack up the cost of their cover every year in the hope the customer doesn’t spot the increased direct debit but the break down cover organisations like the RAC, AA, Green Flag and others do the same.

Take one customer who noticed the AA were about to take £370 from his bank account having been with them for 30 years when last year he paid £260 making it a massive increase. And he had not used their service in five years.

He checked the price for a new customer and was stunned to see it was £139 and so phoned the AA to complain – they said he could pay the same as last year which was more than £100 over what he would pay if he was a new member. Not surprisingly he left the AA.

Always check those standing orders and direct debits in case the company has attempted to hike the price without you noticing.
 Get the low down on any firm, company or business for £7.95 at https://checkaco.com/

Have you been affected by this? Leave a comment at https://checkaco.com/blog/
  There are rogues out there who pose as legitimate businesses or are firms with terrible credit histories. Before you pay a cash deposit to them do a credit check with Checkaco for £7.95 and see if they are legitimate. All firms have tell-tale credit histories which reveal if they can be trusted with your money. Checkaco’s credit checks are accurate and up to date so you can spot if the trader you choose is safe – and won’t go bust. Get the low down on any firm or individual at https://checkaco.com/
 




The ratings are poor, fair, good or excellent – find out all their details now for just £7.95 at https://checkaco.com/


For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

On the left is Darren Jones, left, who chairs the Business, Energy and Industrial Strategy committee, and Stephen Timms, right, chairman of the Work and Pensions committee and on the right is Rob Templeman the former CEO of Debenhams and Jonathan Feuer , a managing partner at CVC

Scandal of the asset strippers: ICSM’s Ian Carrotte backs parliament to quiz Debenhams duo who took the money and ran (leaving suppliers unpaid and 19,000 staff unemployed)

There’s been a trend in recent months of asset strippers taking over big retailers and gutting them to line their own pockets and leaving a mess as they disappear.

The latest example is that of Debenhams which was seemingly deliberately run down by the likes of Jonathan Feuer of a private equity consortium of CVC, Merrill Lynch and Texas Pacific Group, which owned the firm for three years between 2003 and 2006. He paid himself £50m while in post – more than the current deficit for the pension fund which has a massive black hole meaning pensioners will 10% less than they would expect. And then there was the former CEO of Debenhams Rob Templeton who paid himself a million pounds a year from 2003 to 2011 when the company was struggling and many shop workers were on minimum wage.

“The landmark stores were part of our high streets,” said Ian Carrotte, “and should have remained as gold mines for the owners. Instead, they allowed them to become outdated and run down while shafting them financially. Now there are 19,000 shop workers out of work, suppliers owned millions and our high streets much poorer as a result. I hope the parliamentarians haul them over the coals.”

Darren Jones, chairman of the business, energy and industrial strategy committee, and Stephen Timms, who chairs the work and pensions committee will lead the questioning of the multi-million pound former executives of the department stores after having previously criticised their handling of one of the UK’s most famous shops.

BooHoo bought the name and online aspects of the business when it finally closed in May.

Writing for the Daily Mail’s This Is Money Richard Marsden reported: “But, in 2007, the Financial Times estimated he and two other directors made personal profits of £103million from when the company was refloated in 2006, with Templeman netting £41million. Meanwhile, TPG Capital’s one-time European boss Philippe Costeletos, 56, said to have been the ‘mastermind’ of the Debenhams takeover – is also thought to have enjoyed multi-million-pound bonuses. During that period, the firm was loaded with more than £1billion debt, £1.2billion was extracted in dividends – almost double the profits made over the period – while store freeholds were sold and leased back, on expensive, upwards-only rental contracts, to raise £495million.  Dozens more branches were opened, adding dramatically to the company’s rent bills which rose 55 per cent in the next ten years.”

Below is a list of firms that have recently got into financial trouble:

CONSTRUCTION, PROPERTY AND ALLIED INDUSTRIES
Administrators Appointed
Preston Paving (UK) Limited    06339407
UKL Projects Limited    05556420
 
Creditors’ Voluntary Liquidation Deemed in Consent Meetings
Castle Construction Building Limited    06830720
Masters Building Solutions Limited    10329327
Orange Civil Engineering Limited    11201582
Supreme Building Developments Limited    11185470
The Only Way is Kirk Limited    07563845
 
Liquidators Appointed
1st Solutions Infrastructure Contractors Limited    10766161
Bramber Construction Co Limited    01354167
Brian Hall Limited    08651094
Conform Concrete & Formwork Specialists Limited    04668122
Construction & Fit Out Solutions Ltd    10319223
Costhorpe Building Products Limited    03031707
Dents Fabrication Limited    10522881
Ethical Construction Limited    12486802
GFL Construction Limited    08864377
Luca Construction limited    10724706
M J P Joinery Services Limited    09784108
Northwood D&B Vision Limited    12108828
P and P Groundworks Limited    07480887
Platinum Home Refurbishments Limited    12308899
SB 82 LTD    12337959
TRW Northwest Limited    10410879
URBN Construction Limited    09689767
Walker Electrical Projects Limited    11246243
YSG Group Limited    11569405
 
Members Voluntary Liquidations
Advanced Cooling Solutions Limited    04758183
Hopkinson Plant Hire and Construction Limited    03749126
Plant Home Limited    05715808
RMP Homes Limited    03345434
The Building Renaissance Company Limited    03624100
White Rose Developments Limited    01968037
 
Petitions to Wind Up
Orchard Brickwork Limited    08562134
 
Winding up orders
Chic Building Limited    11305153
Ellis Walls and Ceilings Limited    07174441
Home Counties Interiors Limited    12051053
Purple Development Homes Limited    11621690
SPD Group NW Limited    09907101
 
FOOD AND DRINK MAKERS
Creditors’ Voluntary Liquidation Deemed in Consent Meetings
Jake’s Vegan Steaks Limited    10776376
Masterchef Luton Limited    08847894
Maya Foods Limited    11310486
VF Foods (UK) Limited    09202578
Wingtip Brewing Company Limited    09427769
 
Liquidators Appointed
Goa Spice (Mexborough) Limited    11849430
China Village 118 Limited    11942276
Mrs Canopy Limited    12226365
The Field Kitchen (UK) Limited    07457911
The Tasted of China (Yorkshire) Limited    09947852
Wingtip Brewing Company Limited    09427769
Yokkmokk Limited    11248055
 
Members Voluntary Liquidations
John W F Hughes & Co Limited    00826647
R Jackson (Potatoes) Limited    00141592
Selby Salads Limited    04204258
 
Winding up orders
The Meat Company (Sussex) Limited    11974869
 
HOSPITALITY, TRAVEL, EVENTS AND ALLIED INDUSTRIES
Creditors’ Voluntary Liquidation Deemed in Consent Meetings
Boutique Restaurant Group Limited    10874825
Downtown Food And Drink Limited    11496874
The Coliseum (London) Limited    11160730
 
Liquidators Appointed
A Nineteen Company Limited    11448516
Bar Opus Limited    08460427
Bay of Bengal Limited    11057624
Holdsworth Designs Limited    04850315
Horns Mill Limited    11855661
Inception Global Limited    08154233
Lodge Events Limited    11996880
Lounge India Lowestoft Limited    11352853
Manor House Spa Limited    09691932
Sea View Hotel Swansea Limited    11467614
Opus Restaurant Limited    05244581
Scorpion Event Production Limited    03879627
Shakes & Steaks Company Limited    11963742
Shepherd Cox Hotels (Manchester North) Limited    10604330
Studio Bea Limited    11518330
The Rose & crown (Hoylandswaine) Limited    11438999
 
Members Voluntary Liquidations
A-I-R Hotels Limited    01148159
Hellene Travel Limited    03644980
Studytrips Limited    02611466
Studytrips Travel Limited    03336697
Tourico Holidays UK Limited    07194495
UEI Restaurants Limited    07325381
 
LOGISTICS AND ALLIED INDUSTRIES
Administrators Appointed
Trans 2 Logistics Limited    09621600
Venian Warehousing And Distribution Limited    10439127
 
Creditors’ Voluntary Liquidation Deemed in Consent Meetings
Airline Taxis Limited    07884904
Dutch Logistics Limited    09443819
Fuel Specialist Cars Limited    10445328
JB Rail Solutions (Doncaster) Limited    09943848
JCM Transport Nantwich Limited    06623138
MW truck Assist Limited    10215056
Nosa Ajanaku Ajanaku Driver Services Limited    09528273
 
Liquidators Appointed
Annett Road Garage Limited    12235726
Bristol Freight Limited    11221639
DG Transport (Manchester) Limited    10145280
Easy Taxis (NW) Limited    12000235
Fast Despatch Logistics (Croydon) Limited    11612891
Fast Despatch Logistics (Dartford) Limited    11610277
Freight Fulfilment Limited    09789069
Hall’s of West Moors Limited    11512093
Hope Commercials Limited    04328571
IB&Co Services Limited    10146265
J A Plant Hire Limited    10512334
Johnston Rigging and Lifting Limited    09023277
LRP Transport Limited    11114389
Lutterworth Transport & Trailer Services Limited    06616698
MW Truck Care (Kent) Limited    12600098
MW Truck Care Limited    12280566
New Rodley Motors Ltd    07918673
Red Century Logistics Limited    07857556
Rhys Davies Freight Logistics Limited    01692338
 
Members Voluntary Liquidations
J.D. Birch & Son Limited    01194548
Autoteq Limited    01434750
Hobby Caravans (UK) Limited    01741984
Road Rail Services Limited    09160705
Stobart Rail Freight Limited    05961679
Stobart Transport & Distribution Limited    05907280
 
MANUFACTURING
Administrators Appointed
Form Manufacturing Limited    09462616
 
Creditors’ Voluntary Liquidation Deemed in Consent Meetings
A S Fashion (Leicester) Limited    10026384
Innocence Clothing Limited    04184514
Sigmetech Limited    12012729
 
Liquidators Appointed
Ancestors of Dover Limited    02742815
Coleford Energy Limited    08163696
Forever Textiles Limited    10975106
Harton Services Limited    03371021
Hand Tools Sheffield Limited    07461075
HP Engineering & Fabrications Limited    10440455
Osprey Solar Limited    08215492
Strategic Reserve Power Limited    09160218
Williams Service Suppliers Limited    12177262
Yolo Attire Limited    11217901
 
Members Voluntary Liquidations
Brook Wind One Limited    10138767
Brook Wind Two Limited    10198534
Stark Solar Limited    10259098
Streetwise Fabrications Limited    06652243
 
Winding up orders
Oakhurst Engineers North West Limited    11354777
 
PRINTING AND ALLIED INDUSTRIES
Administrators Meetings Para 51
Monument Paper Bag Company Limited (The)    00481099
 
Creditors’ Voluntary Liquidation Deemed in Consent Meetings
Premium Brand Management Limited    07252881
Ipex Communications Limited    12109835
 
Liquidators Appointed
Clarendon Press Gloucestershire Limited    05144567
Crawford Shopfitters Limited    11217755
Devon Paper Bedding Limited    08858005
Doublesix Digital Publishing Limited    06429398
Kedoku Limited    09945999
Samantha Maria Limited    09226756
SK Publications Limited    034988366
Reevo Media LIMITED    11378857
RPW Design Limited    09073948
The Branding Team Limited    06594483
The Office Product Network Limited    06904772
The Shopfittings Store London Limited    11211206
TLS Marketing Limited    12341983
 
Members Voluntary Liquidations
Buzzword Media Limited    09072793
CJ Design Consultancy Limited    08351069
DQH Design Limited    08242731
Expression Marketing Limited    08141812
Griffin Design Consultancy Limited    07600568
Larkmoor Advisory Limited    11390206
Smudge Media Limited    10251647
Tech & Media Group Limited    10414860
 
Petitions to Wind Up
Aequitas Packing (UK) Limited    08913537
SGK Interiors Limited    09450679
 
RETAIL, WHOLESALE AND ALLIED INDUSTRIES
Administrators Appointed
Clement Browne Limited    07184480
 
Compulsory Liquidators Appointed s 136
Your Car Solutions Limited    10398386
 
Creditors’ Voluntary Liquidation Deemed in Consent Meetings
Akal Nation Limited    10864888
Clapham Wine Company Limited    08074846
Easylinks Trading Limited    03158627
Queen B Cosmetics Limited    11548852
Red Salons Limited    07946145
Romford Balti Limited    11574753
VF Foods (UK) Limited    09202578
 
Liquidators Appointed
Amcam Limited    08298525
Bluestar Foods Limited    12435655
Compass Music Ipswich Limited    04648229
Cotswold Creative Living Limited    09055064
Cocoa Cashmere Limited    07063801
Goa Spice (Mexborough) Limited    11849430
Interstate Design Ltd    08999203
Jolly Colliers 122 Heanor Limited    12315226
Marston Road Store Limited    09614947
NU U Salon (Hair and Beauty) Limited    09480727
SA Food Stores Limited    10976928
Shoe Embassy London Limited    10448917
 
Members Voluntary Liquidations
Cary Trading Limited    11223836
 
Petitions to Wind Up
Cherhil Limited    10836497
 
Winding up orders
Golf Depot Limited    02995248
 
VARIOUS INDUSTRIES
Administrators Appointed
Sumatra Copper & Gold PLC    05777015
 
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
Brickcroft Social Club 2018 Limited    11604024
Fenwick School UK Limited    12439249
Keating Sports Horses Limited    11773475
The Elite Education Group Limited    12122167
Sterling Aesthetics Limited    08416715
 
Liquidators Appointed
Accident Reporting Services Limited    06389070
Aintree MMA Limited    10392131
Cool Kids Out of School Limited    06130632
DAG Fishing Limited 11965099
DMT Collections Limited    10420287
Evergreen Education Limited    11363383
 
Members Voluntary Liquidations
Atkinson Tractors Limited    00880460
Danbury Motor Caravans Limited    04385764
Guy Mascolo Charity    07729927
Mayfair Healthcare (Durham) Limited    06428250
Westminster Local Education Partnership Limited    06458328
 
Winding up orders
ZRT (Bolton) Limited    09320788

 
Types of Insolvency


Administration
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)).
Bankruptcy
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.

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

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.comIan.carrotte@icsmcredit.com

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.comIan.carrotte@icsmcredit.com

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

Getty images

Will an England win really boost the economy and do football clubs actually make money – the answer is not the one you want to hear

ITV recorded 27.6 million viewers for the England v Denmark football match in the European Nations tournament last week making the advertising breaks some of the most valuable to firms since the early 1980s when there were only three channels.

Deliveroo benefitted in particular as they recovered some of their losses from the slump in share price earlier this year. However public transport was down in numbers during the game as were cab fares so not everyone benefitted. Betting shops Ladbrokes and Corals will benefit from the estimated £17.5 million expected to be placed in bets on the final while publicans believe that that around 13 million pints will be sold on Sunday afternoon and evening although more pints would be pulled if Covid wasn’t around.

Statistics show that after the 1966 final between England and West Germany resulted in a 1.5% rise in GDP and similarly the economy was boosted immediately after the London Olympics in 2012. What the optimists don’t like to tell us the slight slump following the boost as the economy returned to normal. There’s no denying an England win boosts public moral south of Hadrian’s wall and east of Offa’s Dyke – and inevitably that results in more sales in the shops. An England defeat – to look on the darker side also results in more domestic violence which has a negative effect on business.

 Output, or gross domestic product (GDP), climbed by 1.4 per cent in 2012 and 2.2 per cent the next year. And in 1966, GDP edged up by 1.5 per cent.

However despite the hype football at club level isn’t the lucrative cash cow it likes to think it is. Just remember the European Super League (ESL) fiasco. Six English football clubs threw their hats into the ring for the new ESL and when fans, managers, players and even the Government objected they quickly withdrew their support for the league.

Pic: TalkSport

One of the motivations to join the was the huge amount cash on offer. Morgan J Stanley in America were thought to be offering millions in a welcome package as the bank prepared to bank roll the league with the prospect of increased TV revenues. It had the added attraction of being a closed league with no relegation meaning clubs always knew how much cash they would get each season and could plan ahead without fear of failure. And yet the money on offer is nothing compared to debts most so-called super rich Premiership clubs have accumulated. Chelsea owe £1.3bn, Spurs £384m, Manchester United £271m and Liverpool £157m. Most businesses with that amount of debt would be on the brink of collapse – like Liberty Steel is today with their debts of more than a billion pounds.

Normal business practices go out of the window when it comes to football clubs as egos get the better of the owners and directors as they spend ever more money on players to chase elusive glory. If the richest clubs in the land cannot balance their books then there’s little hope for those further down the league. Surprisingly the smaller the club the more likely there is to be fiscal discipline as they are run on a shoestring budget with players often playing for free or very little.

Newport County FC in 1980. The club had played in Europe with the best but went bust and it took 30 years to reform and eventually gain entry in the Football League

Since the 1980s Newport County, Bury, Rushden & Diamonds, Chester, Wigan, Mansfield. Wimbledon, Maidstone, Aldershot, Middlesborough, Tannmere Rovers, Walsall, Northampton, Kettering, Maidstone, Hartlepool, Barnet, Exeter, Gillingham, Doncaster, Millwall, Bournemouth, Crystal Palace, Chester, Portsmouth, Hull, QPR, Halifax, Notts County, Barnsley, Leicester, Port Vale, Derby County, Wrexham, Cambridge United, Rotherham, Crawley, Leeds, Luton, Southampton, Stockport, Northwich Victoria, Salisbury, Plymouth argyle, Rhyle and Coventry City  have all hit the buffers owing collectively millions to suppliers, landlords and the taxman. Some entered administration and found buyers almost straight away, others lost everything including their ground and have been reformed by the fans and others have been able to negotiate a CVA with creditors. In each case suppliers – from the local printers of the match programs to the caterers supplying burgers and chips – were left unpaid. And yet most have either managed to trade their way out of administration of in effect done a phoenix.

Ian Carrotte of ICSM gives this sage advice to potential suppliers: “If you decide to trade with a club then don’t go in too deep, stick to your payment terms of 30 days maximum and be prepared to suffer if they go bust. It’s best to be a supporter of the team as at least that way you could argue you have invested in the club and could solve your conscience that way if the worst happens. My advice is treat clubs like you would any other business – and don’t let them fob you off with late payments.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

The strange case of companies sold for a pound (but there’s always a catch)

This month high end confectionary producer Hotel Chocolat have bought cosmetics firm Rabot 1745 for £4. That is less than the cheapest box of chocolates that Hotel Chocolat sell. There is a reason firms are sold for a song and Rabot 1745 is no exception – it was making a massive loss. Despite losing £400,000 last year Hotel Chocolat CEO Angus Thirlwell is convinced they can turn the firm around as both outfits feature products made from the Theobroma cacao tree. Hotel Chocolat uses cocoa from the seeds for chocolate and Rabot 1745 processes the cocoa beans to create cosmetics and health spa treatments so the purchase makes sense since Hotel Chocolat owns several cacao plantations in St Lucia.

When firms are on the point of collapse and riddled with debt they usually shut up shop, call in administrators to see if a buyer can be found as they continue trading and put themselves up for sale. The price tag varies but an eye-catching price like £1 or even the shockingly high price of £4 can clinch a deal.

In 2016 the DIY store Homebase was sold for £1 by Hilco although its debts were thought to be around £1bn so there was a catch. There was another one in 2015 when Sir Philip Green sold BHS for £1 to Retail Acquisitions who discovered its pension scheme was insolvent. And in 2013 when City Link was sold to Better Capital for £1 the buyers spent millions trying to turn the debt ridden firm around only for it to fail. For a £1 investment they ended up paying more than £40 million trying to make it profitable.

Others have included The Readers Digest that was sold for £1 in 2014 by Mike Luckwell despite being valued four years earlier for £13m. And Swansea City AFC was also sold for £1 in 2001 but eventually rose back up through the leagues to gain Premiership status for a time but currently reside in The Championship (the second level of the league) and posted a pre-tax profit of £2.7m last year. So it can work as proven at Chelsea where the club was bought for £1 in 1982 with debts of £1.5m. Russia’s Roman Abramovich bought the club 21 years later for £140m and it is now has a turnover of more than £400m.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Printing industry braces itself for the end of furlough scheme as companies come out of hibernation to a bleak autumn

When Zanders Paper went into liquidation last month and Clarendon Press in Gloucestershire and Datum Colour Print in Hatfield also called it a day it became clear that the industry has taken a hit from the Covid-19 crisis.

Inflation is set to rise to 3% this summer while business failures increase as costs rise and orders fall. It’s a pretty depressing scenario as when the furlough system ends zombie firms will collapse.

Printing and allied industries have always had a tough time when it comes to being paid – even in the best of times – but clearly the economic downturn triggered by the Covid-19 crisis has made things worse. Add to that much of the industry’s clients are in the hospitality, travel and retail sectors – and of course there has been a steady decline in the publishing of magazines and newspapers – it all adds up to a cut in clients.

Ian Carrotte

Ian Carrotte has seen it all before having been witness to the recessions of the 1980s, 1990s and the Credit Crunch of 2008 when many print firms were left high and dry.

He said: “Late payment has always been an issue for printers as many adopt the outdated ‘my word is my bond’ approach and consider a simple handshake as a contract. Clients will use all manner of excuses to spin out payment if that is the case but surprisingly during the pandemic things have not got worse. I think the reason is partly because many of the least efficient at credit control had gone to the wall before Covid-19 arrived. Yes quite a few printing firms have collapsed in the last year which we list every month in our newsletter – but perhaps not as many as we might expect compared to many industries. But when those firms who have been hibernating wtih the furlough scheme and grants come off the drip feeds this autumn they will face a bleak time and many will go bust.

“Accounts departments have by and large improved credit control and that is another factor – and we constantly tell ICSM members not to trade with firms with famous names who flagrantly break credit terms. Take Carillion – they boasted on their website that they were as safe as houses and suppliers would be paid on 120 days. Well, we know what happened there.

“Printers should stick to their credit terms – if it is 30 days – then put a customer on stop if they fail to pay up. Dialogue is good. If a client rings and say they have a cash flow issue but offer to pay a chunk of what is owed with a timetable of when the balance is to be paid that is good. It’s when they don’t answer the phone or your emails that there’s a problem.

“I know Covid has presented problems, but people buy people – so always visit your customers whenever possible including their accounts department and keep things friendly and always diplomatic.

“ICSM has always been an advocate of legislation that forces firms to pay on time and allows their suppliers to charge interest on late payments. Governments come under pressure from big business to resist new laws governing credit but for a typical SME or sole trader they are only an few invoices away from a cash flow crisis and potential insolvency.”

The Government explains your rights in charging interest. They state: “The interest you can charge if another business is late paying for goods or a service is ‘statutory interest’ – this is 8% plus the Bank of England base rate for business to business transactions. You cannot claim statutory interest if there’s a different rate of interest in a contract.”

Ian Carrotte feels that more can be done in tightening credit terms – especially for small businesses, sole traders and the self-employed.

“We offer members a free micro debt recovery service,” he said, “ICSM members complete a form online and it goes to the debtor – usually for less than £1,000 – and it can be several years since the invoice was issued – but unpaid. That works really well about 80% of the time.

“For large amounts we have our inhouse debt collection service and in an average year that will secure payment of hundreds of thousands of pounds to members left out of pocket. A large debt can send a company under so speed is important and since ICSM is a third party in the effort to secure payment the debtor will often pay up at the first contact. They are basically using your cash as a free loan.

“This is a true story: it was a printing company in Devon who is still a member of ICSM. They were on an industrial trading estate and had a mix of smaller runs for shops and small businesses and much large print runs for big companies. Cashflow was a nightmare as most of their customers paid late. A shop came up for rent around the corner on the high street of the town – and so they took it on as it was cheaper than the larger unit and put in their presses and associated kit into the shop and opened for business. Customers would pay up front with an order and some would pay on collection or delivery. It was simply a change of mindset with their clients. Cashflow was solved.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Picture Capital FM. See the story at https://www.capitalfm.com/news/tv-film/love-island/furlough-scheme-millions-claiming/

ICSM Business Information: everything you wanted to know about the furlough scheme but were afraid to ask (and yes, millionaire Love Island stars claimed furlough payments)

For freelancers, sole traders and many self-employed the Government’s cash hand-outs of grants and furlough payments have been elusive. But some very wealthy companies claimed the money despite being cash rich. It even included Love Island stars as reported by Capital FM. Whatever you think of the system it has saved many companies – but in the meantime here’s a few casts about the system.

In January 5.1 million workers were on furlough dropping to 3.4 million in April and falling further now.

Furlough changes on July 1st, 2021, with firms having to fork out 10% of their workers’ salaries with the Government (the tax payer) coughing up 70% and by September that changes to a 60% – 20% split. On October 1st it ends.

There is a limit of £2,500 per month for the highest earners.

Food and drink service, hotels, and air transport were some of the hardest-hit industries.

One third of employers were using the scheme in April.

The scheme has so far cost the government £66 billion pounds.

The scheme applies across the UK.

Controversy arose when wealthy firms claimed furlough cash for workers such as Love Island stars, the Hinduja brothers, Sit Jim Ratcliffe, Barrat Homes, Halfords and Wetherspoons.

Being furloughed does not affect your right to sick pay, annual leave, maternity, and redundancy payments.

Employers already have to pay pension and National Insurance contributions for their workers.

The Government is upping the costs to try and ween firms off the scheme at which point they have to decide to can the workers, go back into full production or go bust.

Experts believe unemployment will rise when it ends.

Inflation is also expected to rise due to the shortages and quantitative easing (printing money)

To claim furlough wages visit https://www.gov.uk/guidance/claim-for-wages-through-the-coronavirus-job-retention-scheme

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Picture: The Guardian

Danger sign for suppliers: when a customer changes payment terms to 90 days and beyond (as Thomas Cook did before collapse)

It all began in 2014 when Thomas Cook extended its payment terms for suppliers to 90s days. In 2019 it went bust owing suppliers £1.75 billion. It’s total liabilities to customers, banks and lenders was £9 billion. Only between £176 million and £244 million is likely to be recovered by the administrators according to the Insolvency Service who published the eye-watering figures this month.

Ian Carrotte of ICSM said the extension of the payment terms in 2014 should have been a red light to suppliers. He said: “From the window cleaner at their HQ to the fuel companies and airports, an alarm should have sounded. A similar extension was announced by Carillion when they pushed their payment terms to 120 days and even boasted about it on their website by effectively saying suppliers should have comfort in trading with such a solid company. If a company is solvent there is no reason why it cannot pay on 30 days. Yes there can be special arrangements but if a firm suddenly pushes the limit out to months then stop trading with them as there is something wrong happening.”

The Insolvency Service said that total estimated asset realisations of up to £244 million excludes the costs of realising the assets. They said: “Those realisations to date include the sale of retail outlets, aircraft landing slots, intellectual property rights, subsidiary and joint venture businesses and the collection of currency and cash from retail stores.”

Ian Carrotte said it was a classic case of a company that had borrowed and borrowed with debts of £9 billion which they could not service. He said: “Carillion owed £1.5 billion to lenders, Debenhams owed around a billion in loans and debts, Arcadia had debts of around £750 million while Liberty Steel owes around a billion or more depending on how you add up the various Gupta companies. Essentially these type of debts make a company unsustainable and although not many tears are shed when banks lose out it is always the suppliers like printers, hauliers and stationers etc, plus the staff who pay the price.”

Although this chart was published by the Government in 2018 it gives an idea of the continuing problem:

Company% Invoices not paid within agreed terms
GRAINGER & WORRALL ENGINEERING LIMITED96
PARTS ALLIANCE GROUP LIMITED95
GRAINGER & WORRALL MACHINING LIMITED93
CLIPPER LOGISTICS PLC92
ASHTEAD PLANT HIRE COMPANY LIMITED92
W & J LINNEY LIMITED92
TNT EXPRESS ICS LIMITED91
BOUGHEY DISTRIBUTION LIMITED90
MEDTRONIC LIMITED89
SIMMONS & SIMMONS LLP89
Source: Gov.uk 11 January 2018 

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Loyalists take part in an anti-Northern Ireland Protocol rally in Portadown. Brian Lawless/PA Wire for the Belfast Telegraph

The Northern Ireland Protocol piles up problems for businesses with a warning many firms will go bust as costs spiral and there’s discontent on the streets

David Cameron used to say the Brynglas tunnel on the M4 into Wales was like a foot on the throat of the economy. Choking the M4 with long tailbacks as the motorway went from three to two lanes. You could say the same about the Northern Ireland protocol as the newly installed border between the province and the rest of the UK is having a disastrous effect on business. The Conservative Government may have got Brexit done – but they have certainly ‘done’ Northern Ireland.

The BBC’s Emma Vardy interviewed James Allen, this spring who is the MD of Allen Logistics whose trucks pass backwards and forwards across the Irish Sea. He said: “We have had to use our own initiative to learn and adapt in a very short space of time. We have spent countless hours on the phone explaining the processes to customers.”

Pic: BBC

Hauliers now pay between £50 to £350 extra per pallet on average with each pallet having to be checked amounting to an extra four hours in turn-around time. Logistics UK estimate each truck spends an extra hour at the border posts and half have suffered cancelled deliveries or major delays. Stena Line Ferries said that freight traffic is down by a third while traffic along Scotland’s A74 to Stranraer is also down. It all adds up to a crisis in the making as Loyalists in Belfast take to the streets and the threats of violence increase. The main reason for the anger is a sense of betrayal as Boris Johnson promised there would be no border but reneged on his promise when he signed the deal with the EU.

Northern Ireland is not a basket case as many believe with huge bailouts from Westiminster. Scotland, Wales, The North West of England, Cumbria and the Midlands all consumer far more in Government hand-outs than the province while trade with the Republic has helped business communities on both sides of the border.

Discontent is growing among Loyalists who feel betrayed by the Government

The crisis that is building will only lead to one result and that is economic gloom for many sectors in Ulster. Speaking to Emma Deighan of the Belfast Telegraph Belfast-based Baker Tilly Mooney Moore warned that from July 1 — the date when the UK government will gradually reintroduce some of the insolvency-related rules that had been suspended because of Covid — many businesses could face collapse.

The firm said in a comment to Emma that Northern Ireland has seen a relatively modest number of insolvency cases filed during 2020/21 so far, largely due to financial assistance provided by the Government and the Bank of England to help businesses survive the pandemic. It said these measures may have extended the life of businesses that would not have survived under normal economic conditions, thereby creating so-called ‘zombie’ companies.

Ian Carrotte of ICSM said the rest of the UK was also liable to see a rise in insolvencies once the props of furloughing were kicked away. He said the province was on a par with Devon and Cornwall when it came to the size of the economy so there are far fewer insolvencies. He said: “With the problems of imports across the Irish Sea business is being squeezed and with Covid’s restrictions it is a recipe for disaster. My advice to firms trading with zombie firms in the province is to stop giving credit – as just as in the rest of the UK, insolvencies will rise later this year.”

Because of the grants and furlough scheme available to business during the pandemic overall insolvencies are down compared to the last two years but the economic has taken a massive hit. Ian Carrotte said sooner or later the country will have to pay for the £372bn cost of Covid-19 – and Northern Ireland will take the biggest hit – meaning there’s more than just economic problems to come on the streets of Belfast.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Charles Ponzi in custody

With the death of fraudster Bernie Madoff a look back at a history of stock market scams from Charles Ponzi to Levi John Coyle

A friend once said of people scammed into believing get rich quick schemes that we all want to believe we can escape the mundane truth that we have to work for a living if we want money. It’s just tempting to believe the snake oil salesman and buy into the fantasy of getting rich by investing cash.

Bernie Madoff arrested in the USA. Pic: New York Times

Bernie Madoff 

With the death in prison this week of fraudster Bernie Madoff it is perhaps pertinent to recall that financial scandals have been around since money existed. The Pretorian Guard in Classical Rome attempted to sell the Roman Empire to gullible wannabe Emperors and millions changed hands and was lost. Putting aside the South Sea Bubble, the Black Tulip Bubble and the 1719 Mississippi Scheme and other cons the modern fraud of get rich quick begins with Charles Ponzi.

Ponzi

The Italian American found there was a simple way to make a profit through International Reply Coupons (IRCs). A parcel posted from a country like Italy which in 1919 had a week economy and posted to the USA with a strong economy the receiver would also get a coupon to buy stamps for the return of the parcel in the currency of the USA. The difference between the two currencies meant a sizable profit if the stamps were traded instead of being used to send back the parcel. Ponzi set up a company promising up to 100% profit for investors in his Securities Exchange Company which attracted up to $32bn in today’s money. Ordinary people, banks and institutions signed up hoping for the massive profits – bringing Ponzi at one stage a million dollars a week. As with all Ponzi schemes ever since it was fine until investors wanted to cash in their stake – which is what happened. Within months financial journalists were saying the classic line: “if it’s took good to be true then it probably isn’t.”

The scheme collapsed and Charles Ponzi was imprisoned after being found guilty of fraud. Since then we have had Ivar Krueger in the 1920s who set up a proposed world monopoly of safety matches which attracted millions in investment until the Wall Street Crash of 1929 when investors wanted their money back. As the scheme unravelled as there was no such monopoly and Krueger shot himself rather than face justice.

Japan’s Nami Pic Wall Street Journal

Rip-offs

In 1986 Barry Minkow’s ZZZBest cleaning company boasted huge returns but having raised a stock valuation of $200m the firm collapsed – as you’ve guessed it – investors wanted to take money out only to discover the firm didn’t even exist. In a way Minkow was no different from Ken Lay of Enron who was the CEO of the doomed investment company with 22,000 staff in 2000. Alas the company was not worth the $101bn it boasted but was a complex network of scams which we might charitably call cooking the books. Thousands of individuals and businesses loss fortunes when it collapsed soon afterwards.

Levi John Coyle

Conmen

America doesn’t have a monopoly of fraudsters. Take Japan’s Kazutsugi Nami’s investment firm L&G which netted £1.5bn before its collapse in 2007, and South Korea’s Daewoo group accounting scandalthat inflated the firm’s value to $70bn before investors pulled the plug by wishing to realise their profits. And in Britain there’s a fraudster who is still on the run after trading fake shares in a non-existent company. At the heart of the 2010 ‘boiler room scam’ is Levi John Coyle, 36, from Colchester, in Essex, who is wanted by the police after selling £700,000 worth of fake shares. He was tried and found guilty in his absence and sentenced to jail but has disappeared – once his investors wanted their money back.

It’s a predictable trajectory – the promise of huge dividends far in excess of any market equivalents – initial pay outs proving falsely it’s working – attracting more investments and glowing write ups in the financial press – before someone twigs that all is not right.

Bernie Madoff 

And that is what happened to Bernie Madoff on Wall Street. An astute but independent financial analyst Harry Markopolos looked at Madof’s Investment Securities firm’s annual financial statements and concluded with five minutes the returns were impossible to deliver. He contacted the official authorities at policing the industry, the US Securities and Exchange Commission (SEC) who ignored his investigation for two years in 2000 and 2001 although the SEC did have suspicions and it was Markopolos’ further published work that brought the curtain down. Investors once again got wind of the fraud and began pulling their cash out leading to a crash in 2008.

Sky News reported: “Financier Bernie Madoff, who swindled thousands of clients out of billions of dollars, has died in prison. The 82-year-old passed away from natural causes at the Federal Medical Center in Butner, North Carolina, the Associated Press reported. He was put behind bars in 2009 after pleading guilty to defrauding thousands of clients out of billions of dollars in investments over several decades, and was serving a prison term of 150 years. It is estimated that investors put $17.5bn into Madoff’s business, with $13bn having been recovered so far.

