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
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