Simon Thomas and Robert Pick of Moorfields Corporate Recovery LLP have been appointed Joint Administrators over Path Products Ltd, an AV wholesaler and distributor operating in Oxford.  

Path Products Limited specialised in supplying and distributing audio and visual equipment. The start-up had traded for only 9 months following its restructure from Path Distribution Limited, Path Group Limited and Ixos Holdings Limited in November 2010.

The company began to experience difficulties in 2011 suffering a 30% reduction in trade due to a number of its customers experiencing fewer sales as a result of the recession. Moorfields were instructed when the Company’s stakeholders failed to agree a second restructure. Despite having to cease trading Moorfields managed to realise the name and goodwill of the Company as well as achieving a price for the stock that far exceeded our agents break up valuation. The effective sale of the business as a going concern enabled us to protect the book debts resulting in a full recovery for the secured creditor. 

Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. 

Simon Thomas and Robert Pick of Moorfields Corporate Recovery LLP have been appointed Joint Administrators over Rowswells & Lees Limited, a wholesale butchers operating in Essex.

Rosewells & Lees Limited specialised in the supply of wholesale fresh and frozen meat products to the leisure industry. The well established company had traded for over 20 years supplying high quality produce sourced from Smithfield market, to a number of well known restaurants and hotels around the South East.

In 2011 the company started to experience financial difficulty after it suffered from the loss of a major contract which accounted for 50% of its turnover. Moorfields were instructed by the secured lender to assist the management team with the distressed trading period, financial due diligence and an exit strategy.

Following a period of marketing, a pre-pack sale of the business was achieved protecting the trade and employees.  

Simon Thomas, Moorfields Partner said “Our early involvement meant we were able to guide the management team through a distressed situation allowing us to reduce operations, protect the creditors’ interests and devise the most appropriate exit strategy. Had we not been involved at an early stage it is likely trade would have ceased and the goodwill value of the business would have been lost.  

Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists.

Unforgiving trading conditions on the UK high street have taken their toll on yet another old-established national retail chain.

Stores forming part of the ‘HPJ’ and ‘Jewel Nation’ chains are affected after leading discount jewellers Gemstone Retail Limited and Gemstone Operations Limited were placed into Administration on 8 December 2011.

Simon Thomas and Robert Pick, of Moorfields Corporate Recovery LLP, have been appointed as Joint Administrators.

“It is regrettable to see familiar retail names fall victim to the current conditions”, said Joint Administrator Simon Thomas of Moorfields. “It appears every responsible step was taken to rationalise the business and protect jobs, but Moorfields’ priority now is to protect the interests of creditors by trading the business in Administration to realise its assets.”

The stores will trade in this way throughout the Christmas period, allowing the value of the gift-oriented stock to be maximised.

Turnover 10% below budget scuppers rescue plan

78 HPJ and Jewel Nation stores were purchased in February this year from previous Administrator KPMG by retail turnaround specialist Gordon Brothers Europe. 

Despite a restructure that included store closures, stock clearance sales and other cost saving measures and significant operational improvements, the businesses continued to experience financial difficulty with turnover 10% below budget.

A Notice of Intention to Appoint an Administrator was filed on 17 November 2011, and a campaign set in motion to try to sell the business and assets as a going concern. Indicative offers were received for the business but final offers failed to promise creditors a better return than realisation of the assets, leading to the 8 December announcement. 

Moorfields still keen to find buyer 

“We are continuing to explore the possibility of a sale of the business and assets,” said Robert Pick of Moorfields. “The business may yet prove an opportunity for the right buyer.”

Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. 

Interest in the assets of Gemstone Retail Limited and Gemstone Operations Limited, t/a HPJ and Jewel Nation, should be directed in the first instance to Suzanne Westney at swestney@moorfieldscr.com or 0207 186 1143. 

For further enquiries regarding the content of this release please call Katie Smith on Tel: 0207 186 1143 or email ksmith@moorfieldscr.com

Simon Thomas and Robert Pick of Moorfields Corporate Recovery LLP have been appointed Joint Administrators over a large property portfolio in the South East consisting of over 25 sites and more than 100 units.

The substantial portfolio spread across South East London was developed by a large Group of Property Developers in the South East;  The Black Ant Company Limited, TBAC Bleinheim Gardens Limited, Billsop Properties Limited and TBAC Investments Limited.
The Group specialised in the purchase of land with an opportunity to add value through acquiring planning consents, this strategy was later expanded to include building out the acquired sites.

The portfolio was very highly geared and had secured debt of c. £45m from 5 lenders.  The group was unable to service the debt and was insolvent on both balance sheet and cashflow bases.

Following the appointment of Moorfields Corporate Recovery we have dealt with numerous issues including securing and insuring the sites, taking control of the rental income, dealing with maintenance and health and safety issues with over 100 residential and commercial tenants to consider. Despite these issues we have now managed to stabilise the cashflow through control of the rental income and maximising this by letting vacant units.  This has enabled us to concentrate on achieving sales and maximising the repayment of the principal lenders’ original investment. 

Any interested parties should contact Moorfields Corporate Recovery LLP on 0207 186 1144 for further details.

Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists.

Simon Thomas and Robert Pick of Moorfields Corporate Recovery LLP have been appointed Joint Administrators over the well known TNT magazine aimed at people travelling to the UK. 

The magazine specialises in producing a free monthly publication and events schedule for Australian, New Zealand and South African nationals living, working and travelling in the UK.

The business also recently established a similar operation in Australia aimed at British travellers.