“In what was the largest Ponzi scheme in history, Madoff told clients that they had holdings of $60bn in his company Bernard L. Madoff Investment Securities. But in actual fact, investigators said he used the money paid to him by clients to make deposits to new investors, and that he had not made a trade for his advisory clients in years by the time of his arrest in 2008.”

Ian Carrotte (pictured) of ICSM said: “Tens of thousands of people were affected by the scam with billions lost by investors across every single Western Country including lots of charities and charitable foundations. Financial crashes are one thing – such as the Credit Crunch in 2008 when banks were hit by a slide in confidence over the sub-prime mortgage disaster – but frauds are different as they essentially don’t have any real assets.

“ICSM comes across frauds and scams regularly and we highlight them to potential victims privately and sometimes publish the stories – such as the Bonnie and Clyde of the Print Industry – to alert possible victims. If an investment is too good to be true – then it’s not true. The only way to make money is to work and also make careful investments and not clutch at pipe dreams like so many banks, individuals and firms have done with Madoff as it always ends the same way. You lose your money – and usually people like Madoff end up in jail.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

________________________

Pic: Best Beer Festivals

Two pints of your finest ale landlord and I’ll pay you in two years time: why micro breweries are going bust

In 1971 the Campaign for Real Ale (CAMRA) was launched and has become one of the most successful consumer pressure groups of all time. For those with long memories CAMRA was born in the era of Watney’s Red Barrel and Double Diamond, and a time when historic interiors of pubs were being ripped out in favour of serveries, carpets, themed interiors and the stripping out of snugs and alcoves.

Consumer pressure

By the 1980s the industry was dominated by the big breweries which led to an outcry spearheaded by CAMRA who could count on the support of the largely male members of parliament. In 1989 The Beer Orders were passed which prevented the big chains from owning too many pubs and instructing their pubs to have guest beers from independent brewers. Although the orders were overturned a few years later the industry had changed with the rise of micro breweries.

So far so good. Then came Covid 19 and the lockdowns. Every month ICSM charts the numbers of hostelries who have gone into receivership and frankly the numbers of pubs closing for good is a matter of national concern since they are often an important pillar of the local community.

Pic: The Herald

Wooha collapses

Last week the Scottish brewer Wooha went into administration blaming a combination of the lockdowns and Brexit which had compromised exports to Europe. In 2020 Mad Dog Brewing entered voluntary liquidation after experiencing major cash flow problems at its Welsh headquarters. Both firms had not been long in existence and like many smaller brewers had taken advantage of the Beer Orders which had revolutionised beer production. Now there are hundreds of micro brewers with some as small as one man and his hops while others have expanded into major suppliers. The craft beer industry is hoping changes this year to the Treasury’s Small Brewers Relief Scheme will not penalise those brewers who are growing. The scheme gives a sliding scale of duty to be paid on the golden liquid. The more that is brewed the greater the duty with a 50% cut for the smallest operators.

Pic: Birmingham Mail

Late payment problems

Writing for Good Beer Hunting a few months ago Jonny Garrett described how poor credit control was one factor behind the demise of many a micro brewer of craft ales. He wrote: “Concerns about 30-day terms and late payments have bubbled to the surface following the liquidation of distributor The Bottle Shop and a separate County Court judgment against a well-known East London craft beer pub over a £999.60 invoice that’s more than a year overdue.

“On Twitter, Canopy Beer Co founder Estelle Theobalds said an unnamed pub had bought 10 kegs of Pale Ale in 2018 on 30-day payment terms. Theobalds went on to say that, despite the court order, the venue is yet to respond, and has even set up new companies in a bid to avoid paying.”

Estelle Theobalds said that a lax attitude to credit by pubs and brewers alike was at the heart of the problem of cash flow when pubs open normally. In the USA (with some exceptions) the usual mode of business is cash on delivery for retail while here 30 days after delivery is the norm with many pubs and hotels refusing to pay for months and even years.

Pic: Time Out

Suppliers pay the price of administration

Two years ago when The Bottle Shop went bust the store owed £579,844 to trade and expense creditors including Kernel Brewery who were owed £89,862 and the Gipsy Hill Brewing Company, £21,545.

The average brewer will be supplied by a bottling plant supplier, printing firms for labelling and packaging, marketing people to create the brand and advertise the products, as well as the ingredients that make up the beer.

Jonny Garrett described how Andy Parker of Elusive Brewing in Berkshire, had admitted being paid by some pubs up to two years late which meant “they either don’t have the money or they’re stalling.”

He said: “The result is that breweries unable to get credit terms with their suppliers end up shouldering the debt for the entire supply chain—they aren’t getting paid but everyone else is. This state of affairs is exacerbated by the long lag times between breweries paying their suppliers and receiving money from their customers. Including brewing, transport, and the credit period, that gap can grow to seven or eight weeks before it’s even contractually overdue. Parker sees the pub industry’s reliance on credit as the single biggest issue his brewery faces, and one that holds his young company back.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

John Whittingdale MP

Minister for Gambling John Whittingdale demands answers from Gambling Commission after betting firm collapses with £58m of punters’ cash

As someone on Twitter put it this week about Football Index: “ If I bet Manchester United to win and with one minute to go they are four goals up and the betting company announce they’ve gone bust – what would you say?”

The so-called football stock market Football Index has collapsed and is expected to go into administration in Jersey with some speculating they have a suspected plan to phoenix dumping £58m in debts.

QPR have removed the logo from their shirts already

Government demand answers

John Whittingdale the new ‘gambling minister’ has demanded an explanation from the betting regulator about the implosion of the firm. Customers buy and sell ‘shares’ in football players and depending on their performance on the Football Index listing their value rises or falls. As they rise customers can cash in their shares for profit – until now. The company ceased trading with no pay-outs and uncertainty over the cash paid out by punters.

Ian Carrotte of ICSM said the scheme was little more than a 21st century Ponzi set up. He said: “It has all the hallmarks of a pyramid scheme. Get rich quick schemes are built on sand with only one outcome. From Polly Peck to the Chinese lender Qiangqiantong, if it’s too good to be true then it is just that.”

The Government’s Whittingdale is understood to have ‘balled out’ the Gambling Commission who were ‘asleep at the wheel.’ He is overseeing a review of the gambling industry and is extremely angry that the commission allowed the situation to develop leaving members of the public with a £58m bill. His intervention led to the Gambling Commission revoking Football Index’s licence as it shut up shop. Their customers are complaining that they are unable to retrieve thousands of pounds from their accounts. A Twitter search shows how angry customers are with some having lost tens of thousands of pounds as they tried to become rich with the scheme.

Picture: BBC

Football shirts

Writing for The Guardian Rob Davies said: “The company, which sponsored both Nottingham Forest and Queens Park Rangers football clubs, is due to appoint insolvency specialists Begbies Traynor to act as administrators, raising uncertainty over whether account holders will be able to retrieve funds.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

AGENDA WEST NEWS from Checkaco: stories of rogue printers, puppy scammers, a bank that lost jewellery and a hotel that went bust and won’t refund wedding reception deposits

In this age of lockdowns there are fake businesses out there online posing as legitimate firms. They always ask for deposits but never supply the goods. Or there are thousands of firms set to go bust and will hang onto your deposit – for a wedding, a conservatory or a car – and then go into administration along with your cash. Checkaco’s credit checks are accurate and up to date so you can spot if the trader you choose is safe – and won’t go bust.

Fake printers
The High Court in Manchester has smashed a number of rogue printers who run websites but have no printing equipment. They take money up front from customers but disappear with the cash closing the website before popping up elsewhere with a new name. Hundreds of customers have lost more than a million pounds in deposits in the last two years – but new rogues keep popping up..
Checkaco Comment: Checkaco campaigned against a firm called The Book Printer run by a couple in Barry in South Wales. With the help of victims, the police and the trading standards they were brought to book in court and the business smashed – but only before they had taken hundreds of thousands of pounds off victims.

Wedding Venue goes bust
The local newspaper in Plymouth have reported on a couple who lost their £600 deposit for their wedding reception when the hotel they booked went bust.
They reported that Moorland Garden Hotel in Plymouth, Devon would not return deposits to couples who had chosen the site for their special day after it went into administration. Kirstie Wood (pictured), was due to get married on 23 July 2022 having booked the venue three years ahead.
Checkaco Comment: due to the Covid-19 crisis hotels and venues have been closed for months and as a result have been losing money hand over fist. Many are going bust as a result – so even in the best of times never pay a venue a deposit without doing a Checkaco credit check.

Puppy farm rip-off
Money Saving Expert have highlighted a current scam where people wanting to buy a puppy are asked to pay a deposit to secure their new pet. Posted on social media the adverts look professional but don’t have any way you can verify where the puppy breeder lives. The example they give is some one who signs themselves as PuppyLove1980. They said: “Now I understand we were silly to pay the deposit if we hoped to get it back (though she said that was fine), and as I said at the start, I’m certain they’re no scammer, I think they’re probably just hoping we’ll give up.”
Checkaco Comment: underneath the article someone had written: “Here’s a picture of some puppies – now send me a £100.” Essentially that’s what has happened. If there is no name or address in one of these adverts then don’t touch them – it’s a scam. If they give their name then check them with us as if they have a bad record it will come up immediately. With the lockdown scammers are having a field day taking people’s cash – don’t let them take yours.

Bank ‘loses’ jewellery
The Daily Record newspaper in Scotland has reported on the RBS keeping a safety deposit box after it was ‘lost.’
They reported: “Carole Mowat (pictured) says priceless family heirlooms were kept in the safe deposit box at an Edinburgh branch of RBS before it closed down. Filled with sapphires and watches bought in 1950s New York, Carole made enquires about the case last week once she realised the branch closed down a number of years ago. It was one of two safe deposit boxes passed down to her by her parents. Carole claims staff have been unable to locate the box, despite being shown a letter of ownership and key.”
Checkaco Comment: If you know a bank branch is set to close and you have a deposit box there contact them immediately and demand to have the box opened and its contents returned or have the box relocated to a branch that will remain open.

There are rogues out there who pose as legitimate businesses or are firms with terrible credit histories. Before you pay a cash deposit to them do a credit check with Checkaco for £7.95 and see if they are legitimate. All firms have tell-tale credit histories which reveal if they can be trusted with your money. Checkaco’s credit checks are accurate and up to date so you can spot if the trader you choose is safe – and won’t go bust.

The ratings are poor, fair, good or excellent – find out all their details now for just £7.95 at https://checkaco.com/

For details about Checkaco email info@checkaco.com or visit the website https://checkaco.com/ 

Checkaco, The Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR UK

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

COMMENT It’s time to address the elephant in the room: the Brexit trade deal

It’s time someone other than EU Remainer fanatics to mention the elephant in the room: Brexit. Although I voted to remain in the referendum I argued that for the sake of democracy you had to accept the verdict. Like many I had expected Teresa May’s Brexit-Lite deal would have meant we would have stayed in the EU’s open market. As history recalls that didn’t get through parliament and it led to a change in the leadership of the Conservatives and under Johnson the Government received a mandate for a tougher form of Brexit in the 2019 General Election and in particular a trade deal which now looks anything but ‘oven ready.’.

With the effects of Covid on the economy it has been difficult to see the wood from the trees in terms of the how the trade deal affects business other than the decimation of our fishing industry. However bit by bit the fall out is beginning to become clear and although there are benefits such as the ability to roll out the Covid-19 vaccines compared to our European friends have done the down sides are frankly very concerning.

Frosty relations

Appointing Lord Frost to tackle post-Brexit strategy has two sides. He’s a tough negotiator who will take a harder line in future with the EU but he also is a Johnson man and thus does not necessarily have the confidence of the Welsh, Northern Irish and Scottish Governments who are not currently on board with Westminster on a range of policies. Lord Frost needs to put on his big pants and start to renegotiate parts of the trade deal so it works for both sides and especially over Northern Ireland’s situation. Already the grace period for trade across the Irish Sea has been extended to October – so thankfully that will be the start of a revision of the trade deal as it is pointless if it damages our economy – the opposite of what was promised.

There are some benefits for UK firms which are related to the trade deal. Where UK based companies have sourced parts and supplies from the EU purely on cost when there is an equivalent nearer home then some suppliers will find their order books filling up. There’s evidence that in some sectors of manufacturing this is happening – with Print Week reporting that some print work has returned home due to the cost of transportation. And there have been anecdotal reports that some car manufacturers have looked to local suppliers for help. This is a trend that will continue and is welcome – it’s just hard at this time to weigh these benefits up against the negatives until more statistics are available.

Whichever statistic you take in terms of haulage crossing the English Channel whether it’s from the Road Haulage Association or the Government, freight volumes are down since January 1. Those long queues of trucks on the roads leading to Dover are unacceptable as they conflict with the idea of ‘just in time deliveries’ and of exporting and importing fresh produce. Almost every sector in the UK is being hit by the delays and hold-ups with some firms opting to up-sticks and move to the Netherlands, France or elsewhere to bypass some of the problems. That wasn’t in the leave manifesto. With technology most of the so-called paperwork can be reduced to the minimum and transport delays all but wiped out. And there is a perception that there is some juvenile politics taking place on both sides of the Channel and the logistics sector really does not need this.

From the plight of the City of London to the Cornish fishing industry every day brings fresh bad news as business is hit by the Brexit trade deal. There is a dangerous situation developing on the island of Ireland as well – which was entirely foreseeable. I don’t care how he does it but Lord Frost needs to act fast and sort out these problems this year as the Covid-19 crisis will slowly disappear as the vaccination roll-out continues and the economy will then be exposed in all its nakedness.

Harry Mottram

For more on business and the insolvency industry visit ICSM Credit.  https://lnkd.in/egVAwVW

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

Comment: The Budget: spend, spend, spend – before the tax hikes take effect – but by then Rishi Sunak will be PM and it will be someone else in Number 11 who takes the heat

Furloughing extended to September, more grants and loans for businesses and a package to help hospitality and retail survive the ongoing lockdown. All well and good but the bills for the Covid-19 crisis continue to rise to plus £400bn – and all this under a Conservative Government.

And then comes the hangover: the tax hikes to pay for it all. By freezing the level of tax free income and the higher rate threshold from next year the Chancellor will see more than two million people paying more tax bringing in billions more to the exchequer by 2026. Add to that the hike in Corporation Tax and Rishi Sunak will have begun the serious task of paying for the ill thought out spend, spend, spend policy to tackle the pandemic. No help for more than a million freelancers, hike the tax bill on the low paid, only a temporary increase on universal credit, no increase in minimum wage or help for care workers and no long term strategy to pay for the NHS and an aging population.

When the leader of the opposition Kier Starmer replied to the budget he had a point that it was papering over the cracks. Essentially a sticking plaster on the economy – hoping that things pick up this summer and all is back to normal in 18 month’s time. What then?

There had been talk of a wind fall tax on the big tech firms of Google, Facebook and Amazon and the like. A tax on home deliveries to encourage us all to return to the high street shops. A wholesale reform of business rates and a permanent cut in VAT for retailing and hospitality – but no. This was an opportunity to look to the future to help small and medium sized businesses once again fire up the economy. A chance also to recalibrate Britain socially so that the low paid have more in their wages which in turn go into spending and investing – it’s basic economics. So much talk of levelling up has been just that. 

To use an old phrase Rishi Sunak has had a good war – or in this case a good pandemic. He’s emerged as the bright new hope of the Conservative Party. Slick, positive and clean cut. Unlike the politically bruised images of Boris Johnson, Michael Gove and Matt Hancock. If as expected Labour make substantial gains in the 2024 election but fail to win then Johnson’s days are numbered and Sunak looks a shoe in for a move to Number 10.

There is much to applaud in his budget – and I’ve clearly outlined the downside – namely a failure to address the long term. But help for retail and hospitality is appreciated, help for locals to save their pubs, help for business in the way of loans, extending furloughing, help with stamp duty and a freeze on the usual victim of the budget: booze. And the freeze on fuel duty is a big help for the entire economy – although the idea that petrol and diesel cars will be phased out starting in 2030 is questionable. Collectively motorists through fuel duty pay the Chancellor £27bn a year and that cash can’t automatically be replaced by a tax on hydrogen powered engines or even less likely electric vehicles. If as I predict Sunak moves next door in 2024 or soon after, this and other long term issues will fall in someone else’s in-tray. For now he’s just about got away with it and remains the Teflon Chancellor – which in politics is everything.

Harry Mottram

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

We’ve got a road map out of the Covid-19 crisis but beware giving credit to firms planning to reopen

With Brexit ‘done’ and the Government announcing that they now have a clear roadmap to lead the nation out of the nightmare of Covid-19 we can at least feel industry might heave a sigh of relief.

And the four step roadmap is certainly the most encouraging of those aspects of politics.

Print Week

Writing in the printing industry’s trade publication Print Week Jo Francis (pictured) noted that business owners have broadly welcomed the government’s plans.

She explains: “The key dates for the gradual unlocking are step one: 8 and 29 March; step two: no earlier than 12 April, step three: no earlier than 17 May and step four: no earlier than 21 June, by when the government hopes to be in a position to “remove all legal limits on social contact.”

Jo Francis goes on to quote a number of industry figures on their views on the roadmap. Perhaps the most revealing and also optimistic was from Gareth Roberts, the managing director of Bishops Printers. She quoted him as saying:“The roadmap is really useful because it will turn the glass to half-full. The science and the rollout of the vaccine would make me believe that actually these dates will be reasonably reliable. In terms of planning for recovery, the last thing you want is to regress again.

“Whether it’s theatres or sports… my sense of our customers is they can now start to have reasonable confidence in how they are going to stimulate activity. Football clubs can definitely start season ticket renewal campaigns and marketing activity for the new season with confidence that fans will be in there. I believe that schools going back is also important, because people working from home will be able to focus on planning the re-emergence of their business and their role within that. Within the next three weeks we’re going to be on a progressive and sustained pathway toward recovery. I’m really excited and really positive.”

Warning over credit

Ian Carrotte of ICSM said Gareth Roberts had made the point about planning very eloquently. He said: “It has been the unending nature of the covid-19 crisis that has so damaged business. With the dates laid out by the Government sports venues, theatres, cinemas, restaurants and pubs can start planning. Getting in stock, recruiting staff and above all putting together a cash flow forecast for the rest of the summer.”

However he predicted that many businesses would not survive that long with many throwing in the towel due to mounting debts.

“Many companies have been ripped off by the banks with high interest rates,” he said, “while repayments for the original loans are now due – but so many firms have had next to no income since last year. So my warning to suppliers is be careful about granting more credit as many companies will go into administration during the spring and summer.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

The Big Short 2: how a us V them battle over GameStop’s shares reveals the risky world of shorting as explained in Adam McKay’s film

A David v Goliath battle has broken out in the USA over the share price of a shop that you’d expect to collapse when the lockdown began. GameStop is computer game and merchandiser with more the 5,500 stores across the globe that began life in 1984 as Babbage’s in America. The lockdowns have forced the company to shut hundreds of its shops and it was expected to see a massive drop in its value. And that’s where the story took an unusual twist.

The Big Short

In Adam KcKay’s movie The Big Short brokers realised in 2007 the housing market was overpriced due to the selling of mortgage bundles to banks containing sub-prime mortgages – basically valueless deals sold for a fortune. The brokers took out deals with the banks to bet the values would fall which they did earning them millions and ruining the banks.

Margot Robbie in The Big Short

Now the same is happening with a number of businesses hit by the pandemic. Brokers are betting on the collapse of share prices of businesses hit by the pandemic with the most high profile one being GameStop. Once it was known there were bets on GameStop’s shares going down fans of the shop that included thousands of gaming fans who loved the stores began to buy its shares to foil the brokers. Information about the fortunes of the store were shared on a forum on Reddit’s WallStreetBets which when shut down due to some of the content and views expressed there saw GameStop’s shares drop 20% – although have since recovered. The question is will they stay high when their shops are closed?

Ian Carrotte described the phenomenon as ‘an existential threat’ to conventional trading on Wall Street as it showed how consumer and small citizen share-holders could challenge the accepted norm of the market. He said: “It is an example where share activists who have a passion for a company and don’t want it to fail can collectively contradict the norms. Long term though you can’t buck the market and it is hard to see GameStop not suffering from market trends. When you could download a game online and didn’t have to go to shop the market shifted. What is interesting is whether the GameStop experience happens in this country with other ailing brands.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

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

The all star cast for The Big Short

The 2008 Credit Crunch explained in Adam McKay’s adrenalin filled tragic-black comedy movie The Big Short shows how easy it is for fraudster bankers to bring an economy down – is it happening again with Covid-19 loans?

A quartet of central characters, drive the plot of The Big Short, as they uncover the extent of the sub-prime mortgage scandal in the USA in 2007. Without one main protagonist the story lacks a clear focus on a single narrative but makes up for it by illustrating the unravelling scandal with graphics, straight to camera explanations and the odd celebrity appearing in cameo roles to further convey the financial mechanics. There’s Selena Gomez on a gaming table in Las Vegas, Margot Robbie appears in a Bath and even the chef Anthony Bourdain makes a fish stew to illustrate subprime mortgages.

Margot Robbie

Calling the bluff of the banks

The reason for the 2008 Credit Crunch and the essential truth behind Adam McKay’s movie is a banking fraud. Lenders bundled up mortgages into packages and sold them to banks who in turn sold them to other banks. The mortgages contained the odd defaulter but as the practice increased more unsuitable mortgage deals were included to increase bonuses to the point that the bundles became worthless as too many mortgages were defaulted on. The dodgy practice continued as banks knowingly over valued the bundles of subprime mortgages until broker Michael Burry of Scion Capital (played by Christian Bale in the film) – who had a reputation of spotting a stinker – bet against the continued increase in value. He went to the banks and arranged a bet, or a short*, that the values would fall. To do this he had to pay regular premiums to the banks which they were happy to charge as they thought he was nuts.

Burry and later others brokers such as Mark Baum (Steve Carell) of Front Line Partners began to investigate and do the same after undertaking research including a Florida field trip that revealed on one estate nobody was paying their mortgages. Once the secret was out the value of the banks fell off a cliff.

The day the shit hit the fan

In 2007 New Century Bank went bust, American Home Mortgage filed for Chapter 11 protection and in the UK there was a run on Northern Rock which showed how the crisis rippled out around the world. More followed with Bear Stearns, Citigroup, Bank of America and JPMorgan Chase all in trouble with Delta Financial Corporation filing for bankruptcy by the end of the year. In 2008 it got worse as the stock market fell and the banks called in loans to businesses across the USA leading to insolvencies and a huge rise in unemployment. George Bush’s Government pushed through rescue packages and ended up bailing out Bear Stearns and the banks Fannie Mae and Freddie Mac although the crisis continued taking the scalp of the Lehman Brothers the damage was done. Later that year Barack Obama become president and his administration injected massive amounts of cash into the economy which eventually proved a success. The subprime mortgage scandal had once again showed that unregulated investments and a collective will to ignore a growing crisis nearly took the USA economy down.

The Big Short is an intelligent and enjoyably testosterone powered movie with its rock tracks, shouty moments, foul language and quick fire direction. Yes it gets a bit pious towards the end (because the brokers all get very rich but still take the moral high ground over the corrupt bankers) with an unresolved sub-plot concerning Baum’s mental health and marriage and a slightly unconvincing scene in a pub in Exmouth in Devon – but considering the complex ubject it’s a pretty decent movie. For those wishing to study how a financial crisis happens it is essential viewing.

Emergency Covid-19 business loans

Thousands of loans have been granted to businesses across the UK by banks to help them through the current crisis. Starting in March 2020 many of those loans are coming up for repayment and that’s where the problem lies. The Government guarantees 80% of the loans so the banks have anecdotally not been too concerned about doing their usual credit checks on who is taking them out. The Government’s own National Audit Office (NAO) has said that up to 60% of the loans will fail to be paid back landing the tax payer with a £26bn bill. A chunk of those loans were also given to criminals who set up ghost firms purely to take the money and run – in one case in London last year police arrested two men who borrowed £500,000 in multiple loans.

The longer the crisis continues the more likely more firms will crash and default on those loans. This time the banks won’t be taking the hit – instead it’s the Government and that ultimately is us the tax payer. The only way out for the Chancellor of the Exchequer is to increase printing money (quantitative easing), increase borrowing and to raise taxes. Since we are in an economic crisis already with a recession almost certain it’s hard to see if there is room for another crash like 2007-2008. In the 1980s a property bubble burst in 1989 when six years of boom popped, and in the years running up to 2007 the same thing happened. Is there going to be another one now?

In contrast to pre-2007 when the economy was fine and unemployment was low today unemployment is growing due to the Covid-19 crisis. Several observers have predicted a fall in prices as interest rates eventually rise as the protections offered during lockdowns end and unemployment increases this year. If it’s a bubble then it’s popping very slowly and it’s anyone’s guess whether a broker somewhere is betting on a short.

Harry Mottram

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

Follow him on Facebook, Twitter, Blogger, Instagram and YouTube.

Or email him at harryfmottram@gmail.com

Notes

*Short: A broker borrows shares for a fee from a lender, sells them and waits for the price to fall before selling them back at the high price but getting paid the difference between the high and low price as payment – all part of the short deal with the lender who thinks the broker is nuts. It’s high risk as usually share prices rise in which case the broker loses money. Buying shares for a ‘long’ term investment is the opposite to short.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

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

Pic: Life is an Episode

Up to three million self-employed and other workers ‘don’t qualify for any Government Lockdown Covid cash’

Models, photographers, illustrators, designers, writers, artists – the list of those who are self-employed is endless. Many teachers, consultants, drivers, farmers and gardeners work for themselves – and don’t qualify for any of the Government’s Covid-19 cash.

IPSE, the Association of Independent Professionals and the Self-Employed, is the only dedicated representative body for the UK’s self-employed community, including freelancers, contractors, consultants and independent professiona said that the numbers involve run to more than a million workers.

Pic: Business Matters

Ian Carrotte of ICSM Credit said it was a scadal that these workers were left behind in the Government’s finance packages. He said: “Our findings suggest as many as 3 million workers get nothing from the schemes. If you are a wedding photographer – well wedding bookings are being cancelled – while run way shows for models have ended due to Coivd. You would think it is possible for the Government to have come up with a system since last March for this vital sector.”

Derek Cribb, CEO of IPSE (the Association of Independent Professionals and the Self-Employed), said: There’s no doubt the new lockdown measures will have a severe impact on the already struggling self-employed sector. The school closure is also likely to hit self-employed parents particularly hard, cutting into their working week.  

“The new support package, aimed at businesses with premises, misses the mark and will do little to mitigate the financial damage to the self-employed sector. After almost a year, there are still drastic gaps in the support available to the self-employed, with over 1.5 million sole directors, newly self-employed people and others still excluded.

“We urge the government to work with business groups to plug these gaps and get support to freelancers in need over the coming months. We are keen to work with government to find a solution and make this right.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Alarm at collapsing firms (even on Christmas Day) as David Lloyd Leisure and GLL signal cashflow problems – plus the publican who has borrowed £4m to stay afloat

On Christmas Eve Heaton Catering Equipment Limited in Newcastle Upon Tyne appointed liquidators while the next day of Christmas Day Gillard Racing Karts in Essex also appointed liquidators. Nothing unusual in that but everyday over the festive period hundreds more firms went to the wall with record numbers of personal bankruptcies.

Ian Carrotte of ICSM Credit said everyone in business needed to take credit control seriously as the recession bites and talk to their creditors as more big names bit the buffers in the first days of 2021.

The man who borrowed £4 for his pubs

The BBC business journalist Dan Ascher reported on businessman Martin Wolstencroft (pictured) who has borrowed £4m just to ensure the survival of pub chain Arc Inspirations, a bar chain with 17 venues.

He reported: “The money that we are borrowing is really just to stand still,” Mr Wolstencroft said. “We’ll be coming out of this in a far worse position with far greater debt and it totally reduces our ability to grow our business for the future. And all of this has been brought about through no fault of our own.”

UK Hospitality says the closure of pubs, restaurants and hotels is costing business owners such as Mr Wolstencroft a total of £500m a month, even allowing for any government support. And that has led to a huge rise in debt. More than 1,600 restaurants closed last year, costing 30,000 jobs, says property adviser Altus. When bars, hotels and other hospitality businesses are included, almost 300,000 jobs were lost last year as a result of the pandemic, according to figures from the Office for

The BBC have also reported on the owner of pub chains Harvester and Toby Carvery who says it may need to raise more cash to survive lockdown. Pub group Mitchells & Butlers says it is examining raising money from investors because it is unclear how long current restrictions will last. Each month closed loses the business up to £40m, plus it has to meet £50m debt costs each quarter.

Ian Carrotte of ICSM Credit said suppliers to pubs and restaurants should be careful. “Everyday another hotel or bar goes bust leaving suppliers with nothing,” he said, “being a member of ICSM Credit is an insurance against getting your fingers burnt as we and our members flag up firms in trouble saving them millions every quarter.”

Alarm bells are also ringing over the fate of another sector – this time gyms and leisure centres. David Lloyd is latest gym chain to warn over its future as lockdown measures bite reports the Daily Mail. They reported this week: “In its accounts, the company said uncertainty caused by the pandemic ‘could cast significant doubt on the group’ and its ability to stay in business.”

Another major operator Greenwich Leisure Limited (GLL) has also signalled it has major problems as its cash flow has dried up due to the lockdowns. They begged for cash from the Cardiff City Council last November in order to retain leisure centres in the city and have already closed for good the Oasis Leisure Centre in Swindon.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Pic BBC

A dream of two 1960s art students in creating a beautiful shop selling designer paper products could be about to die on the altar of Covid-19

Back in 1968 art students Judith Cash and Eddie Pond founded what was to become one of Britain’s favourite stationery stores. Paperchase is reported in the first week of January 2021 to be on the brink of collapse and is set to go into administration with potentially the loss of 1,5000 jobs and closer of more than 100 shops.

Company Voluntary Arrangement

The company has had a long history of problems with a number of owners and even agreeing a Company Voluntary Arrangement (CVA) in 2019 with suppliers in order to remain in business. A far cry from that art college dream in 1968. Paperchase said: “The cumulative effects of lockdown one, lockdown two – at the start of the Christmas shopping period – and now the current restrictions have put unbearable strain on retail businesses across the country.”

Ian Carrrotte of ICSM Credit said: “It is sad to see the demise of Paperchase but our main concern is for the suppliers some of whom won’t get paid if they go into administration. Our intelligence suggest there are some suppliers who are going to take a big hit if they go and that problems set in long before Covid came along.”

Paperchase was begun in 1968 when London was the height of fashion

Christmas shut down

The BBC reported that the firm has filed a notice to appoint administrators, a move that will give it breathing space from its creditors while it works out a rescue plan. They said the second lockdown in November came at a crucial period for the firm, which makes a high proportion of sales at Christmas with up to 40% of its turn-over during the build up to the festive season. The chain now has 10 working days to find a solution.

ian Carrotte of ICSm Credit said that Covid-19 had hit the firm hard but it had a long history of money problems. W H Smith came to its rescue in 1985 and in 1996 it became Paperchase Products after a management buy out before in 2004 Borders took control. Three years late they sold a stake to to Risk Capital for £10 m. There were more problems in 2009 when Borders collapsed but HMV and Waterstones were amongst stores to offer Paperchase concessions in their shops in 2010 following a management buy out with Primary Capital Partners the current owners.

Some Eddie Pond’s designs

Art students

Both Judith Cash and Eddie Pond continued to work as designers and artist after their period of control of the business. They were friends with Terence Conran in the 1960s and the man who went on the found Habitat helped put up the money to open the original shop in Kensington.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

ICSM Credit’s Newsletter December 2020


ICSM Credit demands action to restart the economy
OUR BACK TO BUSINESS MANIFESTO
This year has been the bleakest for business in generations. Not just because of Covid-19 but because the cure has been worse than the disease. The four UK Governments have made serious mistakes in the handling of the pandemic by consistently penalising small businesses, retailing, hospitality, the travel and leisure industries as well as sole traders and the self-employed.

This is not a political matter as the four UK Governments represent all parts of the political spectrum but all have one thing in common and that is a dictatorial tendency that has led to a recession, high unemployment and mass business failures.

ICSM Credit stands with virtually all businesses in this country in its desire to get Britain back to work and to end the slide into a depression as quickly as possible – starting now.

ICSM Credit’s Back to Business Manifesto

1 End the tier system now and give the powers to local parish, town, city, district, unitary and county councils and city mayors to introduce any social restrictions required to suppress the virus but excluding business.

2 Allow all businesses to open immediately with sensible precautions to stem the virus put in place.

3 A package of measures to rekindle the high street and shopping areas back into life including slashing business rates, cutting VAT, business rents and adjusting parking restrictions in town centres together with free parking in all shopping centres.

4 To put on hold the Brexit withdrawal agreement for six months to allow businesses more time to prepare for the new arrangements over how it will affect imports and exports.

5 Introduce a tailored rescue package for the most affected industries. For instance, cutting taxes for the hospitality, holiday and travel businesses. Grants for manufacturing to expand and take on new employees. To ensure retailers going into administration are kept on life support to allow time to redirect the businesses to prevent job losses and retain footfall in the high street.

I commend this manifesto to all our members and to the business community and Government as a whole.

Wishing you a Merry Christmas and hopefully a busy and prosperous New Year.

