Business news 23 April 2025
Company closures hit highest rate since 2010. IMF reduces Growth predictions. Investors voice business rates concerns. Plus markets, insolvencies & more business news that we thought would interest our members.
James Salmon, Operations Director.
Please note: on the 19/3/25 CPA moved after 45 years on King Street, to new offices a couple of miles down the road at Profile West, 950 Great West Road, Brentford, TW8 9ES.
Company closures hit highest rate since 2010
Analysis of published insolvency notices shows that more than 1,100 businesses across the UK have faced winding-up orders in the first fifteen weeks of 2025. This is up almost a quarter compared to the same period in 2024 and marks the fastest rate of corporate closures since 2010. The City AM analysis also shows that almost 2,200 firms have faced winding-up petitions as creditors look to recover unpaid debts. This is more than a fifth higher than a year ago and the highest rate since 2012. Tom Russell, vice president of insolvency and restructuring trade body R3, said “a number of economic and political issues” are putting pressure on businesses, adding: “High costs and cautious consumer and client spending mean creditors are being more aggressive about pursuing the money they are owed.” Shadow Business Secretary Andrew Griffith has suggested that the Government “is engaged in a tax and culture war against wealth creators,” adding that it is “no surprise that businesses are being wound up at the fastest rate for a decade.”
IMF reduces Growth predictions
The International Monetary Fund (IMF) has downgraded its UK growth forecast by 0.5% due to concerns over a potential trade war stemming from US President Donald Trump’s new tariffs. The IMF now expects the UK economy to grow by 1.1% this year. It also pulled back on its forecast for 2026, saying it foresees growth of 1.4% for the UK economy – down from a previous prediction of 1.5%. Analysts did, however, upgrade Britain’s growth forecasts for 2028 and 2029 by 0.1 percentage point each.
Despite the downward revision for 2025, Chancellor Rachel Reeves noted that the UK is still expected to be the fastest growing European G7 country, suggesting that the IMF “has recognised that this government is delivering reform which will drive up long-term growth in the UK.” The IMF has also downgraded its prediction for overall growth in 2025, saying it expects the global economy to expand by 2.8%. The US is forecast to see growth of 1.8% this year, marking a significant downgrade on the 2.7% the IMF predicted in January.
The IMF chief economist said that ‘US tariff rates had surged past levels of 100 years ago’ and ‘it is vital that everyone remains convinced that central banks will do what is necessary’ to bring inflation under control.
Investors voice business rates concerns
Ministers have been warned that changes to the business rates system could push up costs for high-street retailers, manufacturers and SMEs, putting firms at risk. The warning, from a coalition of logistics professionals and industrial investors, argues that such businesses would be disproportionately affected by plans to apply a higher business rates multiplier to business with a rateable value over £500,000. Investors including Segro, Prologis and Tritax Big Box say the “blanket approach” by the Government “risks driving up costs across supply chains, fuelling inflation and deterring investment into precisely the sectors the Government wants to grow.” John Webber, head of business rates at real estate agent Colliers, warned: “The Government is rushing through Parliament new business rates legislation that has not been properly thought out.”
Greene: Tax hikes will push up inflation
Bank of England rate-setter Megan Greene has warned that an increase to employer National Insurance contributions (NICs) and a higher national living wage will push up inflation and lead to a “shake-up” of the labour market. She suggested that businesses could “decrease employment, decrease hours, offer lower wage increases,” and warned that higher NICs may “eat into profits.” Ms Greene, an external member to the Bank’s Monetary Policy Committee, suggested that the “big risk is that there could be a big shakeout in the labour market,” with an increase in unemployment, but noted that there are “no signs of that yet.”
Markets
Yesterday, the FTSE 100 closed up 0.64% at 8328.60 and the Euro Stoxx 50 closed up 0.53% at 4961.45.
Then Trump changed his tune and said he had no plans to fire Jerome Powell despite his frustration that interest rates hadn’t been cut.”I have no intention of firing him,” President Donald Trump said. “I would like to see him be a little more active in terms of his idea to lower interest rates – it’s a perfect time to lower interest rates.” Whether it was a genuine change of heart, or just him facing up to the reality that he doesn’t have the power to sack Powell, is open to debate. Mr Powell has vowed to serve his full term, ending in May 2026.
Not done there Trump said he’ll be very nice to China and that tariffs will drop substantially on a trade deal. And elsewhere it is reported that the US is close to trade deals with Japan and India. Equities responded! Overnight in the US the S&P 500 rose 2.51% to 5287.76 and the NASDAQ rose 2.71% to 16300.42.