The magazine had been struggling for several years as a result of reduced marketing expenditure and job advertisements and in 2010, the principal shareholder completed a substantial debt for equity swap.

Following an extensive marketing campaign, the Administrators completed a pre pack sale, securing the continued employment of staff and allowing continued trade of the well regarded magazine.

Robert Pick, Partner, “Over the past 10 years there has been a huge increase in the number of free magazines/newspapers and increasingly in 2009- 2011 the number of digital magazines/newspapers. The economic downturn has and will continue to place huge amount of pressure on this already competitive industry as many companies reduce their marketing expenditure whilst the power of online social networking sites mean many marketers are looking at alternative advertising methods”

Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists.

Simon Thomas and Robert Pick of Moorfields Corporate Recovery LLP have been appointed Joint Administrators over two Leeds based businesses Met Surveys Limited and Met Consulting Engineers Limited. 

Met Surveys Limited and Met Consulting Engineers Limited provided land/building surveys and engineering consultancy including design, environmental reports and geotechnical investigations to clients in both the public and private sectors.   

In 2009 the businesses faced a downturn in trade as a result of the construction industry being hit hard by the economic climate.  In a pre pack deal, the Administrators, advised by Cobbetts LLP, sold the assets of both companies to Southgate House Limited, allowing continued trade for customers and securing the employment of the staff of Met Surveys Ltd and Met Consulting Engineers Ltd. 

The new companies and staff will operate alongside Met Geo Environmental Ltd from existing premises at Southgate House under the direction of Neil Harvey, Chris Jones, Ian Lang and Andy King.

Dianne Turner, Director, Moorfields Corporate Recovery LLP “The construction industry has been hit particularly hard by the recession. We are very pleased to have completed a sale of both companies’ business and assets thereby safeguarding employment in the area, at this time of increasing unemployment”. 

Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. 

Simon Thomas and Robert Pick of Moorfields Corporate Recovery LLP were appointed administrators of Hayters Teamwork Limited following a winding-up petition issued by HM Revenue and Customs.

The Hayters Teamwork brand was established over 50 years ago providing a complete multi-media solution for newspapers, magazines, TV, radio and online. Hayters’ content appears daily on the back of national newspapers, sports TV channels such as Sky and the BBC, and online with FA.com and UEFA.com

Advice from Moorfields enabled the directors to make an in court administration application allowing the business to be rescued and sold as going concern. This has saved a number of jobs and preserved the value of a prestigious brand.  

If you would like further details on the Hayters administration please contact Arron Kendall on 0207 186 1145

Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. 

Published by bighospitality.co.uk

A buyer is being sought for Cotswolds-based hotels, The Grapevine and The Royalist, after their parent company, The Concept Hotel Group fell into administration.

Moorfields Corporate Recovery has expanded its specialist service offering with the appointment of new partner Robert Pick, at their London Office.  

Previously Robert was Corporate Recovery partner at top 5 accountancy firm Grant Thornton where he acted as administrator, receiver, liquidator and trustee as well as heading a courtwork centre specialising in advising individuals and partnerships with financial difficulties. 

Robert has over 20 years experience in advising lenders to the healthcare sector; during which time he has established a reputation for specialising in the care home field having advised on more than 500 care homes. 

Commenting on his appointment, Robert Pick, Healthcare Partner, said “Moorfields has built a strong reputation as a leading corporate restructuring and advisory firm amongst lenders and other stakeholders. I am excited about launching their healthcare team to complement the firm’s already strong service offering” 

Commenting on the appointment, Phil Smith, Partner, said “Expanding into healthcare is an exciting venture for Moorfields and we are confident in Robert’s ability to raise the firm’s profile in this area.”  

Commenting on the appointment, Simon Thomas, Partner, said “Moorfields already has a strong property insolvency team working for a number of lenders. The launch of our healthcare team recognises our commitment to be responsive to the markets needs and complements the service our property team are already offering.” 

If you have any specialist healthcare requirements and you would like some independent advice please contact Moorfields Corporate Recovery LLP on 0208 528 1575. 

Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of Restructuring and Insolvency specialists. 

Simon Thomas and Robert Pick of Moorfields Corporate Recovery LLP have been appointed Joint Administrators over Concept Hotels Limited.

The Concept Hotel Group consists of two English Heritage hotels The Grapevine Hotel and The Royalist located in the historical market town of Stow on The Wold, in the Cotswolds. 

The Royalist Hotel is a Grade II listed building that ranks amongst the top 4% of protected buildings in the country and is certified as the Oldest Inn in England, dating from 947 AD. The Grapevine hotel dates back to the 17^th century and was named after the ancient vine that shades the hotel’s conservatory. 

The joint administrators are continuing to trade the hotels, whilst they are marketed for sale. 

This is a great opportunity to acquire these  beautiful historical hotels in the Cotswolds , any interested parties should contact Moorfields Corporate Recovery on 0208 528 1090.

Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. 

Simon Thomas and Fred Satow of Moorfields Corporate Recovery were appointed joint administrators of CopperEye, an enterprise data management solutions business with offices in Bristol, UK and Boston, USA.

The company offers a data management solution that provides SQL query access to the log files of busienss transaction data stored in flat files; the company also offers a search solution that enabled business users to find and retrieve specific transactions; all comprising secure data retrieval.

The company has customers located across the globe with turnover of £1.4m in 2010 and over 100 filed patents.

