At Insolytics, we regularly publish articles about the insolvency industry. We normally look at national league tables as well as looking at other areas that are becoming increasingly important, such as online marketing. Occasionally we like to dig a little deeper into a particular regional area. We have previously looked at the Manchester Insolvency market, and we are staying ‘up north’ for our second regional exploration, comparing insolvency practices in Sheffield. Looking at local markets is fascinating to us, and we really enjoy getting your thoughts on the industry. If you would enjoy being featured in the next regional league table, please get in touch at firstname.lastname@example.org
Sheffield has been in the press recently with the news that the P&A Partnership is to enter into administration owing £11M to creditors. The events leading up to the appointment have been documented by the Sheffield Star (links at the end of the article).
I’ll leave commenting on this situation to others, though with P&A being one of the larger independent insolvency practices in the country, I thought it would be worth taking a look at the Sheffield insolvency market through a regional league table. I will also discuss the changes to the insolvency industry with Phil Meekin, Head of Marketing at Wilson Field
Phil has been kind enough to provide comment on the changing nature of the industry as well as the Sheffield Insolvency market (Full disclosure; I have worked personally with Phil at Wilson Field from March 2013 to October 2014). Phil enjoyed a long career in the banking industry as well as running a number of successful and popular local businesses. In short, he is qualified and well placed to provide comment on this period of transition within the insolvency industry.
Imagine the scenario David… a noisy, jeering crowd, somebody slapping his bare bottom three times on a hard rock and shouting “I am bankrupt!”. A student holiday in Benidorm perhaps? No this was bankruptcy – medieval Northern Italian style. But before you start judging our Italian cousins, in Tudor England a bankrupt was pilloried with one ear nailed to the pillory …until the prisoner was released and his ear cut off!
Wilson Field’s address is “The Manor House”. There has been one on this site since the 1600’s and many Manor Houses incorporated a court room and cells. Although it hasn’t been possible to verify, it is feasible that people could have been imprisoned here for non-payment of debts.
Insolvency, whether it is personal or corporate is a serious matter. Historically, the main concern was to punish the debtor. Gradually the emphasis has changed. In the case of individuals, debtors are given the chance to “start again”. With businesses the focus is on preserving the enterprise, helping it to turnaround and survive.
Sheffield has been a Northern focal centre for the insolvency for some years. Wilson Field and the late P & A Partnership as well as a number of other firms have provided insolvency services nationwide to micro-businesses through to sizeable SMEs across all industry sectors.
The focus of the insolvency industry needs to continue to change to survive. As the economy recovers the market for insolvency services is shrinking and the emphasis will need to adapt to place more concentration on support and turnaround for struggling businesses. There is no reason why Sheffield should not continue to drive the “Northern Powerhouse of Insolvency” into the future.
Thank you to Phil for his thoughts on the Insolvency Market.
The league table for Sheffield is quite unique in that there are two insolvency practices with a very strong regional presence. Remember, the league table includes all CVL, MVL and administration appointments where the appointment taking office was within ten miles of the centre of Sheffield.
It is worth pointing out at this point that P&A took appointments at a number of offices, and not just in Sheffield which explains the difference in the number of appointments found here and national league tables.
|Wilson Field Limited||18||14||29||19||19||12||12||123|
|The P&A Partnership Limited||6||16||8||9||10||4||0||53|
|Abbey Taylor Limited||1||1||6||6||0||0||1||15|
|Hart Shaw LLP||4||2||4||2||2||0||0||14|
|Moorhead Savage Limited||1||1||0||3||1||1||0||7|
|Maxim Business Recovery||0||0||2||0||2||1||0||5|
|Daly & Co||0||3||1||0||0||0||0||4|
|BHP Clough Corporate Solutions LLP||0||0||1||1||1||0||0||3|
|Carrington Mitchell Ltd||0||1||0||1||0||0||0||2|
|S W Recovery||0||0||1||1||0||0||0||2|
|ABC Insolvency Services Limited||0||0||0||0||1||0||0||1|
|Barber Harrison & Platt||0||1||0||0||0||0||0||1|
|Moorgate Crofts Business Centre||0||1||0||0||0||0||0||1|
Regional Leader Bios
Wilson Field are an independent Insolvency Practice with its headquarters in Sheffield. The firm was established 14 years ago and has grown organically to be one of the largest independent insolvency practices in the UK, employing nearly 100 people.
The P&A partnership was founded in 1875 and was a strong regional provider of insolvency services. Unfortunately the P&A partnership entered into administration with the trade and certain assets being acquired by Begbies Traynor. More details can be found from the Begbies Traynor website.
Are you an Insolvency practice in the UK that would like to share your story? Get in touch at email@example.com.