The administrators of a paper mill operator and printer, who are now trying to save over 600 jobs at the company, have called in CAPA to help maximise recoveries for creditors.
CAPA has been appointed to conduct audits of property costs and invoices at three large paper mills run by Arjo Wiggins Fine Papers, which fell into administration in January 2019 after its French-based parent company entered insolvency.
Arjo Wiggins is part of a group of companies owned by Sequana, a listed entity with shares traded on the Euronet Exchange in Paris. Sequana had been beset with financial problems since 2017, when it was hit by a €135m court claim for environmental clean-up costs, along with challenging conditions in the paper industry that continue today.
Because of Sequana’s insolvency proceedings, and Arjo Wiggins’s reliance on Sequana for funding, the fine paper printer struggled to pay its UK creditors.
Ultimately, Geoff Rowley, Tom MacLennan and Alex Fraser, of the corporate restructuring firm FRP Advisory, were appointed as joint administrators of the company on January 14 2019. They have since solicited offers from potential new owners of some of the group’s businesses and assets.
The administrators of an outsourcer that runs probation and employment services have instructed CAPA to conduct audits across the business.
CAPA will be auditing business rates paid out at nearly 50 sites run by Working Links (Employment) Ltd, a government outsourcer with over 1,000 staff that operates probation companies and helps people back into work after long periods of unemployment.
Working Links had previously posted a £25m drop in turnover and a loss of £8.6m in its accounts for 2017. More recently, the business had experienced difficulties in delivering a rehabilitation programme for offenders on behalf of the Ministry of Justice.
Martin Armstrong and James Patchett, of the business advisory and restructuring firm Turpin Barker Armstrong, were appointed joint administrators of Working Links on February 14 2019.
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CAPA has been appointed to audit properties across a tyre company that covered 80 percent of the UK at the point of its collapse.
Tyres on the Drive, based in Crewe, offered mobile tyre fitting and puncture repair services from eight regional hubs around Britain. At its peak the business posted turnover of more than £15m and employed 170 staff.
More recently the company endured severe financial difficulties and on January 30 2019 it entered insolvency, with Sarah O’Toole, Jon Roden and Edward Williams, of the business advisory firm Grant Thornton, being appointed as administrators.
They have now instructed CAPA to undertake property audits of 10 sites run by the tyre chain. This means CAPA’s Audit team will now use bespoke software to trawl through all costs relate to the properties, such as business rates, utility bills and service charges.
The administrators of a bowling chain with sites in London and around the south east have appointed CAPA to conduct audits on all the firm’s locations.
Duff & Phelps, the business advisory and insolvency company, instructed CAPA to undertake rates audits on 12 bowling alleys run by MFA Bowl Ltd, which entered administration in February.
Based in Lewisham, London, MFA Bowl operates bowling alleys in towns including Whitstable, Chichester and Newbury, but had recently endured financial difficulties and adverse trading conditions.
Allan Graham and Phil Duffy, of Duff & Phelps, were appointed as joint administrators on February 13 2019.
The liquidator of a premium Italian café chain – which served diners in prime London locations including one opposite Selfridges – has appointed CAPA to audit the sites.
David Rubin & Partners, which is winding down Caffe Fratelli Limited after the coffee and deli chain entered liquidation, has appointed CAPA to undertake property audits of five cafés across the business.
Although the company had been trading for 17 years from sites dotted around London’s busiest shopping areas, Caffe Fratelli had suffered substantial financial problems throughout 2017 and 2018, posting a loss of £2.9m for 2017.
By the time it entered insolvency in October 2018, when Stephen Katz of David Rubin & Partners was appointed liquidator, the business had racked up debts of £3.5m to creditors.
As David Rubin & Partners has now issued the property audit instruction, CAPA’s Audit team will use bespoke software to carry out a forensic analysis of utility bills, service charges and rates paid out at each location. The team will look to uncover multiple elements such as errors or anomalies in the costs, before recovering the sums for Caffe Fratelli’s creditors.
The administrators of two Scottish hotels famously used as wedding venues have called in CAPA to help maximise the sums recovered for creditors.
CAPA will be conducting a rates audit on the Burnhouse Manor Hotel in North Ayrshire and Crowwood House Hotel in North Lanarkshire, after corporate advisory firm FRP Advisory were appointed as administrators of both venues.
The parent company of the two hotels had been impacted by severe trading conditions and a significant tax bill which HMRC called in towards the end of 2018.
The corporate recovery experts who rescued a fishing retail chain, saving the entire workforce of 111 jobs, have instructed CAPA to audit stores across the business.
CAPA will be conducting full property audits on around 16 sites at Fishing Republic, after advisers from Leonard Curtis Business Rescue & Recovery managed to sell the struggling business in an 11th-hour rescue deal.
Based in Rotherham with stores around the country, Fishing Republic is one of Britain’s largest retailers of fishing equipment.
In the lead up to its insolvency, Fishing Republic had endured severe financial difficulties after major investors had withdrawn short-term financial support for the company. This left the business unable to meet working capital requirements.
The administrators of Blue Inc, the fashion retailer previously rescued from collapse, have appointed CAPA to audit over 120 stores across the chain.
CAPA will be conducting a rates audit across at least 121 outlets throughout Blue Inc’s U.K. portfolio, having been instructed by administrators at Begbies Traynor, the business advisory firm.
Blue Inc had endured severe financial difficulties in the past two years. In January 2016 the business placed its trading subsidiary A Levy & Son into administration, before buying back parts of the business including stores in a pre-pack deal led by corporate rescue and advisory firm Leonard Curtis. This deal safeguarded 1,500 across the company.