New Restructuring and Insolvency Hub in the Midlands
The Midlands arm of a rapidly-expanding accountancy practice has appointed two senior directors to launch a new restructuring and insolvency service in the region.
The service advises on survival and recovery strategies for businesses that are operating in difficult trading conditions.
The duo will be based in Baldwins’ Birmingham Jewellery Quarter office and will offer the service from Nottingham down to Devon.
Since Baldwins started offering the service in the North East after acquiring Rowlands in April 2016 and the North West after acquiring CLB Coopers in November 2016, more than 90 businesses have accessed the service in these regions.
The success of the department has led to its expansion in the Midlands as Baldwins looks to roll the service across the UK.
Richard joins Baldwins with nearly 20 years of insolvency experience having worked for PKF and regional accountancy firm Smith Cooper. Ian joins from BDO – who merged with PFKF in 2013 – and arrives with more than 30 years of insolvency experience.
Richard said: “While the number of insolvency cases are at a healthy level, a lot of business owners, particularly SMEs, are busy firefighting the needs of today so helping them to look at the wider picture in what is an uncertain business climate is a key part of our service.
“The uncertainty of Brexit and the recent general election leaves a lot of SMEs in a quandary of whether they should look to grow by using finance or staying as they are. It’s about helping firms through these uncertain times or if they’re already in financial trouble to give them the advice that they need.
“We always look to try and give struggling businesses plenty of options to restructure so they can recover. This might be re-financing with their existing lenders or ability to access new money or seeking restructuring a time frame to re-pay debts.
“In the event a company does have to go through the insolvency process we will help the owners and shareholders through this properly, and assess if there is any growth potential in certain areas of their business which they can use to their trading advantage in the future.
“The sooner businesses alert us to any concerns, the more creative we can be.”
John Baldwin, founder of Baldwins and director at their Walsall headquarters, and has overseen the firm’s expansion to 43 offices around the UK.
He added: “Joining forces with accountancy practices has allowed us to expand our services for our clients – one of which is restructuring and insolvency.
“Long-term financial planning is key for a business of any size. Richard and Ian have 50 years of experience in this field between them, making them ideally suited to safeguarding the futures of businesses.”