December 05, 2013
“It’s extremely good news that business rates will be capped
at 2% and not increased by RPI which hit 3.2% in September. If they were still
linked to inflation, this would have meant that for every £1 in corporation tax
paid by retailers, they will have to pay £3.44 in business rates, compared to just
£2.48 in 2005.
“Additionally the tax increase would have meant an increase
in business rates for retailers of £242 million per year at a time when they
can least afford it, putting 19,670 full time jobs at risk due to reduced
investment and potential store closures.
“Instead we will see a £1,000 ...
November 12, 2013
Barratts, the retail shoe store has entered administration
for a third time. Duff & Phelps have been appointed administrator and are
reviewing the firm’s financial situation as well as seeking the sale of the
business. The firm first went into administration in 2009.
Administrators have blamed “difficult trading conditions” for its most recent
failure. An investor did offer to inject £5m into the company, but
withdrew the offer on November 7th. Phillip Duffy of Duff & Phelps said: "In view of
the financial position of the company and withdrawal of that equity offer the
directors were left with no choice but to appoint administrators." Barratts has ...
October 30, 2013
Video rental chain Blockbuster is set to go bust for the
second time this year, leaving 2,000 jobs at risk. The firm was snatched by private equity group Gordon
Brothers Europe in March after its collapse in January. Now the firm is set to
enter administration again after poor trading. Gordon Brothers have planned to cut 32 jobs from the chain’s
headquarters in London. Jobs at its 264 stores are at risk unless a buyer can
be found. Blockbuster has been facing increasing competition from
supermarkets as well as online services that allow the purchase and rental of
movies. The increase of internet sales has already been ...
October 21, 2013
Long established Manchester
High Street retailer of ladies bridal wear,
bridesmaids dresses, accessories plus a full stock of mens’ formal wear for
hire. The stock has a book value of circa £120,000 and includes
free standing fixtures and fittings. The stock includes:- Wedding Dresses – Alfred Angelo, Pronuptia, Co Co, Sincerity Katz Bridal Shoes Liza Designs Veils and Tiaras Predominantly Wilvorst Men’s suits plus Torre and Masterhand Colin Ross Men’s Shirts Orton Men’s shoes Colin Ross and Heirloom Waistcosts The stock is available to view and will be sold by way of
private treaty. Contact Andrew Walker
at The Business Debt Advisor on 0845 4652628 ...
August 22, 2013
According to Money Advice Trust, local authorities have used bailiffs on 1.8 million occasions in last 12 months. This is big business for the Bailiff companies – figures suggest that the recent combined annual income for the 5 largest Bailiff companies was in excess of £60M.
Bev Budsworth from The Debt Advisor spoke to 5 Live at midnight last night on the subject and below are her thoughts from research on the subject of Councils and the use of bailiffs.
The tactics employed by bailiffs and their charges which can be excessive have trouble advice agencies for the past 30 ...
August 19, 2013
After Comet fell into administration, Henry Jackson’s
OpCapita and its backers have already recouped around £54m from the ruins of
the electrical retailer.
Comet collapsed into administration last November cutting
jobs by about 7,000. With concerns over ‘malpractice’ the department of
business, innovation and skills is conducting a review into the failure of
Comet and all of its UK
Hailey Acquisitions Limited (HAL) is the main secured
creditor to Comet and entitled £140m after taking care of the retailer’s debt
from former parent company Kesa. However, HAL could be inline to receive
further payment from the ruins of Comet.
One estimate based on the internal figures ...
August 02, 2013
Figures published today by the Insolvency Service show that company liquidations in England and Wales in the second quarter of this year were up 10.5% on the previous quarter but down 2.1% on the same quarter in 2012. Personal insolvencies also increased in the second quarter 2013 to 25,717 but were 6.1% less than the same period 12 months ago.
Bev Budsworth, managing director of multi award-winning The Debt Advisor said: “Despite today’s statistics, it does seem that the economy is ‘on the mend’, as the chancellor put it. Both personal and corporate insolvencies are up, which is a worry ...
July 22, 2013
Manchester-based insolvency practitioner, Bev Budsworth has
been shortlisted for ‘Personal Insolvency Practitioner of the Year – Small
Firm’ award at this year’s Insolvency & Rescue Awards.
This is the second time Bev has made the finals of these
awards since she won it in 2008. The prestigious accolades aim to honour the
insolvency industry’s high achievers and celebrate best practice.
“It’s fantastic to see that the hard work and effort that we
all put in at The Debt Advisor is being recognised,” said Bev. “Since winning
this award in 2008, the business has won or been shortlisted for six industry
awards which is testament to our client ...
July 22, 2013
HM Revenue & Customs (HMRC) have announced a new
campaign designed to encourage those with outstanding tax returns to bring
their affairs up to date.
The ‘My Tax Return Catch Up’ scheme is aimed at taxpayers
who have not submitted a self assessment tax return or notice to complete a tax
return for years up to and including 2011/12.
If you still have an outstanding tax return for 2011/12, you
still have until 31st July 2013 to submit it. If you don’t submit it before
this time, you can face a fine of £300 or 5% of the outstanding amount.
If you have any outstanding tax ...
July 15, 2013
Internacionale has been sold out of administration in a
pre-pack detail last week.
The budget fashion chain called in the administrators last
month after investments failed to improve profits.
Administrators from EY were called in and assets from the
company were sold to Internacionale UK Ltd, a company set up by its former
Tom Jack and Sam Woodward who were appointed administrators
said the deal would save over 1,500 jobs.
114 of Internacionale’s stores will remain open, although 18
will now have to close.
EY have reported that the new owners would honour gift
vouchers and part-payment orders made before the administration.
Joint administrator Tom Jack ...