The pre-pack sale of First-Rate Maintenance means it will continue trading under its own name

A maintenance firm covering properties on Tyneside has been rescued out of administration.

First-Rate Maintenance, which began life in Newcastle in early 2020 before moving to North Shields three years later, has been sold via pre-pack administration to Scottish-based operator Dima Group. The move saves 28 jobs at the handyman services business which offers general maintenance, decorating, roofing, joinery, plumbing, landscaping, tiling and more.

Administrators from FRP Advisory said the Percy Park Rugby Club-based business had built a reputation for delivering services to housing associations, local authorities, landlords and national retailers. But last year the business began to experience cashflow pressures.

Joint administrators Steven Ross and Shaun Hudson said efforts had been made to stabilise the business but that the challenges faced meant directors had to call in professional insolvency advisors who arranged the sale.

First-Rate was originally launched with the support of its sister company and Newcastle student property specialist, Seekers – formerly known as Walton Robinson. The business touted itself as an expert in odd jobs and property maintenance across Tyneside and Newcastle, working with homeowners, landlords and managing agents on anything from minor repairs to full refurbishments.

Having been appointed earlier this month, the administrators completed a pre-pack sale to Dima Group FM, trading as First-Rate Maintenance Limited, an unconnected party. They said the deal allows First-Rate to continue trading under its current name and that it will keep existing contracts and services in place for clients.

Steven Ross, restructuring advisory partner at FRP and joint administrator of First-Rate Maintenance Limited, said: “This transaction delivers a positive outcome for all stakeholders. The sale preserves employment, maintains service continuity for customers and secures the future of a well‑regarded regional business, while achieving the best possible result for creditors.”

Andrew Gilmour of Dima Group added: “As the new operator, First-Rate Maintenance is committed to building on its established platform supporting its workforce, customers and partners as the business enters its next phase.”

Dunfermline-based Dima Group was launched in October 2018, originally as a security company, from a kitchen table with the aid of just a laptop and a phone. Two years later the firm opened its first office but then faced the Covid-19 pandemic within a matter of weeks.

The business has since relocated four times and now has a head offices on the city’s Enterprise Way, where it employs nearly 100 staff. It has since diversified into other services including provision of hospitality agency staff and chefs.

Dima works across Scotland and even provides services for every Dunfermline Athletic FC home game – including staff on the turnstiles, terraces, and hospitality areas that cater for fans.

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

He said the “sheer amount of money” that may have been fraudulently claimed, estimated at £44m, “serves only to underline further that the known levels of fraud in the scheme, as our committee warned earlier in the year, must be being significantly underestimated”.

DUBAI, United Arab Emirates — Shipping traffic through the Strait of Hormuz ground nearly to a halt Wednesday as Iran fired on commercial vessels and seized others, escalating tensions with the United States and sending world oil prices sharply higher amid fears of a prolonged disruption to one-fifth of global crude supplies.

By midday Wednesday, April 22, commercial shipping in the narrow waterway linking the Persian Gulf to the Gulf of Oman was at a virtual standstill, with reports of Iranian gunboats opening fire and Revolutionary Guard forces seizing at least two vessels. Video footage showed tankers and cargo ships making abrupt U-turns to avoid the zone, while maritime tracking data confirmed only minimal transits in recent days.

The latest flare-up comes as a fragile ceasefire between the U.S. and Iran nears expiration and follows a confusing series of openings and closures of the strait over the past week. Iran briefly declared the waterway open on April 17 before reimposing tight controls days later in response to the ongoing U.S. naval blockade of Iranian ports, imposed April 13. On April 18-20, traffic slowed dramatically after shots were fired and vessels were turned back.

Oil markets reacted swiftly to the renewed uncertainty. Brent crude, the global benchmark, climbed toward the $100-per-barrel mark, with intraday trading reflecting heightened risk premiums. West Texas Intermediate futures also rose, though the Brent-WTI spread remained wide due to regional shipping disruptions. Analysts noted prices had already spiked significantly since the U.S.-Israeli military operations against Iran began Feb. 28, with Brent briefly exceeding $110 earlier in the crisis before easing somewhat on hopes of diplomacy.

The Strait of Hormuz has long been the world’s most critical energy chokepoint. Before the 2026 crisis, roughly 20-21 million barrels of oil and petroleum products passed through its waters daily, accounting for about one-fifth of global seaborne oil trade and significant volumes of liquefied natural gas. Major exporters including Saudi Arabia, Iraq, the United Arab Emirates, Kuwait and Qatar rely heavily on the route, which is only about 21 miles wide at its narrowest point.

Iran’s actions this week included reports of its forces firing on three ships and seizing two others accused of violating restrictions. The Revolutionary Guard Corps said Wednesday it stopped vessels attempting unauthorized crossings and directed them toward Iranian waters. U.S. officials maintained their blockade of Iranian ports, with the Navy forcing several ships to turn around in recent days. A ceasefire extension pushed by President Donald Trump appeared under strain, with both sides accusing the other of violations.

Shipping firms have grown increasingly cautious. War-risk insurance premiums have soared, and many operators now demand clarifications on mine threats and safe passage before committing vessels. Satellite imagery and tracking services showed hundreds of ships idling outside the strait or rerouting via longer, costlier paths around Africa’s Cape of Good Hope. Industry executives warned that even a full reopening could take months to restore normal flows due to backlog, insurance issues and damaged confidence.

