The P&A Partnership is used to working
with all manner of clients, ranging from the sole trader to the
large multinational organisation. We work with a multitude of
independent accountants, solicitors, business support agencies
and consultants, as well as all the major high street banks,
asset based lenders and many other financial institutions. In
short we have a vast wealth of knowledge within our specialist
field and we can interact with you on your level, whoever you
are.
Obviously, client confidentiality prevents
us from divulging specific details, but below are actual instances
where we have
helped people just like you.
Case studies:
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1
Our
receivables collections company was instructed to collect
the debts of a national farming collective that had very
substantial sums owing to it in the 90-days+ arena. It soon
became quite clear that a number of the firms to whom they
supplied products were encountering financial problems. In
one case we were able to restructure the debtor’s borrowings,
put in new systems for collecting their debts and to save
the business from the more serious problems that were starting
to appear on the horizon. There are other negotiations going
on with debtors of this client.
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2
We
were asked to look at a business that had been put into its
bankers’ special lending unit. The company now 10 years
old had hit a bad patch - sales had dropped from £2m
to £700k in the past 2 years and the company was making
losses. We were told the company had to be liquidated; however
the company was not insolvent and its turnover had fallen
as it had been developing a new product that was about to
come on stream. We sourced new finance from another bank
and from an invoice discounter - jobs of 10 employees saved
and a viable business now flourishes.
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3
We
were asked to call on a business that was under pressure
from its bankers to carry out a second business review by
a national firm in 2 years. Resistance from the client centred
on benefits of the previous review and its costs. The bank
agreed that we could carry out the review.
We
found a typical scenario:-
- second-generation
ineffective management,
- contracting
debts where final accounts had never been agreed resulting
in an aged debtor book that
was eating up capital
and overstating profits,
- extreme
creditor pressure,
The
company followed our recommendation and entered Administration.
The second generation MD acknowledged
his inefficiencies
and passed over the reins to the contracts manager who
introduced a disciplined approach to the business.
The
company exited administration and entered into a Company
Voluntary Arrangement and now after several years
has complied
with its CVA contract with its trade creditors, and
continues to prosper. All stakeholders benefited - the creditors
received a dividend, employees retained their jobs,
the
bank retained
a profitable client, as did the auditors.
Client comments:
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Parts
Manufacturer - Lancashire
We are component manufacturers,
who over the years have become sole suppliers to a major manufacturer.
Each
year our sales turnover has grown with this manufacturer - at
the same time the sales price has reduced and quality improved.
We started losing money 18 months ago and the Bank insisted that
a Receiver was appointed. At the time of appointment we had 3
months work-in-progress. Phil Revill, the Receiver, renegotiated
the unit price with the main supplier and persuaded them to pay
cost on delivery. Although his action didn't save our company,
it enabled us to pay all creditors in full and the closure of
the company was an orderly event.
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Electrical Retailer - Sheffield
If we had been able to get debtors to settle as quickly as you
have - in all likelihood we probably would not have found it
necessary to go into liquidation.
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Building Contractor - Lincolnshire.
Bank "x" was keen to use a big "6" firm
for the second time - luckily we were introduced to you by
our accountants.
With creditor support we entered into a voluntary arrangement,
enabling us to keep our workforce and settle creditors as
agreed in the arrangement. We firmly believe that without your
intervention,
a receivership would have resulted.
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Engineering Company - South Yorkshire
We are a small "one product" company
that suffered a major bad debt that nearly pushed us into liquidation.
Your negotiations on our behalf with our major suppliers
enabled
us to keep trading - and 2 years on we are back in profit
and
with
a positive cash flow.
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Retailer - Derbyshire
We are an old established cooked meats retailer - and have
suffered from intense competition from supermarkets over
the past 5 years.
Your advice to close the business we now know was right.
We only wish we had done so earlier. Your negotiations
with our landlords
were most helpful
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Pig Farmer - North Yorkshire
We are pig farmers and were introduced to
P&A by our accountant
- when the cost of production was twice the amount the pigs were
fetching when sold. Our main (and very substantial) creditor
was the feed merchant with whom P&A re-negotiated
the amount outstanding. Land was sold and we retired
without
going through
any formal procedures.