Best wishes
Ian Carrotte
Proprietor of ICSM Credit
For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com




ICSM Credit, the Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR

Not a member? Normally you can join for less than a tank of diesel and protect yourself from late payers but we have a special free temporary membership offer this winter. Use our free legal letters to chase unpaid invoices.For a video on how to send a FREE LEGAL LETTER visit:https://youtu.be/AIycysoFhYo
++++++++++++++

 The shocking collapse of retailing this year (with Debenhams likely to be liquidated) meaning more than a quarter of a million shop workers have lost their jobs in 2020 and suppliers left with nothingAfter Arcadia went into administration last month it meant the only potential buyer of Debenhams, namely JD Sports, pulled out thus condemning the nationwide department store to collapse.
“This is another hammer blow to workers and suppliers,” said Ian Carrotte of ICSM Credit, “with invoices unpaid, wages void and pension schemes in doubt it means the economy is being given a body blow. We need the Government to create a strategy to revitalise the high street with rescue and transition packages, plus cuts to rents and business rates. Sadly they seem more interested in the tier system and Covid-19 related matters.”Department store’s end
You might think 2020 couldn’t get any worse for business but on December 1, Debenhams have had the rug pulled from underneath them as JD Sports pulled out of a rescue deal following the end of Arcadia who have concessions in the department store.
The company had already cut about 6,500 jobs since May, and now has 12,000 workers but it now looks likely the stores will be liquidated with only a slight possibility that some stores or the name could be bought out by rivals.Ian Carrotte of ICSM Credit said the 242-year-old retailer has already left thousands of suppliers unpaid following administration in April. He said suppliers included printers, sign-makers, designers, clothing manufacturers and landlords will be left with nothing.
Long list of the big names 
The Centre for Retail Research in the UK have listed the following British owned retailers who have fallen into administration, or have been liquidated (this is a list of big names – thousands of smaller retailers have also gone bust): Arcadia, the fashion giant with subsidiaries Topshop, Dorothy Perkins, Burtons, Miss Selfridge, Wallis and Evans; Peacocks and Jaeger; Edinburgh Woollen Mill and Ponden Mill; J Crew;  Celine Group Holdings, the parent company of Debenhams; M&Co; D W Sports; Feather & Black; Grosvenor Shopping Centre in Chester; Oliver Sweeney Trading; Muji,   Cardinal;  Soletrader; Peter Jones; Norville Group; Benson Beds; Harveys Furniture; T M Lewin; Bertram Books; Intu Properties, Go Outdoors; Lee Longlands; Poundstretcher; Oak Furnitureland, Le Pain Quotidien; Monsoon Accessorize; Quiz; Aldo; DVF Studio; Antler; Dawson’s Music; J Crew; L K Bennet; Oasis and Warehouse; Debenhams; Spicers; Simply Scuba; Kath Kidston; Autonomy Clothing;  Lombok; Brighthouse; Laura Ashley; Kikki.K;  Soak; Bonmarché; T J Hughes Outlet; HonestJohn.co.uk; Ashbury Furniture; Ena Shaw; Oddbins; Hearing and Mobility; Hawkins; Houseology; Welch and Bill Dobbie; Beales.
++++++++++++++Going, going, gone. Arcadia crashes into administration bringing down the curtain on the glory days of Sir Philip Green’s dominance of retailing (leaving £250m in unpaid invoices, 15,000 unemployed and the pension fund in doubt)ICSM Credit has been warning for months that Sir Philip Green’s Arcadia group were on the brink of collapse threatening not to pay an estimated £250m in invoices owed to suppliers.
“It gives me no pleasure to announce the retail giant have gone into administration,” said Ian Carrotte of ICSM Credit, “but many suppliers will never see their cash having trusted that Arcadia could not fail. It’s a disaster for the British High Street and a tragedy brought to the head by the Covid-19 restrictions on retailing which in my view have been heavy handed and punished bricks and mortar firms over internet outfits.”
The end of an era
How could this have happened? Some experts point to a trio of factors: the decline in footfall in general in the high street; uncertainties over Brexit; and Covid-19. It’s this last nail in the Arcadia coffin that has been the most damaging. “If the Government shuts your business down then you are no longer viable,” said Ian Carrotte, “no customers mean no business – it’s the first rule of business. And yet the likes of Amazon and company can go on trading as normal. It has not been a level playing field.
“The Guardian reported today (November 30): “The owner of household names including Topshop, Topman, Miss Selfridge, Dorothy Perkins, Evans and Burton appointed administrators from Deloitte on Monday. No immediate redundancies were made as a result of the appointment and stores will continue to trade. The move will protect Arcadia from creditors while a buyer is sought for all or parts of the company. Green, 68, is not expected to bid for any of the assets.”
Arcadia’s brands are expected to continue trading in stores and online during the sale process, through a light-touch trading administration, the same process being used by the troubled department store chain Debenhams. Arcadia’s management will retain control of the day-to-day running of the business during the process, and its shops in England will reopen on 2 December when the coronavirus lockdown is lifted.”
Buyers looking to put in bids
Ian Carrotte said he understood a number of buyers were circling the group looking to pick off the most profitable parts on the assumption that the high street returns to popularity once the pandemic ends. He said: “Boohoo, Mike Ashley’s Frasers Group, formerly known as Sports Direct, and a number of private equity players are showing interest as well as Next and Marks & Spencer may seek elements of the group.”
He pointed out the firm owes millions to suppliers as well as leaving a question mark over the group’s pension fund. “The stores will continue trading as the administrators will hope the Christmas and January sales will boost its value and attract buyers,” said Ian Carrotte, “but it is more likely to be liquidated with some parts sold on as the brands and store locations still hold a premium.”
++++++++++++++
MORE STORIES FROM ICSM’s WEBSITE
News in brief: the nightmare of Carillion continues; another retailing giant teeters on the brink; plus those firms most hit by the Covid-19 crisisICSM – Take Control Of Your Finances (icsmcredit.com)

ICSM Credit News: Sunak says UK economy is ‘damaged’; jobs go at papermill; warning over rise in thefts as recession bites; Stoke printer goes bust; and a vote in favour of printed catalogues
ICSM – Take Control Of Your Finances (icsmcredit.com)
 
+++++++++++++++++++++++++++++ Those gatekeeper excuses on why you’ve not been paid including ‘the finance director is not here today,’ plus 20 more you don’t want to hearICSM Credit has heard just about every excuse in the book as to why one of our members has not been paid by a client. Chasing payment from a small business or a sole trader may involve visiting the person who authorises payment in their office or even at their place of work or home and putting them on the spot. When it comes to larger firms there is often a gate keeper or the accounts department is physically impossible to reach. That’s when the phone and email appears to be the only way to chase up a late payment. And that’s where the process of getting paid takes on Kafkaesque overtones – a nightmarish round of incomprehensible excuses why you haven’t been paid.
Company disinformation
One of the most irritating company policies to delay payment is the policy of disinformation. When you call the company after an invoice is unpaid there are different excuses, with each one designed to deliberately delay payment. When all of these have been used up and the creditor has lost patience then lobbying the owner or and financial director personally is the final option before legal action.
The problem is often they seem uncontactable. They are out of the country, don’t have a mobile and there doesn’t seem to be an email for them. When you eventually track them down they apologise and claim nobody has told them of the debt and they authorise payment immediately. But you have a strange feeling it may all have been a ruse or a charade. They knew all along you hadn’t been paid and pretended the accounts department were either incompetent or inefficient.
20 excuses you’ve probably heard
We won’t list ‘the cheques is in the post’ as nobody writes cheques these days but it’s a euphemism that can be used for all of these:
1 Our accounts department is very busy.
2 Our customer hasn’t paid us yet.
3 The financial director is on holiday.
4 We’re in the process of switching bank accounts.
5 Out payment terms changed so there will be a delay.
6 We haven’t any record of your invoice.
7 The person who requested the work had no authority.
8 You haven’t put a purchase order number on your invoice.
9 We have gone into administration.
10 We have been bought out and the new owners need to audit all invoices.
11 Our next payment run isn’t until the end of next month.
12 Your invoice is incorrect.
13 We can’t pay.
14 The person who authorises payment is in a meeting.
15 The person who authorises payment has suffered a family bereavement and is on compassionate leave.
16 The person who authorises payment isn’t in the building.
17 The person who authorises payment is off sick.
18 Our computer system is down.
19 We are in the middle of an office move.
20 Our accounts department has moved
.+++++++++++++++++++++++++
MORE NEWSPrinting industry mourns the collapse of Westdale Press
There has been an outpouring of emotion by many in the printing and allied industries over the collapse of the Cardiff colour print firm Westdale Press.
Alan Padbury
Reporting in the trade journal Print Week Jo Francis explained how the respected company had been ‘fatally wounded by the double-whammy of Brexit and the Covid-19 pandemic.’The firm had called in administrators in October after what ICSM credit understands was a battle to keep the business going through out the summer.Jo Francis said: “Administrators from Menzies were appointed at the Cardiff-based company yesterday (15 October) by managing director and owner Alan Padbury.”
She said Padbury said he had strived to find a way to save the business, which employed around 85 staff. It previously had sales of £13m but had been “limping along” at about £8m this year.And she reported that he said he was absolutely devastated about the situation.
Print week continued: “It has been a tortuous six months and we’ve done so many things, I could probably write two books. We explored all the possibilities, all of the loan options and tried marketing the company [for sale] but we’ve run out of road.”
In the comments section on the print week website Mitesh Chouhan wrote, “How Tragic, sad story & depressing times 🙁 Sadly there will be more casualties. Westdale had a decent balance sheet, good cash reserves, minimal debt and respectable debtor to creditor ratio.” Antoner Printshire said, “I fear into the new year 2021 there will be carnage within the trade and wider business community.” While Gerrard Moss said: “I’ve been in printing just over 50 years and seen several recessions in this time, this one is a bad one because there seems to be no end in sight to this virus.” David Deere pointed out that the MD had sold his car and other assets to pay for wages as the firm struggled.
The main comments also expressed sympathy largely because the recession has hit businesses that were viable before the virus arrived. Matt Booker summer up the thoughts of many: “As a longstanding customer of Westdale Press I have to say they were a first class operation, and this is the saddest of news for all of the people involved. Well invested, extremely well run and with a team that from top to bottom had an unrivalled level of knowledge and dedication. Unfair is a huge understatement. This industry needs more people like Westdale Press.”
 
CVA for Jellyfish
Joe Francis in Print Week also had story on a CVA for Jellyfish Solutions in Hampshire a print management firm.
She wrote: “Creditors of Jellyfish Solutions approved the CVA (Company Voluntary Arrangement) proposal last month. Jellyfish is based in Fair Oak, Hampshire. Its services include print management for book publishers alongside commercial print products such as brochures, guides and flyers. It also offers consulting services.
“The business is run by husband and wife team Richard and Amanda Ankers. The proposal stated that unsecured creditors would be likely to receive a more than ten-fold better return if the CVA was approved, than if the business was liquidated. Creditors have agreed to the deal that should see them receive 37.42p in the £ over three years, compared to an estimated 3.22p should the business have gone into administration.Insolvency practitioners Andrew Andronikou and Michael Kiely of Quantuma are the joint supervisors of the CVA. Jellyfish was founded nearly 15 years ago, originally with backing from Ashford Colour Press, where the Ankers had both worked.”
Print Week reported th the Covid-19 pandemic had decimated sales, with client spending on hold and some of its biggest customers in travel, sport and leisure canning their promo plans altogether.James Cropper
There has been a sigh of relief from many in the printing and allied industries after Rishi Sunak extended the furlough scheme to the end of March. Ian Carrotte of ICSM Credit said there had been an expected surge in insolvencies in the industry at the end of October which didn’t occur due to the extension of the scheme.
One of the effects of the lock downs and constraints on the industry has emerged with the news that the Cumbrian papermaker James Cropper has seen a fall in revenue. Richard Stuart-Turner for Print Week magazine reported: “By division, revenue in James Cropper’s Paper division was down by 45% year-on-year from £38m to £20.9m, Technical Fibre Products (TFP) recorded revenue of £11.7m, down 13.7% from £13.6m a year earlier, and the group’s Colourform division recorded sales of £1.4m, up 16.5% on the £1.2m reported in the first half of 2019.”
Zoom meeting
A meeting of creditors via Zoom is set to take place on November 20 to discuss the fall out from the collapse of Camberley based Lithoxpress Limited.
A resolution to wind-up the company is to be considered at the planned general meeting conducted by Kieran Bourne of Cromwell & Co Insolvency Practitioners of Coventry.The owner Clive Bryant has been in post for more than 13 years at the business that lists graphic design, advertising and printing as part of its services
Stoke firm liquidated
Wood Mitchell Printers Limited in Stoke-on-Trent in Staffordshire have held a Creditors’ Voluntary Liquidation Deemed in Consent Meeting. The firm founded 116 years ago and based at Festival Way have taken the voluntary liquidation route in an attempt to retain control over the process. ICSM Credit understands the family firm employed up to 50 staff and according to their website print leaflets, brochures, posters, catalogues, short run magazines and flyers.

Cake cooked
Manchester based Cake Marketing and Advertising have appointed liquidators. The self-styled ‘boutique agency’ full-service advertising firm said in its publicity that they are in business to help clients get a ‘bigger slice.’

Over reached
The newspaper firm formally known as Trinity Mirror are planning on closing two more printing plants with the loss of 150 jobs. Reach said they need to ‘balancing production of its regional and national titles, and contract work’ with the closure of their Luton and Birmingham plants.
Writing in Print Week Jo Francis said: “Reach Printing Services currently has six sites across the country. The Luton site, formerly West Ferry Printers, was acquired in 2018 as part of Reach’s acquisition of Northern & Shell’s publishing assets. At the time there was concern about the long-term viability of the plant, which only opened in 2011, due to its proximity to Reach’s existing Watford site.”
Ian Carrotte of ICSM Credit said it was part of the slow decline of the newspaper industry with sales falling even faster during the Covid-19 crisis as customers cannot always access copies in shops.
++++++++++++++++++++++Estate agent in turmoilOne of the country’s largest chains of estate agents is experiencing massive concerns over its long term viability sparked by the problems of 2020. Countrywide is supplied by thousands of companies, from sign-makers to computer firms and employs around 10,000 staff across its 850 or so High Street outlets. Shareholder nerves were tested this week when they rejected a £90m cash injection from private equity group Alchemy Partners and by the resignation of the chairman peter Long.The rescue bid floundered when rivals Connells put in a bid to buy the chain with a much-reduced valuation of the business sending shares into a fall.Ian Carrotte of ICSM Credit said: “There are major problems with Countrywide and I would advise all suppliers to be very cautious as it has all the hallmarks of a company in trouble.“As we have seen in the past no company is big enough or famous enough to fail so be very cautious in allowing credit.”
Fraud case
Lucy White of the Daily Mail has reported on the fall-out of one the worst corporate fraud cases in recent years. London Capital & Finance promised high returns on savings sucking in thousands of investors only to shut down the scheme without paying the promised returns but retaining the investors’ cash.The journalist wrote: “The City watchdog is under pressure to publish a long-awaited review into its handling of the London Capital & Finance (LCF) savings scandal. The Financial Conduct Authority (FCA), which has been slammed by LCF victims for failing to act on warnings about the collapsed firm, was finally handed a copy of Dame Elizabeth Gloster’s independent review on Monday.
“But the 11,600 victims who have lost around £237million are still waiting to see Gloster’s findings, as the FCA will now read the report, write its own report on the findings, and finally send both documents to the Treasury for publication. LCF tumbled into administration in January 2019, after selling ‘minibonds’ to thousands of savers. They were promised high returns for low risk, as LCF said it would lend their money to businesses which needed the money to grow.
“But investors were left high and dry when the firm collapsed, and it turned out that their money had been funnelled to a small number of borrowers. Thirteen people connected to LCF are now being sued for £178million in connection with an alleged fraud, after it was claimed that savers’ cash was used to buy horses, a helicopter and a lifetime membership to a Mayfair private members’ club.”
She wrote that Gloster, a former Court of Appeal judge, was initially due to report in July but had to push the deadline back after the FCA revealed heaps more evidence.
Ian Carrotte said many of the victims had lost their life savings and taken cash out of their business to invest in the scheme were much poorer as a result. He said: “If an investment scheme seems too good to be true then it probably is.”
Logistics company seeks CVA
Trade publication Motor Transport have covered the story of the logistics outfit Brian Yeardley Continental who are seeking a CVA after suffering a £12m loss due to pandemic.The trade journal said: “Brian Yeardley Continental is proposing to issue a company voluntary arrangement after its events transport division, Brian Yeardley, suffered the ‘devastating’ loss of £12m due to the Covid-19 pandemic. The West Yorkshire-based haulier has appointed partners Charles King and Hunter Kelly of EY to oversee the process.”
Building firm enters administration
Goodwin’s Construction Services Group of Manchester has entered administration caused by the Covid-19 crisis drying up cash flow.The company was founded in 2014 and originally known as Goodwin Construction Group, was part of the Goodwin Group working on projects across the North West of England.
The firm has appointed Yasmin Bhikha, John Lowe, and Anthony Collier of FRP Advisory as joint administrators. The Goodwin Group is unaffected however but 30 members of staff have been made redundant so far.
John Lowe said: “Goodwin’s Construction Services was a strong business but, unfortunately, the challenges facing the business left it with no option other than to appoint administrators as it was unable to generate the cashflow to remain solvent. Our priority is now to support those employees affected and we will be working closely with the redundancy payments service to do so.” 
+++++++++++++++++++++++

Runners and Riders
Below is a collated list taken from the Government’s London Gazette of various businesses who are experiencing problems in the last few weeks. 

Administrators Appointed
Airport Parking Rentals (Gatwick) Limited  44140
Armondi UK Limited
Ball, Roller and Transmissions Bearings Limited  44138
Brown and Mason Limited  44103
Camino Leisure Holdings Limited  44138
Camino Restaurants Limited  44138
Clothing 4 Limited  44134
Cote Group (Bidco) Limited  44103
Cote Kitchens Limited  44103
Cote Restaurants Group Holdings Limited  44103
Cote Restaurants Limited  44103
Cramlington Renewable Energy Developments Hold Co Limited
Createability Limited
GBK Restaurants Limited
GBK Retail Limited
Gourmet Burger Kitchen Limited
Greenfields Meat Limited  44103
I.O.W. Tours Limited
Jackson and Rye Restaurants Limited  44103
Paypark Limited  44140
Portsmouth Language College Limited
Promo International Limited
Taste Bidco Limited  44103
The Staff Canteen  44139
 
Compulsory Liquidators Appointed s 136
Cardinal Security Limited  44106
Goco Property Services Limited  44106
Mike De Courcey Travel Limited
Renaldy Hotels Limited
Shepherd Cox Hotels (Croft on Tees) Limited
Sky World Media Limited  44103
So Create Limited  44153
 
Creditors’ Voluntary Liquidation Deemed in Consent Meetings
A.B. Logistics Midlands Ltd
Ace Point Travel Limited  44148
Acton Finishing (Stourbridge) Limited
Applied Business Minds Limited  44106
Artwork Design (M/C) Limited
Cardiff Bay Leisure Ltd.
Cobain Roofing Limited  44106
Crew Construction Ground Works And Civils Limited  44106
Cut & Run Limited
DCG Media Limited
Devon School of English Limited
Emerald Painters Southern Limited  06.11.2020
Energyst Media Limited  10.11.2020
Fennek Design Limited  06.11.2020
G2S Group Limited
Hanmer Freight Services Limited  10.11.2020
Hindsight Media Services Limited
Insignia Signs and Services Limited  44140
K Cruises Trading Limited
Kingfisher Graphics LLP  10.11.2020
Jon Haywood Logistics Limited
JSH Entertainment Limited  06.11.2020
Maijestic Couriers Limited
Moca Italian Delicatessen Limited  06.11.2020
N Jeeves Transport Limited
Newcastle Oil and Gas Limited
Online Marketing Now Limited
PB Tranport Limited
Premier Plastic Cards Limited  06.11.2020
Power Graphic Displays Limited
Powerline Transport Limited
Quality Care Midlands Limited
Ran Ales Limited
RJS Transport Limited  44153
Thomas Interiors Limited  44158
Townend Weaving Limited  44106
West Ewell Stores Ltd  44103
Wood Mitchell Printers Limited  44138
 
Liquidators Appointed
3CT Exhibition Services Limited  10.11.2020
AB Logistics Midlands Limited  44138
A C Cooper (Neg and Print) Limited  44103
Archant BHGC Limited  44153
Archant Holdings Limited  44153
Arlington Design Limited  10.11.2020
Barry Bensons Limited  44103
Baxter Fawcett Design Studio Limited  44103
Best And Scholes Dental Laboratories Limited  44103
Blackfriars Wine Bar Limited
1 Logistics Nationwide Limited  44103
Blue Lotus International Limited  44106
Brixton Beds and Furniture Limited  44106
Burnsides (Marketing Aids) Limited  44134
Cake Advertising & Marketing Limited  44139
Cardiff Bay Leisure Limited  44139
Chemiphase Limited  44106
Chevron Transport Limited
CKL Building Solutions Limited  44106
Continental Europe Express Limited  44106
DCG Media Limited
Eazy Printing Limited
E Haul Limited  44106
Eco Energy Go Warm Solutions Ltd  44106
EMP Publishing Limited  44103
Everything Hospitality Limited
Experience Theatre Ltd
Fox Marketing Services MC Limited
Girotondo Schools Limited  4410
GGS Photo Graphics Limited
Harrier Direct Limited  44106
Hoq Marketing Limited  44140
Innovation Logistics Limited  44103
Intelligent Media (Worldwide) Limited  44148
Kanter Transport Limited  44103
Kingfisher Graphics LLP  44155
Left Media Limited  44155
Mankind Carrier Limited  44155
Magnum & Larder Limited  44106
MLR Media Limited  44106
Monsoon Holdings (No1) Limited  44155
N & P Logistics Limited
Oakwood Construction (Midlands) Limited  44138
Odessa Print Group Limited
PB Tranport Limited  10.11.2020
PMCG Civils Design Limited  10.11.2020
Procon Construction Limited  10.11.2020
Power Start Garage Limited
Quadrant Recruitment Limited  44106
Retail Print Solutions Limited  44158
RMJ Ceramics & Building Services Limited  44103
Rosehill Press Limited
SEO Manchester Agency Limited
Sharrow Bay Hotel Limited
Specialist Models and Displays Limited  44158
STA Travel Limited
STB Printing Limited  44151
South Tynedale Railway Limited  44103
Superimpose Studio Limited  44103
Speedifix Pools Limited  44106
TDG Marketing Limited  44158
The Queen Hotel (Mosborough) Limited  44153
Three Halves Communications Limited
Top Drawer Entertainment Ltd  44148
Trinity News Leeds Limited  44106
Truckfast Truckserve Holdings Limited  44106
Tunnel Brewery Limited
Umbrella (South East) Limited  44106
Universal Tyres (Harrogate) Limited
Vision B2B Marketing & Training Ltd t/a Vision B2B  44139
Wellington Signs and Designs Limited  44151
West Somerset Motorsport Limited
Wight Bay Hotel Limited
Wms Care Services Ltd
Wood Mitchell Printers Limited  44158
Xpress News And Mags Limited  44103
Yellow Van London Limited
 
Members Voluntary Liquidations
3C Transport Limited  44148
Alldesign Limited
AMG Advertising Topco Limited  06.11.2020
Aperture Post Production Limited  44131
Applejack Estates Limited  44106
Aria Consultancy Ltd  44106
Arc Media Consulting Limited
Aviation Adventures Limited
Avon Gold Limited  44138
Axxor Media Limited  44148
Beta Baboon Limited  44106
Booth Homes Limited
Bowler Hat Solutions Limited
Braemar Property Services Limited  44103
Bridgepoint Funding II Limited  44103
Building Bridges Limited  44148
Cammock Investments Limited  44103
Campus Construction Limited
Castle Reed Motors Limited
Charter Manufacturing International Limited  44103
CME Marketing Europe Limited
Craftsmanship Limited
CRC Marketing Limited  06.11.2020
D.W. Sales and Marketing Limited  06.11.2020
Ferreir Ad Design Works Limited  06.11.2020
Effective Marketing Solutions Limited
Eleco Media Limited
Empire Design London Limited
Full House Communications Limited  44158
Gosford Meat Supply Company Limited  44103
JC Sales and Marketing Limited  44155
Level Eight Design Limited  44155
Lindsell Marketing Limited  44148
Loyallypop Limited  44106
Millane (Holdings) Limited  44106
Minium Financial Technology Ltd  44106
PCR Deliveries Limited  44106
Peter Lowe Design Limited
Purple Spark Solutions Ltd  44106
Quercus (Nursing Homes) Limited
Reader Haulage Limited  44139
Retail Interests Limited  44103
Souvenir Press (Educational and Academic))  44153
Souvenir Press Limited  44153
Stratus marketing Limited  44160
Surrey Sports Limited  44106
The Harrison Stickle Group Limited  44106
WMS Logistics Limited
 
Petitions to Wind Up
All England Gas Services Limited
BHB Partnership Limited
DJ Consulting (U.K.) Limited  44106
DPB Transport Limited  44148
Electricians 24-7 Limited  44109
I And I Media Limited
Premier Paving South West Limited  44106
Process Print (Labelling and Design) Limited
South Hospitality Trading Limited  44153
Sports Café 2008 (Leeds) Limited  44153
Wardells Design Limited  44158
 
Winding up orders
All England Gas Services Limited
AMFI Logistics Ltd
Commercial Foods Limited
HD Design and Construction Limited
Kayli Construction Limited  44139
Macclesfield Town Football Club Limited
MK Scaffolding Specialists Limited
Paragon Construction Group Limited  44138
SLK Homes and Design Limited  44153
Unlockd Media Operations Limited
 
Winding Up Dismissal
Sanguine Hospitality Limited  44151ICSM 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.comIan.carrotte@icsmcredit.com

AGENDA WEST: scam alert for the self-employed and small businesses – bogus email and link to HMRC to claim a tax refund because of Covid-19 (but there’s one tiny give-away which your eye may not notice)

Scam alert!

The scam works like this: an email arrives seemingly from the taxman or the HMRC – Her Majesty’s Revenue and Customs – asking you to log in to read an important message about a tax refund due to Covid-19.

If you click on the link it takes you to what appears to be the official site – everything is there as you would expect it but for one tiny detail which your eye may not pick up. Instead of the logo saying HMRC it says HRMC.

If you then click on the link to see the message about the refund it asks for your bank details to be typed in. Of course instead of sending you a refund the scammers simply drain your bank account and disappear. You’ve been warned as it is doing the rounds – preying on businesses and the self-employed who have had a difficult year and may believe the email is genuine.

And for more about Harry Mottram – journalist and much more visit http://www.harrymottram.co.uk/

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

Pic: The Scotsman

I’m a fashion retailer – get me out of here! Arcadia on the brink of collapse – potentially leaving suppliers high and dry and 13,000 workers unemployed

Sky News has reported what ICSM Credit’s members have been saying for weeks that Arcadia is about to go into administration.

Famously owned by the bad boy of British retailing Sir Philip Green the group features some of the biggest names in the high street. TopShop, TopMan, Burton and Dorothy Perkins to name but a few could disappear if Arcadia collapses with Covid-19 lockdowns being the final nail in the coffin.

Pic: FT. Sir Philip Green has been in the news for all the wrong reasons 

Suppliers and staff could lose out

ICSM Credit’s Ian Carrotte has been warning members of the credit intelligence group for weeks about the industry’s concerns about Arcadia.

“Sir Philip Green’s Arcadia has been in trouble for many months,” he said, “and if it is the end then thousands of workers and hundreds of suppliers will pay the cost of mismanagement and a certain amount of bad luck.”

The bad luck he alludes to is Covid-19 and the way the Government has hit retailers and businesses in general with the lockdowns.

Pic: Cara Delevinge models a faux fur for Topshop

Mark Kleinman, City editor of Sky News reported: “Sky News has learnt that Arcadia Group – which owns TopShop, Burton and Dorothy Perkins – is preparing to appoint administrators from Deloitte as soon as next week. One retail industry figure said Arcadia’s collapse had become inevitable after talks with a number of lenders about an emergency £30m loan ended without success.

“The appointment of administrators could happen as early as Monday, although one person close to the situation said the plan had yet to be finalised and that it could yet be delayed. If the insolvency is confirmed, it is expected to trigger a scramble among creditors to get their hands on the company’s assets.

“It would involve Arcadia’s online operations and the stores which are permitted to open under lockdown restrictions to continue trading, according to one retail figure.

“Arcadia’s pension scheme is likely to have the biggest claim on proceeds generated by Deloitte, with TopShop and TopMan – the most valuable brands in Sir Philip’s empire – likely to be worth several hundred million pounds.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Those gatekeeper excuses on why you’ve not been paid including ‘the finance director is not here today,’ plus 20 more you don’t want to hear

ICSM Credit has heard just about every excuse in the book as to why one of our members has not been paid by a client. Chasing payment from a small business or a sole trader may involve visiting the person who authorises payment in their office or even at their place of work or home and putting them on the spot. When it comes to larger firms there is often a gate keeper or the accounts department is physically impossible to reach. That’s when the phone and email appears to be the only way to chase up a late payment. And that’s where the process of getting paid takes on Kafkaesque overtones – a nightmarish round of incomprehensible excuses why you haven’t been paid.

Company disinformation

One of the most irritating company policies to delay payment is the policy of disinformation. When you call the company after an invoice is unpaid there are different excuses, with each one designed to deliberately delay payment. When all of these have been used up and the creditor has lost patience then lobbying the owner or and financial director personally is the final option before legal action.

The problem is often they seem uncontactable. They are out of the country, don’t have a mobile and there doesn’t seem to be an email for them. When you eventually track them down they apologise and claim nobody has told them of the debt and they authorise payment immediately. But you have a strange feeling it may all have been a ruse or a charade. They knew all along you hadn’t been paid and pretended the accounts department were either incompetent or inefficient.

20 excuses you’ve probably heard

We won’t list ‘the cheques is in the post’ as nobody writes cheques these days but it’s a euphemism that can be used for all of these:

1 Our accounts department is very busy.

2 Our customer hasn’t paid us yet.

3 The financial director is on holiday.

4 We’re in the process of switching bank accounts.

5 Out payment terms changed so there will be a delay.

6 We haven’t any record of your invoice.

7 The person who requested the work had no authority.

8 You haven’t put a purchase order number on your invoice.

9 We have gone into administration.

10 We have been bought out and the new owners need to audit all invoices.

11 Our next payment run isn’t until the end of next month.

12 Your invoice is incorrect.

13 We can’t pay.

14 The person who authorises payment is in a meeting.

15 The person who authorises payment has suffered a family bereavement and is on compassionate leave.

16 The person who authorises payment isn’t in the building.

17 The person who authorises payment is off sick.

18 Our computer system is down.

19 We are in the middle of an office move.

20 Our accounts department has moved.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

We can’t keep going into lockdown – Ian Carrotte on how the Government’s Covid-19 policy is destroying business and creating the worst recession in living memory

End these insane lockdowns and the Covid-19 hysteria now before the country is totally ruined.

Lockdowns destroy businesses despite the furlough scheme, loans and grants as industry cannot stop and start on the dictate of a Cabinet minister or a medical adviser.

Lockdowns prevent people having their cancer scans, health checks and operations as many are terrified by the coverage that Covid-19 gets in the media. And that fear factor has clouded the minds of many to an extent they would rather stay at home with a serious medical problem than dial 999.

Lockdowns are not necessary as Sweden has shown. Sensible precautions and social distancing has meant their economy has not been ruined while the death rate is no different from most equivalent Western nations. And yet they have encouraged social distancing, mask wearing and working at home if possible but the draconian measures the UK have introduced were not put into law. They treated their citizens as grown-ups.

With lockdowns there is the dubious legal aspect as outlined by the former supreme court judge Jonathan Sumption this week. The government has effectively outlawed dissent, placing most of the population under a type of house arrest and banning a range of activities and civil liberties such as playing tennis that you would associate with a totalitarian state. And this is supposed to be a libertarian Conservative Party in office. Instead we have a small group of people who have never run a business or not known where their next pay cheque will come from making all the decisions. Decisions which often fly in the face of common sense. They appear out of touch with the business community and out of touch with the lives of normal people. No wonder the likes of the chairman of the 1922 Committee Sir Graham Brady is on the warpath.

The Office of National Statistics (that’s the Government’s own compiler of information) continues to publish data about the effects of the pandemic and the way it is being tackled that contradict the views of Downing Street. The numbers of excess deaths in comparison to previous years that are not attributed to Covid-19 is now running in the tens of thousands. Suicides, mental illness and domestic violence are all up. In short the cure is as bad as the way the virus is being tackled.

And then there is the effect on jobs, businesses and the economy. And I’ve not even mentioned the massive borrowing by the Chancellor to pay for all the schemes.

We’ve got a Brexit trade deal to sort out, a full scale recession in progress, record numbers of businesses calling it a day, a potential trade deal with the USA in the balance and millions out of work together with a lost generation of young people.

I speak to businesses every day at ICSM Credit and there is real concern that they have been forgotten. Around a million self-employed haven’t received a penny in the lockdowns, sole traders as Limited companies have been missed out as has anyone starting a business since April 2019. And then there are the firms who can only survive by shedding jobs or closing and doing a phoenix.

Like many I do not have the confidence in the accuracy of the statics and graphs touted at press conferences by the powers that be. Yes we must protect the NHS so it isn’t over whelmed but surely with all what we’ve learnt this year it cannot be as bad as March when the virus killed so many.

I will say it and I will say it again. Like Sweden we must get used to the idea of living with Covid-19.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Urgent ICSM Credit Industry Wide Warning: beware the dodgy debt collectors who only want more of your money for doing nothing

Pictures posed by an actor

Urgent ICSM Credit Industry Wide Warning: beware the dodgy debt collectors who only want more of your money for doing nothing

The scenario seems to make sense. A client of yours went bust owing £10,000 a few months ago leaving you angry and massively out of pocket. You even had to cut costs and take out a loan to survive. Then a company contacts you to say they can get your money back as the directors of the defunct company were trading fraudulently.

Official Receiver’s list

It sounds plausible but there is a catch. To proceed with the recovery work there’s a fee based on the percentage of the amount your client owed you plus VAT and a basic admin fee. ICSM Credit members have had a number of these firms contact them offering to recoup your losses. As soon as you agree to their terms by email they consider it a legal contract and you are then sent an invoice. For the £10,000 debt there’s a 2% charge, a £75 admin fee and VAT on top. And so far they’ve not done any recovery work. If you pay up the requested amount at least you might feel the bulk of the £10,000 will soon be in your bank account. Wrong – you’ve been conned. The so-called debt collector pockets the money and does nothing.

“We have known cases where the Lazarus debt collector (as I call them) then asks for a release fee claiming to have secured the debt,” said Ian Carrotte of ICSM Credit. “One member sadly fell for it sent another couple of hundred pounds to them only for the Lazarus operation to send a fresh invoice for administration. Of course they have not even approached the debtor. They have taken their details from the Official Receiver’s lists to make it sound like they know the business. It’s a con.”

Ian Carrotte said the difficult trading conditions created by the pandemic and its effects on business had led to an upsurge in firms going bust or not paying their bills.

“The Lazarus debt collectors are back,” he said, “so be on your guard. To collect long standing debts there are set ways to go about it. At ICSM Credit we have secured hundreds of thousands of pounds this year for members by using our trusted professional and effective methods of a combination of diplomacy and legal methods. And the golden rule is never part with cash up front – no professional company would expect that.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

AGENDA WEST BUSINESS NEWS: Are the DVLA selling your commercial vehicle details to cowboy parking firms? Plus hauliers collapse into administration due to Covid-19

With a drop in retail footfall there has been a fall in the number of haulage contracts to ferry in goods to high street traders. It is one of the knock on effects of Covid-19 which has led to financial difficulties for some haulage companies.

Ian Carrotte said there had been a string of casualties this year due to the pandemic but many of the hauliers going bust had historic debt which could no longer be serviced.

“Anecdotally we have heard from members of ICSM Credit that some hauliers have been switching to vans to use in the home delivery industry,” he said, “we’ve also noticed increasing nervousness in the haulage industry over the approaching deadline for the Brexit deal with the news of the Kent Access Permit leading to more uncertainty within the industry.”

DVLA challenged

Writing in the trade publication Motor Transport Chris Tindall has reported on an Essex haulier who suspects something rotten in the state of the DVLA.

He wrote: “KBC Logistics said it had complained to the licensing agency for ‘misuse of keeper data’ as it receives around six letters a day from parking firms claiming it owes them money. The company refused to back down when UK Car Park Management attempted to take legal action over an unpaid £60 PCN.”

ICSM Credit ran the story earlier this year as many companies and members of the public have been stung by cowboy parking firms who send out bogus demands for payment.

“KBS Logistics couldn’t believe the amount of demands they were getting,” said Ian Carrotte, “and the most obvious source of the information that firms were getting was from Swansea.”

Now KBS has contacted the DVLA to demand an explanation. The haulier’s MD was reported by Chris Tindall as having said: “For the last two years I have received several hundred letters from these companies and associated collection agencies threatening action for the unpaid penalties, the oldest one being June 2017. The amount of correspondence is ridiculous.”

A DVLA spokesman said in a statement: “We are writing to the customer with regards to his concerns and the specific issues mentioned in the letter.”

Truckfast Truckserve liquidated

Motor Transport have reported that the Dartford-based independent HGV rental company Truckfast Truckserve is being wound up after liquidators were appointed to the firm.

The trade publication said: “Incorporated six years ago, Truckfast specialised in contract hire, rental and leasing of heavy commercial vehicles. Its fleet included 6×2 tractor units; 8×4 tippers; skip loaders; flatbeds and curtainsiders. The last available set of accounts, for the year ending 31 August 2019, showed that the company possessed fixed assets of £746,500. Following a virtual meeting of creditors on 28 September, a resolution was passed for the business to be wound up voluntarily and Philippa Smith at Smith & Barnes insolvency practitioners was appointed as liquidator. Smith & Barnes did not respond as we went to press and Truckfast director David Allon did not return our calls.”