The crisis traces back to Feb. 28, when U.S. and Israeli strikes targeted Iranian sites, leading to the assassination of Supreme Leader Ali Khamenei and Iran’s subsequent declaration of the strait as closed or heavily restricted. Traffic plummeted by up to 70-80% in the following weeks, with attacks on vessels reported and some ships abandoned or damaged. At least a dozen incidents involving merchant ships have occurred since early March, resulting in crew casualties.

Diplomacy has produced mixed results. Talks in Islamabad aimed at extending the ceasefire stalled over key issues including sanctions relief and nuclear concerns. Iran has used the strait as leverage, alternating between threats of full closure and conditional openings while demanding the U.S. lift its port blockade. Trump has publicly stated that Iran wants the waterway open to resume oil revenue, but U.S. forces continue enforcing restrictions on Iranian-linked shipping.

Global energy markets have felt the strain. Oil prices surged in March as the disruption deepened, with Brent climbing well above $100 and the Brent-WTI spread widening dramatically due to higher shipping costs for Middle East crude. While some relief came from strategic reserve releases and alternative routing, analysts warn that prolonged restrictions could exhaust inventories and force rationing or deeper economic pain. Global supply losses from Iranian outages and reduced Gulf exports have already mounted.

Major consuming nations are scrambling for alternatives. China, a top buyer of Iranian oil, has explored workarounds, while European and Asian refiners face higher costs for rerouted cargoes. The United Arab Emirates and Saudi Arabia have accelerated plans for pipelines and infrastructure that could bypass the strait entirely, a shift that could permanently alter regional export patterns even if tensions ease.

For the shipping industry, the Hormuz crisis has been devastating. Thousands of seafarers remain at risk, with some vessels going “dark” by disabling tracking signals to slip through quietly. Freight rates for alternative routes have spiked, and insurers review coverage every 48 hours. Port operators in the Gulf report reduced activity, while downstream effects ripple into higher fuel costs for airlines, trucking and manufacturing worldwide.

Environmental and humanitarian concerns have also surfaced. Attacks on tankers raise the specter of oil spills in sensitive waters, and delays in LNG and fertilizer shipments could affect global food and energy security. The International Maritime Organization and maritime security centers continue issuing warnings to vessels to avoid the area where possible.

U.S. Central Command has reported forcing multiple ships to reverse course near the blockade zone, emphasizing freedom of navigation while targeting Iranian economic lifelines. Iran, meanwhile, portrays its actions as defensive responses to aggression, vowing swift retaliation if the U.S. does not back down.

Market participants remain on edge ahead of the ceasefire deadline. Some analysts predict further volatility, with oil potentially testing new highs if traffic stays frozen into May. Others see potential for de-escalation if backchannel talks progress, though trust is low after repeated reversals on strait access.

The 2026 Strait of Hormuz crisis has underscored the vulnerability of global energy supplies to geopolitical flashpoints. What began as part of broader conflict with Iran has evolved into a high-stakes contest over one of the planet’s most vital maritime arteries. For now, with gunboats active and vessels turning away, the world watches anxiously as oil prices climb and supply chains strain.

Longer term, the episode may accelerate diversification efforts. Pipeline expansions, floating storage strategies and investment in non-Gulf sources could reduce reliance on the strait. Yet for the immediate future, the narrow passage between Iran and Oman remains the focal point of a crisis with consequences far beyond the region.

As Wednesday’s events unfolded, shipping data showed continued low activity, with experts cautioning that full normalization — if it occurs — would require sustained calm, mine clearance and restored insurer confidence. Until then, the Hormuz chokepoint continues to dictate headlines and energy costs worldwide.

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Kevin O’Leary is narrowing his crypto strategy after years of experimenting across the digital asset space, arguing that most tokens have failed to justify their place in portfolios as institutional money reshapes the market.

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Shark Tank star Kevin O’Leary as a judge on Shark Tank. (Christopher Willard/Disney / Getty Images)

O’Leary Ventures Chairman Kevin O’Leary joined FOX Business’ Stuart Varney on “Varney & Co.” to discuss why he has consolidated his holdings into what he sees as the two dominant cryptocurrencies driving returns and market activity.

O’Leary said his earlier approach included exposure to dozens of smaller tokens, but a shift in regulatory expectations and institutional analysis last year forced a reassessment. As major players conducted deeper research, he argued, the conclusion became clear: most alternative coins lacked staying power.

“I used to be one of the components… Supporting 27 different positions…  All you need to own is bitcoin and Ethereum, and you own 97% of the volatility of all the other pooh-pooh coins,” O’Leary said.

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He added that thousands of smaller cryptocurrencies effectively disappeared following last October’s downturn, reinforcing his decision to exit those positions.

“What’s happened to the pooh-poohs is they collapsed last October… Thousands of them never came back… At the end, why don’t you just own those two?” he said.

Despite ongoing volatility, O’Leary pointed to growing adoption of digital payment systems and stablecoins in global transactions as a key driver behind his continued conviction in the space.

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