One of Neil's dogs (I think he has about 30) is a hyperactive rat-bag rescued from a rubbish dump in Baku, Azerbaijan. He answers to 'Mischa' and of all his many failings and faults the most annoying is probably his acute 'FOMO' (Fear of Missing Out). It is true we all have it to a greater or lesser extent. What is everyone else doing? And why are they clearly having a better time of everything?
If this is you (or even a small part of you) the NTI newsroom can be of some assistance by filling you in on what some of the fine practitioners of our chosen trade have been doing over the past few days/weeks.
Miracle World Ventures Limited, were a BVI-registered crypto exchange operating as 'Globix' or 'Globix Cash'. Almost enough said there and then and with that, isn't it? Begbies Traynor are now in firm control of the company having been appointed Liquidators of the company in mid-March. Adrian Hyde and Joanne Wild told us that they are developing a strategy to protect the assets of the company and those under its management for the benefit of the creditors, with their initial focus on securing the crypto assets and the company’s operating platform alongside establishing the circumstances leading to the company’s Liquidation. We know they have quite a job on their hands there. NTI published a detailed guide to dealing with crypto assets of failing and failing companies last week on CPD TAP; it is complicated and jammed more full of jargon than currants in a Christmas pudding.
Moore Large is a bike and cycling accessories distributor based in Derby. Their joint boss, Charles Loakes, reckons they have assets worth around £35 million to shift and Raj Mittal and Nathan Jones of FRP have brought in John Pye & Sons to sell them, on auction, across their sites at Nottingham, Chesterfield, Port Talbot and Derby. There must surely be buyers aplenty, with spring here (or hereabouts), many folk working from home and more lycra than you can shake a stick at flooding the roads of a Sunday morning all over the country.
We are told by their website that Connect Distribution is the home of appliance spares and accessories (in the Birmingham area, at least). Well, it seems as if they may be moving house pretty soon, as Mark Firmin and Michael Denny of A&M completed a pre-pack of the company's stock, IP, contracts and fixed assets In a £3 million deal, saving more than 400 jobs last Monday. Screwfix bought the company, including a repair service network imaginatively called 'Repaircare' and a business management operation which handles website management, orders and repairs for retailers and manufacturers.
If you like to visit craft fairs and Sunday markets you will have had your fill of 'honey-based products' (... "have you tried our honey intimacy range, 'Sweet 'n Sticky'?") and heritage gins 'with a twist'. This is probably why The British Honey Company have encountered difficulties of late, having finally been forced to appoint a notice of intention to appoint Administrators this month. They are finding the raising of additional funding to be "extremely challenging" and FRP have now buzzed in to help.
We are told by their website that Kenyon Haulage is a 'fast, reliable and cost efficient haulage and distribution service'. However, reports are that, regrettably, the company has not been able to pay its drivers and suppliers for fuel and other items. 90 of the 97 haulage and 18 of the 22 warehousing employees have been made redundant. Our old mates Steve Muncaster and Michael Lennon of Kroll have now been appointed Joint Administrators and have been spotted reversing an 18-tonner into a tight space as they manouevre their way to a rescue.
The first rocket of Virgin Orbit Holdings failed to reach orbit on its launch in January of this year, and now Alvarez & Marsal and Ducera are circling as they consider contingency plans for a potential insolvency if the business cannot secure new funding.
Let's finish in Dorset. J M Scully tell us their 'prevailing ambition' is to continue building on over 30 years of controlled and profitable growth by providing our customers with empowered, experienced teams of construction professionals who embody our can-do approach, going the extra mile in a non-contractual manner leading to long-term sustainable relationships based on trust. That sounds terrific; well, they filed a notice of intention to appoint an Administrator on Friday (24 March). We don't yet haved any details, but we will get them and report them to you.