Now Financial was voted as the only broker finalist in the Business Rescue Funder of the Year category by an expert judging panel.
The Insolvency and Rescue Awards 2010 at The Lancaster, London, was attended by a record number of the industry’s most experienced finance and insolvency professionals.
Ian Woodley, Director of Now Financial commented at The Awards: “We are delighted to have been the lead broker in our category. The undercurrent at the event was that 2011 will be the year that Crown Debt will become the business issue of greatest concern. January will prove a pivotal year for many sme businesses. At Now Financial, we are recognised as playing a unique and vital role as ‘Solvency Practitioners’, transforming the future of businesses and their owners.”
“Our new portal TaxProblems.co.uk is designed to offer small businesses with VAT, PAYE and Corporation Tax issues a valuable lifeline. First, we work with a panel of advisers who discuss the company’s individual circumstances with HMRC. Then, we look to source the right funding, help the owners determine the right structure for the business and create the financial headroom to meet the objectives of the rescue or recovery plan.”
Now Financial Partners is pleased to report that August 2010 represented its most successful month to date. Our best-ever recorded figures were helped by what was our largest deal to date – the restructuring of a recently purchased plant hire business via an asset finance facility.
Whilst our focus is predominantly on distressed businesses, this demonstrates that our skills can also be used in different scenarios. The case in question was bank-introduced, since this was not something they or their asset finance subsidiary could assist with.
After its launch in early 2010, www.taxproblems.co.uk has steadily climbed the Google rankings and is now providing opportunities for our partners to assist in the agreement of Time to Pay arrangements or the introduction of Debt Management or a Formal Insolvency Process.
Whilst the original intention of the site was to produce re-financing opportunities, which it has, it has flourished as a lead generator for our partners.
We are keen to continue to develop reciprocal opportunities for the insolvency industry. If you are interested in participating in this success story, please contact us.
Following our success in winning Business Rescue Funder of the Year at the Insolvency & Rescue Awards, Now Financial Partners has once again been shortlisted this year in the newly formed category of Business Rescue Funder of the Year Broker/Equity. It was a tremendous achievement to win last year and we are aware that as the event grows, competition will be even stronger.
To make the final in consecutive years is in itself something we are proud of and is an affirmation for us that the work we do is appreciated. We hope to bring you more good news after the event on 21st October.
Now Financial Partners was honoured to be only a select few brokers that were invited to participate in the Finance for the Future debate chaired by Bibby Financial Services and under the watchful eye of Bob Lefroy, Editor of Business Money magazine. Given the difficult current financial climate, a fascinating discussion followed as to where commercial finance is heading as an industry. We are hoping that the event will be covered by Business Money in next month’s edition so please do try to grab a copy.
Finance for the Future Now Financial Partners was honoured to be only a select few brokers that were invited to participate in the Finance for the Future debate chaired by Bibby Financial Services and under the watchful eye of Bob Lefroy, Editor of Business Money magazine. Given the difficult current financial climate, a fascinating discussion followed as to where commercial finance is heading as an industry. We are hoping that the event will be covered by Business Money in next month’s edition so please do try to grab a copy.
As I am sure many of you are aware, a significant proportion of our work is involved in the refinancing of assets, whether that is providing funding against plant & machinery or a book debt using invoice finance. Sometimes refinancing is not enough and we have to look at other solutions. We recently completed a deal that not only included an invoice finance facility to accelerate cash flow, but we also introduced an equity firm who were keen to find the business a suitable private individual. They injected much needed cash to push the business forward, giving them the additional headroom to meet their ambitious plans for the future. Please call us if you know of a company that could benefit from equity funding.
Refinancing is not the only solution
As I am sure many of you are aware, a significant proportion of our work is involved in the refinancing of assets, whether that is providing funding against plant & machinery or a book debt using invoice finance. Sometimes refinancing is not enough and we have to look at other solutions. We recently completed a deal that not only included an invoice finance facility to accelerate cash flow, but we also introduced an equity firm who were keen to find the business a suitable private individual. They injected much needed cash to push the business forward, giving them the additional headroom to meet their ambitious plans for the future. Please call us if you know of a company that could benefit from equity funding.
Now Financial Partners is delighted to announce the launch of TaxProblems.co.uk, a new service dedicated to solving the major issues that business owners are facing today by tackling the issues of HMRC debt and PAYE head on.
With evidence pointing to the HMRC ‘Time to Pay’ Scheme being wound down with immediate effect and 60% of businesses given just three months or less to cover their tax bills, this service is a lifeline for businesses.
Ian Woodley of Now Financial Partners, explains: “UK companies simply cannot afford to ignore the tax payment problem. It’s a ticking time bomb that threatens their very existence. The new TaxProblems.co.uk web site heightens awareness of the problem through the use of viral video.”
“It is not only the business owners themselves who will see the benefits of the new service. In the coming months we will be running a high profile media campaign with our marketing agency to promote TaxProblems.co.uk. The key words, ‘Tax Problems’, are currently receiving 44,000 searches a month and with 200,000 companies in ‘Time to Pay’ arrangements, we expect this number to grow exponentially. Consequently, we are gearing up for a flood of enquiries from businesses needing help – where a high percentage of them will need a formal insolvency process to survive. This is the best possible time for insolvency practitioners to stay close to receive an influx of reciprocal referrals from this powerful new business channel.”
Awarded Business Rescue Funder of the Year at Credit Today magazine’s prestigious Insolvency and Rescue Awards, Now Financial Partners has extensive experience not only in helping distressed businesses handle their immediate situations but also creating practical turnaround plans that meet the specific long-term needs of the businesses concerned and their owners.
The shrinking value of security, whether it be property, stock or book debts, mixed with poor financial performance really is a toxic mix. This is now making many banks take an even closer look at some of their overdraft exposures, but how to reduce an overdraft? Less available cash for the customer means that someone else doesn’t get paid. Taxman? Key Supplier? By trying to stay within the bank guidelines, a business may end up causing a terminal problem elsewhere.
Better still is to introduce external funding. An independent funder, who won’t have an envious eye on the current account who may lend against assets that the bank don’t attribute any real value to, such as Plant & Machinery? A ledger with a debt concentration issue? Contractual debt? Because the banks’ own subsidiaries don’t see the security provided as viable, doesn’t mean to say that an independent lender won’t take a different view. Is it more expensive? Yes, probably, but we are talking about the release of cash that could mean life or death to a cash starved business.
As with most things, it needs a couple of paces back to see what can be done. As much as the bank wants to arrive at a solution, so does the hard-pressed customer, who now spends time trying to manage his bank when he should be managing his business. A good number of businesses we assist report the feeling of having had a weight lifted off their shoulders once a refinancing has been completed.
Currently we are receiving more cases from our banking partners than any other sector, a real sign of the times, we are here to help…..everyone.
We came into the year with the global economy in meltdown with predictions of a cataclysmic 30s style recession and although it’s not been a very pleasant experience for many, we didn’t reach those depths. Instead, there has been a kind of gloomy suspended animation where not a great deal has happened.
The role that HMRC has played has been central to keeping businesses afloat and their employees off the streets. However, a year later we have to pose the question: “Are those businesses any better prepared for the future?” That’s doubtful. The current position is not and simply cannot be sustainable. For the fans of a W shaped recession, it’s plain to see that there is some pain to come yet before we come out the other side.