IPA exclusive industry update from Insolvency Insider
IPA Insolvency Practitioner newsletter, October 2025
A specially curated selection of the top stories for IPA members from Insolvency Insider Editor, Dina Kovacevic. More information on all the stories and the link to subscribe to the newsletter is here.
Recent insolvencies
Discount wholesaler SOS Wholesale Ltd has entered administration, with Rick Harrison and Howard Smith of Interpath Advisory appointed joint administrators on 8 September. The move underscores the mounting strain across the UK retail supply chain, as rising input costs and shifting consumer habits continue to erode margins. Founded in 1996, SOS Wholesale grew into one of the UK’s largest delivered wholesalers, supplying branded groceries, beverages, household goods, and confectionery to convenience stores, discounters, major multiples, and garden centres across the UK and Ireland. Operating from a distribution centre in Derby and a sales office in Barnsley, the business employed around 100 people at the time of its collapse. Directors cited sustained pressure on cash flow and profitability as the primary drivers for the insolvency. Trading has ceased, with most staff made redundant. A small number remain in place to support the administrators as they assess options, including a possible sale of the business and its assets. “The retail sector is currently facing a number of challenges which are being felt throughout the supply chain,” Harrison said. “While SOS Wholesale had established itself as one of the largest wholesalers in the market, the challenges it faced and the impact on its finances proved insurmountable.” He added that Interpath is urgently seeking interest from potential buyers while also assisting affected employees in accessing the Redundancy Payments Service.
John Wood Group plc (LSE:WG) has published the scheme document for its proposed cash takeover by Sidara Limited, the UK entity controlled by Lebanon-based Dar-Al Handasah Consultants Shair and Partners Holdings Ltd. The transaction, first announced on 29 August 2025, is to be implemented by way of a scheme of arrangement under Part 26 of the Companies Act 2006. The Aberdeen-headquartered engineering and consulting group traces its roots to 1912 and has grown into one of the UK’s largest energy services businesses, providing project management, design and consulting support across oil and gas, renewables and infrastructure. In recent years, Wood has struggled with debt and profitability challenges following a series of acquisitions and a sharp downturn in upstream oil and gas markets, prompting the board to evaluate strategic alternatives. Sidara, a global design and engineering consultancy better known by its Dar brand, has targeted Wood to strengthen its global energy transition and infrastructure offering. Under the terms of the deal, Sidara will acquire the entire issued and to-be-issued share capital of Wood through a scheme requiring both shareholder and court approval. Court and general meetings have been convened for 12 November 2025. To proceed, the scheme requires approval from a majority in number representing at least 75% in value of scheme shareholders, and from 75% of votes cast at the general meeting. The board, advised by Europa Partners, Rothschild & Co, J.P. Morgan Cazenove and Morgan Stanley, has unanimously recommended the deal. If it is approved and sanctioned by the court, trading in Wood shares on the London Stock Exchange is expected to cease shortly after the sanction hearing.
Ruroc Limited, the Gloucester-based manufacturer of high-performance helmets and protective gear, entered administration on 12 September 2025 with the appointment of PwC partners Tim Higgins, Edward Williams and Ross Connock as joint administrators. Founded in 2007, Ruroc built its reputation around distinctive full-face ski and motorcycle helmets, expanding globally under the Atlas and RG1-DX brands. Backed by Ruroc Global Holdings Limited, the company pursued rapid growth, selling directly to consumers online and cultivating a loyal following among extreme sports enthusiasts. But ambitious expansion left the business exposed to cash flow pressures, with tightening consumer spending, rising input costs and lingering post-pandemic supply chain challenges contributing to financial strain. The directors moved to appoint administrators as options narrowed, culminating in PwC’s appointment on 12 September. Within hours of taking office, the joint administrators executed a pre-packaged sale of substantially all of Ruroc’s business and assets to Tytan PG Limited, a newly incorporated entity wholly owned by Ruroc Global Holdings. The deal preserved continuity of operations and secured the transfer of all employees to the purchaser. Tim Higgins, joint administrator at PwC, said the swift transaction safeguarded jobs while providing “a solid platform for the future performance of the business.” The sale also ensures that Ruroc’s brand, which had attracted significant international recognition, will continue under existing ownership structures. The joint administrators, acting as agents of the company without personal liability, are now tasked with managing residual affairs, including creditor engagement. While the pre-pack ensures operational continuity, creditors will be closely watching outcomes from the administration process to determine recoveries.
Insights
Julie Palmer of Begbies Traynor observes that UK retail failures such as Claire’s Accessories, alongside restructurings at Poundland and River Island, highlight a sector already under strain, and warns the pressure could intensify with looming business rates reform that giants like Marks & Spencer say could force over 100 large-store closures.
Charles Balmain, Ben Davies, Morvyn Radlow, John Rogerson, Will Stoner, Swati Tripathi and Serene Reza of White & Case describe the new Practice Statement for schemes and restructuring plans, including how it frontloads disclosure and creditor engagement to streamline proceedings and ensure proportionate use of court resources, raising the evidentiary bar for companies seeking sanction.
Sabina Khan of Squire Patton Boggs reports on the High Court’s recent refusal to sanction Waldorf Production’s restructuring plan, emphasising that judicial discretion remains the key hurdle for cram-downs under Part 26A, and considers the potential impact of Waldorf’s “leapfrog” appeal to the Supreme Court.