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Voluntary Arrangement strengthens business performance
Kingsbridge Corporate Solutions was introduced to the directors of a company which designs and manufactures products for the retail and leisure industry by its accountant.
The company had limited competition and had recently attracted overseas investment. However, recent losses as a result of unsuccessful diversification into non-core activities had left the company with debt which was becoming increasingly difficult to manage. Management had already identified an action plan to turn the business around but needed assistance to help realise the company’s potential. Following a review of the company’s position Kingsbridge recommended that the company propose a voluntary arrangement with its creditors. We assisted the directors to make an optimum offer to creditors which was accepted by a significant majority of creditors. The company and its management are now able to concentrate on the company’s profitable core business and generating funds which will be used to satisfy historic creditors.