Moorfields were instructed by the directors to find a purchaser for the business and secure a sale within a limited time frame of three weeks. A marketing campaign was undertaken identifying a number of prospective purchasers, following final bids, a pre pack administration sale completed in April 2011, securing jobs and ongoing services for customers.

If you would like further details of the CopperEye administration please contact Simon Thomas on 0208 528 1575

Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. 

Simon Thomas and Fred Satow of Moorfields Corporate Recovery were appointed joint administrators of Acquafish, a fish wholesaler in South London.

The company supplied fresh and frozen fish to restaurants across London.

An Invoice Finance Company providing factoring to the company over a number of years, however with a fall in sales in Q1 2011, the directors made the decision to wind up the affairs of the company by appointing Moorfields Corporate Recovery as administrators.

Moorfields successfully sold the residual stock and equipment and are collecting the outstanding sales ledger on behalf of the Invoice Finance company and creditors.

If yiou would like further details on the Acquafish administration please contact Simon Thomas on 0208 528 1090

Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. 

Simon Thomas and Fred Satow of Moorfields Corporate Recovery LLP have been appointed Joint Administrators over The Cape of Good Hope (Bridgnorth) Limited.

The rural country pub near the village of Bridgnorth in Shropshire accommodates over 100 covers in its gastro pub style restaurant.

The pub had been suffering from a fall in trade since December 2010 as a result of the basd weather and rise in VAT. With the assistance of a specialist management company, Moorfields have allowed the business to continue to trade and are currently marketing the business with a view to achieving a sale as a going concern.

Any interested parties should contact Moorfields Corporate Recovery on 0208 528 1090.

Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. 

Moorfields Corporate Recovery expect the housing market to remain slow, as the number of mortgages approved for house buyers by UK banks fell by 10% in 2010. 

The British Bankers Association (BBA) says its members approved just 400,000 mortgages between them in 2010, taking them to their lowest level in 11 years. 

HMRC have also said the number of homes sold in the UK during 2010 stood at just 885,000, 27,000 more than the previous year but only half of what was recorded in 2006 and 2007. 

Phil Smith, Partner, Moorfields “Activity in the housing market has fallen dramatically, potential purchasers and builders remain wary of the uncertain economic climate so are waiting until the outlook is clearer. Those happy to go ahead with a purchase are left struggling to raise the mortgage they need.” 

Simon Thomas, Partner, Moorfields “Government cuts, rising inflation and the threat of increased interest rates will mean many homeowners will remain in their current homes reducing the number of properties coming to the market. We hope prices can remain stable in 2011 as the market does not look set to improve until we are into 2012.”

If you feel your business is suffering would like some independent advice please contact Moorfields Corporate Recovery LLP on 0208 528 1575. 

Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. 

Economists were expecting the economy to remain stable in the last quarter of 2010, few were anticipating the shock 0.5% decrease recently revealed. 

The latest GDP figures released by the office of National Statistics (ONS) have raised concerns over prospects for the economy in 2011. The fall follows  growth of 0.7% in the previous 3 months and 1.1% in the second quarter of 2010. 

The Office of National Statistics (ONS) has suggested “GDP was significantly affected by the bad weather we saw in December” but is said to be optimistic that the snow will only cause a temporary impact on growth. 

The construction industry was the biggest contributor to the fall with activity decreasing by 3.3% in the quarter. Other industries hit hard include the transport sector and hotels and restaurants. 

Phil Smith, Partner, Moorfields “The government is naturally disappointed by the reduction, as it shows we still have some way to go before the economy returns to a healthier position. We hope that the public sector cuts and VAT increase will not weaken the economy further in 2011”. 

Simon Thomas, Partner, Moorfields “The disappointing figures will obviously leave many companies feeling uncertain about the economy. It is important that businesses carefully consider their  strategies in 2011, as identifying issues at an early stage will maximise the options available. 

If your business is experiencing difficulty and you would like some independent advice please contact Moorfields Corporate Recovery LLP on 0208 528 1575

Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of Restructuring and Insolvency specialists. 

For further information please contact Katie Smith on 0208 528 1575 or email ksmith@moorfieldscr.com 

Lively seaside Inn goes into administration following tough market conditions before Christmas. 

Simon Thomas and Fred Satow of Moorfields Corporate Recovery LLP have been appointed administrators to Trojan Taverns t/a York House Inn. 

The seaside pub based in West Somerset was bought by Trojan Taverns in 2007 and has been operating as a 15 room hotel, restaurant and bar.

A statement by the administrators has said: “ The licensed trade sector has faced a tough couple of months following the bad weather before Christmas and the recent rise in VAT many publicans will need to remain proactive to ride out the storm”. 

Simon Thomas joint administrator said “We are currently exploring the possibility of a phased reopening using a specialist management agent with a view to achieving a sale as a going concern”.

Any creditors or interested parties should contact Moorfields Corporate Recovery for further details. 

Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of Restructuring and Insolvency specialists. 

Thousands of small and medium-sized businesses in the UK could find themselves targets of the HM Revenue and Customs in the second half of this year.

The HMRC’s  “Business Records Check” campaign announced over the Christmas period, will target 40 per cent of the UK’s 4.9 million businesses which the HMRC said are likely to have unpaid tax. 

HMRC has said it will use its existing powers to tackle 50,000 of the worst cases each year from the second half of 2011. Penalties could be anything up to £3000 “for significant record keeping failures”.  

The Revenue have said there are “customer benefits” from better record keeping including “improved chances of business success”, “improved financial management” and a “reduced likihood of a subsequent compliance intervention, such as a full enquiry into their returns”. 

