Begbies Traynor has launched a new campaign in partnership with Downtown in Business aimed at helping company directors recover from the financial impact of the pandemic.
The Liverpool-based rescue and recovery experts have launched a new confidential hotline (0800 056 1059) enabling company directors on Merseyside to resolve the growing challenges they face in repaying bounce-back loans, deferred tax bills and impatient creditors.
Research by Begbies Traynor shows that more than 9,000 firms (9,414) are currently in significant financial distress in the Liverpool City Region – a 27% increase in the past twelve months (from 7,400).
Begbies Traynor aims to draw attention to proactive steps that can be made by business owners during 2021 including refinancing, unlocking fresh alternative funding sources, time-to-pay negotiation strategies with HMRC and other methods to work with creditors to support business survival.
Frank McKenna, CEO of Downtown in Business, said:
“We are pleased to support the launch of the Merseyside Directors Advice Line by Begbies Traynor. We’d urge any business in the Liverpool City Region to explore all their options if they are one of the thousands of firms feeling pressure from creditors or concerned about repaying bounceback loans or deferred tax bills. The aim of this is new hotline is to enable directors to speak confidentially to experts about how to implement a survival strategy during 2021.”
Keith Tully, partner at Begbies Traynor in Liverpool, said:
“The personal stress on business owners and finance directors is rising and its clear from the conversations we’re having with people in the business community that there’s still limited awareness of the positive steps owners can take despite being in a precarious financial position.
“As the vaccine rolls out, lockdown eases and Government support levels taper off many firms will require financial and tactical support from the professional services sector across our region.
“Begbies Traynor will continue to work closely with accountants, lawyers and funders across the region to focus on positive outcomes in 2021 for all business owners. Being entrepreneurial about the challenges ahead means being proactive which is why we’ve set up the confidential Merseyside Directors Advice Line so that directors don’t feel isolated with their financial problems.”
Jason Greenhalgh, partner of Begbies Traynor, said:
“Our message to business owners out there is that even if you are one of the 9,414 firms in financial distress there are plenty of actions you can take swiftly to get a positive outcome. Fresh funding is certainly accessible for many companies and re-financing and restructuring can give directors a platform for stability and survival in 2021.”
Call the confidential hotline on 0800 056 1059.