A £3M turnover family run engineering business was facing cash flow difficulties. The majority shareholder was unwell and had been advised to step down from day to day involvement. Combined with a difficult trading environment, losses had been incurred and there seemed few options.
An insolvency practitioner was asked by the company’s auditors to take steps to place the company into liquidation. In those circumstances the family members would lose their livelihood, a business which had been built up over many years and the workforce would be made redundant.
Working with Glenville Walker people, an interim manager was introduced to the business with a view to turning around the company. As a group we were able to streamline production, focus on profitable lines and arrange for further funding to be introduced.
The turnaround was slow and at times painful. However, the business is now back on a sound financial footing. The family have retained a stake in the business as well as protecting their livelihoods.