UK administrations update: January 21 – 28

Since our last update, the following businesses have been confirmed as having fallen into administration. All dates indicate when the administration was announced and not necessarily the dates on which administrators were appointed.

UK Live Limited – January 21
UK Live Limited, a support activities company in the performing arts sector, fell into administration earlier this month, with Oliver Collinge and James Sleight of PKF Littlejohn appointed as joint administrators.

In accounts for the year to December 31 2022, the company’s fixed assets were valued at close to £666,000 and current assets at around £839,000. However, its total liabilities at the time stood at nearly £4.8 million, up from slightly over £3 million a year earlier.

Frost & Co. Jewellers Limited – January 22
Frost & Co. Jewellers Limited, a London-based jewellers trading as Frost of London, fell into administration earlier in January, appointing Ian Goodhew and Abigail Shearing of Voscap as joint administrators.

In accounts for the year to October 31 2023, the company’s fixed assets were valued at around £55,000 and current assets at £4.8 million. However, its net liabilities exceeded £372,000 at the time.

Kingswood Learning and Leisure Group Limited – January 23
Kingswood Learning and Leisure Group Limited, the company behind the Kingswood brand of outdoor education and recreation centres, fell into administration earlier this month, with Daniel Smith and Julian Heathcote of Teneo Financial Advisory appointed as joint administrators.

Smith and Heathcote were also appointed as joint administrators of related companies Kingswood Colomendy Limited, Inspiring Learning Limited, Graduation Bidco Limited and Inspiring Learning (Holdings) Limited.

Following the collapse of the group, three of its 11 centres have been acquired by PGL Beyond and a further two by Halsbury Travel Group. The company’s remaining centres have been closed.

In accounts for the year to October 31 2023, the company reported turnover of around £22.8 million, down from £26.2 million a year earlier, and a post-tax loss of £811,000, down from a profit of nearly £3.5 million the previous year.

In the report, directors stated that the company had been impacted by wage, food cost and utility inflation, as well as the late contracting of a key customer.

Its non-current assets were valued at £45.6 million at the time, with current assets standing at nearly £47 million and total equity amounting to approximately £14 million.

PharmaKure Limited – January 24
PharmaKure Limited, a Cheshire-based biopharmaceutical company dedicated to the treatment of neurodegenerative diseases, fell into administration earlier this month, with Steve Kenny and Richard Cole of KBL Advisory appointed as joint administrators.

In accounts for the year to January 31 2024, the company’s fixed assets were valued at close to £2.2 million and current assets at around £130,000. However, its net liabilities stood at nearly £2.8 million.

Home Curtains (UK) Limited – January 24
Home Curtains (UK) Limited, a Nottinghamshire-based importer and retailer of soft home furnishings, fell into administration this month, appointing Dean Nelson and Nicholas Lee of PKF Smith Cooper as joint administrators.

In a statement, a director for the company, which had been trading since 1986, said that “like many businesses in the retail and home furnishings sector, we have been deeply affected by the rising costs of trade and reduction in consumer discretionary spending.”

Joint administrator Dean Nelson commented: “It is my intention to trade the business over the next couple of months, undertaking substantial price reductions, to maximise sales over our substantial quality stock ranges, and I would urge the trade and public to take advantage at this challenging time for the company.”

In accounts for the year to February 29 2024, the company’s fixed assets were valued at around £222,000 and current assets at approximately £2.8 million, with net assets amounting to £2.3 million.

Southerns Broadstock Limited – January 24
Southerns Broadstock Limited, an office and shop furniture manufacturer, fell into administration last week, with Michael Magnay and Mark Firmin of Alvarez & Marsal appointed as joint administrators.

In accounts for the year to June 30 2023, the company reported revenue of £25.2 million, up from around £23.4 million a year earlier, but saw its losses widen slightly from around £978,000 to just over £1 million.

At the time, its non-current assets were valued at £2.7 million and current assets at close to £12.8 million, with total equity standing at approximately £6.3 million.

Hush Brasseries Limited – January 24
Hush Brasseries Limited, a London-based restaurant and bar operator, fell into administration last week, appointing Howard Smith and William Wright of Interpath Advisory as joint administrators.

In its most recent accounts at Companies House, for the period from December 27 2021 to December 25 2022, the company reported turnover of £14.1 million, compared to £11.5 million in its previous accounts, but fell from a post-tax profit of around £280,000 to a loss of more than £1.3 million.

According to directors, the company traded well during the first half of 2022, but was subsequently impacted by the effect of the cost-of-living crisis on consumer spending, as well as utility and food cost inflation and transport strikes, with these pressures subsequently continuing into 2023.

At the time, its fixed assets were valued at £4.7 million and current assets at around £2.1 million. However, its net liabilities exceeded £733,000.

Slater Harrison & Co.Limited - January 28
Slater Harrison & Co.Limited, a Bollington-based manufacturer of paper and card products, fell into administration last week, with Mark Supperstone and Simon Jagger of Evelyn Partners appointed as joint administrators.

In accounts for the year to December 31 2023, the company, which dated back to 1929, reported turnover of slightly over £9 million, down from £9.94 million a year earlier, while seeing its losses widen from around £683,000 to nearly £834,000.

In those reports, directors stated that 2023 had been “a difficult year for the business” as a result of weak demand due to overall UK economic conditions, as well as “generally high opening stock holding within the paper industry”.
At the time, its fixed assets were valued at approximately £732,000 and current assets at around £4.5 million, with total equity amounting to just over £198,000.


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