Latest news with #NeilBennett
Daily Mirror
29-07-2025
- Business
- Daily Mirror
Italian restaurant chain with 13 sites 'on brink of administration'
Sky News reports that Interpath Advisory is preparing a pre-pack insolvency, which is where the sale of a business or its assets is agreed before the administration begins Italian restaurant chain Gusto is reportedly on the brink of collapsing into administration. Sky News reports that Interpath Advisory is preparing a pre-pack insolvency, which is where the sale of a business or its assets is agreed before the administration process begins. Sky further claims that Cherry Equity Partners, the owner of Latin American restaurant concept Cabana, would likely takeover the majority of Gusto sites - but warned job losses were still expected. The Mirror has contacted Gusto for comment. Gusto has 13 UK restaurants including: Alderley Edge Birmingham Cheadle Hulme Cookridge Edinburgh Heswall Knutsford Leeds City Centre Liverpool Manchester Newcastle Nottingham Oxford Restaurant and pub owners have been struggling in recent years following the coronavirus pandemic and then the cost of living crisis. Increases in the minimum wage and National Insurance paid by employers have also added pressure onto hospitality businesses. BrewDog announced last week that it would shutter ten sites, including its flagship branch in Aberdeen. Its Camden branch closed on Friday, with the other bars closing from Saturday onwards. CEO James Taylor sent a message to all staff, explaining that the venues were no longer making money. He said: "Following much consideration, we have sadly concluded that there is no realistic prospect of making these venues commercially viable. "Keeping them open would put pressure on the wider business, making it harder to invest where we know we can grow. This decision is not simply a response to the challenging UK hospitality market, but a proactive decision to redefine the bar division's focus. "This is not a decision we've taken lightly. But as we evolve BrewDog into a more focused and sustainable business, we've had to be honest about where we are - and where we're heading." Meanwhile, Thai restaurant chain Busaba Eathai was brought out of administration last week as part of a pre-pack deal. It once had as many as 16 restaurants, but this was reduced to 12 following a Company Voluntary Arrangement (CVA) - which is a way for a struggling business to negotiate with creditors - in 2020. Joint administrator Neil Bennett said: 'Busaba has experienced tough trading conditions over the past few years, in line with the hospitality industry in general, including the negative consequences of the cost-of-living crisis, inflation and a substantial increase in utilities costs. 'The pre-pack sale has allowed us to transfer the business smoothly and has saved a long-standing London Thai restaurant along with hundreds of jobs." Oakman Inns & Restaurants also recently announced plans to close six sites and transfer a further 12 after falling into administration. Ross Connock, joint administrator at PwC, said: 'It's regrettable that six trading sites were not included in the sale, resulting in 159 redundancies. Our team of employee specialists are providing support to those affected during this challenging time.'
Daily Record
07-07-2025
- Business
- Daily Record
Prestwick Airport lands Red Arrows deal as hundreds of jobs set for Ayrshire base
Aeralis have chosen Prestwick Airport as the final assembly line for the potential replacement of the Red Arrows. Prestwick Airport was the "number one choice" to host the final assembly line for the potential replacement of the Hawk fighter jet used by the Red Arrows. Aeralis, one of the companies vying for the contract to replace the Hawk which will be phased out of service by 2030, chose Prestwick Airport out of 67 potential sites. More than 200 jobs could be coming to the airport to assemble the new military jets if Aeralis get the go ahead from the UK Government. If successful, different parts of the jets will be built across multiple sites in England before coming to Prestwick for final assembly. Aeralis' proposition draws on existing, world-leading UK manufacturing through a core consortium of seven aerospace and defence companies, supported by over 40 small and medium-sized enterprises. The firm will now work with Prestwick Airport and local stakeholders to refine the details for the site, as well as establishing relationships with local technology, infrastructure and supply chain partners. Neil Bennett, chief operating officer, described Aeralis as "effectively Airbus but for a small military jet". Speaking to Ayrshire Live, he said: "Prestwick was the number one choice. Firstly, it's got scale. Secondly, it's got two runways - a 2,000m runway and a 3,000m runway. "It has airspace above and you are out over the sea immediately which is good for a new aircraft facility - every aircraft will have to have a performance acceptance test. "The workforce in this area, I personally think is second to none. There must be 50 or so companies around Prestwick Airport and we will do business with them. "Together, with Ayrshire College, we should be able to pull a good workforce together here to do the final assembly of the aircraft. "Notwithstanding that, I think that the Prestwick Airport strategy, the welcoming we received when we first arrived and the openness of discussion that we've had is second to none. "This industry is full of barriers to entry for a start-up organisation so when you come across a positive potential arrangement you go with it. "We had a mechanism to score various features, Prestwick came out top. Intuitively, myself and my colleagues felt this was the right one." Dr Willie Mackie, interim chairman of Prestwick Airport, said: "This is a really exciting announcement that Prestwick has been selected out of 67 potential locations to locate this final assembly for what will be the replacement for the Red Arrows. "That will bring further jobs in terms of the aerospace sector to build on what's already a really core strength of the airport and surrounding businesses. "It would also deliver what I would describe a legacy investment and this could trail on for many years, decades in fact as the planes are developed and then the maintenance and repair operation. "That is exciting. The Aeralis opportunity overlays a lot of the capability that we have managed to build here. We think Prestwick is the right place with the right skill set."
