Reply With QuoteSorry to hear this. It sounds like what's happened in Glasgow over the past 25 years. The city centre has been killed by ill thought out local policies.
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Happy Sunday all.
So, with a heavy heart I've decided to wrap my shop up. It's not imminent, but probably by Summer we'll be looking to pull the shutters.
My mum who I run it with is past retirement age and I think deserves a bit of time to herself now. That's the most important reason; health and happiness.
That's not to say there aren't other pertinent issues though. Bolton Town Centre (and I appreciate a lot of towns are in the same boat) is absolutely dead. I mean, tumbleweed dead. When I opened 12 years ago it was a busy, thriving shopping centre with a healthy mix of big chain and small independent traders, but with the "new and improved" market hall development several years ago the council wiped out 75% of the independent shops which made Bolton unique, and since then we've watched the council absolutely destroy the town with bad ideas and poor investments ** while surrounding areas have enjoyed revitalisation and investment. The death knell of course came several weeks ago with the announcement that M&S (the last big store aside from Boots) will also be closing its doors.
The leak/flood we suffered over Xmas meant we lost our prime week of trading, and we're still awaiting the insurance paperwork for that, but even aside from that our Christmas in general was poor - train strikes meant hardly anybody came to the festive markets and postal strikes all but killed our online trade - a couple of items ended up "lost" in the system and other (special deliveries) arrived late, which has dented our reputation for distance selling too.
That's not to say I'll be chucking in the towel completely, I plan to carry on hunting for unusual pieces, importing Diamonds and gemstones and still designing bespoke jewellery so I'll be active online and at antique fairs and jewellery shows, but the "bricks and mortar" shop and the business as it is will be dissolved.
My key question (of course I'll speak to the accountant about this when I can get over there) is what can I do with the remaining stock? I'll have a sale and shift a chunk of it over the next few months, but whatever is left will be mine to start fresh with. I won't be a ltd company, just a sole trader for the time being. Is there anything I need to do to take whatever is left, say £10k (general estimate pulled from thin air!) of stock/display material off the LTD companies books in the business I opened together with my Mum and take possession of it myself as a sole trader? Or does it already belong to me? The idea and talk of transferring assets fills me with dread. I want everything transparent and above board obviously but I'm pretty clueless on how to account for things like this if the taxman comes knocking. Can I buy it from the business for a nominal fee when we inform companies house of the dissolution?
I'm sure the accountant will fill us in on this stuff but I'd like a "laymans terms" overview if anyone else here has experience of closing up shop.
Thanks all.
**(superb example of the council's forward thinking, in 2015 they spent just over £3,000,000 painting the upper floors of the shops on Newport Street in boring pastel colours and fitting new benches as that, of course, would attract people to the town... then they sold the entire street to an investment firm for £4,000,000. Welcome to Bolton...)
Sorry to hear this. It sounds like what's happened in Glasgow over the past 25 years. The city centre has been killed by ill thought out local policies.
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Bradford town centre can be added to the above situation.
When the Government implement the levelling up plans for the North everything will be just lovely!!!...Best not get our hopes up just yet.
All the best going forward for you & Mum.
Things tend to work out and sometimes for the best too....
You can purchase the stock from the limited company at open market value.
Can’t your accountant organise a pre pac? Talk to a liquidator or administration specialist
For Glasgow, read Britain.Originally Posted by stefmcd
M
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Breitling Cosmonaute 809 - What's not to like?
Exactly! The centre of Newcastle has been going downhill for years and now with ill-thought-through traffic and parking decisions, it’s dying on its arse. If M&S, Fenwick or John Lewis were to pull out it would die.
Beggars belief how clueless councils are about the consequences of their actions.
It seems to me that virtually all of the old High Street is dying a death nowadays - look no further than internet shopping.
I can't see any way back TBH.
Cheers,
Neil.
On a personal note I am sorry to read this; I have great memories of visiting Kev and ogling his wares.
But you won't miss the stress.
If youare getting out without penalty I think you are making the right move.