More hauliers go bust

In September Roanza, the Mercedes truck dealer entered administration after trading in the red and losing money for several years according to insolvency practitioners Jason Bell and Sarah O’Toole at Grant Thornton. The firm collapsed with losses of more than a million pounds and 441 staff losing their jobs.

In Gloucester the courier firm Lima logistics went bust but earlier this month John Dinman Transport bought the assets and business of the company. Motor Transport’s Chris Tindall reported: “The Pall-Ex member company appointed insolvency experts at Quantuma Advisory on 22 September after it became the latest victim of the Covid-19 pandemic. Lima Logistics, which was formed in 2015, is based on the Churcham business park, but owner John Dinham confirmed to motortransport.co.uk that it had purchased the business and intended to relocate the business by the end of next week.”

And finally it’s been reported that Cartwright Conversions, a subsidiary of the Cartwright Group in administration, has been sold to Sheffield-based Trek Group in a £4.8m deal. Chris Tindall said that the former staff who lost their jobs when the business entered administration are pursuing legal action after alleging that it failed to properly consult them.

Ian Carrotte said: “Businesses collapse even in the best of times when credit is easy and the economy is flying. But there’s no doubt the effects of the Government’s actions in tackling the Covid-19 crisis has forced many firms into liquidation. We will look back at some stage and realise that perhaps there could have been a better way to protect the economy as they have in Sweden.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Picture: ITV’s Paul Brand

Axbridge Chamber of Commerce member issues a red warning to firms who supply care homes with anything from brochures to blankets as the numbers closing or being liquidated rises – revealed in ITV’s shocking report

It was once seen as a rock solid business venture due to the increasing numbers of elderly people but with Covid-19 the retirement home sector has collapsed.

Hundreds of homes have closed due to the pandemic taking the lives of thousands of their residents.

“Relatives and their elderly parents and grandparents are reluctant to send them to a home,” said Ian Carrotte of ICSM Credit, “decimating the cash flow of the retirement homes and sending them into liquidation. Suppliers are not getting paid or being paid late, and when a care home group goes bust they can lose everything. It’s a red warning light to anyone who supplies carehomes.”

ITV reveals extent of problem

Paul Brand of Independent Television has reported on the crisis in care homes painting a dramatic picture of empty beds, grieving relatives and collapsing industry.

He wrote on ITV’s website: “Care homes across the UK are on the brink of closure due to a dramatic rise in empty beds during the Covid pandemic, ITV News can reveal.Figures we’ve obtained from 61 councils in England, Scotland and Wales show that across the country the number of vacancies has almost doubled in a year, rising by 88%.With responsibility for care devolved to local authorities, our data shows empty beds increasing across almost every council area, but homes in some parts of the country have suffered particularly acutely.

“In Liverpool, vacancies – or ‘voids’ as care homes refer to them – were up 395% in August compared with the same time last year. In East Cheshire they had risen by 249% and in Derbyshire by 169%.

“The picture was similar across each of the three home nations that provided us with data. In Wales, vacancies were up 153% in Caerphilly, 123% in Neath Port Talbot and 121% in Merthyr.In Scotland, Dundee’s voids have shot up by 318% in a year, while the rise in South Lanarkshire is 282% and 122% in Glasgow.”

Ian Carrotte noted that ITV cited two care homes run by Shaw Healthcare in Speke and Everton which were in danger of closing, while many more are teetering on the brink.

“Many care homes are part of a larger company,” he said, “but many are stand-alone businesses, often converted from former hotels. The Governments of the UK are putting in millions of pounds into care homes so they can buy more PPE and to help them during the crisis but it is widely reported that around 1,000 have closed since March. That’s a lot of suppliers left unpaid – so maximum caution if you are a business asked to supply a care home this winter.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

AGENDA WEST BUSINESS NEWS: Covid 19 causes more printers to call in the administrators, plus anger over the firm taking five years to pay suppliers

Incompetent management, bad debts or a lost client can all sink a business, but there’s a new one that Ian Carrotte is increasingly angry about: Covid-19.

“We are seeing on a daily basis perfectly viable businesses going to the wall because of the Government’s policies on suppressing the virus by shutting down entire economies,” he said, “shops, pubs, hotels, printers – you name it and firms are going bust like it was the Wall Street Crash. And it is all unnecessary as if we adopted the Swedish model, the economy would not be hit so bad. If you look at the statistics deaths per million there are no different from countries adopting the nuclear option and imposing lock-downs or Sweden that allows business as normal with sensible precautions.”

Westdale Press in administration

The print industry trade publication Print Week have reported the down fall of Westdale Press whose demise has been caused by Covid-19.

Jo Francis reported: “Administrators from Menzies were appointed at the Cardiff-based company yesterday (15 October) by managing director and owner Alan Padbury. Padbury told Printweek that he had strived to find a way to save the business, which employed around 85 staff. It previously had sales of £13m but had been ‘limping along’ at about £8m this year.”

Ian Carrotte of ICSM Credit said the firm was highly respected but had been made unviable by the economic fall-out from the government’s business shut-downs.

He said: “I know the owner had fought long and hard to save the business even selling his car to raise cash and had tried every avenue there was. Sadly this is becoming a common event: viable businesses destroyed by the way the Government has handled this crisis.”

Creditors meeting for Publishing House

Insolvency practitioners Lisa Jane Hogg and Gemma Louise Roberts of Wilson Field in Sheffield have set a date on October 26, 2020, for a meeting of creditors for the Sunderland based firm Ogilvie Publishing.

Ogilvie Publishing was established in 2001 following a UK management buy-out from Houston-based Hart Energy. Ogilvie published three newsletters on the oil and gas industry:  E&P Daily, European Offshore Petroleum Newsletter and Asia Oil and Gas Newsletter.

One of the aspects of the Covid-19 crisis is the knock on effect to the oil trade. Industry commentator Arthur D Little said: “With the oil and gas industry currently locked into a cycle of oversupply, low prices and volatility, the economic downturn created by the COVID-19 crisis is likely to deal a major blow to many companies. Investors have found the sector increasingly unattractive over the past 10 years. Any further, prolonged period of low oil prices is likely to see them divert their capital elsewhere as the traditional oil and gas business model becomes even riskier and less commercially attractive.”

Ian Carrotte said the bottom had fallen out of the oil industry which has caused ripples across multiple sectors from redundancies to publications covering the business.

More jobs go in Belfast

The Irish Times have reported on the downfall of Ards in the city of Belfast. Gary McDonald the newspaper’s business editor reported: “Forty jobs will go after long-established Newtownards firm Peninsula Print & Design in Newtownards went into administration. The family-run company blamed the decision on the ‘catastrophic downturn in business’ over the last six months and also the ‘inestimable impact’ of the tragic loss of its founder and managing director Gary Withers in May. Peninsula provided print services for organisations across the business spectrum – from large multinationals and government departments to small businesses and self-employed sole traders.

“The company said that while every effort was made to mitigate the impact of Covid-19 by utilising the government furlough scheme, a significant drop-off in new orders meant the administration process was the only way forward.”

Ian Carrotte commented that it was another case of a viable business hit by a number of factors but finished off by the way Stormont had enforced Westminster’s Covid-19 rules.

Anger over Helloprint’s ‘antics’

Earlier this year the owners of Helloprint contacted ICSM Credit’s Harry Mottram complaining about his story on ICSM’s website.

They wanted a positive spin to be put on their business rather than the one also reported in Print Week by Jo Francis over the online print firm’s request to suppliers to be paid over five years rather than the usual 30 days.

Based in Holland but with a wide base of customers and suppliers including many in the UK the firm operates online by taking orders with upfront payment unlike traditional printers. It was this aspect that so infuriated the industry as the company had managed to run up millions of Euros in debt with suppliers.

Now Helloprint have announced they have had fresh funding which means they can continue in business. Print Week reported in September: “Earlier this year the print aggregator experienced a massive drop-off in sales and asked its print suppliers to help it survive by either accepting a percentage of what they were currently owed, or a deferred payment of the total amount plus interest, to be paid over five years.”

Jo Francis reported that the MD Scheffer had said that fresh funding of €5m (£4.5m) had now been secured over the summer, and “everything is back on track” blaming a 90% drop in orders on Covid-19.

“I note that Scheffer has blamed Brexit along with a software problem on their website,” said Ian Carrotte, “but they take cash up front and then take time in paying suppliers. They still owe creditors millions and these antics prompt real anger. You only have to see the comments on Print Week’s website about the story to realise how the print industry feels about this. I urge suppliers not to supply them with goods as their track record is terrible.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

AGENDA WEST BUSINESS INSOLVENCY NEWS: historic railway goes bust; Call Print leaves creditors with £1.2m in unpaid invoices; and family firm Clarks shoe shops seek CVA

The Covid-19 rules are destroying perfectly good businesses is the view of Ian Carrotte of ICSM Credit. Politicians don’t seem to understand what they are doing to the business community as the rules are taking away customers and increasing unemployment more rapidly than any fiancial crisis he said. The failures include heritage railways and shoe shops – let alone pubs hit by the 10pm law.

Running out of steam

That bastion of good old fashioned news reporting the Cumberland and Westmoreland Herald has recorded the sad news that the South Tynedale Railway operator has entered administration with the loss of five jobs on the heritage line.

The newspaper said: “The company which runs the narrow gauge line between Alston and Slaggyford, has become insolvent and is no longer active, with five of its employees, based in Alston, having been made redundant. However, the separate South Tynedale Railway Preservation Society — which has run and developed the line since 1983 — is still going strong and its trustees and volunteers believe they might be able to keep their popular steam locomotives operating in future years. The line has been shut this season because of the coronavirus pandemic.”

Ian Carrotte of ICSM Credit said any business that is only allowed 20% of its usual customers due to Covid-19 restrictions will fail. He said: “The Government needs to show more common sense in imposing the rules on all forms of business. You can squash onto a tube in London but not take your place next so someone on a heritage railway carriage. It’s leading to the demise of perfectly good operations.”

The trustees and volunteers will look after the railway site over the winter while consideration is given to a new business model under which the line could be run on a voluntary basis.

The end extended

Print Week’s Jo Francis has reported this week on the administration process for Call Print Group Ltd and Call Print Services Ltd which has been extended again.

She wrote: “In their latest progress report to creditors sent at the end of last month, joint administrators Philip Duffy and Benjamin Wiles of Duff & Phelps said that the administration had been extended by order of the court to 31 August 2021. An administration usually comes to an end after one year. The Call Print Group and Call Print Services process was originally extended on 1 August 2019.

“A year ago Printweek revealed that the administrators had found “material misstatements” in the group’s previously filed accounts and had deployed forensic accountants as part of an investigation into transactions that took place prior to its administration. A number of creditors were known to have flagged concerns about the sale of Callprint’s Dubai-based business, Call Print Express, to the group’s then-managing director Steve Cheek less than a month before the business filed an NOI (notice of intention to appoint administrators).”

Duffy and Wiles said in their latest report: “Previously, several letters before action were issued with a view to recovering funds for the companies, based upon evidence uncovered in the joint administrators’ investigations. The joint administrators cannot, at this stage, detail the nature of the claims made, as doing so could hamper any further actions which may be required.”

The majority of Callprint’s trade and assets were acquired by Hobs Group in a pre-pack deal. Callprint owed trade creditors more than £1.2m at the time of administration.

Shoe shops in trouble

Business Report have highlighted the plight of struggling family-owned footwear retailer, Clarks, as it seeks a settlement with its creditors.

They said: “A Company Voluntary Arrangement is being mooted, led by LionRock Capital. The CVA would involve up to 50 shop closures as well as a switch to turnover-based rents. Also upon the CVAs approval would be more than £100m fresh capital investment from the Hong-Kong based private equity fund. This would be the first time that the founding family shareholder would loose majority control over the company, in all of its 195-year existence.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

With apologies to Raquel Welch in the movie One Million Years BC

ICSM Credit’s Newsletter September 2020: Survival of the fittest in the economically chilling aftermath of the Covid-19 Crisis

2020 has seen the worst economic downturn since the 1930s according to economists – but there are reasons to be positive about 2021

Hello and welcome to our monthly newsletter,

Let’s face it, so far 2020 sucks. But on the positive side the worst may be behind us as the economy begins its climb out of the mess left by the Covid-19 shut-down. 

In the positive Darwinian sense if your business can survive a recession then it will only thrive as things improve. A bit like when mammals replaced dinosaurs after a meteor wiped them out 65 million years ago. Or in popular cinematic culture when Loana (Raquel Welch) and the Sea Tribe survive the volcano to emerge into a desolate landscape in the 1966 movie One Million Years BC to rebuild their lives. 

At ICSM Credit we monitor failing businesses that may go bust leaving a trail of unpaid invoices for suppliers. Together with our members we highlight them so suppliers don’t get left high and dry if the worst happens. Sadly this autumn will see more companies go bust as the furlough scheme ends but we have had success in saving our members hundreds of thousands of pounds in bad debts this year by flagging up problem firms. And our debt collection sector has never been busier or more successful – so don’t hesitate to contact us if you have a problem – or use our free legal letters to secure payment.

In this issue there is plenty of news about liquidations, CVAs, mergers and acquisitions in all sectors of UK businesses. One feature I think will be of interest is the one on ten positive changes you can make to your business in a post-pandemic world. It highlights the importance of keeping a tight grip on credit control, establishing reserves, consolidating costs, and pivoting your business among other useful tips.

One tip I will give is if you haven’t yet joined ICSM Credit yet is to to join now as we have a temporary free membership which ends when furloughing is scrapped – it could save your business from bad debts this autumn.

There’s lots more news on the website and on our social media on Twitter, Facebook and LinkedIn – stay in touch and keep on keeping on.

Best wishes
Ian Carrotte
Proprietor of ICSM Credit
For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com




ICSM Credit, the Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR

Not a member? Normally you can join for less than a tank of diesel and protect yourself from late payers but we have a special free temporary membership offer in September. Use our free legal letters to chase unpaid invoices.

For a video on how to send a FREE LEGAL LETTER visit:https://youtu.be/AIycysoFhYo
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

Covid-19: 10 positive changes you must make to your business in a post pandemic world

Thousands of businesses have gone to the wall and millions have lost their jobs – yes Covid 19 has been a disaster for the UK economy. Except for one aspect. Work and fiscal practices that may not have taken place in many work-places have been fast forwarded due to the urgent nature of the crisis. It’s all about survival.

1 Credit control must change

Many firms have not been paid by their clients for work invoiced before the crisis began in March. The shut-down hasn’t helped but in many sectors 120 days credit is not unusual. When a firm goes into administration the creditors are left with four months of unpaid work as well as any work in progress. If however a supplier insists on 30 days credit then clearly if the worst happens the economic hit is much less. Ian Carrotte of ICSM Credit said tight credit control is vital as it can be the difference of a company surviving or not going under if they are hit by a bad debt. He said discount invoicing for prompt payment simply undercut a firm’s profitability while factoring often meant a company was trading at a loss.

2 Have something in reserve

Too many businesses have virtually no reserves so when an unexpected bill comes in from the taxman or they hit a lean period such as the Covid 19 shut down meaning they run out of cash. Putting away money into a reserve account should be standard practice said Ian Carrotte of ICSM Credit. He said it was one the lessons that many companies have learnt to their cost with the only option to borrow to bail themselves out of a hole. A rule of thumb is to put by up to six months of all business costs in an account as a cash reserve. Whenever that reserve is eaten into then, as soon as possible, replace it. Easier said than done I’m sure some will reply.

3 Review your office requirements

With many people working from home a lot of firms have realised they may not need large city centre offices. One option is to down size to a hub or smaller office and ask staff to come in for one or two days a week and work at home for the rest of the time. A hub is essentially a small office with a meeting room and enough work spaces for hot desking.

4 Consolidate factory and workshops

Some firms work from more than one site. With fewer staff retained and an examination of surplus space it is possible for many businesses to consolidate onto one site. There is a saving in communication, logistics, labour, rent, business rates, utility bills and the storage of stock. It may also be able to reduce the amount of vans, pool cars and other high value kit which may be leased.

5 Cash is king

Having several smaller clients who pay regularly every month are a safer bet than a handful of major clients whose work is irregular if lucrative. Having all your eggs in one basket is always risky especially if your one major client gets into trouble or there is another pandemic. A large number of customers who pay on 30 days or less means your business will always have cash flow – and cash is king as it gives your business flexibility and the ability to pivot in a crisis and seek a new income stream.

6 Utilise what you have

Several manufacturers ranging from packaging to printing have moved into the production of PPE during the Covid-19 crisis. Other firms with virtually no business during the shut-down have reallocated their delivery vans into delivering for other firms.

7 Pivoting your business

If the business you are in is one of low profit margins and huge competitions driving prices lower take a look at options to pivot your enterprise into. Some traditional printers have moved into packaging, agricultural businesses have upgraded buildings into holiday lets, and shop-fitters into flat and home fitters completing work for estate agents and building firms. The important thing is once you see an opportunity is to do it quickly to save time and money. Over a period of years successful firms pivot from one type of business model to another.

8 Social media is not an add-on

Firms who have grasped social media when it first became a thing in the last decade have found during the lock-down they were able to continue getting their message across. For many companies the shut-down has been a wake up call as to how they communicate. One lesson of the Covid-19 crisis is that social media is not an option. Whether you are a pub, a litho printer, a marketing company or a legal firm building a following through Instagram, FaceBook, Twitter, YouTube and all the other platforms prevents you from disappearing from your customers’ awareness.

9 Zoom in for a meeting

Sending executives or sales people half-way around the world for a one hour meeting is expensive and often unnecessary. Nobody is saying that face to face meetings are dead as in the old phrase, people buy people. But often those meetings can be conducted by Zoom or other formats on the internet. So many companies have been reviewing the ROI for not just meetings, but visits to trade shows, team building weekends, seminars and conferences which have sometimes been seen as at best rewards and at worst jollies.

10 Have a plan B

Many people have said their business went off a cliff on March 23rd. Literally no trade at all. And yet pubs were suddenly becoming take-aways, restaurants were doing home deliveries and retailers geared up to become entirely online businesses during the lock-down recording record sales. We don’t know if there will be another pandemic but something sooner or later will happen to disrupt business. Those of us who have long memories will recall the fuel delivery strike of the 90s, the three day week of the 70s and the Big Freeze of the 60s. Having a Plan B is vital just in case the worst happens.

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

NEWS: Home Secretary intervenes over BooHoo’s suppliers scandal and retweets our story!

ICSM Credit’s Ian Carrotte has welcomed the intervention of the home secretary in the scandal that has rocked the UK fast fashion world over low wages and poor work practices.

“Priti Patel has made it plain to the owners of the fashion firm BooHoo that they have not treated their workers and suppliers properly,” he said, “paying below the minimal wage is illegal but the way BooHoo have cut off their suppliers and put the blame on them shows a callous attitude which will leave firms with unpaid invoices.”

In a letter to Boohoo CEO John Lyttle, Priti Patel wrote: “I am concerned that your response to recent reports of labour exploitation in your supply chains appears to be focused on terminating contracts with suppliers found to have breached your code of conduct, rather than on protecting vulnerable workers. I would expect Boohoo to work with its suppliers to ensure that workers are protected and remediated. It is now more important than ever before that businesses step up and take responsibility for conditions in their supply chain.”

The Manchester-based fashion firm had been exposed by the Sunday Times for paying workers as little as £3.50 an hour and refusing to let them leave their Leicester factories when unwell even when they had contracted Covid-19. The firm announced they would build a so-called model factory and end their relationship with their suppliers and set up a review process. However sceptics have suggested they were evading their responsibilities, pretending to address criticisms and have failed to pay suppliers and staff caught up in the scandal. One footnote to this story is that Priti Patel retweeted our story on Twitter. Even members of the Government read ICSM Credit News.

++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
MORE STORIES FROM ICSM’s WEBSITESEE THE WEBSITE FOR THE FULL STORIES – AND MUCH MORE

Duchess’ favourite store in CVA

Print industry liquidations mount as Covid-19 effect biteshttps://www.icsmcredit.com/news/viewpost.php?id=292

Crisis for the trade show industry as events pulled (full list of lost trade exhibitions here)

Sushi chain puts CVA on the menu

https://www.icsmcredit.com/news/viewpost.php?id=286

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

OPINION
Furloughing has been abused by 33% of employers and resulted in new work practices which are bad for the economy
https://www.icsmcredit.com/news/viewpost.php?id=279

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

Print Industry News: print trade shows pulled until 2021; problems for print trade press; magazine sales plunge during Covid-19; and Latimer Trend workers’ redundancy victory

With Print Monthly magazine currently online only, the Print Show, Fespa and Drupa pulled until next year and a raft of printing companies going to the wall it is fair to say Covid-19 has had a disproportionate effect on the industry here and abroad.

Trade shows put back

Writing on the Print Show’s website the director Chris Davies said: “We have made the difficult decision to postpone The Print Show 2020 and The Sign Show 2020 until next year, due to the ongoing novel coronavirus (Covid-19) situation in the UK. The safety of exhibitors and visitors is our number one priority and though this was not an easy choice, we believe it to be the right course of action. However, we are delighted to confirm that The Print Show and The Sign Show will both take place in 2021. The shows will run from September 28th to 30th at the NEC in Birmingham and we will publish further updates as soon as possible.”

Meanwhile Drupa have moved their show back a year in Germany and Fespa has shifted their exhibition to the Netherlands next spring. Print Week reported: “Fespa has now effectively cancelled its 2020 event and brought forward the 2021 show, which had initially been penciled in for Munich in May 2021, avoiding a clash with next year’s rescheduled Drupa in Dusseldorf. The Fespa four-day 2021 Global Print Expo, which is co-located with European Sign Expo and Sportswear Pro, will now take place at the RAI Exhibition Centre in Amsterdam on 9-12 March.”

Rob Fletcher has been holding the fort for Print Monthly

No show magazine and video news

Print Week published their July issue of the trade journal while the publication struggles to deal with the pandemic’s effects on the industry. Meanwhile rival publication Print Monthly has gone on line for the time being and the operation behind it have temporarily stopped their weekly video news for printers while most staff are furloughed. Consulting editor Rob Fletcher however has continued to load up stories to the website including the news that Zecher, an international provider of anilox roller solutions, has become the latest company to announce that it won’t be turning up to Drupa. Sadly a sign of our times as all trade shows are being hit. See our feature at https://www.icsmcredit.com/news/viewpost.php?id=280

Latimer Trend workers in compensation battle

Writing for Print Week Darryl Danielli highlighted a success for workers laid off by the Plymouth print outfit Latimer Trend when the company went bust.

He wrote: “Close to 50 former employees of Latimer Trend & Company, which collapsed just under a year ago, have won their ‘failure to consult’ compensation claims and their lawyer has warned directors to ensure they properly consult with staff over redundancies. The judgement, which was issued by the Plymouth Employment Tribunal last week, means the 47 staff that made a claim are each in line for additional payments of up to £4,304.”

He continued: “Presiding judge NJ Walker issued the judgement ‘by consent’, but the employees’ solicitor, Nuala Toner, managing director of employment specialist Nualaw, said that initially the administrators were going to defend, but agreed to a judgment by consent ‘after we pointed out that the defence was not particularly strong.’”

Ian Carrotte of ICSM Credit said that companies often claim ‘special circumstances defense’ when insolvency is involved. He said: “This case shows directors who often walk away with their salaries must at the very least inform staff of a firm’s demise as they can be held liable.”

Print Week reported that following the agreement, the former employees dropped various other claims against the company including some for unfair and constructive dismissal. They said a judgement by consent is where all the parties agree the terms in which a judgment should be given.

One of the comments posted on Print Week’s site wrote: “Failure to consult employees is a schoolboy error and company directors should know better. This often can be an expensive error and one employment judges at tribunal come down hard on.”

Gareth Ward

Print Business reports on poor magazine sales

Writing for the trade publication Print Business Gareth ward said: “Covid-19 has accelerated declines in magazine circulations, according to ABC figures for the first six months of the year. Some publishers are hoping for a bounce back as lockdown restrictions end and consumers are able to buy publications from newsagents as part of their daily ritual, but others are less sure. The last few months have been marked by high profile closures on both sides of the Atlantic: for example Q in the UK and O, the Oprah Winfrey magazine in the US.

“Magazines across the board have lost readers, from television listing titles to women’s interest and lifestyle. The only exceptions are in food and gardening, perhaps a reflection of activities that have been possible during lockdown. BBC’s Gardeners’ World increased sales 8% to 221,422 copies and Garden Answers rose 7% to 50,888.”

Ian Carrotte said the Covid-19 crisis had simply accelerated the decline in circulations in sales because people couldn’t get to the shops as normal. “Coupled with a long term drop in sales due to the internet,” he added, “it is no surprise the industry has had more bad news.”

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

STOP PRESS

Dodgy print farmer of ‘Bonnie and Clyde’ is back ripping off clients
https://www.icsmcredit.com/news/viewpost.php?id=285 

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

Runners and Riders
Below is a collated list taken from the Government’s London Gazette of various businesses who are experiencing problems in the last few weeks. Ones that catch the eye include The Red Group Print & Design in the print and publishing world, while in transport Market Hall Logistics have gone and in the travel industry the high profile name of Travelex has gained national headlines, plus in the Covid-19 hit care home industry Wadsworth Care Homes went under – who will be next?

Administrators Appointed
Aero Technics Design Limited  44055
Bagel Nash Limited  44054
B.D. (S/W) Limited  44048
Belem Developments Limited  44048
Byron Hamburgers Limited  44046
Country Pub Group Limited  44048
Cruden Construction Limited  44048
Cruden Group Limited  44048
Cruden Property Services Limited  44048
Drayton Manor Park (Catering) Limited  44048
Drayton Manor Park Hotels Limited  44048
Drayton Manor Park Limited  44048
Floating Festivals Limited  44067
Foodpac Limited  44061
Forest Inns (UK) Limited  44054
Hinterlands Venue Limited  44048
MPS Realisations Limited (Formerly Madley Property Services Limited)  44046
No 1 Currency Limited  44046
Northern Safety Supplies Limited  44068
Parkview Battersea Limited  44055
Regal Holiday Homes Limited  44055
RMG PPM Realisations Limited  44060
RMG Realisations Limited  44060
Thomas Exchange Global Limited  44046
TokenHouse VB Limited  44048
Travelex Financing PLC  44054
Travelex Group Investments Limited  44054
Travelex Holdings Limited  44054
Travelex Limited  44054
Travelex UK Limited  44054
Willow Inns (UK) Limited  44054
Woody Inns Limited  44054
Wrexham Wire Limited  44054

Administrators Meetings Para 51
P.J. Brown (Construction) Limited  44043
Travelex Banknotes Limited  44068

Compulsory Liquidators Appointed s 136
Windrush Cottages Limited  44048

Creditors’ Voluntary Liquidation Deemed in Consent Meetings
Air2Energy Limited  44046
A.F. Collison Bill Posting Services Limited  44043
Analysis and Modelling Limited  44043
Barry Construction Limited  44043
CM IT Consultancy Limited  44048
CR Catering Ltd  44048
Construction Training Academy Limited  44060
David Ashworth Butchers Limited  44046
Davies Building Solutions Limited  44061
Exhibitions Plus Limited  44067
Glosol Limited  44046
Great White Events Limited  44054
Gun Dog Ales Limited  44043
Kindlow Limited  44046
Live in the UK Limited  44046
Optical Forming Limited  44046
M&J (the Gables) Limited  44043
Mast Display Limited  44060
New Space Constructions Ltd  44060
NKS Property Maintenance Ltd  44054
Pendle Ventures Clitheroe Limited  44046
Southborough Construction Limited  44046
Tailormade Fitted Furniture Limited 44048
The Brook Coffee Company Limited  44060
Top Table Hire Limited  44060

Liquidators Appointed
3 Frank Monkeys Limited  44048
All About Electricals Limited  44048
ABH Installations Limited  44046
Alfa Joinery Limited  44042
Atlas Wynd Ltd  44048
A.F. Collison Bill Posting Services  44060
Analysis and Modelling Limited  44060
BB CAD Designs Limited  44048
Bishop’s Move (Tunbridge Wells) Limited  44068
Bishop’s Move Distribution Services Limited  44068
Broadway Business Hub Limited  44042
BW McGregor Engineering Limited  44046
Centurion Construction (London) Limited  44061
Clayton’s Cards Limited  44042
Classic Home Improvements (Warrington) Limited  44046
Coffeesmiths (North) Limited  44042
Colour Cubed Limited  44067
Connect Drivers Limited  44042
Construction DDC Limited  44046
Commercial Solar Installer Limited  44060
Corinthian Masonry Limited  44046
Cove Construction (SW) Limited  44054
CPUK Commercial Limited  44054
Cue Design Limited  44048
Coffeesmiths (Independents) Limited  44043
DDM Fab Limited  44043
Deluxe Mobile Homes Limited  44043
De Build Limited  44054
Doublequick Limited  44048
DV Foods Limited  44054
David Ashworth Butchers Limited  44060
Denim T9 Limited  44060
Ela Trading Limited  44060
Euro-Connex Limited  44048
Ekult Group Limited  44046
Fashion Nation (UK) Limited  44068
Galtee Interiors Limited  44067
Gambaru Fitness Limited  44043
Gateway Logistic Services Limited  44060
G & B Logitstics Limited  44067
Grace Pippa Limited  44060
Gun Dog Ales Limited  44060
Island Trading Company limited (The)  44043
K & S Packing Limited  44048
Land Shuttle Limited  44054
Laser Metal Fabrication Limited  44048
Lewis Visuals Limited  44046
Ludgate Building And Construction Limited  44062
MAP Electrical Limited  44046
Market Hall Logistics Limited  44068
M.E.A. Publications Limited  44060
Nicholl Food Packaging Limited  44060
Network Coffee Limited  44054
Nirvana Hairdressing Company Limited  44046
N.T. Whitfield (Transport) Limited  44048
NQ Retail London Limited  44042
One Performance UK Limited  44043
Pear Communications Limited  44042
Paton’s (Shifnal) Limited T/A Patons of Shifnal  44048
Patshull Park UK Limited  44046
PHA (Northampton) Limited  44046
Pendle Ventures Clitheroe Ltd  44060
Pendle Ventures Grills Limited  44060
Porky’s Bakehouse Ltd  44060
Prestige Diamonds Limited  44060
Providence Print & Mailing Limited  44060
Quest MH Limited  44054
Riva Retail Limited  44046
RSJ Safety Limited  44048
Rochay Productions Limited  44043
Salop Motorsport Limited  44060
Secure Surroundings Limited  44048
Sky High Building Contractors Limited  44042
Streamline Nationwide Limited  44048
The Preservation Company (UK) Limited  44048
The Cog Research & Marketing Limited  44042
The Red Group Print & Design Limited  44067
UK Theatres Online Limited  44043
VRA Transport Limited  44043
Wholepress Limited  44048
Wonderland Soft Play Limited  44054
Woodlane Building Contractors Limited  44054

Members Voluntary Liquidations
Alan Chandler Marketing Limited  44055
Aim Digital Solutions Limited  44060
APB Construction UK Limited  44060
Blue Octal Limited  44048
BG Iran Limited  44054
BG IT Solutions Limited  44061
BG Karachaganak Trading Limited  44054
Brazil Shipping II Limited  44054
Connectors Cables Specialists (CCS UK) Limited  44054
C. Pike Limited  44048
Carlton Consulting Limited  44046
Comptel Communications Limited  44067
Controstar Media Limited  44061
Creative Broadcast Services Holdings (2) Limited  44043
Creative Broadcast Services Limited  44043
Clear Vista Media Limited  44043
Cloudspot Limited  44042
Deepx Limited  44048
DMU IT Consulting Limited  44055
EPDS Consultants Limited  44048
Grid Solutions Power Electronic Systems Limited  44043
H5 Enterprises Ltd  44046
Heathfield Reels Limited  44048
HO Media Solutions Limited  44055
Kevin Masters Creative Limited  44042
Lansdowne Freight Limited  44046
Lincolnshire Media Limited  44068
MG Office Lets Limited  44046
Macdonald’s (West Derby) Garage Limited  44046
Mchr Consulting Limited  44046
Monberg & Thorsen (UK) Limited  44048
Nathaniel Lloyd & Co. Limited  44048
Peter Page & Associates Limited  44046
Pharmchem International Limited  44046
Partner For Growth Limited  44048
Peter Taylor Consulting (Hertfordshire) Limited  44048
Price Waterhouse MCS UK Holding Company  44055
PricewaterhouseCoopers (Resources) Limited  44055
PwC Performance Solutions (No.2) Limited  44055
PwC Performance Solutions (No.3) Limited  44055
Progressive Quilting Co. Limited  44048
Putney Beach Limited  44046
S&V Limited  44046
Shell Thailand Manufacturing Limited  44054
Smartspike Solutions Ltd  44046
Sonoco Europe Limited  44048
Striking Lion Design Limited  44067
TPT Board Mills Limited  44048
Unit Reels and Drums Limited  44048
Web Planning Limited  44042
Wildsmith Communications Limited  44060
Yateley Country Park Limited  44046

Petitions to Wind Up
Amik Property International Ltd  44043
County Farm Asssit Limited  44048
Pro-Fit Building Services Limited  44043
MHD Builders Limited  44060
Sage Media National Limited  44067
Wadsworth Care Homes Limited  44043

Winding up orders
Absolute Construction (Norfolk) Limited  44068
Belgravia Construction (London) Limited  44042
TMAK Construction Limited  44060
Trust Media Limited  44048

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.comIan.carrotte@icsmcredit.com

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

As retailers Anne Summers and Moss Bros join the growing movement seeking CVAs there’s a new turn-off for the High Street: unclear social distancing signs

Companies in trouble are seeing the CVA (Company Voluntary Agreement) as the the go-to saviour from insolvency in these troubled times. Ian Carrotte of ICSM Credit said: “The reasons are simple – by getting agreement from 75% of a firm’s creditors it is possible to delay the repayment of debts by restructuring them. If the creditors agree, limited company can continue trading. And the reality is with so many firms in trouble their creditors have little choice but to agree. The catch is that a CVA may give a firm some breathing space but it they don’t change their business model then liquidation will happen eventually and creditors will lose out. My message is be very careful not to grant more credit to firms seeking a CVA.”

Off putting no-show signage

Writing in the signage industry’s leading trade magazine Sign Link, Rob Fletcher has highlighted a phenomenon that would have been unheard of a year ago.

He said: “More than 40% of UK shoppers have stopped visiting stores that have unclear signage on novel coronavirus (Covid-19) social distancing, according to a new study by Roland DG.”

Roland DG make wide format printers that are used to print textiles, synthetic fabrics and other large signs.

The journalist said the European survey of over 2,500 people found 80% of consumers feel safer in stores that have clear social distancing signage – such as printed floor stickers – with 78% more likely to shop in stress with proper instructions on social distancing measures.

Ian Carrotte of ICSM Credit said that shopping had been made an unpleasant chore since the Covid-19 crisis and although many retailers had tried their best to improve things simple innovations like signs make a big difference.

He said: “A long queue outside a shop is a turn off but confusion over which way you can go once inside doesn’t help. Shops with clear signage will do better as this survey shows.”

