Business news 30 June 2023
James Salmon, Operations Director.
Business news that we thought would interest our members.
Insolvencies set to rise amid ‘perfect storm’
Sarah Rayment, co-lead of global restructuring at Kroll, says insolvencies are likely to rise amid a “perfect storm” of rising interest rates, higher costs and a slowing economy. She went on to warn that rising interest rates would make it difficult for firms to refinance debt over the coming years, saying that businesses on two or three-year facilities that traded through the pandemic may now be looking to refinance or renew facilities at significantly higher rates. Ms Rayment added: “If you’re a distressed business and you’re looking for an equity or debt injection, investors and alternative lenders have to see something that can be taken forward.” Considering the climate, she warned: “It does just feel that we’re at a very difficult time for UK corporates.”
House prices fall points to a downturn
According to Zoopla, almost half of British house sellers had to reduce their prices by more than 5% last month. Around 15% had to drop their asking price 10%.
While prices are still marginally higher than they were a year ago, the drop in asking prices shows the switch from a sellers market to a buyers market, no doubt fueled by rising mortgage costs, points to a downturn in the housing market.
Cost of living crisis increases abusive shoppers
Retailers are reporting an increase in abusive customers and theft following the cost of living crisis. 8 in 1o retail employees reported a deterioration of their mental health and suicidal feelings. Managers also reported a staff absences are increasing according to the Retail Trust charity with reports of violence against staff increasing.
Government scrutinising pricing of UK companies.
Chancellor Jeremy Hunt has vowed to scrutinise whether businesses are passing on lower costs to their consumers as he announced an “action plan” with regulators to bear down on the cost of living. The Chancellor met Wednesday with regulators covering telecommunications, water, energy, banks and supermarkets as the government comes under growing pressure to curb rampant inflation.
They agreed to step up efforts to ensure consumers are treated fairly, but failed to announce any major new measures. Jeremy Hunt said regulators have agreed to “act urgently in areas where consumers need most support to ensure they are treated fairly,” adding that the government is “working hard” to halve inflation this year. “Businesses must play their part too and I will keep a watchful eye on the progress they make.”
Regulator to ban excessive power prices
UK energy regulator, OFGEM is to ban energy companies that threaten to turn off their power plants at short notice from then demanding “excessive” prices to remain operational. The Office of Gas and Electricity Markets wants to clamp down on an “off-on” trading tactic that led to the grid operator National Grid having to pay record amounts to power companies last winter to address shortfalls.
Markets
London markets were cautiously lower Thursday, as investors digested central bank comments and attempted to gauge the outlook for global interest rates. Central bankers on Wednesday took part in the annual European Central Bank Forum in Sintra, Portugal. The theme of the 2023 forum was “macroeconomic stabilisation in a volatile inflation environment”.
In company news, the spotlight was on water supplier Thames Water, amid reports of possible nationalisation. Concerns were raised over rising levels of debt at the UK’s largest water company
US Economy
The US Economy showed much stronger-than-expected growth in the first quarter than previously thought, according to a big upward revision Thursday from the Commerce Department. Gross domestic product increased at a 2% annualized pace for the January-through-March period, up from the previous estimate of 1.3% and ahead of the 1.4% Dow Jones consensus forecast. This was the third and final estimate for Q1 GDP. The growth rate was 2.6% in the fourth quarter.
