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.
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.
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.
The administrators of a national metal manufacturer have appointed CAPA to conduct audits on the company, after the firm was hit by several issues including the soaring cost of materials.
RSM UK Restructuring Advisory, the corporate restructuring and rescue business, instructed CAPA to undertake the audits on First Components, which operated as a precision engineering business based in the West Midlands.
The manufacturer of metal structures and parts for supply chain companies had been trading for nearly 18 years. It had served a wide range of industries including aerospace, automotive, medical through to electrical, white goods and general engineering, but was affected by a series of financial problems throughout 2021.
The full agenda for R3’s upcoming annual conference has been announced, with headline sponsor CAPA due to appear in a speaker line-up featuring BBC economics editor Faisal Islam and a host of restructuring experts.
Islam will be a keynote speaker at the conference next month, which will be held at the Beaumont Estate, Windsor, as it returns as a physical event from May 18 to 20.
The broadcaster will join a range of legal and corporate restructuring professionals drawn from various business rescue companies, law firms and the government. These include:
- Christina Fitzgerald, partner, Edwin Coe and R3 president;
- Dean Beale, chief executive, The Insolvency Service;
- Raquel Agnello, QC, Erskine Chambers;
- Jim Morrison, debt management enforcement and insolvency lead, HMRC;
- Claire Howell, insolvency partner, Antony Batty & Company;
- Ian Corfield, partner, FRP Advisory;
- Mike Sheath, director and co-founder, CAPA;
- Marcus Rea, senior managing director, Teneo Restructuring;
- Melanie Leech, chief executive, BPF;
- Matt Meehan, head of Europe, partner, Sandton Capital.
Other speakers from firms including RSM Restructuring UK, Smith & Williamson, Keidan Harrison, Begbies Traynor and South Square are also on the agenda.
CAPA’s co-founder Mike Sheath will be appearing alongside panellists who will explore the new Commercial Rent Arrears Arbitration Scheme.
They will discuss how effective the scheme could be in resolving rent arrears disputes – a long-running issue that the pandemic has exacerbated in retail and other sectors.
Registration for the event can be completed on R3’s website.
The administrators of a Leeds-based marketing agency used by major national clients have appointed CAPA to conduct audits of sites the firm traded from.
Corporate advisory and restructuring firm Mazars has appointed CAPA to undertake audits on Banana Kick, which counted among its clients Leeds United Football Club, the Grand National organisers, sports retailer Decathlon and national railway providers.
The agency had built up its client base steadily since it was set up in 2008, and was known for its contributions to cultural and family activities offered in Leeds city centre.
Administrators who rescued a restaurant chain by managing a pre-pack sale of the business have appointed CAPA to audit properties the company traded from.
Quantuma managed to secure the future of Fyre Restaurants, which trades as Roxie Steak, by selling the company’s business and assets at three trading sites. The deal secured the future of 50 jobs across the chain and enabled a full return to the firm’s secured creditor and a distribution to the preferential creditors.
Quantuma has since instructed CAPA to conduct the rates audits as it looks to recover further funds for the preferential creditors of Fyre Restaurants. The chain operated five restaurants across London, including in Wimbledon, Earlsfield, Putney, Twickenham and Fulham.
The administrators of a group of international fashion and footwear companies have instructed CAPA to undertake audits at sites the company traded from.
Teneo Restructuring, the corporate restructuring unit of the global advisory firm, was appointed late last year as administrators of GBG Europe Footwear and Accessories, GBG International Holding Company and TVM Fashion Lab.
GBG International Holding Company owns 51% of Seven Global, the licensing platform for David Beckham to promote partnerships with global brands.
Since its appointment to the fashion and footwear companies, Teneo Restructuring has instructed CAPA to conduct the rates audits on 10 international sites across the business.