In the summer of last year, PCR discussed the difficult market conditions for many businesses who were facing an uncertain future, with the likelihood of an expected rise in insolvencies as a result. 

Several businesses were, in fact, continuing to face a ‘squeeze’ due to a number of factors, including the continued growth of online shopping, rising labour costs and business rates, and the drop in consumer spending in the midst of economic uncertainty. In particular, it was the retail and restaurant sectors which were mainly affected, as the high street continued to be a difficult place to trade for numerous retailers and food outlets alike. However, this has not been a surprise to those who have kept a close eye on the retail sector, with the warning signs already there.

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At the start of last month, we commented on the rise of insolvencies which had hit the construction industry, citing Carillion’s collapse at the start of the year as a significant factor. Not only was this a blow to the industry itself, but thousands of subcontractors lost work and were left with significant debt when the multinational outsourcing provider that held numerous contracts on various projects across the UK went into compulsory liquidation. However, it is not only the construction industry which has been hit hard, with many other industries, such as the retail sector, also experiencing extremely challenging times.

With the reported surge of insolvencies, our focus of attention brings us to the once booming UK restaurant industry, highlighting some of the major factors which have left a “dark cloud” hanging over the industry. In addition to this, it appears as if a new phenomenon is also now impacting the industry in a negative manner.

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PCR are delighted to be nominated as finalists for the upcoming TRI awards ceremony at the Hilton London Bankside Hotel on 6 November 2018. The category we have been chosen for is Corporate Restructuring Firm of the Year - 4 to 10 licensed appointment.

At PCR, we continuously strive to go above and beyond to deliver a quality service for financially challenged businesses, so we are delighted to be recognised for our efforts. We would also like to thank everyone at PCR for their continuous ongoing hard work and support, and this recognition would not have been possible without the entire team's contribution.

Well done team PCR!

Ahmed Ali
Practice Development Executive 

It was well documented at the start of the year that Carillion had filed for bankruptcy after it had accumulated spiralling debts, seeing its stock market value plummet by 90 percent. The period leading up to the collapse saw various profit warnings in 2017, leading to a reported loss of £1.15 billion in that year.

The predicament Carillion now finds itself in is perhaps not entirely surprising for business experts who had been keeping a close eye on proceedings following several worrying signs, even before its eventual downfall. PCR had highlighted a few conspicuous reasons for the collapse such as Carillion’s riskier contracts and payment delays in the Middle East. In addition to the above, Carillion had also amassed a £587million pension shortfall - key elements in its eventual demise.

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On Thursday 6th September 2018, PCR took to the seas for a day of sailing along the Solent from Port Hamble Marina. Teams of 8 were assembled for each of the two Beneteau 40 yachts for the day.

After a rather pleasant morning on the river, and a spot of lunch on-board, it was time for some competitive sailing and a race to the finish line. Team Lancelot II V team Arthur - with team Lancelot II finishing in first place, winning by a matter of seconds to beat team Arthur (sorry boys, 2-1 to the ladies).

We were lucky to have had glorious sunshine which made the day all the more pleasant. A big thank you to all those who were able to make it. We'll leave you with a few photos to enjoy from what was a thoroughly enjoyable day.

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