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260813.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Thursday, August 13, 2026, Vol. 27, No. 161 Headlines G E R M A N Y BMW: Aims to Cut 8,000 Jobs as China Woes Mount I R E L A N D NORTH WESTERLY VIII 2024: S&P Affirms B-(sf) Rating on Cl. F Notes L U X E M B O U R G NATURA &CO: Moody's Affirms Ba2 Sr. Unsec. Rating, Outlook Now Neg. R U S S I A MICROCREDITBANK JSCB: S&P Assigns 'BB-/B' ICRs, Outlook Stable U N I T E D K I N G D O M FORSHAW DEMOLITION: KBL Advisory Appointed as Administrators HORGAN HOMES: FRP Advisory Appointed as Joint Administrators IOM CONSULTING: Acquired Out of Administration JOHN GOWING: BTG Begbies Appointed as Joint Administrators LIBERTY GUILD: Moorfields Appointed as Joint Administrators MAGNET GROUP: Interpath Advisory Appointed as Joint Administrators MARKET FINANCIAL: Founder Battles to Stave Off Bankruptcy Threat METALIS ENGINEERING: Currie Young Named as Joint Administrators MICHAEL PLATT: BTG Begbies Appointed as Joint Administrators MO-SYS: Bought out of Administration in Pre-pack Deal NDI TRADING: Administrators Seek Buyer for Fish Distributor NDI TRADING: CY Group Appointed as Joint Administrators ORIGIN CONTROL: Opus Restructuring Appointed as Administrators STAFFORD LONDON: Faces HMRC Winding-up Petition UK FREIGHT: Exigen Group Appointed as Administrators - - - - - ============= G E R M A N Y ============= BMW: Aims to Cut 8,000 Jobs as China Woes Mount ----------------------------------------------- Stephen Wilmot, writing for The Wall Street Journal, reports that BMW is looking to shed 8,000 jobs, becoming the latest German automaker to warn that plunging sales in China will hit employment at home. BMW car sales in China slumped 30% in the second quarter, notes the report. The Munich-based carmaker told staff it would launch a voluntary severance program for white-collar employees in Germany, according to a person familiar with the matter, WSJ relays. The move was announced by new Chief Executive Milan Nedeljkovic and the company's top labor representative at an internal meeting following six weeks of negotiations. German automakers are under growing pressure from a sales slump in the once lucrative Chinese market, the report adds. ============= I R E L A N D ============= NORTH WESTERLY VIII 2024: S&P Affirms B-(sf) Rating on Cl. F Notes ------------------------------------------------------------------ S&P Global Ratings assigned its credit ratings to North Westerly VIII 2024 ESG CLO DAC's A-R Loan and class A-R, B-R, C-R, D-R, and E-R notes. At the same time, S&P affirmed its rating on the existing class F notes and withdrew its ratings on the original class A, A Loan, B, C, D, and E notes. At closing, the issuer had unrated subordinated notes outstanding from the existing transaction. The replacement notes are largely subject to the same terms and conditions as the original notes, except that they will have a lower spread over the Euro Interbank Offered Rate (EURIBOR) than the original notes. The ratings on the refinanced notes and loan reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,750.98 Default rate dispersion 514.49 Weighted-average life (years) 4.59 Obligor diversity measure 142.35 Industry diversity measure 22.30 Regional diversity measure 1.32 Transaction key metrics Portfolio weighted-average rating derived from S&P's CDO evaluator B 'CCC' category rated assets (%) 1.73 Actual 'AAA' weighted-average recovery (%) 36.46 Actual weighted-average spread (net of floors; %) 3.65 Actual weighted-average coupon (%) 3.49 Rating rationale Under the transaction documents, the rated notes will pay quarterly interest unless a frequency switch event occurs. Following this, the notes and loan will switch to semiannual payments. The portfolio's reinvestment period will end on July 15, 2029. S&P said, "The portfolio is well diversified at closing, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, we have conducted our credit and cash flow analysis by applying our criteria for corporate cash flow CDOs. "In our cash flow analysis, we modeled a par amount of EUR391.85 million, which is lower than the target par amount of EUR400.00 million. At closing, the portfolio was below par. "We used the portfolio's actual weighted-average spread (3.65%), actual weighted-average coupon (3.49%), and the actual portfolio weighted-average recovery rates for all rated notes. "We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our counterparty criteria. "Under our structured finance sovereign risk criteria, we consider that the transaction's exposure to country risk is sufficiently mitigated at the assigned ratings. "The transaction's legal structure and framework is bankruptcy remote, in line with our legal criteria. "Our credit and cash flow analysis indicates that the available credit enhancement for the class B-R, C-R, and D-R notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO is still in its reinvestment phase, during which the transaction's credit risk profile could deteriorate, we capped our ratings on these refinanced notes. "For the A-R Loan and the class A-R and E-R notes, our credit and cash flow analysis indicates that the available credit enhancement could withstand stresses commensurate with the assigned ratings. "The class F notes' current break-even default rate (BDR) cushion is negative at the 'B-' rating level. Nevertheless, based on the portfolio's actual characteristics and additional overlaying factors, including our long-term corporate default rates and recent economic outlook, we believe this class can sustain a steady-state scenario, in accordance with our criteria." S&P's analysis reflects several factors, including: -- The class F notes' available credit enhancement is in the same range as that of other CLOs S&P has rated and that has recently been issued in Europe. -- S&P's BDR at the 'B-' rating level is 19.10%, versus a portfolio default rate of 14.69% if it was to consider a