Corporate recovery is what we are passionate about with a “let’s try and rescue first” attitude. We understand that financial difficulties can bring a great deal of emotional turmoil for those involved so we always act with sympathy and understanding. We always try to ensure the business has the best chance of continuing to trade and go on to become successful.
How we can help
Many need assistance in specific areas of operation – financial reporting, sales and marketing, HR, production, general management, strategic planning and corporate governance. With our growing team of turnaround specialists covering the UK, we can deliver hands on support within a day of instruction.
What our experience has taught us
Very few directors and managers set out to manage insolvent businesses. Whilst this is an obvious statement, it is important to stress. Therefore, few SMEs have all of the necessary skills in all levels of the management of the business to cope with the huge burden that insolvency can place on a company.
It is also apparent in most distressed companies that we visit that the management expend a large proportion of their available time on ‘fighting fires’. Re-focus on their specific management roles and delivery of performance targets are rarely achieved, when poor cashflow is constantly the main issue each day. Bring in an experienced KSA turnaround expert early enough and insolvency may be avoided.
We explore ALL of the options
In our view too many insolvency practitioners leap to the pre pack or administration conclusion, without much thought to the avoidance of formal insolvency procedures. Increasingly we are seeing Plan “A” as a powerful rescue tool. By assessing the financial position, the business issues, setting out a turnaround plan and then comparing that to the CVA or administration options, we can persuade banks, trade creditors and HMRC that 100p in £1 over say 6-18 months is preferable to a formal (where the Court is involved) process that will inevitably compromise their debts.
If creditors reject this informal time to pay deal then we can very quickly move to Plan “B” which is a company voluntary arrangement (CVA). For Plan “A” we have done most of the preparatory assessments and built a statement of affairs, sensitised financial forecasts, and set out a recovery programme
Keith Steven talks about turnaround and CVAs with the Telegraph. Read the article “A solution to insolvency”