This morning on currencies, the pound has dropped and is currently worth $1.331 and €1.167. On Commodities, Oil (Brent) is up at $68.4 & Gold is down at $3318. On the stock markets, the FTSE 100 is currently up 1.55% at 8458 and the Eurostoxx 50 is up 2.35% at .
Megan Greene, BoE MPC member said there was ‘a significant read over’ between US and UK bond markets suggesting US bond yield increases would result in higher UK bond yields. The rise in UK inflation expectations were also ‘worrisome’. However the UK is likely to experience some disinflation if it becomes more of a destination for cheap Asian goods blocked from the US.
Chinese investment in the UK’s top 100 companies has increased to £88bn from £64bn in December 2022 equating to roughly 5% of UK’s leading index. The Argus data shows a stake worth £2.4bn in Shell and £1bn in AstraZeneca.
UK Public Sector Net Borrowing was higher than expected in March, figures released by the Office for National Statistics showed this morning. Public sector borrowing totaled £16.44 billion in March, up from £12.31 billion in February and higher than £12.7 billion the year before.
With Tesla, Musk has said he will cut back on his DOGE US government work to refocus on the faltering EV company, although he claimed this was because his work was almost done and it had nothing to do with Tesla income falling 39% from a year ago.
Office vacancy rate falls for first time since 2020
The amount of empty office space across the UK has started to fall for the first time since 2020, according to figures from commercial real estate data firm CoStar. The analysis shows that UK office vacancy fell to 8.6% at the end of March, compared with 8.7% at the start of 2025. Data shows that 4.6% of UK office space was vacant at the start of the pandemic. CoStar says corporate renters moved into 1m sq ft more office space than they exited in Q1, with vacancy rates dipping in about 50% of the country’s big towns and cities. Meanwhile, analysis from Remit Consulting shows that UK offices are now the busiest they have been since before the first lockdown, with an average daily occupancy rate of about 38%. While this marks a post-pandemic high, it remains far below the 60% level seen before the pandemic.
Planning
UK house-builders are far less likely to cite planning delays as a major hurdle, as government measures aimed at unblocking the long-criticized system begin to take effect.
61% of house-builders described planning delays as a “significant barrier” to delivering new homes between January and March, according to a survey of more than 50 developers by broker Knight Frank. Although that is still high, it’s down 27% from the 88% cited a year ago, and the lowest since the survey began in January 2021.
British Steel cancels redundancy plans
The Government’s decision to put British Steel into public ownership means workers are no longer at threat from mass redundancies. China-based Jingye, the previous owner, had been consulting on up to 2,700 job losses. However, new chief commercial officer Lisa Coulson has confirmed that officials are “closing the redundancy consultation without action,” meaning a “difficult and worrying time” for staff is over. A spokesman for Unite union said the union “is pleased that British Steel have come to their senses and realised that job losses are not the way to ensure Britain remains an industrial power.”
Hobbycraft sets out restructuring plan
Modella Capital is set to initiate a company voluntary arrangement (CVA) for Hobbycraft, potentially closing nine stores and affecting around 100 jobs, while an additional 18 stores will be the subject of negotiations with landlords. If these talks fail, further closures could lead to at least 150 more redundancies. The CVA process is being overseen by FRP.
Latest Insolvencies
Appointment of Administrator – LOVERAW LIMITED
Appointment of Administrator – THRIPLOW COMMERCIALS LTD
Appointment of Administrator – D.E.PLANT LIMITED
Appointment of Administrator – TLR WHITE TRADING LTD
Appointment of Administrator – THRIPLOW SWEEPERS LIMITED
Appointment of Liquidators – COMMON SURFACE LIMITED
Appointment of Administrator – BLACKTHORN FINANCE LTD
Appointment of Liquidators – KHARIM CONSULTING LIMITED
Appointment of Liquidators – SWINTON MOTORS LIMITED
Appointment of Liquidators – ANGLIA METAL LIMITED
Appointment of Liquidators – WATER VENTURES LIMITED
Appointment of Liquidators – ROD BOX LIMITED
Appointment of Liquidators – ALPINA SYSTEMS LIMITED
Appointment of Liquidators – PINKWORKS LIMITED
Winding up Order (Companies) – INTELLIGENT HR SOLUTIONS LIMITED
Winding up Order (Companies) – GRANBY HALLS INVESTMENTS LIMITED
Petitions to wind up (Companies) – QE DEVELOPMENTS LTD
Petitions to wind up (Companies) – ROGOFF UK LTD
Petitions to wind up (Companies) – RGE PIPEWORK SERVICES LTD
Petitions to wind up (Companies) – ASCOT MECHANICAL SERVICES LTD
Petitions to wind up (Companies) – HOMETRENDS CARPET &BEDS LIMITED
Appointment of Administrator – AIR SERVICE TRAINING (ENGINEERING) LIMITED
Petitions to wind up (Companies) – EUROTRADE WINDOWS LIMITED
Petitions to wind up (Companies) – EAST BAR GROUP LIMITED
Petitions to wind up (Companies) – EYE TO THE FUTURE LIMITED
