UK’s Distressed Businesses List 2024

• An estimated 146,500 workers either lost their jobs or were at risk of redundancy this year.
• 441 banks and 115 Post Offices close, restricting banking services for those without internet access.
• The high street loses around 8,000 branches of household names.
• A surge in the number of breweries struggling, with around 900 jobs lost or at risk.

 

2024’s list swells to over 200 big companies that have had to make cost-cutting measures of one form or another during the year. After years of economic turmoil, many were hoping that 2024 would mark the start of a turnaround, and while the year ends in a state of relative flux, there remains a cloud of uncertainty over the UK’s businesses.

Measures introduced in the government’s autumn budget have spooked business owners by raising both National Insurance contributions and National Minimum Wage in a bid to square a deficit in the treasury coffers. Companies that have barely survived the pandemic, the cost-of-living crisis, and the economic effects seen from Russia’s invasion of Ukraine will be nervously looking at how they can navigate next year.

 

Impact on unemployment

Cutbacks from the big brands listed here alone have created, or will create, an estimated 146,500 redundancies. Grocery delivery firm, Getir, that also owned Gorillas, cost over 1,500 workers their jobs when they pulled out of the UK market alone. Elsewhere, around 5,300 workers remain in limbo as rumours continue to circulate around the closure of blast furnaces at Tata Steel’s Port Talbot site and British Steel’s Scunthorpe facility.

 

The sectors hit hardest

It’s no surprise to see retail and hospitality businesses making up a large portion of the list. The cost of running a bricks-and-mortar premises continues to become non-viable for many.

While utility bills and supplier costs soared, other factors came into play for many of the restaurants listed here. Many bemoaned the cost-of-living crisis for changing customer behaviour toward eating out, while a lack of government support for the sector was also cited as an issue.

The main surprise on this year’s list was the sheer number of breweries that became insolvent. 26 breweries and many more industry-adjacent businesses found themselves in dire straits in 2024. Could this mark an end for the craft beer boom?

 

Banking

The banking sector isn’t struggling as such, but it’s certainly losing money through bricks-and-mortar premises. The gradual shift to internet-only banking perhaps begun when challenger firms such as First Direct showed that it didn’t need regional branches to operate. As such, almost all major banks are following suit.

While the ability of Post Offices to deliver banking services has alleviated any issue with accessibility somewhat, the Post Office’s decision to close 115 branches has created a worrying situation in which customers without internet access could soon be cut off from their accounts to some degree.

 

“Bubbles have been burst”

Ben Westoby, senior client manager at Forbes Burton, sees some of the closures and cutbacks as natural in certain sectors. “It’s always sad to big brands fall by the wayside, but for some, this follows a natural evolution of their industries.

Those in TV production that have historically leant on UK terrestrial channels will understandably feel the heat when those same channels haemorrhage viewers to streaming services, for example.”

On the number of breweries appearing on the list, Westoby added that “we may have seen us top out on the how many breweries the UK can sustain.

“The surge in craft beer interest was quickly followed by a more alcohol-temperate younger generation emerging. While undoubtedly hard work to run, opening a brewery has also been a romantic pursuit for many, meaning that more breweries opened up than perhaps customer interest could maintain.

“With trading conditions so difficult for bars and breweries, it’s no surprise to see that bubbles have been burst somewhat. Breweries call for large premises and even bigger energy bills. There is still a strong market available for breweries however, and if economic conditions can stabilise they may thrive once again.

 

A note on the list

Our distress list documents over 200 big companies and brands that have either dissolved, gone into liquidation, or introduced cost-cutting measures over the year. Some of the businesses listed may not be struggling as a whole, but have identified areas of their operations that are.

 

Distressed business list 2024

 

Restaurants, cafes & bars

Hospitality has been hammered by the cost-of-living crisis, utility bill rises, and the cost of ingredients climbing. While 2025 will see a permanent reduction in business rates, it will also be at a higher rate than the 75% reduction they’ve been used to. Add to this the hike in National Minimum Wage, and the sector is unlikely to find respite in the new year.

 

Beefeater/Brewer’s Fayre

Hospitality giant, Whitbread made the decision in springtime to close more than 200 of its branded restaurants. The move is part of a restructure that will see the sites, which are mostly attached to Premier Inns (their hotel chain), absorbed into the hotels as extra rooms. Over 1,500 employees will be affected by the closures.

 

Costa Coffee

Costa closed 9 branches between January and May. These included stores in London, Birmingham, Edinburgh, and Brighton.

 

Dim T

Only one branch of the pan-Asian restaurant chain was closed in parent company, Tasty’s sweeping restructuring plans. Its sister company, Wildwood, would not be so lucky.

 

Frankie & Benny’s/Chiquito

After adding Wagamama to their envious portfolio of restaurant chains for £559m, The Restaurant Group have announced the need to restructure. This will entail the closure of over 150 sites. 88 of those will come in the next six years and will affect Frankie & Benny’s or Chiquito sites, though some will be converted into Wagamama restaurants instead.

 

The Gentlemen Baristas

As well as running a wholesale coffee channel and a direct-to-customer subscription service, London-based The Gentlemen Baristas also ran 11 coffee shops. The past year, however, saw them close down seven of those.

 

Iberica

Upmarket tapas chain, Iberica ended 2024 by appointing administrators. It had previously closed Glasgow and Manchester branches in 2020 after entering into a company voluntary arrangement.

 

Island Poke

London-based poke bowl restaurant, Island Poke entered administration earlier this year. Its portfolio of branches, including nine UK sites and 17 franchise sites across the UK and France were eventually sold to IP Topco Ltd, securing over 100 jobs in the process.

