Company Rescue: RECRUITMENT COMPANY

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BUSINESS TYPE:	RECRUITMENT COMPANY
LOCATION:	LONDON
TOTAL NEW INVESTMENT:	£100,000 AND RESTRUCTURING

Our Client initially approached our sister company Beer & Partners looking for investment for future expansion. The company was quickly referred to Beer & Young as the stage of the business fit the B&Y profile.

The company had achieved some dramatic growth, for example, from year 1 to year 2 the growth achieved had been 4,000%. The management of this growth was being handled but coupled with some bad tax advice on the payment to sub-contractors meant that the company was in serious deficit with the Inland Revenue. It was initially thought that the Inland Revenue would look for the shortfall from the sub-contractors.

Beer & Young therefore took on the assignment on this basis. Beer & Young worked closely with the company and introduced four new potential investors within the first month of this assignment. There were several interested parties awaiting a ruling from the Inland Revenue. The ruling went against the company and there was no alternative but to seek to the services of an Insolvency Practitioner who advised a Pre-Packaged Administration.

Beer & Young helped to manage this process, discussed the options with potential investors and within eight weeks from the initial engagement had brought together all parties, advised on the set up of newco, arranged invoice discounting and attracted new investment for a minority share holding of only 25% in the new company.

The business has benefited from a seemless transition, is now well capitalised with external investment and has the retention of valuable clients and staff.

'We are delighted with the advice we received from Beer & Young. They understood our problems and were fast in setting up and arranging meetings and discussions with potential investors. When you are in need of advice we would recommend Beer & Young, speed was of the essence and they understood this.

They had total empathy with our situation and not only provided top class potential business investors but also assisted us through what could have been a thoroughly traumatic situation. We would have no hesitation in recommending their services.'

JB and CA, Directors of Recruitment Company

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