We don’t aim to capitalise on the current Coronavirus crisis but we are seeing growth in enquiries from retail & shop owners.
The UK & Irish governments have released funding and loans for retailers to avoid business closure and loss of jobs during the Coronavirus crisis. Whilst this help is welcome the reality is financial help such as the Coronavirus Business Interruption Loan Scheme (CBILS), furloughing employees and even the deferment of tax & VAT will one day have to be paid back. And that means pressure on retailers and cashflow further down the line.
Banks have also created loan schemes, prompted by government, such as the future fund and bounce-back loans to help retailers through the coronavirus crisis. But as with every loan, there will be risk involved and the potential to overstretch is there – especially if personal guarantee exposure is a feature of your overall business set-up.
As independent debt advisors we realise that coronavirus is a unique event that was unforeseen when you set up your shop or store. That said, loans and business help follow a familiar pattern and we have identified pressure points in the retail industry that could leave the owners of these businesses under severe financial stress.
Some of the financial pressures will be immediate. But most will occur later in the year and the pressure of snow-balling into heavy debt leading to personal asset exposure for many. Inevitably, personal finances and assets will be under extreme pressure and SME owners, even those seeking self-employment and small limited company help need to understand the help and advice will change the longer this crisis goes on.
All business owners across the United Kingdom & Ireland now face the prospect of losing everything they worked hard for because of the Coronavirus pandemic. We understand this is a worrying and uncertain time for you, that’s why we’re here to alleviate your financial issues. Our expert team will provide you with the best advice on Coronavirus business debt help and guidance on how you can manage issues such as Cash Flow, HMRC Debts, FRI Leases and debt with trade creditors.
‘As we always say, know the worst and then achieve the best from there’
If you face this type of issue talk to us now and call today for a free consultation.
Alternatively, submit the request a callback form and one of our advisors will be in contact as soon as possible.