P&A gets company back on the road to recovery
A business was under pressure from its bankers, who asked us to carry out a review. This was the second review in two years and the client was resistant, complaining about the costs and lack of benefits.
The company followed our recommendation and went into 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 (CVA). Now several years later, the company has delivered on its CVA agreement with 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