Begbies Traynor News

Statement - Port Vale (Valiant 2001) Football Club Limited

uat — Fri, 11 May 2012 17:16:54 GMT

Statement from Bob Young, Gerald Krasner and Steve Currie of Begbies Traynor, joint administrators of Port Vale (Valiant 2001) Football Club Limited

At the creditors meeting held on 26 April 2011 both the Administrators' proposal and the CVA were duly approved by the requisite majority. The proposals were approved by over 90% of creditors and the CVA by 87%. It is hoped that the transfer of football league shares can be completed before the end of June.

As a gesture of thanks to the fans, the Administrators have reduced the price for the final home match against Oxford United on Saturday May 5 by £5 per ticket for those paying on the day. This applies to home fans only.

Business distress statistics - pub and football club failures ‘threaten British culture’

uat — Fri, 20 Apr 2012 08:52:36 GMT

The latest Begbies Traynor Red Flag Alert statistics, published today (20 April), shows that Britain’s beleaguered pub trade has joined football clubs to become among the country’s most distressed business sectors.

Statistics released last month by Begbies Traynor showed that football clubs were experiencing 19 times the average levels of business distress in the country after a number of high-profile failures and administrations.
Today new figures show that the local pub is hit hardest of all businesses in the first quarter of 2012 according to the latest distress figures from January, February and March this year.

The quarterly figures show that pubs and bars are suffering more than any other sector, with a massive 95 per cent increase in critical problems since the last numbers were published in January this year, when compared to an average fall of 7 per cent in critical distress levels across all business sectors, and a significant fall in distress levels among manufacturing firms.

“The social implications of sustained distress in the football club and pub sectors is concerning because the failure of these businesses has a social impact far beyond the failure of a typical business,” said Julie Palmer, partner at Begbies Traynor.

“Across the UK, 50 pubs each week are closing for good. As well as these closures taking their toll on jobs and supplier contracts, many rural or suburban communities also struggle to replace the community resources that the pub represents. Perhaps it is a fact of life as legislation and economics impact the sector, but the local pub is further down the road to becoming obsolete,” she added.

According to the quarterly Red Flag Alert Survey, manufacturing businesses saw some improvement in their fortunes, with falls in distress levels across firms involved in food and beverage manufacturing and even the printing and packaging sector performing better than previously.

Significant problems in the property services, construction and utilities contractor sectors in the past quarter indicate that while the private sector has surfaced from the depths of the economic turmoil, public spending cuts are still hitting many companies hard as long-term infrastructure and construction contracts are held over or shelved.

Recent years have seen the biggest ever shake up of the licensed trade, and have left many pub companies unable to keep up with the changes in consumer behaviour. More at-home drinking by increasingly less affluent young people and students, once the staple customer of pubs and bars, is compounding a run of social reform that has seen the smoking ban, escalating taxes on alcohol and the cost increases tied to longer opening hours erode the fortunes of pub companies.

“The fact that pubs, football and other sports clubs are on their uppers is not simply a matter for economic concern, as these once thriving hubs of community and regional identity are part of the fabric of British society, and once lost can never be replaced. Whether you view that as a good or a bad thing, the fact is it will, in the long term, change the character of the country as a whole and this should be recognised,” said Ric Traynor, chairman of Begbies Traynor Group.

Although combined business distress levels are up 55 per cent from the last survey in Q4 2011, the overall year-on-year total of instances of distress is down 17 per cent, a welcome sign that the impact the manufacturing sector is making on the economy is helping to slow the rise in business distress levels overall.

