The term 'turnaround' covers a multitude of situations. The definition used by Now Financial Advisory is based around a restructuring of finances, rather than a formal insolvency process or the implementation of other management disciplines.

As this is mainly a director-led initiative, it first needs the key players in the business to recognise that there is a problem. Telltale signs might be an increased tension with the bank, escalating HMRC debt or increasing pressure from suppliers. These can be massive, draining distractions upon the business and importantly, the people who run it.

Member of the Turnaround Management Association (TMA), Now Financial Advisory are able to assess the viability of a re-financing programme. We can rapidly take stock of the situation, agree objectives with you and develop a strategy to stabilise the business's immediate cash position, setting foundations that will enable it to flourish in the future.

This process is well illustrated in the following case study:

A change of accountants had forced a fresh look at a struggling company's fortunes. While the bank was supportive, the overdraft facility was continually breached; creditors were increasing along with the HMRC debt, while the relationship with the invoice finance provider had broken down.

The accountants contacted Now Financial Advisory and within 5 working days a re-financing of some existing equipment was completed. This enabled the existing financial outgoings to be halved, the overdraft to be paid off completely and the most persistent of the suppliers and enough of the HMRC debt to enable a deal to be agreed for the remainder. The invoice financier was replaced, enabling a fresh start and an immediate improvement in cash flow for the business.

To find out more about how we can help you turnaround your business fortunes, call us today on 0870 950 3828 or email info@nowfinancialadvisory.co.uk