Begbies Traynor has launched a new campaign in partnership with Wirral Chamber of Commerce aimed at helping local company directors recover from the financial impact of the pandemic.
A new confidential hotline has been launched (0800 056 1059) enabling business owners to resolve the growing challenges they face in repaying bounce‐back loans, deferred tax bills and impatient creditors.
Research by Begbies Traynor shows that more than 9,000 firms (9,414) are currently in significant financial distress in the Liverpool City Region – a 27% increase in the past twelve months (from 7,400).
More than 2,000 firms on the Wirral (2,107) are now in significant distress – a leap of 28% in the past 12 months.
Begbies Traynor aims to draw attention to proactive steps that can be made by business owners on the Wirral during 2021 including refinancing, unlocking fresh alternative funding sources, time‐to‐pay negotiation strategies with HMRC and other methods to work with creditors to support business survival.
Paula Basnett, CEO of Wirral Chamber of Commerce, said:
“We’d urge any business which has been adversely impacted by the pandemic and are feeling the pressure from creditors after exhausting all the Government initiatives to seek advice swiftly. In particular, many directors who run businesses on the Wirral may be concerned about repaying bounceback loans or deferred tax bills. This free hotline enables directors to speak confidentially to experts from Begbies Traynor about how to implement a survival strategy during 2021.”
Keith Tully, partner at Begbies Traynor, said:
“The personal stress on business owners and finance directors on the Wirral is rising and its clear from the conversations we’rehaving with people in the business community that there’s still limited awareness of the positive steps owners can take despite being in a precarious financial position.
“As the vaccine rolls out, lockdown eases and Government support levels taper off many firms will require financial and tactical support from the professional services sector across our region.
“Begbies Traynor will continue to work closely with accountants, lawyers and funders across the Liverpool City Region to focus on positive outcomes in 2021 for all business owners. Being entrepreneurial about the challenges ahead means being proactive which is why we’ve set up this Directors Advice Line so that directors don’t feel isolated with their financial problems.
Jason Greenhalgh, partner of Begbies Traynor, said:
“Our message to business owners out there is that even if you are one of the 9,414 firms in financial distress there are plenty of actions you can take swiftly to get a positive outcome. Fresh funding is certainly accessible for many companies and re‐financing and restructuring can give directors a platform for stability and survival in 2021.”
Call the confidential hotline on 0800 056 1059.