Jennison Insolvency Press Releases
Aug 11 -Simon Thomas and Robert Pick Appointed Administrators Over Leading Building Surveying and Consulting Survey
Aug 11 -Simon Thomas and Robert Pick Appointed Administrators Over Leading Building Surveying and Consulting Survey
Simon Thomas and Robert Pick of Jennisons have been appointed Joint Administrators over two Leeds based businesses Met Surveys Limited and Met Consulting Engineers Limited.
Met Surveys Limited and Met Consulting Engineers Limited provided land/building surveys and engineering consultancy including design, environmental reports and geotechnical investigations to clients in both the public and private sectors.
In 2009 the businesses faced a downturn in trade as a result of the construction industry being hit hard by the economic climate. In a pre pack deal, the Administrators, sold the assets of both companies to Southgate House Limited, allowing continued trade for customers and securing the employment of the staff of Met Surveys Ltd and Met Consulting Engineers Ltd.
The new companies and staff will operate alongside Met Geo Environmental Ltd from existing premises at Southgate House under the direction of Neil Harvey, Chris Jones, Ian Lang and Andy King.
Dianne Turner, Director, Jennisons “The construction industry has been hit particularly hard by the recession. We are very pleased to have completed a sale of both companies’ business and assets thereby safeguarding employment in the area, at this time of increasing unemployment”.
June 11 - Simon Thomas and Robert Pick of Jennisons appointed Joint Administrators over sport reporting agency
Simon Thomas and Robert Pick of Jennisons were appointed administrators of Hayters Teamwork Limited following a winding-up petition issued by HM Revenue and Customs.
The Hayters Teamwork brand was established over 50 years ago providing a complete multi-media solution for newspapers, magazines, TV, radio and online. Hayters’ content appears daily on the back of national newspapers, sports TV channels such as Sky and the BBC, and online with FA.com and UEFA.com
Advice from the administrators enabled the directors to make an in court administration application allowing the business to be rescued and sold as going concern. This has saved a number of jobs and preserved the value of a prestigious brand.
If you would like further details on the Hayters administration please contact Arron Kendall on 0207 186 1145
May 11 - Simon Thomas and Robert Pick of Jennisons appointed Joint Administrators over Concept Hotels Limited.
The Concept Hotel Group consists of two English Heritage hotels The Grapevine Hotel and The Royalist located in the historical market town of Stow on The Wold, in the Cotswolds.
The Royalist Hotel is a Grade II listed building that ranks amongst the top 4% of protected buildings in the country and is certified as the Oldest Inn in England, dating from 947 AD. The Grapevine hotel dates back to the 17th century and was named after the ancient vine that shades the hotel’s conservatory.
The joint administrators are continuing to trade the hotels, whilst they are marketed for sale.
Mar 11 - HMRC "Time To Pay" Scheme for outstanding debt
According to HMRC's website "Time To Pay” (TTP) arrangements allow them to collect outstanding taxes in a cost effective way.
HMRC state that it allows viable debtors, who cannot pay on the due date to make payment over a period that the debtor can afford.
Arrangements are tailored to the ability of the debtor to pay and are typically for a few months, although can be longer. Time To Pay arrangments lasting over a year are only agreed in exceptional cases.
Most arrangements involve regular monthly payments being made but in exceptional cases may involve a short period of deferral.
These extracts are taken from HMRC's online site.
Feb 11 - Company Liquidation fear as property market looks to remain slow.
Jennison Liquidation expect the housing market to remain slow, as the number of mortgages approved for house buyers by UK banks fell by 10% in 2010.
The British Bankers Association (BBA) says its members approved just 400,000 mortgages between them in 2010, taking them to their lowest level in 11 years.
HMRC have also said the number of homes sold in the UK during 2010 stood at just 885,000, 27,000 more than the previous year but only half of what was recorded in 2006 and 2007.
A spokesman at Jennison, Company Liquidation said “Activity in the housing market has fallen dramatically, potential purchasers and builders remain wary of the uncertain economic climate so are waiting until the outlook is clearer. Those happy to go ahead with a purchase are left struggling to raise the mortgage they need.”
“Government cuts, rising inflation and the threat of increased interest rates will mean many homeowners will remain in their current homes reducing the number of properties coming to the market and may lead to a greater number of company liquidations. We hope prices can remain stable in 2011 as the market does not look set to improve until we are into 2012.”
If you feel your business is suffering would like some independent advice please contact Jennison Insolvency on 0208 528 1575.
Jan 11 - Company Liquidation fear for Retailers after the VAT rise
Retailers are set to be hit hard in 2011 as a result of the increase in the standard rate of VAT from 17.5% to 20% which experts forecast will lead to a greater number of company liquidations.
