By Claire West
Last year, The Confederation of British Industry (CBI) warned of the great risk facing UK businesses for 2010 if the recession is longer than expected.
Following these stark warnings, newer research from the Association of Business Recovery Professionals (ABRP) indicates that 28% of small business owners’ fear company insolvency if the economy enters a ‘double-dip’
recession. Furthermore, in key industries, 47% would probably need the services of recovery professionals.
Business Rescue Services are leaders in company rescue, recovery and renewal for sole traders and companies in distress throughout the UK.
Business Rescue Services has responded to the need by launching a new website devoted to advice for struggling businesses.
The team behind the new website have over 20 years experience assisting companies of all sizes to work through serious business difficulties. Their expertise means companies can have instant access to both financial and legal solutions to times of problematic trading. The team offer a personalised understanding of the pressures company directors can face:
“Our experience has been that many company directors facing business problems do not deal with the situation quickly enough and as a consequence are unable to take advantage of all the options available to them. We aim to rapidly guide them through all their available options before some are closed off to them, to help their business gain the strongest position possible, no matter what the circumstances”.
The team work with a great variety of business problems and companies both large and small. They also have particular expertise to offer sole traders facing business problems. Businesses may face problems with suppliers refusing to supply due to outstanding invoices. There could be mounting tax arrears to address. Banks could be threatening to withdraw financial backing. Accountants could leave the business with no accountancy service if bills are unpaid. The team have encountered all these problems and more, and work to provide a lifeline in difficult trading conditions:
“We specialise in business turnaround. For example, with a third party professional organisation like ours speaking to creditors on behalf of a troubled company, sometimes creditors realise that the company is trying its hardest to solve their financial problems. This might make them amenable to giving more time to pay, thereby greatly improving the company’s cash flow. Or sometimes we might try to renegotiate contractual agreements to gain more time instead.”
The website has pages on the major legal solutions: Company Voluntary Arrangements (CVAs), Tax Arrears Assistance, Voluntary Liquidation, Pre-Pack Administration & Administration itself; plus Individual Voluntary Arrangements (IVAs) and bankruptcy for sole traders. There are also advice pages for Company Directors and details of how to gain specialist advice long before any finalising solutions become necessary:
“Call us as early as you can, or have us call you at a time that’s convenient to you. The sooner you call us, the sooner we can begin to protect you as both a director or a sole trader”.
Any business with operational difficulties or requiring a general trading analysis to prevent problems escalating should contact Business Rescue Service for free confidential advice on 0845 468 2395 or apply online at www.businessrescueservice.co.uk.