Latest Insolvencies
Petitions to wind up (Companies) – ASSISTED LIVING SOLUTIONS LIMITED
Petitions to wind up (Companies) – SWIFT ANALYTICS LIMITED
Petitions to wind up (Companies) – ENERGY FOR LIVING LIMITED
Petitions to wind up (Companies) – T H S BUILDING LTD
Petitions to wind up (Companies) – EDWARDS BUILDING MAINTENANCE LTD
Petitions to wind up (Companies) – JANSONS BILDING CONSTRUCTIONS LTD
Petitions to wind up (Companies) – YAMAKOV LTD
Appointment of Liquidators – DIGICODE LTD
Appointment of Liquidators – SEA POINT MARINE LTD
Petitions to wind up (Companies) – C M STURROCK ELECTRICAL SERVICES LTD
Appointment of Liquidators – P. GRAHAM ESTATES (FERENEZE) LIMITED
Petitions to wind up (Companies) – TRAVELRAMA LIMITED
Petitions to wind up (Companies) – S & D DECORATING & MAINTENENCE LIMITED
Appointment of Administrator – BRUNLEA PRINT LIMITED
Appointment of Liquidators – CARDAUX LIMITED
Appointment of Liquidators – EUROPEAN COMMERCIAL REAL ESTATE LIMITED
Appointment of Liquidators – INFRACAPITAL (BIO) LIMITED
Petitions to wind up (Companies) – SWEET BASH LTD
Petitions to wind up (Companies) – AQUAJET DRAIN CLEANING LIMITED
Petitions to wind up (Companies) – BLACKSHEEP CREATIVES LIMITED
Petitions to wind up (Companies) – NB PLASTERING CONTRACTORS LIMITED
Appointment of Liquidators – GR STUBLEY INSTRUMENTS LIMITED
Appointment of Liquidators – SEED DESIGN AND BUILD LIMITED
Appointment of Liquidators – MACGON CONSULTANTS LTD
Petitions to wind up (Companies) – VERDANT SPIRITS LTD.
Petitions to wind up (Companies) – DICKENSON LIMITED
Petitions to wind up (Companies) – CENTRE STAGE LIMITED
Petitions to wind up (Companies) – GROVELAND SERVICES LIMITED
Petitions to wind up (Companies) – E J CALMAN LIMITED
Petitions to wind up (Companies) – DACRE STREET DEVELOPMENTS LIMITED
Petitions to wind up (Companies) – RAW GROUP GLOBAL LIMITED
Petitions to wind up (Companies) – R V D SOLUTIONS LIMITED
Petitions to wind up (Companies) – TEAMWINTER HOSPITALITY LTD
Appointment of Liquidators – SPARTA I INTERNATIONAL LIMITED
Appointment of Liquidators – CLERESTOREY LTD
Appointment of Liquidators – SCATSTA HOLDINGS LIMITED
Appointment of Liquidators – ICS PROJECT SERVICES LIMITED
Petitions to wind up (Companies) – GATEWAY LEGAL & PROFESSIONAL SERVICES (U.K.) LIMITED
Petitions to wind up (Companies) – WHITCUT HIRE LTD
Petitions to wind up (Companies) – GOLDWINGS LUXURY TRAVEL LTD
Appointment of Liquidators – STEELE VENTURES LIMITED
Appointment of Administrator – FEROX RESOURCING LTD
Appointment of Liquidators – SPARTA I HOLDINGS LIMITED
Appointment of Liquidators – DEL EQUIPMENT (U.K.) LIMITED
Petitions to wind up (Companies) – BILLET CONTRACTORS LTD
Petitions to wind up (Companies) – BREAK BARRIERS (NOTTINGHAM) LTD
Appointment of Administrator – BRADLEYS OF GRIMSBY LIMITED
Appointment of Administrator – SILVAN SELECT LIMITED
Appointment of Liquidators – STERLING LAND AND NEW HOMES LTD
Appointment of Liquidators – XXIII CAPITAL C LIMITED
Appointment of Liquidators – S & D INVESTMENT PROPERTY LIMITED
Petitions to wind up (Companies) – SKA GROUNDWORKS LIMITED
Petitions to wind up (Companies) – HH INTERIM CFO LIMITED
Petitions to wind up (Companies) – ENVIROPLEX LIMITED
Petitions to wind up (Companies) – ACORN NETWORKS SERVICES LIMITED
Petitions to wind up (Companies) – ROGIES LTD
