I was recommended to meet the MD of this company by his solicitor. Despite his best efforts to save the business after 30 years of trading he was finding it harder and harder to make a profit. It had sales of about £2 million per year.
The company had been going for a long time but had made losses in the last five years. The company’s bankers were really starting to put the directors under pressure and had started to reduce the overdraft facility in stages.
The company had been trading for many years but had got into PAYE and VAT difficulty and owed over £250,000 which was accumulating with interest and penalties.
This was a limited company operating in Poole that had been incorporated by the directors three years ago although it had been trading as a successful partnership for many years.
The company had accumulated assets as it was a co-operative buying group but had stopped trading in the last three years. The company was based in Evesham.
This was a print and design business that had started in the early 1980’s in Exeter and had grown successfully as it embraced new technology such as having the first colour scanner in the area.
This company had got into difficultly after a management buyout in late 2013. The board of directors’ knew that the previous owner, who was owed money from the sale, was interested in buying the business back to try and recoup some of his losses.
The company had started in Poole, Dorset and built up to a reasonable level opening a second site in the North of England. Although they kept gaining more and more websites to maintain they were not profitable because of high salaries.
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