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Monday, 7 October 2013

KSA Group saves IT services company in Surrey

KSA Group saves IT services company in Surrey.

Our client was a growing ITC consultancy, it provided solutions, software, service and support. Growth was too fast for the working capital available and whilst it was profitable cashflow was always a problem. Then sales slowed and the “debt wave” coming along behind them, threatened to wash over the business. The company was encountering further financial difficulties because of lower than forecast sales, high overheads, a substantial investment in a new CRM programme that was not quite market ready, a small number of bad debts from insolvent clients and incomplete projects.

A classic British story of being undercapitalised, profitable but brought down when HMRC stepped in. Having had several time to pay deals over 2 years, the non payment of a large VAT bill brought the HMRC Debt Management Unit into play. No further TTP’s would be provided, the company needed to refinance and EFG (Enterprise Finance Guarantee Scheme) loan was raised to pay off taxes and creditors. What next? The new software took still longer and then the MD’s father provided funding to tide the situation over, until next time.

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