 

Jurassic Alive/Jurassic Grill

The chain of dinosaur-themed restaurants suddenly closed in early January after being put up for sale in October 2023. Eateries across Northamptonshire and Scotland closed their doors for the final time, leaving over 60 members of staff unemployed.

 

KFC

Caskade, the franchise holder of 53 KFC restaurants, fell into administration this year. A buyer was eventually found in the form of Adil Group, but sadly only 40 of the affected branches were part of the rescue deal.

13 branches across the south of England were closed. These included restaurants in Bournemouth, Dover, and Hove.

 

Papa Johns

A 20m loss in 2023 was perhaps the catalyst for the closure of dozens of “underperforming” branches in 2024.

Original estimates of 100 branches closing were somewhat exaggerated, but the pizza giant still shut down 43 shops across the year in a move that the company describes as “proactive steps to drive profitable growth”.

 

Pizza Express

After recording a loss after tax of £7.5m last year, the restaurant chain is nervously trying to refinance a £335m bond before it matures in summer 2026. Parent company, Wheel Topco is negotiating with bondholders now and has hired bankers to help try to refinance.

Company bosses have already bemoaned the “strong macroeconomic headwinds” the business is facing.

 

Pizza Hut

The casual dining titan has seen its main UK franchisee spooked by the autumn budget tax hikes. Heart With Smart (formerly Pizza Hut Restaurants) is now looking to offload its 140 restaurants with talks ongoing with interested parties. With a significant amount of workers on National Minimum Wage, the rise is said equal an extra £4m to the franchisee’s annual costs.

3,000 members of staff anxiously await news on the company’s future.

 

Redcat Pubs

Entering administration during springtime, Redcat Pubs closed five of its London-based bars and looked to be in trouble. A financial restructuring followed that provided a stable enough foundation for an £8m investment in both Redcat Pubs and Coaching Inns. The chain, founded by ex-Greene King CEO, Richard Lewis has already completed training and renovation projects in Lincoln and Leicestershire venues.

 

Rekom

The nightclub operator went into administration in January, and closed 17 venues the next month. Among those, six Pryzm clubs and four Atik nightclubs were culled. The closures, blamed on rises to National Minimum Wage and a student customer base struggling with the cost-of-living crisis, led to 471 job losses.

After splitting from its Danish owners, Rekom has since rebranded as NEOS Hospitality and continues to run 24 venues across the UK.

 

Revolution Bars

After announcing the closure of eight venues in January, the bar chain upped the number of casualties to 18 bars in April, before rebranding entirely as The Revel Collective in October.

 

Starbucks

Closures in Inverness, Reading, Murton, York, Belfast, Trowbridge, and Witney saw Starbucks follow rivals Costa’s lead in culling UK branches. A spokesman explained that “we regularly review our portfolio to ensure our stores are in places that are relevant for our customers”.

 

Stonegate (Slug & Lettuce/Yates etc.)

The 4,500-venue-strong pub group has been floundering for some time. Their 2019 acquisition of Ei Group was promptly followed by a global pandemic which no doubt contributed to Stonegate’s staggering debt of £3bn.

Despite these eye-watering figures, Stonegate has seen out the year and even eased their financial pressures slightly. Handing over shares in the company to one of its debtors and simultaneously receiving £250m from its parent company, TDR Capital has seen repayment of the company’s debt extended to 2029.

Whether this marks the first steps of a climb out of trouble or merely a stay of execution remains a hot topic among its staff and stakeholders

 

TGI Fridays

Despite a successful rescue deal which saw the restaurant chain sold to Breal Capital and Calveton UK, TGI Fridays still had to close 35 restaurants across England, Scotland, and Wales. 1000 jobs were affected

 

Vagabond Wines

March saw the wine bar chain appoint administrators to lead a restructuring of the business.  A spokesperson blamed “legacy Covid debts, well-documented cost pressures, and the loss of the company’s highly successful Heathrow venue due to the reconfiguration of airport security” for the need to restructure.

Majestic Wine bought out the chain a month later, saving more than 170 jobs in the process.

 

Wetherspoons

After closing 41 branches last year, Wetherspoons has continued culling underperforming venues this year. 12 pubs were closed over the year, while another 13 were put up for sale.

 

Wildwood

Wildwood closed 14 branches across England including restaurants in Cambridge, Plymouth and Kettering. The move was part of a major restructuring plan from its parent company, Tasty.

 

Yo! Sushi

High Wycombe, Swindon, and Windsor saw their Yo! Sushi restaurants closed abruptly as part of the chain’s continued move towards a kiosk model. A spokesperson explained that “as part of the normal course of business, we occasionally close sites, while also opening new restaurants or relocating. Yo! remains in a phase of expansion, having opened over 150 new sushi kiosks across the UK in the past year”.

 

 

 

Celebrity-owned restaurants

With money behind them and automatic publicity, you’d be forgiven for thinking that celebrities might have an easier ride navigating economic uncertainties. The reality, however, is that nobody seems immune to the challenging trading conditions that restaurants find themselves in.

 

No. 3 Restaurant, Cheltenham

TV personality and former rugby player, Phil Vickery decided to close his Gloucestershire restaurant in January. The former Celebrity Masterchef contestant blamed the cost-of-living crisis, lack of government support, and “astronomic increases” in energy bills.

 

Copper and Ink, London

Masterchef winner, Tony Rodd cited the cost-of-living crisis and energy bills that had risen by £1,000 per month as reasons for his restaurant’s closure. Copper and Ink had been running for five years.

 

Cornerstone, London

Known for his appearances on This Morning, celebrity chef Tom Brown had to close his Hackney diner earlier this year. He explained that his decision was influenced by changing customer habits and rising costs.

