Insolvency continues to be at the forefront of the news each week...
Insolvency continues to be at the forefront of the news each week with well-known names such as Thomas Cook, Mothercare and Bon Marche entering formal insolvency processes. This highlights that even the ‘big guns’ are not averse to difficulties in present times.
The knock-on effect from the loss of one large high street business can be extensive. Employees lose their jobs. Suppliers (whether for product, logistical support, warehousing, office space) lose a key customer which in turn impacts their cash flows and supply chain. The high street is visually impacted as another large unit often becomes vacant.
Protective measures can be put in place, for example trade credit insurance cover or improvement in working capital processes in order to reduce the exposure to customers. Often, however, protective measures are not put in place.
ELS provides management consultancy services and insolvency services to businesses, whether they are start-ups, growing, stable or distressed.
If you wish to maximise business performance or have concerns/queries relative to your business, it is beneficial to seek advice at the earliest opportunity. Structured strategic preparation and planning only enhances the likelihood of opportunities coming to fruition and challenges being handled/controlled.
Should you have immediate concerns of insolvency it is even more important to obtain advice quickly.
Do not hesitate to contact us should you wish to discuss any matter relative to your business. We can arrange to meet at a place of your convenience or at either of our offices in York and Leeds.