For many small businesses already struggling against the recession the announcement is likely to add more stress and administrative costs that they feel are unnecessary. 

If you feel your firm could suffer as a result of the HMRC fines and would like some independent advice please contact Moorfields Corporate Recovery LLP on 0208 528 1575. 

Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. Its clients range from small businesses and SME's to major multinationals.

Retailers are set to be hit hard in 2011 as a result of the increase in the standard rate of VAT from 17.5% to 20% as the government looks to boost tax revenues to cut the UK’s debt levels.  

The rise which came into force on 4^th January 2011, will affect any VAT registered firm that buys or sells goods or services that are subject to the standard rate of VAT. The majority of food products, children’s clothing, newspapers and magazines will continue to be zero rated. 

Research by the Centre for Retail Research and online shopping group Kelkoo has suggested that retail sales will fall by about £2.2bn in the first three months of the year as a result of the rise. 

Shoppers are unlikely to feel the effects immediately as retailers are likely to absorb the costs as part of the January sales.

Phil Smith, Partner Moorfields “Retailers have had a tough time in 2010, especially towards the end of the year, when an expected increase in sales prior to the VAT increase was anticipated only to be over shadowed by the severe weather. The first three months of 2011 does not look to show a more positive outlook, the combination of the VAT rise, coupled with the public sector cuts means retailers are fearing the worse.”

If you feel your business could suffer as a result of the VAT increase and would like some independent advice please contact Moorfields Corporate Recovery LLP on 0208 528 1575. 

Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. Its clients range from small businesses and SME's to major multinationals.

Moorfields Corporate Recovery is expanding its service offering to clients with the launch of a new corporate finance business.

Moorfields Corporate Finance LLP will provide a broad range of services to key stakeholders, partners, management teams and secured lenders.

The service will offer consultancy support to UK businesses seeking to maximise value from the sale of their business, from successful acquisitive growth or from reducing risk prior to an investment.

Driving the firm forward is Mark Flatman who will head the firm along with partners Phil Smith and Simon Thomas. Mark has advised more than 90 businesses over the last 10 years on corporate finance acquisitions and exit strategies. His international blue chip experience has involved working in Johannesburg and California and as the former CEO of a UK listed plc.

Phil Smith, Partner ‘The launch of Moorfields Corporate Finance represents another achievement in the development of the Moorfields brand. It recognises our commitment to remain innovative and responsive to the markets needs.

Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. Its clients range from small businesses and SME's to major multinationals’.

Moorfields Corporate Recovery LLP are delighted to have been shortlisted for the “Medium Sized Corporate Recovery Firm of the Year” award in the prestigious Credit Today Insolvency and Rescue awards.

Now in their 3rd year, the Insolvency and Rescue awards are recognised as a mark of distinction amongst professionals, celebrating best practise and professional excellence in a well deserving and challenging sector.

The award recognises the firm’s significant growth, depth of experience and focus on client satisfaction.

Phil Smith, Partner “We are proud to have been shortlisted for the Corporate Recovery Firm of the Year award. It represents recognition by our peers and professionals of our specialist expertise and proven success in our field.”

Simon Thomas, Partner “We pride ourselves on delivering service of the highest standard, I am delighted that this award has recognised the hard work and dedication of all our staff.”

Moorfields hope to go on to claim victory at the awards ceremony on the 21st October.

Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. Its clients range from small businesses and SME's to major multinationals.

Financials

Asking price: Undisclosed

Sales revenue: Undisclosed

Net profit: Undisclosed

Fixtures value: Undisclosed

Stock value: Undisclosed
Business description

IN "N" OUT SERVICES LIMITED
(In Administration)
The Joint Administrators, Simon Thomas and Fred Satow of Moorfields Corporate
Recovery LLP offer for sale the business and assets of In "n" Out Services Limited.
In "n" Out Services Limited is an award winning provider of car maintenance, repair
and MOT services. Its key features include:-

• Projected annual sales of £7 million
• Loyal customer base, with a high level of repeat business
• Good operational and financial control systems
• Fourteen leased locations across the UK with modern plant, fixtures and fittings
• Part way through an operational restructuring, providing significant cost savings
• Opportunity for rapid growth across the UK and European market
• A highly skilled and dedicated workforce

All enquiries should be made to Ben Kay of Moorfields Corporate Recovery LLP,
88 Wood Street, London, EC4A 4HT on 0208 528 1713 or bkay@moorfieldscr.com

Simon Thomas and Fred Satow at Moorfields Corporate Recovery LLP were appointed joint administrators of the Company in July 2010 by a qualifying floating charge holder.

The Company was a well established KTM & now Husqvarna motorcycle dealer based in London. The company sold parts and accessories for KTM & Husqvarna motorcycles and was one of the best KTM dealers in the UK with turnover is in excess of £1.3m.

The trading site is now closed for business and our principle duty is to pursue any remaining realisations for the benefit of the creditors.

Please contact Simon Thomas or Fred Satow on 0208 528 1090

Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. Its clients range from small businesses and SME's to major multinationals.

Simon Thomas and Fred Satow of Moorfields Corporate Recovery LLP were appointed Joint Administrators of In “n” Out Services Limited (“INO”) on 12 August 2010. In “n” Out Properties Limited, a wholly owned subsidiary of INO was also placed into Administration.

Incorporated in October 2004,  INO is a provider of car maintenance and MOT testing services for the UK market.

The Company has had cashflow difficulties as a result of its failure to raise further funding. The directors resolved that Administrators be appointed to protect the assets of the Company while it’s business is advertised for sale on the open market.

