Growing number of entrepreneurs seek insolvency and restructuring advice
An increasing number of local entrepreneurs are seeking insolvency and restructuring advice and considering the future of their businesses as corporate insolvencies rise, says the Eastern branch of R3. Hayley Watson, Eastern chair of the insolvency and restructuring trade body, said: “April’s corporate insolvency figures were the highest we have seen since July 2024, with creditors’ voluntary liquidations remaining the process companies most commonly enter into. Their consistently high numbers reflect the ongoing challenges, high costs and political and economic uncertainty local businesses face, as well as the toll these are taking on their finances and their confidence in their ability to turn their situation around.” Insolvency Service figures show that corporate insolvencies in England and Wales increased by three per cent in April to 2,053 to stand 13 per cent up on the month a year ago.
Hayley Watson added: “Compulsory liquidations have also hit their highest level in more than five years as creditors chase down unpaid debts in an attempt to meet their own payment deadlines, led by the HMRC as the government attempts to balance the national books…..On a more positive note, local retailers have benefited from the late Easter and improved weather, which has led to an increase in sales, and hospitality has also seen a rise in activity and spending levels.”
Landmark Ipswich hotel where Dickens stayed to be brought ‘back to life’
Ipswich’s landmark Great White Horse Hotel where Charles Dickens stayed and which helped inspire ‘The Pickwick Papers’ has been acquired by a local developer with plans to reinvigorate the property. Local developer John Howard has bought the Grade II-listed former hotel in the town’s Tavern Street, with plans to breathe new life into Ipswich’s busiest retail throughfare. Penn Commercial has been appointed as the sole agent to market commercial units at the hotel. It offers three or four flexible commercial units, under Class E retail/office planning use, with large frontages and a prominent streetside location. It was previously home to a Starbucks café and Cotswolds outdoor equipment shop. Penn Commercial managing director Vanessa Penn said: “It is great to see a local developer purchasing this important building and bringing it back to life – preserving its history and significance to the town centre. The main commercial units offer interesting space, with period features for a retailer or restaurant, and are close to convenient public car parks.” Parts of the building have planning permission for conversion into flats and a business centre. John Howard previously developed The Winerack residential scheme on Ipswich’s Waterfront and has also recently bought the freehold of The Mill, a development along the quayside.
Invesment in new machines helps Newmarket-based cardboard box manufacturer triple output
Newmarket-based Caps Cases, which makes corrugated cardboard boxes, has invested in two new production line machines supported by a £1.8m Green Asset Finance Package from Lloyds. It has helped the firm to triple its output, increasing from 5,000 boxes to 15,000 per hour. Caps Cases produced 150 million bespoke printed boxes for brands across the UK last year, mainly in retail and FMCG. The firm now expects to shorten its delivery times and boost capacity to take on more orders, particularly as e-commerce demand grows. The firm employs 220 people across its sites in Newmarket, Glasgow, Northampton and Peterborough and aims to increase turnover by 10 per cent within the next three years and be carbon neutral by 2030. Managing director Trevor Bissett (photo) said: “The e-commerce boom that we saw following the pandemic has showed no signs of slowing down. That’s why it’s important for us as a business to continue investing in our operations so we’re in a position to support brands with high-quality and well-designed packaging.”
Cambridge spin-out set to add colour after winning 1.9 million euros grant
Sparxell, a Cambridge-headquartered pioneer of plant-based colourant technology, has secured a €1.9 million grant from the European Innovation Council. It will enable the company to overcome technical barriers in scaling up its world-first, natural colourants. Sparxell’s biodegradable pigments deliver striking colourant results that outperform synthetic alternatives, without fossil-based chemicals. Since spinning out of the University of Cambridge in 2023, the firm has gained commercial credibility through over 25 pilot projects with global brands. It has established itself in the luxury market having joined an accelerator programme run by LVMH, owner of the Louis Vuitton and other brands. With the company approaching its first million in sales, it is scaling up to tonne-level production in 2025, in preparation for its first commercial launch with brands and manufacturers. Dr. Benjamin Droguet, founder and CEO of Sparxell, said: “This European Innovation Council funding is transformative for Sparxell, allowing us to accelerate our manufacturing scale-up and overcome key technical challenges much earlier in our development pathway. With our plant-based technology, we’re offering industries a fundamentally different approach to colour that works with nature rather than against it while meeting the highest performance standards.”
Norfolk-based motor dealer expands product range with e-bikes
Lings Powersports, a motorcycle sales and servicing specialist based at Harleston in Norfolk, has bought a range of premium UK e-bikes to meet growing demand. It has been helped by a multi-million-pound funding package from HSBC UK. The funding will allow Lings to buy a large volume of high-spec e-bikes from established brands with the flexibility to acquire more stock. The business expects a 28 per cent increase in turnover reflecting the strong demand for e-bikes and growth at its Power2Cycle business. Finance director Matthew Barwick said: “Becoming the exclusive UK retailer for these cutting-edge e-bike models gives us a strong competitive advantage in a rapidly growing market.” Founded in 1913, family-run Lings Powersports has five locations across East Anglia.
Photo (l-r) : Matthew Barwick (finance director), Edward Jary (brand manager), and George Ollett (aftersales manager)
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