Given the Great British climate, it is not surprising that a company that provides artificial surfaces which enable play for 365 days a year for sports such as football, hockey and rugby, would be a success.
Fieldtech Limited - based near Stockport, Cheshire - was established in February 2000 in recognition of the potential demand for artificial sports surfaces and it has grown from strength to strength ever since.
However, even some of the biggest and most successful businesses can have cash-flow problems; needing help from the experts to get them through difficult periods from time to time - and this was certainly the case for Fieldtech.
Contractual difficulties are one of the many problems attributed to the demise of businesses, and because some of their tendered work took almost two years to reach fruition due to local authority bureaucracy, Fieldtech inevitably encountered a cash-flow crisis. The company found itself legally bound by the quotations given in their original tenders, despite the considerable rise in costs incurred during the intervening years.
Despite this, the contracts were binding and the works duly began, but the discrepancy between the incurred costs and the revenue was ever widening and before long Fieldtech found itself in a potentially incurable situation. It was at this point that they sought professional help.
Mike Tittershill, the Managing Director of Fieldtech Limited spoke with his accountants who in turn referred him to Clarke Bell, a Manchester-based company who specialise in 'redirecting' and restructuring businesses.
"After I explained our situation to Clarke Bell, they immediately advised me that the best solution would be to put Fieldtech Limited into Administration," said Mike.
"I could then re-purchase the company name along with the stock and with my existing employees create a new company, thus enabling us to leave behind all the unprofitable contracts which were causing us problems."
John Bell, the senior partner at Clarke Bell, commented:
"It is so frustrating for a company when it has lots of profitable customers and a really great business, but is being dragged down by a number of hugely unprofitable contracts which it cannot get out of.
"We were delighted to be able to help Mike because it would have been tragic if they had gone bust - for their customers, suppliers and employees."
As a result of Clarke Bell's involvement in his company, Mike is now running his thriving local firm with a multimillion pound turnover; undertaking new projects across the UK and Europe as well as NOMOW Limited, his second company which provides artificial grass for international schools, councils and the domestic market.....
