Some of the businesses we have helped
Oil and Gas Utility company
Financialhelpscotland met with our directors and brainstormed all our financial data giving their immediate recommendations at each stage. They gave us the confidence and script to follow in negotiating with our suppliers and landlord. This helped us put in place a restructured plan and with the benefit of a government back loan we have been able to trade on despite the restrictions of Covid 19. Previously we thought we were facing closure and liquidation and we are so glad we made contact with FHS.
Night Security Agent
I was threatened with bankruptcy and didn’t know where to turn. I thought I would lose my business and my home. With the help from FHS a full and final settlement was achieved and I am continuing my work and staying in the same family home.
Debt from former Legal practice
I was previously a partner in practice and being pursued for debt that was not settled by the partnership. FHS helped me negotiate a settlement and removed all the worry. I am free to carry on with my job and life unhindered.
Hairdressing and Beauty Salon
I had decided to cease trade as my lease had come to an end and I no longer had the energy to continue as a business owner. Running the business as a limited company I had no idea how to bring it to a close. The FHS team have been great in helping me close down and wind up the company. It has all been so straightforward with their support.
Coffee Shop and Restaurant
My partner became bankrupt and I was left running the business myself. The partnership had business debts I didn’t know existed. FHS helped me sort out the finances and reach agreements with suppliers. I was able to put a plan in place to keep trading and run the business as a sole trader operation.
HMRC debt had built up over quite a time and we had fallen behind with our paperwork. We were made bankrupt and faced the closure of the hotel. The FHS team helped us put in place a plan to continue the hotel trade and market the business for sale as a going concern. We received a bit of interest but as we are in a remote area would take time to reach a sale. Our younger family were interested in keeping the business going and with FHS help we put in plan a place and the business was sold to our daughter with the lender agreeing revised payment terms to meet the premises term loan.
Multiple Location Restaurants
Our company started off with one restaurant which some of the family worked in. Very quickly it was a roaring success and we expanded with another two restaurants in neigbouring locations. We employed more staff and followed a similar business plan to our first model. Unfortunately our skill was stretched across the locations and business performance was slipping. Our initial start up costs for the additional locations were significant and the repayments high. Then Covid came along. Suddenly we were forced to close. We had no way of meeting our commitments.
FHS talked through the various options available to us and helped us decide which locations to concentrate on and reopen under restricted conditions. We also renegotiated terms on our commitments and know it will be a long haul to get back to where we were. FHS have been a great help in making suggestions helping us with our new plans.
The Road Traffic requirements were getting tougher and the costs to maintain our fleet higher. We needed to have enough reserve in place to satisfy the commissioner and we were worried about our defaults on tax and some suppliers. The team at FHS were amazing – they assessed our business, saw where some of our problems arose and helped us restructure. Now we have a viable model moving forward without the constant fear that we will be closed down.
We were worried that a claim against our company could cause its demise if it came our way. We knew of other businesses that had suffered and we didn’t wish to put our 120 strong workforce at risk. We discussed our concerns with FHS and they made various recommendations which would protect the assets and trade. With FHS And our legal agent support we now have a more robust structure in place and are no longer exposed.
Our rent was increasing and we had no means to meet the commitment. Online trading was impacting on our business hugely and we didn’t know how we could carry on. We had a great business but it needed change. FHS helped us put in place the change required including the Administration of the core business. We have since set up separate limited companies with different trading models and strategies more related to the current market.
Renewables Service Provider
Changes in government subsidies eradicated our future order book over night and we couldn’t trade with the same business model. FHS helped us wind down the company operation maximising the funds for everyone and we were able to diversify into a related service employing most of the original company staff.
Our business has been in the family for decades and grown with three divisions across Scotland. As well as manufacture we decided to take on site installation work with large corporates. We struggled to maintain our site personnel for any length of time and the works were taking longer to complete. Margins were being eroded and our core business impacted. FHS helped us put in place a new operation with the liquidation of the core business removing the site divisions and the overhead commitments thereon. We were able to return to our family core manufacture business and build upon our skilled expertise free of its difficulties.
Our business is owned 50/50 by myself and my son. When I split from my wife I faced acrimonious divorce proceedings. All of my assets including my shares in the company formed part of the divorce proceedings. My shares were valued by my ex wife’s agent at a value way above what I believed was right and which I couldn’t afford. The company had no means to pay the value to me and the business would be severely impacted if I couldn’t continue as a director.
The FHS team helped with a site visit and report which established a more realistic going concern value of the business. This was successfully used in the divorce proceedings and a workable settlement reached. The business is continuing without any adverse impact.