The owners of WSD have been involved in web site design and associated services for many years. They had a previous business, which had failed for reasons mainly beyond their control. As a result their current business was set up with insufficient working capital from day one. This led to the inevitable problems and a worsening cash flow situation, despite a good order book and a solid customer base.

With no additional security available, their bank was unable to provide additional working capital, indeed it had started to apply pressure for the company to reduce the size of its overdraft. Having failed to raise the necessary capital through other “traditional” methods, liquidation looked to be inevitable until, through a local business finance consultancy, they were introduced to Peter Douglas, MD of Business Finance Services Ltd, & a Beer & Young Associate.

Following consultations with Business Finance Services, it was agreed that any incoming investor would want to put funds into a new vehicle rather than simply repay historic debt. As a result, through the Beer & Young association, a pre-packaged administration was put in place whilst at the same time locating suitable investors for the re-structured business.

The transition has now been completed and in the words of the MD - “The assistance of Beer & Young’s Associate has been invaluable.  It can be a very tough experience seeking external investment, but Peter has been with us every step of the way, providing good advice, as well as being an experienced and helpful sounding board.

There’s no doubt that, even in this market environment, BFS and Beer & Young Ltd make a powerful combination. Not only are we now properly financed but we’ve got new supporters and skills on board that will help our business now and into the future.”

 
Thus what looked to be a hopeless case has been turned around into a success story where everyone has benefited, including the introducer who has earned a fee and gained a very satisfied client.