The directors of the company approached KSA Group after reading our website www.companyrescue.co.uk as their business was under distress. Turnover to 30th April 2012 was £1.1m which was a fall of £122k compared with the previous year, gross profit fell proportionally.
The company also encountered financial difficulties due to:
A combination of historic bad debt write-offs
Increased client price sensitivity
The economic downturn
Poor management practices.
HMRC levied distraint against company assets (Walking Possession) for an unpaid VAT liability
Read the case study below to see how we saved the business;