Trading
The Joint Administrators continue to trade INO with the view to selling its business and assets as a going concern.

Operations remain open for trade in Cardiff, Bristol, Northampton (Kettering Road), Northampton (Towcester Road), Kettering, Milton Keynes, Chesterfield, Doncaster, Nottingham, Wednesbury, Stockton, and Stevenage.

Unfortunately, upon appointment the Joint Administrators were forced to close trading sites located at Derby and Scunthorpe with immediate effect.  A number of redundancies were made, providing necessary cost savings to support continued trade. Around 100 employees remain spread across the regional trading sites and at the head office in Silverstone. 

Customers
All customers who wish to attend the site within their local area are invited to do so. For the sites that remain in operation it will be business as usual until further notice and a full range of INO’s service offering will be available.

Interested Parties
All parties interested in making an offer for the business and assets of INO are asked to contact Ben Kay on 0208 528 1713 or bkay@moorfieldscr.com.

Creditors
All creditors of INO who would like information on the details of the Administration or who wish to submit a proof of debt are asked to contact the Joint Administrators office on 0208 528 1090

Suppliers/Reservation of Title
All suppliers of INO who would like information on the details of the Administration and those who may wish to exercise a reservation of title over stock/inventory are asked to contact Jon Ausena of the Joint Administrators office on 0208 528 1090.

Simon Thomas said " In “n” Out Services Limited is an award winning provider of car maintenance and MOT testing services with modern and well integrated workshops based around the UK. We have already received a number of expressions of interest from likely buyers and are hopeful of achieving a swift going concern sale. Please could interested parties contact us as soon as possible. Whilst we have regrettably had to make a number of redundancies on our appointment, we are hopeful of achieving a going concern sale and preserving the remaining jobs. It is possible that any purchaser of the business may wish to re-employ staff we have had to release in the short-term"

Should you wish to speak with Simon Thomas or Fred Satow please call 0208 528 1090.


Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. Its clients range from small businesses and SME's to major multinationals.

Moorfields announces that it has opened it's second office, continuing their growth by establishing a local presence in Leeds to service the insolvency marketplace in the North.

The new office ,located in the heart of Leeds city centre, will ensure that Moorfields can provide a national service as well as servicing existing clients in the most cost effective way.

Moorfields launched their London practice in March 2008 and 2 years later, demand in the North of England, dictates their need to extend their operation and explore business opportunities nationally.

Director, Dianne Turner, will head up the Leeds office and will be instrumental in establishing the new venture. Dianne Turner said "Leeds has a dynamic and diverse business scene and I am excited Moorfields is now part it. Having worked in Leeds for many years I am already well known locally so I am looking forward to increasing our presence with the support of the Leeds team"

Phil Smith and Simon Thomas said ‘The opening of Moorfields Leeds represents an exciting expansion of our network, and provides us with the important coverage we need to service the North of the country more effectively"

Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. Its clients range from small businesses and SME's to major multinationals.

A PICTURESQUE hotel is set for a new lease of life under new ownership.

The Durker Roods Hotel at Meltham has been bought by Honley entrepreneurs Pauline and Richard Hough.

Now they have set about revitalising the property – once owned by industrialist David Brown – in a bid to restore the hotel to its former glory.

The hotel, which was in the hands of administrators for many months, was sold to the husband and wife team for close to the £700,000 asking price.

The sale was conducted by property agency Colliers International on behalf of insolvency firm Moorfields Corporate Recovery.

Fiona Hough, daughter of the new owners, said work to refurbish the bedrooms, corridors and communal areas was already under way.

It was also planned to revamp the hotel restaurant and – in the longer term – make more of a feature of the building’s links to the tycoon who built up David Brown Gears, David Brown Tractors and at one stage owned Aston Martin.

She said: “There is a David Brown Tractor Museum nearby and the hotel could be appealing to tractor enthusiasts.

“We want to make the most of the function rooms and increase the number of weddings.

“The grounds are beautiful and the house is splendid. We want to make it into a busy, bustling hotel as part of what is a busy, bustling village.”

A spokeswoman for Colliers said there had been keen interest in the property. She said: “It is a well-established hotel and a pretty building, which attracted very strong competitive bidding.”

Durker Roods has 30 bedrooms, a lounge bar, a restaurant and function rooms, extensive lawns and formal gardens and car parking.

For many years, it has been a popular venue for weddings and has also hosted corporate functions and conferences.

The hotel, which was built in 1870 as a private residence and was converted into a hotel in 1975, has had a chequered history in recent years.

In 1999, it was bought by Kings Inn before the company added to its interests by acquiring the 16-bedroom Tower House Hotel in Halifax.

That company went into administration in February, 2008, after which the hotel operated under licence from the administrators.

The hotel was put on the market in August last year on behalf of administrators at RSM Bentley Jennison & Co. Since then, the insolvency firm has changed its name to Moorfields.

A spokesman for Moorfields said resolving the administration and sale had been “a long haul” due to the effects of the recession on the pubs, restaurants and hotels sector.

Simon Thomas and Fred Satow at Moorfields Corporate Recovery LLP were appointed joint liquidators of the Company in June 2010 following administration which was undertaken by another insolvency practice.

Creditors of European Colour specifically chose Moorfields to act as Liquidators at a meeting of creditors in May 2010 to resolve outstanding matters, bring a swift conclusion to the insolvency process and issue a final dividend to the unsecured creditors.

European Colour was a pigment manufacturing company located in Stockport and south-east London with annual turnover is excess of £15m.