Critical problems by Sector:

Sector	Q1 2011	Q1 2012	Percentage Change	Q4 2011	Q1 2012	Percentage Change
Automotive	120	142	18%	109	142	30%
Construction	1,202	1,199	0%	1,167	1,199	3%
Food & Beverage Mfrg	30	29	-3%	19	29	53%
Printing & Packaging	53	28	-47%	43	28	-35%
Other Mfrg	306	288	-6%	265	288	9%
Financial Services	120	89	-26%	86	89	3%
Property Services	288	182	-37%	329	182	-45%
Professional Services	138	176	28%	163	176	8%
Support Services	934	760	-19%	1,144	760	-34%
Media	76	51	-33%	85	52	-40%
Hotels & Accommodation	45	65	44%	46	65	41%
Bars & Restaurants	212	392	85%	201	392	95%
Sports & Recreation	49	47	-4%	49	47	-4%
Leisure & Culture	44	34	-23%	44	34	-23%
Travel & Tourism	52	44	-15%	75	44	-41%
Food & Drugs Retailing	57	90	58%	63	90	43%
General Retailing	186	133	-28%	206	133	-35%
Wholesaling	210	224	7%	196	224	14%
Haulage & Logistics	81	75	-7%	113	75	-34%
Telecoms & IT	194	202	4%	222	202	-9%
Utilities	20	15	-25%	14	15	7%
Others	203	693	241%	667	693	4%
All Sectors	4,620	4,958	7%	5,306	4,958	-7%

Manufacturing sector leads UK’s race to recovery

uat — Fri, 20 Apr 2012 08:30:47 GMT

Latest Red Flag Alert Report for Q1 2012

The most recent Begbies Traynor Red Flag Alert research, published today (20 April), which monitors a series of indicators of UK company distress, shows that manufacturing is recovering against a tide of continued business distress across the country that is affecting many sectors.

The underlying year-on-year trend showed a welcome fall of 17 per cent in combined distress - when compared with the same period in 2011 - which indicates early progress away from another recession.

However, seasonal trends consistently show increased levels of distress in this quarter after the pre-Christmas retail and leisure spending peak. Combined instances of UK business distress again followed this pattern, rising 55 per cent in the first quarter of 2012, compared with the previous three months, indicating the potential fragility of the recovery.

Winners

Among business sectors that showed positive results, according to the Red Flag Alert research, the manufacturing sector as a whole led the way with very pronounced year-on-year falls in combined distress: food and beverage producers’ distress fell by 37 per cent; print and packaging firms saw 73 per cent fewer instances of distress; and other manufacturing businesses saw distress levels fall by 49 per cent.

“Manufacturing is the star of the economy at present and the engine that could drive a recovery. Indeed food and beverage manufacturers were the only sector to see falls in both year-on-year and quarter-on-quarter distress,” said Julie Palmer, partner at Begbies Traynor.

She added: “Key manufacturing centres, including London, Manchester and Birmingham have seen falling critical distress over the past quarter when compared with the previous three months, and also compared to a year ago.”

Losers

Significant problems in the property services sector (which showed a 122 per cent increase in distress) and the construction sector (which showed a 104 per cent increase in distress) in the first quarter of 2012, indicate that while private sector manufacturers are leading the green shoots of the economy, public spending cuts are still hitting many companies hard as long-term infrastructure and construction contracts are being held over or shelved.

Ric Traynor, chairman of Begbies Traynor Group said: “We have seen numerous construction firms, contractors and suppliers restructure or withdraw from markets recently, and there are concerns that the impact of the sustained spending freeze on this sector is being masked by the fact that many sub-contractors are not immediately counted in government unemployment numbers.

He added: “There is a great deal of consolidation and contraction still to come in this sector, and this will leave the UK short of capacity when the spending constraints loosen and projects are back on the horizon again.”

Critical problems in food and drug retailing increased by 43 per cent, against an average fall of 7 per cent in the first quarter of 2012, compared with the same period for 2011.

Julie Palmer commented: “Tough seasonal trading conditions usually create quarter-on-quarter increases in distress in January, February and March each year. Some sectors such as retailing and construction are yet to see improvements, but the overall fall in distress compared to 12 months ago is a sign of some momentum towards overall recovery.”

She added: “Retailing continues to see high levels of distress in a traditionally difficult quarter following the annual Christmas spending peak. This is evidenced by the likes of Game going into administration, and by the 0.8 per cent drop in retail sales volumes between January and February this year. It is extremely likely we will witness more high profile retail failures, as well as increased consolidation and restructuring across the retail environment in the next two quarters.”

