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The administrators who saved a high-end furniture manufacturer, after the business was hit by Brexit complications and the pandemic, have appointed CAPA to audit sites the firm operated from.
After rescuing Showcase Ltd through a pre-pack administration process, corporate recovery firm Moorfields instructed CAPA to conduct rates audits on every site the manufacturer occupied.
Based in Crawley, Showcase had designed and manufactured high-end furniture for commercial and residential properties for more than 30 years, trading profitably up until the last two years, when a combination of the pandemic and Brexit-related issues impacted the business.
While orders disappeared when lockdowns took hold, the company also faced delays in obtaining building materials due to post-Brexit rules, which affected timings of its projects.
The administrators of a home-collected credit provider have appointed CAPA to audit more than 60 sites the lender traded from, as they look to wind down a business with more than 70,000 customers.
Grant Thornton instructed CAPA to conduct rates audits on SD Taylor, after the lender entered insolvency earlier this year with more than 112,000 loans still active.
SD Taylor is part of the Non-Standard Finance Group which comprises many different firms providing unsecured credit. SD Taylor Limited trades as Loans at Home and is the only firm in the group which has entered administration.
The lender was affected by two major issues in the past two years. As the firm saw revenue drop substantially during the pandemic, it was also hit by a large volume of consumer redress claims, and ultimately the business entered administration in March this year.
CAPA has announced a partnership with the new Turnaround, Restructuring and Insolvency (TRI) Strategy website, a rebranded website dedicated to publishing news, insight and digital broadcasts for the TRI profession.
Designed to provide intelligence, networking opportunities and referrals for professionals working in the corporate restructuring profession, the TRI Strategy website will provide up-to-date news on current issues and major appointments, as well as analysis and detailed case studies where TRI professionals have rescued businesses from collapse.
A Knowledge Hub will feature such case studies and analysis, while an On-Demand page will showcase digital, TV-style broadcasts, including interviews with the profession’s elite practitioners, legal experts and funders.
The TRI Strategy has been launched by the people behind both the TRI Awards, which CAPA has supported as headline sponsor for the past decade, and the TRI Conference.
The website has been launched at a critical time for the profession, ahead of a potential UK recession and unprecedented levels of economic headwinds due to impact businesses, but also just after a quarter where corporate insolvencies have risen around 112% year-on-year.
The TRI Strategy website also features the full TRI 250, an index of the most influential individuals currently working in the turnaround, restructuring and insolvency profession.
CAPA will be the main sponsor of this year’s R3 Annual Conference.
R3 Annual Conference 2022 will be held on 18th-20th May at Beaumont Estate, Windsor.
The conference will bring together industry-leading speakers with a wide range of sessions, representing all UK regions and all levels of the profession, providing you with the opportunity to gain insight into the latest developments and future challenges affecting the insolvency profession, along with 14 CPD hours of essential content.
More information on the conference can be found on R3 Website
CAPA is continuing to champion the outstanding achievements of corporate rescue professionals, by signing up as headline sponsor of the Turnaround, Restructuring and Insolvency (TRI) Awards for 2021.
CAPA is supporting the profession’s most prestigious awards programme, which celebrates the exceptional work and outcomes in the process of rescuing struggling businesses and saving jobs, as the economy recovers from the pandemic.
The TRI Awards marked a historic first last year in hosting a live, televisual awards ceremony in a London studio.
For 2021, as the awards programme reaches its 14th year, the TRI Awards will return as an in-person event, due to be held at the Hilton London Bankside on 9 December, capping a year in which business advisory firms have secured the futures for many businesses that have endured testing times.
The independent judging panel for the awards will again consist of corporate restructuring practitioners, lawyers, regulators, funders and other experts, all with decades of experience across the TRI space.
For more information, visit the TRI Awards website.