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  • Insolvency review - Week 5

     

    RCM Weekly review - February 2019 - Week 5

     

     This week: Insolvency figures for 2018 released, Oddbins enters administration again and Ford announce 400 jobs to go at Bridgend plant in cost cutting drive.

    29th January 2019

     The Insolvency Service

    The Insolvency service release figures for new corporate and individual insolvencies for 2018. The underlying number of insolvencies has increased to the highest levels since 2014

    https://www.rcmadvisory.co.uk/news/insolvency-statistics-for-2018.html

    1st February 2019

     Oddbins store front

    Oddbins enters administration with around 550 staff and 101 off-licences affected throughout the group.  Oddbins is one of only surviving independent off-licence chains after the closure of rivals such as Threshers and Unwins in recent years.

    The appointed administrator stated “Oddbins was a victim of tough times on the High Street, with a decline in consumer spending pointing to a squeeze on household finances.  Add into that mix rising business rates and rents, and traditional bricks and mortar retailers are undoubtedly feeling the strain."

    https://www.bbc.co.uk/news/business-47085479

    1st February 2019

     Ford bridgend plant

    Ford axes up to 400 jobs at Bridgend plant

    A ford spokesman stated "Ford is introducing a voluntary separation programme for hourly and salaried employees at its Bridgend Engine Plant in South Wales as part of its ongoing actions to create a sustainably profitable business in Europe.  The programme follows discussion with the union on matching the plant's labour requirements to the projected production volume expectations in the near term. “

    https://news.sky.com/story/ford-axes-400-jobs-at-bridgend-plant-in-costs-drive-11624632

     

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