Petitions to wind up (Companies) – GREENS MOTOR GROUP LIMITED
Petitions to wind up (Companies) – PARKLAND ENTERTAINMENT LIMITED
Appointment of Administrator – ROMA LEATHER LIMITED
Appointment of Liquidators – CONVERTING TOOLING SERVICES LIMITED
Appointment of Liquidators – TAIMAR LIMITED
Appointment of Liquidators – FIRST BANKING SYSTEMS LIMITED
Petitions to wind up (Companies) – SHAWS PROPERTY RENEWALS LTD
Petitions to wind up (Companies) – THE VAMPIRE’S WIFE LIMITED
Petitions to wind up (Companies) – APPARATUS CONSULTING LIMITED
Appointment of Administrator – JR & AL SMITH LIMITED
Appointment of Administrator – MJW LAW LTD
Appointment of Liquidators – HSBC SECURITIES (JAPAN) LIMITED
Appointment of Liquidators – ASPHALTIC LIMITED
Petitions to wind up (Companies) – STARHALL ESTATES LTD
Appointment of Liquidators – SFX TECHNOLOGIES LIMITED
Petitions to wind up (Companies) – THE LAW FIRM (SOLICITORS) LTD
Appointment of Liquidators – WOODCOURT LIMITED
Appointment of Liquidators – DISCOVERY NETWORK SERVICES LIMITED
Appointment of Liquidators – TRINITY PROPERTIES (DEVELOPMENT & CONSTRUCTION) LIMITED
Appointment of Liquidators – WILLOWFORD HOMES AND DEVELOPMENTS LTD
Appointment of Liquidators – DECOUPLED LTD
Petitions to wind up (Companies) – AMERICAN CANDY STREET LTD
Appointment of Liquidators – CHURCHILL SLOAN LIMITED
Appointment of Liquidators – HUMPHREYS TEAL LIMITED
Appointment of Liquidators – TRANSCO LIMITED
Appointment of Liquidators – NDORO TRADING LIMITED
Appointment of Liquidators – TRANSFORMATION RESOURCING LTD
Appointment of Liquidators – W.A. COOK LIMITED
Petitions to wind up (Companies) – BAKER & CO ENGLAND LIMITED
Appointment of Liquidators – LAMARK LIMITED
Appointment of Liquidators – EAST RIDING BUILDERS & ESTATE DEVELOPMENT COMPANY LIMITED
Appointment of Liquidators – RBSM CAPITAL LIMITED
Appointment of Liquidators – SMC CAPELLA LTD
Petitions to wind up (Companies) – CLYDEBANK PRIVATE HIRE LIMITED
Appointment of Liquidators – BRS FINTECH ADVISORY LIMITED
Petitions to wind up (Companies) – INSPIRA WEALTH LIMITED
Petitions to wind up (Companies) – FAST-TRACK HOUSING LTD
Petitions to wind up (Companies) – UK WHITEGOODS LIMITED
Petitions to wind up (Companies) – DMG ROOFING & BUILDING LIMITED
Appointment of Liquidators – KEVIN SMITH CONSULTING SOLUTIONS LIMITED
Petitions to wind up (Companies) – A.A. YOUNG LTD.
Appointment of Liquidators – B & B JOINERS LTD
Appointment of Liquidators – R.B.S. SPECIAL INVESTMENTS LIMITED
Petitions to wind up (Companies) – VITAL SECURITY LTD
Petitions to wind up (Companies) – E. COOMES (ERITH) LIMITED
Appointment of Liquidators – STARGAZER CAPITAL LIMITED
Why should you become a CPA member!
The Credit Protection Association (CPA) has been assisting thousands of UK businesses to get paid, since 1914. We have seen many financial crises, this one will be particularly deadly for suppliers for some time to come.
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.
Unlike other credit management companies, we offer our members a fixed annual subscription regardless of how high the debt value maybe!
No face-to-face meeting required – 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 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!
The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections.