Business RescueJanuary 7, 2015
The director of a small group of companies, facing regulatory, staffing and financial problems approached 180 for advice.
Previously the director had phoned a “Business Rescue” firm, whose number was found from an internet search. Over the phone that firm advised Liquidation was the only option and quoted a 5 figure fee.
Had the group been placed in Liquidation the employees would have lost their jobs, the director’s substantial investment would have been lost and the creditors would have received only a tiny dividend.
Fortunately, the director contacted us for help. That afternoon we met the director for an initial chat over a coffee.
Following our discussions and advice, the director and business partner agreed the sale of the business as a going concern. We arranged for a solicitor to draw up the business sale proposal.
The “Business Rescue” firm proposed a fee of £20,000 and the closure of the business. We advised and helped agree the sale of the business which would result in the business continuing, jobs being saved, suppliers being paid and the director recovering substantial value for the original investment. Our fee? Nil. We even paid for the coffee.
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