Wednesday, April 22, 2015

News: Count on the election to create uncertainty

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Paul Moorhead of Rotherham insolvency practice, Moorhead Savage, is warning that uncertainty around the upcoming general election could send some businesses closer to a financial crisis.


Established in RiDO's Moorgate Crofts business centre in Rotherham, Paul leads a team at Moorhead Savage offering high quality, professional, impartial and ethical help and debt advice to both companies and individuals.

Paul says that companies that depend on government contracts in particular could be badly affected over the next few weeks.

"Organisations working in that area may well already be having difficulty getting those contracts agreed and getting necessary funding in place, which could have a seriously detrimental effect in the long term," he said.

"Investment decisions are not being taken and people are generally being quite cautious about business in the run up to May 7.

"That uncertainty only grows when there is a possibility of a coalition and nobody can predict what form that coalition will take."

"But if businesses are being cautious with their cash and delaying buying new equipment, for instance, then there starts that whole serious knock on effect as the problem begins to spread and even when the election is out of the way it will still take quite a while for businesses to get back on track."

Paul added, though, that fears about cash flow needed to be dealt with as quickly as possible.

"My advice is always the same – seek help now when you can see the possibility of things going badly," he stressed.

"By making sure you have the best possible opportunity to manage the process and ensuring you have taken control of the situation before it becomes a crisis, the crisis should be avoided."

The growing firm has recently appointed Mark Watkin as partnership development manager.

A former financial advisor, Mark has spent many years working in the financial services sector and joins the team to raise the profile of the business by promoting the services across the region and building relationships with other professional organisations.

Moorhead Savage website

Images: Moorhead Savage

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