Wednesday, July 1, 2015

News: Many Yorkshire companies still struggling warns expert

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Leading financial expert and insolvency practitioner Paul Moorhead is warning that as many as one in four businesses across the region could still be struggling for survival.


The latest statistics from R3, the Association of Business Recovery Professionals, says that the levels of businesses showing signs of financial problems in the UK are at a record low, with few than a quarter of companies displaying the key indicators of distress.

But Paul, the founder of Rotherham-based insolvency and business turnaround company Moorhead Savage, says those figures cannot hide the fact that many businesses are still finding trading circumstances difficult as the economy emerges from recession.

"Signs of distress can mean several indicators, including decreased profits, falling sales volumes, a declining market share, regularly using a maximum overdraft facility or at worst, making employees redundant," Paul explained.

"The latest R3 figures state that fewer than a quarter of businesses are showing a combination of those factors and that each one of those indicators is at the lowest level since they started issuing these figures.

"The statistics obviously give reason for optimism among business owners but even though the economy is apparently improving, we are still seeing companies in distress.

"Looking at it from another perspective, what it actually means is that almost a quarter of businesses are still struggling and needing help and that means that as you walk along the average high street, every fourth business you walk past is facing problems."

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

Paul added, however, that there were still steps companies could take to avoid a crisis, even if they were showing all the indicators of business distress.

"The key to emerging from a crisis is always to seek advice as soon as possible," he said.

"If you are experiencing only one of the R3 distress indicators, that is the time to start talking, before the problem multiplies.

"And by seeking expert guidance there is every good chance that you will emerge unscathed and better prepared to meet the challenges of the future."

Moorhead Savage website

Images: Moorhead Savage

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