 

Greens, Manchester

Celebrity chef, Simon Rimmer described the January closure of Greens as “a heart-breaking day”. The vegetarian restaurant in Manchester had been trading since 1990. A rent increase of 35% was cited along with worsening costs of utilities, employees and ingredients.

 

La Gavroche, London

56 years after serving its first diner, Michel Roux Jr’s Mayfair restaurant pulled the shutters for the last time.

The chef cited a desire to obtain a “better work/life balance” as his reason for closing the popular restaurant.

 

Mere, London

Another Masterchef winner, Monica Galetti, closed Mere with a “heavy heart” after seven years of trading. The New Zealand chef, now a judge on Masterchef: The Professionals is looking to “move on and focus on some exciting projects”.

 

Mr White’s Steak, Pizza & Gin House, London

Marco Pierre White’s Steakhouse Bar & Grill, Cardiff

The turn of the year saw celebrity chef, Marco Pierre White close two of his restaurants. These follow the closure of his Swansea restaurant last year.

With little explanation of the closures, there were hopes from some of a possible reopening. These were seemingly dashed, however, when squatters eventually moved into the Leicester Square venue.

 

Wood Manchester, Manchester

Yet another Masterchef winner, Simon Wood had to close his fine-dining restaurant, Wood Manchester in October. The rising costs of bills, ingredients, and rent arrears from the pandemic all contributed to its issues.

 

 

 

 

Breweries/distilleries/drinks industry

An awful year for breweries saw a slew of craft beer manufacturers fold. Given the numbers, an article solely listing brewery closures could probably be justified.

 

Adnams

The makers of popular beers such as Ghost Ship was at the centre of sale rumours, but have denied they’re looking to sell. They have, however, called in advisers to explore options that will allow them to raise funds. The brewery reported worsening operating losses of £2.4m.

 

Atom

Administration saw the Hull-based brewery acquired by local businessman, Rob Brocklesby at the end of November.

 

Banks

Around 100 jobs will be affected by Carlsberg Marston’s decision to close down Banks Brewery. The closure will take place in autumn 2025.

 

Big Bog/Strawberry Fields

Multiple pub closures had the knock-on effect of making trading difficult for this Liverpool-based brewery. It folded in March.

 

Black Sheep Brewery

As part of a strategic rebranding, Black Sheep Brewery announced a number of redundancies. A spokesperson said that “efficiency measures are essential” to face the “enormous challenges” the sector has to contend with.

 

Brewdog

After making a trading loss in 2023, Brewdog announced to staff that it would no longer pay the Real Living Wage to new staff in an effort to cut costs.

 

Buxton Brewery

Derbyshire brewery and pub owners, Buxton Brewery fell into administration earlier in the year, eventually being bought out at the end of May. Local entrepreneur, Jeremy  Middleton acquired the well-established business for the relatively small fee of £120,000. 50 jobs were saved, though a Macclesfield pub was closed.

 

Drink Fresh Beer/Jolly Good Beer

After the drinks distributer folded, founder Yven Seth apologised to everybody affected by the closure, and revealed that he had “been left with the remaining CBILS debt” in his name and faced “probable bankruptcy”. The closure heaped more pressure on craft beer brewers that were yet to be paid by the wholesalers.

 

Eebria

Beleagured craft beer distributer, Eebria entered administration in March and was eventually sold to subscription service, Beer52.

 

Fierce Beer

Scottish brewery, Fierce Beer cited “spiralling costs” as the reason behind the closure of its Manchester bar in December

 

FourPure

Parent company, In Good Company closed Fourpure’s Bermondsey brewery and moved operations to Huddersfield in an effort to navigate a “challenging time for the craft beer and hospitality industries”.

 

Great North Eastern Brewing Company

Ross Minnikin, manager of the Gateshead-centred brewery, warned that other breweries in the area are likely to face the same fate that Great North Eastern Brewing Company have. The business closed after administration failed to secure a buyer to rescue it.

 

Hidden Lane Organic Brewery

The organic brewery closed its taproom and brewery after five years of trading.

 

Independent Manchester Beer Convention

‘Indy Man Beer Con’, as it was more affectionately known, decided to call it a day this year. It’s thought that hosting the event no longer made fiscal sense with the higher operating costs involved.

 

Inner Bay Brewery

Award-winning Fife brewery, Inner Bay closed its operations earlier this year.

 

Joules Brewery

February saw Joules put up one of its pubs in Newcastle-under-Lyme for sale. The Shropshire-based brewery was keen to target more suburban locations instead.

 

Mad Bush

Aberdeen’s Mad Bush Beer closed during Q4 of 2024.

 

Meantime/Dark Star

Parent company, Asahi closed down the Meantime brewery in Greenwich and moved the brewing of both Meantime and Dark Star beers to its Chiswick site.

 

North Brewing

Covid, Brexit, material cost increases, the cost-of-living crisis, and interest rate rises were all named as factors that led the Leeds-based brewery into administration. They were later bought out by Kirkstall brewery, saving 78 jobs. The deal didn’t include their Birmingham taproom, however. Its closure led to 15 redundancies.

 

Overbite Brewery

Hereford-based Overbite Brewery took the decision to focus on the brewing aspect of their business by closing down their taphouse in December. High overheads and the overall struggles for hospitality businesses were cited as reasons.

 

Papillon Dartmoor Distillery

The gin producer saw August 2023’s alcohol duty hike as “the final straw” and closed its doors in March.

 

Seven Bro7hers

Rising costs and “the lack of government support for the hospitality sector” saw the brewery close its Liverpool taphouse in January.