Other sectors dependent on discretionary spending, such as the licensed trade, leisure and the travel industry, continue to have a difficult time with considerable increases in business distress. Ongoing job insecurity and a desire to pay down personal debt have led many consumers to reassess their outgoings, with many people choosing the cheaper options of drinking at home rather than at their local pub; cancelling gym memberships; and opting for a staycation rather than foreign holidays.

Ric Traynor concluded: “Although business distress levels are up 59 per cent from the last survey of Quarter 4 2011, the overall year-on-year total of instances of combined distress is down 17 per cent, a welcome sign that the manufacturing sector, aided by low interest rates and a competitive pound, is leading the economy gradually back towards improved financial health.

“Generally the liquidity of firms is increasingly polarising. Many companies are hoarding cash reserves and these are ironically the businesses best placed to secure borrowing from lenders. On the other hand there are many good businesses whose growth is constrained by their cash-flow pressures and a continuing shortage of debt funding. Improving the availability of working capital to the future stars of the economy is going to be critical to the momentum of any fledgling recovery. We still expect to see some volatility in quarterly Red Flag Alert Surveys over the next 12 months.”

Critical problems by Sector:

Sector	Q1 2011	Q1 2012	Percentage Change	Q4 2011	Q1 2012	Percentage Change
Automotive	120	142	18%	109	142	30%
Construction	1,202	1,199	0%	1,167	1,199	3%
Food & Beverage Mfrg	30	29	-3%	19	29	53%
Printing & Packaging	53	28	-47%	43	28	-35%
Other Mfrg	306	288	-6%	265	288	9%
Financial Services	120	89	-26%	86	89	3%
Property Services	288	182	-37%	329	182	-45%
Professional Services	138	176	28%	163	176	8%
Support Services	934	760	-19%	1,144	760	-34%
Media	76	51	-33%	85	52	-40%
Hotels & Accommodation	45	65	44%	46	65	41%
Bars & Restaurants	212	392	85%	201	392	95%
Sports & Recreation	49	47	-4%	49	47	-4%
Leisure & Culture	44	34	-23%	44	34	-23%
Travel & Tourism	52	44	-15%	75	44	-41%
Food & Drugs Retailing	57	90	58%	63	90	43%
General Retailing	186	133	-28%	206	133	-35%
Wholesaling	210	224	7%	196	224	14%
Haulage & Logistics	81	75	-7%	113	75	-34%
Telecoms & IT	194	202	4%	222	202	-9%
Utilities	20	15	-25%	14	15	7%
Others	203	693	241%	667	693	4%
All Sectors	4,620	4,958	7%	5,306	4,958	-7%

Barcon Precast Limited - 24 jobs saved in pre-pack

uat — Thu, 12 Apr 2012 09:32:18 GMT

Begbies Traynor can confirm that a pre-packed sale of the business and the Work in Progress has been completed as a going concern to the Parent Company Barcon Systems Limited.

Joint administrator Jason Greenhalgh, partner at Begbies Traynor in Manchester said:

“As a result of this sale the 24 jobs at the site have been saved. It has also resulted in many of the customers orders remaining on track with the purchaser now working hard to meet the deadlines.”

Added Jason:

“The Company began to experience financial difficulties as a consequence of a large debtor write off in 2011 which resulted in cash flow problems. Prior to this the Company had experienced a downturn in the orders as a result of the recession, but were managing to keep the business trading with time to pay arrangements with HMRC.

“In 2011 further VAT liabilities and surcharges were incurred which were in excess of £100,000 and a further time to pay arrangement was agreed. With the final payment becoming due under the agreement, the bad debt was incurred which prevented payment being made. Despite the directors efforts to keep the Company trading it became difficult to fund the trading and make the payment due to HMRC under the time to pay agreement. Despite attempts to reach a further agreement with HMRC, a winding up petition was presented by HMRC in Dec 2012.”

Barcon Precast Limited had a turnover of £1,517,739 in the year ended 30.09.2011. The current director, Peter Messenger has been a sole director since 2005.

The Companies trading address is Unit 12A, Horwich Loco Industrial Estate, Horwich, Bolton, BL6 5UE and had orders around the UK.

