Transport & Warehousing Co.
With most of the sales ledger being factored, there left little movement for error. We began immediately downsizing where required. Certain functions were subcontracted and some refinancing was necessary using the company assets. The PAYE and VAT were dealt with and scheduled. It always helps when you are known and trusted which in turn results in a better return for them than would have been found appointing a receiver! The company kept its main contracts and its 'O' licence and still trades to this date.
Diverse Group of Companies
Turnover £1.5 Million
The poor performance of one of the group of companies (turning over £450,000 p.a.) was draining the main business, putting the more profitable areas in danger. Cross company guarantees meant that an alternative I.P.s had to be found, in addition the Insolvency Practitioners requested £20,000 to be appointed. We met with the bankers and convinced them of our alternative plans. 18 months on from the problems not one CCJ has been filed. The debenture was released and the company is now back on track trading profitable.