long-term sustainable default rate of 3.2% for a portfolio with a weighted-average life of 4.59 years. -- Whether the tranche is vulnerable to nonpayment. -- If there is a one-in-two chance of this tranche defaulting. -- If S&P envisions this tranche defaulting in the next 12-18 months. S&P said, "Following this analysis, we consider that the available credit enhancement for the class F notes is commensurate with the assigned 'B- (sf)' rating. "Considering our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe our ratings are commensurate with the available credit enhancement for the class A-R to F notes and A-R Loan. "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we also included the sensitivity of the ratings on the A-R Loan and class A-R to E-R notes based on four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class F notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector (see "ESG Industry Report Card: Collateralized Loan Obligations," March 31, 2021). Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit or limit assets from being related to certain industries. Since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." North Westerly VIII 2024 ESG CLO DAC is a cash flow CLO securitizing a portfolio of primarily senior-secured leveraged loans and bonds. North Westerly Holding B.V. and Aegon Asset Management UK PLC co-manage the transaction. Ratings assigned Replacement Original notes' notes' Credit Amount interest interest enhancement Class Rating* (mil. EUR) rate§ rate (%) A-R AAA (sf) 156.00 Three-month Three-month EURIBOR EURIBOR + 1.26% + 1.49% 37.22 A-R AAA (sf) 90.00 Three-month Three-month Loan EURIBOR EURIBOR + 1.26% + 1.49% 37.22 B-R AA (sf) 46.00 Three-month Three-month Loan EURIBOR EURIBOR + 1.90% + 2.12% 25.48 C-R A (sf) 24.00 Three-month Three-month Loan EURIBOR EURIBOR + 2.15% + 2.65% 19.36 D-R BBB- (sf) 26.00 Three-month Three-month Loan EURIBOR EURIBOR + 3.35% + 3.70% 12.72 E-R BB- (sf) 18.00 Three-month Three-month Loan EURIBOR EURIBOR + 6.25% + 6.59% 8.13 Rating affirmed Amount Class Rating* (mil. EUR) Notes' interest rate§ F B- (sf) 14.00 Three-month EURIBOR + 8.48% *The ratings assigned to the class A-R notes, A-R Loan, and B-R notes addresses timely interest and ultimate principal payments. The ratings on the class C-R, D-R, E-R, and F notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month EURIBOR when a frequency switch event occurs. EURIBOR--Euro Interbank Offered Rate. =================== L U X E M B O U R G =================== NATURA &CO: Moody's Affirms Ba2 Sr. Unsec. Rating, Outlook Now Neg. ------------------------------------------------------------------- Moody's Ratings has affirmed the Ba2 corporate family rating of Natura Cosmeticos S.A. At the same time, Moody's affirmed the Ba2 backed senior unsecured rating of Natura &Co Luxembourg Holdings S.A.R.L. The outlook on both entities was changed to negative from stable. The negative outlook reflects Moody's expectations that Natura's recovery will take longer than previously anticipated because of continued execution challenges and a weaker operating environment. Moody's expects profitability, free cash flow generation and credit metrics to remain under pressure through 2026, with a more gradual recovery than previously assumed. The outlook also reflects reduced visibility into Natura's ability to rebuild financial flexibility ahead of its 2028 maturities. While liquidity remains adequate and near-term refinancing risk is limited, sustained improvement in profitability and cash generation will be important to support future refinancing activities. Natura's Ba2 ratings continue to reflect its strong market position in Latin America, recognized brands, sizeable direct-selling platform, growing omnichannel capabilities, adequate liquidity and good access to capital markets. The ratings are constrained by weak profitability, negative free cash flow, elevated execution risk and exposure to volatile macroeconomic conditions. These strengths are balanced against weak current profitability, negative free cash flow, elevated execution risk and exposure to challenging macroeconomic conditions. The ratings also incorporate risks related to the Avon recovery plan, the need to stabilize consultant productivity and the company's financial policy. Future shareholder distributions, including dividends, share repurchases or incentive-plan-related cash uses, will need to remain balanced against deleveraging and liquidity preservation. RATINGS RATIONALE Since 2023, Natura has significantly simplified its business profile through the divestitures of Aesop, The Body Shop and Avon International, refocusing operations on Brazil and key Hispanic Latin American markets, mainly Mexico and Argentina. These actions reduced operating complexity and allowed management to focus on markets where the company has stronger brand recognition, distribution capabilities and direct-selling expertise, but they also reduced the group's scale and geographic diversification. Despite this simplification, Natura has not yet demonstrated a consistent recovery in profitability and free cash flow generation. Operational disruptions, transition costs and execution challenges, particularly in Brazil, have delayed the margin and cash flow recovery that supported the stable outlook assigned in September 2025, weakening visibility into the timing and magnitude of the company's recovery. Execution risk remains elevated. Natura is implementing several operational and commercial initiatives at the same time, including systems stabilization, manufacturing transitions, commercial model adjustments and the Avon relaunch. Preliminary second-quarter 2026 results, with revenue declining approximately 9%-10% year over year, indicate that the cumulative impact of these initiatives has been greater and more persistent than previously anticipated. Although many of these disruptions may prove temporary, they have extended the recovery horizon and increased the risk