Eco lighting company sold out of administration

uat — Thu, 12 Apr 2012 09:20:04 GMT

Truro-based eco lighting company Somar International Ltd, which was placed into Administration with national business recovery and restructuring firm Begbies Traynor in February, has been sold to national energy efficiency company the Mark Group.

Administrators Ian Walker and Chris Norman of Begbies Traynor’s Exeter office traded Somar for three weeks while they looked for a buyer.

The Mark Group’s purchase of Somar preserves 8 jobs, and also signals an expansion of the Group’s activities from the residential to the commercial market.

Partner Ian Walker at Begbies Traynor comments, “We’re very pleased to have been able to bring this Administration to such a positive conclusion. ‘Green’ companies such as Somar and the Mark Group have a major role to play in the economy of the UK, and the Truro business can only benefit from the relationship with a national brand.”

Survey reveals poor financial health of one in eight Scottish football clubs

uat — Thu, 05 Apr 2012 15:30:19 GMT

Against the backdrop of a succession of football clubs entering administration both north and south of the border, a new study by corporate recovery specialists Begbies Traynor reveals a picture of poor financial health that is affecting a significant proportion of Scottish football clubs and threatens to extend far beyond the current situation at Rangers.

The Red Flag Alert survey, which monitors business distress levels, has found that of the 32 clubs currently playing in the Scottish Premier League (SPL) and first and second divisions of the Scottish Football League (SFL), four – including troubled Rangers - are recorded as displaying signs of corporate distress that indicate poor financial health.

The data shows that one in eight (12.5 per cent) of the clubs are showing signs of distress compared to an average of less than one per cent of all businesses across the UK.

Business distress signals, as measured in the survey, comprise a range of significant financial problems that include clubs with serious court actions against them, including winding up petitions and high court writs; clubs that have been issued with striking off notices for late filing of accounts; those with county court judgments against them; and those with serious negative balances on their balance sheet.

Commenting on the survey’s findings, Ken Pattullo, group managing partner in Scotland for Begbies Traynor, said: “The alarmingly high level of financial distress levels among professional clubs could be a sign of more casualties to follow Rangers.

“Football clubs, like any other company, are in the midst of deep economic downturn that is affecting their finances, but these figures show just how difficult their position is when contrasted with other sectors of the economy. Attendances at matches are at a low ebb with many cash-strapped fans choosing to follow their teams by watching games on television rather than forking out up to £30 for a seat at a match, and we are in danger of seeing a wave of failures in a sector that is not only a huge employer, but a part of the social fabric of the country.”

He added: “With so many clubs already displaying symptoms of distress, there is the potential for a domino effect in Scottish football if the situation deteriorates further. In England, the football creditors’ rule means that football debts, which include wages and transfer fees to other clubs, provide a safety net for football clubs owed money by a club that goes into administration.

“The rule is being challenged by HMRC in a case in the High Court, but in Scotland there is no such safety net for any of the clubs owed money by Rangers, or other clubs affected by any future football club administrations.”

“Regardless of intervention and support by the sport’s governing bodies, or the financial management of clubs in the past, the real issue to tackle going forward is revenues from attendances, and the key to survival for many clubs will be their ability to attract fans back to their grounds to help balance the books.”

Survey issues financial health warning to one in five English Football League clubs

uat — Thu, 05 Apr 2012 15:27:09 GMT

A new survey into the corporate health of the English Football League by Begbies Traynor the corporate recovery specialists, reveals that signs of financial distress are alarmingly widespread among professional football clubs in the Football League.

With both Port Vale and Portsmouth football clubs entering administration, recent weeks have not held good news for the finances of football.

The Red Flag Alert survey, which monitors business distress levels, has found that of the 68 clubs currently playing in the Championship and divisions one and two of the Football League, 13 are recorded as displaying signs of corporate distress, indicative of poor financial health.

The figures show that while just 1 per cent of UK businesses are showing symptoms of distress, a massive 19 per cent of the football clubs surveyed show the same degree of financial ill health.

