Business Finance: HEALTH AND FITNESS CLUB

BUSINESS TYPE:	HEALTH AND FITNESS CLUB
LOCATION:	SURREY
TOTAL NEW FINANCE:	PHASE 1 - £122,000 PHASE 2 – RESTRUCTURING SUCCESSFULLY COMPLETE

Phase 1 (Sept 2006)

Our client had been suddenly locked out of their premises by their landlord having failed to resolve a longstanding dispute. We acted for our client during the negotiations to ensure they re-opened in a matter of days. We also assisted them in raising new secured lending which was crucial in order to agree a settlement with the landlord.

Phase 2 (Feb 2007)

The directors further engaged us as they were still concerned by the major cash flow issues affecting their business. We reviewed the various options with them and they elected to propose a Company Voluntary Arrangement (CVA). We prepared the necessary documentation and we are pleased to report that the proposal was formally agreed by the creditors in May 2007. This will give the business the maximum opportunity for success in the future.

'Without the help and support of Beer & Young our business would have been forced to close permanently. They acted immediately to put in place a strategy that kept us in control and helped us restore the confidence of the major stakeholders in the business. The CVA has now given us additional financial breathing space to fully deliver our recovery plan.

We would recommend their specialist services to any company in financial distress. They worked flat out to help rescue our business.'

CR & MR, Directors