Rob Fletcher said: “Some 40% of shoppers say that businesses are not taking their safety seriously enough, with 75% of consumers saying they are more aware of in-store signage than before the Covid-19 pandemic. Other key findings include that clothes shops in the UK were most likely to not have the correct social distancing signage in place, with 21% of respondents setting out their fears. Supermarkets were also a cause for concern as 19% of shoppers say the right signage is not in place, while 16% were also apprehensive about restaurants and bars.”

Speaking of restaurants Business Sale have reported that the Burrito chain Chilango has been acquired out of administration by investment group RD Capital Partners. The acquisition by RD Capital Partners, for an undisclosed sum, followed a competitive sales process and will see 10 of the chain’s 11 restaurants remain open.

Lingerie retailer’s CVA plans

The Retail Gazette has reported that the lingerie and sex toy retailer Ann Summers is considering a CVA in order to save it from collapse following the shut-down. The reporter Sahar Nazir noted that the retailer’s chief executive Jacqueline Gold said the company might opt for a CVA as some landlords refused to work in partnership, despite the owning family injecting cash to keep the business afloat.

The journalist said: “Losses increased £3 million to £16 million in its most recently reported year, and Gold expects business rates and property costs to increase next year. Ann Summers is currently dealing with the effects of the Covid-19 pandemic despite the improvement of personnel, IT investment and product. Gold said some of the retailer’s landlords have taken a “pragmatic” approach, while others have not and Ann Summers is understood to be preparing to unveil CVA proposals in the next week. She added that landlords have continued to ‘bury their heads in the sand’ and the only way a retailer is able to resolve the situation is to undertake a CVA.”

Moss Bros in trouble

It may only be the first of September but the CVAs keep coming. This time it is that key figure in the menswear wedding high world: Moss Bros. Fashion United’s Huw Hughes writes: “The brand has called in advisory firm KPMG to work on a potential CVA which could lead to store closures and rent cuts, The Times reports. It comes after talks between the brand and its landlords failed to reach an agreement to turn some of its store estate over to turnaround-based rent.

“Moss Bros currently has 125 UK stores and around 1,000 employees. It comes as the formalwear category continues to be significantly impacted by Covid-19, with the cancellation of large events such as weddings and the Royal Ascot dealing significant blows to sales.

“In March, prior to the peak of the Covid-19 pandemic in the UK, Crew Clothing-owner Brigadier Acquisition Company Limited agreed to acquire Moss Bros in a 22.6 million pound deal. However, just weeks after the deal was announced, Brigadier seeked a ruling from the Takeover Panel to cancel its offer. Moss Bros successfully opposed the decision, citing a rule in the Takeover Code that states an offer cannot be lapsed or withdrawn.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Pic: FT

Creditors beware: newspaper industry in freefall during Covid-19 as sales plunge 39% as publisher Archant seeks to dump their pension fund and leave shareholders with nothing

The Guardian has reported that The Financial Times and the i newspaper saw declines in circulation of 39% and 38%, respectively. They said: “The decline of circulation of the i was exacerbated by the cessation of the distribution of bulks, free copies, to locations including airports, gyms and railway stations.”

Ian Carrotte of ICSM Credit said Covid-19 have brought forward the demise of several industries and speeded up social changes due to the lock-down. “Newspapers and magazines have seen a steady declines for years due to two factors,” he said. “The flight of advertising to the internet and the rise in the use of mobile phones, tablets and laptops to read long form articles and news stories. Now with Covid-19 it’s worse as it’s difficult to pop to the local shop without having to queue and put on a mask.”

He cautioned suppliers of paper, ink, computer technology and printing presses to the industry after Archant became the latest publisher to get into financial trouble. In 2018 one of the UK’s biggest newspaper publishers Johnston Press went into administration and was bought in a pre-pack by JPI Media dumping large amounts of debt. Daily and weekly titles like the The Oldham Evening Chronicle published by collapsed Hirst, Kidd and Rennie publishers which closed in 2017, while since then more 100 newspaper titles have gone.

Archant clings to CVA hope

The newspaper industry’s trade publication Press Gazette has reported that the UK’s fourth biggest local newspaper publisher Archant has been bought out by a private equity firm in a deal which leaves shareholders with nothing. However the proposed CVA (Company Voluntary Arrangement) has to be agreed negotiated with the help of KPMG has to be agreed with creditors who look set to get little or nothing.

Under the deal reported the Press Gazette Rcapital Partners will take a 90% stake in the company, which publishes the The New European and the Eastern Daily Press as well as a number of local weekly news titles and monthly magazines.

Pension scheme issue

The Press Gazette reported: “The company’s pension scheme, which is believed to have deficit of around £50m, will be taken over by the government’s Pension Protection Fund. The pension fund shortfall had been costing the company £3m a year. The deal is an alternative to liquidating the company, which means creditors will get more of their money back and the new owners may have more room to invest.”

Chief executive Simon Bax broke the news to staff in an email in which he said, “the impact of the downturn on our advertising and circulation revenues due to Covid-19 has been profound”. He said the new owners would invest in the business and provide a “sustainable financial platform upon which the company can continue its transformation”.

Carrotte: ‘it’s wishful thinking’

Ian Carrotte of ICSM Credit said that was all wishful thinking as the business model for many local newspapers was broken and he foresaw more financial problems for the print based titles such as the Norwich Evening News. As a result of the deal, two of Archant’s holding companies – Archant Ltd and Archant Community Media Holdings Limited – will be placed into administration. Archant Community Media Limited, under which it employs its staff, will continue to trade. Shareholders in Archant Ltd will lose out, however, including employees who held shares in the company.

Archant was founded in 1845 in Norwich, where it is still headquartered, as the Norfolk News. The Colman family, who produce the region’s famous mustard, are among its shareholders, with Jeremiah Colman having been one of its founders. The group’s private pension fund will retain the final 10% stake in the business. Archant needs to secure at least 75% creditor approval by value for the CVA for it to proceed. Talks are already underway with key creditors through KPMG.

The Press Gazzete said Archant made a pre-tax loss of £7.6m in 2018 on group revenue of £87.3m, which was down 9.6% on the year before. The group still relies on print for 78% of its total revenues, although advertising, which makes made up the bulk of its income, fell by 10.8% to £64.2m and newspaper circulation fell by 6.6% to £16.4m in 2018.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

How times change: Debenhams could hire fashion models Eva Herzigova, Yasmin Le Bon and Helena Christensen to front their sales in recent years. Now they are struggling to survive

Debenhams’ parent firm enters administration as uncertainty continues; STA Travel collapses; sushi chain’s CVA, and a shopping centre goes bust

The demise of the once mighty department store chain Debenhams took another agonising turn for the worse as their parent company has entered administration. The Times reported that owners Celine Group Holdings have hired Philip Watkins and Philip Armstrong from FRP Advisory as advisers. And perhaps more to the point the move means the firm does not have to pay overdue interest payments on £200 million of bonds due July 15.

Light touch administration

The 242-year-old firm has closed 16 of its 140 stores is currently under a so-called ‘light touch’ administration with managers still in control. ICSM Credit reported this month how the department store had called in advisers to prepare for a sale, restructure or liquidation.

Ian Carrotte of ICSM Credit said a company like Debenhams will have a huge number of creditors considering the scope of their operation. “The warning signs are there for suppliers,” he said, “it would be a mistake to grant credit to a company that is openly admitting it may go bust.”

Coronavirus forces STA Travel out of business

Business Sale Report said: “STA Travel has become the latest travel firm to fall victim to the Covid-19 pandemic. The company, which grew out of a student travel business and specialised in trips for young people, including gap years and volunteer projects, has ceased trading.”

STA Travel has more than 50 shops in the UK with around 500 workers whose jobs are now at risk.

The firm’s parent company, based in Switzerland, said the pandemic had ‘brought the travel industry to a standstill’ said Business Sale Report.

A spokesperson for the Association of British Travel Agents (Abta) said: “STA Travel will be a name that is familiar to most people who will have used them to travel or been aware of their name on the High Street, and this distressing news will sadly affect the livelihoods of hundreds of employees.”

Shopping centre goes bust

Retail Research have reported that the Grosvenor Shopping Centre in Chester went into receivership along with its car park earlier in July 2020. It was originally built in the 1960s and refurbished in the 80s. There are 101 retail units, all on one level. The shopping centre continues trading. 

Wasabi seeks CVA

Company Rescue have reported that the grab-and-go sushi and bento chain, Wasabi, is the latest casual dining chain to launch a Company Voluntary Arrangement among the coronavirus pandemic.

They reported: “A CVA has been launched to drive the chain through a difficult period and to safeguard its future. Wasabi has 51 sites across the UK – 41 of which are in the capital. The slow return of office workers, low levels of tourism and the social distancing measures in place mean the future for the chain looks uncertain. If the proposal gets approved by creditors, the group expects to leave a small number of leases and negotiate rent with landlords on some of its sites. Job losses are to be kept to a minimum. Will Wright and David Costley-Wood of KPMG, are the proposed nominees of the CVA.”

Henry Birts, CEO, said: “Prior to the outbreak of the pandemic, Wasabi had been performing strongly on the back of the investment and operational improvements we had made during 2019. However, the extraordinary impact of COVID-19 on trading has meant that we now need to take additional steps to address our fixed cost-base if we are to secure the long-term future of our business. In recent weeks, we have had constructive engagement with landlords regarding better alignment of the rents of certain sites in proportion with footfall and trading, and we will continue to work closely with them over the days ahead. We strongly believe that this turnaround programme will provide us with a stable platform upon which we can emerge from this difficult period as a healthy and sustainable business, for our staff, suppliers and loyal customers.’’

Wasabi was founded in 2003. It has 1,500 staff across its 51 UK restaurants. It also runs two sites under the Kimchee brand and five restaurants in America – these not to be affected by the CVA.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Rookery Bridal have moved to the Stables Business Park

There’s a touch of glamour at The Stables Business Park at Rooksbridge in Somerset with the arrival this month of Rookery Bridal’s new offices at The Mill House on the park.

Sarah Hackett, the owner of Rookery Bridal, has many years of experience in the wedding industry explained why she had moved from Rookery Manor Hotel to the park.

“I wanted the business to be independent: I purchased Rookery Bridal last year from Rookery Manor Hotel and I wanted it to be physically independent as well,” she said, “The Stables Business Park provides us with a much more accessible location, extra space and storage.”

Sarah Hackett, the owner of Rookery Bridal

Despite the problems of the Covid-19 crisis, business at the park has remained strong with most firms back to normal. Tom and Sally Dalley who own and run the park said they were pleased that Rookery Bridal had relocated their offices to Rooksbridge as they were a local company with a local name and added to the diverse range of businesses that operate from the address.

Sarah said the new unit benefited from extra space for storage. She said: “We have over 70 wedding gowns and we also have an extensive selection of veils, belts, tiaras, shoes, hair vines – space is very important to us as brides need to feel comfortable when they are choosing their gown and accessories.”

Lin Ogden, Boutique Sales Manager

The business is in The Mill House on the park and is primarily offices and storage but brides-to-be can make an appointment to visit. Lin Ogden, Boutique Sales Manager, (who has also been in the bridal business for 20 years) said they love the process of the bride choosing a dress and accessories. Lin said: “Visitors can park outside and choose from so many styles. There’s no hard sell or pressure, just a chance to indulge in an Aladdin’s cave of bridal beauty.”

The Stables Business Park is two miles from Junction of the M5. Take the A38 heading north towards Bristol Airport and you will find it on the right just after the bridge over the motorway.

There is a short video about the move to the park by Rookery Bridal at https://www.youtube.com/watch?v=zuXijrFE76Y

Rookery Bridal is located in The Mill House, at The Stables Business Park, Rooksbridge, Somerset, UK, BS26 2TT. Telephone 01934 751111. Web: https://rookerybridal.co.uk/

For details call The Stables Business Park on 07968 910 761, or email us from our website at www.stablesbusinesspark.com where you will find much more information, testimonials and news.

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

First it was Brexit, then Covid-19 and the lock down – now warns ICSM Credit it’s the banning of Huawei that next threatens the creditors of a raft of businesses

When the culture secretary Oliver Dowden MP announced the Government’s decision to strip the Chinese firm Huawei this week of its role in 5G he may unwittingly have begun an economic revolution.

Communist state

“Any firms in hock to Huawei may find suppliers reluctant to grant more credit as the value of that UK business collapses following the Government’s U-turn on allowing them access,” said Ian Carrotte of ICSM Credit. “Furthermore I can detect an appetite amongst those in Government to now look at other Chinese mega investments such as Hinkley Point C power station in Somerset, Sizewell B power station, South West Trains and even the North Sea Oil industry. All have massive percentages of Chinese money in them and many MPs are concerned we’ve allowed a totalitarian Communist state to have a big stake in our infrastructure.”

He said he would not enter into the rights and wrongs of allowing the investment triggered by more than a decade of Sino-Anglo trade but if there is now a pull out of cash it would be SMEs and small businesses that would suffer. Although the slack would be picked up by non-Chinese firms in the long run he said.

Jobs and £7bn hit

Apart from around 1,500 jobs in the UK directly affected by a Huawei pull out the hit to the economy could be just under £7bn according to joint research within the industry while Dowden said the mobile phone industry itself would take a £2bn hit. ICSM Credit understands BT and Vodaphone who have been working with Huawei to install 5G will not be paid compensation.

Glee and Tik Tok

The potential for a further roll back of Chinese investments are clear with a 33.4% stake in Hinkley Point, a 20% share in Sizewell B, 30% share in SW Trains and Crossrail, 10% in Heathrow Airport, 9% in Thames Water, 25% in North Sea Oil production and major investments in Geely and Lotus – as well as the purchase of British Steel for £50m by the Chinese firm Jingye last year. And finally, there is Tik Tok – linked to the TV show Glee by Kesha’s popular song – the social media app beloved by millions and already banned in India.

The decision to drop Huawei by the Government is due to a variety of reasons reversing their earlier policy of allowing some infrastructure to take place in partnership with the likes of BT. America is strongly opposed to Huawei believing it is wrong to allow a Communist state to have a big stake in infrastructure in a democracy, then there is the USA’s trade war, anger over how China failed to alert the world quickly enough over the spread of Covis-19 and finally the way their Government has erased freedom of speech and protest in Hong Kong betraying the agreement with the UK Government.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Pic: Morpeth Herald

News Bites: masks in shops ‘impossible to enforce’; no-show customers slammed; mass redundancies as print industry wobbles; china shops collapse; builder owed £11m; and directors get breathing space from creditors

As one of the nation’s leading credit intelligence circles ICSM Credit likes to bring you the latest news, views and analysis in the world of creditors, bad debts and companies in trouble. There’s only one motivation behind our news and that is to save our members from being caught out when one of their clients goes bust.

Muddle over masks

Ian Carrotte said: “There has been much muddle and confusion for industry as business emerges from shut-down. A v-shaped recovery looks unlikely as so many jobs are going and a lot of firms are going bust. The face-mask and PPE industries are seeing a boom so there’s a small silver lining there – but what we need is business and social life to return to normal in August or it will be a tough old recession this winter.”

Masks must be worn by adults in shops from July 24 according to the latest Government announcement with £100 fines for non-wearers. The news has not gone down well with the retailers and police as Michael Gove MP implied mask wearing would be voluntary when questioned by the BBC on Sunday. Chief executive of the British Retail Consortium Helen Dickinson said the plan left more questions as she felt it should not be up to shop workers to enforce reluctant shoppers to cover up. The police are also unhappy. Ken Marsh, chairman of the Metropolitan Police Federation said it would be impossible to patrol every shop and enforce the new law.

Ian Carrotte said he feared this was a backward step as the death rate from Covid 19 was getting lower, and the idea masks must be worn in shops but not in pubs was ‘difficult to equate.’ He added masks made sense in March but with August days away questions will be asked about ‘the delay in implementation.’

No-show customers

ICSM Credit took interest in the celebrity chef Tom Kerridge story this week when the restauranteur complained publicly of no-show customers. Namely people who booked a table and then failed to show up – despite the overwhelming demand following the lifting of restrictions post Covid-19. He said that 27 people booked and failed to turn up at his restaurant at the Corinthia Hotel in London making the evening a disaster financially – just when the place needed to start making a profit. Kerridge’s experience is not alone as many restaurants have had the same problem with people sending an email booking and then changing their mind. Perhaps the only answer is to make a booking only valid with a deposit.

Ian Carrotte said the problem was not unique to the dining out industry as printers, couriers, builders, hoteliers and a host of other businesses are frequently contacted with so-called definite orders and bookings – which then fail to turn up. He said: “It’s down to people not thinking and being selfish. Sales people will often come away from a meeting having thought they have a big order only to find it cancelled a day later when the potential customer has used their specifications to source it cheaper elsewhere.”

New world order for print industry

Jo Francis in Print Week has written a timely piece on the new world order for the print industry which seems to be all about redundancies or calling it a day and shutting up shop. She writes about Dundee-based Tradeprint who are cutting 30% of its 164-strong and Portsmouth’s Bishops Printers who are also making the same number of staff redundant. Francis quotes Bishops Printers CEO Gareth Roberts as saying: “Our ‘event driven print’ has naturally been severely depressed and although we are starting to see recovery – with volumes rising towards 50% of norm in July – we do not see a ‘V shaped’ return to normal trading. It was therefore evident in early May that we would need to restructure throughout all parts of the business to remain viable.  Sadly, this has meant approaching 30% of our 270 strong workforce being made redundant since we simply don’t believe we can carry the additional staff without the work we normally expect for the remainder of the calendar year.”

Summer cover for directors

Website Business Sale reports on the plight of directors of insolvent firms who have been given a bit of breathing space this summer. Under the Corporate Insolvency and Governance Act that came in last month the temporary protection from wrongful trading given to firms was extended to the end of September from the end of June. They reported: Although the threat of personal liability has been significantly reduced, company directors must remain attentive to other considerations relating to the continued trading of their businesses as they are still bound by directors’ duties as set out in company law.”

It means that firms that were technically insolvent during the Covid-19 shut down can continue to trade during the summer without fear of the directors being personally liable for any debts. Normally it is illegal to trade while insolvent but the idea is firms will spring back into life and quickly make up the lost ground in August.

Construction firm owed £11m

The Business Sale website reports on the Lancashire-based contractor Construction Partnership UK who owed close to £11 million to creditors when it collapsed in April, according to a new report from administrators Duff & Phelps. The website reported: “The company’s administration was blamed on the impact of coronavirus and “contractual issues” following the loss of several contracts.This included The Rise, a £23.4 million mixed-use development in Liverpool, that led to £3 million in bad debt. The contract was due to be the firm’s biggest ever job but work stopped last year when developer Primesite Development ran into funding issues. When work halted, Construction Partnership UK had completed work worth £7 million.”

The administrators Duff & Phelps said the firm was hit by ‘a combination of late and missed payments, overrun on projects and increasing materials costs.’ They reported that the 94 staff were made redundant after being furloughed in March and former employees were unlikely to be paid.

China shops collapse

The Yorkshire Post has reported on the demise of the giftware and china retailer Peter Jones of Wakefield whose ten shops have closed. Despite furloughing staff the 70 employees will be made redundant and the 50 year old business liquidated.

The newspaper said: “It enters insolvency after a period of weak trading followed by significant cash flow pressure related to the COVID-19 lockdown. The retailer, which has stores in Barnsley, Doncaster, Batley, Huddersfield, Castleford, Pontefract, Wakefield and Wetherby, has been closed for business since lockdown with its 70 employees on furlough.”

Ian Carrotte of ICSM Credit said a pattern was emerging of firms locking down and furloughing their staff while the directors ‘get their ducks in a row’ and take the firm into administration with a view to sale or liquidation. He said: “We’re seeing a lot of this activity and it is something we predicted before the lockdown. A lot of zombie companies who were barely solvent and struggling before Covid-19 have faced the reality and are pulling the plug. That is why all suppliers must be careful of accepting orders from firms in that situation as they probably won’t get paid.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

AGENDA WEST Business News COMMENT: time for ‘dithering’ Lord Callanan to pull his finger out and sort out the scandal of the big four’s role in playing referee and footballer in a game where SMEs and the public lose out

I don’t always agree with the outspoken Alex Brummer in the Daily Mail but on the scandal of the big four accountancy firms auditing companies while at the same time recommending remunerations for the directors – he is bang on.

In his ‘litany of failures and scandals it’s time for auditors to face a reckoning’ piece he rightly points the finger at not just PwC, Deloitte, EY and KPMG but also at the dithering Lord Callanan. The unelected member of the House of Lords Martin John Callanan, Baron Callanan is the  Parliamentary Under Secretary of State at the Department for Business, Energy and Industrial Strategy and has the power to implement one of the reports on the big four accountants.

Failures over Conviviality

The reason why he needs to act is because there have been a series of complete failures by the big four accountants in auditing the accounts of firms such as Conviviality, Patisserie Valerie and Thomas Cook exposing the conflict between auditing and work such as processing bonus payments to failed directors.

Installed on St Valentine’s day this year as the man with the powers to reform the activities of PwC, Deloitte, EY and KPMG Callanan has so far shown no appetite to take on the powerful vested interests who have by their actions thrown thousands out of work and brought destruction to many SMEs. Six years ago John Kingman’s report said the Financial Reporting Council should be replaced by a tougher body with stronger powers to take PwC, Deloitte, EY and KPMG to task. He proposed the obviously sensible plan to separate the audit and consulting arms at the big four auditors. And more recently Donald Brydon’s review recommended the same thing. Essentially the referee could no longer be the footballer as well, waving away penalty claims or requests for a free kick.

BooHoo and Wisecard

But since then despite the ongoing issues over BooHoo, Wirecard and umpteen other questionable actions of accountants and their clients nothing has happened.

Brummer noted: “It is hard to bring discipline to boardroom pay when the same firm that does the audit is also charged with setting remuneration. In a statement of the obvious, the minister notes that the three audit reviews are ‘interlinked’ reforms being developed and that not all require legislation.  Amid excuses about pressure of parliamentary business, no timetable is given. The flaccid approach smacks of heavy lobbying by powerful accounting firms.”

Carillion cost billions

If only the dithering Lord Callanan listened to the voices of small and medium businesses, the chambers of commerce and the self-employed lobbyists instead of the big four we might have a reform of the system that’s cost the nation billions of pounds. Many firms have gone to the wall over the likes of Carillion collapsing, the public have lost out big time when companies like Thomas Cook go under and the tax payer has to pick up the tab for redundancies. It really is time for action.

Harry Mottram

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Pic: CA Finance

As Firstgroup announces it might not survive much longer ICSM Credit lists the excuses given to suppliers as to why they haven’t been paid yet (which ones have you heard?)

This week it was reported that AirAsia may not survive the Covid-19 crisis and even Firstgroup admitted after three years of heavy losses it could go under. Most observers believe Firstgroup and possibly AirAsia could be bailed out or nationalised by their Governments but since Flybe was allowed to crash nothing is guaranteed – including their beleaguered suppliers getting paid.

Ian Carrotte of ICSM Credit said too many suppliers of big firms allowed themselves to be sucked into a cycle of supply and late payment with overdue accounts rising month by month.

“The classic case is where accounts departments chase up a string of invoices,” he said, “but strangely only a small number of the invoices are paid while queries are raised on usually the larger amounts. It’s a delaying tactic by the client who is experiencing cash flow problems and uses all the old tricks to delay or not to pay on time.”

ICSM Credit’s members are aware of a string of delaying tactics used over the years but Ian Carrotte said in the present climate the excuses not to pay have increased as companies struggle.

They include:

  • “The cheque is in the post.” Nobody pays by cheque anymore but incredibly this is an excuse still given. The variation is we posted it ages ago so it must be ‘lost in the post.’
  • “The director who signs off payments is on holiday.” Even old school directors have mobile phones on which they can see their emails and messages while sunning themselves in Spain. Don’t buy it.
  • “We haven’t received your invoice.” This one is usually given long after the payment date has passed prompting the time consuming process of starting the process all over again.
  • “The person who authorised the work has left the company and we have no record of the job.” Handy get of jail free card but it doesn’t wash – you have all the documentation.
  • “We can’t pay without a purchase order.” This excuse irritatingly comes well after the payment date has passed and hasn’t been mentioned before.
  • “We’ve already paid that invoice.” You have to come up with the paper work to show they haven’t paid – at which point they ask for a duplicate invoice so they can ‘process it.’
  • “The amount is wrong.” As always this is given as an excuse long past the due date and after much toing and froing they agree the amount is correct – having bought extra time.
  • “That was the old company that went bust.” Strangely apart from a name change the ‘new’ company is in the same premises with the same people doing the same work.
  • “There’s nobody in accounts.” Your chasing up phone call is answered by someone in accounts but apparently there is nobody there.

Best practice to avoid hearing these excuses too often:

  • Invoice for work promptly and include all details of the work with a breakdown of costs.
  • Ensure you have either an email confirming the order, a purchase order and number, or other written documents requesting the work.
  • Before working for a new customer make sure they have a copy of your terms and conditions and have preferably signed them off.
  • If your payment terms are 30 days then on day 29 phone up and remind them that payment is required tomorrow and make a written note of what the customer says.
  • Stay polite and diplomatic at all times and if possible build a friendly relationship with the person who actually pays the invoice.
  • Never rant and rave at your customer’s accounts department as they may be under pressure from management to slow payments down and it will not help your cause.
  • Review all your customers regularly to see how much time is spent chasing money. Terminate those customers who are timewasters.
  • Join ICSM Credit to find out who is not paying their invoices, who may be in danger of insolvency and to use the group’s free legal letters.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit harrymottram.co.uk

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

Axbridge Chamber of Commerce member The Lamb Inn is set to reopen at the beginning of August

The chair of the Axbridge Chamber of Commerce Louise Jane Cooling said the news the Lamb was to reopen soon was ‘fantastic news.’

She said the town’s hospitality sector was coming back to life and asked residents to support businesses who have had a tough time during the Covid-19 shut down.

Join the Axbridge Chamber of Commerce for £10 a year and add to the town’s social and business life. Visit http://www.harrymottram.co.uk/axbridge/axbridge-chamber-of-commerce/ and follow the Chamber of Twitter and FaceBook.

Shock at £19bn black hole that could see 13 universities liquidated with suppliers left with billions of pounds of unpaid invoices

Printers, couriers, office suppliers, stationers, publishers and a host of businesses could be left high and dry if 13 universities go to the wall due to Covid-19 according to a report by the Institute of Fiscal Studies (IFS).

arah Harris writing in the Daily Mail said: “The IFS has estimated that long-run losses across the UK higher education sector could come in anywhere between £3 billion and £19 billion – or between 7.5% and nearly half of the sector’s overall income in one year. Even the most likely situation would see losses of £11billion.”

If the collapse happens then some 130,000 students would discover they would have no choice but to seek a different educational institute this September. Suppliers too would find themselves in a fix with billions of pounds owing to them, the lenders, students and staff, let alone the knock on effect to the local economies. In the last five years more universities have opened including St Mary’s Twickenham, Arden, Suffolk and Leeds Arts amongst others although there is no suggestion these are under threat from the UK’s 130 institutions. However the report, funded by the Nuffield Foundation, notes: “While there is no precedent for the liquidation of a publicly funded university in the UK, it is explicit Government policy that universities can fail.”

The report says institutions face ‘big losses’ from falls in enrolment, particularly of international students. And they are also set to lose income from student accommodation and conference and catering operations, as well as take a hit on long-term investments and increases in the deficits of university-sponsored pension schemes. 

Ian Carrotte of ICSM Credit said: “We have seen individual colleges go into administration in the past but this would be a shocking collapse as universities are often the main economic driver of smaller cities and large towns. My concern is for suppliers as universities are huge consumers of paper and print, all manner of modern communication infrastructure as well as freelance lecturers. The IFS report reveals the continued effect of the lock down and the Government must step in or this could be a disaster. The IFS estimated the rescue the 13 universities would cost an estimated £45bn.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

AGENDA WEST Business News: the eye-wateringly high costs of a return to work after lockdown for UK businesses

This is a press release from Where The Trade Buys

After the most recent loosening of lockdown measures, many pubs, bars, and restaurants are due to open their doors to the public again from this weekend. The likelihood is that not long after this, most offices will begin to reopen as well, and the 8.4 million people who were furloughed and the many working from home will return to their workplace, ready to make up for lost time.  

Workplaces are set to undergo a complete transformation, adjusting to the legal requirements of social distancing and the ethical requirements of supplying employees with the necessary PPE to feel safe in the workplace. 

Getting Back into Business: The Comeback Costs After Lockdown

The UK is getting back into business. Gradually, sector by sector, we are beginning to embrace the ‘new normal’, and businesses are once again raring to go. After the most recent loosening of lockdown measures, many pubs, bars, and restaurants are due to open their doors to the public again from this weekend. The likelihood is that not long after this, most offices will begin to reopen as well, and the 8.4 million people who were furloughed and the many working from home will return to their workplace, ready to make up for lost time.  

However, it won’t be quite as simple as wandering back to your old desk, greeting your colleagues, and getting back to normal as if nothing has changed. Workplaces are set to undergo a complete transformation, adjusting to the legal requirements of social distancing and the ethical requirements of supplying employees with the necessary PPE to feel safe in the workplace. The new workplace will involve many essential measures, but from squirts of sanitiser to mandatory face masks, how much is this all going to cost? Let’s take a closer look at the breakdown of PPE costs and find out how much the UK is going to have to fork out for the safety and wellbeing of its workers in the following months. 

2 pumps of hand sanitiser per hour for every worker — £3,058,560

Since the beginning of the Covid-19 outbreak, hand sanitiser has become an essential item, and many wouldn’t leave their home, let alone re-enter the workplace, without one in their bag. Health and Safety England have set out guidelines for the use of hand sanitiser including tips on how to identify a suitable product for your workplace, but how much is this product really going to set us back?

For every single full-time employee to get two pumps of hand sanitiser for every hour they are at work, the overall cost for one day back in the office will amount to £3,058,560! And it looks like this measure will certainly be needed for the foreseeable future.

2 face masks for each worker — £72,000,000

Next up, we have face masks. Face masks are absolutely essential for frontline workers and they are now also a legal requirement for anyone travelling on public transport in most parts of the UK. It will be at each business’s own discretion whether or not facemasks are essential in the workplace. But for service industry workers in particular, face masks are of great importance and could play a vital role in protecting staff.

In total, the UK would have to fork out £36,000,000 to ensure that each and every full-time worker has access to a face mask. For two masks each, which would be more appropriate, the cost would amount to a staggering £72,000,000.

Floor markings in all commercial spaces — £1,234,309,789

Social distancing is set to remain in place as we return to our places of work, with two metres being the original rule, and one metre distancing coming into play when necessary (‘1m-plus’). However, when there is a large number of employees or customers in one space, temporary floor stickers are necessary to uphold the social distancing regulations.

In the UK today, there are 678,192,192.00 square metres of commercial space. So, to have social distance markings at every two metres, it will collectively cost £1,234,309,789 for businesses in the UK.

A deep clean of all commercial spaces in the UK — £2,373,672,672

As well as getting all the PPE in place as employees gradually re-enter the workplace across the country, businesses are going to have to dramatically step up their hygiene efforts. Naturally, this will call for regular deep cleans so that every surface is left sparkling.

For every business to conduct one thorough deep clean, therefore covering every inch of commercial square foot in the country, the overall cost will come to £2,373,672,672.

Training — Free!

Finally, we have the cost of training staff in essential health and safety procedures. Thankfully, the World Health Organization is offering online training courses completely free of charge. These courses include subjects such as Infection and Prevention Control, health and safety briefings for respiratory diseases, Operational Planning Guidelines, and more.  

Overall total — £3,683,041,021

So, for day one back in the office, the collective cost for the UK will be a staggering, £3,683,041,021. The costs may seem steep, but for the businesses that are beginning to reopen, health and safety must be the priority above all else. In relation to a safe return of the workforce, Gary Peeling, Chief Executive Officer at Where The Trade Buys, said: “With shared office spaces gradually reopening, businesses will require numerous health and safety products to ensure the safeguarding of their staff. Ahead of office doors reopening, careful planning will be needed in order to put the necessary protective equipment in place and enhance health and safety measures before employees return to the workplace.”

Gary Peeling, CEO at UK commercial print company: Where The Trade Buys, currently producing PPE for UK workplaces, hospitality venues, retail stores, education spaces, charity shops, the NHS and more. The company has also been involved in manufacturing face visors for NHS essential workers in the fight against Covid-19.

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

Pic: Wikipedia

Is this the first of many? Football club calls in the administrators as ‘suspension of the Championship season due to Covid-19 has had a significant impact ‘

The BBC have broken the news that Wigan Athletic have gone into administration, becoming the first English professional club to do so since the coronavirus pandemic began.

The BBC wrote: “Wigan have been struggling to manage their finances and say there was no alternative if they were to safeguard the club. The move may see the Championship side deducted points.”

Paul Stanley, Gerald Krasner and Dean Watson of Begbies Traynor have been appointed as joint administrators.

Stanley said: “We understand that everybody connected with the club and the wider football world is seeking clarity on the future of Wigan Athletic. That’s exactly what we are seeking to provide as we move through this process and we seek out interested parties to rescue this famous old club here in the region. It is a fast-moving situation and we will provide updates on key developments.”

Ian Carrotte of ICSM Credit said: “Although there is great concern for the supporters of the club and in particular those employed at Wigan Athletic FC there is a major concern that local suppliers will not be paid. The club has had an ongoing issue with debt clocking up a £9.2m loss last year. That level of debt has to be serviced and without football and ticket money coming in it is likely a cashflow crisis developed. Is this the first of many clubs to go bust? Yes. In the past Newport County, Bristol City and famously Accrington Stanley have all hit the buffers – but these are very different times and one’s heart goes out to the businesses that rely on trade with the club.”

Krasner, former chairman of Leeds United and now a partner at Begbies Traynor, said: “Our immediate objectives are to ensure the club completes all its fixtures this season and to urgently find interested parties to save Wigan Athletic FC and the jobs of the people who work for the club. Obviously the suspension of the Championship season due to Covid-19 has had a significant impact on the recent fortunes of the club. Wigan Athletic has been a focal point and source of pride for the town since 1932 and anyone who is interested in buying this historic sporting institution should contact the joint administrators directly.”

Founded in 1932, the club have played at the 25,000-seater DW stadium since 1999 when they were owened by Savid Whelan Hong Kong-based International Entertainment Corporation in November 2018. In recent years the club were valued at £23.7m by Transfer Market with a squad of 33 prefessional players lying 14th in the Championship.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Louise Rednapp famously promoted furniture from Harveys Furniture for House Beautiful

They’re taking away the sofa: Harveys Furniture collapses plus news of a Scottish print management firm’s sudden end

Company Rescue has reported problems at Harveys Furniture. The firm said: “Harveys Furniture has gone into administration as it fails to find a buyer. 240 jobs have been immediately lost whilst 1,300 others are at risk.  Harveys’ sister chain, Bensons for Beds was also put into administration, though it was bought out in a pre-pack administration by its private equity owner, Alteri Investors. Administrators from PwC are looking for a buyer, which includes the purchase of its 20 stores and three manufacturing sites. For now, its stores continue to trade but those in the industry believe a buyer is unlikely to be found.”

Glasgow Sheriff Court for print firm

Trade publication Print Week has reported that Glasgow-based Print Squared, which traded as More Print Management, has had a provisional liquidator appointed by Glasgow Sheriff Court.

Writing on the publications website Jo Francis said: “Blair Nimmo and Alistair McAlinden of KPMG have been appointed as joint provisional liquidators at the company. Print Squared director Kevin McGechie was also the majority shareholder in the business, which was established in 2004. The firm filed abbreviated accounts and its last filing, for the year to 31 March 2019, shows creditors of more than £2m and shareholders’ funds of £234,626. It had £164 in cash at hand at the balance sheet date. The Royal Bank of Scotland holds a charge over the firm’s property on Eagle Street.”