 

Squawk

After struggling with pandemic and Brexit changes, Russia’s invasion of Ukraine caused Squawk’s utility bills to rise by £8,000 a month. By the time that their landlords gave them notice so they could sell the land to Network Rail, the owners had decided to close altogether.

 

Suspect Brewing

The Edinburgh-based brewery was yet another casualty during 2024.

 

Tatton

The familiar tale of “unprecedented increases in the cost of living, fuel prices, raw materials, and many other factors” was behind the closure of the Cheshire brewery.

 

Tennent’s

Scotland’s largest beer producer and brand behind drinks such as Tennent’s Super closed its distribution site in Newbridge earlier this year, causing almost 100 job losses in the process.

 

Tiny Rebel

Despite being the largest brewery in Wales, Tiny Rebel was not immune from the effects of the cost-of-living crisis. Reduced footfall and raised operating costs prompted the owners to close one of its bars in Newport.

 

Wild Card

A fixture on the London craft beer scene, Wild Card was liquidated in October with over £500,000 owed to creditors.

 

Windswept

The award-winning brewery and taproom folded after “an increasing number of challenges” had a ”significant impact” on the company’s “viability as a business”.

 

Wriggly Monkey

“Unprecedented cost increases and significant disruption over the last few years” were to blame for the demise of this Bicester brewery.

 

 

Retail

The state of the British High Street has been a hot topic since the gradual take up of online shopping services started gathering pace. Several big names are simply carrying on where they left off in 2023 with shop closures, while others came as more of a surprise. The hikes in utility costs and rent this year meant that there were no shortage of companies moving toward a more digital model.

 

Argos

At least four Argos branches were shuttered this year as the retailer moves further toward its Sainsbury’s concession model.

 

Avon

A bad year for Avon saw the owners of the UK, Europe, and South American arms filing for bankruptcy. The cosmetics brand found themselves unable to pay £1bn of debt. Lawsuits made up a significant amount of that debt after it was alleged that talc used in their products could cause cancer.

 

Body Shop

Administration prompted the closure of 82 of The Body Shop’s UK stores, with 818 jobs lost in the process.

 

Boohoo

400 jobs were affected by Boohoo’s decision to close their distribution centre in Daventry.

 

Boots

In June 2023, Boots announced plans to shutter 650 of their stores. 2024 saw around 300 of this number come to pass, dropping their total number of stores from 2,200 at the start of the year, to 1,900.

 

Burberry

Luxury brand, Burberry reported a slump in profits in May, with CEO, Jonathan Akeroyd explaining that “slowing luxury demand has been challenging”.

 

Carpetright

Administration saw a fraction of Carpetright’s stores, plus its brand and IP acquired by rival, Tapi Carpets and Floors.

While 300 jobs were saved by Tapi’s purchase of 54 stores, over 1,500 were lost by the closure of the head office and 219 branches which weren’t acquired. The collapse leaves the firm’s old customers owed almost £8m in outstanding orders that are unlikely to be refunded.

 

Cazoo

After finding themselves in debt to the tune of £260m, used-car retailer, Cazoo entered administration in May. Spending heavily on sporting sponsorship deals suddenly became a problem when a slowing down of new car production meant that used car prices rose, cutting their profit margin.

No rescue deal was found but a change to their business model sees them continue to trade. A move to a marketplace model accompanied over 700 job losses.

 

Clarks

Nine Clarks shoe shops were closed over the course of 2024, after several closures across 2022 and 2023.

 

Clintons

2023 saw the greetings card retailers declare that 38 of its branches would be shut down. 2024 saw them continue to make good on that announcement with stores in Bournemouth, Kettering, and Bexhill among those affected.

 

Dobbies

Garden centre chain, Dobbies announced plans to close 17 loss-making sites in a company-wide restructuring plan that impacts upon 465 jobs. 12 have closed with two others changing hands.

 

The Entertainer

Toy retailer, The Entertainer closed its Edinburgh store earlier in the year and abandoned plans to open two new stores. A hiring freeze was implemented after the government raised the NI rate for employees.

 

Flannels

Bolton’s Flannels branch sadly didn’t last more than six months, closing its doors in late January.

 

The Floor Room

Having an infrastructure so dependent on its collapsed sister firm, Carpetright, meant that The Floor Room fell into administration in August.

The flooring retailer closed all of its 34 concessions within John Lewis stores as well as its flagship London branch. The move saw around 200 jobs lost.

 

Halfords

Following on from closures in 2023, Halfords continued shedding branches this year. At least five sites were closed in 2024, but the chain still boasts over 750 outlets nationwide.

 

Han Kjobenhavn

The Danish fashion brand wound down its UK business after liquidation this year.

 

Homebase

November saw Homebase enter administration, and a rescue deal agreed with CDS Superstores. The deal included the brand, IP and up to 70 of its stores.

Around 50 stores remain at risk of closure, with almost 2000 workers set to be affected.

 

HMV

Both Boston’s Pescod Square Shopping Centre and Chelmsford lost their HMVs, with a spokesperson for the company citing “shifting consumer behaviours”. The 100-year-old retailer has been struggling with a decline in demand for CDs and DVDs now streaming and downloading has become so dominant.

 

Hugh Rice

The Yorkshire-based jewellers closed two of its five stores this year in Harrogate and Beverley.

 

Iceland

Budget frozen-food supermarket chain, Iceland closed a handful of stores this year. Sites affected include those in Southampton, Rugby, and Mansfield.

 

JD Sports

Despite only opening their purpose-built Derby distribution centre in 2021 and signing a 20-year lease, JD Sports closed down the facility in September. 200 jobs were lost.

