Begbies Traynor launches rescue and recovery service for Knowsley firms

Lockdown restrictions have prompted Begbies Traynor to launch a new rescue and recovery service targeted at firms in Knowsley

The service focuses on helping business owners tackle pressure from creditors, HMRC, existing lease arrangements and cash flow shortfalls.

Research from Begbies Traynor reveals that thousands of firms across the region are in significant financial distress.

The latest Red Flag Alert data, published by Begbies Traynor, which monitors the financial health of firms across the region reveals that many firms were in trouble even before the latest local measures were imposed by the Government.

Phil Clark, of Begbies Traynor, said: “This year has presented huge challenges to local businesses the scale of which have never been witnessed before across our region and many business owners are facing acute financial distress and growing pressure.

“It is essential that company directors review their entire financial strategy to ensure they are in the best position to keep their business alive during this period. It is common for business owners to feel like they have no options left but that certainly isn’t the case.”

Keith Tully, partner at Begbies Traynor, added: “As well as CVAs, refinancing and negotiating with creditors there is also an active market, despite the current pandemic,  of investors seeking to acquire firms so directors can plan a successful exit route out of the situation through a merger or disposal.

“We have already seen many businesses restructure their operations and finances and we expect to see more in the weeks ahead. Times are certainly challenging but company directors  will have to be creative and bold to make changes now if they are to emerge stronger in a post-Covid climate.”

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