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  • Insolvency review - Week 43

     

    RCM Weekly review - October 2019 - Week 43

     

     This week: Hairdressing chain supercuts enters Administration putting up to 1,200 jobs at risk and payday lender Quickquid quits the UK market over mis-sold loans.

    25th October 2019

     Hairdressing chain supercuts enters Administration putting up to 1,220 jobs at risk

    Hairdressing chain supercuts enters Administration putting up to 1,220 jobs at risk

    Regis UK, the owner of hairdressing chains Supercuts and Regus has gone into Administration. The company runs 220 salons mainly located in shopping centres and employ 1,200 people.

    Accountants Deloitte have been appointed as the Administrators and they have announced that the salons will remain open while they seek a potential buyer for the business. Only last December Regus UK had negotiated lower rents through a CVA (Company Voluntary Arrangement), however landlords had challenged the proposals in court.

    Joint administrator, Rob Harding of Deloitte commented, "The retail trading environment in the UK remains extremely challenging and Regis UK Limited had been seeking to address this through a restructuring of its business. Unfortunately, these trading challenges coupled with the uncertainty caused by the legal challenge to the CVA have necessitated the need for an administration appointment. This is in order to provide protection for the business whilst restructuring and sale options are fully considered and explored."



    25th October 2019

     The UK's largest payday lender, Quickquid set to close down operations as they appoint Administrators Grant Thornton.

    The UK's largest payday lender, Quickquid set to close down operations as they appoint Administrators Grant Thornton.

    The UK’s largest payday lender CashEuroNet UK, which operates the QuickQuid brand has fallen into administration, leaving more than a million customers facing uncertainty.

    The US based company Evona, which owns the business, has decided to leave the UK market after it failed to reach an agreement with the financial ombudsman over how many customers be compensated over past loans. In the past year payday lenders have been hit by claims from customers who say they’ve been mis-sold loans they could not afford. Last year the former market leader Wonga collapsed and another large lender, The Money Shop closed its doors in June.

    Grant Thornton were appointed today, and they announced that there would be no new lending by the business and that existing customers should continue to make repayments as usual. The Administrators said they would continue to work closely with the Financial Conduct Authority and work to support the company’s creditors and customers where possible.


    Read more here:
    https://www.standard.co.uk/news/uk/quickquid-collapse-do-you-still-owe-money-are-you-entitled-to-compensation-what-it-means-for-you-a4270671.html


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    Award Seal Richard Cacho

    Richard Cacho Awarded No. 1 Insolvency Practitioner in Norfolk

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