We understand that the pressure faced by individuals and company directors when dealing with financial challenges can be overwhelming. The uncertainty of the situation can create an environment where it is difficult to plan clearly and, due to the complex nature and time sensitivity of the matter, it is important to get the best possible advice quickly.
MANAGING THE ROAD TO BUSINESS RECOVERY
During this difficult period all businesses are likely to feel the impact of the coronavirus pandemic and, with the end of government support measures on the horizon, owner managers must be able to identify and react to financial red flags now to avoid a cliff-edge scenario. By recognising the signs of financial stress and scenario planning for a range of possibilities, owner managers can start to take control of their situation, reduce costs and improve their chances of rebuilding a successful business. Our recent whitepaper provides further details on these options and highlights the questions you need to consider to establish whether your business will still be viable post-pandemic. Depending on the outcome of the business viability test, business owners may need to take action now in order to improve their financial performance.
Our Business Recovery team are on hand to offer practical support and advice to help you proactively manage your situation – including advice on practical solutions for improving cash management and operational resilience – but remember, early engagement is key so if you are at all in doubt about the future of your business, please do get in touch as soon as possible.
10 tips to managing your business through Covid-19
1 – Pay close attention to your turnover as it declines and attempt to predict how quickly it will return and what ‘normal’ will look like.
2 – Communicate appropriately with your customers and key suppliers.
3 – Begin exploring cost cutting exercises and consider payroll reduction strategies.
4 – Record any and all decisions made and the reasons for them.
5 – Speak to your Menzies relationship Partner about how your bank and business stakeholders may be able support you.
6 – Continuously review and manage the situation especially in relation to reduced turnover and resource arrangements.
7 – Research and consider all government measures to support your business.
8 – Identify and reduce any and all areas of discretionary spend.
9 – Review key business and supplier contracts.
10 – Cash is king so be sure to have robust cashflow forecasts – these should be updated and reviewed regularly.
Remember the earlier an Insolvency Practitioner is involved in discussions, the more options there are for business that may be facing financial difficulty so speak to a Registered Insolvency Practitioner as soon as you believe your business might be in trouble.
Here to help – Your Menzies Business Recovery Team
Business Recovery Services
An outline of our services includes:
- Option analysis and evaluation
- Company Voluntary Arrangements
- Creditors’ voluntary
- Members’ voluntary
- Personal insolvency advice and formal options of Individual Voluntary Arrangements (IVAs) and bankruptcy.
With access to the entire Menzies accountancy practice, we have a wide range of in-house services that we can call on, in order to offer a complete resolution to your business challenges.
Experts in Business Recovery
We are a dynamic team of business recovery professionals with a wealth of expertise and sector experience to draw upon, in order to address your financial situation. We will provide you with clarity on the options available and work alongside you to bring about the best possible outcome.
The Menzies’ business recovery team is made up of 7 Insolvency Practitioners, with over 40 professionals based predominately in London and Cardiff, however, we also operate out of our six offices in the Home Counties.
We feel that understanding the business sector and therefore the exact pressures that our clients face, is particularly useful when seeking the right solution. Our team is diverse and therefore our experience is varied. However, we have particular expertise in the following sectors:
Hospitality & Leisure
We work closely with solicitors and agents to ensure a cohesive approach and have strong working relationships with all retail banks, asset-based lenders and a range of bespoke funding providers.
Award winning Business Recovery services
Menzies Business Recovery and Turnaround teams were delighted to have collected an award at the 2019 Turnaround, Restructuring and Insolvency (TRI) Awards for Employer of the Year!
The Menzies Creditor Services team are thrilled to be named as finalists in two categories at the 2020 Credit Awards in the categories: Corporate Restructuring & Insolvency Team of the Year and Best Company to Work For
Menzies Business Recovery and Turnaround team were also proud finalists at the 2019 Credit Awards for the Corporate Restructuring & Insolvency Team of the Year award!
Our teams have been finalists at the 2017 TRI Awards for Turnaround Firm of the Year and Turnaround of the Year and in 2014 were named “Corporate Recovery Firm of the Year” having previously been a finalist in 2013.
Menzies Business Recovery and Turnaround teams have been awarded the coveted Corporate Restructuring Firm of the Year award at the Turnaround, Restructuring & Insolvency (TRI) Awards 2018. This is for the second year in a row!
Read more about our latest award win.
In 2017, Menzies Business Recovery were awarded the TRI award for Corporate Restructuring Firm of the Year.
Contact Menzies Business Recovery team
To speak to a partner or for more information about the services we offer please contact one of the Menzies LLP offices or complete the contact form below.