(Previously known as Elbon Pharma Limited)
Company Number: 07013434
In the Manchester District Registry No: 2582 of 2016

PCR Insolvency Practitioners Julie Swan and Mark Phillips were appointed Joint Liquidators of Elbon Wellbeing Limited (“the Company”) on 13 October 2016 by the Secretary of State following the winding up order dated 11 October 2016 which had been petitioned on the grounds of public interest due to the selling methods adopted by the Company pursuant to Section 124A of the Insolvency Act 1986.

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Over the past few years, the agricultural industry has been experiencing numerous hardships and challenges. 

To compound on the existing uncertainty and confusion facing the UK farming sector, the effects of Brexit have further complicated proceedings, with a growing concern among farmers that agriculture will be used as a bargaining chip in a future US-UK trade agreement.

With Prime Minister Theresa May having recently met US President Donald Trump, the President was adamant that a swift bilateral deal with the UK post Brexit would take place regarding new agreements. Consequently, the pressure on the Prime Minister is ever increasing to secure a trade deal with the US as quickly as possible, with many prominent figures including politicians and civil servants suggesting that UK farming should be offered to smooth the process.

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In my articles, I like to educate and hopefully provide some hints to help individuals and businesses avoid the pitfalls of potential business failures. 

I, of course, make my money from advising business owners on how to avoid encountering people such as myself in an official capacity as Liquidator or Administrator, as well as acting for individuals and businesses facing the harsh realities of insolvency.

You may have in the past heard the adages “too big to fail” or “too small to succeed” – which when applied to business, do not actually mean much. No business is necessarily too big to fail and small businesses if run well have every chance to succeed. The question you may ask yourself then is why do businesses in such categories fail?

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Teetering on the edge of financial distress? Experiencing a rise in household debts? Chances are, you are not alone. In fact, official statistics released earlier this year by The Insolvency Service revealed that personal insolvencies reached a total of 90,930 last year. These figures were alarmingly the highest recorded since 2010 and saw a 13 percent rise from 2015.

Consumer borrowing to blame?

Despite the UK’s decision to leave the EU in June, many had initially feared the result of Brexit would lead to an immediate downturn. However, last year saw Britain’s economy become the fastest-growing major advanced economy. At the same time, however, this has coincided with Britain becoming increasingly reliant on consumer borrowing with figures revealing that the rate of borrowing is at its highest for 11 years. Figures from The Bank of England revealed that in November 2016, consumers owed £178.2 billion on credit cards and loans, implying an increase of spending on the High Street. Figures also revealed that the average person in the UK now had borrowings of £2,759, all at a time where consumers are saving less. This amount is even more staggering considering mortgages were not taken in to account.

Economists had long predicted a period of healthy consumer confidence, especially with employment levels relatively high and purchasing power benefiting from earnings growth still running well above consumer price inflation. However, this is unlikely to last, especially if the economy weakens and prices are to rise due to Brexit uncertainty.

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It has been widely reported that numbers of public houses in England and Wales are contracting at an astonishing rate, with an estimated 6 closing every day for good. The pressures on the industry vary depending on which landlord you ask – some will cite the smoking ban as being the start of the rot, others will talk about steadily increasing taxes and a habitual change in the community generally that has moved away from the casual stop off for a “quick pint” of an evening in favour of the more cost effective trip to the supermarket.

The rise of Micro Pubs, particularly in the Kent region, is a sort of reaction to this - community based establishments springing up in disused railway arches and retail units that have been standing empty mean low overhead costs and the ability to offer a discounted pint.

However, one thing landlords will generally agree on is that the revaluation of way in which Business Rates are to be calculated from 1 April 2017 is not going to do the industry any favours.

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