 

John Lewis

A Guardian exclusive in January claimed that the owner of John Lewis was looking to lay off up to 11,000 workers over the next five years. The retailer has since turned around a £234m loss to make a £56m pre-tax profit, but has still frozen staff bonuses while it remains in a state of “transformation”.

 

Lidl

As well as closing several supermarkets across the country, the European retail giant also closed its Walsall warehouse this year.

 

Marks and Spencer

It seems like the high-street stalwart is perpetually listed as being in danger, yet it still runs hundreds of stores across the country and is even planning on opening more new branches after a handful of fresh shops opened their doors this year.

Despite that though, the retailer is continuing to close stores at a steady rate, with Cheltenham, Peterborough, Neath, and Sunderland having their branches culled this year.

 

Matalan

Several Matalan stores closed during 2024, including Leeds, Salisbury, Ayr, and Leytonstone branches.

 

Matches

Retail juggernaut, Frasers Group, acquired Matches only to place it into administration just months later.

 

Monsoon Accessorize

Spring saw the fashion retailer announce a £3.7m drop in pre-tax profits. Branches in Bristol and Peterborough fell victim to streamlining measures.

 

Morphe

Closing seven UK stores this year, make-up retailer, Morphe, let go of 73 staff members in 2024.

 

Next

The fashion retailer closed two Northern Irish branches in Sprucefield and Derry, but it wasn’t just retail staff that were hit. Next’s Bradford warehouse closed too, affecting 800 jobs.

 

Peacocks

The Welsh clothing chain closed its branches in Consett, and Bury St Edmonds, but is said to be looking to open 100 new stores next year.

 

Pendragon

After being bought out at the end of 2023 by US-based Lithia, Pendragon’s new owners announced in April that they planned to close 16 CarStore sites. The plans will see 250 workers face redundancy.

 

Superdry

Tumbling share prices and mounting debt prompted a restructuring plan to be put in place to avoid administration. Multiple store closures and job cuts followed after a buyout was rejected.

 

Ted Baker

Iconic fashion brand, Ted Baker closed all of its 46 stores this year after entering administration. Over 750 jobs were affected.

 

Tesco

The supermarket giant closed its Chippenham store in August among others throughout the year.

 

Tessuti

After several branch closures in 2023, owner, Frasers Group, continued to shut down sites in 2024.

 

Tile Choice

Ettingshall-headquartered Tile Giant ceased trading in January, affecting 100 jobs in the process.

 

Trespass

Around a dozen branches of the outdoor clothes shop were closed this year, including shops in Blackburn, Solihull and Sutton Coldfield.

 

Travis Perkins/Toolstation

After several job losses at the end of 2023, Travis Perkins continued its cost-cutting measures in 2024 by closing its Toolstation distribution centre in Daventry. Their CEO, Peter Redfern predicts that the firm will experience a 25% reduction in annual profits this year.

 

Waitrose

Supermarket giant, Waitrose closed its Enfield warehouse this summer. The move affected 545 jobs.

 

WH Smith

Having shuttered eight stores in 2024, WH Smith plans to close more still in 2025, with another four set for the axe.

 

Wickes

Despite trading for over 30 years, Wickes’ Sheffield store closed in August

 

The Works

Dereham and Penrith branches of The Works were closed in 2024 after several closures in 2023.

 

Victoria Plum

After falling into administration in September 2023, Victoria Plum was acquired by its rival, Victorian Plumbing in May.

Unfortunately for them, their new owners pulled the plug on Victoria Plum just three months later, shutting down the company and letting go of 100 staff.

 

Zara

Despite opening some new stores, the fashion retailer also closed a handful in 2024.

 

 

Financial services

Each of the ‘Big 4’ make an appearance in this year’s list, with a shared focus on reducing staff counts in their UK operations.

 

Amazon Insurance

Amazon made the decision to close down its UK insurance business early in the year. Their broker-style model saw them offering home and contents policies with a range of insurers such as LV and Co-op.

 

Dead Happy

Controversial life insurance provider entered administration after 11 years of trading. Octopus Legacy have since bought the proprietary tech assets of the company as a tool to allow them to enter the life insurance market themselves.

 

Deloitte

After announcing they planned to axe 800 jobs last year, Deloitte started laying people off early in the year. 100 workers from their deals team left in January, 250 more departed in October, and another 180 were announced in November.

 

EY

150 roles are set to be cut among the highest-paid roles below partner level. Directors, managers, and senior managers make up the majority of the targets for this cost-cutting measure.

 

KPMG

The merger between KPMG’s UK and Swiss arms meant that 200 workers were lost to avoid role duplication.

 

PwC

Accused of issuing ‘silent layoffs’ in 2023, PwC spent 2024 offering voluntary redundancies to its UK staff, with targeted individuals in the Belfast branch’s 3,700 workers among them.

 

 

Manufacturing

Occupying large expensive plots and often demanding hundreds of staff to work within them, factories have understandably taken a hit in an age in which operating costs continue to soar.

 

AG Barr (Irn Bru/Boost)

Makers of Irn Bru, AG Barr announced plans to cut up to 200 jobs as part of a restructuring plan. Sites in Moston, Dagenham, and Wednesbury will also be closed.

They also made clear their intentions to close down the Leeds office that deals with their Boost energy drink.

 

Bakkavor

Bakkavor’s “unsustainable” Wigan factory is set to be closed, with 750 jobs under threat. A representative said that Bakkavor is a “low-margin business” and that the factory needs “significant investment”.

 

Bernard Matthews

The poultry titan announced plans to close down its Great Witchingham turkey processing site after almost 70 years in operation. The closure follows losses of £35m over the last two trading years. 600 jobs will be affected.

