7:11 am, August 21, 2024
Company insolvencies up 16% on July last year as cost hikes continue to bite
The number of companies that became insolvent in July was 16% higher than during the same period last year, according to official data.
In England and Wales, 2,191 businesses went bust, according to the Insolvency Service, compared with 1,890 in July 2023.
The figures included 320 compulsory liquidations – when a company is forced to shut down, usually because it has debts it cannot pay – which is the highest monthly number since before the Covid-19 pandemic.
Fiat Panda is axed in the UK
Fiat has discontinued its current Panda model after a 12-year run.
The Panda, which is one of the smallest cars in the Italian firm’s range, has continued to be one of the brand’s most popular vehicles. Providing efficient, low-cost transportation, it has remained present in Fiat’s line-up for well over a decade. It remained one of the cheapest cars on sale in the UK for most of its life, too, with the latest versions available for under £15,000.
Now, however, Fiat has decided to remove the Panda from sale ahead of the arrival of the new Grande Panda, which will be a compact SUV available with both hybrid and electric powertrains.
Ted Baker shops disappear from UK high streets after collapse of chain
Ted Baker shops have disappeared from British high streets, some 36 years since the fashion chain first opened in Glasgow.
The fashion chain’s 31 remaining stores in the UK and Ireland shut down by Tuesday, while the website has also been pulled.
Ted Baker was founded by Ray Kelvin in 1988, and the brand’s clothing and accessories are widely recognised for their patterns and florals.
Competition watchdog accepts Meta ad data rule changes
The UK’s competition watchdog says it has accepted proposed changes from Meta to the way the social media giant uses the data of customers who advertise on its platforms.
The Competition and Markets Authority (CMA) said Meta had pledged to allow advertisers to place adverts on Facebook Marketplace and be certain their data would not then be used to improve Facebook’s own products.
Under its original plans, Meta had pledged to limit how it uses advertising customers’ data in order to prevent it from getting an unfair advantage by offering competitors that advertised on Meta platforms an option to opt-out of their data being used to improve Facebook Marketplace.
Stock market movements
The FTSE 100 lost ground on Tuesday, pushed down by sharp falls across constituents including BT, plus energy giants Shell and BP.
The blue-chip index fell 84 points, or 1%, to end the day at 8,273.
At the end of the day in Europe Frankfurt’s Dax index fell 0.36%, while the Cac 40 in Paris had closed down 0.25%.
Audi RS3 receives updated styling and a £59,510 price tag
Audi has unveiled an updated version of its flagship hot hatchback – the RS3.
Under the bonnet, you’ll find the same 2.5-litre TFSi turbocharged five-cylinder petrol engine that produces a total of 394bhp and 500 Nm of torque as featured in the previous RS3. It takes the car from 0-60mph in 3.6 seconds and enables a top speed of 155mph. On higher-specced models, the top speed of 155mph increases to 174mph.
To keep the RS3 looking fresh, the firm has decided to update the exterior design with redesigned LED daytime running lights, vertical side reflectors of the air intakes at the front and refreshed taillights.
King expresses ‘sympathy and empathy’ for people of Southport on visit to town
The King expressed his ‘sympathy and empathy’ for the people of Southport when he visited the town to meet survivors of the fatal knife attack.
Charles suspended his traditional Balmoral break to hold a private meeting with some of the injured young children and their families and spent a moment looking at floral tributes left to the three victims.
Patrick Hurley, MP for Sefton, which includes Southport, met the King with other local leaders at a fire station, and said afterwards: ‘The town’s emotions were raging and they still are very raw and he was very empathetic.’
Yesterday on Car Dealer
Luxury used car dealership shares footage of destruction caused by thieves
Masked men ransacked Whitson Prestige in Newport, South Wales, stealing a BMW X3 M and Mercedes C43 worth £85,000. The break-in, caught on CCTV, left extensive damage. Co-founder Rory Collingbourne appealed for help on Instagram, offering a reward for information. Gwent Police are investigating, linking it to recent local car dealership thefts.
Shocking new footage reveals devastating impact of inferno at Ron Skinner car supermarket
A major fire devastated Ron Skinner & Sons’ used car supermarket in Tredegar, with shocking footage showing the showroom reduced to a burnt-out shell. Over 100 firefighters battled the blaze, which started early Saturday morning. No injuries were reported, and the cause is under investigation. The Tredegar site remains closed.
Gates Ford bemoans ‘mixed’ financial performance after pre-tax profit falls by nearly 50% on higher turnover
Gates Ford experienced a ‘mixed’ financial performance in 2023, with pre-tax profit nearly halving to £3.3m despite a 7% increase in turnover to £211.3m. Rising overhead costs and economic factors were cited as challenges. While the company remained financially robust, concerns about future profitability were noted due to market volatility and Ford’s evolving franchise model.
Leading car dealer says large finance houses are beginning to refuse deals on certain EVs
Finance companies are increasingly refusing to finance certain electric vehicles, particularly Teslas, due to concerns over residual values, warns Anycolourcar boss Jonathan Seaman. He criticised the motor finance industry for not adapting to the evolving EV market. Upcoming changes in EV incentives and taxes may further impact demand, according to Seaman.
Big Mike: Used Volvo had been a delight – so I was highly suspicious of demands for refund so soon after sale
Our mystery dealer recounts a tale of buyer’s remorse after selling a Volvo XC70 online. The buyer, unhappy with minor pre-disclosed issues, demanded a refund, citing new ‘problems’. The dealer refused but offered an independent inspection, which was ignored. After enduring abusive messages and false reviews, our dealer amusingly bought the car back for half the price.
Lloyd Motor Group’s annual pre-tax profit falls despite upturn in revenue
Lloyd Motors saw a 15% drop in pre-tax profit in 2023, down to £20.628m, despite a 20% increase in turnover to £870.985m. EBITDA also declined by 7.9% to £27.991m. The company cited ‘challenging trading conditions’ but remained satisfied with its overall performance. The board recommended a £330,000 dividend, matching the previous year, while the number of employees rose. Lloyd Motors also received approval to partially demolish a former restaurant in Newcastle for additional office space and parking.
Family-run John Mulholland Motors raises £163,000 for charity in honour of late founder
the Friends of the Cancer Centre in honour of its late founder, John Mulholland, who passed away from kidney cancer in 2019. The funds have supported over 6,520 hours of nursing care across Northern Ireland. John’s daughter, Shona Mulholland, now the managing director, expressed pride in continuing her father’s legacy through these charitable efforts.
Wet and windy weather to bring ‘dangerous conditions’ to parts of UK this week
Heavy rain and strong winds with gusts of up to 60mph are set to bring ‘dangerous conditions’ and travel disruption to parts of the UK in the coming days, forecasters have said.
The Met Office has issued a yellow weather warning for rain in Scotland, which began at 9am yesterday and runs until 3pm today due to windy weather which could accompany up to 150mm of rainfall within 24 hours in some areas.
The rest of the country will see calmer weather with unsettled conditions for some as bands of rain weaken and gradually move south-east, the forecaster added.
