Another household name looks like it might join the list of companies that have gone insolvent. Team Group who rescued Pickfords, the removals business, last year has reportedly brought in Deloitte, the accountancy firm, to advise on all possible options to stave off collapse of the removals firm. Pickfords has run into trouble in the wake of the housing-market collapse. However, according to the Sunday Times the business had a turnover of £83m in 2007 but operating losses of £7m. Given this loss was during 2007 when the property market was healthy it isn't really surprising that the business is in deep trouble now.
One option being considered is the "pre-pack" where the business is bought at the same time as going into administration releasing the new owners of the old companies liabilities. This has been controversial as many high profile businesses have chosen this route. Insolvency practitioners are mainly of the view that it is the best way to preserve jobs and pay secured creditors. Unsecured creditors do often find themselves very out of pocket and the speed and lack of consultation in the process does upset suppliers.
This well-established business in Suffolk is renowned for providing bespoke hydraulic, electric, and mechanical systems across various industries, with end-to-end solutions and a strong reputation for quality and reliability.
This well-established Buckinghamshire-based wholesale catering supplier offers a diverse range of fresh produce, dairy, and catering essentials to sectors such as hospitality and healthcare.
This well-established Essex-based business offers a comprehensive suite of bespoke luxury furniture services, from design to installation, catering primarily to private clients and developers.
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