that profitability, cash generation and credit metrics remain below Moody's prior expectations for longer. The operating environment has also become less supportive, with slower growth in the Brazilian beauty market, weaker macroeconomic conditions, pressure on consumer purchasing power and increased competition in key categories such as fragrances, skincare and makeup. Weak cash generation is an important driver of the negative outlook. Continued pressure on profitability and recurring execution issues have delayed Natura's ability to consistently generate positive free cash flow. While cash generation should improve as operating performance stabilizes, the pace and sustainability of that improvement remain uncertain and will depend on the company's ability to restore margins, stabilize operations in Brazil, improve Avon performance and maintain disciplined capital allocation. Natura continues to maintain adequate liquidity, a manageable maturity profile and good access to domestic and international capital markets. However, sustained improvement in profitability and cash generation will become increasingly important as the company approaches its 2028 maturities. The negative outlook reflects the risk that, absent a more consistent recovery, Natura could enter this refinancing period with less financial flexibility than previously anticipated. In July 2026, Advent International disclosed an 8.0% economic interest in Natura and is expected to appoint two members to the company's reconstituted board. Moody's views the investment as credit neutral because it does not involve a change in control or additional capital to the company. Nevertheless, Advent's participation introduces a shareholder with significant experience in retail, consumer products, beauty and direct selling that could support execution and governance as Natura works to improve profitability and cash generation. The rating also assumes that Natura maintains a prudent financial policy and that shareholder distributions, including dividends, share repurchases and other capital allocation initiatives, remain balanced against deleveraging, liquidity preservation and future refinancing needs. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade is unlikely in the near term given the negative outlook. Moody's could stabilize the outlook if Natura demonstrates a sustained recovery in profitability and cash generation, restoring visibility into its operating trajectory and supporting financial flexibility ahead of its 2028 maturities. Stabilization would also require evidence that recent operational disruptions have been resolved, that free cash flow generation is becoming more consistent, and that the company's evolving governance structure supports a prudent financial policy. This would include clear indications that shareholder distributions, including dividends, share repurchases and other capital allocation initiatives, will remain balanced against deleveraging, liquidity preservation and future refinancing needs. The ratings could be downgraded if Natura fails to demonstrate a sustained recovery in profitability and cash generation, resulting in reduced financial flexibility ahead of its 2028 maturities. Negative rating pressure could arise if continued execution challenges or weaker market conditions delay the recovery trajectory beyond Moody's current expectations, if Moody's-adjusted RCF / Net Debt remains below 18% on a sustained basis, or if shareholder distributions and other capital allocation decisions weaken the company's ability to preserve liquidity and strengthen its financial profile. Downward pressure could also result from EBITA / interest expense remaining below 2.5x or Moody's-adjusted gross debt / EBITDA remaining above 4.0x without clear prospects for improvement. The principal methodology used in these ratings was Consumer Packaged Goods published in February 2026. Natura Cosmeticos S.A. is one of the leading beauty and personal care companies in Brazil and Latin America. The company operates principally through the Natura and Avon brands, with a multichannel strategy that includes direct selling, retail, e-commerce and digital platforms. Natura's focus on Brazil and Hispanic Latin America reflects the company's strategic decision to simplify its structure and concentrate on markets where it has stronger brand recognition and operating capabilities. For the 12 months ended March 2026, Natura reported approximately $4.0 billion in revenue and a Moody's-adjusted EBITDA margin of 11.7%. =========== R U S S I A =========== MICROCREDITBANK JSCB: S&P Assigns 'BB-/B' ICRs, Outlook Stable -------------------------------------------------------------- S&P Global Ratings assigned its 'BB-/B' long- and short-term issuer credit ratings to Uzbekistan-based Microcreditbank JSCB. The outlook is stable. The stable outlook reflects our view that the bank's asset quality indicators will likely remain below those of peers but that the bank will likely continue receiving ongoing and extraordinary support from the government in the coming 12 months. The ratings on Microcreditbank balance the pressures on its business model, focused on the high-risk MSME segment, with its special role for the government. The bank is entitled to receive ongoing and extraordinary support from the government because developing small business is part of the government's economic growth and modernization agenda. The Uzbek government uses Microcreditbank JSCB as an important instrument to develop micro, small, and midsize businesses and entrepreneurs (MSMEs) as part of its long-term strategy to modernize the economy, stimulate growth of the private sector, and support employment. S&P believes the government will continue supporting Microcreditbank to enable the bank to continue providing loans to MSMEs, a client segment that might be considered too risky by other banks. The bank has recently developed a new growth strategy to serve the same client segment, but that