Our client has specialised in making jewellery ranges for the fashion industry for 45 years. They design and manufacture of bespoke jewellery ranges for premium UK fashion brands.
Originally, they approached us 12 years ago when they were experiencing a major creditor problem. We quickly responded and after due consideration of all the options with the directors, we were engaged to structure a Company Voluntary Arrangement (“CVA”) to relieve and resolve the creditor pressures. The CVA was successfully completed some 9 years ago, some 2 years ahead of the schedule.
We continued to keep in touch with the client over the intervening years, supporting them and advising where appropriate, including introducing a finance company to support the growing business.
However, in March 2024, the business faced a new challenge, when one of their key customers fell into administration and we were engaged to support them and advise on the optimum way forward. Alongside the directors, we had negotiations with key creditors, as well as the bank and finance companies and the landlord. After due consideration of the options, we advised that a CVA would enable the company to stabilise finances allowing time to introduce new clients and rebuild the business.
BYC assisted with the drafting of the CVA proposal and introduced a licensed insolvency practitioner to review the proposal and as the Nominee.
In August 2024, the creditors of the Company unanimously approved the proposal, including the support of all the key creditors, with the finance companies and banks continuing their support without any additional restrictions.
We are always happy to help existing clients and are glad that we were able to provide a positive solution, reducing the stress this company was experiencing.
Our client comments: “We have known the B Y Consulting team for nearly 15 years. They take the time to really get to know the business and the people within it to ensure they offer the best advice possible depending on the business needs.”
Our colleague Michael comments: “The directors of this well-established and sound business have always addressed any issue head-on, even where the problems are significant. This means solutions can be reached which will provides a platform to rebuild. All too often we see clients when the issues have been mounting for months which limits the options we can recommend.”
