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The manufacturing sector has seen lots of change over the years, from reduced waste to a focus on smoother and more efficient manufacturing processes. Despite these positive changes, in the current climate a lot of owners of UK manufacturing firms are finding trading tough and the number of company insolvencies within the industry is rising.

Many manufacturing firms are struggling to remain solvent due to ongoing financial problems, and the entire industry is now at risk of shrinking as a result of Brexit. Textiles, clothing and footwear sectors of the industry are going to see the largest decline. The industry is forecasting low future growth, so many owners are likely to be forced to close or scale-down their companies.

The problems in the manufacturing sector

A lot of manufacturing companies are struggling for a number of reasons, many of which are beyond their full control, including:

Late payments

from customers wanting to hold onto their cash for longer. This is causing many companies to have significant cash flow problems.

Minimum wage changes

are causing many firms to lose profits due to having to absorb higher wage costs. Many owners are now hiring fewer staff to keep payroll at the same level, resulting in further problems and increased workloads.

The emergence of new markets

is leading to a dramatic increase in supply and demand for resources and raw materials. This is driving down prices and many manufacturers are now feeling the effects on their bottom line.

These reasons, combined with instability following the Brexit referendum and supply chain instability, are causing a lot of manufacturers to have serious financial and cash flow problems. If this sounds like your current situation, the sooner you deal with the problem the better.

Manufacturing insolvency specialists

As Licensed  Insolvency Practitioners, Clarke Bell have years of experience helping manufacturing companies deal with their cash flow problems and, where necessary, insolvency.

We understand that there are many reasons why you may be looking to close down your company – from wanting to start up a brand new business to want to do something totally different.

Whatever your reasons, we will help you to decide what is best for you, whilst making sure your legal obligations to your creditors are fulfilled.

That’s why we can help you by offering you free advice. And, if appoint us, our fees are very affordable.

One solution that might be appropriate for your situation is for your company to enter into a Creditors’ Voluntary Liquidation (CVL).

How can you benefit from a CVL?

A CVL is a relatively low cost and quick solution to formally closing down your company (i.e. putting it into liquidation). It also means that:

  • All business debts will be dealt with correctly.
  • You’ll have a fresh start to explore other business options.
  • Your legal obligations will be met.
  • You will get instant relief from creditors.
  • Control will be put back into your hands.

With Clarke Bell, the cost of the CVL starts from just £1,995 (including VAT and the required disbursements).

We’re here to help manufacturers

Seeking professional help is essential when a company’s financial situation becomes critical, and that’s where we come in.

At Clarke Bell, our extensive knowledge of the manufacturing industry, means we’ll offer you expert advice on the best course of action when it comes to closing down your company.

If we believe a CVL isn’t the best option for you, we can help you to find a suitable alternative. Whatever your situation, we can help you.

For your free expert advice 0161 907 404

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