Chesterfield based Companies that have gone insolvent in the first 6 months of 2023

In the first six months of 2023, Chesterfield has unfortunately witnessed a series of 30 local firms succumbing to insolvency, leaving a significant impact on the local business landscape.

Three businesses of medium size entered administration while the other 27 entered liquidation. Q1 and Q2 of 2023 have presented challenging trading conditions for businesses in Chesterfield.

Several factors have contributed to this difficult period. The lingering effects of the global pandemic continue to impact consumer behaviour and market dynamics. Supply chain disruptions, and changing consumer priorities have affected businesses across various sectors.

Additionally, increased competition, both locally and globally, has placed additional pressure on Chesterfield-based firms to differentiate themselves and attract customers.

Furthermore, rising costs of raw materials, transportation, and labor have squeezed profit margins for many businesses, making it harder to maintain profitability.

These tough trading conditions have necessitated strategic adjustments and resilience on the part of Chesterfield firms to navigate through the challenges and strive for long-term sustainability.

Chesterfield Businesses in Q1 & Q2 that have entered Administration or Liquidation

Company Name	Location	Date of Appointment	Type of Documents Filed	Business Activity
DAVID MASON (DESIGN) LIMITED	Chesterfield	24 May 2023	Appointment of Administrators	Design and development of dining kitchen and tableware products
H.I. QUALITY STEEL CASTINGS LIMITED	Chesterfield	30 March 2023	Appointment of Administrators	24520 – Casting of steel 28131 – Manufacture of pumps 28140 – Manufacture of taps and valves 28921 – Manufacture of machinery for mining
SPIRE LEATHER COMPANY LIMITED	Chesterfield	24 January 2023	Appointment of Administrators	Tanning and dressing of leather; dressing and dyeing of fur
MARTIN LEE CAR SALES LTD	Chesterfield	29 June 2023	Appointment of Liquidators	Sale of used cars and light motor vehicles Sale of other motor vehicles Maintenance and repair of motor vehicles
HOLISTIC PENSION TRANSFER SPECIALISTS LIMITED	Chesterfield	27 June 2023	Appointment of Liquidators	Other activities auxiliary to insurance and pension funding
VANQUISH PRESTIGE LTD	Chesterfield	23 June 2023	Appointment of Liquidators	Sale of used cars and light motor vehicles
PIZZA PI PIZZERIA LIMITED	Chesterfield	22 June 2023	Appointment of Liquidators	Licensed restaurants
LOVE LOTTIEX LIMITED	Chesterfield	8 June 2023	Appointment of Liquidators	Manufacture & retail of gifts
NJUK HAIR & BEAUTY LIMITED	Chesterfield	8 June 2023	Appointment of Liquidators	Hairdressing and other beauty treatments
HAND AND CRAFT LTD	Chesterfield	16 May 2023	Appointment of Liquidators	Other business support service activities not elsewhere classified
NEW POWER SOLUTION LIMITED	Chesterfield	15 May 2023	Appointment of Liquidators	Trading Name: National Energy Consultants Ltd
DERWENT LIMITED	Chesterfield	12 May 2023	Appointment of Liquidators	Dry Cleaning and Launderette Service
CONSTRUCTION SKILLS TRAINING SERVICES LTD	Chesterfield	10 May 2023	Appointment of Liquidators	Other business support service activities not elsewhere classified
OJ EQUIPMENT LTD	Chesterfield	28 April 2023	Appointment of Liquidators	Machinery repairs and sales
WAM DEVELOPMENTS LIMITED	Chesterfield	4 May 2023	Appointment of Liquidators	Construction of other civil engineering projects
BEOMIC LTD	Chesterfield	28 April 2023	Appointment of Liquidators	Oil & Gas Training Provider
TECHNICAL4GROUP LTD	Chesterfield	28 April 2023	Appointment of Liquidators	Other education not elsewhere classified
TECHNICAL LEARNING SOLUTIONS LTD	Chesterfield	28 April 2023	Appointment of Liquidators	Technical and vocational secondary education
SPENCERS SOLICITORS LIMITED	Chesterfield	27 April 2023	Appointment of Liquidators	Legal Services
GLG TECHNICAL LIMITED	Chesterfield	28 April 2023	Appointment of Liquidators	Management consultancy activities other than financial management
MD PROPERTY SOLUTIONS (MIDLANDS) LIMITED	Chesterfield	31 March 2023	Appointment of Liquidators	Other specialised construction activitiesnot elsewhere classified
THE RECTORY CHESTERFIELD LIMITED	Chesterfield	23 March 2023	Appointment of Liquidators	Public houses and bars
COOKING POT 2 LTD	Chesterfield	22 March 2023	Appointment of Liquidators	Other retail sale in non-specialised stores
JWS PERFORMANCE LTD	Chesterfield	20 March 2023	Appointment of Liquidators	Maintenance and repair of motor vehicles
HYDROTECH UTILITIES LIMITED	Chesterfield	16 March 2023	Appointment of Liquidators	Other construction installation
THE GARDEN BUILDING COMPANY LTD	Chesterfield	21 February 2023	Appointment of Liquidators	Other retail sale of new goods in specialised stores (not commercial, art galleries and opticians)
INSPIRED VENUES LTD	Chesterfield	2 February 2023	Appointment of Liquidators	Public House
PRINT DIGITAL MEDIA LIMITED	Chesterfield	6 February 2023	Appointment of Liquidators	Printing not elsewhere specified
SLADE PROPERTY SERVICES LIMITED	Chesterfield	31 January 2023	Appointment of Liquidators	Property Maintenance
BLACK CAT BARS LTD	Chesterfield	26 January 2023	Appointment of Liquidators	Public Houses and Bars

Data Source: The Gazette

During the second quarter of the year, Chesterfield businesses experienced significant challenges as rising interest rates and energy prices exerted additional pressure on their operations. The increase in interest rates affected borrowing costs for businesses, making it more expensive to access capital for expansion, investment, or even day-to-day operations.

This limited their ability to invest in growth initiatives and could potentially hinder their competitiveness in the market. Additionally, escalating energy prices added to the financial burden, as businesses had to allocate more resources to cover their energy expenses. This put strain on their profitability and overall financial health.

The combined impact of rising interest rates and energy prices created a tough environment for Chesterfield businesses, necessitating careful financial management and strategic decision-making to navigate through the challenges and maintain sustainable operations.

Conclusion

In conclusion, the forecast for Chesterfield’s small and medium-sized enterprises (SMEs) suggests an impending increase in insolvency cases this year. These businesses are confronted with the enduring cost-of-living crisis, soaring energy prices, stagnant consumer confidence, and persistently high inflation that has yet to be effectively managed.

These cumulative factors present significant hurdles for Chesterfield SMEs, making it increasingly challenging for them to sustain their operations and navigate the turbulent economic landscape. The anticipated rise in insolvencies emphasizes the pressing need for comprehensive support and viable solutions to address the complex and interconnected challenges faced by SMEs in Chesterfield.

It is crucial to recognize and respond to these circumstances to help local businesses overcome these obstacles and foster a resilient and thriving entrepreneurial ecosystem.