The ongoing coronavirus emergency is already causing substantial financial problems to businesses throughout Great Britain. Commentators suggest that the country’s economic output will fall by 15% and the collapse will be sudden. We are facing the worst recession in living memory, far more severe than the credit crisis of 2008, the 1992 ERM crisis and the recessions of the 1970s and early 1980s.
Whilst the Government has introduced support measures such as cancelling rates, much more needs to be done to avoid mass failures and even then, in certain sectors any amount of support might not prove to be enough.
In such a severe economic climate, managers must be prepared to work even harder and exploit every available resource to achieve the survival of their businesses. They must consider every source of finance open to their business and quickly exploit what is available. This will include lengthening credit terms; deferring statutory payments; compromising with creditors; disposing of assets; and making personal investments. There is no certainty that it will be possible to rely on commercial lenders alone.
Our advisors have many years’ experience in assisting business owners in this difficult process. We never consider that the failure of a client is inevitable and can offer alternative solutions to almost every situation. We work with business managers to ensure that every opportunity is considered and are proud of our record in successfully turning around the financial fortunes of many failing enterprises. We always protect those making the hard decisions, their business interests and those of the other stakeholders.
Business owners and managers need not feel alone in these extraordinary times. We are always willing to lend a hand, even if only by way of a reassuring chat.