BusinessBusiness RecoveryBusiness recovery news round-up

Business recovery news round-up

The number of businesses that failed in the last three months was only 2% up on the first quarter of the year, according to figures from Dun & Bradstreet.

Between April and June this year, 11,015 businesses collapsed, compared with 10,803 in the first three months of 2002.

But there were significant regional variations in the UK, with London showing a 14% increase between this first half of this year and last year, while the North East rate fell by 2% over the same period.

Fish plc

Fish plc, the seafood restaurant chain, has gone into administration after a period of rapid expansion.

Administrators from RSM Robson Rhodes said that the AIM-listed company’s problems had been compounded by falling customer numbers in the wake of last September’s terrorist attacks, especially in London.

The administrators said they would keep the majority of the restaurants open while a buyer was sought for the company.

BCCI

Former employees of the Bank of Credit & Commerce International (BCCI) have reached a settlement with the bank’s liquidator, Deloitte & Touche, paving the way for the release of $700m for creditors. The agreement will settle litigation stemming from the bank’s collapse in 1991 – employees had claimed they were entitled to damages.

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