 

British Steel

Reports were rife that British Steel planned to close Scunthorpe’s blast furnaces and make 2,500 workers redundant. Talk of a potential £500m+  aid package from the government seems to have stayed their hand somewhat however, with owners pledging not to make any widespread redundancies before Christmas. Union reps suggest that some 30-50 workers are leaving each month anyway due to the uncertainty.

 

Dyson

July saw Dyson chiefs announcing plans to cull 1,000 jobs in an effort to cut costs. Chief Executive, Hanno Kirner explained, “We review our global structures from time to time to ensure we are prepared for the future”.

 

Haleon (Sensodyne/Advil)

The makers of Sensodyne toothpaste and Advil painkillers, Haleon, announced plans to close down its UK manufacturing site. Closure of the Maidenhead factory will see 400 jobs lost.

 

Harland & Wolff

1000 workers will be hoping that Spanish firm, Navantia, can seal a £70m rescue deal for the Belfast-based shipbuilders. The 163-year-old business famously built The Titanic, but has found orders for new vessels hard to come by.

 

Hotpoint

New Year’s Eve 2024 will be a sombre affair for Hotpoint’s workers in their Bristol factory, as it marks the closure date of the manufacturing facility. 140 jobs will be lost. Parent company, Beko Europe named declining tumble dryer sales as one of the reasons behind the closure.

 

Johnson Tiles

A management buyout prompted the restructure of Johnson Tiles and the closure of its Stoke-on-Trent factory. The company had been producing tiles for 123 years beforehand. 105 jobs were lost in the closure.

 

Kellogg’s

Plans were unveiled in February for Kellogg’s to close its 90-year-old Greater Manchester factory. The factory will shut down at the end of 2026, affecting 360 jobs.

 

Old Jamaica

Without any news of the brand struggling beforehand, the announcement that Old Jamica was set to be discontinued came as a shock to many. Some maintain the announcement is part of a publicity stunt, but its makers insist the drink is to be axed.

 

McCain

Plans to close their Grantham factory will not only cost 115 workers their jobs, but also spell the end for Fries to Go, the only product created there. The Lincolnshire factory had been an established employer in the Grantham region for over 40 years.

 

Pilgrim’s (Kerry/Noon)

Ready-meal manufacturer, Pilgrim’s, not only make Kerry and Noon meals, but also supply supermarkets including Waitrose, Aldi, and Morrisons. To ensure “a sustainable future for the business and [its] colleagues”, Pilgrim’s announced plans to close its Spurway factory in Greenford. Up to 270 jobs could be lost.

 

Tata Steel

Up to 2,800 jobs could be lost in Tata’s plans to close blast furnaces at its largest UK plant in Port Talbot. Tata claim that they are losing £1m a day, though Unite disputes those figures.

 

Typhoo

The 120+ year-old company called in administrators in November though its CEO denied that it was entering administration. He instead explained that a notice had been filed at court “which affords the company some breathing space to explore solutions”. The company’s losses had ballooned from £9.6m to £38m by the end of September 2023.

 

Vauxhall

Vauxhall intend to close their Luton van manufacturing plant in April 2025. Stellantis, its parent company, have plans to invest £50m into their electric vehicle facility in Ellesmore Port instead.

 

 

 

Media

While print media has been struggling for some time, it’s interesting to see so many TV production companies and studios struggle this year. With the traditional TV model of channels and schedules seeming outdated now, has the move to on-demand streaming somehow caused such issues?

 

Axis Studios

Scotland’s largest animation studio folded in July, leaving 160 redundant. The company had previously worked on brands such as Doctor Who, Harry Potter, and Magic the Gathering

 

Channel 4

A five-year strategy to move to a “digital-first public service streamer” model meant that Channel 4 have decided to “close small linear channels that no longer deliver revenue or public value”. Its thought that this means music channels such as Kiss, Kerrang, and 4Music. 200 jobs will be cut in the transition.

 

Factory Transmedia

The UK animators entered into a creditors’ voluntary arrangement and was eventually liquidated in April. They had produced shows such as The Clangers for a range of channels including BBC, Nick Jr, and Disney.

 

London Studio

Established in 2002, London Studio was a video game developer that worked as a first-party studio for Sony Playstation. After achieving huge success with SingStar and EyePet games, it also worked on LittleBigPlanet and other titles. The London Studio folded as Sony announced layoffs of 8% of its global workforce, which equates to roughly 900 workers.

 

RDF

The production company behind shows such as The Crystal Maze, Dickinson’s Real Deal, and Wife Swap has folded after 30 years in the business. Owners, Banijay UK, has restructured its operations to become more “strategic and agile”.

Current shows, Tipping Point and Only Connect, will continue production and be absorbed into Banijay’s portfolio.

 

Reader’s Digest

After 86 years of occupying dentists’ waiting areas nationwide, Reader’s Digest printed its last copy this year. Eva Mackevic, the last editor of Reader’s Digest lamented the “financial pressures of today’s unforgiving magazine publishing landscape”.

 

Zig Zag

Makers of TV shows such as I Want to Marry Harry, and Danny Dyer’s Deadliest men, Zig Zag was named insolvent earlier this year amid restructuring efforts from Founder, Danny Fenton.

 

 

 

Sports

 

Another worrying year for Rugby, as several become insolvent after the sport lost a couple of clubs in 2023. Football, meanwhile, continues to provide eye-watering debts, wild wages, and clubs flirting with administration.

 

Braintree Town FC

Chairman, Lee Harding had to sack their manager as his financial management threatened the club. Angelo Harrop had assembled a squad that runs at 50% over the club’s wage budget. After pleas from the board to cut the spending were ignored, the chairman explained the decision by warning that “had the situation continued for any further time, we’d have probably found ourselves in administration in the new year”.

