Insolvency

Accounting / Patisserie Valerie calls in KPMG as administrators

Blair Nimmo and David Costley-Wood, partners at KPMG, have been appointed as joint administrators to Patisserie Holdings plc, the parent company of high street café chain Patisserie Valerie, which has collapsed putting thousands of jobs at risk after failing to secure an agreement with its lenders

Insight / EY administrators to plant hire group

Sam Woodward, Alex Williams and Hunter Kelly of EY’s restructuring team have been appointed joint administrators of plant hire company, Hawk Plant (UK) Ltd and subsidiaries, which has collapsed, putting over 400 jobs at risk

Accounting / KPMG advises Patisserie Valerie on ‘devastating’ fraud

Troubled high street café chain Patisserie Valerie has called in KPMG to help the company consider its options, after investigations found the accounting misstatements identified in October are much larger than originally estimated, with evidence of ‘devastating’ fraud and deliberate manipulation

Insight / Arjowiggins’ UK paper business folds up

FRP Advisory has been appointed as administrators of Arjowiggins Fine Papers, in a move which puts more than 500 jobs at risk at Stoneywood Mill in Aberdeenshire and other paper production facilities around the UK

Insight / FSB demands reform one year on from Carillion

The collapse of government outsourcer Carillion on 15 January 2018, which cost the taxpayer an estimated £150m, has prompted greater scrutiny of the outsourcing market and calls for a major reform from the Federation of Small Businesses (FSB)

Insight / Patisserie Valerie admits late payment issues

High street cake chain Patisserie Valerie, which is under investigation over accounting irregularities, has admitted it has problems over delays in payments to suppliers, after the business, energy and industrial Strategy (BEIS) select committee asked the company about its payment practices

Insight / Bespoke furniture maker in administration

KPMG has been appointed to handle the administration of furniture manufacturer Godfrey Syrett Ltd, which has collapsed due to difficult trading conditions with the loss of over 200 jobs

Accounting / Winton: use and abuse of pre-packs to drop pension liabilities

Anne-Marie Winton, partner at ARC Pensions Law LLP, examines the pre-pack administration of publisher Johnston Press, which involved the abandoning of £109m in pension liabilities, and asks whether regulators should have greater control of this practice 

Insight / KPMG cooks up pre-pack for kitchenware retailer

KPMG has been appointed to handle the administration of Steamer Trading Ltd, a speciality kitchenware retailer with 38 stores across the UK, and has immediately sold the business in a pre-pack deal to kitchenware retailer ProCook

Insight / Southend FC faces winding up order

League One team Southend United has been served with a winding up order by HMRC over claims for unpaid tax debts, the latest in a series of financial difficulties which have beset the football club in the last 10 years

Insight / Fashion house Hardy Amies in administration

Menzies has been appointed as administrators to high-end fashion house Hardy Amies, known for providing outfits for the Queen for many years, which has collapsed for the second time in just over a decade

Insight / 53% increase in retail CVAs in 2018

Research by Deloitte shows that the number of retailers that went into administration in 2018 rose by 6% to 125, but the number of company voluntary arrangements (CVA) spiked as retailers and businesses struggled with online competition

Audit / PwC faces £14m lawsuit over Providence collapse

Investors in Guernsey-based company Providence Investment Fund (PIF), which collapsed in 2016, are to sue the audit firm for £14m for what they term ‘negligence, breach of duty and breach of contract as its auditors’

Insight / Luxury slipper maker slides into administration

The online retailer Mahabis, which produces high-end indoor footwear, entered administration on 27 December 2018 and described itself as 'desperately disappointed' by the outcome after racking up £2.6m in debt

Insight / HMV enters administration for second time

The music and film chain, which employs around 2,200 people across 125 stores and was rescued in 2013, has officially entered administration again following falling sales and changing consumer spending patterns
Subscribe