it believes would improve efficiency and profitability of its operations. S&P said, "The bank has endeavored to clean up the legacy problem loans portfolio, and we expect these efforts will continue. We foresee the bank's asset quality remaining under more pressure than an average bank in Uzbekistan, given its specific focus on the higher-risk MSME segment." S&P uses its Banking Industry Country Risk Assessment economic risk and industry risk scores to determine a bank's anchor. The anchor for Microcreditbank, similar to other banks in Uzbekistan, is 'b+', based on an economic risk score of '7', and an industry risk score of '9'. Microcreditbank is expected to continue focusing on its niche MSME market segment in Uzbekistan. It will leverage its knowledge of MSME clients and the government's willingness to support job generation in the country via the growth of small private businesses. S&P understands that the government will continue providing it with capital and funding to enable it to continue its activities. The bank's established presence in the MSME segment provides a stable foundation for continued organic growth. As of June 1, 2026, Microcreditbank's assets stand at Uzbekistani sum (UZS) 33.8 trillion ($2.8 billion) and it ranked 11th of 34 banks in Uzbekistan with a market share of about 3.4% by total assets, 3.5% by loans, and 2.5% by deposits. Previously, the bank's concentration in subsidized retail and microlending and somewhat relaxed underwriting standards led to significant deterioration of asset quality and credit losses in 2023-2024. The bank received capital support and was able to write off a significant share of these problem loans, which allowed it to improve its profitability in 2025. Furthermore, to address these risks, the management has developed a new growth strategy that envisions improvement of underwriting standards and credit risk management, growing commercial lending while keeping subsidized lending limited at around 20% of total loans, among other things. The bank has also been investing in improving its digital offerings for MSME and retail clients, as well as its internal efficiency. S&P said, "While we expect financial and efficiency indicators to gradually improve as a result of new strategy, the management has not yet demonstrated its ability to successfully implement the new strategy and materially improve its asset quality and profitability indicators. This is in a context of Uzbekistan's banking system displaying weaker-than-global peers governance and transparency. We expect the bank will remain dependent in the medium term on regular capital support from the government to be able to continue growing its lending book in line with the government's plans." S&P said, "We expect Microcreditbank's capitalization as measured by our forecast risk-adjusted capital (RAC) ratio to normalize at 7%-10% over the next 12-18 months (12.1% at year-end 2025). This reflects the capital support from the government provided over the past few years and the ongoing pressures from the planned lending growth in the high-risk MSME lending segment." S&P's RAC ratio forecast incorporates the following assumptions: -- Robust loan book growth of about 18%-20% over the next two years. -- Net interest margins will likely remain stable at 4.0%-4.2%, reflecting the generally supportive environment. Following capital injections in 2025, the bank's capital ratios are well above their minimum regulatory capital requirements, and its capitalization is sufficient to support planned robust lending growth. S&P said, "While we expect the government to continue providing capital support to the bank, we do not incorporate it into our forecast because currently there is no clarity on when such support will be provided, nor of the amount of such support." S&P said, "In our view, the risk profile will remain a relative weakness for the rating over the next one to two years. We consider that Microcreditbank's strategic focus on borrowers with higher risk profiles has inherently higher risk than a more universal lending model with a better diversified lending portfolio. Consequently, the bank's asset quality track record has been traditionally weaker than the sector average, including major government-owned or related peers. While management's efforts to enhance underwriting and credit risk management frameworks could facilitate a gradual recovery, it is not yet clear if new business model will be able to generate a better quality loan book. We expect that the bank's asset quality is likely to remain on average weaker than the sector's, with Stage 3 loans remaining at about 14.5%-16.5% over the next 24 months (15.4% as of year-end 2025). Microcreditbank's loan-loss provisioning levels, with gross nonperforming assets covered by provisions at 23% as of year-end 2025, are weaker than peers', suggesting that further state capital support might be needed to cover embedded losses. While most exposures are collateralized by real estate or equipment, some of these exposures are only secured by an insurance policy, which is considered as a higher risk lending practice in Uzbekistan. "We expect the bank to maintain a stable funding base and liquidity buffers over the next 12 months. The bank's funding and liquidity metrics are similar to those of other government-owned banks in Uzbekistan. Although the bank's deposit base is not large enough to provide a sustainable source of funding for its lending book, with the customer loans-to-deposits ratio above 300% as of end-2025, the bank enjoys access to various sources of government funding, including special funding earmarked for financing of subsidized lending programs. Such funding accounts for up to 30% of total funding. In our view, access to government funding largely compensates for the underdeveloped deposit base. The bank plans to continue diversifying its funding sources and improve its higher-than-peers' cost of funding by securing more funding from external capital