 

Cyclone Promotions/McGuigans Gym

It wasn’t too long ago that ex-featherweight boxing champion, Barry McGuigan’s promotional company was flying high with the success of protégé Carl Frampton. A subsequent split from the boxer, and an accompanying multi-million-pound legal dispute over earnings have since seen the company’s fortunes reversed.

Mcguigan’s gym, ran with his trainer son, Shane, also closed alongside the promotional company.

 

Dumbarton FC

A few weeks after league rivals, Inverness Caledonian Thistle entered administration, Dumbarton followed suit. They received the same 15-point deduction that befell their rivals. A GoFundMe project set up by supporters has raised enough money to pay the wages of the club’s employees till March next year.

 

Everton

A turbulent year off-pitch has seen the Merseyside football club rack up £600m in debt and call in restructuring and insolvency advisers. Owner, Farhad Moshiri, has been courting buyers for the troubled club, with 777 Partners having been frontrunners until they experienced some financial difficulties themselves. Since then, talks with both the Friedkin Group and John Textor have similarly failed to bring a deal to fruition so far.

 

Featherstone Rovers

June saw finance firm, Investec hit Featherstone Rovers with a winding-up petition. It marked the ninth time that the rugby club had a winding-up petition filed against them for unpaid debts since 2014.

 

Henlow Greyhound Stadium

The almost 100-year-old stadium hosted its last race meeting at the end of January after a court ruled against its wishes to renew its lease. Work began soon after to dismantle the stadium and build 75 new homes on the site.

 

Inverness Caledonian Thistle

A year of turmoil has seen relegation, a manager forgoing his wages, and a crowdfunding plea to raise £200,000. Despite all of their efforts, however, the club entered administration at the end of October and earned a 15-point deduction as a result.

 

John Barnes

April saw ex-England and Liverpool midfielder, John Barnes having to close his media company. John Barnes Media handled the former footballer’s representation services but failed to pay almost £200,000 in tax between 2018 and 2020.

The Insolvency Service was disqualified as a director for three years after an investigation uncovered the corporation tax and VAT shortcomings.

 

Premiership Rugby Clubs (Bath, Bristol, Exeter, Harlequins, Newcastle, Sale, and Saracens)

A September report revealed that seven out of the ten English Premiership rugby clubs were balance-sheet insolvent. Collectively, the seven teams have net debts of £311m.

The English Premiership has already said goodbye to three insolvent clubs that had to fold. London Irish, Wasps, and Worcester all closed in recent years.

 

Torquay United

Unfortunately, a football club being in debt is hardly a rarity, but when Torquay’s owner announced that he and his partners would no longer fund the club, it quickly had to go into administration. A buyer was found in the form of the Bryn Consortium, who eventually paid the club’s creditors in full.

 

 

Construction

The construction industry has suffered through a painful couple of years and 2024 was no different, with several notable firms experiencing issues.

 

Alucraft Systems

The commercial glazing contractor working on Everton’s new Bramley-Moore Dock Stadium went under earlier this year. 80+ workers lost their jobs as owners bemoaned the “extremely challenging trading environment”.

 

Ibstock

After full-year revenues slumped by a fifth, brick makers Ibstock closed their South Holmwood factory. This follows the closure of their Ravehead factory in 2023.

 

SH Structures

The steel fabricators behind PoliNations in Birmingham and Murdoch’s Connection Footbridge in Hull folded in April owing almost £6m to creditors. 70 jobs were lost.

 

Stuart Milne

The construction firm folded earlier in the year with over 250 jobs lost.

 

TXM Plant/Equipment & Track Solutions/Bacchus Newco

The Wigan-based road-rail-vehicle provider let go of around 150 employees as it entered administration in January.

 

 

 

Banks

Banks have been making up a large portion of high street closure lists for a few years now, and there were still plenty to close in 2024 as banks continue to move to a more digital model. Notable absentees are Nationwide, who use their commitment to keep banks open till 2026 as a USP, HSBC, who pledged not to announce any branch closures for the whole of 2024, and Santander, who have taken the novel approach of converting some branches into work cafes.

 

Barclays

A list of recent and forthcoming closures on the Barclays site is so large that it’s been broken up into several pages. Over 85 branches were closed in 2024 alone, with plenty more scheduled for 2025.

 

Danske Bank

Four branches in Northern Ireland were shuttered this summer. The bank still has 24 branches across Ulster.

 

Lloyds/Halifax/Bank of Scotland

All owned by the same company, Lloyds have shuttered more than 133 stores this year and plan to close another 164 in 2025. It also discontinued its mobile bank branch service in a move to online services. 1,600 jobs have been affected.

 

Natwest/Royal Bank of Scotland/Ulster Bank

The Natwest Group (which encompasses RBS and Ulster Bank) announced in April that they planned to close over 100 branches over the course of 2024 and 2025.

 

Sainsbury’s Banking

Like supermarket rival, Tesco, Sainsbury’s decided to exit the banking sector by selling to an established banking brand.

This time around it was Natwest that bought out the supermarket’s banking arm. They took on Sainsbury’s credit card, loan and savings accounts, but left insurance, travel money, ATMs and the Sainsbury’s branding out of the deal.

 

Tesco Banking

It was strongly suspected for some time that Tesco were looking to exit the banking sector, and February saw them finally secure a buyer. Barclays took on Tesco’s credit card, loan, and savings products while transferring 2,800 Tesco staff over too.

