It has been a big week for Administrations, a sure sign that we all need to be sharpening our pencils for a rush over the cold season.
Starting with Pello Capital; the company's website says that they are 'redefining the investment process'. Unfortunately, following recent restrictions imposed by the Financial Conduct Authority (FCA), a banner splats across the home page of the same website blotting that claim out and informing visitors the company is no longer able to do so without the prior written consent of the FCA, as they have not been able to get lifted the imposed restrictions on their investment business and activities.
The restrictions imposed are pretty specific; from 15 November Pello must not carry on any regulated activities or take any action to diminish the value of its own assets. The company became famous for assisting British businessman Dominic Chappell to raise funds to acquire retail chain British Home Stores, but are now grabbing the headines themselves as Evelyn Partners have been appointed as Administrators over the business following a failed takeover approach earlier this year by a large public technology company. This surely can be nothing to do with the fact that the small-cap broker had just begun to accept fee payments in cryptocurrencies earlier in 2022.
Nick Holloway and Will Wright of Interpath have been appointed as Administrators of AMT Coffee, who you may have seen in hospitals, stations and airports across the UK. The news today is that the business has been acquired by SSP who will immediately close 18 of 43 sites, losing 100 employees but retaining twice as many under the SSP banner. In the nine months to September 2022, the business accumulated losses of £1.0 million, which management attributed to the ongoing reduction in commuters following the pandemic. In August AMT lowered the price of its 'Classic Coffee' to just £2, which seems pretty reasonable to us in the NTI newsroom, but it hasn't been enough to save the business this far.
Up in Kilmarnock the eponymously-named football club issued a warning on its website this morning (Tuesday 29 November) that the club’s technical kit supply partner, Elite Sports Group, has gone into Administration. Other football clubs affected are Southampton, Coventry, Millwall, Newport County, Northampton Town and Oldham. Elite runs the club shops and online retail operations and distributes the products of kit suppliers.
On a brighter note, for fans of Ping Pong restaurants, the joint Administrators Ashley Miller and Stephen Katz of Begbies Traynor have sold the business to AJT Dimsum Limited, a new entity established by Ping Pong's existing management team. All 225 staff have been transferred to the purchaser. A number of parties have registered charges against the company, most of which relate to rent deposits.
