Restaurants and cafés across the UK are going insolvent at a pace not seen for more than a decade.

A total of 3,347 eateries have been unable to pay their debts in the past two years to March 2023, according to data from the Insolvency Service.

During the first three months of 2023, an average of six restaurants were affected every day.

Businesses declare insolvency when they are unable to afford the repayments for their debts. Of those restaurant declared insolvent, 98% of cases have ended with the business being shut down.

Interest rates have been rising since December 2021 as part of the Bank of England’s effort to quell inflation, raising the costs businesses and households must pay to borrow money.

According to the Bank…

Australia’s first commercial plant protein manufacturer, Proform Foods, has gone into voluntary administration. Gayle Dickerson and James Dampney from KPMG Australia have been appointed administrators.

The appointment of administrators covers Proform Food Group, Proform Innovation, Proform Gourmet, and Proform Foods. The company manufactures plant-based protein products under the MEET, Protein Plate, and Bad Hunter brands.

KPMG Australia restructuring partner, James Dampney, said, “Proform is a well-established business in a sector with compelling medium term growth prospects.

“As administrators, our focus will be on maintaining normal operations whilst commencing an expediated sale of business process. We will be working with all…

Two former directors, turnaround specialists and an opportunistic crypto investor. Welcome to the eclectic bidder fray for embattled airline Regional Express, better known as Rex.

Street Talk understands a fleet of parties has lobbed indicative offers for Rex three weeks after the airline was plunged into voluntary administration, fanning the debate about whether Australia can sustain more than two airlines.

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TEMPE, Ariz. — This is the time we’re supposed to be counting down the days – even the hours – to the pageantry and thrill of Opening Day. 

It’s the time we overreact to everything that transpires in the season openers, assuming trends will carry over for the next six months. 

You win you’re a World Series contender. You lose, it’s “Wait ‘Til Next Year.”

These days, well, who could blame Major League Baseball for wishing it could extend spring training another week or two to end the swirling scandals, drama and controversy that engulfed the sport this past week. 

The debts of a collapsed group of manufacturing companies have snowballed as liquidators wade through the mess.

Last week, news.com.au reported that the final company involved in the Sydney-based GDK Group had been court-ordered to go into liquidation.

The Federal Court ordered Joinery Manufacturing Solutions Pty Ltd to go into liquidation over an unpaid tax debt, appointing Tristana Steedman of insolvency firm RSM Partners as the liquidator.

It came after all staff were brutally sacked right before Christmas, leaving some in tears and many out of pocket.

News.com.au previously reported that in the past six months, 11 businesses linked to the group, which specialises in cabinet making, had collapsed with debts in excess of $45…

News.com.au can reveal that Victorian-based building company Station 293 Pty Ltd went into liquidation last Friday with money owed to “lots and lots of tradies”.

The construction firm traded under Cavalier Homes Geelong and as its namesake would suggest, it was a franchise business in the Cavalier Homes network.

Cavalier Homes was established in 2001 and has 19 franchises all along the East Coast, spanning across four Australian states.

The Geelong branch no longer appears on its website.

Cliff Sanderson of insolvency firm Dissolve was appointed as the liquidator of Cavalier Homes Geelong and said so far more than 40 creditors have…

Major retailer Johnny’s Furniture has gone into administration due to a “significant decline in revenue”.

The company had 15 stores in Australia at the height of its 10-plus years in operation. That has been reduced to eight — four stores in Queensland, three in New South Wales and one in Victoria.

Company directors are scrambling to fill orders amid their financial woes.

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“Whilst my appointment is in its infancy, my preliminary investigations indicate that the company had a significant decline in revenue during the 2024 financial year, which likely contributed to the director’s decision to place the company into voluntary administration,” administrator Shumit Banerjee, of…