Please contact Simon Thomas or Fred Satow on 0208 528 1090

Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. Its clients range from small businesses and SME's to major multinationals.

Simon Thomas and Fred Satow, partners at Moorfields Corporate Recovery LLP and joint administrators to In ‘n Out Services Limited (“INO”) are pleased to announce that following an intensive three week marketing period they have successfully completed a sale of the business and assets to In ‘n Out Centres Limited (formerly Ensco 803 Limited).

The sale is on a going concern basis saving a significant number of jobs and will allow the INO brand to build on its growing reputation in the market place for high level of service and customer satisfaction.

Simon Thomas, Insolvency Practitioner of Moorfields commented on the sale:

“There has been a large amount of interest in acquiring the business, with a number of competitive offers made. We are pleased with the outcome as it was the offer which represented the best outcome for the creditors of In ‘n Out Services Limited”

Should you wish to speak to Simon Thomas or Fred Satow, please call 0208 528 1090.

Simon Thomas and Fred Satow at Moorfields Corporate Recovery LLP were appointed joint administrators to Cyntergy Services Limited on 28 May 2010 at the request of the directors.

Cyntergy Services Limited is a leading supplier of retail IT helpdesk support. The company has 90 employees based at its offices in Sunbury on Thames.

Cyntergy Services Limited was subject to a management buy-out from Clarity PLC in May 2008.

The downturn in the economy in 2008 saw the business experience a considerable drop in training turnover  and in the first quarter of 2009 the Company suffered a loss .

Following the losses suffered , the Company undertook a cost saving exercise resulting in  savings of 20%. It also entered a payment plan with a major creditor, HM Revenue and Customs (‘HMRC’), in order to repay a debt of more than £260,000.

In the 11 months ending 28 February 2010 the Company suffered a further  trading loss  and neither investors, directors or the parent company were able to invest  funds.

In April 2010, Moorfields Corporate Recovery (‘Moorfields’) was engaged by the Company’s directors to provide independent advice regarding their current financial position..

After several weeks of marketing and negotiation with interested parties, agreement was reached with Clarity PLC and immediately following the appointment of Simon Thomas and Fred Satow as joint administrators, a sale of the business was effected to a Clarity subsidiary.

Simon Thomas said “We are very pleased to have secured a sale of the business and continuation of employment for the significant number of employees.  As a former owner of the business and major customer Clarity has a detailed knowledge of what is required to take things forward.  Our options were restricted by a number of factors, including the small market the business operated in, all of which makes this sale a great success.”

Related article:http://www.proactiveinvestors.co.uk/companies/news/17130/clarity-commerce-buys-previously-owned-cyntergy-services-from-administrators-17130.html

Please contact Simon Thomas or Fred Satow on 0208 528 1090

Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. Its clients range from small businesses and SME's to major multinationals.

Simon Thomas and Fred Satow at Moorfields Corporate Recovery LLP were appointed joint administrators to BRP Group Limited on 25 March 2010 at the request of the directors.

BRP Group Limited is a leading manufacturer of garage doors for the house building industry. It has operations in Bowburn, County Durham, Scunthorpe, Daventry, Brackley, Northamptonshire, Milton Keynes and Verwood, Dorset.

The company has some 360 employees spread across the country.

BRP Group Limited purchased the business from the Cardale Group in August 2009 and since then Nick Sibley, its principal shareholder has invested more than £3m to develop the business.

Unfortunately the company has been unable to achieve sufficient sales in the current economy.

Simon Thomas said " BRP Group is one of the leading garage door manufacturers in the UK with a modern, computer - controlled production facility in Bowburn. We have already received a number of expressions of interest from likely buyers and are hopeful of achieving a speedy going concern sale. Please could interested parties contact us as soon as possible.

Whilst we have regretably has to make a number of redundancies on our appointment, we are hopeful of achieving a going concern sale and preserving the remaining jobs. It is possible that any purchaser of the business may wish to re-employ staff we have had to release in the short-term"

Please contact Simon Thomas or Fred Satow on 0208 528 1090

Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists. Its clients range from small businesses and SME's to major multinationals.

Acting on behalf of Joint LPA Receivers Simon Thomas and Fred Satow from Moorfields Corporate Recovery LLP, Christie and Co is marketing the freehold interest of the Manor Hotel near Dorchester, Dorset, with offers in the region of £1.3m sought.

Located near the West Dorset coast the 13-room hotel comprises a 65-cover restaurant, a 40-cover cellar bar, 15-cover conservatory, 14-cover main lounge, and nine-cover snug.

Dating back to the 16th Century, the property, occupies an elevated position in the village of West Bexington, with direct access to the beach.

Ed Bellfield, director at Christie and Co, said: “This a superb opportunity to acquire a long-established and formerly privately-owned business, which has attracted a robust revenue stream from leisure and weekend tourists. Set in a renowned and unique seaside location, we expect the Manor Hotel to generate a high-level of interest

Moorfields Corporate Recovery LLP is a leading provider of Corporate Advisory, Restructuring and Recovery services. Our highly skilled teams provide leadership, experience and high quality advice to companies and their stakeholders in financially distressed situations.

Simon Thomas and Fred Satow, partners at Moorfields Corporate Recovery LLP and joint administrators to Jack Holt Ltd (“Holt”) are pleased to announce that following an intensive three week marketing period they have successfully completed a sale of the business and assets to Holt Marine Ltd.

The sale is on a going concern basis saving a number of jobs and will allow the well established Holt brand to build on their historic success and flourish once again.