The financially distressed clubs include three in the Championship, six in Division One of the Football League and four clubs in Division Two.

Commenting on the report’s findings, Gerald Krasner, a partner at Begbies Traynor who has a track record of dealing with troubled clubs, said: “That 19 per cent of clubs in these three divisions are showing signs of ill-health when directly compared with just 1 per cent of all businesses in the wider economy clearly shows the sector is facing a very challenging time commercially.

“Football’s popularity and income are holding up comparatively well in the economic downturn, but nevertheless many clubs are continuing to spend too much, principally on players’ wages, as they always have done.”

Krasner added: “Football as an industry also suffers from an enormous financial gap between the Premier League and the Football League. One effect of this disparity is that Football League clubs are often tempted to overspend on players to try to gain promotion, and the promised riches and prestige that come with it.

“While Premier League clubs are guaranteed huge television money every year and some have extremely wealthy backers, there are signs of genuine financial distress among a significant number of football league clubs. The sales of season tickets for next season, many of which are paid for during April and May, could provide some short term relief for struggling clubs, but it won’t solve the underlying problems.”

Gerald Krasner concluded: “For football clubs, like any other business, when there are signs that a company is in trouble, getting good professional advisers on board before the decline has gone too far is key. The earlier a club takes advice, the more options its directors will have available to help turn things around.”

Administration of Port Vale (Valiant 2001) Football Club Ltd

uat — Thu, 05 Apr 2012 15:10:40 GMT

Bob Young, Gerald Krasner and Steve Currie of Begbies Traynor were appointed joint administrators of Port Vale (Valiant 2001) Football Club Ltd on Friday, March 9, 2012, following an order made by the High Court in Birmingham.

“Administration will allow us to stabilise the business in the coming weeks while we look for a buyer, and investigate the underlying reasons for the failure of the business,” explained Mr Young.

“The club continues to trade and we hope that the team's recent run of good form will continue against Barnet tomorrow. In the meantime we will continue to have dialogue with the club's stakeholders with a view to securing the future of the club and invite any potentially interested parties to make contact with us.

“We would encourage fans to attend and support the team both vocally and financially by contributing to the collections taking place around the ground.”

Mobility Furniture Specialist Rescued Saving 27 Jobs

uat — Thu, 05 Apr 2012 14:47:26 GMT

The assets and business of Somerset-based mobility furniture specialist The Great British Mobility Group Ltd have been sold by administrators securing jobs for 27 staff.

The business that was based in Hewish outside Weston-super-Mare sold bespoke rise and recline chairs and electric adjustable beds for the elderly and people with disabilities. It had employed a total of 37 staff prior to its failure due to losses made over recent years as sales did not keep pace with overheads.

Ken Pattullo and Simon Haskew of Begbies Traynor were appointed as joint administrators to The Great British Mobility Group Ltd on 19 January 2012 following the collapse of the firm under debts to trade creditors totalling around £3m.

Great British Mobility has been bought by former supplier and major creditor Mobility Rental Group Ltd in a deal that sees all 27 remaining staff transfer under TUPE regulations, as well as underwriting some of the debts of the business.

During the past month, administrators from Begbies Traynor and dealmaking experts at BTG Corporate Finance in the firm’s Glasgow and Bristol offices have been working closely to market the firm widely in order to secure a buyer for the business and its assets.

Initial discussions were held with 15 interested parties and two formal offers were received for the business, but only one that saved the jobs of the 27 remaining employees.

“We talked to a great number of interested parties, but ultimately received two offers, and the deal put forward by Mobility Rental Group offered the best return for creditors, but also gave the remaining staff continuity of employment, and a more secure future,” said joint administrator Ken Pattullo.

“Fundamentally the business can operate profitably going forward from a leaner cost base with fewer staff and overheads as there is still significant demand for its products,” he added.

Mobility Rental Group will trade using the Great British Mobility brand, and it is understood that all customer orders will be fulfilled under the terms of the deal.

