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Fortus Recovery - Two months in...
27 April 2021
It’s been two months since our Recovery team joined the Fortus family. In that time, we’ve had the Spring Budget announcements, unveiling the UK’s £63 billion ‘road to recovery.’ Our Business Development Manager (BDM), Coran Stubbington’s also helped to organise a brilliant charity wine tasting and bingo night, and a few of us shared advice we’d give to our younger selves as part of International Women’s Day.
Our Insolvency Practitioners have shared opinion pieces on the extended support and the common questions which are front of mind for business owners right now: What happens if trade never returns to what it was pre-Covid? and When’s the right time to speak to Fortus Recovery?
We can’t deny there was a bit of an ‘eye roll’ with news of additional loans being made available to businesses which are already struggling. Through no fault of their own, they took out a Bounce Back Loan or CBILs, believing trade and income would return to normal at the end of the first lockdown.
Should these businesses be taking on more debt? Well, that’s the key question we want to help business owners to answer.
We’re here to help business owners explore their options – much like visiting your GP. You share details of your symptoms, and the doctor offers a diagnosis and potential solutions. In essence, that’s what our team does. We advise businesses on their options to recover from financial issues. We don’t immediately jump to a ‘terminal’ diagnosis. If a business is insolvent with no chance to recover, it’s very likely they’ve already been served a ‘Winding Up’ notice and really, that’s the only conclusion.
Matt Hoy and Coran are currently on a virtual ‘roadshow’ of the local offices, explaining in a bit more detail how Fortus Recovery can help the business owners you work with or know of. Our industry’s highly regulated, so the type of work we can do for Fortus clients is different to what we can do when representing a business in an insolvency process.