Company Rescue: FIREPLACE RETAILER

BUSINESS TYPE:	FIREPLACE RETAILER
LOCATION:	GUILDFORD
RESTRUCTURING:	SUCCESSFULLY COMPLETED

The managing director and major shareholder engaged us because he faced major cash flow issues in this highly seasonal business. We reviewed the various options available to the company and they elected to propose a Company Voluntary Arrangement (CVA). We prepared the necessary documentation and are pleased to report that the proposal was formally agreed by the creditors (including a significant proportion of unsecured bank debt) in July 2007. This provided the financial breathing space that was needed before the busier autumn and winter months.

Without the help and support of Beer & Young our business would have potentially been forced to close. They acted in quick time to put in place a strategy that kept us in control and provided the cash flow ‘oxygen’ that was essential to survival. The CVA has now given us financial breathing space to review our strategy for the future. I would recommend their services to any company suffering cash flow difficulties.'

RB, Managing Director