The Corporate Finance Network’s SME Tracker survey, compiled in association with ACCA, was discussed in City AM today as CEO Helen Brand reviewed the past 12 months.
Titled “Tracking the pandemic’s impacts on small business” the article runs through the year, reviewing the key challenges and concerns raised by accountants.
Small to Medium Sized Enterprises (SMEs) in hard hit sectors are increasingly starting to move to close down their businesses, according to a survey from ACCA UK (the Association of Chartered Certified Accountants) and The Corporate Finance Network (CFN) which has polled its accounting firm members.
The SME Tracker revealed that in February two accountancy practices reported that 20-25% of their SME clients had already liquidated or wound up,
After a year where most businesses will have depleted their cashflow reserves, the government-backed loan schemes became a necessary route for many management teams, as they sought to strengthen their companies and put new working capital facilities in place to allow them to fund their recovery.
The latest newsletter from The Corporate Finance Network highlights some member firms’
Knill James, a member of The Corporate Finance Network, based in Lewes, East Sussex, has advised an Executive Recruitment firm on a Management Buy-Out.
The Knill James corporate finance team was asked for assistance when the management team of an Executive Recruitment firm wanted advice regarding a buy-out of shares from the existing owners.
Albert Goodman, a member of The Corporate Finance Network based in South West England with six offices, has advised the owners of a loss-making Medical Devices business on its company sale during the COVID pandemic.
The Albert Goodman team, led by Director of Corporate Finance, Neil Hutchings was approached by his client before the pandemic when they decided to consider options for selling their business.
The latest survey of UK accountants representing approximately 6,000 SME clients shows 28 per cent of them will probably not have enough funding for the next six months and expect to be unable to access the necessary funds for future trading. A further 24 per cent still do not know if existing funding will be sufficient.
MAP, a provider of corporate finance and accountancy services based in Manchester has advised nine businesses in the creative and technology sectors to raise £1.6m in CBILS loans, with an average value of £175k per loan.
Paul Barnes, Managing Director at MAP took the initiative to contact multiple clients after a thorough analysis of their existing cashflow and their debt showed that better payment terms were available under the CBILS.
Whiting & Partners, The Corporate Finance Network’s representative firm in Suffolk, has successfully advised a Recycling & Skip Hire business on raising £250k.
Whiting & Partners took the initiative to highlight to their client that they would be able to refinance their existing loans and hire purchase agreements by accessing cheaper finance available to them in the market.
Kay Johnson Gee LLP (KJG), a member of The Corporate Finance Network based in Manchester has advised the owner of a regional multimedia business on a successful fundraise.
The KJG team, led by Corporate Finance Partner Steven Lindsay, was approached by his client when they decided to consider growth options for their business including raising capital to fund future growth initiatives.
LEES, a member of The Corporate Finance Network with offices in Norwich, London and Hampshire has advised a Print Hire business on a successful fundraise following the Coronavirus outbreak.
The LEES corporate finance team were asked for assistance following the disruption caused by the COVID pandemic. The business,
