During last year, The Confederation of British Industry (CBI) was warning of the substantial risks UK businesses will face in 2010 should the recession prove to be longer lasting than expected. These stark warnings were followed by newer research by the Association of Business Recovery Professionals (ABRP) indicating 28% of small business owners’ feared company insolvency if the UK went into a ‘double-dip’ recession. Additionally, 47% of respondents in key industries felt they would probably need the services of recovery professionals.
Business Rescue Service work throughout the UK in company rescue, recovery and renewal for both companies in distress and sole traders. They have responded rapidly to the needs of struggling UK companies with the launch of their new website dedicated to appropriate advice.
The team responsible for the work behind the new website offer over 20 years professional experience supporting companies both large and small to work through difficult business problems. Their expertise gives companies instant access to financial and legal solutions when trading has become more problematic. The team also have an in depth working knowledge of the pressures that many company directors face:
“In our experience, we have come across many company directors who face business problems but don’t take action quickly enough. Unfortunately, as a consequence, they are then not able to take advantage of all the options that were open to them at one time. We aim to rapidly support them to understand and take up the available options before some become closed off to them. Ultimately, our goal is to allow their business to gain the strongest position possible, under all trading conditions”.
The team assist both large and small businesses with wide variety of business problems. They also offer a level of particular expertise for those sole traders struggling with business problems. Businesses may be facing problems with suppliers who refuse to supply because invoices have not been paid. There could be growing tax arrears requiring urgent intervention. Banks might be threatening to withdraw their financial backing. Accountants could leave the business with no accountancy service simply because bills are not being paid. The team have routinely worked with all of these problems and many more, and provide a lifeline to businesses in difficult trading conditions:
“We have developed a team that specialises in business turnaround. For example, where there is a third party professional organisation like ours dealing with creditors on behalf of a struggling company, sometimes those creditors realise that the company is putting the maximum effort possible into solving its financial difficulties. This might mean they become more amenable to allowing more time to pay, thereby substantially improving the company’s day to day cash flow. Or instead, we could find we are able to try to renegotiate contractual agreements again aiming to gain more time to pay the bills.”
The website offers information pages for the major legal solutions: Company Voluntary Arrangements (CVAs), Tax Arrears Assistance, Voluntary Liquidation, Pre-Pack Administration & Administration itself; and Individual Voluntary Arrangements (IVAs) and bankruptcy pages for sole traders. In addition, dedicated advice pages for Company Directors tackle many common issues and there are also details of how to obtain expert advice well ahead of the time when any finalising solutions become necessary:
“Our advice is to call us as soon as you can, or we can call you at a time that’s going to be convenient for you. The sooner you’re able to call us, the sooner we can start work to protect you as both a director or as a sole trader”.
Any UK business experiencing operational difficulties or looking for a general trading analysis to ensure everyday problems remain manageable now should contact Business Rescue Service for confidential free advice on 0845 468 2395 – or make contact online at www.businessrescueservice.co.uk.