Begbies Traynor start confidential rescue & recovery service

Tue, December 8th, 2020

Lockdown restrictions and pressures faced by company directors across...

Lockdown restrictions and pressures faced by company directors across Liverpool have prompted Begbies Traynor to launch a new confidential rescue and recovery service.

The service focuses on helping business owners tackle pressure from creditors, HMRC, existing lease arrangements and cash flow shortfalls.

Research from Begbies Traynor reveals that more 8,000 firms across the region are in significant financial distress.

Its latest Red Flag Alert data which monitors the financial health of firms across Liverpool reveals that hundreds of firms were in trouble even before the latest local measures were imposed by the Government.

Keith Tully, partner at Begbies Traynor in Liverpool, said:

“This year has presented huge challenges to company directors the scale of which have never been witnessed before across our region and many owners are facing acute financial distress and growing pressure.

“It is essential that company directors review their entire financial strategy to ensure they are in the best position to keep their business alive during this period. It is common for business owners to feel like they have no options left but that certainly isn’t the case.”

Jason Greenhalgh, partner at Begbies Traynor, said:

“As well as CVAs, refinancing and negotiating with creditors there is also an active market, despite the current pandemic, of investors seeking to acquire firms so directors can plan a successful exit route out of the situation through a merger or disposal.

“We have already seen many businesses restructure their operations and finances and we expect to see more in the weeks ahead. Times are certainly challenging but hospitality businesses will have to be creative and bold to make changes now if they are to emerge stronger in a post-Covid climate.”

To make a confidential appointment email keith.tully@btguk.com 

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Begbies Traynor

No. 1 Old Hall Street, LIVERPOOL, Merseyside, UK, L3 9HG

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