On its Facebook page the company states: “We have assembled a network of UK and international partners who have been vetted and audited and who understand the precision and quality that our clients have come to expect.”

The More website has been taken down for ‘maintenance’ said Jo Francis.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Seafolly have collapsed

ICSM Latest News: swimwear firm goes bust; retailer New Look gives landlords an ultimatum; and a survey says 25% of furloughed staff will be made redundant

A 70% splash

Australia’s largest swimwear brand Seafolly has gone into voluntary administration this week as it announced a massive 70% discount sale. Founded in 1979 the company’s products are available on line and in department stores and swimwear shops throughout the UK – and with shops down under and in the USA. Administrators Scott Langdon and Rahul Goyal from KordaMentha Restructuring have been appointed to find a solution blaming Covid-19 for the collapse. The brand is famed for its quality of manufacture and price with a traditional one piece swimsuit costing more than £100.

New Look’s ultimatum

The nationwide fashion retailer New Look has reportedly thrown down the gauntlet to its landlords issuing an ultimatum over its rent. Using the threat of negotiating a pre-pack while in administration in which rent arrears would be dumped the struggling store chain is hoping landlords will agree to turn-over related rent instead of the crippling fixed levels.

Like many retailers footfall was down before Covid-19 but since the lockdown trade has collapsed. Retail Week reported this week: “The fashion retailer has hired consultancy CBRE in an effort to move its 500-strong store estate across to turnover-based rents, which increases the possibility of its falling into a pre-pack administration should those discussions not be successful. Should New Look launch a pre-pack administration, it would be its second financial restructuring in less than two years, following a debt-for-equity swap with stakeholders in January 2019.”

Construction company collapses

The building firm Abbey Construction Northwest is the latest casualty of the harsh winds of Covid-19 as they take their toll on the sector which has seen record levels of company failures.  Known as Abbey CNW the firm have been a principle contractor based in Liverpool, delivering what they call ‘high quality construction projects throughout the North West.’ Sadly the Government’s Build, Build, Build plans have come too late for many in the construction industry.

No more cars

The car delivery firm Mack Transport of Harwich has come to an end. The family run business who pride ourselves on their ‘personal, competitive and reliable service’ are the latest casualty of the collapse in the motor industry triggered by Covid-19. Writing in Autocar Felix Page reported: “UK new car registrations fell 89% year on year last month as a result of the nationwide lockdown, making it the worst May for car sales since 1952. The latest figures from the Society of Motor Manufacturers and Traders reveal that just 20,247 cars were registered last month, down from 183,724 in May 2019. Of these, 12,900 were for private sales and 6638 were fleet purchases.”

Cem Press end game

Back in the winter Richard Stuart-Turner of trade publication Print Week reported on the demise of wall paper sample book manufacturer Cem Press. Now the holdings firm CEM Press Holdings Limited has gone into voluntary liquidation. Print Week reported in January when a buyer couldn’t be found for Cem Press: “According to its most recently filed accounts at Companies House for the year ended 31 December 2018, Cem Press, which is registered as CEM Press Ltd, recorded a turnover of £2.85m but incurred a net loss of £210,287.”

Firms wait six months to be paid

The Daily Mail has reported on a survey by Market Finance that found 15% of UK firms wait up to 6 months to be paid and that 90% of businesses still haven’t been paid for all their invoices before the lockdown. Another painful statistic is that 25% of all workers in the furlough scheme will be made redundant when it ends this autumn. Other stats included that the average SME received £211,667, on average, from their CBILS loan application with £148,917 still owed to them since March 2020, the vast majority of businesses (81%) are also expecting to wait longer to be paid for the goods they provide and work they do from now on. The Mail reported: “Half anticipate waiting anywhere between 14-30 days beyond normal terms (45 days). Whilst 15% reported they could be waiting anywhere between 3-6 months longer to be paid for work.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Latest ICSM Credit News: Monsoon and other retailing troubles; Intu enters administration, Non-Standard ‘on the brink’; various CVAs and pre-packs; and more news of firms in trouble and who to avoid

Pic: Retailer Monsoon have been under pressure

Latest ICSM Credit News: Monsoon and other retailing troubles; Intu enters administration, Non-Standard ‘on the brink’; various CVAs and pre-packs; and more news of firms in trouble and who to avoid

Company Rescue have reported on research by accountants KPMG on under pressure UK firms with concerns raised over the retail sector. The insolvency specialist noted: “KPMG analysed account filings of UK businesses with revenues in excess of £10 million over a five-year period to the end of 2018. It was found that over all, one in five UK businesses are financially stressed, with over 1,000 companies in situations of acute distress.”

ICSM Credit has seen a growth in firms having problems with cash flow created by an economic slowdown in 2019 and the Covid-19 crisis this year.

Stressed out Intu

They have been struggling for some time with vast debts but the curse of Covid-19 has forced the owner of some of the UK’s biggest shopping centres, Intu, into administration. However the firm that owns the Trafford Centre, the Lakeside complex, and Braehead, will continue to keep its centres open while KPMG seek a solution. Intu tried to seek an agreement with its lenders before throwing in the towel and facing the inevitable.

“Shoppers shouldn’t be too concerned as someone will buy all or parts of the vast Intu empire,” said Ian Carrotte of ICSM. “Even without shops those centres are prime real estate. The administrators will keep the centres open while they negotiate with lenders and hopefully find a buyer.”

Wirecard woes

Thousands of people in the UK who use Wirecard cannot access their cash today after the FCA has frozen the Newcastle based credit outfit’s operations. The UK licence of Wirecard Card Solutions has been frozen after its parent company filed for insolvency in Germany. In the meantime business people and many self-employed will be unable to pay bills, rent and many other services vital for business.

The BBC defined Wirecard Card Solutions as a company that serves prepaid cards, such as the U Account, which marketed itself as an alternative to a bank which helped people to budget and avoid hefty overdraft fees. They said: “The regulator, the Financial Conduct Authority (FCA) said it had ordered Newcastle-based Wirecard Card Solutions to cease all regulated activities in order to further protect customer money”.

The BBC reported that the funds are not protected, as they are in banks, by the Financial Services Compensation Scheme, but the firm said customers’ money was held safely in segregated accounts but the FCA has told people affected to contact their card provider. Wirecard last week disclosed a £1.7bn hole in its accounts, tipping it into insolvency.

You say Carillion, I say Capita

Two and a half years ago Carillion went bust leaving millions of pounds in unpaid bills with their vast range of suppliers, thousands of jobs trashed and a string of unfinished new builds including half-finished schools and hospitals. Parallels have been drawn with Capita who have struggled in recent times as debts mount and the curse of Covid-19 takes a hit. The vast out sourcing firm that has Government contracts taking up much of its work employs more than 60,000 people and has started laying off staff. More of a concern is that it has seen its share price plummet to just 43p from 183p at Christmas.

“Capita has been flagged up for months now as being in danger,” said ICSM Credit’s Ian Carrotte, “The Carillion affair was a total disaster – especially as like Capita – those in the know kept saying all was well – and we know what happened eventually. Never give credit unless you are guaranteed of payment to a firm that is clearly in trouble is my advice.”

Finance firm in trouble

Lucy White writing for the Daily Mail reported last week that lender Non-Standard was ‘on the brink’ of collapse. She said: “Non-Standard Finance (NSF), which owns the Everyday Loans, Loans at Home, George Banco and Trust Two brands, said there was ‘material uncertainty’ surrounding its ability to keep operating. Shares fell 30.2 per cent to a record low of 8.03p, having been trading at close to 70p early last year. Just over a year ago, the firm was boldly pushing ahead with a £1.3billion hostile bid for rival Provident Financial.But yesterday it reported a loss before tax of £76million for 2019, after forking out £12.8million of fees relating to the failed Provident deal and writing down the value of its businesses.”

Ian Carrotte of ICSM Credit said: “The decline has been blamed on borrowers unable to pay up or not taking out new loans due to the Covid-19 crisis but that flies in the face of the facts. Last year they make a massive loss. It’s become the easy way to blame failure, a bit like last year when collapsed firms blamed Brexit for their liquidation.”

Pre-packs for tents and shirts

Go Outdoors has been bought in a pre-pack by its parent company JD Sports adding another layer of controversy over the scheme aimed at saving the jobs of collapsed companies. The firm that sells camping equipment and other kit for use in the great open spaces of the UK said it had been hit by the Covid-19 crisis with no footfall for three months.

“It’s not a good look,” said Ian Carrotte of ICSM Credit, “as the suppliers won’t get paid and since the firm was already struggling before the lock down then it is likely to find trading tough again. In the meantime all those firms that supply the goods are left high and dry.”

He said a similar situation was possible at the shirt company TH Lewin. The firm’s new owner is said to have drafted in restructuring experts to seek an arrangement that may lead to the closure of the majority of its 66 stores. The Sunday Times reported that restructuring firm, ReSolve, was called in for the menswear retailer to make the brand move online with just a few stores.

Ian Carrotte pointed out it had become a trend during the Covid-19 pandemic as other retailers were using pre-packs to be re-acquired by their owners such as retailers Quiz, Kath Kidston and Monsoon Accessorize.

Virgin Atlantic’s funding struggle

Sky News have reported this week that Virgin Atlantic Airways is ‘racing to stitch together a £900m privately funded rescue deal within days after concluding that it was unlikely to secure an emergency government bailout.’

The news network said: “We can reveal that the airline founded by Sir Richard Branson in 1984 has substantially increased the size of its proposed refinancing amid forecasts of a protracted post-coronavirus recovery for the aviation industry.”

City sources said that Virgin Atlantic, led by chief executive Shai Weiss, was now targeting an overall package of at least £800m and potentially as much as £900m, as talks with a wide range of stakeholders continue before a deadline in early July. If the talks fail and the Government also refuses to help then the airline would enter administration.

“My understanding is that a pre-pack has already been lined up,” said Ian Carrotte of ICSM Credit. “It’s the go-to strategy in these situations as nobody is going to let an airline that size disappear. The losers will be the creditors and staff. That’s why no one in their right mind should offer credit to firms in danger of collapse.”  

Liverpool hotel bought out of administration

Legacy Hotels have acquired the famed Liverpool hotel 30 James Street from the administrators. The Liverpool hotel was run by Signature Living until it went into administration last month as the development group fell into financial trouble. It is one of a number of companies within the Signature Living group to go bust.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Business trashed, jobs lost, economy ruined, lives destroyed, 60,000+ dead: yes the Government’s handling of Covid 19 has been a balls up from the start

For a so-called libertarian Tory Boris Johnson has turned Britain into a depressing, red-tape filled, job’s worth empowered, nanny state where the economy is trashed, the arts destroyed, jobs lost by the million and businesses driven to the wall in their tens of thousands.

It’s enough to make you long for the days of Theresa May or even a Jeremy Corbyn Government – I can’t believe either of those two administrations would have been worse at handling the Covid-19 crisis.

Bunglers in Downing Street

Apparently the crisis is over according to the bunglers in Downing Street – and yet there are as many deaths now (if not more) from the wretched virus as there were when we entered lockdown. So what was the point? And why are the restrictions under lockdown being eased in such an uneven and unfair manner?

Cinemas can open but not open air theatres like the Minack Theatre on the cliff tops of Cornwall. Pubs can open but with so many restrictions it will be impossible to make a profit for many and the convivial atmospheres taken away. Private schools remain closed but state schools are told to reopen, shops can open but all the pleasures of shopping such as having a good old browse are denied. Then there’s the continued ban on village cricket, taking a dip in your local swimming pool and as for the restrictions on how hair salons can operate – don’t get me started. We are living in a dumbed down dystopian future when the police can stop you in Wales if you travel more than five miles from home or arrest you if you refuse to wear a mask on a bus in England.

Barnard Castle affair

Ever since the Dominic Cummings at Barnard Castle affair a big chunk of the population have taken the common sense approach and broken the lockdown rules by assessing their own personal risk. It’s what adults do every day and it certainly doesn’t need the Government to instruct them on how to live their lives. The Governments of the UK suddenly had a chance to assert their authority by laying down unworkable rules during the coronavirus outbreak but failed spectacularly to protect key workers, health workers and residents of care homes. Their first priority should have been those most vulnerable to the virus and allowed the rest of the population to have the facts and warnings and make up their own minds as the Swedish authorities did. And in Sweden they have a lower death rate from Covid-19 per million people than we do – but they haven’t sacrificed their economy and jobs to the extent we have.

One million left with nothing

The furlough scheme may have been a godsend for many workers but all the grants, loans and subsidies were not available to around one million freelancers, recently employed, company directors of tiny businesses and a whole host of other workers. Many firms have abused the system insisting their staff continue to work from home by taking emails and sorting out orders and queries – and thus subsidizing companies with tax payers’ money. And as the scheme comes to an end – many firms are simply shutting up shop, buying the core of the business off the administrators, dumping the debt and restarting under another name.

Curtain twitchers

What is needed is a Government that treats us as grown-ups. Here are the facts – nobody should be forced to work or be placed in a situation where they could be infected or if they are simply vulnerable – now decide how to deal with the virus using your own judgement. We do it when we make a call over flu, mumps, measles and all the other common diseases which can kill or certainly make us very ill. Instead the curtain twitchers and the holier-than-thou lockdown evangelists lambast the demonstrators in London, sunbathers in Bournemouth and picnickers in the parks – reporting them to the police who cannot enforce the regulations – and surprise, surprise – despite the hysteria outdoor gatherings haven’t created a peak in infections. Instead it is confined and over-crowded spaces where the virus has been passed on – you’d have thought the air heads in Downing Street would have worked that one out themselves since the PM contracted the virus that way.

A bureaucratic and dictatorial Britain

Pubs without the camaraderie, school without gossiping in the corridor, shopping without browsing and football without supporters. It’s a bureaucratic and dictatorial Britain which has destroyed businesses, livelihoods and jobs, put the fear of God into otherwise reasonable people, left a health time bomb and an economic and educational legacy that will take years to recover from. It could have been handled so much better.

Harry Mottram

Harry Mottram is a freelance journalist. His website is at http://www.harrymottram.co.uk/

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

Joycelyn Neve Pic: The Caterer

ICSM Credit Latest News: Gastropub owner ‘heartbroken’ by insolvency; Intu finally admits the inevitable; and Go Outdoors and Hotter crash; plus more news…

Trade publication The Caterer has reported on one of the devastating effects what some in business feel has been the unnecessary Covid-19 shut down has caused: the ruin of perfectly good businesses. Emma Lake wrote in her article for The Caterer: “Founder of the award-winning Seafood Pub Company Joycelyn Neve has said she is ‘heartbroken’ to have appointed administrators to the 10-site group after failing to secure a Coronavirus Business Interruption Loan (CBIL). Neve, who won the Pub and Bar Award at the 2016 Cateys, founded Seafood Pub Company when she was 25 years old with the 2010 opening of the Oyster & Otter in Blackburn, growing the business across the north west.”

Family history

The journalist said the seafood-led concept was born out of her family’s history in the fishing industry, which dates back to the 18th century, with her father Chris most recently co-founding Fleetwood fish firm C&G Neve.

In a statement Neve said: “Seafood Pub Company has filed notice of intention to appoint administrators. Unable to access government support from a CBIL, an internal fundraise followed with the bank and investors. Whilst both were supportive, the investor fundraise failed, as did a subsequent management buyout attempt. Without funding, and no income since the forced closure, the business will go into administration.”

“It goes without saying I am truly heartbroken to have lost the business, but even more so for my team and seafood family. We fought as hard as possible, every step of the way and I am just so sorry that we weren’t able to save the business. I can’t thank the team, guests, suppliers, and everyone who has been part of Seafood Pub Company enough, for their support and friendship the past nine years and especially for the kindness and well wishes at this incredibly difficult time.”

Ian Carrotte of ICSM Credit said: “This is a classic case of how good businesses have been destroyed during the pandemic. And in my opinion the crisis has killed many enterprises in the hospitality industry completely needlessly. If the lock down had been less draconian along the lines of Sweden more businesses would have survived.”

Intu bows to the inevitable

The BBC business department have reported on the shopping centre giant Intu’s latest financial troubles. They report: “Intu, which owns some of the UK’s biggest shopping centres, has appointed administrators as a “contingency” in case financial rescue talks fail. In March, the owner of the Trafford Centre and Lakeside said it was in talks with lenders about new funding. Intu had been struggling before coronavirus to fill outlets within some centres sites, and had heavy debts. On Tuesday, Intu said “notwithstanding the progress made” it had appointed KPMG to plan for administration.”

Ian Carrotte of ICSM Credit issued a warning to potential suppliers to Intu earlier in the Covid-19 crisis who may not get paid if the company entered administration. He said Intu’s problems were compounded by Covid-19 but the seeds of their difficulties were sown last year when they made a £2bn loss – something any firm would have trouble coping with.

Go Outdoors is about to go

The Daily Mail’s business section have reported on the demise of another bricks and mortar retailer hit by the Covid-19 crisis. They reported: “JD Sports has confirmed it is looking at a number of options for its struggling subsidiary Go Outdoors as it filed for court protection to keep the firm’s creditors at bay. The update comes in the wake of reports at the weekend that outdoor equipment retailer Go Outdoors, which has 67 stores and employs 2,300 people, was on the brink of administration. But the firm’s parent, JD Sports, said it is yet to hire administrators to take on the business. Deloitte is understood to have been put in charge of the administration process, which could see Go Outdoors undergo a restructuring to ease its debts and rent obligations.”

The Manchester-based JD Sports outift bought Go Outdoors for £112million in 2016 but like many retailers has struggled with changing shopping habits including a switch on online purchases.

Hotter in hot water

The shoe shop chain Hotter is reported to have launched a Company Voluntary Arrangement in order to save itself from a total collapse. If the creditors agree to their plans then most of the 80 stores would close leaving just 15 to continue supplying the British public with footwear. Company Rescue have reported: “Electra Private Equity, its parent company, said the management had been in discussion with its retail landlords to seek agreement to reduce the number of stores to a more viable level and cost. However, discussions had been unsuccessful in reaching the agreement needed to allow the retailer to continue.”

Bristol truck firm stops trucking

Motor Transport’s Chris Tindall has reported on the collapse of the Bristol haulier Drive Force (UK) with the loss of 47 jobs. He wrote: “The Bristol company appointed Paul Wood and Simon Haskew at Begbies Traynor on 4 June and its doors were closed for the last time.”

The journalist reported on the words of Wood, a partner at Begbies Traynor, who said: “The company had been experiencing significant financial difficulties as a result of the Covid-19 pandemic and was unable to meet its outstanding costs. Despite using the government’s furlough scheme for a number of months, sadly the business had no viable prospect of a return to future trading.”

Motor Transport said the firm was in incorporated in 1999, and was a specialist in bulk car and HGV distribution and storage across the UK and Europe. It held a standard international licence covering three operating centres; two in Exeter and one at its main Bristol depot where it was authorised to run 25 HGVs.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Jo Francis of Print Week magazine

The print industry is well represented in ICSM Credit with trade bodies and major companies making up a substantial section of their membership. So any news of how the industry is faring is of interest, Writing in the trade publication Print Week Jo Francis has reported on the state of play of firms as they look to emerge from the Covid-19 crisis.

Publication printers are in particular suffering from the economic shut down as members of the public have broken their habits of buying newspapers and magazines as they have been in lock down. She reported: “Prinovis UK in Liverpool, the last remaining publication gravure printer in the UK, is consulting on 92 redundancies at its Speke site. The £66m turnover firm employed 483 staff according to its most recent accounts, so it would reduce its headcount by nearly 20% if the redundancies go ahead.”

She said in her article: “Printing industry bosses are wrangling with a number of issues, including trying to work out what level of business is likely to return. One senior industry source commented: ‘Covid will increase structural change in print. What will happen in the normal busy season from July to October? What will happen with retail? It’s hard to see travel bouncing back. We are trying to work out what volumes are there now, what will come back and how quickly; and what won’t come back.’”

BPIF Outlook Report

Ian Carrotte said some sectors of the industry had been in decline for years but the Covid-19 crisis had accelerated trends such as the fall in demand for newspapers. “There will be a major restructuring with many firms going to the wall although out of all recessions come new players. One simple observation that comes from the lockdown is the amount on online shopping that’s taken place. That is a huge boost to the couriers – many of who are members of ICSM – but also the packaging and cardboard industries.

“The BPIF – it’s a trade body for the print industry – said in their Outlook survey that confidence has been decimated in the business in quarter one because of Covid-19. They cite the Credit Crunch of 2008 as the last time it was this bad but I feel it’s worse.”

The BPIF Outlook Report said: “After two quarters of marginal improvements at the end of last year, the forecasted output balance of +15 for Q1 was wiped out as 60% of respondents experienced a decline in output. Just under a quarter of respondents (23%) held output steady, while 17% increased output levels. As a result of the dramatic decline, the Q1 balance was -43. This is the worst since Q1 2009 when the industry was dealing with the aftermath of the financial crisis. However, it is Q2 that is expected to bear the brunt of the impact, due to the UK lockdown that was announced by prime minister Boris Johnson on the evening of 23 March.”

Gareth Ward is a well known figure in the print industry

Print Business report

The editor of industry publication Print Business Gareth Ward has given a breakdown of the various aspects of the affect the Covid-19 crisis has had on the business. However it’s not all doom and gloom. He writes: “In Nottingham, carton printer Wilkins has seen a surge in orders as supermarkets struggle to keep the shelves full. If packaging is enjoying an increase in demand, so to should other sectors. Europe wide trade association Intergraf has called for print to be designated an ‘essential service’ during the crisis. It points out that print is needed for packaging, hygiene products and medicines; information leaflets, posters and government communications; newspapers (though distribution is an issue if workers are not commenting to pick up their daily and one in ten at least has no access to the internet; and books, which need to keep up with demand from a population confined to their homes except for the weekly shop at the supermarket.”

Tribute to former Picon man

Ian Carrotte of ICSM Credit said the print industry had lost one its champions after the news of the death of Martin Olive aged 76,  was reported in Print Business magazine by Gareth Ward. He said: “Martin had been chairman of Picon twice and was the boss at Openshaws supplying consumables to the litho industry. Picon have been staunch supporters of ICSM Credit offering their members the benefits of credit intelligence – even more vital in these uncertain times. On behalf of everyone at ICSM I would like to pass our condolences to his family and friends at this difficult time.”

Gareth Ward wrote: “Olive was of the affable variety of Yorkshiremen, with a strong belief that once agreement had been reached then that deal would be adhered to.”

Brendan Perring. Pic: SignLink

Print industry trade associations merge

Print Monthly’s Rob Fletcher has reported on the merger of two of the printing industry’s trade groups the Independent Print Industries Association (IPIA) and the British Association of Print and Communication (BAPC).

He notes: “The two bodies say that by joining forces, they will combine their shared focus of supporting and driving print in the long-term. Sidney Bobb, who has served as chairman of the BAPC more than three decades, will take on the role of BAPC president, while Graeme Smith will continue as chairman of the IPIA. Former Print Monthly editor Brendan Perring will now serve as chairman of the BAPC.”

Ian Carrotte of ICSM credit welcomed the news. He said: “The IPIA is a member of ICSM Credit and enjoy the benefits of membership with credit intelligence, debt collection and inside information on who is in trouble and which industries are struggling. Printers serve just about every business in the UK so members hear in advance bad news of the likes of Thomas Cooke or Carillion so they can avoid their business. I’m sure Brendan will be a proactive and effective chairman of the BAPC and we wish him all the best in his new and expanded role within both organisations.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Suppliers beware of the cold winds of recession as companies default, propose CVAs and plead Covid-19 poverty rather than pay up (latest list here)

When one of the largest stationers, paper and envelope suppliers in the UK went bust in May, suppliers were left with £3m in unpaid invoices. Spicers Office Team’s management said the collapse was caused by the Covid-19 crisis bringing much of their business to a halt.

“That’s not entirely true,” said Ian Carrotte of ICSM, “the Covid-19 excuse is being trotted out like Brexit uncertainties were last year. Spicers had massive debts and as soon as they hit March 23’s lock down they couldn’t see a way forward. They will be followed by many more like them as furloughing ends and suppliers have to face up to the cold winds of recession this year and be on guard.”

He said there were a raft of companies that suppliers must be wary of in all industries and it was essential not to give what he called ‘free loans in the form of unpaid supplies and services’ to customers who then go bust.

“If you get a big order from a company you’ve not had before then check them out with ICSM. We hear of who is in trouble and not paying their bills from our members. From hotels to printing companies the word gets out – so don’t get caught,” he said.

The hotel chain Suite Hospitality has entered administration

There is considerable concern over a number of firms with problems this week. The hotel chain Suite Hospitality has entered administration while Poundstretcher is looking to shut half its 500 plus stores. Ian Carrotte said any firm making major restructuring plans must be kept on eye on. Another firm to go bus this week is Wicksteed park in Kettering that opened as a theme and pleasure park 99 years ago.

Ian Carrotte said that construction giant Mace’s report this month paints a gloomy picture – but one that suppliers need to take note of. It reports that there will be ‘a return to cut-throat bidding and cashflow drying up as some of the issues facing the industry in the coming months.’ Having already laid off hundreds of workers during the crisis the Mace Group headquartered in London, employs approximately 5,000 people in the UK and abroad with a turnover in the billions.

LATEST NEWS

No saints in the High Street

Fashion chain All Saints have proposed a Company Voluntary Arrangement (CVA) with is suppliers in a bid to stay in business with a deadline for agreement in July. Top of their list are rent reductions from landlords for their stores across the UK – with 17 in London alone. The CVA is being handled by Alvarez & Marsal – something its 3,000 staff and many suppliers will take a great interest in.

Unhealthy news from health store

Holland and Barratt have seen a £25m loss in the last financial year despite an upsurge in business during the Covid-19 crisis as they were one of the essential retailers allowed to remain open. The Retail Gazette reported at Christmas: “Holland & Barrett lenders have reportedly urged the retailer’s Russian billionaire owner Mikhail Fridman to inject new funds as tough retail conditions start to bite. According to The Sunday Telegraph, Fridman is under pressure to stabalise Holland & Barrett’s balance sheet after chief executive Tony Buffin last month warned on a sharp slowdown across the health and wellbeing retailer’s 767 stores. City sources speaking to the newspaper also said Holland & Barrett’s earnings were £104 million in the year to September, which did not meet expectations.”

Shopping centres owner’s £121 loss

London Stock Exchange listed NewRiver REIT who owns 33 shopping centres, 25 retail warehouses, 14 high street units and over 700 public houses has revealed a £37m loss last year with a post tax loss of £121 announced this week. The news of Intu also struggling to stay afloat reveals the problems of the firms that own retail centres which have been for the most part shut for the last three months.

Fashion firm swoops to buy rival’s online business

The internet based fashion house BooHoo has bought the online brands of Oasis and Warehouse out of administration for £5.25m after announcing its own online sales rose 45% during the lock down. Manchester-based Boohoo also splashed the cash and bought brands MissPap, Karen Millen and Coast earlier this year. Very few of the Oasis and Warehouse’s 1,800 workers will be taken on as the chain has already closed its 90 shops and 437 concessions in department stores.

Tipper firm tips up

Haulier P J Brown (Construction) has gone into administration blaming the end on the effects of the Covid-19 pandemic. Based in Crawley the tipper truck and haulier founded in 1980 had 79 vehicles and have appointed joint administrators Nicholas Cusack and David Perkins of Parker Andrews and Andrew Andronikou of Quantuma. However PJ Brown (Civil Engineering) continues to trade.

Long Tall Sally cut short

The fashion company for taller women Long Tall Sally has collapsed into administration. The first store was opened in 1976 on Chiltern Street in the West End of London. By 2014 there were 10 stores in UK, five in the US, seven in Canada, and five in Germany.  On their website they have put: “We’re as sad as you are about closing Long Tall Sally but we’re here to help, so if you’ve got questions, we’ve got answers. You’ll find most of them below, along with contact details for our Customer Care team. Thank you for all your support.” They have also given this email address for suppliers who have not been paid: finance@longtallsally.co.uk

Pre-pack for Oak Furnitureland firm

The once mighty Oak Furnitureland retailer has been bought via a Deloitte managed pre-pack deal by global investment management firm, Davidson Kempner Capital Management for an undisclosed sum. Reports say that Alex Fisher, the companies’ current CEO will stay in post and the 1,491 employees will also be retained in the 100 plus chain of stores. Based in Swindon the new owners say they will negotiate with landlords and suppliers over unpaid bills. 

Former owner linked to bust bakery cafe chain Le Pain Quotiden

French-themed coffee and bread chain Le Pain Quotidien has been bought out of administration by BrunchCo21, linked to its former owner, Cobepa. Some 200 staff were canned from its 26 outlets when it crashed this spring. The new owners hope to negotiate with the landlords of the remaining 16 properties in order to re-float the business although there is no word of what happens to unpaid suppliers.

Poundstretcher

The high street retailer has remained largely open throughout the shut down as the nationwide chain sells food and medicines and was thus one of the exempted businesses. Despite this the company is in trouble and looking to launch a company voluntary arrangement  with its creditors. In particular is wants its landlords to cut rents to 330 of its 450 stores.

Travelodge

A group of landlords have demanded the hotel chain Travelodge reveal details of its planned CVA ahead of a creditors meeting on June 19. The CVA would see a big cut in rents as well as shareholders injecting £240m into the business to ensure no hotels are closed.

The Restaurant Group

Another firm in the hospitality industry seeking a CVA is The Restaurant Group (TRG). If the revised finances and rents can be agree the group who own Frankie & Benny’s could close 125 outlets of their 226 sites. Reports say their Chiquito, Coast to Coast and Garfunkel’s brands will also be also impacted, but its Wagamama restaurants are safe.

Warning from ICSM Credit’s Ian Carrotte

When fashion brand Autonomy went into administration in March it owed suppliers £940,000 and was ordering stock right up tothe last minute. No business is safe from insolvency. It’s a warning to all suppliers who go on blindly suppling goods and services which will never be paid for. There are a lot of companies in all industries that are struggling to survive but as long as they are paying suppliers, or have a repayment plan in place or another arrangement that guarantees payment – then fine. But if a client airily dismisses concerns over non-payment then the rule is DO NOT SUPPLY THEM.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Comment: furloughing has simply delayed the inevitable for zombie firms (Plus news of pre-packs, insolvencies and company collapses)

As soon as the Chancellor Rishi Sunak announced the introduction of the furlough scheme at the start of the Covid-19 crisis my immediate reaction was it wouldn’t end well. How can companies survive with little or no income when all the overheads continue as before? Without reserves firms face at best a shrunk down operation and at worst insolvency.

And that’s precisely what we are seeing as retailers reopen – or not – and the hospitality and travel industries plead for a relaxation of the two metre social distancing rule. Around 600,000 workers have lost their jobs since March 23, with many more to follow as businesses great and small realise they have to restructure or collapse. In short furloughing has simply prolonged the inevitable.

Zombies kept alive by furloughing staff

Furloughing has kept zombie companies alive for a few weeks but since so many were barely able to repay their debts before the crisis there is and will be a high casualty rate. In retail there’s Autonomy, Cath Kidston and Victoria’s Secret to name but a few while the list of empty pubs and restaurants that won’t reopen increases daily. In contracting industries like high street retailing, the newspaper business and motor manufacturing the furlough scheme is if anything making a bad situation worse.

Meanwhile many profitable start-ups, freelancers and sole-traders have been unable to access the grants, the loans or even the furloughing scheme – and have been left to fend for themselves. Instead a list of the greedy companies with plenty of cash such as Virgin Atlantic, Arcadia, Primark and Optare have helped themselves to what their lawyers call ‘free money’ at the tax-payers’ expense. With an end to furloughing in sight the zombie companies, the how-have-they-survived-until-now companies, the heavily in debt firms and businesses with unhelpful bank managers will go bust. And those that are left will wonder why billions of pounds were ploughed into furloughing when perfectly sound businesses were given little or no help. It is all working out rather predictably with the end of furloughing resulting in collapsed firms, unpaid suppliers and millions out of work.

Ian Carrotte

News headlines

Fashion firm swoops to buy rival’s online business

The internet based fashion house BooHoo has bought the online brands of Oasis and Warehouse out of administration for £5.25m after announcing its own online sales rose 45% during the lock down. Manchester-based Boohoo also splashed the cash and bought brands MissPap, Karen Millen and Coast earlier this year. Very few of the Oasis and Warehouse’s 1,800 workers will be taken on as the chain has already closed ita 90 shops and 437 concessions in department stores.

Tipper firm tips up

Haulier P J Brown (Construction) has gone into administration blaming the end on the effects of the Covid-19 pandemic. Based in Crawley the tipper truck and haulier founded in 1980 had 79 vehicles and have appointed joint administrators Nicholas Cusack and David Perkins of Parker Andrews and Andrew Andronikou of Quantuma. However PJ Brown (Civil Engineering) continues to trade.

Long Tall Sally cut short

The fashion company for taller women Long Tall Sally has collapsed into administration. The first store was opened in 1976 on Chiltern Street in the West End of London. By 2014 there were 10 stores in UK, five in the US, seven in Canada, and five in Germany.  On their website they have put: “We’re as sad as you are about closing Long Tall Sally but we’re here to help, so if you’ve got questions, we’ve got answers. You’ll find most of them below, along with contact details for our Customer Care team. Thank you for all your support.” They have also given this email address for suppliers who have not been paid: finance@longtallsally.co.uk

Pre-pack for oak furniture firm

The once mighty Oak Furnitureland retailer has been bought via a Deloitte managed pre-pack deal by global investment management firm, Davidson Kempner Capital Management for an undisclosed sum. Reports say that Alex Fisher, the companies’ current CEO will stay in post and the 1,491 employees will also be retained in the 100 plus chain of stores. Based in Swindon the new owners say they will negotiate with landlords and suppliers over unpaid bills. 

Former owner linked to bust bakery cafe chain Le Pain Quotiden

French-themed coffee and bread chain Le Pain Quotidien has been bought out of administration by BrunchCo21, linked to its former owner, Cobepa. Some 200 staff were canned from its 26 outlets when it crashed this spring. The new owners hope to negotiate with the landlords of the remaining 16 properties in order to re-float the business although there is no word of what happens to unpaid suppliers.

Warning from ICSM Credit about firms in trouble

When fashion brand Autonomy went into administration in March it owed suppliers £940,000 and was ordering stock right up to when they went bust. No business is safe from insolvency. It’s a warning to all suppliers as many go on trading with firms who are showing all the signs of being in trouble but blindly supply them with goods and services which will never be paid for. There are a lot of companies in all industries that are struggling to survive but as long as they are paying suppliers, or have a repayment plan in place or another arrangement that guarantees payment then fine. But if a client airily dismisses concerns without addressing them then the rule is DO NOT SUPPLY THEM.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Comment: proposed code of practice for commercial landlords and tenants is a fudge (Plus news of struggling firms suppliers may want to avoid)

Commercial tenants (and in particular those in retail, hospitality and travel) have been hammered by the Covid-19 crisis and the lock down. The Government’s Corporate Insolvency and Governance Bill has given protection to commercial tenants from eviction due to rent arrears until June 30, 2020.

What happens then? The answer is despite all the warm words in the proposed draft copy of the Government’s code of practice about the two parties agreeing a rent payment plan which prevents tenants being evicted there is nothing in it which prevents a landlord from kicking out a tenant who is three months behind in their rent. The tenant has to prove their non-payment is due to the lock down and pandemic crisis otherwise as one high street retailer said ‘the code of practice isn’t worth the paper it’s written on’.