markets. We expect the bank to maintain stable liquidity buffers. As of end-2025, broad liquid assets comprising cash or security portfolio (mainly securities of the central bank and Ministry of Finance) accounted for 15.5% of total assets as of end-2025 and covered short-term wholesale funding by 0.84x. "We consider Microcreditbank as a government-related entity (GRE) with a high likelihood of extraordinary support if needed. This results in two notches for GRE support above its 'b' stand-alone credit profile (SACP) incorporated in our rating on the bank. This is a reflection of our view that Microcreditbank is an entity with a very strong link with the government of Uzbekistan, as the government fully owns and controls the entity and has a strong influence of the bank's growth strategy and business focus. We consider that the bank plays an important role in the government's development and modernization agenda by supporting job generation and growth of small private businesses in the country. "The stable outlook reflects our view that while the bank's asset quality indicators will likely remain below those of peers, reflecting its particular focus on supporting the small businesses in Uzbekistan, it will continue to benefit from government support in the coming 12 months. "We could consider a negative rating action over the next 12 months if, contrary to our expectations, the government's strategy toward the bank changed in a way that the bank's role and link with the government materially weakened, resulting in a deterioration of our expected likelihood of support to the bank. We could also consider a negative rating action if the bank's own creditworthiness materially weakened, for example, if it is not able to implement its strategy and business plan and not able to deliver its planned business growth. "We consider a positive rating action highly unlikely over the next 12 months. For example, we would consider a positive rating action on Microcreditbank if its SACP materially improved, with its asset quality indicators closer to those of peers and at the same time its capitalization strengthened with our RAC ratio sustainably above 10%." =========================== U N I T E D K I N G D O M =========================== FORSHAW DEMOLITION: KBL Advisory Appointed as Administrators ------------------------------------------------------------ Forshaw Demolition Limited was placed into administration in the High Court of Justice, Business and Property Courts in Manchester, Insolvency and Companies List (ChD), Court Number CR-2026-MAN-001065. Richard Cole, Stephen Kenny and Amy Lowden of KBL Advisory Limited were appointed as Administrators on July 24, 2026. The company specialized in demolition. Its registered office and principal trading address is King House, Stotts Park, James Street, Westhoughton, Bolton, BL5 3QR. The Administrators can be contacted at: Richard Cole Stephen Kenny Amy Lowden KBL Advisory Limited Stamford House Northenden Road Sale Cheshire M33 2DH Further details contact: George Blake Tel: 0161 637 8100 Email: George.Blake@kbl-advisory.com HORGAN HOMES: FRP Advisory Appointed as Joint Administrators ------------------------------------------------------------ Horgan Homes and Developments Limited was placed into administration in the High Court of Justice, Court Number CR-2026-005160. Paul David Allen and David Paul Hudson of FRP Advisory Trading Limited were appointed as Joint Administrators on July 23, 2026. The company specialized in building completion and finishing. Its registered office is at Suite 2 Ash House, Lydiate Business Park, Halesowen Road, Bromsgrove, West Midlands, B61 0QL to be changed to c/o FRP Advisory Trading Limited, 3rd Floor, 110 Cannon Street, London, EC4N 6EU. Its principal trading address is Suite 2 Ash House, Lydiate Business Park, Halesowen Road, Bromsgrove, West Midlands, B61 0QL. The Joint Administrators can be contacted at: Paul David Allen David Paul Hudson FRP Advisory Trading Limited 110 Cannon Street London EC4N 6EU Further details contact: The Joint Administrators Tel: 020 3005 4244 Alternative contact: Samuel Braham Email: cp.london@frpadvisory.com IOM CONSULTING: Acquired Out of Administration ---------------------------------------------- IOM Consulting Limited, an occupational hygiene, laboratory and professional services consultancy, has been acquired out of administration by RCapital in a deal that secures 90 jobs and the independent future of the business, according to Business Sale Report. Following the sale, Martin Dorchester will step away from his role as CEO of the combined group, with Michelle Reid taking on the role of Managing Director at IOM Consulting, notes Business Sale. Michelle Reid, Managing Director, IOM Consulting Limited, said: "Like many organisations across the UK, the Institute of Occupational Medicine had faced a challenging business environment in recent years. Throughout that time, its board has carefully considered a range of strategic options to secure the long-term future of its business, expertise and people. "The Institute of Occupational Medicine has been part of Scottish science since 1969 and the acquisition of IOM Consulting Limited by RCapital means that the valuable research, IOM brand, capabilities and knowledge available within the workforce is maintained. "This investment from RCapital provides a strong platform for the next evolution of IOM Consulting Limited. It will enable us to build on more than three decades of independent expertise, expand the support we provide to our clients and continue delivering practical solutions that improve health, protect people and strengthen organisational performance." RCapital Investment Director Sam Duberley commented: "IOM Consulting is a great business that has been starved of capital by circumstances outside its control. It has a strong reputation for its core testing, inspection and certification services, with an unparalleled history of market leading research. "Michelle