Sales of £1m
This company distributed showers and bathroom furniture to small retailers and plumbers across the Midlands. The MD had worked for one of the household name suppliers and left to form his own company. As is common in the UK fast growth was not underpinned by enough capital. Then the company lost a big supplier and they pressed for early repayment of a long standing debt.
We built a CVA with around £300,000 of tax and unsecured creditors money and restructured it over 5 years. The owners remortgaged their home to provide £50,000 of new capital to support the recovery as cashflow was still tight after the CVA was approved.
Despite the directors worrying about the creditors meeting no one showed up at all.
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