Engineering Company - Chelmsford, Essex

Turnover £5.2 million

Appointed by Chairman to put together a re-financing plan in order to secure the survival of the company after the bank had made their intentions clear by terminating the facilities in 90 days. Quickly identified that the company's problems lay elsewhere, i.e., within Operations, Administration and at Director level. Met with the main suppliers and creditors and convinced the Board that the answer did not lie in invoice discounting or factoring. Reduced the bank borrowings from £500,000 to £250,000 over an agreed timetable, which was acceptable to both parties. Intervened directly and gained bank approval based on our previous experience with other lenders. Company now approaching problems with newfound zest for business.

Kitchen Unit Manufacturing Company & Outlet – London and Essex

Turnover £500,000 Loss £42,000

Brought in by owners who were concerned that the company was not only insolvent but also unlikely to continue trading past the Christmas period. Met with creditors and agreed a workable repayment schedule in order to continue to trade without incurring CCJ action or CVA facilities. All purchases are now made on a strict term basis with associated improved discounts applied. Bank loans now being repaid, overdraft being reduced monthly. New sales outlet purchased and opened in the Brentwood area as well as the existing outlet in London. No new borrowings or extended banking facilities required.