and her colleagues have done a great job of managing IOM Consulting through a demanding period and we are delighted to be backing them. There’s an exciting future ahead." Joint administrator and Johnston Carmichael LLP restructuring partner commented: "This transaction preserves specialist jobs, provides continuity of service for clients and delivers a significantly better outcome for creditors than other alternatives." About IOM Consulting Founded in 1990 as the commercial subsidiary of Edinburgh-based research charity the Institute of Occupational Medicine, IOM Consulting has built a reputation for independent measurement, testing, occupational hygiene consulting and expert opinion. The company, which operates from offices in Edinburgh, Stafford and Chesterfield, works for law firms, rail infrastructure operators, NHS trusts and industrial clients across the UK. After the Institute of Occupational Medicine faced a sustained fall in research and grant funding, as well as disruption linked to relocating its laboratories, trustees undertook a strategic review and concluded that the charity was no longer sustainable. It was decided that securing an independent future for IOM Consulting would be in the best interests of the Institute of Occupational Medicine's creditors. The Institute of Occupational Medicine was subsequently placed into administration, with Richard Bathgate and Graeme Bain of Johnston Carmichael LLP appointed as joint administrators on July 22 2026. In accounts for the year to March 31 2025, IOM Consulting Limited reported turnover of GBP5.7 million, up from GBP5.2 million a year earlier, while operating profit increased from around GBP597,000 to approximately GBP765,000. At the time, its fixed assets were valued at around GBP286,000 and current assets at approximately GBP2.2 million, with total equity amounting to GBP1.7 million. JOHN GOWING: BTG Begbies Appointed as Joint Administrators ---------------------------------------------------------- John Gowing Jewellers Limited was placed into administration in the Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), Court Number CR-2026-005716. Joanne Louise Hammond and Robert Neil Dymond of BTG Begbies Traynor (Central) LLP were appointed as Joint Administrators on July 28, 2026. The company specialized in the manufacture of jewellery and related articles. Its registered office is at c/o PO Box 4385, 05829662 - Companies House Default Address, Cardiff, CF14 8LH. Its principal trading address is 110-112 The Market, Oxford, OX1 3DZ. The Joint Administrators can be contacted at: Joanne Louise Hammond Robert Neil Dymond BTG Begbies Traynor (Central) LLP Suite 500, Unit 2 94A Wycliffe Road Northampton NN1 5JF Further details contact: Niamh Clarke Tel: 0114 275 5033 Email: Niamh.Clarke@btguk.com LIBERTY GUILD: Moorfields Appointed as Joint Administrators ----------------------------------------------------------- The Liberty Guild Limited was placed into administration in the High Court of Justice, No 005945 of 2026. Richard Keley and Michael Solomons of Moorfields were appointed as Joint Administrators on July 29, 2026. The company specialized in management consultancy activities other than financial management. Its registered office and principal trading address is 5th Floor, 76 Wardour Street, London, W1F 0UR. The Joint Administrators can be contacted at: Richard Keley Michael Solomons Moorfields Arundel House 1 Amberley Court Whitworth Road Crawley RH11 7XL Telephone: 01293 410333 Further details contact: Jill King Moorfields Tel: 01293 452845 Email: jill.king@moorfieldscr.com MAGNET GROUP: Interpath Advisory Appointed as Joint Administrators ------------------------------------------------------------------ Magnet Group Limited was placed into administration in the High Court of Justice, Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), No CR-2026-005354. Stephen John Absolom and Ryan Grant of Interpath Advisory were appointed as Joint Administrators on August 3, 2026. The company is a holding company and specializes in other manufacturing not elsewhere classified. The company was previously known as Nobia Holdings UK Limited from June 20, 2001 to May 1, 2026, and Inhoco 2297 Limited from March 21, 2001 to June 20, 2001. Its registered office is at Interpath Ltd, 10 Fleet Place, London, EC4M 7RB. The Joint Administrators can be contacted at: Stephen John Absolom Ryan Grant Interpath Advisory Interpath Ltd 10 Fleet Place London EC4M 7RB Further details contact: Seb Wharton Email: Seb.Wharton@interpath.com MARKET FINANCIAL: Founder Battles to Stave Off Bankruptcy Threat ---------------------------------------------------------------- The Telegraph reports that Paresh Raja has launched a legal claim to prevent administrators of Market Financial Solutions (MFS) from chasing him for repayment. Lawyers at Mishcon de Reya applied to the High Court to set aside a so-called statutory demand made by insolvency experts who are representing some of Mr. Raja's creditors, The Telegraph relays. A statutory demand is a formal request for repayment, and it can be a precursor to a bankruptcy petition if debts are not repaid. The legal wrangling follows the spectacular collapse of MFS earlier this year, recalls The Telegraph. Mr Raja has been accused of "plundering" the business to fund a lavish lifestyle, including claims that he used cash to buy a series of supercars. Administrators investigating the company have alleged that at least GBP1.3 billion was "misappropriated" from MFS and remains unaccounted for. Mr. Raja and his wife allegedly received more than GBP408 million from "funds managed by MFS" to "personal bank accounts" in the UK, Monaco, Singapore and the United Arab Emirates. They deny wrongdoing. MFS was a so-called shadow bank, meaning it borrowed money to then lend out, notes The Telegraph. The Mayfair-headquartered company described itself as a specialist provider of buy-to-let mortgage lending and bridging finance. The company's demise