North East Leisure Business Sold

uat — Tue, 07 Feb 2012 16:49:14 GMT

Joint administrators Andrew Haslam and Gerald Krasner of Begbies Traynor have confirmed the completion of the sale of the remaining parts of Principle Leisure (North East) Limited to Popolo Leisure Limited.

Since its administration in April 2011, the business was operated by the administrators under licence until agreements could be reached with the multiple landlords to allow the previously exchanged contract to complete on Wednesday 1 February 2012.

Joint administrator Andrew Haslam of Begbies Traynor in Newcastle upon Tyne, commented: "It is very satisfying to finally bring this matter to a successful conclusion, resulting in the ongoing trade of all of the outlets as well as the retention of over 300 employees.

“The sale process has been long and fraught, and I would like to thank both Irwin Mitchell, which acted on behalf of the administrators, and Mincoffs Solicitors, which represented the purchasers, for their unwavering efforts to overcome the challenges we faced given the current economic climate. I am sure the business has a bright future ahead under the ownership of Popolo Leisure Limited."

Chris Jones, insolvency partner at law firm Irwin Mitchell, said: “Following such a complex and lengthy transaction, it is extremely pleasing to complete the sale and safeguard the future of 300 jobs. The number one priority since the company went into administration has been to ensure that it could continue to trade and, therefore, provide a viable business for the new owners. This has now been done and we wish Popolo Leisure a successful future.”

Principle Leisure (North East) Limited comprises the following bars and restaurants: Popolo Newcastle; Popolo Sheffield; San Lorenzo Gosforth; San Lorenzo Cramlington; and Establishment Sunderland The company was previously part of Washington-based Principle Leisure Group.

Manufacturing Firm in Forfar Ceases Trading

uat — Tue, 07 Feb 2012 16:45:32 GMT

David Menzies and Ken Pattullo of Begbies Traynor were appointed as provisional liquidators of the 39 year old family business, Ross and Bonnyman based in Forfar, Angus on Thursday 2 February 2012.

Located on Roberts Street, the former £7m turnover company is one of the UK’s market leaders in the design and manufacture of lifting solutions and specialist products including yard lifts, mezzanine lifts, dock levellers, lifting decks, ambulance lifts and access ramps. The company supplies the distribution, retail, service, food and drink, and rental sectors as well as local authorities. Its products can be found on commercial and passenger vehicles throughout Europe.

“It is very sad to see the end of such an established company and it will be a great loss to the local community,” commented provisional liquidator Ken Pattullo. “Although we are still trying to establish fully the circumstances behind the company’s financial difficulties, we believe the problems have stemmed from an inability to adjust the overhead base quickly enough following the sale of the commercial vehicles spare parts division of the business last year to Ratcliff Palfinger, together with a reduction in orders due to retail superstore and warehouse expansions being slower than anticipated and public sector spending cuts affecting the ambulance lifts part of the business.”

The company employs about 80 staff at its factory and head office in Forfar.

Provisional liquidator David Menzies added, “While it is inevitable that we will have to make redundancies, we are hopeful that with such a well known brand and leading products in the lifting solutions sector, we will be able to achieve a sale of the assets and business. We have already had a number of enquiries, but in the short term we cannot continue trading the company due to lack of cash flow to pay employees and suppliers.”

Hamilton Building Products Company Closes

uat — Tue, 07 Feb 2012 16:39:32 GMT

On Monday 30 January, Scott McGregor and Ken Pattullo of Begbies Traynor were appointed as provisional liquidators of CDW Ltd based in Hamilton.

Located on Hillhouse Industrial Estate, the £7.5m turnover company is one of the UK’s leading roofing, cladding and curtain walling contractors. Offering design consultancy and project liaison, CDW Ltd has been involved in major builds including the Burns Monument in Kilmarnock and The Point, Glasgow.

The company ceased trading on 27 January and the 11 staff at its Hamilton headquarters have been made redundant.

“We are currently investigating the reasons for the demise of CDW Ltd, but it appears to have been another victim of the economic downturn which has hit the building and construction particularly hard,” explained provisional liquidator Ken Pattullo.

