Insolvency practice Inquesta has joined forces with a range of specialist professionals to create a one-stop shop to help secure the future of companies in difficulty due to the Covid-19 pandemic.
The initiative is focused on intervening at an early stage to help struggling businesses restructure and emerge stronger from the crisis.
Working alongside Inquesta’s insolvency team under the initiative are commercial finance brokers, cost-savings specialists, interim finance directors, employment and HR professionals, tax advisers and business coaches.
Inquesta director Rob Miller, who is spearheading the scheme, said: “The next few months will be critical for many businesses.
“Many directors will be lying awake at night worrying about what the future holds, as the government’s furlough scheme comes to an end and bounce back loan repayments and deferred VAT payments fall due.
“Added to that, tax increases are on the horizon and consumer spending is likely to decline.
“These factors will put further pressure on cash flow which, for many companies, has already been hugely impacted by the pandemic.
“In many cases, the income they have lost is not recoverable. The next few months could well prove catastrophic, unless they take action now.”
The process begins with a full and independent review by Inquesta’s corporate recovery team of the struggling business. They identify the areas of help required, and then signpost the owners to the right expert from the panel.
Rob said: “Over the years, we have developed strong relationships with a variety of specialists who are committed to keeping businesses afloat,” he said.
“Since lockdown began, we have been holding virtual meetings each week and have, from these discussions, agreed to combine our resources to create a one-stop shop, with the emphasis on early-stage intervention to help make businesses as Covid-proof as possible.
“I’m really excited about this service. It’s a natural step for Inquesta to take, as we ourselves have a track record of securing the best options for clients with a tailored service.
“We are acutely aware that, in the current market conditions, many businesses need help with their strategy to help them survive and thrive.
“We are committed to getting to the heart of their issues, identifying their deepest challenges and then directing them to the right expert to begin the recovery process as quickly as possible and achieve the optimal results.
“Now, more than ever, time is of the essence when it comes to getting companies the support they need to stay in business. By helping them to restructure, they can get back on their feet and emerge stronger from the pandemic.”
So far, Inquesta has worked with a number of north west manufacturers and construction sector businesses to plan their survival in this way.
Rob said insolvency practitioners were often viewed as being out to simply shut businesses, but said this is not the case. “The preference is always to save a business, and there are options available to achieve this, such as debt restructuring, cost cutting or a company voluntary arrangement”.