Petitions to wind up (Companies) – FI-TECH CONSULTING LIMITED
Petitions to wind up (Companies) – MABICO LTD
Petitions to wind up (Companies) – SINO DEVELOPERS NW LTD
Petitions to wind up (Companies) – BARNGATE DEVELOPMENTS LIMITED
Petitions to wind up (Companies) – SOL MECHANICAL LTD
Appointment of Liquidators – SC SUPPORT & CARE SERVICES LTD
Appointment of Liquidators – MC CREATES LTD
Appointment of Liquidators – D & M MOTORS LIMITED
Appointment of Liquidators – BLACKBROOK PPM LTD
Appointment of Liquidators – GYNAECOLOGY EXPERT WITNESS LIMITED
Petitions to wind up (Companies) – ULTIMATE GYM 1 LIMITED
Petitions to wind up (Companies) – NOTTINGHAM REFRIGERATION LTD
Petitions to wind up (Companies) – CGC PROPERTY SERVICES LTD
Appointment of Liquidators – MITCHELL HALTON WATSON LIMITED
Appointment of Liquidators – DRENBRE LTD
Appointment of Administrator – CUTBOX LIMITED
Appointment of Liquidators – EASYDOKK LTD
Why you should become a member of CPA!
The Credit Protection Association (CPA) has been assisting thousands of UK businesses to get paid, since 1914. We have supported our members through all sorts of difficult trading environments. With high interest rates and a struggling economy and elevated insolvencies, our services can help your business navigate these difficult waters.
Unlike other credit management and debt collection companies, we offer a range of services to our members that are all included as part of a fixed annual subscription, tailored to your needs.
Under your annual subscription you will have access to our main services:
- Our Creditcare credit reports provide credit ratings and limits along with a host of detailed information on your potential customers to enable you to trade with confidence and set appropriate credit policies for new customers.
- Our monitoring service will alert you to any significant changes in the status of those customers.
- Our Overdue account recovery service can be used to chase up payment on any invoices to those customers that have not been paid on time. Unlike other debt collection companies, this service directs your customer to pay direct to you and allows you to maintain your goodwill with them, rather than inserting ourselves into your relationship with you customer and insisting they pay CPA instead. Our Overdue account recovery service resolves over 80% of accounts referred to us.
All of the above services and other complimentary services such address verification, are included in your subscription!
And for the small minority of debts not resolved through our Overdue account recovery service, you can refer the debt to our collections department to escalate the late payment collections process.
CPA eases cash from tardy debtors – Efficiently, Effectively, Economically and Ethically. And we provide credit information so you can monitor and assess your key customers and be warned of any potential risks. CPA has been improving business cash flow for over 100 years, by tackling late payers and campaigning against the late payment culture in the UK.
Unlike other credit management companies, we offer our members a fixed annual subscription regardless of how high the value of their debts maybe!
Rather than to borrowing more money to improve your cashflow, CPA suggests that business owners tackle the problem at its source. If late payments are a strain on your cashflow, then talk to CPA about how we can help you reduce those late payments.
Just call Peter Uwins, CPA’s National Sales Manager, on 020 8846 0000 (business hours) or email nsm@cpa.co.uk today.
When you see your money come in, you will be so glad you used CPA.
The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections
Do you have a commercial late payer that is causing you grief? Use CPA’s no-win, no-fee, commercial debt recovery service!
If you have a particular business customer who is late paying and causing you sleepless nights, why not offer it to CPA’s collection department for purchase on recourse?
CPA’s collection department will then pursue the debt. We will be liable for any costs incurred and then when we have recovered the debt, we will pay you the net principle debt recovered less our percentage.
Once you have enjoyed that success then you can consider the more cost effective membership which includes our Overdue Account Recovery service and Status/Credit reports as well as a range of other complimentary services.
Just call 020 8846 0000 and ask for Godfrey Nelson or Cris Shirley (business hours) or email debtpurchase@cpa.co.uk today.
The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections.
Get compensated for previous late payments
Have you been paid late by business customers in the last six years?
Maybe you no longer work with them. Under legislation, you are entitled to compensation you for those late payments you have suffered.
You put up with the PAIN – now claim the GAIN!
Claim late payment compensation (LPC) from former business customers who paid you late in the last six years!
CPA (LPC) Recoveries is using our bespoke software and decades of experience to do just that for our clients
Check our compensation calculator to see how much your business could be owed!
Discover NOW the potential value of late payment compensation hidden in your sales ledger!