Historic Northumberland Inn Closes

uat — Tue, 07 Feb 2012 16:38:05 GMT

The historic Lord Crewe Arms Hotel in Blanchland, traded by J&G Inns Limited which entered administration on 14 November 2011, was handed back to the landlord on Tuesday 31 January 2012.

The joint administrators Andrew Haslam and Gillian Sayburn of Begbies Traynor in Newcastle upon Tyne had traded the loss-making hotel for the last two months while an extensive marketing exercise was undertaken.

Mr Haslam commented: "Unfortunately, with the hotel continuing to lose money and no offers to continue to trade the business acceptable to the landlord, the only option was to close the hotel and hand the property back to the landlord.

“It is sad to see such a historic inn close its doors with the loss of a further eight jobs, but we are hopeful that the landlord may still find a way of securing a future for it.”

Set in a rural location, The Lord Crewe Arms was formerly part of the Abbey of Blanchland and is one of the oldest hostelries in the country, with the building dating back over 800 years.

Reborn Willand Pharmacy breathes new life into community

uat — Wed, 01 Feb 2012 09:00:00 GMT

Willand Pharmacy, which went into administration in April last year has been sold to an independent pharmacist, Adis Kikic.

The original pharmacy foundered when Tesco opened a pharmacy operation locally. Trading reduced to such an extent that the business was nearly forced into a compulsory liquidation until national corporate rescue and recovery specialists Begbies Traynor secured agreement from creditors for an Administration. Ian Walker from Begbies Traynor’s Exeter office has been trading the business since May, when offers were sought from prospective purchasers.

After a great deal of interest, a buyer was found in August, and the deal finally came together in December, when Mr Kikic’s offer was accepted.

Willand Pharmacy is now trading successfully offering a patient focused service, and in fact business has been better than expected, according to Mr Kikic. “We have taken the business back to core pharmacy focused products and services, which we intend to build on. In addition to our free prescription order, collection and delivery service, we have partially converted a proportion of our retail space into a consultation room from which we intend to provide future services. We’ve already launched a Stop Smoking service, provide Medicine Use Reviews, the New Medicine Service and will be offering flu vaccinations from September. In the very near future we shall be launching diabetes, cholesterol and blood pressure screening as well as a weight management service. At the moment we will be offering these as private services, but we will be in close touch with our local NHS Health Centres over possible future developments.

The business is going well, and we’re really pleased with the level of support and acceptance we’re getting from our local community. We expected a dip in prescription volume when we started, but it simply hasn’t happened due to much appreciated local support.”

Ian Walker comments, “The sale means we can realise a dividend for creditors, while securing the continuation of an important service business for the Willand community. We wish Mr Kikic the best of luck with his exciting plans for the future.”

Begbies Traynor sells Stagecraft assets to CPS

uat — Mon, 30 Jan 2012 09:00:00 GMT

The assets of a Porton-based sound and light staging company have been bought out of liquidation by a competitor.

Partner Julie Palmer and director Simon Campbell of corporate recovery specialists Begbies Traynor in Salisbury were appointed as liquidators of Stagecraft Technical Services Ltd on December 21, 2011.

STS was a specialist audio visual, lighting, sound and staging company with an annual turnover of £700,000 which was generated through retail, hire and permanent installations mainly for theatrical and musical productions, trading out of Porton, Wiltshire.

The assets of the business were sold to a competitor business CPS Group, based in Christchurch.

Julie Palmer said: “We made a huge effort to find a buyer for this business as a going concern prior to appointment, however we are pleased to have ensured that STS’s loyal customer base will continue to be serviced effectively by CPS, a major player in the region.”

Richard Colegate of CPS said: “Stagecraft has been a well-respected name in the industry for over 30 years and CPS is delighted to pick up the torch and lead the Stagecraft brand into the next decade.

“We look forward to working with Stagecraft customers in 2012. Combining CPS’ excellence in modern lighting, audio and video with Stagecraft’s expertise in stage production and outdoor structures provides exciting new possibilities.

“Bringing on-board Stagecraft’s expertise in stage construction and a significant stock of staging and outdoor structures means that we can provide a more comprehensive service to our existing clients too.”