Keystone Recovery appointed as Joint Liquidators for Liverpool’s largest language School
A language school in Liverpool which has taught thousands of international students for more than 20 years has ceased trading and entered voluntary liquidation.
Craig Povey of Begbies Traynor and Laura Walshe of Keystone Recovery have been appointed as Joint Liquidators of the company (The Liverpool School of English Limited) which was founded in 1999.
The school, based on Mount Pleasant, offered international students the opportunity to learn English in the city and attracted pupils from all over the world including China and Saudi Arabia.
Turnover last year was £5.5m. The impact of the pandemic and the related travel restrictions caused a devastating reduction in revenue which saw the company cease trading and the company wound up voluntarily. Joint Liquidators were formally appointed on 8 July 2021 to oversee the sale of assets.
Craig Povey of Begbies Traynor who has been appointed as Joint Liquidator, said:
“Since March 2020, the company was adversely affected as a result of the global response to the pandemic. These measures made the business unsustainable after so many years of success.
“The directors have explored every single avenue to keep the business going since March 2020 but ultimately the challenges presented to them by lockdown restrictions and a decision by their insurance company not to pay out on business interruption and infectious disease claims were too great to overcome.
“This is an example of a previously highly successful business being devastated by the global response to the pandemic and, regretfully, it certainly won’t be the last.”
Laura Walshe of Keystone Recovery added:
“Like many others, the company was significantly affected as a result of Covid-19.
“The company had previously traded successfully for over 20 years and welcomed many international students to Liverpool. Despite the directors working tirelessly to overcome the challenges presented by lockdown, international travel restrictions, and a decision by their insurer not to pay out on a business interruption claim, these were simply insurmountable, and the company was forced to cease trading.
“The closure of this long-established business is an example of the devastation caused by the pandemic. Although restrictions are set to ease in England, this will sadly be too late for some businesses and the lasting impact of Covid-19 may be seen in relation to the most affected industries for years to come.”
Various media outlets have covered this devastating news in this very unfortunate time for the management of the school.
Keystone Recovery are licensed insolvency practitioners and specialists in corporate turnaround and restructuring providing services throughout the UK.
We have combined experience of over 30 years’ and work with businesses to overcome financial problems brought on by historic issues, or other unforeseen circumstances.
Keystone Recovery also provides services to solvent businesses, where an appropriate exit strategy is required.