shocked the City and has left some of the world's biggest banks, including Barclays and Jefferies, exposed to hundreds of millions of pounds of losses, recalls the report. According to The Telegraph, creditors have deployed a variety of different legal tools to pile pressure on Mr. Raja. He was hit by a worldwide freezing order earlier this year, which barred him from spending more than GBP5,000 a week without creditors' consent. The statutory demand was filed by insolvency experts at Begbies Traynor and Coots and Boots, which are acting as administrators for parts of the collapsed MFS business. It has previously been reported that Begbies Traynor is pursuing Mr Raja for GBP366 million in loans he allegedly extracted from a vehicle called Market Financial Solutions International Ltd. That entity is listed as one of the parties in the latest dispute, notes the report. Mr Raja has repeatedly denied the allegations against him and rejected any suggestion of fraud, the report adds. METALIS ENGINEERING: Currie Young Named as Joint Administrators --------------------------------------------------------------- Metalis Engineering Recruitment Limited was placed into administration in the Business & Property Courts in Manchester, No 444 of 2026. Sophie Leigh Murcott and Steven John Currie of Currie Young Limited were appointed as Joint Administrators on August 3, 2026. The company specialized in temporary employment agency activities. Its registered office and principal trading address is 1 Phoenix Riverside, Rotherham, S60 1FL. The Joint Administrators can be contacted at: Sophie Leigh Murcott Steven John Currie Currie Young Limited Riverside 2 No. 3, Campbell Road Stoke-on-Trent ST4 4RJ Further details contact: Mohammed Ahmed Tel: 01782 394500 Email: sjc@cy-group.co.uk MICHAEL PLATT: BTG Begbies Appointed as Joint Administrators ------------------------------------------------------------ Michael Platt Limited was placed into administration in the Business and Property Courts of England and Wales, Insolvency and Companies List (ChD), No CR-2026-005717. Joanne Louise Hammond and Robert Neil Dymond of BTG Begbies Traynor (Central) LLP were appointed as Joint Administrators on July 28, 2026. The company specialized in other retail sale of new goods in specialised stores (not commercial). Its registered office is at 1 Aston Court, Kingsmead Business Park, High Wycombe, Buckinghamshire, United Kingdom, HP11 1JU. Its principal trading address is 1 Church Road, Wimbledon Village, London, SW19 5DW. The Joint Administrators can be contacted at: Joanne Louise Hammond Robert Neil Dymond BTG Begbies Traynor (Central) LLP Suite 500, Unit 2 94A Wycliffe Road Northampton NN1 5JF Further details contact: Niamh Clarke Tel: 0114 275 5033 Email: niamh.clarke@btguk.com MO-SYS: Bought out of Administration in Pre-pack Deal ----------------------------------------------------- Mo-Sys, a virtual production business and camera tracking and robotics manufacturer, has been acquired out of administration in a pre-pack sale to a new company, Mo-Sys Solutions Limited, Business Sale Report relates. The recapitalisation of the company, which will continue trading as Mo-Sys following the acquisition, will provide it with a solid foundation from which to build going forward, the report notes. Joint administrator and BTG partner Bai Cham commented: "Having been approached by Mo-Sys for advice on the company's financial options, the sale of the business and assets through a pre-packaged administration deal was decided as the best course of action. "We are pleased to have been able to work closely with the leadership team to advise and facilitate the acquisition by the new company, which has meant customers and partners receive uninterrupted service and the jobs of the 57-strong team were safeguarded. "The strategic recapitalisation of the company provides this specialist manufacturer with the platform it needs to drive towards the next phase of growth and expansion." Cham added that the personal backing of the company's Chief Executive, Michael Geissler, along with its new ownership, would enable the business to focus on future success, Business Sale says. Michael Geissler, Chief Executive of Mo-Sys, said: "With the advice and facilitation of a pre-pack deal by BTG, our business is now operating under a streamlined ownership structure, supported by significant private capital alongside committed co-investors who share our conviction in the future of virtual production. "This reinforces Mo-Sys's independence and allows us to remain technology-agnostic -- working openly with the industry's leading premium technology ecosystems, manufacturers and partners to deliver the best solutions for our customers." Geissler added that the company would benefit from "a stronger and more resilient capital structure, free of historic debt and legacy constraints; clearer, more agile decision-making for greater control over product development and quality; and a robust platform for global expansion and future investment." He continued: "As part of our exciting next phase, we are looking forward to presenting our latest technology now it is ready for the market at exactly the moment when demand for sophisticated, efficient and accessible production workflows is accelerating." About Mo-Sys London-based Mo-Sys had undertaken a two-year period of research and development, but subsequently ran into significant cashflow difficulties as a result of a change in strategic direction by one of its founding partners. The company's leadership team sought advice from BTG on its financial options, ultimately leading to it entering a restructuring process through a pre-packaged administration. Bai Cham of BTG and Edwin Kirker of Kirker & Co were appointed joint administrators of the company on July 15 2026, upon completion of the sale of the business to Mo-Sys Solutions Limited. NDI TRADING: Administrators Seek Buyer for Fish Distributor ----------------------------------------------------------- Administrators