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Insolvency Insider
The goal of the Insolvency Insider is to keep you current on all that is happening in the UK insolvency industry in one easy-to-read e-mail per week. If you like what you read, consider forwarding it to spread the word. Not getting our emails regularly? Click here to subscribe! 

INSOLVENCY STORIES IN THE NEWS
  • Shared office firm Second Home has started scouting for a buyer in parallel with efforts to secure rescue cash. The workspace provider has launched a sale process after administrators from FRP Advisory were called in to help fend off insolvency. Headed by a former aide to ex-Prime Minister David Cameron, Rohan Silva, Second Home is currently loss-making but a source said all of its co-working locations would be profitable within “the next couple of months.” Investors in the firm, which has a portfolio of four sites in London, include Tencent chair Martin Lau, investment bank Goldman Sachs and private equity titan Index Ventures. More from City A.M.
  • The owner of a luxury hotel in Cheltenham that has fallen into administration has blamed the collapse on Russian banks, including state-owned Otkritie. The company said it was forced to appoint administrators after Russian banks sought to impose land registry restrictions on Hilton Cheltenham’s property. According to the company, the “aggressive actions” of the Russian banks are due to the political views of its owner, Russian former billionaire and Vladimir Putin critic Dr Boris Mints. Administrators from Quantuma have stated that the hotel is profitable and they will continue to run it while a buyer is sought. More from Business Live.
  • Citibank has been granted permission to pursue a winding-up order against three GFG Alliance companies after a UK court ruled that pandemic-related insolvency protection measures do not apply. The ruling follows demands for payment issued by Citi in March 2021, following the collapse of Greensill.  More from GTR
  • Apollo-backed Alteri Investors is facing losses on its Missguided investment running to tens of millions of pounds. Sources said that Alteri, which was established to invest in troubled retail businesses, had invested £40m through a combination of debt and equity to acquire a controlling stake in Missguided, followed by a further £10m as it sought a new owner. The business was sold by administrators from Teneo to Mike Ashley's Frasers Group for £20m, although the exact sum that will be recovered by Alteri is still unknown. More from Sky News.
  • Administrators from Begbies Traynor have sold Delicious Alchemy in a pre-pack deal. Founded in 2006, the Sheffield-based allergen free food business produced both branded and own label allergen free breakfast cereals for major supermarkets. With increasing customer demand, the company expanded by opening a dedicated factory. When the director was forced to take two years out of the business due to illness, the company lost market share in its brand and suffered from a sharp fall in revenues after losing a key own label contract. More from Yorkshire Post
  • Gallito Group has ceased trading and all 16 staff have been made redundant following sustained losses and rising costs. The specialist maker of spray booths and surface preparation equipment had suffered losses for some time. Administrators from Grant Thornton announced that despite attempts pre-administration and after to sell the company as a going concern, the administrators have now concluded that there is no prospect of this outcome being achieved and the business has ceased to trade. More from Business Live
  • Administrators from Smith & Williamson will seek to realise the business and assets of online drink business Spirit.Ed Group following its collapse. The business collapsed as a result of a difficult trading period and a failed process to raise new funding. Founded in 2012, the company’s strong initial growth saw it announce plans in 2019 to raise more than £500,000 in a crowdfunding campaign that valued the total business at approximately £45 million. However, plans were abandoned for a potential £1 million crowdfunding after a private phase failed to reach £300,000. The company said at the time it would seek “alternative routes” of financing, but then saw its business severely hampered by the pandemic's devastating impact on the hospitality industry. Businesses in the group include online drinks retailer Spirit.Ed, subscription service The Gin Club (which ceased operations in March amid sourcing issues) and wholesalers OnStock and Vanquish. The group also previously operated the now-defunct subscription business Off the StillMore from Business Sale Report

  • Halesowen-based haulage company Adam Jones and Sons Ltd has appointed administrators from FRP Advisory, resulting in all 50 of the firm's employees being made redundant. The business operated a fleet of more than 70 trucks and provided haulage and distribution services across the country. Rising cost of fuel, driver shortages and the pandemic have all been blamed for the collapse of the business. More from BBC

  • Dublin-based We.trade, one of the earliest blockchain coalitions for trade finance, is entering insolvency after its banking shareholders pulled the plug. The company was formed in 2017 as a consortium that eventually included a dozen major banks such as Deutsche Bank, HSBC, Santander, Societe Generale and UBS. The company is now winding down its operations and has has proposed appointing PwC as a liquidator. IBM took a seven percent stake in the venture in May 2020, but the platform has continued to run up costs with no sign of further investment forthcoming. More from Finextra

  • US businessman Chris Kirchner has failed to meet a deadline to prove he has the funds to complete a takeover of Derby County. The English Football League, which had given conditional approval to Kirchner's ownership, said it was 'incredibly disappointed' by the latest hiccup in the process and called on Quantuma to clarify how they plan to take the club out of administration. Former Newcastle United owner Mike Ashley is among the interested parties who could now attempt to buy the embattled club. More from the Daily Mail.
  • The company behind the Rushmere Shopping Centre in Craigavon collapsed into administration owing  £91m, a new report has confirmed. Administrators from Grant Thornton said Central Craigavon suffered badly following the collapsed of key tenants Debenhams and the Arcadia group. In addition to creating a large reduction in rental income, these voids also left behind large vacant units. More from The Irish News
UPCOMING EVENTS
  1. The IPA's 2022 roadshow is currently underway. Remaining dates include Cardiff on 16 June, Manchester on 15 September, Birmingham on 22 September, Leeds on 29 September, and London on 19 October. Further details can be found HERE

  2. R3 and the South West and Wales Regional Committee, are hosting a timely and valuable discussion about the National Security and Investment Act 2021 on the 14 June 2022 at the Grant Thornton offices in Bristol. Further details can be found HERE.

  3. The IPA is hosting its inaugural IPA Summer Party on 22nd June at the Buffini Chao Deck, a newly refurbished events venue situated on the roof of the iconic National Theatre, on the South Bank of the Thames. Further details can be found HERE.

  4. R3 has launched the first Contentious Insolvency and Creditors Forum, taking place on the 6th July in London. Further details can be found HERE.

  5. IWIRC London is 4 years old and will be hosting an anniversary party on 6 July 2022. Three awards (Excellence, Future Leader & Champion) will be presented on the night. Further details can be found HERE.

  6. TMA UK is hosting a party to celebrate its 21 year anniversary on 15 September in London. Further details can be found HERE.

FROM THE EDITOR
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