We are pleased to announce that Danny Allen, Licensed Insolvency Practitioner, has become Partner at PCR with effect from 1 July 2018.

Danny, who has been in the industry for 18 years, has a wide range of experience in both personal and corporate insolvency with particular specialisms in property, construction, engineering, online business and media. Danny becomes our fifth partner at PCR and is based in our Kent office, having been a resident there for over 15 years.

At the back end of last year, PCR reported on the rise of Corporate Insolvencies, citing several factors as possible contributors. This included rising business rates, an increase in inflation, the weaker pound and a rise in the national living wage. Hardly a surprise then to see that any business operating on the edge would be severely impacted by any one of those factors.

Earlier in the year, it was well documented that some high-profile names such as Carillion, Maplin and Toys R Us were facing severe financial difficulties affecting their ability to continue to trade, with the latter two closing all their stores with immediate effect. More recently, House of Fraser had announced a major restructuring programme aimed at rejuvenating the company with several store closures, including the closure of its flagship store in Central London. In addition, high street retailers such as Dixons Carphone and Mothercare have reported store closures, whilst it was announced only last week that there were to be over 4,000 job cuts at Rolls-Royce.

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An article posted 3 years ago on the PCR website depicted the growing concern regarding the potential rise in care home insolvencies. The severe financial difficulties facing many care homes at the time meant that the industry was facing a potential crisis in the UK going forward. 3 years on, and this crisis is in full flow, with a report this week confirming the worrying news.

It was noted at the time that staffing was the largest cost for care homes, amounting to roughly two thirds of expenditure. In fact, total expenditure relating to staff has only further increased due to the introduction of the National Living Wage, meaning that the average residential home now spends 52 percent of its turnover on staff, according to a report conducted by NatWest on Care Home Benchmarking.

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It’s rather difficult to follow the news nowadays without noticing another retailer facing challenging trading conditions on the UK high street.

Of course, it was Toys R Us which was the most recent high-profile retailer to go under the spotlight – a company beset by problems which had been known about for some time now. Although it appeared that the UK chain had received a stay of execution in December 2017 following an agreement by landlords to take back the keys to a quarter of its shops and accept less rent for those that stayed open, the writing was already on the wall once weak trading had continued into the new year.

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On Thursday 22 March 2018, PCR exhibited at The Somerset Business Show held at Taunton Racecourse.

It was a terrific opportunity to meet and converse with numerous businesses from across the country, all ranging from a variety of business sectors.

Attended by PCR Insolvency Practitioners Mark Phillips and Sam Talby, the exhibition allowed those attending to gain a better understanding of the full range of services that PCR provides on a national level. It was also a pleasure to meet with many business owners and company directors and to understand the nature of their business in more detail.

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