See a selection of tombstones and a detailed case study
International shopping community business
Referred by
Their lawyer
Overview
This company had overseas owners and a complicated business model. Following an internal review, their UK bankers issued a notice to close their account. Despite the client’s pleas, no reason was given. They approached other banks but kept hitting a brick wall. We were asked to review the business to identify any problem areas, and if possible arrange new bankers. We did our review, documented our findings and introduced new bankers who were happy to provide an account. We are now assisting other businesses within the Group to open bank accounts.
Property investment business avoids £104,000 renewal fee
Overview
The Darby Group had been with its bank for over 30 years. Historically, it had never paid renewal fees on its property investment loans but the bank was trying to change this precedent by demanding a retrospective renewal fee of £104,000 to cover the prior two year period. Their accountant referred them to us and we liaised with the bank, who cancelled the fee.
Children’s Nursery
Referred by
Accountant
Overview
This company client needed time to sell its nursery business, which had ceased trading. They needed to do it in a controlled manner to enable them to fully repay a £260,000 bank loan, which the directors guaranteed. However, their bank was pushing for a quick sale at a significantly reduced price and was trying to force this through by charging extra fees and increasing their interest rate. We negotiated with the bank to suspend its loan repayments, cancel the extra fees, waive the interest rate increase and to allow six months for the property to be sold. The directors achieved full market value on the sale, saved money, avoided having to put in their own money to meet closure costs, and saved a lot of time and hassle.
Private School
Referred by
Client’s Independent Financial Advisor
Overview
This client was having severe difficulties with their bank. Having funded frequent losses against a comfortable security value, their bank had eventually switched their account to its ‘intensive care’ team. We helped the client assess their position and identified various lending related errors on the bank’s part. After a series of amicable meetings with the bank, we negotiated significant cost reductions and a range of other concessions for the client, before referring them to a business sales agency to achieve an exit for both parties. Our client saved £000’s in punitive fees and exit charges, and the bank avoided a serious problem.
Engineering Consultancy Business
Referred by
Direct approach
Overview
This long established professional firm had relied for several years on work from one major client. When the work dried up, the owner was slow to react and arrears built up with PAYE and VAT. We undertook a one-off review on a fixed fee arrangement, following which the client made numerous changes to his business, including improving his internal systems and engaging some external financial support. The client used the review as the basis for a request to HM Revenue & Customs, which secured an agreement for the VAT and PAYE arrears.
Communications Installation Firm
Referred by
Client’s bank
Overview
The client had experienced significant growth over a 3 year period, from a “one man and a van” operation to employing 17 people. He needed help in prioritising his opportunities and improving his management and control of his business. By investigating and questioning, we helped him prioritise the issues needing improvement. This led to an upgrading of support from his existing accountants (in the form of monthly management accounts), instigating an annual budgeting exercise, plus a regular quarterly “board” meeting to review progress, involving the client, us and his accountant.
FTSE listed healthcare business
Referred by
Client’s accountant
Overview
The client in this case was a company on the main list of the London Stock Exchange, whose bank had given 60 days notice to close their accounts. As is normal in such cases the bank refused to explain why notice was being given; so the client had no idea what the problem was, nor how to correct it. We were asked to assist them with opening an account elsewhere. We reviewed the business, its officers and its operations and found nothing untoward. We then documented our findings and shared the report with prospective banks to assist the application process. Two banks agreed to take them on, so with two new accounts in place the client is less exposed to the same problem recurring. Our work saved the client a huge amount of time and allowed a targeted approach to be made to new banks, rather than the alternative of an ad-hoc approach and endless frustrating and ultimately fruitless telephone calls.