Wallsall based Hoverland Travel, who operated coach tours to Europe continued, “Despite our diligent efforts to continue operations as normal during this economic crisis, the falling value of the Pound and customers understandable fear of commitment has necessitated these actions. All customers pre-payments are securely held in a protected trust account and will be refunded in due course by the Administrators.”

Customers affected by the cancellation of their holidays can find alternative coach holiday choices here.

In yet another blow to the construction industry 80 employees have been made redundant. Having traded for more than 40 years, the Managing Director of John Nicholls Builders blamed the current economic crisis.

On going projects include the £4.5m construction of 38 apartments in Newquay where the client is Hybax Developments.

The company, which operates a fleet of nine vehicles on 100% biodiesel made from rapeseed oil, was one of the investments which was successful in the Dragons” Den.

JPM Eco Logistics had been backed by two Dragons – Theo Paphitis and Deborah Meaden – receiving £100,000 (for 40 percent of the equity).

Tenon Recovery has been appointed administrator and hopes to sell the business as a going concern.

The company, with its 52 employees, will continue to trade while administrators try to save the company.

Built in 1779, Bodmin Jail was closed in 1927 and it had since become a popular attraction with 43,000 annual visitors.

Based in Leeds, West Yorkshire, Empire Direct has an annual turnover of around £150 million, selling electrical goods via the internet and its 14 retail outlets.

It has today called in administrators KPMG who have closed all its retail outlets and made 158 of its 358 staff redundant.

Woolies, Woolworths or F W Woolworth & Co

The first Woolworths store opened in England in 1909. It seems that very many people, usually those over 30, have very fond childhood memories of Woolworths stores. 

Lovingly known for their pic ‘n’ mix Woolies was a familiar name, a trusted name and an anchor – a high street entity seemingly unmoved by the changes going on around it. Maybe that was the problem?

On 26th November 2008 Woolworth Plc shares were suspended and the company entered Administration. By 6th January 2009 all stores had closed and all staff had been made redundant.

It’s not simply the loss of 800 well-loved stores, nor is it the loss of a high street icon. What are the immediate options for 27,000+ jobs and families affected by its closure?

It’s no secret that Woolworths trading over the past few years has been difficult. But this store had survived the great depression and many recessions throughout the 20th century. Had its time simply come, or is this is sign of a problem bigger than we all yet may realise?

• Woolworths,
• MFI,
• Land of Leather, 
• Osborne, 
• McLeish Brothers, 
• Findus, 
• Aaya, 
• AP Driveline, 
• Great Leighs, 
• Waterford Wedgwood, 
• Nortel UK, 
• Gibsons Food Factory, 
• Zavvi, 
• Fleetwood Caravans

The above list is by no means exhaustive and for every large firm in trouble there are many more smaller ones battling for survival.

I will return, to add my thoughts on some of the above companies (such as Woolies) in greater detail. In my opinion their problems are of historical signifance and I will explain why.

Northern Rock

Well, in early November 2007, we all remember the queues of customers outside branches of Northern Rock.

There was panic and concern that savers could lose their money. The Bank of England were forced to prop up The Rock and ultimately the taxpayer bailed out the bank.

For the UK government, the unpalatable alternative of administration was simply not an option as it was feared this might cause the collapse of the banking system.

And this was just the beginning…

I ask myself how many more companies will fail in the coming weeks and months and how will the country cope with all of this?

I aim to record key events and comment as this recession develops over the coming weeks, months and who know how long. I hope you find this interesting and if you know of a company in administration, a relevant news event or have an interesting opinion please do let me know.