British company Welink Energy, owner of Solara4, Portugal’s largest solar power plant, has entered insolvency proceedings. The 219 MW facility in Alcoutim, Algarve, has operated since 2021 but has faced persistent operational and market challenges. Electricity production has fallen below forecasts, while rapid growth in Iberian solar capacity has pushed wholesale electricity prices down, sometimes to zero or negative levels, resulting in lower-than-expected revenues. 

Operations have also been affected by difficulties with contractor China Triumph International Engineering, fires and other technical problems. Welink had proposed a €400 million expansion combining additional solar capacity, wind power and battery storage, but Portugal’s environmental assessment committee issued an unfavourable opinion. A revised plan, reducing the number of wind turbines, subsequently entered public consultation and awaits a final decision. 

Within the insolvency proceedings, the priority is now to attract new investors to acquire the Solara4 asset.

Read more at EuroNews

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Frasers Group plc has acquired luxury retailer Harvey Nichols from administrators FTI Consulting LLP. The deal includes over 800 premium brands, 1,000+ employees, online operations, existing inventory, and six UK stores (Knightsbridge flagship, Manchester, Birmingham, Bristol, Leeds, and Edinburgh), alongside international franchise agreements and select Dublin assets. The OXO restaurant was excluded and sold separately.

Following sustained trading and operational challenges, Harvey Nichols will undergo significant restructuring. Frasers Group plans to review and rationalise the store portfolio, cost base, organisational structure, and operating model.

Aligned with its ‘Elevation Strategy’ Frasers Group aims to leverage its operational expertise and luxury brand relationships (including Gucci, Moncler, Burberry, Prada, and Dior) to return the 200-year-old retailer to long-term profitability.

Read the full announcement at Frasers Group

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Financially troubled Italian recycled carton board producer Reno De Medici (RDM) has entered the legal implementation phase of its planned recapitalisation. In early August 2026, the company signed a Debt Restructuring Agreement with its financial creditors under Article 57 of the Italian Insolvency Code and filed it with the Court of Milan.

The agreement has unanimous backing from lenders under RDM’s revolving credit facility and support from noteholders representing 96.11% of its €600m outstanding notes. It would convert up to €300m of debt into equity and provide €100m in new financing. 

Existing shareholders would retain a 5% economic interest and, subject to court approval and other conditions, completion is expected in the fourth quarter of 2026.

Read more on this story at EUWID Pulp and Paper

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Historic British bicycle brand Raleigh could enter administration after Dutch parent Accell Group began insolvency proceedings. Accell received a ‘suspension of payments’ after concluding it could no longer meet its financial obligations.

Accell UK and Ireland - the Nottingham-based entity known as Raleigh UK - has now also filed a notice of intention to appoint administrators. This move gives the historic brand approximately 10 business days to restructure or find a buyer before entering full administration.

The crisis follows repeated attempts to stabilise the group after KKR’s €1.8bn takeover in 2022. Accell lost €390m in 2023, while Raleigh recorded a £30.1m pre-tax loss during the first year of KKR ownership. Accell says it will work with court-appointed administrators to preserve viable operations and jobs where possible.

Read more at Road.cc

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UK video game retailer GAME entered administration in April 2026, owing almost £16m. The debt comprised £3.35m owed to secured creditors and £12m to unsecured creditors. Administrators linked the company’s decline to changing consumer behaviour, particularly the shift from physical games to digital downloads, alongside Brexit-related uncertainty and stronger competition. 

GAME also faced pressure from the absence of a major console launch since 2020, with global chip shortages delaying new hardware. Acquired by Frasers Group in 2019, the chain suffered a particularly difficult final quarter in 2025. Its three remaining standalone UK stores closed as it entered administration, leaving the brand operating through concessions in Sports Direct and House of Fraser, plus its website. 

Once boasting more than 600 UK stores, GAME now has concessions at over 200 locations. The retailer’s website is currently operating normally.

More on this at Nintendo Life

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