News

BDO appoints CAPA after rescue of bowling centre chain

The administrators who saved jobs at a chain of bowling and entertainment centres have instructed CAPA to audit sites the company traded from, to help boost further returns for creditors.

BDO has instructed CAPA to conduct rates audits on a range of locations occupied by All Star Leisure Group, which operates 10-pin bowling centres and American-themed restaurants across various London sites and in Manchester.

The business had previously embarked on a major expansion in the north of England and Scotland with a central head office infrastructure. In 2018 however, this plan was suspended and a new purchaser of the company was sought.

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MHA Macintyre Hudson appoints CAPA on building supplier hit by pandemic

The administrators of a specialist in the sales, distribution and disposal of construction supplies have instructed CAPA to audit sites the business traded from.

CAPA will be conducting rates audits on Kent-based Ardula Ltd, which had traded successfully for more than two decades, but during 2020 and 2021 the business had amassed debts owed to trade creditors, hire purchase contractors and via tax.

At the same time the business was hit by the absence of trading during the pandemic and was subsequently affected by the effects of inflation.

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CAPA appointed on renewable energy specialist

The administrators of a fuel cell manufacturer have instructed CAPA to conduct audits on sites the firm operated around the country, as the business is wound down.

Begbies Traynor, the business rescue and insolvency firm, has instructed CAPA to undertake rates audits on at least six major operations where Enocell traded from.

Enocell was a fuel cell manufacturing company based out of Biocity, around Glasgow.

The company developed an innovative adaptation for low temperature fuel cell modules that produced energy in a very simple way. The Enocell fuel cell became a highly-cost effective sustainable solution that provided multiple uses for consumers, but was also used in lighting towers and remote monitoring systems nationwide.

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Carter Clark instructs CAPA on over 70 appointments

Carter Clark, the debt advisory and corporate restructuring firm, has instructed CAPA on more than 70 audits in one month, as the company looks to boost returns to creditors across multiple cases.

Based in Ilford, Essex, Carter Clark offers a range of corporate rescue solutions to business including debt advisory services on funding options for organisations facing financial distress.

It is headed up by partners Alan Carter and Gary Clark, whose combined experience spans more than 50 years in insolvency and restructuring.

Carter Clark has recently partnered with CAPA on a variety of cases, giving the firm instructions on insolvent businesses operating in transport, aviation, casual dining, retail, logistics and several other sectors.

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Lucas Ross instructs CAPA on 25 cases in one week

Lucas Ross, the new business rescue, recovery and insolvency firm, has instructed CAPA on more than 25 cases, forging a partnership to help save and recover funds for businesses.

Based in Manchester, Lucas Ross specialises in helping company directors, sole traders, and individuals overcome a range of financial concerns.

The business provides a range of services around disputes, fraud investigations, restructuring, crisis management, creditor advisory and regulatory advisory services.

The company recently appointed CAPA on the 25 instructions in the space of a week, requesting the expertise of CAPA’s Audit team to use bespoke software to conduct audits on SMEs in various sectors.

These included audits of businesses in members voluntary liquidation or creditors voluntary liquidation processes.

CAPA’s team have assisted Lucas Ross in generating recoveries for creditors of these companies, which operated in a multitude of industries including casual dining, auto repairs, food supply chains, electrical supplies, finance and engineering, as well as architects and environmental charities.

CAPA’s auditors have assisted Lucas Ross by interrogating the data on invoices, utility bills, property service charges and business rates paid by these insolvent firms. The team has looked to identify any anomalies or errors before recovering any overspend for the creditors of these companies, boosting the overall returns for creditors, on a no-win, no-fee basis.

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CAPA appointed on furniture manufacturer saved by Moorfields

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.

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Grant Thornton appoints CAPA on 60+ outlets of consumer lender

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.

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CAPA backs launch of TRI news and digital insight service

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.

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RSM appoints CAPA on pioneering thermal engineering firm

The liquidators of a pioneering engineering firm that operated globally have instructed CAPA to conduct audits on all sites the business traded from.

RSM UK Restructuring Advisory, the corporate insolvency and restructuring firm, has appointed CAPA to undertake rates audits on Western Thermal, which specialised in thermal installation for more than 35 years until its liquidation.

Western Thermal had around 100 employees in recent years and worked as lead contractors with some of the UK’s largest construction companies.

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A special welcome before R3's Annual Conference begins

Haven’t we all missed this?

CAPA would like to extend a warm welcome to all delegates at R3’s Annual Conference, where we’ll see hundreds of delegates as in-person networking returns to an action-packed event.

As main sponsor of the conference at Beaumont Estate, Windsor, CAPA will deliver an opening speech on day two of the conference on Thursday, with our co-founder Mike Sheath welcoming delegates alongside R3 president and Edwin Coe partner Christina Fitzgerald.

Mike will also join a panel on Friday to explore how restructuring professionals can resolve challenges around rent arrears, and implications from the Commercial Rent Arrears Arbitration Scheme.

We look forward to catching up with guests at the gala dinner on Thursday night, and other events on a distinguished agenda that runs from Wednesday to Friday this week.

For more information, take a look at R3’s event programme.

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