Economic times have been hard recently for independently owned garage filling stations, with increased costs and squeezed margins putting constant pressure on profitability and cash flow.

Darleys of Fleetwood in Lancashire ran such a business, incorporating forecourt sales with specialist Land Rover repair services. Extra financial problems arose for them when a major local hypermarket set up in competition.

Eventually it became clear that the business would have to close, but for owners Graham and Caroline Darley the major concern was to settle their business debts without personal assets being threatened.

Fortunately, they were able to find expert help to guide them through the financial maze when they turned to Manchester Chartered Accountants and Insolvency Practitioners Clarke Bell.

Clarke Bell advised an Individual Voluntary Arrangement, whereby negotiations were conducted with creditors to allow staged payment of debts while assets were realised. The freehold site of the garage was sold, thereby releasing funds to satisfy creditors, and the arrangement was carried through to a conclusion.

"We were very grateful to find Clarke Bell and to have the benefit of their experience," said partner Caroline Darley.

"They advised us fully and kept in touch constantly to make sure that everything was taken care of. It was a difficult time but they helped us through it."

"We try to avoid the trauma and financial disadvantages of liquidation proceedings wherever possible in cases like these," commented John Bell, Senior Partner at Clarke Bell. "Our experience in negotiating with creditors helped us to keep control of the business and gain maximum time to resolve the situation as satisfactorily as possible."

John Bell is pictured handing over an IVA Completion Certificate to Caroline Darley at Clarke Bell's Manchester Office.