4200 companies in the City are struggling according to the Begbies Traynor Red Flag Alert. While it appears that large financial institutions are in better health, it is the smaller businesses that are feeling the pressure. The research has shown that cleaners and office equipment suppliers are amongst those in difficulty.
It doesn't matter if you are a big or small company there are options available that can help you. The most important thing is doing nothing or denying there is a problem is not going to help. If your business stopped trading tomorrow and was not able to pay off all its debts that are currently due then it is technically insolvent.
If legal action such as a winding up petition is threatened then you must act. Please take a look at a case study on how we saved a London business.
The City is an essential driver of growth and much needed tax revenues so the government must support it.