I visited Bolton for the first time in 25 years and was genuinely shocked to see the state. It stuck me the roads out of the city were wide and modern but in the centre, nothing.
I don’t see the situation improving so can see why getting rid of the bricks and associated costs would be attractive.
I recall the weekends in Bolton when people would journey from Darwin and Manchester for the Nevada roller skating- happy days.
I had a beer whilst in Bolton aside from the sub £2 beer I was surprised by the number of signs warning about drink spiking.
That's the way I see it. Same has happened to Wakefield, town centre's a depressing place thesedays with empty shops. Towns of this size that are relatively close to major city centres struggle, Leeds is only 9 miles away and that's where the shoppers go. Meadowhall is only 20 miles down the M1 too.
Go and talk to your accountant, when I wrapped up my last Ltd company they explained what I could do and how much money and stock I could get out without having to pay as much tax.
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Hi Kev
hope you are well all things considered, I don't blame you I did 24 years in delightful 'Leigh' so no exactly what you mean.
I have no doubt you will do even better without the 'shop' and the associated issues they can bring.
As Dave said providing you get a valuation at 'arms length' from an independent of what the stuff is worth for a sale at NRV (Net Realisable Value) in todays climate you should be able to buy out at that value subject to your accountant verifying and giving the nod.
Wishing you all the best for the future
Tim
Sad to hear that Kev. Merseyway in Stockport used to have a Rolex franchise it now looks like a set from War of the Worlds although without the benefit of the machines that could have put the last few shoppers out of their misery.
Very sorry to read this Kev. The loss of high streets is very sad. Wishing you well with your new focus.
Terrible but it is the same all over the country, Sunderland is full of coffee shops and charity shops, and not one decent shop is left last now that Debenhams has gone this is now when it is a city but when as a town we had Woolworths,c and a Littlewoods BHS house of Frazier Joplings comet Currys and many more sadly all gone.
Newcastle is thriving compared to most city/town centres.
Sorry you have decided to close down - you can sell any remaining assets and bits and bobs to yourself at a fair price - I would keep records of how you established a fair price.
Rule of thumb is if you have less than 25k left after paying all the bills, selling everying, issuing dividends then you can just have the company struck off - this is the cheapest route.
More than 25k of cash left then probably MVL and can (possibly) claim "entrepreneurs relief" on the capital gain - although this will be restricted if you plan to startup again.
The only places that seem worth going to now are big cities and expensive villages there seemed to be a rapid slide downhill of things in tha last 15 years
Down here in East Sussex, the (small) town centres seem to be doing OK. Yes, there are plenty of coffee shops, takeaways and charity shops but individual units tend not to stay empty for very long.
The main difference that I can see between those doing well and those not doing, is car parking. Where it’s free or cheap, shoppers will still go. Where it’s pricy with lots if stupid apps which make life difficult, people are less inclined to bother.
I live about 40 minutes from Brighton but haven’t been shopping there for at least six years, due to stupid policies against motorists and high parking fees. It is a Green Party run council though!
Sorry to hear of your decision Kev, life is a lot easier when you get out of face to face retail though, you can actually have time off without having to work twice as hard in the preceding and following weeks.
Last edited by Dave+63; 6th February 2023 at 14:10.
This is because in days gone by Councillors were local business people who had done well and other long term residents of the town with a vested interest in seeing the area develop. These days most Councillors are just in it for the money, the influence and kudos. Or they're wannabe MPs starting their political careers. It's exactly the same here in South Wales where the Vale of Glamorgan Council seem to block any development that does not include executive housing and yuppie flats.
Sorry to hear this Kev.
As you know Wigan is in a similar position and the proposed redevelopment doesn’t make much sense to me.
Look at Altrincham to see how a town centre can improve from thoughtful planning. (I suppose it helps there’s plenty of money around there!)
I can’t help with your question but good luck with future plans.
Best. Mark
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Even in Altrincham there are plenty of empty shops.
Look at Altrincham to see how a town centre can improve from thoughtful planning. (I suppose it helps there’s plenty of money around there!
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