Unexpected dip in corporate insolvencies, but figures still soar above pre-pandemic levels
An unexpected year-on-year dip in the number of corporate insolvencies in England and Wales does not reflect current tough trading conditions, with figures still soaring above pre-pandemic levels.
This is according to the Midlands branch of the UK’s insolvency and restructuring trade body R3 and comes on the back of figures published this week by the Insolvency Service which show that seasonally adjusted corporate insolvencies decreased by 5.1% against 2023’s annual figures, falling to 23,872 from 25,163, but increased by 7.9% on 2022’s figure of 22,129.
Corporate insolvencies numbered 1,838 in December, which is 6% lower than the 1,962 in November and 14% lower than the 2,139 in December 2023. These figures, however, remain significantly higher than those seen both during the COVID-19 pandemic and between 2014 and 2019.
R3 Midlands Chair Stephen Rome, a partner at law firm Penningtons Manches Cooper in the region, said: “Despite a year-on-year decline in corporate insolvency numbers, the figures for this year are still higher than in 2022 and well above pre-pandemic levels.
“They have been driven by another year of high costs and a series of political, economic and geopolitical events which have taken a toll on businesses here in the Midlands and nationally. R3 members have told us that the Election, the Budget and the conflict in the Middle East have all led to increases in enquiries and requests for advice and support.
“From a sectoral perspective, retail, hospitality and construction have all suffered this past year. All three of these industries have been hit hard by continued rises in expenses, while retail and hospitality have been affected by cautious consumer spending, and construction by bad weather and the delay to project starts and commissions caused by the General Election.
“Going forward, these are the sectors likely to be most affected by the Chancellor’s planned increases in Minimum Wage, Living Wage and Employers’ National Insurance Contributions. Although it’s likely we won’t see the impact of these on corporate insolvency figures until the end of the first, or possibly the middle of the second, quarter of this year, the prospect of their introduction is already causing concern for businesses right across the economy.
“R3’s message to anyone who is worried about finances is to seek advice as soon as possible. We’ve seen countless examples of businesses reaching out too late and which could have achieved a more positive outcome if they had acted sooner.
“Most R3 members will give prospective clients a free initial consultation to learn more about their situation and outline the potential options open to them to improve it.”
Market Harborough food group gobbles up Yorkshire chocolatier
Bramble Foods Group, a supplier of branded ambient foods, has acquired Whitakers Chocolates, Yorkshire’s renowned chocolatiers since 1889.
This strategic move strengthens the Bramble Foods portfolio, uniting two family-owned brands.
Whitakers Chocolates has been at the heart of British chocolate-making for 135 years, crafting luxurious confectionery for retail, private label, and food service markets. The acquisition builds on a trusted working relationship spanning 17 years, during which Whitakers has been a key supplier to Bramble Foods Group.
Tony Foster, Managing Director of Bramble Foods, said: “We are delighted to welcome Whitakers Chocolates to the Bramble Foods Group and look forward to working with William and his team to further develop the business.
“Whitakers is a well-run business with a long history of producing excellent products, this coupled with a broad customer base and dedicated team of employees attracted us to the business. As a family, Whitakers is our longest standing supplier having worked together for over 40 years.”
Founded in 2008 by brothers Nigel and Tony Foster, alongside Chris Neville and Ken Osborne, from its Market Harborough headquarters Bramble Foods produces a wide range of premium products, including its largest category confectionery, traditional cakes, award-winning preserves, and chutneys, while supporting local employment and suppliers.
William Whitaker, Managing Director of Whitakers Chocolates, said: “As a fourth-generation member of the Whitaker family, chocolate has been at the very heart of my life for as long as I can remember.
“I am delighted that Whitakers Chocolates have joined the Bramble Foods Group as it is a wonderful opportunity to share our knowledge and invest for the future together. Whilst I will always carry the immense pride and heritage we’ve built over 135 years, I recognise that now is the right time to pass on our cherished traditions to a company that can develop the business further.”
The Whitakers Chocolates management team, led by William Whitaker, will remain in place.
Bramble Foods was backed by LDC, the private equity investor which is part of Lloyds Banking Group, in 2022 and since then LDC has supported Tony and the wider management team as they deliver their organic and acquisitive growth strategy.
East Midlands estate agency expands coverage with acquisition
Estate agency Pygott & Crone has expanded its coverage in the East Midlands by acquiring an existing established agency in Wollaton, Nottingham.
Pygott & Crone will now operate with a High Street office in the Bramcote Lane shopping area. The Wollaton team will also be supported by the existing team at the Nottingham city centre branch.
Established in 1991 in Lincolnshire, Pygott & Crone initially expanded into Nottingham in 2017, and in recent years has seen significant growth in both the sales and lettings divisions.
Paul Wood, director at Pygott & Crone, said: “I’m pleased to announce the opening of our Wollaton branch which provides us with a significant boost in the East Midlands, and will complement our Nottingham city centre branch really well.
“Wollaton’s a great location to be in, with easy access to the M1 motorway and convenient free parking outside. It’s a natural extension to our existing operating area.
