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Axminster Tool centre Ltd (in admin)
Find out moreRichard Lewis and Alistair Wardell, of Grant Thornton UK Advisory and Tax LLP, were appointed as joint administrators of Axminster Tool Centre Ltd on October 21. Mr Lewis today told DevonLive: “The administration followed a sustained period of financial pressure. While the business experienced growth in turnover and profitability during the Covid-19 pandemic, the subsequent contraction of the DIY market and the company’s challenges in adapting its strategic direction to evolving market conditions, led to losses in 2023 and 2024 and ultimately the company’s insolvency.”
He said that in the six to eight weeks prior to the appointment, Grant Thornton had undertaken an accelerated sale process that culminated in the sale on the joint administrators’ appointment of the company’s retail business, including its stores and wholesale distribution operation, to Newhow Ltd and its manufacturing facility to NuCo Tools Ltd.
Mr Lewis said: “Whilst the marketing exercise was as extensive as possible in the time available, the new companies, which were incorporated by different parts of the company’s director and shareholder group, offered the highest level of consideration. As part of the transactions, all of the company’s 149 employees were transferred to the purchasers and the sales provide the best opportunity for a key South West business to continue in operation with minimal disruption to customers.”
Grant Thornton have appointed CAPA to carry out a property audit over the 6 properties occupied by the business.
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Evolvement Networks Ltd (CVL)
Find out moreGareth Bishop and Simon Thomas Barriball of McAlister & Co Insolvency Practitioners Limited were appointed Joint Liquidators of Bristol based I.T service providers Evolvement Networks.
CAPA have been instructed to review the non domestic rates on the 7 properties occupied by the company.
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Oakman Inns (in admin)
Find out moreRoss Connock, Mark James, Tobias Banfield and Tom Crookham of PWC have been appointed as joint administrators of Oakman Inns and Restaurants Limited and Oakman Dev Limited
The administrators said challenging conditions, such as the Covid pandemic which led to closures and "restricted trading", meant the company had to take out "additional borrowings to stabilise the business and preserve its operational footprint".
PwC added it had sold one "freehold property and 13 leasehold sites to Upham Group Limited", which had secured 531 jobs.
This included The Beech House, Solihull, and The Four Alls, Welford-on-Avon, Warwickshire.
CAPA have been instructed to carry out a full property audit over 24 properties in the portfolio.
R3 2025
CAPA are very proud to be main sponsor of 2025's R3 Annual Conference.
The conference theme is ‘Embracing change – shaping the profession to be fit for the future’ and the conference programme will explore how we can embrace, harness and drive change to shape the profession.
The R3 Annual Conference 2025 will be held on 7th-9th May in St. Julian's, Malta.
More information on the conference can be found on R3 Website
The 500 Club
CAPA are proud to be joint hosts of the 500 club. The 500 Club is a series of informal networking events. The invitation-only events are held throughout the year at locations across the UK, including London, Manchester, Birmingham, Leeds, Glasgow, Bristol and others.
The 500 Club events bring together like-minded professionals from the legal, insolvency, finance and property sectors (and more) for drinks, nibbles and, most importantly, good conversation. Typically, you can expect to meet lawyers, insolvency practitioners, lenders and related professionals at The 500 Club events. The 500 Club - Networking events - ESA Risk
