Turnaround

The problem

A Hertfordshire based haulage company was having cashflow problems and was in arrears with PAYE and VAT as well as coming under pressure from the bank.

What we did for them

  • Implemented 'Pre-pack' - liquidating the company's assets and starting again
  • Addressed PAYE and VAT commitments
  • Cleared bank debt and ensure directors personal guarantees were not called upon
  • Freed up the second charge over the commercial site which was held by the bank's finance subsidiary
  • Introduced an invoice discounter who refinanced the previous bank facility
  • Refinanced the existing vehicle fleet
  • Topped up some funds against the second charge releasing enough funds to fund the new entity going forward saving the director's house and 60 jobs

0800 331 7418 Why Choose Us?