“A warm welcome to the Wollaton team into the Pygott & Crone family. They have done a fantastic job in providing a service to the local area to date and I look forward to the next stage of the journey together.”
With this announcement, Pygott & Crone now employ over 85 people in the region across nine branches, plus an office in the City of London.
Mark Brayfield, national lettings director at Pygott & Crone, said: “I’m really excited about the addition of the Wollaton branch which will further speed up the growth of our lettings business in Greater Nottingham.
“Over the last 18 months we have doubled the number of properties we manage nationally through organic growth and some acquisitions. This continued expansion aligns nicely with our planned expansion over the next couple of years to proactively grow our lettings business.”
rg+p secures six education schemes and framework success
The Project Management & Cost Consultancy team at multi-disciplinary practice, rg+p Ltd, has won six significant projects in the education sector as well as a framework success.
“These new projects are a mix of refurb and new build schemes, and have all been secured over the last 18 months or so as investment in the education sector has accelerated,” explains the firm’s director, Mitch Dale.
“The School Rebuilding Programme is a major contributor to this, so we were pleased the Autumn Budget allocated an additional £1.4bn to allow this to continue, along with £2.1m to maintain and improve school buildings, £300m for college estate investment, and £1bn towards the transformation of the Special Education Needs and Disabilities (SEND) system.
“These pledges represent a necessary boost for the sector and will ensure learning environments are upgraded to help the next generation succeed.
“In addition to these six projects, we were also pleased to be reconfirmed as a preferred supplier on the West Northamptonshire Council Multiple Consultant Framework for the provision of Professional Design, Technical and Estates services.
“We were successful in the Project Management, QS & Cost Consultant, and Clerk of Works lots and are now supporting delivery of a trio of major schemes in the region.”
In the village of Tiffield, West Northamptonshire, rg+p is acting as Employer’s Agent and QS on the £22m Tiffield Academy, a SEND school for 4-18 year olds.
Currently under construction by Willmott Dixon, this new school will include specialist teaching spaces, soft playroom, sensory room, rebound therapy room, playground, outdoor soft and hard play areas, and will accommodate 230 pupils. This is on track for delivery in summer 2025.
Also in Tiffield is the £5.2m refurbishment of the Gateway School, which will provide 55 places for students with social, emotional, and mental health (SEMH) needs together with enhanced sports and leisure facilities, including reopening the existing swimming pool.
Finally, in the sustainable urban extension of Overstone Leys, rg+p has been appointed as the contract administrator and QS on an £11.5m new primary school, designed by PHP Architects, to serve 420 pupils.
Outside of Northamptonshire, additional new schemes include:
- All Saints College in Notting Hill – a £4.8m expansion to include a new three-storey extension as well as refurbishments to kitchen/diner, dance studios and façade.
- Homefield College, Mountsorrel – a £1.3m refurbishment of an existing village hall into teaching accommodation for the specialist SEND college.
- Oaktree School, Enfield – a £5m phased extension of this school and sixth form college
Greenfields powers to £1m revenue
Energy management consultancy Greenfields Energy Group has hit the £1m revenue figure – 18 months after launching.
Greenfields is six months ahead of the schedule set by founders Liam Conway and Rich Clark after winning a string of new clients from the manufacturing, retail, hospitality and education sectors.
Just this week, the firm – which has offices Swadlincote – confirmed the hire of Kim Haddock as Account Director, following in the footsteps last year of Neil Freeman and Lindsay Williams, the latter joining as Head of Energy Bureau.
“Businesses are facing cost challenges on every front and are keen to explore how they can make their operations more efficient, gain a bit of certainty in the market and reduce costs if that’s possible,” explained Liam, who has worked in the sector for fifteen years.
“Uncertainty and bad deals have left management teams looking for a trusted consultant, who can be a constant source of advice, reassurance and insight. They don’t want someone to speak to them once, fix a deal and then go silent on them until it’s time to sign a new contract.” He continued: “And that’s where we come in.”
In another milestone, the business has just signed up its 100th company.
Liam concluded: “18 months after launching and we’re looking after £130m of utilities spend, which shows the faith and trust our clients have in us.
“With the plans we’ve got in place and the further recruitment of another two people, I think we could easily grow by a further 50% by the end of 2025.”
New bridge over River Trent and 819 homes given green light
Vistry Group, the provider of affordable mixed-tenure homes, has gained planning approval from South Derbyshire District Council and East Staffordshire Borough Council to start work on a new bridge over the River Trent and the next phase of 819 family homes at Dracan Village, Burton-on-Trent.
Phil McHugh, Managing Director of Vistry North West Midlands, said: “We are thrilled to have been granted planning permission to commence work on the new bridge which will replace the inadequate one-lane bailey bridge in neighbouring Walton-on-Trent.
“We plan to start work immediately to enable better access to the area and cut down on traffic congestion.
“We’re also excited to have the green light to start work on the next 819 properties on the development, providing housing opportunities to people from all walks of life.
“It’s an honour to be part of this area’s growth and development and to be entrusted with the build of these much-needed new homes, which will regenerate brownfield land and create a thriving and sustainable community.”