A missed opportunity

It is another missed opportunity to give the High Street and small and medium sized businesses an even break in an incredibly difficult economic climate. Commercial rents only ever go up, while earnings for businesses (I’d say the vast majority in 2020) will go down. Utility bills only go up, there’s the long standing bone of contention of the unjust business rates – and the lack of taxation of firms like Amazon who pay a fraction of tax in proportion to what the average print company, newsagent, sign-maker, shop, courier or pub has to pay.

What is needed is comprehensive legislation that protects British businesses, manufacturers, retailers, hospitality and the service industries from unfair competition and high overheads. Instead the proposed code of practice for commercial landlords and tenants will be a fudge. For those it is aimed to help it is a merely a paper umbrella for a Covid-19 downpour while for landlords it is merely an inconvenience but essentially allows for the business of evictions and high rents to continue as usual.

News of famous firms in financial trouble suppliers may want to avoid

Poundstretcher

The high street retailer has remained largely open throughout the shut down as the nationwide chain sells food and medicines and was thus one of the exempted businesses. Despite this the company is in trouble and looking to launch a company voluntary arrangement  with its creditors. In particular is wants its landlords to cut rents to 330 of its 450 stores.

Travelodge

A group of landlords have demanded the hotel chain Travelodge reveal details of its planned CVA ahead of a creditors meeting on June 19. The CVA would see a big cut in rents as well as shareholders injecting £240m into the business to ensure no hotels are closed.

The Restaurant Group

Another firm in the hospitality industry seeking a CVA is The Restaurant Group (TRG). If the revised finances and rents can be agree the group who own Frankie & Benny’s could close 125 outlets of their 226 sites. Reports say their Chiquito, Coast to Coast and Garfunkel’s brands will also be also impacted, but its Wagamama restaurants are safe.

Warning from ICSM Credit’s Ian Carrotte

When fashion brand Autonomy went into administration in March it owed suppliers £940,000 and was ordering stock right up tothe last minute. No business is safe from insolvency. It’s a warning to all suppliers who go on blindly suppling goods and services which will never be paid for. There are a lot of companies in all industries that are struggling to survive but as long as they are paying suppliers, or have a repayment plan in place or another arrangement that guarantees payment – then fine. But if a client airily dismisses concerns over non-payment then the rule is DO NOT SUPPLY THEM.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Pic: Daily Telegraph

SCANDALS: how the Royal Bank of Scotland and the Post Office forced SMEs into insolvency

Two of the nation’s best known financial institutions stand accused of irregularities, allegations of fraud and mismanagement that has led to hundreds of small businesses going to the wall. The Post Office and the Royal Bank of Scotland have had practices exposed which shed light on some dubious practices which have damaged their images as the friend of small businesses.

In the first case the Post Office used a computer system which incorrectly showed that hundreds of Post Office postmasters appeared to be embezzling thousands of pounds. It led to the Post Office prosecuting the postmasters who were then fired, went bust, were fined and even sent to prison in some cases. The central issue was the sheer scale of the alleged embezzling suggested something was wrong as it landed 900 postmasters in trouble and the use of the Post Office of a Horizon computer system to check the accounts of the postmasters.

Pic: Talking Retail

After investigation by journalists it emerged the postmasters were unaware managers at the Post Office could manipulate the computer data remotely meaning potential errors could happen.

A BBC Panorama programme as well as reports in Private Eye, the national press and BBC Radio 4 revealed managers knew problems with Horizon that could make money disappear. An audit by Ernst and Young showed serious problems with Horizon suggesting the idea 900 postmasters were thieves was highly dubious.

The BBC reported this week: “It then became a central issue in a civil court case brought by 550 postmasters in 2017. The Post Office agreed to pay £58m to settle the case last year. During the trial, the Post Office admitted remote access without the postmaster’s knowledge was possible. Managers claimed they had made an honest mistake when dealing with Panorama because they had not been aware that remote access to Horizon was possible. But the programme showed its evidence to Rachel Reeves MP, who had been leading an inquiry into the Post Office and Horizon for the business select committee.”

Rachel Reeves MP was chair of the Business, Energy and Industrial Strategy Select Committee said: “It is very serious that the Post Office were sitting on information that told them, and could have told the courts, and their sub postmasters, that other people could access their systems.”

The BBC reported that thousands of pages of internal Post Office documents were disclosed in the civil trial and Panorama spent months investigating previously unseen evidence.

The investigation reveals how Post Office managers ignored reports of multiple faults with the Horizon computer system. Now all 900 convictions could be overturned with the Post Office facing a billion pound bill in order to compensate the postmasters.

Ian Carrote of ICSM Credit said: “It is hard enough to run a successful local business at the best of times but to have your accounts manipulated by a third party suggesting you are a criminal – is in my opinion criminal. Some Post Offices may have seen a decline in trade with some services moved on line but they are still a vital local asset especially in small towns and villages and without this scandal far fewer would have closed.”

Pic: The Guardian

Three years ago the Royal Bank of Scotland was found to have forced hundreds of businesses to go bust by their now defunct Global Restructuring Group (GRG). The GRG would take control of an ailing business with the promise of turning it around with a system of loans and expert business consultants. Instead they forced the businesses to accept impossibly high interest rates and repayment terms and gave no expert business advice. They forced the firms into liquidation and then stripped them of their assets.

That was bad enough but last December a report by the Financial Conduct Authority announced it would take no further action despite evidence of “systemic and widespread” mistreatment of SMEs between 2008 and 2013.

The all-party parliamentary group on fair business banking and finance Kevin Hollinrake MP said: “This report is another complete whitewash and another demonstrable failure of the regulator to perform its role.”

Ian Carrotte of ICSM Credit said: “It appears that banks are a law unto themselves. Now those hit by the scandal and lost their businesses have taken legal action to claim millions of pounds from the bank after the parliamentary group published the report in full disclosing damning evidence this year. I wish them luck as the nation needs SMEs like never before.”

ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Lingerie retailer Victoria’s Secret UK collapses into administration as the High Street takes another blow

Covid-19 and a decline in the high street retail sector creates a perfect storm for Victoria’s Secret UK

High profile lingerie retailer Victoria’s Secret UK has gone into administration following an operating loss last year which strained it finances and amid the devastation of closing it 25 stores due to the lock down this year.

Deloitte are now tasked with finding a buyer for all or part of the business and attempting to save some 800 jobs and find the money to pay suppliers who have been queueing up with unpaid invoices.

“It’s another hammer blow for retailing,” said Ian Carrotte of ICSM Credit, “it makes you wonder what will be left by the end of the year. My concern is always for the suppliers as all retailers order huge amounts of stock plus are serviced by everyone from the sign-maker to the window cleaner. When a firm enters administration getting paid becomes even harder so my advice is to insist on favourable payment terms such as cash up front.”

The firm had suffered from a downturn in sales last year as it struggled to update its image as fashions changed. Its 2019 fashion show was cancelled after TV ratings slumped and there was criticism of its sexist style and a lack of diversity.

The administration follows on a long list of retail troubles with the collapse of Cath Kidston, the ongoing problems for Debenhams and the high street brand Laura Ashley experiencing again financial problems.

ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Covid-19 opinion: the lock down doctrine is flawed as without a healthy economy there isn’t a healthy country

Covid 19 – did we really have to shut down the economy? Millions out of work, businesses destroyed and an extreme cure that’s worse than the infection. Thoughts on the greatest economic folly of our time by columnist Harry Speed.

It is heresy to suggest the Government policy to stop the spread of Covid-19 by shutting down the economy is wrong – in fact I can quite believe you can be burnt at the stake for it. The lock down evangelists have turned the nation into a country of curtain twitchers and snitchers who report to the police on their neighbours for having a back garden barbecue with close relatives. They also take to social media to promote the orthodoxy of health before the economy and demand the lock down continues, schools remain closed, sport is banned and beaches and parks are empty.

The doctrine is flawed as without a healthy economy there isn’t a healthy country. Without jobs and household incomes the nation will become bankrupt. And without work and without the right to go out and about, people go nuts. Suicides, domestic violence and the damage to mental health have a huge effect on society. With health appointments abandoned there is a ticking time bomb for the NHS. Of course it is easy to demand stringent lock downs when you are indefinitely at home on full pay, retired with a large pension or in the pay of the Government with a salary guaranteed. But in the real world and in a mixed economy people need to work.

To suggest anything else and the lock downers are ready to place the self-employed, small businesses and those simply wanting to go for a game of football in the park placed on the rack and tortured for the temerity of having a different opinion.

The reason why we have adopted the insanity of lock down and closing the economy is because we’ve followed the example of China where the Covid-19 virus emerged. The Peoples Republic of China is a one party totalitarian police state who locked up journalists and threatened medics who raised the alarm. Then when they realised the virus was killing thousands of mainly elderly people they went to the other extreme of total lock down and as a result most nations have followed their example. If the virus had emerged in New Zealand or another democratic country things would have been different. South Korea and Germany’s ruthless track and trace policy have shown how the virus should have been tackled – something that sadly the UK failed to copy.

So where do we go from here? Well we don’t go on persecuting the self-employed, retailers and the hospitality, travel and holiday industries. There is only one solution to Covid-19 and that is to live with it. In the UK lock down rules are being relaxed despite the fact there are just as many deaths from the virus now than when the lock down on March 23rd was introduced. So why relax the rules? The answer is the Government has realised it can’t go on forever as apart from a growing resistance to their measures the Dominic Cummings affair blew a hole in the policy. Suddenly it no longer seemed a crime to visit relatives or simply to go fishing. We can even go shopping – hallelujah.

What business needs now is to open up to near normal with basic hygiene and social distancing in place. Pubs, cafes, cinemas should reopen along with airlines and the holiday and travel industries. Yes there will be some restrictions but where the virus flares up then measures to lock down locally can be put in place. Many diseases have no cure or a jab and Covid-19 may never be conquered. We just have to live with it.

Harry Speed

For more on Harry Speed visit his Blogspot and Facebook sites. 

ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Ugly face of the Covid-19 crisis as theatres close leaving the suppliers with nothing

Cinderella was a hit at the Southport Theatre but with the theatre shut there’s no cash

Ian Carrotte: chase invoices owed by theatres, pubs and the night time economy in general as many will not reopen

Theatres and to an extent the night time economy in general have in a way designed to allow Covid-19 and other virus’ to be passed on.

Last week Southampton Nuffield Theatres entered administration, with Southport Theatre and the Halifax Arts Centre following suit while even Shakespeare’s Globe Theatre in London in danger of financial collapse.

No fairytale ending: Southport Theatre is set to close due to the Covid-19 recession

Writing in the theatres’ trade magazine The Stage Matthew Hemley quoted the artistic director of the Leicester Curve Theatre Nikolai Foster as saying that the Covid-19 crisis had: “catapulted our already fragile industry into a perilous and uncertain future.”

Ian Carrotte of ICSM Credit warned that theatres and other aspects of the night time economy from pubs to night clubs and music venues to cinemas should be treated with caution as far as suppliers are concerned.

“A large theatre or arts centre have a wide range of suppliers from printers to food wholesalers,” he said, “much of which was invoiced before the lock-down and theatres went dark. Many of those invoices have not been paid and if you take Nuffield Theatre Southampton of Southport as examples then it is unlikely those places will reopen. My advice is to chase up all invoices relating to the night time economy whether it’s a pub, night club, cinema or arts centre as many will be gone come the end of the furlough scheme. At the moment many will have reserves but won’t want legal action so take advantage of our temporary free membership and free legal letters and act now.”

Tight purse strings: Shakespeare’s Globe Theatre is feeling the pinch

Georgia Snow for The Stage reported: “The operator of the Southport Theatre and Convention Centre has gone bust due to the effects of coronavirus, forcing the Merseyside venue to shut indefinitely. Bliss Space (Southport) Ltd said the ‘devastating trading conditions’ wrought by Covid-19 combined with an uncertain future mean they had “no choice but to place the company into liquidation.”

To give an idea of the expanding nature of the crisis the BBC reported Shakespeare’s Globe Theatre as having major financial problems. It’s one of the most successful theatres in London but said it would need £5m to get its programme of shows back up and running. The BBC reported: “The Globe does not get annual funding from Arts Council England (ACE), meaning it can’t access ACE’s main £90m emergency relief fund. It said it was also turned down for a slice of a £50m pot for organisations outside the ACE annual funding regime. Instead, the Globe raises 95% of its revenue through ticket sales, guided tours, education workshops, retail and catering – which all depend upon the venue being open to the public.”

Southport Theatre has gone dark and may never reopen

Ian Carrotte said theatre was like virtually every sector of the night time economy as it has to pay its way without subsidy and relies on ticket sales, and its food and drink offering to pay wages and stage events.

“There will be a bloody bath of businesses if this carries on,” he said, “some pubs and venues have resorted to crowdfunding appeals pleading with their regular customers to help them pay bills in the meantime. It shows how bad things are but there is no sentiment in business. If you are owed money from a venue unless they offer a payment plan you must make sure you are paid.”

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk
++++++++++++++++++++++++++++++++++

U-Shape, V-Shape, L-Shape – modelling the possible outcomes of the Covid-19 recession

As the lock down is slowly eased, speculation increases about the economic effects of the Covid-19 crisis. Clearly the economy has nose-dived since March 23rd, but the question is with such a sharp decline will the country emerge quickly out of the other side of the down turn?

Writing for the finance website Filtch economist Brian Coulton believes the health crisis will be contained in the second half of the year. He said: “Our baseline forecast does not see GDP reverting to its pre-virus levels until late 2021 in the US and Europe.”

To V-Shape or not to V-Shape that is the question

The Guardian’s Larry Elliott wrote: “If history is any guide, the global economy will eventually recover from the Covid-19 pandemic, but the idea that this is going to be a V-shaped recession in the first half of 2020 followed by a recovery in the second half of the year looks absurd.”

The ideal recession is the much hyped V-shaped model which would mean things get back to pre Covid-19 levels by Christmas although as already commentated this is unlikely. Peter Hoskins of the BBC Business Desk found one example. He wrote: “A classic example of a V-shaped recession happened in America in 1953 when the booming post-World War Two economy was upended by high interest rates. After a steep decline growth was soaring again just over a year later.”

Last month the Office for Budget Responsibility (OBR) optimistically suggested that the economic recovery would take the form of the much hoped for V-shape but since then few commentators are predicting that outcome.

U-Shape if you want to

Ian Carrotte of ICSM Credit said that a more likely outcome would be the U-Shape recession with a long period where the economy  ‘bumps along the bottom.’ He said: “The classic U-Shape was the US economy in the 1970s and the British ones at the beginning of the 1980s and end of the 1980s. The economy went in  quickly to a downturn and it was a good couple of years before things picked up.”

Nouriel Roubini is professor of economics at New York University’s Stern School of Business who worked for the International Monetary Fund, the US Federal Reserve, and the World Bank is in general agreement. He said: “After the 2007-09 financial crisis, the imbalances and risks pervading the global economy were exacerbated by policy mistakes. So, rather than address the structural problems that the financial collapse and ensuing recession revealed, governments mostly kicked the can down the road, creating major downside risks that made another crisis inevitable. And now that it has arrived, the risks are growing even more acute. Unfortunately, even if the Greater Recession leads to a lacklustre U-shaped recovery this year, an L-shaped great depression will follow late.”

Nightmare of the L-shaped room

If the Credit Crunch of 2008 was U-Shaped and the 1953 recession in the US was V-shaped then it is difficult not to admit the prolonged depression of 1929-1939 was anything other than L-shaped. Only the mass production and full employment brought about by the build up to World War Two changed gears in the economy. An L-shape recession is a possibility in 2020 for several reasons. It’s global, there may not be a vaccination, huge numbers of businesses have gone bust, traditional sectors like retail, travel and hospitality have been mortally wounded and unemployment has increased.

“There is a recession coming,” said Ian Carrotte, “but strangely enough Covid-19 will come to the rescue of many firms. Any business that collapses when the furlough scheme ends can blame it on the virus, while many firms that have a successful business model but no money could phoenix and start again. It might even become socially acceptable to do that as so many businesses are in the same situation.”

Having experienced four recessions Ian Carrotte said each one is different and nobody knows how this one will pan out. “Inflation remains low, internet business has rescued many firms, and oil prices are low keeping transport costs down,” he said. “Looking back to the past it is not possible to find a parallel. Not even the flu epidemic of 1918. Then people knew the flu spread in large gatherings but they simply got on with life. Perhaps that is something we will have to do in the end as social distancing is like a handbrake on many aspects of business.”

ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk
++++++++++++++++++++++++++

The paradox of fewer administrations but more companies on the brink of collapse

KPMG: fewer administrations than 2019 – but expect more than 100,000 corporate insolvencies this year

In a surprising study by KPMG the number of firms entering administration in the first week of April this year was less than the same period last year with the same reduction in failures compared to March 2019. The Bank of England predicts the economy will see a 14% retraction this year with a slump taking place as the economy gets back to normal this autumn.

Don’t take no for an answer

“There is evidence that the furlough scheme is preventing firms from collapsing,” said Ian Carrotte of ICSM Credit, “while there has been the phenomenon of zombie companies which stagger on from one year to another until the banks call in a loan, they have one bad debt or something like this crisis causes the firm to go bust. They are on borrowed time on the furlough scheme but they’re not earning anything so as soon as the safety net is pulled they’ll go under. My advice to ICSM members and anyone in business is if a firm says they will pay your invoice when the furlough scheme ends don’t believe them. They won’t have any more cash this summer and their priority will be survival. Don’t except no for an answer and press them for payment and use our free legal letters to chase them or use our debt collection service as the courts are open.”

Pic: the Irish Times

Oasis Ireland have gone into administration this week and so have women’s fashion brand Autonom. In the Midlands the motor outfit Arlington Automotive Group who make parts for Ford, Jaguar Land Rover and Nissan have also called in administrators. Car sales have collapsed to pre-1950 levels this spring and retailers like Oasis have been struggling for some time. Picsolve International (the photography company) have also called in administrators as the leisure and events industry has collapsed while in Scotland where the lock down remains strict the construction industry has seen the contractor Neil McGougan call it a day.

Worse than 2008

Writing for Accountancy Age Tom Lemmon reported: “The coronavirus crisis is likely to directly force between 70,000 and 100,000 companies into insolvency, according to Gareth Harris, partner at RSM Restructuring Advisory, while R3, the trade body, suggests that figure could grow substantially over a longer period of time.”

The Bank of England

Ian Carrotte noted that the credit crunch of 2008 created 114,000 corporate insolvencies. He said: “I’ve seen figures likening this downturn to the 1930s but this is a different economy from then. There were still firms making carts for horse drawn vehicles, whale born corsets and hats. However the economy is much larger now and interconnected internationally so this recession could top the effects of 2008 by a long way.”

Two spikes of insolvencies

It is a view shared by Duncan Swift, the president of insolvency trade body R3 who feels the number of corporate insolvencies could be several times higher than 100,000. He said: “In the 2008 financial crisis there were 114,000 corporate insolvencies. Now that was as bad a recession as we’ve had in living memory since the 1930s and it was 114,000. Which is why the 800,000 just needs a bit of context putting around it. 800,000 would be a phenomenal number.”

He said there could be two spikes during the crisis with one at the end of the lock down and one further away as firms who survive initially but then fail in the following months.

ICSM Credit

ICSM Credit had more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

ICSM Credit Latest News: high risk credit ratings for firms listed plus Hotel Chocolat in trouble and the taxman is after firms abusing the furlough scheme

ICSM Credit Latest News: high risk credit ratings published – includes a house builder and a school; Hotel Chocolat’s problems, Next in trouble and the taxman is after firms abusing the furlough scheme

The latest news from Companies House shows several firms have had their credit ratings moved to high risk and a credit limit of zero as the present Covid-19 crisis continues.

Bowbridge Homes (Site E) Limited, Motive Agency Limited, Martins Waste Clearance, Rope Access Man Power UK Limited have all suffered the indignity of a zero rating while the privately owner Park School in Somerset currently in administration is also placed in the high risk category. Opened in 1851 the school moved out of the centre of Yeovil in 2018 in a bid to attract more pupils at a larger site but has struggled ever since. The Covid-19 outbreak has meant a drop in parents signing up their children for the new term plunging the enterprise into administration with Grant Thornton charged with finding a buyer.

Chocolate problem

Meanwhile on the High Street John Lewis has announced they may not reopen all their stores after lock down and Next has seen a 52% fall in sales in the year up to April 25. Another casualty – this time of the lucrative Easter egg market – is Hotel Chocolat who were forced to close their stores for the industry’s second biggest season of the year. However they did get a sales spike just before the closure and are concentrating on online sales but have had to alter their bank lending facility as a result reported Elena Cherubini in The Grocer.

The taxman cometh

ICSM Credit understands from its sources that HMRC are pursuing several big name firms for forcing furloughed staff to work in direct contravention of the rules – which if proved could lead to massive fines. The Guardian reported this week that Sports Direct and House of Fraser have allegedly breached the rules by sending managers into work and asking them not to clock on. Don’t forget the taxman doesn’t stop working during the lock down.

Logistic issue

Despite the boom in logistics there has been another casualty in the industry with Carters Haulage in Hertfordshire entering administration. Chris Tindall writing in Motor Transport said the firm had expanded from one lorry to 40 in just three years to service a blue chip client and then lost the business months later. He reported: “In a report to creditors, administrators at SFP also said it was now investigating ‘certain transactions’ prior to their appointment and that it may be advisable for the business to remain in administration for the time being.”

ICSM Credit

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk
 ReturnPosted by Harry Mottram on 4th May 2020 12:21:48Tel 0844 854 1850 ___ Fax 01454 327 355Privacy Policy   © ICSM 2020 All Rights Reserved

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

Disaster for suppliers and staff of Spicers Office Team as firm looks set for administration as the Covid-19 crisis strikes again

Last week ICSM Credit issued a warning to all its members that Spicers Office Team known as SPOT were in danger of collapsing and urged its associates to chase down overdue invoices with the outfit.

There has been shock this week as the warning appears to have come true as the firm has filed a notice of intention to appoint administrators.

Writing in the trade journal Print Week Jo Francis reported: “The notice of intention to appoint administrators is for both Spicers and Office Team. Office Team is a nationwide distributor of stationery and office supplies, and its business services include print management. Spicers supplies and distributes office products and office furniture.”

Ian Carrotte of ICSM Credit said it was the worst possible news as the list of suppliers in danger of not getting paid was ‘horrendous.’ He said: “We flagged this up last month as a problem and advised members to stock granting credit to Spicers and insist on immediate payment of overdue invoices. Some have made progress on that front using our free legal letters and debt collection service but if Spicers goes then it will be on the same level as North Star when they went to the wall.”

Jo Francis quoted SPOT’s chief executive Steve Horne as saying: ““The board continue to explore all options to ensure a satisfactory future for the business and secure as many jobs as possible. Whilst we continue to look for solutions, we are committed to support and supply our customers,” Horne stated.

“During this period we remain open for business and will continue to supply our customers with any products we have in stock. Where there is an impact on our supply chain and we cannot guarantee the supply of goods, we will continue to be proactive and help our customers source these products by providing details of our suppliers, where the order could be completed directly with them in the short term.”

Jo Francis said: “SPOT had sales of £281m in its most recent accounts, for 2018. Restructuring and other costs resulted in a near-£26m operating loss. The business had around 1,440 employees at the time. This morning (29 April) SPOT’s owner Better Capital announced that it planned to hold an extraordinary general meeting (EGM) and was proposing to cancel its listing on the London Stock Exchange. Its two funds were due to run until June 2021, but the Covid-19 situation has adversely affected its investments.”

ICSM Credit

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk
 ReturnPosted by Harry Mottram on 30th Apr 2020 11:18:22Tel 0844 854 1850 ___ Fax 01454 327 355Privacy Policy   © ICSM 2020 All Rights Reserved

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

AGENDA WEST Business News from the Association of Independent Professionals and the Self-Employed on why many new mums and over 60s workers won’t get the Government’s financial support during the covid-19 crisis

IPSE research: over-60s and new mothers among groups most likely to miss out on government self-employed support

Over-60s, 50-59-year-olds and new mothers are three of the groups most likely to miss out on government self-employed support because they went into freelancing too recently, according to new research by IPSE (the Association of Independent Professionals and the Self-Employed).

The research shows that there were 83,000 more self-employed people aged 60 or over last year out of a total 156,000 rise in the number of self-employed people. This was an increase of 11 per cent on the previous year. There were also 38,000 more 50-59-year-olds (an increase of 3%) and 22,000 more 16-29-year-olds (an increase of 4%). There were also 25,000 more self-employed mothers (a 4% increase on the previous year).

The Self-Employment Income Support Scheme, introduced last month to provide income support to self-employed people during the Coronavirus crisis, is unlikely to help most of these people because it is only open to self-employed people who filed a tax return for the year 2018-19.

IPSE’s research also found that occupationally, between 2018 and 2019, the largest increases in self-employed people were in teaching and education (34,000), artistic, literary and media occupations (16,000) and legal professions (16,000). At 24 per cent, the increase in the number of teaching and education professionals was particularly sharp.

Despite these increases, however, the research showed that the top solo self-employed professions are still construction and building trades (444,000), road transport drivers (337,000), artistic, literary and media occupations (336,000) and agricultural and related trades (222,000).

Across the UK, the highest increases in self-employed people were in South East England (77,000), North West England (38,000), North East England (27,000) and Scotland (26,000). Overall, however, the self-employed community is most concentrated in the South East (21%), Greater London (18%) and the South West (10%).

Chloé Jepps, Head of Research at IPSE (the Association of Independent Professionals and the Self-Employed), said: “This research, looking at the year-on-year increase in the number of self-employed, suggests the groups that were growing most quickly last year and are therefore most likely to miss out on support now.

“The groups most at risk of being left out in the cold seem to be not only older freelancers, but also mothers – who are if anything more likely to be in need of support.

“In 2019, more and more people were going into self-employment for the freedom and flexibility this way of working provides – the freedom to fit your work around your life rather than the other way round. Now, however, these people’s incomes are drying up and, because of a flaw in the government’s support scheme, most are not getting the help they need to keep their businesses afloat.

“The government must get the newly self-employed – as well as limited company contractors and others who are missing out – the help and support they need. We urge the government to extend the Self-Employment Income Support Scheme to people who became self-employed in 2019/20 – and use this year’s tax returns to get them the financial assistance they need.

“The self-employed are the dynamo of the UK economy – they contributed £305bn last year alone – and we will be looking to them to get the economy back on its feet in the coming months. But to do that, all parts of the varied and diverse self-employed community urgently need support now.”

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

AGENDA WEST Business News from ICSM Credit: After the coronavirus lock down: a look into one firm’s crystal ball

It is not official but little by little many businesses are beginning to reopen in a limited way writes Harry Mottram for ICSM Credit. Traffic has picked up on the motorways and some firms who thought they were non-essential enterprises have found a way round the dictates from central Government. B&Q have reopened 64 stores including their garden centres while Halfords have reopend the majority of their 460 stores.

Pharmacies, petrol stations, newsagents, bicycle shops, home and hardware stores, launderettes and dry cleaners, garages, pet shops, post offices and banks have remained for the large part open although not all businesses in these sectors have kept their doors open. Supermarkets and corner stores have remained open and parts of the building trade have maintained operations despite criticism.

Various dates have been mooted in the media as to when the lock down will be lifted with the received wisdom being it will be a gradual reopening with schools and garden centres first and pubs and restaurants last. The question is what state will business be in when it happens? Here are a few scenarios:

Early lift-off in May

With the outbreak under control and the depressing death and infection statistics falling to near zero the economy is restarted with a general back to work. Huge demands from consumers for almost all types of products sparks a massive sigh of relief from all and as a result the smallest number of firms going into administration. High Street stores such as Debenhams and Zara reopen and find cash flow streaming back to Christmas levels. Struggling printing companies, sign makers suddenly have an order book of work that guarantees business for the rest of 2020. Despite banks being difficult during the lock down and insisting on commercial loans with high interest rates finance directors realise their revised cash flow forecasts mean they will be back in the black by the autumn and can give their lenders two fingers. All highly unlikely but we live in hope that we might escape the worst.

Trickle back in June

June 1st has been suggested by some in the teaching profession as the earliest date the schools can start to return to normal. Staggered numbers of pupils are allowed back with priority to primary and infant schools – which of course allows the parents of the children to return to work and nurseries and childminders to reopen. At the same time clothing stores, leisure centres for outdoor sports, furnishing and furniture stores, barbers and hairdressers open with some social distancing measures in place. By June with insurers pulling cover on invoicing for firms due to there being a pandemic scores of printing firms, hauliers, manufacturers and engineering companies will find they are insolvent. Large numbers of firms call in the administrators and personal bankruptcies rocket. Don’t expect a U-shape recession.

Too late in July

If there remains a total lock down until July some firms will break ranks and vote with their feet and return to work despite the law. But up to 50% of retailers, 40% of service industry firms and 30% of manufacturers will have gone bust. Commentators have looked to the past to see how damaging a recession that would result with a late return to normal working. The Credit Crunch was bad as were the recessions of the 1980s but such a delay could be more like a depression. Later than July and we’re talking wipe-out for the pub and restaurant trades. Cinemas, night clubs, arts centres, holiday parks and tourist sites will see mass casualties especially if the lock down is reintroduced as a second wave of coronavirus sweeps the country in the autumn. Let’s hope there’s a jab available by then.

After coronavirus

These are the personal thoughts of the journalist Harry Mottram so don’t take them to heart but at present it’s hard to see light at the end of the tunnel. What is certain is there will be a major restructuring of business with some sectors unlikely to recover to pre lock down levels. Those who relied on the insurance companies to bail them out as their clients went bust or refused to pay will be disappointed. And those factoring their invoices likewise will have seen this model of payment founder on the coronavirus rocks.

Newspapers have taken a further knock to their circulations with publishers increasingly putting up paywalls on their news websites to up the income. Newsquest has announced all its titles will be monetised this way as a result of coronavirus as the print product continues its decline while 20 weekly papers have suspended publication for the duration of the crisis – whether they reopen is open to question. However with time on their hands the publice have taken to reading books with an increase in sales with fantasy and educational literature doing particularly well.

With pubs and restaurants likely to be the last to reopen sadly the British public have got used to entertaining at home meaning many establishments will have died. The dark kitchen industry is one success story with meals delivered to householders a cheaper alternative to dining out, and deliveries in particular from Amazon but increasingly retail stores who have switched to online like Cath Kidston are increasingly the future.

Home working has become the norm for many firms so expect some companies to cut their losses and give notice to expensive rented suites in fashionable locations with a smaller hub and the staff working from home. Together with retailers deserting the high street there could be a book in converting more redundant offices and shops to flats and apartments. More work for builders, fitters and associated trades along with sign-makers and estate agents.

Firms specialising in working out why people buy certain things online and from particulare websites are on the increase along with one slightly unexpected business growth: in second hand cars. Not the traditional site by the main road with rows of ex-company cars for sale but an online service where you key in the specifications you want and the car is brought to your door for you to take delivery. Cazoo raised £100m last week to expand its operation. Arthur Daley eat your heart out.

They say every economic downturn has an upside. New business models emerge as older industries die off. But the good news is if your business comes out of this pandemic intact and profitable then you have a bright future as competition will be less and prices will be higher.

ICSM Credit

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

The Business Survivor’s Guide to the coronavirus crisis

How to get your business through the Covid-19 crisis

Helen Thomas on BBC1’s Newsnight programme interviewed a number of businesses including hairdressing salon owner Robert Eaton from Barnsley who said he expected a surge of business when the lock down ended. Longer hours and a seven day week were options he said, but for many in business the end of the lock down could see a much lower level of business than before March 23rd when the nightmare began. 

The Government’s help for businesses has been criticised for generally helping larger and long established companies rather than start-ups, freelancers and one man outfits. There is help for many and so they are worth checking out although don’t hold your breath that it is a panacea to your financial problems.

Away from what’s on offer from the Chancellor Rishi Sunak businesses have been telling ICSM credit some of the provisions they’ve put into practice.

Hibernation

If you have an industrial unit and orders literally stopped on March 24th, many firms completed any outstanding work in March, furloughed the staff and then sent everyone home, closed the doors, switched off the electricity and redirect links to the owner’s home on their phones and work emails. Of course not all businesses have been able to furlough staff so many simply laid their staff off. Not a pleasant thing to do but together with closing the business it meant overheads were slashed.

With just a handful or fewer members of staff working from home overdue accounts can be chased up, long forgotten paperwork addressed and customer data updated. It is a chance to do all those tasks that never get done.

Chase overdue invoices (with free help fromICSM Credit)

Some firms have publically announced they will not pay any invoices until they can reopen. However their protestations are not always what they seem. All will be paying some invoices so make sure you chase down those outstanding invoices however old they are and whatever the excuses given for non-payment. ICSM Credit has a free temporary membership with free legal letters which can be downloaded and sent online to debtors – and the letters are bringing in large amounts of cash during to crisis. Despite the lock down the courts are open so if clients won’t pay up or refuse to negotiate a payment plan then ICSM Credit’s debt collection department is highly effective with most overdue monies paid before court action takes place. Remember, the louder you shout the more likely you will get paid.

Skeleton operation

If orders are still coming in albeit at a fraction of previous levels then some firms are processing them with just a couple or so staff doing all the tasks themselves. From answering the phones to boxing up and dispatching orders it means the business ticks over while everyone else is dismissed, furloughed or working from home. Some members of ICSM Credit said they’ve shut down some of their offices and outlying buildings in order to save on overheads but are officially open.

Shorter working hours

Some firms have not furloughed staff but rather put them on short term working or fewer hours. Most contracts will have a clause allowing for this – especially for businesses affected by seasonal fluctuations. For smaller businesses that can keep ticking over such as take-aways, couriers and groceries this is an option and is a model for survival as the enterprise is only compromised to an extent.

Voluntary liquidation

There’s evidence that some businesses have made the decision to cease trading due to the crisis either bringing forward a planned members voluntary liquidation to wind up the enterprise or because the owner sees no future after the lock down. It is the route taken by a lot of companies going by the numbers listed every day at Companies House. If you can pay off all your debts, sell off the assets, complete your accounts and apply to Companies House to be struck off then there’s no reason why you can’t retire or start a different venture in the future. What you can’t do is cynically wind up the company, transfer all the assets into a new but identical business, dump the debt by declaring insolvency and do a phoenix when the lock down ends. You could face charges of fraud if you do.

Staff work from home

Lots of firms who operate from offices and whose only assets are lap tops and mobile phones this is an attractive option as if work flow continues as normal then there will be little difference. If the offices are rented on short term contracts then if you hand in your notice to the landlord now then apart from the saving you may get a much lower rent when things get back to normal apart from savings on coffee, milk, electricity and toner cartridges.

One aspect of home working is to double check you have insurance cover for staff working in their own homes. And then there are company laptops, phones, or are they are using their own? And if there’s an IT problem how to do resolve it (apart from switching your computer off and on) when your IT department maybe in lock down as well.

You working from home

If you have children or are living in a shared house with lots of family members, pets or lodgers then it can be a problem without a separate office or spare room. The daily distractions can interrupt the work flow although there’s no commuting which frees up more time for work or to be with the family. One issue is whether your internet is up to the job of conducting online meetings via Zoom and other apps.

