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Beer & Young are specialists in company rescue and turnaround finance - market leaders in delivering turnaround equity finance in the SME sector.
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Turnaround Finance: HIGH INTEGRITY STEEL CASTING FOUNDRY
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BUSINESS TYPE:HIGH INTEGRITY STEEL CASTING FOUNDRY
LOCATION:SOUTH YORKSHIRE
RESTRUCTURING:SUCCESSFULLY COMPLETED

Our client was set up in 1980 to provide steel castings for the mining industry. With the decline of the mining industry they graduated to be a leading producer of high integrity steel castings, employing some 150 staff and with an annual turnover of £12 million.

A rapid expansion plan in 2001 led to a price driven decline in gross margins and consequently the company incurred substantial losses. As a result of creditor pressure and a significant bad debt, the directors were advised their only option was to call in the administrators, putting at risk the jobs and the business.

Beer & Young advised that a Company Voluntary Arrangement was the right solution and now over 100 jobs are saved and the company’s finances on an even keel.

'My company and my staff now have a secure future thanks to the assistance of Beer & Young, without their positive approach to our problems, the future looked very bleak'.

AV, Chairman




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