Updated: 20th July 2018
A business engaged in the manufacture and repair of steel equipment which are used predominantly in the demolition, quarrying, construction and plant hire sectors. Due to a deteriorating relationship with their bank factor, we were asked to review the business, with the bank suggesting liquidation as the only alternative. The bank was unwilling to fund certain invoices because the debtor was an agent and the goods supplied were being shipped to the end user in the Middle East. The company also had HMRC arrears of circa £100k. Our team of specialists met the director of the company who was adamant that the business had a future. We introduced a factor who was prepared to fund the invoices to the agent and release sufficient funds for the bank to be repaid and the company to continue trading and employing 8 staff. The company required a factor that was prepared to spend time understanding the issues the business faced. We worked with an independent factor who replaced the bank’s facility and work closely with the business. The bank was delighted to help the client secure alternative funding, which they felt unable to provide. The restriction in funding would have certainly led to the liquidation of the company and subsequent loss of jobs. Due to our understanding of the business and our knowledge of the market we were able to replace the bank facility and the company continues to trade.
Julie is a law graduate who qualified with Price Waterhouse in 1994. Julie joined Smith & Williamson in 1997 and became a partner in 2001. With Mike Stevenson, Julie set up Middleton Partners offices in Salisbury and Southampton, both of which are now part of Begbies Traynor.
Julie is a member of the Insolvency Practitioners Association and is a Fellow of The Association of Business Recovery Professionals. Julie deals with all aspects of Corporate Recovery and turnaround work and takes all form of personal insolvency appointments.