are seeking a buyer for a Stoke-on-Trent-based importer and wholesale distributor of freshwater fish and shellfish, NDI Trading Limited, following the company's collapse at the end of last month, according to Business Sale Report. The joint administrators are continuing to trade the company as they actively seek a buyer or investor for the business and/or its assets, with the aim of preserving the firm's six-strong workforce, the report relates. According to an auctioneer appointed to sell the business and assets of NDI Trading on behalf of the joint administrators, the company's assets include plant and machinery, commercial vehicles, substantial cold store and intellectual property, along with frozen fish stocks at a cost of GBP566,163. NDI Trading Limited supplies customers across England and Wales, primarily serving the Bangladeshi market. The company, which was incorporated in 2023 and commenced trading in October 2024, generated turnover of GBP3.6 million in the year to October 31, 2025. In accounts for the year to October 31 2025, NDI Trading Limited's fixed assets were valued at around GBP262,000 and current assets at GBP1.2 million, while net assets totalled slightly over GBP31,000. A dispute involving one of the company's investors resulted in directors deciding to place the business into administration, with administrators appointed on July 31, 2025. NDI TRADING: CY Group Appointed as Joint Administrators ------------------------------------------------------- NDI Trading Limited was placed into administration in the Business and Property Courts in Manchester, No 1142 of 2026. Steven John Currie and Sophie Leigh Murcott of CY Group were appointed as Joint Administrators on July 31, 2026. The company specialized in the import and wholesale of fish products. Its registered office is at 10 Longton Road, Stoke-on-Trent, ST4 8NA. Its principal trading address is Unit 4, Hanley Business Park, Stoke-on-Trent, ST1 4DW. The Joint Administrators can be contacted at: Steven John Currie Sophie Leigh Murcott CY Group Riverside 2 No. 3, Campbell Road Stoke-on-Trent ST4 4RJ Further details contact: Jason Evans Tel: 01782 394500 Email: sjc@cy-group.co.uk ORIGIN CONTROL: Opus Restructuring Appointed as Administrators -------------------------------------------------------------- Origin Control Solutions Limited was placed into administration in the High Court of Justice, No CR-2026-MAN-001051. Ian McCulloch and Mark Nicholas Ranson of Opus Restructuring LLP were appointed as Joint Administrators on July 31, 2026. The company specialized in the manufacture of other electrical equipment. Its registered office and principal trading address is Unit 6 Sceptre Way, Bamber Bridge, Preston, Lancashire, PR5 6AW. The Joint Administrators can be contacted at: Ian McCulloch Mark Nicholas Ranson Opus Restructuring LLP Mount Suite, Rational House 32 Winckley Square Preston Lancashire PR1 3JJ Further details contact: Maria Price Tel: 01772 669 862 Email: maria.price@opusllp.com STAFFORD LONDON: Faces HMRC Winding-up Petition ----------------------------------------------- Business Sale Report says The Stafford London, a 107-room five-star hotel in Mayfair, has been served a winding-up petition by HMRC, with the tax authority also filing a separate petition against the hotel's parent company, BHL Global. The petitions were filed at the High Court. The report notes that BHL Global's most recent accounts show turnover fell five per cent to GBP30.5 million in the year to December 2024, with the group citing pressure from an "increasingly competitive" London luxury hotel market, alongside rising wage, food and utility costs and what it described as a "shortage of skilled labour" in the hospitality sector. The HMRC action comes months after John McLean, The Stafford's managing director, left the role after less than a year in post, Business Sale relates. McLean had previously held senior positions at The Kensington, Brown's hotel in Mayfair and The Lanesborough. The Stafford is one of London's oldest luxury hotels, with origins dating to the 17th century and wine cellars believed to be among the oldest in the capital. BHL, then trading as Britannia Hospitality, acquired the property for GBP77.5 million in 2009. The group is owned by the El Sharkawy family, Egyptian property and hospitality entrepreneurs. BHL Global owns The Stafford Collection, which encompasses The Stafford London, Lympstone Manor -- a luxury hotel in Devon -- and Norma, a restaurant in Fitzrovia. Both The Stafford and Lympstone Manor feature Michelin-star restaurants operated by chef Michael Caines, who joined the group as an associate member when BHL acquired Lympstone Manor in June 2025. UK FREIGHT: Exigen Group Appointed as Administrators ---------------------------------------------------- UK Freight Services Ltd was placed into administration in the High Court of Justice, Business and Property Courts in Manchester, Insolvency & Companies List (ChD), Court Number CR-2026-MAN-001078. David Kemp and Richard Hunt of Exigen Group Limited were appointed as Administrators on July 30, 2026. The company specialized in the sale of used cars and light motor vehicles and freight transport by road. The company was previously known as B D Burton Commercials Ltd. Its registered office is at Warehouse W, 3 Western Gateway, Royal Victoria Docks, London, E16 1BD. Its principal trading address is C/O John Dinham Transport Ltd, Chittening Industrial Estate, Greensplott Road, Avonmouth, Bristol, BS11 0YB. The Joint Administrators can be contacted at: David Kemp Richard Hunt Exigen Group Limited Warehouse W 3 Western Gateway Royal Victoria Docks London E16 1BD Further details contact: David Kemp Tel: 0207 538 2222 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Rousel Elaine T. Fernandez, Joy A. Agravante, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2026. All rights reserved. ISSN 1529-2754. 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