LDD Group Limited, a Leeds technology business in its 25th anniversary with an annual turnover of around £8m year has entered Administration. Yorkshire insolvency practitioners and business recovery experts Walsh Taylor were appointed to deal with the Administration on Thursday (April 19). Under its stewardship, LDD Group Ltd is continuing to […]
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Firms relabelling low-skilled jobs as apprenticeships
A report by centre-right think tank Reform says many firms have rebranded existing roles after being obliged to contribute cash to on-the-job training. The study claims that some fast food giants, coffee shops and retailers are relabelling low-skilled jobs as apprenticeships in order to gain subsidies for training. It adds […]
North East businesses facing risk of insolvency increases
As you may have noticed from reading some of our most recent blog articles, insolvency has hit the headlines several times in the past couple of months. First came the news that the amount of UK businesses facing insolvency had grown significantly throughout 2017, then the Carillion collapse, followed finally […]
3/4 of restaurant groups loss making
The Guardian reports that one in three of the UK’s top 100 restaurant groups are lossmaking, a rise of 75% in the past year as the casual dining crunch continues in an over saturated market. A combination of higher staff costs, rising business rates and falling consumer confidence have conspired […]
Government knew of plan to raise £360mn from Carillion
The Telegraph reports that the Government was informed by Carillion’s accountants in December 2017 about a plan to break up the company, selling the profitable parts and putting the rest into liquidation. It is believed this would have generated more than £360 million, £218 million of which could have be put […]
Growth Forecasts to be Upgraded
The Telegraph reports that the OBR will upgrade growth forecasts only months after downgrading them. The UK’s UK’s dominant services industry has surged and profits have risen at their fastest pace since November 2015, according to a new CBI survey. Read more…
UK Government-backed investment bank needed for small business lending
The Independent reports that a new report by Civitas argues that the creation of a new “national investment bank” will address the “market failure” that has led to a lack of long-term investment in SMEs. The new lender could be independently financed at no ongoing cost to the taxpayer, Civitas claims, […]
Three European banks to pay $46m for ‘spoofing’ market
BBC business reports that the US Department of Justice (DOJ) says it has charged eight individuals over allegations they “spoofed” or manipulated the futures markets for precious metals and share indexes. Separately UBS, HSBC and Deutsche Bank will pay a total of $46.6m (£33m) to settle spoofing charges against them. Spoofing refers […]
Mortgage approvals slump to lowest level in nearly three years, show latest figures
The Independent reports that mortgage approvals slumped to their lowest level in almost three years in December and consumer credit growth crept up again, according to the latest data from the Bank of England. The Bank reported that there were 61,039 approvals for house purchase in the month, down from 64,712 in […]
Zombie businesses fall
R3 report that the number of zombie businesses declined in December. The figure, based on the number of businesses that are only able to pay interest on their debts fell from 0.5% in April to 03%. This accounts for 49,000 businesses, the lowest since R3 started tracking these businesses in […]