Simon Thomas, Insolvency Practitioner of Moorfields commented on the sale:

“There has been a large amount of interest in acquiring the business, with a number of competitive offers made. We are pleased with the outcome as it was the offer which represented the best outcome for the creditors of Jack Holt Ltd”

A spokesman for Holt Marine commented on the purchase:

“We are pleased to have purchased the business and continue trading under the Holt brand. It is important for us to move the new business forward by building strong relationships with both customers and suppliers”.

The Holt company – originally set up by Jack Holt and Beecher Moore in 1945 - has gone into administration.

From making Merlin Rockets and Cadets, the pair branched out into producing fittings with Glen and Tony Allen, forming Holt-Allen in the 1950s.

The company reigned supreme in dinghy fittings for many years, but a recent move by Beecher Moore’s son, Chadwick, to manufacture fittings in Brazil sparked a split with the Allen family.

While the Allen side has benefited and moved on, the Holt side seems to have faltered.

The company entered into administration on February 23, 2010, with Simon Thomas and Fred Satow of Moorfields Corporate Recovery LLP appointed as Joint Administrators.

‘The company’s having cashflow problems,’ said a Moorfield’s spokesman. ‘Essentially we’ve put it into administration and we’re trading it on a normal basis, so all customers are receiving goods as per normal and we’re looking to find a purchaser in the next four or five days to turn it around quickly.’

Any enquiries in relation to the business should be directed to Arron Kendall or Matthew Parr of Moorfields on 0208 528 1090

Moorfields Corporate Recovery LLP is a leading provider of Corporate Advisory, Restructuring and Recovery services. Our highly skilled teams provide leadership, experience and high quality advice to companies and their stakeholders in financially distressed situations.

Telecommunication operators Cloud 9 have been under financial pressure since October 2009 when their shareholder withdrew funding.

This resulted in the holding company, Cloud 9 Mobile Communications Ltd, entering into administration on 17 December 2009, with Simon Thomas & Fred Satow of Moorfields CR appointed as Joint Administrators.

It has been an up hill struggle since then to preserve the businesses of the remaining group subsidiaries including Wire 9 Telecom Ltd, Cloud 9 Mobile Communication (Wholesale Services) Ltd and Cloud 9 (Gibraltar) Ltd.  A number of parties expressed interest, however due, to large supplier arrears, it was proving extremely difficult to complete a sale.

On 19 February 2010, Moorfields CR completed a sale of the business and assets of Wire 9 and Wholesale Services ,through insolvency procedures, to an unconnected party. This sale may save a number of jobs and will provides customers with a secure business going forward.

Cloud 9 Gibraltar remains the only subsidiary to be realised. The company holds licences to provide 3G and GSM services, on 36 radio frequencies, in Gibraltar. It has £423k placed in escrow, in respect of purpose built radio infrastructure equipment, which is awaiting delivery and installation at antennae sites. To date, the company has had £1.3 million worth of investments in respeact of research and development costs, and has business and marketing plans in place, ready for roll-out of services by October 2010.

A sales teaser is available with further information to be provided following completion of a non-disclosure agreement. The deadline for offers is Friday 5th March 2010

Please contact Arron Kendall on 0208 528 1715 or akendall@moorfieldscr.com for more information.

The London based firm of Corporate Recovery specialists have unveiled a new brand identity in support of their growth strategy.

With the re-brand initiatives Moorfields expects to reinforce their confident, market leading position and their consistently flexible attitude to the ever-changing economy.

The re-brand includes an exciting new office, logo and website which will allow Moorfields to break away from heritage brand RSM Bentley Jennison to establish itself in the market. The exciting new chapter reflects the companies commitment to delivering specialist professional services and pro-active solutions in restructuring, turnaround and insolvency.

The new logo and website incorporates strong visual style, with red and black blocks depicting changes in financial fortunes, the use of imagery was chosen to reflect the fast pace and ever changing economy. The website aims to guide individuals, lenders, creditors and professionals through the corporate advisory, recovery and restructuring services available.

Moorfields believes that the re-brand will help them become a substantial force in the market place. Earlier this year the firm were appointed administrators over the Cardale Group Limited(the U.K.’s largest Garage Door Manufacturer) where they successfully sold the company saving over 400 jobs. Other recent assignments include Moorgate Taverns and Torbay Hotels.

Phil Smith, Partner said: We recognized the importance of establishing ourselves independently in the market and were keen that our image reflected our attitude and culture. Our focus remains on individual quality solutions for businesses whilst challenging the markets traditional firms approach to recovery. The new brand is a major step forward for us in supporting our growth strategy and achieving our goals of becoming a leading national firm.

Simon Thomas, Partner said: This is an exciting time for us and our clients and will improve our presence in the marketplace. Our highly skilled team provide high quality advice based on experience and proven success.

Moorfields Corporate Recovery LLP is a leading provider of Corporate Advisory, Restructuring and Recovery services. Our highly skilled teams provide leadership, experience and high quality advice to companies and their stakeholders in financially distressed situations.

Hertfordshire and South Coast pub chain goes into administration following tough market conditions. Simon Thomas and Fred Satow of Moorfields Corporate Recovery LLP (formerly RSM Bentley Jennison & Co LLP) have been appointed administrators to Moorgate Taverns, the pub operators with approximately ten freehold public houses in their portfolio.

The properties owned by the company are largely based in Hertfordshire and along the South coast, with a mix of managed and tenanted houses.??A statement by the administrators has said: "As a result of the general economic environment, Moorgate has been trading at a loss after finance costs and, due to the downturn in pub values, has been unable to fund the ongoing losses.