Daily Record
17-06-2025
- Business
- Daily Record
Travel firm collapses leaving Brits fuming 'go cheap, pay twice' with many holidays ruined
Great Little Escapes has lost its ATOL licence, meaning some holidaymakers could be left out of pocket A leading UK travel firm has collapsed after losing a vital accreditation, causing widespread concern among holidaymakers facing cancellations. Customers disgruntled by the loss of another affordable travel option expressed disdain, suggesting that opting for budget can lead to paying more in the end, remarking: "Go cheap, pay twice." Great Little Escapes, a Berkshire-based agency offering a range of holiday options from "adventure holidays to relaxing spa holidays, beach holidays to city breaks, adults-only to fun-filled family resorts", found itself stripped of its ATOL protection. It's important to note that this company is not connected to the similarly titled Great Little Breaks and shares no link with them. The tried-and-tested guidance for holiday bookings is to use credit cards to protect your money should the underlying business collapse. Despite this, over 100 UK travellers might be left empty-handed as they risk their booked foreign vacations being scrapped after Great Little Escapes lost its ATOL accreditation. Expressing sympathy yet a sense of inevitability, one upset customer mentioned: "Feel sorry for those who will lose their holidays, but then again, they clearly took their chances to get a cheap deal." They continued: "Not ATOL protected and if they didn't pay by credit card, then no way to get the money back." Following the company's slide into insolvency, the relevant authorities are now advising prospective customers to delay lodging any claims while further details of Great Little Escapes' operations are investigated. The authority has issued explicit guidance for travel agents linked with Great Little Escapes LLP, stating, "If you are a travel agent of Great Little Escapes LLP and you are currently holding consumer payments which you have not yet paid to Great Little Escapes LLP, you must not use these funds to refund consumers until you have received instructions from the Air Travel Trust. "Travel agents will be individually contacted by the CAA with specific instructions for these bookings." The sudden downfall of yet another travel firm is likely to shake the confidence of holidaymakers hunting for bargain getaways. Echoing this sentiment, one netizen recommended caution, suggesting some travellers may be "Better off booking with the big travel agents. More expensive, but.." This grim announcement arrives hot on the heels of another distressing revelation just a month prior when a different UK travel enterprise faced its demise, impacting countless travellers' vacation plans. Jetline Travel, a London-based entity founded in 2000 and also known as Jetline Cruise's parent company, ceased its operations as an ATOL holder the previous month. TTG reported the business has now gone into administration. Alan Clark of Carter Clark financial recovery specialists and Neil Bennett from the insolvency experts at Leonard Curtis were appointed administrators on 28 March. Administration is a procedure that transpires when a company can no longer fulfil its debt commitments, resulting in the appointment of a licensed insolvency practitioner. This expert will either reorganise the business and negotiate with creditors, or liquidate assets, settle debts and dissolve the business. In its 25 years of service, Jetline Travel has facilitated holidays for hundreds of thousands of travellers. Over this quarter-century, the firm also operated under various other monikers including Bargain Late Holidays, Best Priced Holidays, Cruise and More, Elegant Getaways, Our Best Holidays and Save on Sun.
Daily Mirror
16-06-2025
- Business
- Daily Mirror
Huge number of Brits face holiday chaos as travel firm loses license
A UK-based travel firm has lost a key license, leaving huge numbers of customers facing cancelled holidays this summer. Great Little Escapes, based in Sandhurst in Berkshire, used to specialise in "adventure holidays to relaxing spa holidays, beach holidays to city breaks, adults-only to fun-filled family resorts". However, it has now ceased as an ATOL holder. The company is different from and not connected in any way to Great Little Breaks. A notice from the Civil Aviation Authority said: 'The company based in Sandhurst, Berkshire traded under the names Your Holidays, Great Little Escapes, Tunisia First and websites and 'We are currently collating information from the company and will update this page as soon as possible. While waiting for further information, please do not submit a claim as these will be rejected. 'If you are a travel agent of Great Little Escapes LLP and you are currently holding consumer payments which you have not yet paid to Great Little Escapes LLP, you must not use these funds to refund consumers until you have received instructions from the Air Travel Trust. 'Travel agents will be individually contacted by the CAA with specific instructions for these bookings.' The news came in the month after a separate British travel firm went bust. Jetline Travel, a London-based company established in 2000 and parent company of Jetline Cruise, ceased trading as an ATOL holder in March. Now it has been taken into administration, according to TTG. It reported that Alan Clark, of financial recovery specialist Carter Clark, and Neil Bennett, of restructuring and insolvency firm Leonard Curtis, were appointed on 28 March. Administration occurs when a business can no longer meet its debt obligations, leading to a licensed insolvency practitioner to be appointed to either restructure the business and come to an arrangement with creditors, or to sell off assets, pay off creditors and liquidate the business. Jetline Travel took hundreds of thousands of people on holidays over its 25 years trading. In that quarter of a century the firm also traded under several other names including Bargain Late Holidays, Best Priced Holidays, Cruise and More, Elegant Getaways, Our Best Holidays and Save on Sun. The Mirror has attempted to contact Great Little Escapes for comment.
