Corporate insolvencies reach record levels, but more companies have potential to be rescued

Tess Egginton
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Corporate insolvencies reach record levels, but more companies have potential to be rescued
Years of challenging trading conditions and the threat of April’s rise in the National Minimum Wage and Employers’ National Insurance Contributions have driven up monthly corporate insolvency figures to the highest seen in January for more than five years. 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 [18/2/25] by the Insolvency Service which show that corporate insolvencies increased by 6.4% last month to a total of 1,971 compared to December 2024’s total of 1,852. The January 2025 figures are also 10.7% higher than the January 2024 total of 1,780 and they are 13.1% above the 1,743 registered in January 2023. R3 Midlands Chair Stephen Rome, a partner at law firm Penningtons Manches Cooper in the region, said: “The monthly rise in corporate insolvencies is due to an increase in the number of Creditors’ Voluntary Liquidations and Administrations. Creditor pressures, ongoing cost issues and consumers’ reluctance to spend is continuing to take a toll on businesses. “Creditors have now largely abandoned the benign attitude they had in the aftermath of the pandemic as they attempt to manage their own debts. We’ve also seen HMRC return to its pre-pandemic approach of pursuing money it’s owed – this is after years of taking a more supportive stance during and after the COVID era. “There is, however, some positive news in all of this in the form of the rise in Administration numbers. They are higher than both this time last month and this time last year, indicating that there are more companies which have the potential to be rescued through a sale out of Administration, helping to maximise creditor returns and safeguard jobs. “Against this backdrop, I would expect to see an increase in demand for restructuring advice and support across the region, as firms consider their options ahead of the end of the financial year, particularly as cost and creditor pressures are unlikely to ease in the short-term. “R3’s message, therefore, is for anyone who is worried about finances 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.”

Lincoln financial firm adopts four-day workweek to attract top talent

April Lara
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Lincoln financial firm adopts four-day workweek to attract top talent

Almond Financial, a Lincoln-based financial advisory firm, has transitioned to a four-day workweek, aiming to attract skilled professionals in a competitive industry. Employees will work Monday to Thursday, 9:00 AM to 5:00 PM, with no reduction in pay.

Founder Sam Robinson said the decision followed a successful trial of a four-and-a-half-day week over three years. The firm adjusted internal processes and set client expectations to ensure a smooth transition. Robinson emphasised the benefits of improved employee satisfaction and productivity.

The 4 Day Week Foundation reports that over 200 UK companies have adopted the model, arguing it enhances efficiency and reduces absenteeism. Labour MP Peter Dowd has advocated for a 32-hour workweek, though the UK government has no plans to mandate the change.

Shirebrook market upgrade to cause temporary disruption

April Lara
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Shirebrook market upgrade to cause temporary disruption

Shirebrook’s market area will face disruptions from April to September as the final phase of the REimagined regeneration project begins. The improvement plan includes an events hub, new lighting, trees, street furniture, and cycle stands.

Bolsover District Council plans to temporarily close nearby streets to keep the market running while the leading site is cordoned off. Preliminary work, including tree removal and electricity adjustments, will occur in February and March.

The council coordinates with Shirebrook Town Council to minimise disruption and support local businesses. Temporary public toilets will be provided during the construction period.

