It is a familiar feeling for many business owners, discovering a tax bill is due and realising you don’t have enough working capital set aside to pay for it. Lack of working capital is a good reason to borrow money, but only if it can help you grow your business.
Clovemead Limited, a highly regarded and familiar name in the North West with a significant national presence since 1980, went into Administration on Monday 11 March. The firm appointed Partners, Allan Cadman and Charles Brook, as Joint Administrators. The independent contracting specialist company with expertise across construction, minor works, fuel systems and signage has a reputation for quality and safety, with each division working seamlessly across various disciplines to provide clients in a variety of highly specialised, secure and regulated environments with fully managed solutions. Operating out of premises in Warrington and Widnes the company employs over 50 staff and [...]
According to recent research carried out by the SME advice service, Business Debtline, small business owners and those self-employed are experiencing high levels of debt. There is an increasing concern for this, as these people make up 15% of the country’s total employed population and the tendency for more and more workers to become self-employed is leaving thousands of people in debt.
It is difficult to imagine any self-respecting town not having an M&S on its High Street. Whilst M&S are taking steps to improve their trading performance on a national basis, there is something of an indictment of any reasonably sized conurbation if it can’t sustain their model.
Directors are prohibited from utilising the same or similar business name for five years following a liquidation, subject to certain exceptions which can be found in insolvency legislation.
A company is generally considered insolvent when it can't pay its bills as and when they fall due or if its liabilities are greater than the value of all its assets. Legally, the directors of a company are required to act in the best interests of its creditors.
If you ask us, one of the fundamental aspects of life is learning to manage your finances, and can never be taught too young. But this needs to be provided in a manner that engages the youth and shows both the very positives in being prudent and the extreme difficulties that can be caused by being reckless.
Directors paying themselves a minimum salary each month and topping up their income with regular drawings should be careful to ensure that the Company is solvent at the time they take their payments.
Everyone recognises that these are difficult and challenging times for the retail market, but please understand that by communicating with suppliers and indeed customers and having regular meetings with them, means that difficult situations can, but not always, be averted.
Marks and Spencer plan to close 100 stores in the next four years, as a continuation of a revamp of the once iconic High Street staple that has already seen 21 stores close since 2016.