The manufacturing sector is an extremely complex one. In the current period where economies around the world are faltering, it is not surprising that a lot of owners of UK manufacturing firms are forecasting low growth and feeling bleak about the future.
Some manufacturing company owners are in the situation where they are no longer able to pay all their bills.
If this sounds like your situation, you need to get specialist, professional advice now. The sooner you deal with the problems the better it will be for you.
What are the causes of the problems for manufacturing owners?
There are many things that could be causing cashflow problems for your business, such as:
- the harsh economic climate
- customers paying late
- disrupted supply chains
- reduced access to necessary raw materials
- increased competition from other nations with lower labour costs
- increases in the Minimum Wage
- ‘automatic enrolment’ (where all employers will, by law, have to provide their workers with a workplace pension scheme).
Specialist advice to sort out your problems
At Clarke Bell we can give you the specialist insolvency advice you need if your manufacturing company is having cashflow problems and can’t afford to pay its bills.
We will discuss your situation and take an objective look at your business to determine the right option for you. There are a number of things you might want to do now:
- give yourself some ‘breathing space’ with your creditors (i.e. the people you owe money to)
- close your ‘problem manufacturing company’ and start a new one with “ReStart funding” – having learnt from your experiences
- close your manufacturing company – so that you can concentrate on something else.
We will help you to decide what is best for you, whilst also fulfilling your legal obligations to all your creditors.
Contact us now (0161 907 4044 or [email protected]) for your FREE ADVICE.
A case study…
Our client was a small manufacturing firm. It ran into problems due to the recession, but its problems were made worse when its bank reduced its overdraft facility.
Click here to read the full case study.