Derby-based accountant acquired by Duncan and Toplis

Stuart Pearcey
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Derby-based accountant acquired by Duncan and Toplis
Derby-based accountancy practice Underwood Green has been acquired by North-east  Lincolnshire-based Duncan & Toplis. With locations across Lincolnshire, Leicestershire, Nottinghamshire, North London and now Derbyshire, the acquisition is part of Duncan & Toplis’ largest-ever period of growth, coinciding with the group’s 100-year anniversary. Underwood Green will now rebrand, with all team members including directors Gary Underwood and Richard Green remaining in their roles and in their existing premises at Pride Park in Derby. The deal sees Duncan & Toplis expand into another new location, broadening the group’s service offering to clients across the Midlands, and follows hot on the heels of the acquisition of North London-based ALG. Damon Brain, CEO of Duncan & Toplis, said: “This is a very exciting time for Duncan & Toplis, as it is the first time our group will have an office in Derbyshire. We’ve supported clients in Derby and Derbyshire for many years but, with the acquisition of Underwood Green, we’ll be welcoming a fantastic new team who are based in the city. “Gary, Richard and the Underwood Green team have a terrific reputation in the area and we’re two very like-minded businesses. I’m looking forward to welcoming all team members to Duncan & Toplis and providing them with great career opportunities, at the same time as taking great care of clients they love working with. “We want to continue to grow and expand the team at our new location in Derby, particularly our tax advisory team, and are looking for talented individuals to join us.” Gary Underwood, director and co-founder of Underwood Green, said:“Joining forces with Duncan & Toplis is a great opportunity for us and our clients. Being a part of Duncan & Toplis, we’ll be able to offer a wider range of services and even greater support.” Richard Green added: “Becoming a part of Duncan & Toplis is a thrilling step for us – their values and ambition align closely with our own. We’re excited about the incredible benefits this will bring, for our clients and for our team, who will gain fresh opportunities to grow within an ambitious and fast-growing group.”

Nottingham businesses ordered to vacate due to fire risk

April Lara
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Nottingham businesses ordered to vacate due to fire risk

Nottingham City Council has ordered the closure of the Howitt Building and Lenton Business Centre 1 due to fire safety concerns, giving tenants 28 days to vacate. The decision affects around 70 businesses and community organisations, including the Marcus Garvey Centre, which provides cultural and educational services.

The closures stem from a Fire Risk Assessment that identified issues with fire doors and compartmentalisation. The council cited safety as the priority and stated that repairs could have significant cost implications.

Business owners and community leaders expressed frustration over the short notice and lack of consultation. Some tenants have offered to contribute to repair costs, while an online petition demanding council action has gathered over 3,400 signatures.

The council has pledged support for affected businesses but has not confirmed long-term building plans.

DHL appeals warehouse rejection as public inquiry begins

April Lara
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DHL appeals warehouse rejection as public inquiry begins

DHL has launched an appeal after West Northamptonshire Council rejected its plan to build a large logistics hub on the outskirts of Towcester. A public inquiry, led by planning inspector Malcolm Rivett, is now underway to determine the project’s future.

DHL’s proposal includes a 24,572 sq m (264,494 sq ft) warehouse, offices, a gatehouse, and a new roundabout on the A5, with 273 parking spaces. The company also seeks outline planning approval for three additional development zones, potentially accommodating up to 14 buildings. The first phase is expected to create 1,300 full-time jobs.

The council cited the project’s scale, design, and location as reasons for refusal, stating it would significantly impact the local landscape and road network. Officials raised concerns about increased traffic congestion at the Tove Roundabout, despite council officers initially recommending approval.

Over 1,100 residents submitted objections, with campaigners from Save Towcester Now warning of “traffic chaos” and up to 400 vehicle movements during peak hours. Concerns include light and noise pollution, environmental impact, and disruption to nearby villages. National Highways initially objected due to traffic concerns but later withdrew its opposition.

Businesses invited to join the Lewis Foundation’s £50 challenge

April Lara
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Businesses invited to join the Lewis Foundation’s £50 challenge

The Lewis Foundation is calling on businesses in Northamptonshire and Milton Keynes to participate in the Franklins Solicitors £50 Challenge, running from February 24 to May 23, 2025. Participants receive £50 from Franklins Solicitors and are tasked with raising as much money as possible to support adult cancer patients.

Funds raised will help provide over 2,000 free gift packs each month to patients at Northampton General, Kettering General, and Milton Keynes University Hospital. An award ceremony on June 25 will recognise top fundraising efforts.