Re-evaluate

Whatever the state of your business, with the current lock down take the chance to re-evaluate your business model. Do you still have a focus or has the economic situation changed your world? Are there areas which are profitable which you don’t exploit enough? How profitable are some of your customers and would it make sense to drop some of them if they consume too much time and resources? Go through your accounts and identify items that you don’t need to make a saving. Is that extra company car required – or that company gym membership worth it? And do you have too much stock? Treat the down time as an opportunity to sort out long held concerns which you can now address so that you are ready when the lock down ends.

Pre-selling for cash up front

Some businesses are offering discounts for future work for upfront payments during the crisis. Pre-selling is essentially asking your regular customers to help support your business during the crisis and it can work in some cases.

Diversification

Some businesses have re-invented themselves during the crisis by using what they already have. Pubs and restaurants have rebranded themselves as take-aways, cafes and eateries have turned themselves into grocery stores while manufacturers have switched to producing PPE for the NHS. If you have a fleet of vans used for instance to deliver print then there’s no reason to market yourself as a courier company. With a little imagination diversification is an option which could see you through the crisis.

Government help: Banks and Coronavirus Business Interruption Loans

The temporary Coronavirus Business Interruption Loan Scheme (CBIL) is aimed to give businesses access to bank loans. The government provides lenders with a guarantee of 80% on each loan but the borrower remains 100% liable for the debt. CBILS is operated by the British Business Bank and associated lenders. However feedback so far shows that many banks try to push applicants towards high interest loans claiming they are too risky and have been known to ask for security such as property. Plus there’s a back log so don’t expect an instant answer. The main problem businesses have found is the viability criteria with banks able to refuse businesses which are clearly viable. Hence the low take up so far.

Government help: Sick pay

Small and medium-sized businesses can reclaim a refund on Statutory Sick Pay (SSP) for employees affected by coronavirus. The government said it ‘will work with employers over the coming months to set up the repayment mechanism for employers as soon as possible’. It covers up to two weeks’ SSP per employee who has been off work because of the virus and is for employers of less than 250 workers.

Government help: Furloughing

All UK employers will be able to access grants to cover some of their employees’ salary for those employees that would otherwise have been laid off through furloughing. HM Revenue & Customs’ (HMRC) will reimburse 80% of furloughed workers wage costs, up to a cap of £2,500 per month. Again to furlough staff requires employers to jump through several hoops

Government help: Benefits for the self-employed

To qualify for Universal Credit the self-employed with trading profits of up to £50,000 a year can get up to £2,500 a month to help cover coronavirus losses. They must have submitted their self-assessment tax return for the tax year 2018 to 2019, to have traded in the tax year 2019 to 2020 and intend to continue to trade in the tax year 2020 to 2021. You must also show you have lost trading profits due to coronavirus. But don’t hold your breath as payments are unlikely to be made until June at the earliest.

Government help: Business rates relief

To help High Street businesses in England, all retail, leisure and hospitality business will have no business rates in 2020-21. Contact your local council or unitary authority for details.

Government help: Grants for business rates paying businesses

The government offers a £10,000 grant to retail, leisure and hospitality businesses with a rateable value under £15,000. Retail, leisure and hospitality businesses with a rateable value between £15,001 and £51,000 can access a £25,000 grant. Again feedback from ICSM Credit members suggests there is a lot of form filling involved and long delays before any confirmation.

ICSM Credit

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Latest company collapses: Virgin Australia, Le Pain Quotidian and Debenhams Ireland (but Norton Motorcycles have been rescued)

When Richard Branson pleaded with the British Government this week for a £500m loan to bail out Virgin Atlantic he was roundly slammed as a millionaire pleading poverty.

Whatever the rights and wrongs of his case, it shows how the coronavirus crisis can bring down even the most high profile successful companies. Let alone the one man printing outfit or the self-employed taxi driver. Virgin Atlantic could follow the likes of Flybe and Virgin Australia into administration while Norwegian Air is on the brink after four subsidiaries filed for bankruptcy this weekend.

Ian Carrotte of ICSM Credit said the numbers of firms going to the wall were at levels he hadn’t seen in 40 years in business. He said: “Everyone has heard of the Carluccio’s and Laura Ashleys of this world but there are scores of lesser known printers, sign-makers, pubs, hotels and retailers going bust every day. The Government’s rescue packages have benefitted some but the feedback ICSM Credit gets is there’s a large number of SMEs who fail to qualify for loans on ‘viability’ grounds. It is physically impossible to carry out the amount of rescues that Rishi Sunak has promised in such a short time. In the meantime it’s every man for himself.”

Virgin Australia has gone bust this week while the Belgium café chain Le Pain Quotidian with dozens of outlets in the UK has called in the administrators. Debenhams staggers from one crisis to another but the owners have liquidated the Irish branch of the department store while closing more outlets in England.

Today’s page of Companies House shows yet more firms in administration

“Every one of these companies,” said Ian Carrotte, “owe huge amounts of cash to their suppliers. We’ve seen from the likes of Jamie Oliver’s Italian the list of creditors is long. From the window cleaner to the paper merchant, there are thousands of businesses left with unpaid invoices due to firms finding it simpler to enter administration. Yes it is good that some manage to trade their way out of administration or find a buyer like Norton Motorcycles have but these are often a chance to dump the debts and phoenix.”

On just one day last week around 150 companies ceased trading or were wound up according to Companies House. Ian Carrotte said nobody can be immune to what is happening which is why firms that have outstanding unpaid invoices should contact ICSM Credit to get free help in tracking down their debtors and getting paid before it is too late.

Norton Motorcycles created by James Lansdowne Norton in Birmingham in 1898 has been bought out of administration for £16m cash by TVS Motor Company in India. Finally some good news to end on.

ICSM Credit

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk
 ReturnPosted by Harry Mottram on 20th Apr 2020 15:15:30Tel 0844 854 1850 ___ Fax 01454 327 355Privacy Policy   © ICSM 2020 All Rights Reserved

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

AGENDA WEST BUSINESS NEWS: What a joke: ‘I tried to get a Coronavirus Business Interruption Loan’

By April 14, only 6,020 of the Government’s Coronavirus Business Interruption Loans had been granted out of more than 300,000 applications.

“The system is not coping,” said Ian Carrotte of ICSM Credit. “As an exercise I applied for one with Nat West and plucked the figure of £20,000 out of the air as I don’t need one. I went online and completed the details for the interest free 12 month loan with a £150 completion fee at the end. All fine so far but that was two weeks ago. I’ve chased it up and so far there’s no communication, no paperwork sent and nothing to sign. It’s a joke. Businesses need cash fast as many are teetering on the brink of collapse.”

His experience is reflected across all industries and across all parts of the country as CEOs and finance directors bang their heads against a brick wall in frustration at the delays. David Price writing in Construction News said he has spoken at length to firms from across the industry’s supply chain. He reported: “The average contractor has enough cash to last around six to eight weeks while projects are stopped. Beyond that, the viability of businesses is seriously in doubt. Help in the form of £330bn-worth of government-backed financing promised by chancellor Rishi Sunak in the middle of March is not flowing fast enough. Contractors big and small are being thwarted by a mix of banks’ inability to process the tsunami of applications and lenders unwilling to lend. The industry has just weeks to somehow get the cash flowing again. But how that happens in an economy paralysed by the coronavirus pandemic is worryingly unclear.”

One million in trouble

Everywhere you look it is the same story. Andy Verity of the BBC reported last week: “Nearly a fifth of all small and medium-sized businesses in the UK are unlikely to get the cash they need to survive the next four weeks, in spite of unprecedented government support. That’s according to research from a network of accountants which suggests between 800,000 and a million firms nationwide may soon have to close. Many firms have told the BBC that banks have refused them emergency loans.”

Meanwhile Ian Carrotte is still waiting for an answer and details of the loan he applied for despite not needing it. He said: “Members of ICSM Credit have told us that it’s one thing to apply and another one to actually get the cash in your account to pay overheads and wages. I accept these are unusual times but when the chancellor set up the loans and grants scheme as a former banker he would have known the system would not cope. Businesses must chase up money owed to them as that is their best form of cash flow.”

That idea has been taken up by scores of ICSM Credit members who have either used the credit group’s free legal letters or their debt collection service headed by Paul Carrotte. He said that contrary to popular opinion firms are paying invoices once the right sort of pressure is applied.

“We’ve had a lot of success for clients during the coronavirus crisis so far,” he said, “debtors are generally willing to pay smaller invoices less than £10,000 as despite everything they do have some cash available. Nobody I’ve spoken to has been able to access one of the government bank loans so getting paid for work you’ve done is the best way to keep afloat.”

Courts are open

Banks and insurance companies he said have been telling customers that the courts and legal systems are closed which is untrue.

“Generally business is continuing albeit at a reduced level,” he continued, “with most firms willing to pay invoices but when it comes to large debts I say to clients you need to be open to payment plans. Debtors will nearly always agree to these but it comes down to negotiation. Payment plans can have reviews built into them every so many weeks so that if things pick up the payments can increase and it is always better to have some cash coming in as well as keeping a business relationship intact.”

ICSM Credit

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

AGENDA WEST BUSINESS NEWS: Covid 19: Frustration, delays and disappointment as firms denied emergency funding

Business groups say banks are too slow in processing emergency loans during crisis

The British Chamber of Commerce have urged the Government to speed up the way finance is being processed through the banks for businesses trying to cope with the coronavirus crisis.

Hannah Essex of the Chamber said: ““Despite swift and unprecedented support from the government, many firms continue to face a cliff-edge scenario. Cashflow remains a particularly urgent concern for many businesses. The BCC’s Coronavirus Impact Tracker data suggests just over a third of firms have only three months cash in reserve or less.”

The Coronavirus Business Interruption Loan Scheme

The Coronavirus Business Interruption Loan Scheme (CBILS) has been widely criticised as has the furlough scheme with two thirds of Chamber members still awaiting promised funds as payday approaches. Despite the huge amount of funds made available to the banks to loan businesses the Chamber found only 2% had so far been successful with only 15% having managed to secure a grant for small businesses. The firms who said they were unsuccessful said they were told they did not meet the criteria while those who applied for a CBIL and were denied said they were told their business was not viable.

One in ten small firms are planning to close leaving millions out of work this summer as the effects of the crisis become clear. At the start of the crisis last month Rishi Sunak announced the Treasury scheme intended to help small businesses mitigate the impact of the lockdown with emergency loans but this week UK Finance admitted only 28,460 firms have been allowed to formally apply despite 300,000 inquiries with £1.1bn paid out from the headline figure of £30bn package of loans, grants and other financial measures available.

German, France and Spain

On the Continent France has helped 150,000 firms with £19.2bn, while Spanish banks have issued £4.1bn of state-backed loans to 48,542 companies and Germany has overseen 9,368 loans to businesses totalling £4billion. The Berlin Government said all requests for £2.6m or less are approved instantly, while those up to £8.7m are fast-tracked in less than a week.

Federation of Small Businesses national chairman Mike Cherry said: “Many members tell us it’s difficult to get to the formal application stage and banks are still slow to respond.”

Ian Carrotte

Thousands of businesses have given the media examples of how they have been turned down either for a loan or a grant. The various stories led Ian Carrotte of ICSM Credit to carry out an experiment and apply for a CBILS himself as an academic exercise as the business doesn’t need one. Although the application with one bank was successful the bank requested his home as security. A second bank refused the application on the grounds of viability.

“Banks are behaving in a cynical way,” he said, “because when a firm applies for one of these loans they push them towards a normal commercial loan with interest rates of nearly 20%.”

He said almost all firms have credit with their debtors and they need to use the down time to chase up their overdue invoices. ICSM Credit he said has a system of free online legal letters which members are using to bring in cash which is theirs.

“Free legal letters are still highly effective,” he said, “they secure a success rate of 87% even during this crisis and for the few that don’t work our debt collection service is available. The legal route continues unaffected by the lock down so don’t sit and wait for July – act now.”

ICSM Credit

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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


AGENDA WEST BUSINESS NEWS: Concerns mount over winding-up petitions during coronavirus crisis

Picture ITV

Call to delay winding-up petitions as companies crash during coronavirus crisis

Retailers Warehouse and Oasis are the latest big names to enter administration as the lock down continues to cause huge falls in retail sales.

And with no end in sight retailers and many other sectors are finding banks and lenders are calling in their loans while landlords are refusing to allow them a rent holiday. The result is a rise in the numbers calling it a day and shutting up shop for good as creditors apply for winding up petitions in the belief their clients are insolvent.

London law firm RPS has called for a temporary halt to winding-up petitions to give businesses a breathing space. Drapers online have reported that already there has been 52 petitions to wind-up retailers in the capital during the crisis.

Grace Whelan for the publication reported this week: “RPC is now calling for a moratorium on these petitions. The move would give retailers ‘a much-needed buffer to help them stretch payment deadlines’ as they seek to mitigate the impact of coronavirus. However, it would also be dangerous for creditors, including suppliers, who could be left even further out of pocket. 

Finella Fogarty of RPC, said: “Even if the winding-up petitions aren’t processed, they scare off [other] suppliers and possible funders and can have damaging effects on businesses.”

Ian Carrotte of ICSM Credit said there was a problem of suppliers being left high and dry when a firm entered administration. He said: “If like Debenhams at the moment the company can continue to trade during administration then some suppliers will be able to recover some of their losses. The worst case is a company simply being liquidated immediately. Companies can and do trade their way back into solvency during administration. During this lock down period there needs to be flexibility as many companies have moth-balled themselves until June or July but they must still keep paying suppliers or communicating with them and paying something to retain their relationship.”

ICSM Credit

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

Printing presses fall silent as industry is hit by the Covid 19 shut down

A trade body representing the UK print industry has published the results of its survey of members during the first days of the coronavirus crisis and its effect on business.

The results are shocking with 74% of respondents reporting a ‘considerable downturn’ while the average number of orders was down 65% in the British Printing Industries Federation (BPIF) report.

BPIF chief executive Charles Jarrold said : “It is bleak and it reflects the fact that the economy has been shut down and the sectors that have been instructed to close represent a significant part of the [print] client base.”

Charles Jarrold

Reporting for the trade magazine Print Week Jo Francis wrote: “Some parts of the printing industry, such as food and pharma packaging and those supplying the NHS and public services, remain as busy or busier than usual. But the government-mandated shutdown of general retailers, pubs, restaurants, leisure facilities and the property market has had a huge impact on printers. A staggering 74% of respondents to the survey reported a ‘considerable downturn’ in order levels, while the average change in order levels from the usual monthly level was down 65%. One print boss told Printweek that his company’s sales were currently running at just 15% of normal levels.”

The BPIF said the respondents represented sales of £3.1bn and more than 22,000 employees took part. The survey was carried out jointly with stationery and office supplies federation Boss, and ran from 23 March to 6 April.

Ian Carrotte

Ian Carrotte of ICSM Credit said the group had many members involved in the printing industry and the survey accurately reflected the feedback he had received. He said: “The industry has been contracting for several years with several big names only just surviving so this crisis is set to damage printers along with many of their customers. Less than 10% of firms who have applied for the Government’s Coronavirus Interruption loans have been successful with the banks turning away perfectly sound businesses. What the printing industry needs is more targeted help and lots of Government coronavirus information campaigns using print rather than social media as there are thousands of jobs at risk.”

The BPIF Summary

Over one-third (36%) of respondents have experienced considerable disruption to their supply chain as a result of Coronavirus.

40% are confident (‘very’ or ‘somewhat’) that supply chains will be maintained. However, comments allude that supply chain security is more at risk as staff shortages increase and a dichotomy between firms remaining operational and others shutting down stresses supply chains.

Nearly three-quarters (74%) or respondents have reported a ‘considerable downturn’ in order levels. The average change in order levels, from the expected monthly level, was -65%.

40% of firms are ‘extremely concerned’ about the short-term* survival of their clients’ businesses (*next three months).

On average 27% of responding firms’ business is supporting critical services (in the food, pharmaceutical, health & social care, education, public services and local government sectors).

Just over one-third of respondents (34%) are ‘extremely concerned’ about the short-term survival of their own business. Slightly more, 38% are ‘extremely concerned’ about long-term* survival (*beyond six months).

Nearly one-quarter (23%) have reported a significant increase in bad debt exposure. Furthermore, 71% have experienced debtors withholding payment due to the uncertainty.

Over three-quarters (77%) require some degree of emergency assistance to maintain cashflow, cover costs and survive – 38% stated that they require this assistance either ‘immediately’ or ‘in the next week or two’.

Over one-quarter (27%) have already made redundancies – for these companies the level of redundancies averaged at 41% of the workforce.

Further redundancies are expected (18% ‘definitely’, 22% ‘probably’ and 29% ‘maybe’) in the short-term. The average expected level of redundancies is 37% of the workforce.

A majority of companies have implemented Covid-19 prevention measures, the most common being social distancing (91%), working from home (86%), banning visitors (74%), banning off-site meetings (69%) and banning business travel (65%).

Regarding ratings of the Government’s response – the extensiveness and timeliness of the Government’s support measures have received positive ratings, on balance. However, access to this support has received a negative rating. 15% selecting ‘very poor’ and 26% ‘poor’ clearly outweighs the 20% selecting ‘good’ and 2% ‘very good’.

The most commonly suggested additional support from Government is extended grant support and business rates relief (78%) and a deferment of VAT, PAYE and NIC payments (77%).

ICSM Credit

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

AGENDA WEST Business News: Coronavirus kills off the Jewish Chronicle newspaper founded in 1841 as the print industry takes a massive hit from the crisis

With a declining circulation and restrictions on distribution and sales due to the coronavirus outbreak one of the oldest print titles in the UK is set to fold.

In a statement on its website the Jewish Chronicle’s editor Richard Ferrer announced: “With great sadness, the Board of the Jewish Chronicle has taken the decision to seek a creditors voluntary liquidation of Jewish Chronicle Newspapers Ltd. Despite the heroic efforts of the editorial and production team at the newspaper, it has become clear that the Jewish Chronicle will not be able to survive the impact of the current coronavirus epidemic in its current form.”

Founded in 1841 and published every Friday the paper is is expected to be liquidated this month. The Kessler Foundation who own the Jewish Chronicle say they are seeking a future for the publication while meanwhile it will continue to be published for another fortnight and the website will be updated as usual.

It is unclear what the situation is with creditors as the newspaper said it had simply run out of money. Redundancies are taking place amongst the 55 staff and it remains to be seen if a buyer can be found or if the website will continue on its own. The liquidation includes the free newspaper the Jewish News which has run for 23 years and earlier this year was thought to be about to merge with the Chronicle although the deal didn’t come about.

The coronavirus crisis is taking a heavy toll on the newspaper industry as distribution and the inability of reporters to get out and about or to meet contacts have been curtailed. Councils and many public meetings have stopped meaning journalists are unable to report on what is happening or to question officials from the police to MPs. Even parliament is closed resulting in a lack of news other than the usual statements produced by various communication departments.

ICSM Credit

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

An inconvenient truth about the coronavirus crisis: companies aren’t paying their invoices – but ICSM Credit has a free solution

The chancellor of the exchequer Rishi Sunak means well but the truth is UK businesses are in a crisis not seen since Black Friday in 1989. And coronavirus crisis is likely to be worse as it is global.

“Since business fell off a cliff on March 23rd when the lockdown began,” said Ian Carrotte of ICSM Credit, “Members of our credit circle have been contacting us saying their customers have stopped paying their invoices. They send out emails saying they’ve shut down during the lockdown, won’t answer the phone or respond to emails. It’s destroying really good businesses and solid business relationships.”

On March 25th, JD Wetherspoons contacted its suppliers by email to announce it would not be paying them until its pubs were reopened as it also applied to furlough its 43,000 staff. Despite the outcry by the unions, its suppliers, CAMRA, a cross party group of 95 MPs and even Piers Morgan of ITV’s Good Morning the pub chain is not alone in the practice.

Bland emails claiming to support the NHS – but it’s false

“We’ve had members emailing us with statements from their customers saying the same thing,” said Paul Carrotte of ICSM Debt Collection. “They get a bland email saying they are following the Government’s guide lines on coronavirus by closing down until the crisis ends, protecting the NHS and saving lives and would you believe it – not paying any invoices. It beggars belief as they also say they will not be answering emails or phone calls. There’s no attempt at negotiation or an explanation. Instead they are using the lockdown to get an extra 90 days of credit.”

ICSM Credit’s free offer of help

Ian Carrotte said the practice of not paying invoices was self-defeating as firms engaged in the practice would also not get paid.

“We are offering all firms a free temporary legal letter membership at ICSM Credit,” he said, “as a way of helping to unlock the problem. Our legal letters have a success rate of around 87% within 14 days. Companies pay those who shout the loudest and a legal letter shouts louder than a gentle reminder. If that doesn’t work our debt collection department have one of the best success rates in the UK in getting our member’s their money – even in times like these.”

The fashion stores New Look, Oasis and Warehouse, and the car manufacturer Nissan, are amongst a growing list of firms who have effectively stopped paying suppliers during the emergency. Ian Carrotte said it was a mistake as it sours relationships and potentially forces suppliers out of business. He said the best thing to do if payment is a problem is to be honest.

“Be upfront with your supplier. Give them a clear explanation of your situation, and give them a time frame when you can pay them (if that’s likely). They will thank you for the clear communication, and it will preserve the relationship when things improve,” he said. “As for those chasing payment and not getting anywhere call us as ICSM and we’ll set up a temporary free account and see if our legal letters do the trick. The worst thing is to do nothing as June is a long way away.”

Federation of Small Business agrees

Mike Cherry, National Chairman, Federation of Small Business said: “The power to help overcome the sudden loss of cash, brought on by the coronavirus outbreak, lies with other businesses and their ability to speed up payments to keep the cash flowing. I cannot think of a more desperate time when this business-to-business support has been needed more than ever. In the face of this national emergency we are seeing some businesses stepping up to keep their suppliers cash flow healthy and in business. We need more to do the same.”

The Small Business Commissioner set up by Government under the Enterprise Act 2016 to tackle late payment said that in normal times a third of payments to small businesses are late. The commissioner said that if small businesses were paid on time, this could boost the economy by an estimated £2.5 billion annually. But during the present crisis late payment could destroy the economy and return the nation to the situation in 1989 when Black Friday heralded a four year long recession.

How they work: FREE Legal Letters with ICSM Credit

Contact ICSM Credit by phone or email and ask for a free temporary membership to use their FREE legal letters. Once your account is set up follow the online instructions on how to complete a legal letter – it’s easy and quick – and email to your debtor. If they fail to pay then there is the option of using ICSM Credit’s highly effective debt collection service.

Checkout our latest news video: https://www.youtube.com/watch?v=nJHjslhxoz8

How to send a legal letter: https://www.youtube.com/watch?v=AIycysoFhYo

ICSM Credit

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

ICSM Credit Video News: emergency coronavirus special bulletin – when to use a debt collector, are banks cashing in on struggling firms and companies using the crisis to say they can’t pay their suppliers

 A special video news bulletin on the coronavirus emergency from ICSM Credit, a member of the Axbridge Chamber of Commerce.

To see the video click here:
https://www.youtube.com/watch?v=JOYcKjSBLJM

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

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

ICSM Credit News: emergency coronavirus debt crisis special bulletin

With the economy falling off a cliff I’m writing to you with the knowledge that many of you will be working from home and will be extremely worried about your business.

The overheads continue while those promises from the Chancellor Rishi Sunak may well not live up to the headline billing they were originally given. Red tape, delays and unhelpful banks mean few firms can utilise the loans available and furloughing staff puts many a CEO in a quandary as there appears no Government exit strategy to the lock down.

With more than 1,000 limited companies going to the wall every week (ref: Insolvency Service) it’s vital to chase down the money that you are owed including invoices however small that date back many months.

Act now:
Use your time to go through your ledger and urgently draw up a list of overdue accounts.
Use ICSM Credit’s FREE legal letters which have an 87% success rate within 14 days.
Use ICSM Credit’s Debt Collection Department to get the cash that should be in your bank.


According to Business Matters Magazine, added up the average UK SME has a monthly cash flow of £108,000 with £25,000 overdue at any one time. With business for many literally stopping on March 23 when the lock down started it means that most firms and small businesses have tens of thousands of outstanding unpaid invoices.

Anecdotally ICSM Credit have heard cash rich companies claiming the coronavirus crisis means they cannot settle accounts. Don’t take that as an answer as it’s just an excuse. Of course there are genuine hardship cases but those should be tackled diplomatically with a payment plan. In short with the lock down in place, ensuring you get paid is your number one priority – and as a member of ICSM Credit we will help you all the way.

Don’t hesitate to call or email ICSM Credit and make sure those outstanding invoices are paid during this critical period.

Best wishes
Ian Carrotte
Proprietor of ICSM Credit
For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com

ICSM Credit, the Exchange, Express Park, Bristol Road, Bridgwater, Somerset TA6 4RR

Not a member? Join for less than a tank of diesel and protect yourself form late payers.

For a video on how to send a FREE LEGAL LETTER visit: https://youtu.be/AIycysoFhYo

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

Companies permitted to trade while insolvent during coronavirus crisis

Coronavirus: company rule changes protect firms trading while technically insolvent

As companies lose footfall, orders and customers and see their cash flow disappear, the Government’s business secretary Alok Sharma has announced plans to protect firms who are technically insolvent during the coronavirus crisis.

The wrongful trading law is to be suspended so as to protect directors who pay staff and suppliers while their firm has a drastically reduced income or indeed no income at all. The business secretary announced he will make changes to enable UK companies undergoing a rescue or restructure process to continue trading, giving them breathing space that could help them avoid insolvency.

This will also include enabling companies to continue buying supplies, such as energy, raw materials or broadband, while attempting a rescue, and temporarily suspending wrongful trading provisions retrospectively from 1 March 2020 for three months for company directors so they can keep their businesses going without the threat of personal liability.

Alok Sharma said: “The government is doing everything in its power to save lives and protect livelihoods during these unprecedented times. Applying a common-sense approach to regulation will ensure products are safe and reach the market without any unnecessary delay, getting vital protective equipment such as face masks to frontline staff as quickly as possible.”

Ian Carrotte of ICSM Credit said: “The measures are designed to keep businesses afloat during the crisis when they don’t in reality have any business. Department stores, shopping centres, chain stores and many manufacturers have been left high and dry and in normal circumstances would seek administration. With no end date to the crisis uncertainty has infected British business from top to bottom. The changes will help many firms survive the emergency.”

The business minister said the wrongful trading law would be suspended to protect directors during the pandemic. The move will allow directors of companies to pay staff and suppliers even if there are fears the company could become insolvent.

For the British Chamber of Commerce Suren Thiru said: “Companies that were viable before the outbreak must be supported to ensure they can help power the recovery when the immediate crisis is over. Cashflow remains an urgent concern for many businesses, so it’s vital that government support packages reach businesses and people on the ground as soon as possible.”

ICSM Credit

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk

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

COMMENT: if the Government effectively takes away your customers then of course your business is not viable – the Covid-19 madness continues

The insanity of the UK Government’s Covid-19 policy took another crazy twist this week. First the Prime Minister announced a 10pm curfew for pubs and restaurants and cut the numbers for social gatherings even further and then the Chancellor of the Exchequer Rishi Sunak replaced the furlough scheme with the Job Support Scheme (JSS).

The JSS announcement is a crushing disappointment when compared to the more business friendly policies put in place in Germany and France. Unfortunately the chancellor also insisted he couldn’t save every job saying the scheme was targeted at saving ‘viable’ jobs.

As many in business have said since if you take away all the customers then your business is not viable. And that is what this Government is doing to huge sectors of industry which is having a massive knock-on effect to the rest of the economy and the health and welfare of the general public.

I’ve written before about how the Government have got it wrong in its Covid-19 strategy – but this latest turn is madness. At the end of October as the furlough scheme ends many firms will cease trading or will only survive by making many of their staff redundant. Some have called it a cliff edge as they will collapse if they cannot trade as normal. Others are zombie businesses who have clung onto life with the furlough scheme but were not viable before the pandemic and so will perish. Even the chancellor suggested that unemployment will rise to the levels on the 1980s. Frankly if we got away with only two million unemployed that would be a relief. The received wisdom in Whitehall, business and the trade unions is that it will be far higher than that.

The latest Covid-19 rules further restrict the hospitality industry and put the dampers on retail with more mask wearing instructions. Both sectors are being emasculated by a Conservative Government that has become estranged from business. With Dominic Cummings as an advisor and the joint doomsters in Chris Whitty and Patrick Vallance the PM has in effect told everyone to curl up in a ball and stay at home. Except of course, for the essential workers, who he relies on in hospital, to deliver his groceries or to ferry him around. If they can work so can everyone else. Those who are vulnerable to the disease can continue by taking all the precautions to keep themselves free of infection. And for hospitals and care homes sensible procedures should remain in place.

What is needed is a route map out of this crisis with the essential element being we have to live with the virus like we do with every other form of disease. Covid-19 is not the biggest killer – but it is killing the economy. And so far that’s what the Government is doing.

There is no need for millions of workers to stay at home on various tax-payer funded schemes. Firms don’t want more loans as they will only have to pay them back. The JSS is not what it is hyped up to be as the mathematics do not work for many businesses. And the banning of gatherings for weddings, football matches, theatrical productions and music venues is unnecessary. All could be open with a few precautions in place – something which will save more businesses than any furlough scheme can achieve.

Firstly the Government should stop all the negative rhetoric such as cancelling Christmas, and don’t use public transport, or you must work from home. Secondly end the restrictions on social gatherings and reduce most of the rules for retailing and pubs and restaurants. Reopen libraries, museums and parks and end the introduction of fines for rule breakers.

Anecdotally the British public are beginning to give up on the rules. It’s unfair on the police to break up wedding receptions, ban groups of teenagers from hanging out and stopping cars in Wales and Scotland to check if the drivers are taking unnecessary journeys. If the various UK Governments haven’t realised that then £10,000 fines and troops on the street to prevent the spread of Covid-19 won’t work. We just have to live with the virus as it doesn’t stop spreading at 10pm.

Harry Mottram

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

End the Rule of Six now and all the other restrictions and come to terms with the fact that like any other disease we must live with Covid-19

In December a libertarian business-friendly Government was elected in the UK with a mandate to get Brexit done and rebalance the economy with massive investments in infrastructure. Ten months later we have the most out of touch authoritarian and incompetent administration since the 1930s.

The reason for the total shambles we are now in is entirely due to their failure to tackle the rise in Covid-19 infections earlier this year and their desperate attempts to cover their tracks by totally over reacting to a potential increase in the virus this winter. They have destroyed the economy, put millions out of work, increased national debt by billions and ruined thousands of perfectly good businesses.

It matters because without a vibrant economy there are no jobs, no investment and no increase in tax revenue which funds all the electoral promises.

The Rule of Six is the latest ridiculous dictate from number ten Downing Street. Grouse shooting and air travel are OK but for two families to mingle outside the school gates means immediate arrest. A student having a party in their hall of residents can be fined £10,000, and a shopkeeper who fails to ensure Covid-19 precautions are met can be jailed. It’s utter madness and it is destroying the British economy faster than a Marxist led Government could dream of. And I’ve not even mentioned Brexit and the trade deal which is still to be sorted in a matter of weeks.

Pic: The Guardian

People have become compliant and accepting of a long list of regulations that have destroyed civil liberties made even more difficult to understand as they vary from week to week, town to town and across the borders of the four constituent nations. They are frightened to go back to work, to go shopping or even leave their homes. Shopping has become an unpleasant and tricky operation along with going to the pub or cinema.

The effects are felt across all sectors of industry and commerce. Trains are half full in the rush hour, buses often empty and offices are gathering dust and spiders webs. There is no need for any of this as the risk to 99% of the population is miniscule. In 1957 and 1968 there were flu pandemics which killed millions around the world and tens of thousands in the UK. No businesses were shut, schools stayed open and the economy continued as normal. The Government did not stoke the flames of public panic with misleading graphs, graphics and emergency press conferences lapped up by the media. In short the epidemics were not politicised.

Offices lie empty as people stay away

If the Government were to say tomorrow it is all over so go back to work as there’s no need for masks or social distancing or Perspex screens in shops and pubs there would be little change. People have been so conditioned it would take months to break their new found habits. Plus those considered to be at risk such as the elderly and obese are frightened. The fact they are more likely to die from ordinary winter flu, heart disease or even a road accident won’t convince them to change their habits.

Sweden has adopted a more reasoned appoach to the crisis. Pic: The Times

I’ve written before that we should have adopted the Swedish approach which has arguably been less authoritarian and more successful in protecting the economy. Their equivalent of the NHS publish the dangers of the disease and have issue advice about masks, hand washing and social distancing. We should allow the citizens to decide how to behave. No fines, no Covid marshals, no Rule of Six, no bans on parties, football matches or theatre shows. The public should decide for themselves on their own risks, behave like grown-ups and get on with life as usual.

We have become a nation of curtain twitchers Pic: The Daily Star

Instead the authorities are fuelling all the worst aspects of society from snitching on neighbours, reporting groups of teenagers to the police and imposing fines on people for not wearing a mask when they pop into a shop or take a bus ride. Where will it end? We look at Belarus, Russia, China and North Korea with a superior glaze in our eyes and yet little by little our own Government is increasing rules which are akin to those types of society and only a year ago would have seemed incredible.

Back to the economy. The one which works through making a profit. The one that employs most people in this country and one the government relies on for tax revenues. And there lies the issue if as expected unemployment reaches the levels of the 1970s, let alone the 1980s or even the 1930s. When people lose their jobs, they often lose their homes and their relationships and even their families. Their mental and physical health suffers and society in general takes a massive hit. The warnings from history should not be ignored. There is a strong link between unemployment and a rise in suicide rates and an increase in those suffering from depression.

Pic: Inflation, unemployment and national grievances led to the rise of Hitler

The last time the levels of business collapse took place and the numbers of unemployed rose into the millions on this scale was in the 1930s. It led to the rise of Adolf Hitler and global war. The only difference now is inflation is low, but if the global recession tripped into a depression and another banking crash then we really are in trouble. And the point is there is no need for the Government’s obsessions with Covid-19 rules.

Pic: The Guardian

The Office of National Statistics only this week released information for this summer showing more people are dying from flu and pneumonia than Covid 19. The numbers of people dying in hospitals and care homes is lower now than at this time last year – but here’s the catch – the levels of people dying at home has risen massively. The reasons are obvious. People are simply too frightened to see their doctor, go to hospital or for relatives to allow their aged parents to enter care homes. Again the fear factor stoked by the authorities has created a kind of national hysteria. End the Rule of Six now and all the other restrictions and come to terms with the fact that like any other disease we must live with it.

Harry Mottram

This article was written for the business credit intelligence group ICSM Credit who work to stop bad debts and alert members about late payers and dodgy companies.

About ICSM Credit

ICSM Credit has more than four decades of experience as a credit intelligence group whose members gain inside information about firms in trouble allowing them to avoid bad debts and rogue traders. To join costs less than a tank of fuel – while at the moment there’s a special free temporary membership offer during the Covid-19 crisis which gives access to free legal letters. ICSM also has an effective debt collecting service which has a global reach – ask for details from Paul.

For details about ICSM Credit call 0844 854 1850 or visit the website www.icsmcredit.com or email Ian at Ian.carrotte@icsmcredit.com on how to subscribe and to join the UK’s credit intelligence network to avoid bad debts and late payers. Follow ICSM Credit on FaceBook, Twitter and YouTube and Ian Carrotte on LinkedIn.

To keep up to date subscribe to the FREE ICSM Credit Newsletter to hear all the latest insolvency news and to see who has gone out of business click on the orange panel on the top left of the home page of the website www.icsmcredit.com or send an email to Ian.carrotte@icsmcredit.com

For details for the work of the journalist Harry Mottram visit www.harrymottram.co.uk