The rise which came into force on 4th January 2011, will affect any VAT registered firm that buys or sells goods or services that are subject to the standard rate of VAT. The majority of food products, children’s clothing, newspapers and magazines will continue to be zero rated.
Research by the Centre for Retail Research and online shopping group Kelkoo has suggested that retail sales will fall by about £2.2bn in the first three months of the year as a result of the rise.
Shoppers are unlikely to feel the effects immediately as retailers are likely to absorb the costs as part of the January sales.
A spokesman at Jennison Liquidation said “Retailers had a tough time in 2010, especially towards the end of the year, when an expected increase in sales prior to the VAT increase was anticipated only to be over shadowed by the severe weather. The first three months of 2011 does not look to show a more positive outlook, the combination of the VAT rise, coupled with the public sector cuts means retailers are fearing the worse and liquidations are a real concern.”
If you feel your business could suffer as a result of the VAT increase and would like some independent advice please contact Jennison Insolvency on 0800 107 8788.
Nov 10 - Rok plc goes into Administration
Rok plc announced today that the company is in administration. This effectively means that the business is unable to pay its debts and is insolvent. Please read this website for more information on administration.
If you are an employee of Rok plc's business we cannot help you directly but please browse our site for information. If you are a business and owed money as a supplier then maybe we can.
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Please call Mark on 0800 107 8788 on to discuss how we can help you.
Aug 10 - Simon Thomas and Fred Satow of Jennison Insolvency appointed as Joint Administrators of car servicing business
Insolvency Practitioners, Simon Thomas and Fred Satow of Jennison Insolvency in Leeds were appointed Joint Administrators of In “n” Out Services Limited (“INO”) on 12 August 2010 by the directors of the company. In “n” Out Properties Limited, a wholly owned subsidiary of INO was also placed into Administration.
Incorporated in October 2004, INO is a provider of car maintenance and MOT testing services for the UK market. The Company has had cashflow difficulties as a result of its failure to raise additional funding from investors. The company has 15 leasehold sites in the UK and has been trading for 4 years.
The joint administrators,continue to trade the company whilst marketing the business for sale as a going concern. Please contact us if you are interested in receiving further information about this business.
Jul 10 - Jennison Insolvency appointed over Motorcycle dealership
Simon Thomas and Fred Satow, Insolvency practitioners at Jennisons Coporate Recovery were appointed joint administrators of the Company in July 2010 by a qualifying floating charge holder.
The Company was a well established KTM & now Husqvarna motorcycle dealer based in London. The company sold parts and accessories for KTM & Husqvarna motorcycles and was one of the best KTM dealers in the UK with turnover is in excess of £1.3m.
The trading site is now closed for business and our principle duty is to pursue any remaining realisations for the benefit of the creditors.
Jennisons Insolvency Practitioners, based in Leeds is one of the UK's leading independent firms of restructuring and insolvency specialists. Its clients range from small businesses and SME's to major multinationals.
Jun 10 - Jennison chosen to act by creditors in European Colour (Pigments) Limited liquidation
Insolvency practitioners, Simon Thomas and Fred Satow were appointed joint liquidators of the Company in June 2010 following administration which was undertaken by another insolvency practice.
Creditors of European Colour specifically chose our insolvency practitioners to act as Liquidators at a meeting of creditors in May 2010 to resolve outstanding matters, bring a swift conclusion to the insolvency process and issue a final dividend to the unsecured creditors.
European Colour was a pigment manufacturing company located in Stockport and south-east London with annual turnover is excess of £15m.
May 10 - Jennison Insolvency saves IT helpdesk business
Jennison Insolvency Practitioners, Simon Thomas and Fred Satow were appointed joint administrators to Cyntergy Services Limited on 28 May 2010 at the request of the directors.
Cyntergy Services Limited is a leading supplier of retail IT helpdesk support. The company has 90 employees based at its offices in Sunbury on Thames.
Cyntergy Services Limited was subject to a management buy-out from Clarity PLC in May 2008.
The downturn in the economy in 2008 saw the business experience a considerable drop in training turnover and in the first quarter of 2009 the Company suffered a loss .
Following the losses suffered , the Company undertook a cost saving exercise resulting in savings of 20%. It also entered a payment plan with a major creditor, HM Revenue and Customs (‘HMRC’), in order to repay a debt of more than £260,000.
In the 11 months ending 28 February 2010 the Company suffered a further trading loss and neither investors, directors or the parent company were able to invest funds.
After several weeks of marketing and negotiation with interested parties, agreement was reached with Clarity PLC and immediately following the appointment of Simon Thomas and Fred Satow as joint administrators, a sale of the business was effected to a Clarity subsidiary.
