Failed used car dealer Cazoo has accumulated £6 million in administrators' fees since its collapse last year, according to recent documents from Teneo, the administrators. This sum is higher than anticipated, partly due to extensive dealings with HMRC. These fees, which are yet to be paid, will be drawn from the company's assets before any distributions to creditors.

Cazoo's three entities, now renamed, collectively owed 10,107 creditors a staggering £259.2 million in unsecured debt. While creditor recovery remains uncertain, ordinary preferential creditors expect full repayment within six to twelve months. The administration is extended to May 21, 2026, with Teneo exploring dissolution, compulsory liquidation, or creditors' voluntary liquidation. (The Cazoo brand was eventually sold to Motors and has since relaunched as an online listings platform. The companies currently in administration have no link to Motors.)

More on this at Car Dealer Magazine

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On 30 June this year, CARMAT, the French MedTech company that designs, manufactures and markets the Aeson® artificial heart, announced it will file for insolvency and request receivership due to an inability to secure €3.5 million in emergency funding. The Company’s ambition is to make Aeson® the first alternative to a heart transplant, and thus provide a therapeutic solution to people suffering from end-stage biventricular heart failure.

As a result of this announcement, trading of its shares (ALCAR) were suspended from June 30, 2025, before the market opened. The Versailles Economic Affairs Court will rule on the receivership request in the coming days. The suspension is expected to be lifted once the Court makes its decision public.

CARMAT, which requires €35 million to operate over the next year, aims to continue supporting current patients and maintain business activities during the proceedings.

Full story at EuroNext

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The latest Weil European Distress Index reveals that corporate distress across Europe is rising faster than expected, with the Retail & Consumer Goods sector now the hardest hit since the 2008 financial crisis. High input costs, tight credit, and weak consumer demand - especially in the UK - are driving the downturn. Overall, 7 out of 10 sectors are worse off than a year ago, with Industrials and Real Estate also facing significant pressure.

The UK and Germany are among the most distressed economies, with Germany facing a third consecutive year of contraction. Geopolitical tensions, trade disruption, inflation, and squeezed household finances are weighing heavily on businesses. While some sectors like Travel & Hospitality remain resilient, the data signals a clear warning: companies must urgently strengthen operational and financial resilience to navigate continued economic volatility.

Read the full article and download the report at European Restructuring Watch

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High street fashion brand River Island has hired PwC to advise on a formal restructuring plan as it faces falling sales and tough trading conditions. The high street fashion chain, with around 230 stores and 5,500 staff, may close stores and cut jobs. This follows earlier cost-cutting efforts, including head office redundancies in January. PwC replaces AlixPartners, previously brought in to boost profitability.

The UK retailer is finalising proposals, with a court-supervised process possible in the coming weeks. River Island posted a £33.2m pre-tax loss for 2023, with revenue down 19% to £578.1m. It blamed falling sales, store investments, and ongoing economic pressures including inflation, supply chain disruption, and weaker consumer confidence.

If implemented, the plan could help River Island secure deals with creditors and avoid insolvency. The move comes amid wider instability in the retail sector.

Read more at Retail Gazette

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Despite strong 2024 profits and record sales, Volvo is set to cut around 3,000 jobs globally - 1,200 employee roles and 1,000 consultant contracts in Sweden, as part of an SEK 18 billion (£1.39bn) cost-saving plan. The move aims to lower costs amid rising pressures from electrification investments, macroeconomic uncertainty, and supply chain issues. The cuts represent about 15% of Volvo’s global office-based workforce. 

President and CEO, Håkan Samuelsson, said “These have been difficult decisions, but they are important steps as we build a stronger and even more resilient Volvo Cars.” 

The reorganisation aligns with Volvo’s push to become fully electric and is expected to be complete by Autumn 2025, with financial benefits anticipated from Q4 2025.

Read more at Automotive Management

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