 

TSB

28 UK branches were closed during the course of 2024, with another 12 scheduled for 2025.

 

Virgin Money

Another bank to (almost) leave the sector, Virgin Money was taken over by Nationwide in March to create the UK’s second-largest mortgage and savings organistation. While initially running as two separate businesses, the Virgin Money brand will eventually be phased out by 2030 as it becomes absorbed by its owner.

 

 

Others

From observation towers to Royal Mail, there were plenty of businesses affected by 2024’s continued difficult trading conditions.

 

Arrival

Electric vehicle company, Arrival entered administration in March and has since courted several interested buyers. The timeline for the sales process has been extended.

 

Arrow XL/Logistics Group Ltd

Arrow XL’s parent company, Logistics Group had a tough year. After selling the troubled Yodel earlier in the year, they entered administration themselves after accruing more than £150m of debt. Arrow XL was put up for sale as part of the administration.

 

Brighton i360

Dwindling numbers of visitors and the cost-of-living crisis caused Brighton’s futuristic observation tower to become insolvent. The seaside attraction entered administration owing Brighton and Hove Council £51m.

 

Chatham Docks

The last working part of Chatham Docks is due to be closed to make way for a business and enterprise park. Landlords, Peel Waters have said that the docks will have to close in 2025 anyway as there’s no funding available to replace the 100-year-old lock gates. The controversial plans could cost 800 workers their jobs.

 

Cineworld

It was unlikely to be a great 2024 for Cineworld, as the year prior saw their parent company go bust, a buyout deal from Vue collapse, and the business delist themselves from the LSE after their share price tanked.

Restructuring plans announced in July revealed that owners plan to close a quarter of their 100 UK branches, with 11 sites closed down already.

 

Cobham

The UK defence titan has had its few remaining assets sold off this year in part of an ongoing carve up of the company. With so many pieces of the business being sold to international buyers, Cobham now has no manufacturing presence in the UK

 

Colop

As part of a restructure for the Austrian-based stamp manufacturer, Colop closed down its UK branch and transferred its staff and business over to its distribution partner, Greenstik Materials.

 

Drizly

An ‘overlap’ between Drizly and it’s 2021 purchaser, Uber was to blame for the closing down of the drinks delivery platform. Drizly has since been absorbed into Uber Eats with over 150 workers affected.

 

Everest

Entering into administration with £30m of debt, Everest looked down and out, and had already laid off a large amount of its 350 staff before a late deal saw the double-glazing firm picked up by ASHI, the same company that bought rivals, Safestyle, out of administration in 2023.

 

Getir

The Turkish grocery delivery app shut down all UK operations just three years after launching them. Aggressive overexpansion on the back of the temporary boom provided by the pandemic looks to be one of the issues it faced. More than a thousand jobs were lost.

 

Gorillas

The delivery firm was bought by Getir in 2022 during their rapid expansion. Unfortunately, as Getir imploded, so did Gorillas, with around 500 jobs lost.

 

Gwynedd Shipping

More than 140 jobs were lost when the near-40-year-old haulage company ceased trading at the start of the year.

 

JCB

Plans to open a larger warehouse in a new location meant that JCB had to close their existing Tunstall warehouse. Around 200 jobs are affected by the move.

 

Post Office

“Transformational” plans to bolster the firm’s finances are behind the decision to offload 115 of their branches. Around 1,000 jobs are at risk.

The company continues to have the shadow of its tax scandal hanging over it, with a potential £100m bill and insolvency a threat.

 

Public.com

Trading platform Public.com closed down its UK operations a mere eight months after launching over here. “We decided it’s better to focus on US business for now” explained one of their spokespeople.

 

Resy

The US-owned restaurant-booking platform launched in the UK during 2017 but closed down its UK arm in August.

 

Royal Mail

Martin Seidenberg, Royal Mail’s chief executive has said that the company is considering job cuts and price rises as a result of the government’s National Insurance changes. The increase in employer’s contributions could cost the firm as much as £120m extra.

December saw a £3.6bn takeover by Czech billionaire, Daniel Kretinsky’s EP Group approved.

 

Sk:n

Specialising in hair, birthmark, and tattoo removal, Sk:n found itself removed from UK high streets earlier this year. 70 clinics nationwide were shuttered in July, affecting 800 jobs.

 

St Johns Market, Liverpool

Non-payment of rent and service charges from its tenants forced the closure of St Johns Market. The council had been subsidising the market to offset the non-payment, which had been costing them around £1m a year. After ending the tenancy of the traders had been terminated, the council closed the site completely.

 

TalkTalk

Over £1bn in debt and anxiously looking at a £685m bond deadline due in February 2025, TalkTalk narrowly avoided collapse in 2024. A radical restructuring is set to axe hundreds of jobs, with some already lost within their Salford consumer divisions.

 

Thames Water

At the time of writing, Thames Water is attempting to secure a £3bn lifeline through court to allow it to stay afloat.

Already £17bn in debt, Thames Water has said that it will run out money by March should the court rule against the investment. The water company is hoping to increase bills by 52% in an effort to help balance the books.

 

Yodel

Administration early in the year was followed by a rescue deal from Shift, a logistics tech company. A proposed merger of the two companies has since been called off, however, after Yodel secured an £85m funding package that will allow them to operate as a standalone entity.

 

 

Is your business looking over its shoulder?

 

The last few years have been incredibly hard on UK businesses and those that have made it through cost-of-living crises, soaring utility bills, and global pandemics have done amazingly well to still be standing. Recent changes to national insurance contributions and other policies however, could be the final straw for many companies.

If you think your business might struggle to continue in its current form during 2025, you need expert advice on how you can navigate the future.

We have specialists on hand that can help you to facilitate turnaround strategies, sell your business, or close down your company depending on the best route available to you. Call us on 0800 975 0380, or email [email protected] for a free consultation.