Closures and redundancies in a tough year for businesses

UNDER the crushing pressure of inflation, rising costs and lower spending, some businesses have not survived to see out the year.

- By JOSHUA HARTLEY

Pet food supplier Kennelpak, in Palmer Drive, Stapleford, went into administration in July

These have included significant employers in the county, with many jobs lost as a result.

When businesses cannot pay their bills and creditors need to be repaid, administrators or liquidators are appointed.

Liquidation is the process of bringing a registered business to a complete close and distributing its assets to any claimants. It happens when a company becomes insolvent, meaning they are unable to pay their obligations when they are due.

The administration process involves appointing a licensed insolvency practitioner to take over and run the company, taking the necessary steps to repay creditors.

Administration can act as a way to rescue a company by implementing an action plan for recovery, but this can sometimes still lead to liquidation.

Here are some of the Nottingham-shire companies that have collapsed during the year:

Home Curtains UK Limited

Established in 1986 and based in Sutton-in-Ashfield, Home Curtains UK appointed administrators in January.

PKF Smith Cooper, tasked with sorting out the affairs of the Stoney Street importer and retailer of curtains, accessories and lace, said it had struggled to weather higher inflation and lower customer spending.

Previously, a director of Home Curtains said they hoped to “preserve some part of the business” and prevent its liquidation, but PKF confirmed in September this had not been possible and that the nearly 40-year-old business would soon cease to exist.

The administrators-turned-liquidators explained the firm had ceased trading in Ma, with 21 employees made redundant.