So far, in the first phase of the development, nearly 500 families have moved into the 2,000-home development, which comprises two-, three- and four-bedroom homes built on the footprint of the former Drakelow power station.
Vistry has forged partnerships with Midland Heart to deliver over 450 affordable homes and Sigma to deliver over 195 homes for the private rental sector. The remaining homes are being sold on the open market under Vistry’s Countryside Homes brand.
The site has been developed with the local environment in mind. Vistry has reduced the number of lorry movements in the local area by recycling over 95% of all excavated materials on the site, reducing waste, CO2 emissions and unnecessary site traffic.
In addition, all the homes will be built using modern methods of construction, with open panels being manufactured at Vistry’s local modular factories in Leicestershire, meaning each modular home emits 14,460 kg CO2e less than a traditional brick-and-block house.
Work will start on the new bridge immediately with a view to completing in just over 12 months.
Nottingham construction sector supplier follows relocation with acquisition of London business
Nottingham-based construction sector supplier MIDFIX, has acquired Hobby Homes, a long-established supplier of fixings, cable management, and supports based in London.
This marks the business’s second major investment of the year, following the relocation of the MIDFIX HQ to Power Park.
The acquisition brings together a combined 110 years of expertise.
Adrian Fowler, Managing Director of MIDFIX, said: “This is an exciting moment for both companies. By combining our strengths, we are not only expanding our capabilities but also reinforcing our commitment to advancing the people and industries we serve.
“We look forward to building on the solid foundations of both businesses to deliver even greater value to our customers.”
David Tottman, Director of Hobby Homes, said: “It is essential that businesses operating within the construction industry whether they are manufacturers, suppliers or contractors, maintain a steady and continual direction of improvement and development.
“Over the past few years, we as a company have been searching for solutions to the increased demands from our customers and I am delighted to say that joining forces with MIDFIX and the vast array of resources and products that they have to offer will not only fulfill these demands but lead to an exciting future not only for us but also our many customers.”
Both companies will continue to operate independently over the next 12 months.
Higher than expected revenue rise for Mortgage Advice Bureau
Mortgage Advice Bureau (MAB) has hailed a higher than expected rise in revenue in a trading update for 2024.
Group revenue increased by 11% to £266m, beating an estimated 4% growth. Adjusted profit before tax for the year, meanwhile, is expected to grow 31% to £30.5m.
MAB’s number of mainstream advisers grew modestly in the second half, increasing to 1,941 at the year-end (1,918 in 2023). Lower than expected growth in adviser numbers was offset by a significant rise in productivity. The average revenue per mainstream adviser grew 12% to £138k.
Peter Brodnicki, CEO of Derby-based MAB, said: “Despite two challenging years in terms of UK mortgage volumes, I am very pleased with how MAB has performed. We have increased strategic spend over this period and are starting to see the benefits of this come through in the positive momentum we’re building.
“We expect purchase transactions to steadily increase over the next year, whilst several years of strong refinancing transactions will provide additional opportunities for growth.
“We are seeing increased optimism among many of our ARs, and as a result, expect to see organic growth in adviser numbers start to return in a more meaningful way. Following a slower period in terms of new AR recruitment, we plan to onboard more firms this year while continuing to explore value-accretive acquisitions.
“The step up in productivity in 2024 has been very pleasing, so our focus for this year is on maintaining that momentum, supported by development in technology and AI, and our continued focus on lead generation.”
Millions face £100 fine for late filing of tax returns
More than three million people are running the risk of a £100 for failing to file their 2023 to 2024 tax return before the deadline of January 31st.
Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “Time is running out for the millions still to file their Self Assessment tax return by 31 January. Help and support is available for those who have not yet started their return. Visit GOV.UK and search ‘Self Assessment’ to find out more.”
She emphasised the importance of including bank details as part of their tax return to ensure that if there is any repayment due, it can be done quickly and securely, adding that customers’ reasons for not paying their tax bill or arranging a payment plan by the deadline would be considered individually. While customers who provide HMRC with a reasonable excuse may avoid a penalty, those without reasonable excuse face will be issued with a penalty including:
- an initial £100 fixed penalty, which applies even if there is no tax to pay, or if the tax due is paid on time
- after 3 months, additional daily penalties of £10 per day, up to a maximum of £900
- after 6 months, a further penalty of 5% of the tax due or £300, whichever is greater
- after 12 months, another 5% or £300 charge, whichever is greater
Revenue rises at Chesterfield packaging manufacturer
Revenue is on the rise at Robinson plc, the custom manufacturer of plastic and paperboard packaging based in Chesterfield.
According to a trading statement for the year ended 31 December 2024, revenue is anticipated to be £56.5m, which is 14% ahead of the prior year. After adjusting for price changes and foreign exchange, sales volumes are also 14% higher than in 2023.
Meanwhile, 2024 operating profit before exceptional items and amortisation of intangible assets is expected to be significantly ahead of 2023, and moderately ahead of current market expectations.
Looking ahead, the business expects revenue and operating profit for the 2025 financial year to be ahead of 2024.