Simon Thomas said “We are very pleased to have secured a sale of the business and continuation of employment for the significant number of employees. As a former owner of the business and major customer Clarity has a detailed knowledge of what is required to take things forward. Our options were restricted by a number of factors, including the small market the business operated in, all of which makes this sale a great success.”
Apr 10 - UK garage door manufacturer is sold by Jennison Insolvency
Following the appointment of Leeds Insolvency Practitioner's, Simon Thomas and Fred Satow on 25 March 2010, the joint administrators, having successfully traded the business for a three week period, before splitting up the business into four main parts:
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Gliderol Garage Doors has purchased the assets at the Scunthorpe site.
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Hobbs Industries Ltd has purchased some of the Bowburn and Luton site including taking over all warranty obligations for a two year period for the ABS, Steel-line and Steel products.
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Qualidex Ltd has purchased the Wessex assets and it's related company, Sentrix Ltd will take over the warranty for a two year period on all GRP doors.
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Woodrite Doors Ltd has purchased the Brackley assets and will take over the warranty liability for a two year period on all timber related products.
Simon Thomas, Insolvency Practitioner as Jennison's commented on the various sales:
"We believe that these sales will save a number of jobs that would have otherwise been lost. It has also been our focus to provide customers with warranty support going forward which will increase realisations for creditors."
For further information on this administration or for general advice, please contact Dianne Turner in our Jennison Leeds office.
Mar 10 - UK garage door manufacturer enters into administration
Simon Thomas and Fred Satow were appointed joint administrators to BRP Group Limited on 25 March 2010 at the request of the directors.
BRP Group Limited is a leading manufacturer of garage doors for the house building industry. It has operations in Bowburn, County Durham, Scunthorpe, Daventry, Brackley, Northamptonshire, Milton Keynes and Verwood, Dorset.
The company has some 360 employees spread across the country.
BRP Group Limited purchased the business from the Cardale Group in August 2009 and since then Nick Sibley, its principal shareholder has invested more than £3m to develop the business.
Unfortunately the company has been unable to achieve sufficient sales in the current economy.
Simon Thomas said " BRP Group is one of the leading garage door manufacturers in the UK with a modern, computer - controlled production facility in Bowburn. We have already received a number of expressions of interest from likely buyers and are hopeful of achieving a speedy going concern sale. Please could interested parties contact us as soon as possible.
Whilst we have regretably has to make a number of redundancies on our appointment, we are hopeful of achieving a going concern sale and preserving the remaining jobs. It is possible that any purchaser of the business may wish to re-employ staff we have had to release in the short-term"
Please contact Simon Thomas or Arron Kendall for further information.
Mar 10 - Jack Holt saved from closure
Simon Thomas and Fred Satow, Insolvency Practitioners and joint administrators to Jack Holt Ltd (“Holt”) are pleased to announce that following an intensive three week marketing period they have successfully completed a sale of the business and assets to Holt Marine Ltd.
The sale is on a going concern basis saving a number of jobs and will allow the well established Holt brand to build on their historic success and flourish once again.
Simon Thomas, Insolvency Practitioner from Leeds commented on the sale:
“There has been a large amount of interest in acquiring the business, with a number of competitive offers made. We are pleased with the outcome as it was the offer which represented the best outcome for the creditors of Jack Holt Ltd”
A spokesman for Holt Marine commented on the purchase:
“We are pleased to have purchased the business and continue trading under the Holt brand. It is important for us to move the new business forward by building strong relationships with both customers and suppliers”.
Feb 10 - Jack Holt enters into admininistration
The Holt company – originally set up by Jack Holt and Beecher Moore in 1945 - has gone into administration following Insolvency advice provided by Jennisons.
From making Merlin Rockets and Cadets, the pair branched out into producing fittings with Glen and Tony Allen, forming Holt-Allen in the 1950s.
The company reigned supreme in dinghy fittings for many years, but a recent move by Beecher Moore’s son, Chadwick, to manufacture fittings in Brazil sparked a split with the Allen family.
The company entered into administration on February 23, 2010, with Simon Thomas and Fred Satow of appointed as Joint Administrators.
‘The company’s having cashflow problems,’ said a spokesman. ‘Essentially we’ve put it into administration and we’re trading it on a normal basis, so all customers are receiving goods as per normal and we’re looking to find a purchaser in the next four or five days to turn it around quickly.’
Jennison are leadi ng Insolvency Practitioners specialising in providing insolvency advice to companies experiencing financial difficulties.
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Call us now for free advice
0800 107 8788
© 2012 Jennison Insolvency is a trading name of Moorfields Corporate Recovery LLP.
Tel: 0800 107 8788. Fax: 0800 107 8788 | Registered in England. Company Number OC334837
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