Businesses of all sizes are encouraged to take part, with early participants including The Crafty Pair, The Link Cafe, TLF Cafe, and Fawsley Hall Hotel & Spa.

Employment Bill will wreak havoc on already fragile economy, says FSB

Tess Egginton
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Employment Bill will wreak havoc on already fragile economy, says FSB
Small firms are tightening their belts on jobs, with potential changes that will expand the grounds for unfair dismissal and higher sick pay costs at the top of their list of worries, research from the Federation of Small Businesses (FSB) shows. New data shows that in the last quarter of 2024, 33 per cent of small employers said they expect to reduce staff, up from 17 per cent in the previous quarter. Fewer businesses are also looking to hire – with only 10 per cent of small employers planning to take on more staff, down 14 per cent from the previous quarter. Meanwhile, 56 per cent expect to keep their workforce the same. Elsewhere, 51 per cent of small employers say labour costs are one of the greatest barriers to growing their business. The upcoming Employment Rights Bill is also causing dread among the small business community, and in response to a separate FSB survey last year, 75 per cent of small employers highlighted fears relating to unfair dismissal changes, while 74 per cent raised concerns about changes to Statutory Sick Pay (SSP). In fact, two thirds (67%) of small employers say the proposals in the Employment Rights Bill would make them curb hiring and one third (32%) plan to reduce the number of employees they have before the measures are introduced. Tina McKenzie, FSB’s Policy Chair, said: “The figures speak for themselves – plans to allow employees to sue their employers on their first day on the job will wreak havoc on our already fragile economy, while changes to Statutory Sick Pay will make employers think twice about their hiring plans. “Of course, existing protections against unfair dismissal for protected characteristics from day one are essential and should remain. But extending these rights to any and all cases from day one risks opening the door to frivolous claims. “Ministers should recognise the risk to jobs and resist any approach that comes across as out of touch with business reality, instead of brushing off their concerns. “The Prime Minister should ditch these reckless changes to unfair dismissal and reinstate the one-year qualification period that worked under the last Labour Government. It’s a zero-cost fix that would show he understands what it takes to create and sustain jobs. “If taking on staff becomes a legal minefield, businesses will simply stop. That means more people on benefits, a ballooning welfare bill, and a devastating hit to living standards. Those who will be shut out of work because of this Bill deserve better from the Government.”

Camping World secures $2.15 billion credit facility for expansion

April Lara
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Camping World secures $2.15 billion credit facility for expansion

Camping World Holdings has amended its floor plan credit agreement, increasing its borrowing capacity by $300 million to $2.15 billion. The agreement, dated February 18, 2025, also resets an accordion feature, allowing access to an additional $300 million for future growth.

Led by Bank of America and J.P. Morgan, the facility supports Camping World’s expansion plans. It provides financial flexibility to grow its dealership network and strengthen partnerships with major RV manufacturers, including Thor, Forest River, and Winnebago.

HSBC cuts jobs, delays net-zero targets in cost-saving push

April Lara
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HSBC cuts jobs, delays net-zero targets in cost-saving push

HSBC is cutting jobs and delaying its net-zero emissions targets as part of a broader effort to reduce costs. The bank aims to save $1.5 billion (£1.2 billion) by 2026 by cutting global staff costs by 8%, primarily affecting senior roles within its newly merged wholesale corporate and institutional division.

While HSBC has not disclosed the number of job losses or a country-specific breakdown, CEO Georges Elhedery confirmed that the UK head office will see the most significant impact. The restructuring follows a shift to an East-West operational model and consolidates two of the bank’s three main divisions. HSBC is also scaling back its mergers and acquisitions banking operations in the UK, Europe, and the US.

The bank also announced it is pushing back its goal to achieve net-zero emissions in its operations and supply chain from 2030 to 2050. HSBC will review its 2030 emissions reduction targets for sectors such as oil and gas, power, aviation, and steel, with findings expected later this year. Despite this shift, HSBC remains part of the Net Zero Banking Alliance.

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