Today’s news in brief – 7/6/2024

Elman Wall, a travel industry accountancy firm, has rebranded to Xeinadin following a two-year transformation backed by Exponent’s investment. The rebrand aims to enhance the firm’s services, particularly in travel VAT and the Tour Operators Margin Scheme (TOMS), while also expanding expertise in R&D tax credits, corporate finance, and cloud accounting. This transition signifies a significant milestone for the firm, emphasising its evolution into a technologically advanced, full-service provider. Jonathan Wall, head of travel at Xeinadin, and Derry Crowley, Xeinadin’s CEO, highlight the strengthened national support and the continued focus on travel industry clients. Quantuma has finalised the sale of Vagabond Wines' last two sites at Gatwick airport to Airport Retail Enterprises (UK) Limited, ensuring the employment of all 122 staff. Joint administrators Andrew Andronikou and Brian Burke managed the sale, following the previous sale of nine Vagabond sites to Majestic Wines. Appointed in March, they maintained business operations during negotiations. This deal preserves over 300 jobs and provides the acquirers with resources for future growth. Andronikou and Burke have a history of successful business rescues, including Leon Restaurants, Ralph & Russo, and Select women’s clothing retailer. FRP has helped Tasty PLC, the operator of dim-t and Wildwood restaurants, secure a Restructuring Plan, becoming the first AIM-listed company to do so. Facing challenging trading conditions, Tasty pursued this plan to improve profitability and ensure long-term viability. FRP’s multidisciplinary team, led by Phil Reynolds, conducted a strategic business review and valuation. Legal support was provided by Shoosmiths LLP and Radcliffe Chambers. The Restructuring Plan aims to position Tasty for growth by targeting new audiences and partnerships. This case underscores the effectiveness of Restructuring Plans as an alternative to insolvency for distressed businesses. Azets' latest survey reveals medium-sized UK businesses (50-249 employees) are more optimistic about their financial future than smaller firms (10-49 employees). Medium-sized businesses scored 6.8 out of 10 in confidence, while smaller firms scored 6.1. Large companies showed the highest optimism at 7.3. Economic and geopolitical uncertainties are top concerns, followed by talent recruitment, retention, and regulatory compliance. Businesses anticipate growth in turnover, profit, and headcount, and focus on digitalization, cybersecurity, and sustainability. Azets UK CEO, Peter Gallanagh, notes a cautious approach to investments due to ongoing economic instability and the upcoming general election.