"Simon Thomas, joint administrator said: "The business will continue to trade as usual whilst the best strategy is assessed in order to maximise the potential return for the creditors."

Moorgate Taverns is a wholly owned subsidiary of ‘Pubs n Bars’ which will continue to trade as normal.??Moorfields has been advising the company's bank, Clydesdale for some months the Publican reported.

The value of the pubs is estimated to be worth £8m in the year ending December 21 2008, with debts owed estimated to be £7m.

Moorfields Corporate Recovery LLP is a leading provider of Corporate Advisory, Restructuring and Recovery services. Our highly skilled teams provide leadership, experience and high quality advice to companies and their stakeholders in financially distressed situations.

Moorfields Corporate Recovery LLP (formerly RSM Bentley Jennison & Co LLP) is pleased to announce the sale of Cardale Doors Group, for an undisclosed sum, on 18 August preserving over 400 jobs.

Simon Thomas and Fred Satow, partners in Moorfields Corporate Recovery LLP,were appointed Joint Administrators over the principal operating companies of the Cardale Group Limited either wholly or partially owned by it, on 14 July 2009. ??The combined business, which manufactures 45% of garage doors in the UK, comprises Wessex Garage Doors Ltd, Cardale Doors Ltd and Bowburn Limited, has been sold as a going concern. Over 400 jobs are preserved at sites including Luton, Verwood, Dorset, Brackley, Scunthorpe, Bowburn and Durham.

Simon Thomas, Joint Administrator said, We are extremely pleased to have been successful in selling the businesses as a going concern, which is in the employees; best interests and maximises the potential return for the creditors, ultimately also safeguarding the jobs of over 400 workers.

Nick Sibley of BRP Group said: I am delighted to have secured a future for these great brands and look forward to building upon the great traditions these companies have for outstanding products and services.

BRP Group (Building Related Products) is a newly formed company which will work to extend its portfolio of products to provide its customers with ever increasing opportunities for profitable sales.

Moorfields Corporate Recovery LLP is a leading provider of Corporate Advisory, Restructuring and Recovery services. Our highly skilled teams provide leadership, experience and high quality advice to companies and their stakeholders in financially distressed situations.?

Insolvency experts from mid-tier firm looking for a buyer after troubled garage door company goes into administration.

Administrators from Moorfields Corporate Recovery LLP (formerly RSM Bentley Jennison & Co LLP) have been called in at Cardale Group, the struggling company which caters for 40% of the UK's residential garage door market.

Simon Thomas and Fred Satow are now keeping the company trading while looking for a buyer. The companies in administration comprise Cardale Group Limited, Cardale Properties Limited, Cardale Doors Limited, Bowburn Limited and Wessex Garage Doors Limited.

Simon Thomas, joint administrator, said: 'We are very optimistic that there will be a high level of interest in the group, given their significant market share, established brand names and multiple locations across the UK.

'As such, we will be looking for a quick sale.

Moorfields Corporate Recovery LLP is a leading provider of Corporate Advisory, Restructuring and Recovery services. Our highly skilled teams provide leadership, experience and high quality advice to companies and their stakeholders in financially distressed situations.

Moorfields Corporate Recovery LLP (formerly RSM Bentley Jennison & Co LLP); were appointed Administrators over Torbay Hotels Limited on 1 July 2009.

Simon Thomas and Fred Satow, partners in Moorfields Corporate Recovery LLP were appointed by Abbey National PLC. ??The 40 room hotel is currently full and will continue to trade as normal while offers are reviewed and purchasers are sought.

Simon Thomas, Administrator, said: We are optimistic that there will be lots of interest and we are looking for a quick sale of the business. ??Anyone interested in purchasing the hotel should contact the agents Colliers.

Moorfields Corporate Recovery LLP is a leading provider of Corporate Advisory, Restructuring and Recovery services. Our highly skilled teams provide leadership, experience and high quality advice to companies and their stakeholders in financially distressed situations.

On the 8th April Fortis Employment Services Limited and Westaff (UK) Limited appointed Joint Administrators Simon Thomas and Frederick Satow of Moorfields Corporate Recovery LLP (formerly RSM Bentley Jennison & Co LLP).

The move was made almost a year after the company took private ownership following the acquisition of 100% of its shareholding (for an undisclosed sum), on 31st March 2008, by its UK Managing Director, David Mogford.

Under the terms of the management buy-out, Mogford took personal ownership of the UK division and its 22 branches nationwide, which will now sit within the newly formed, Fortis Recruitment Group Ltd.

According to two notices dated the same day the business is now running under the new name of Fortis Personnel Services Ltd trading as Westaff with David Mogford as Director.

The nationwide bookseller, Borders UK has called last minute rescue talks with 1, 100 jobs at risk.

The bookseller has been ravaged by internet competition and encroachment on its market by supermarket chains. It was spun off from Borders Group, its American former parent company in 2007, when it was brought for £20million by Risk Capital, the private equity firm owned by Luke Johnson.

Restructuring specialists from Moorfields CR were appointed by Risk Capital to oversee the dramatic reduction of the number of stores from 79 to 45. The flagship store in Oxford Street, London was sold this year to New Look, the expanding fashion retailer.

Moorfields Corporate Recovery LLP is a leading provider of Corporate Advisory, Restructuring and Recovery services. Our highly skilled teams provide leadership, experience and high quality advice to companies and their stakeholders in financially distressed situations.