Cases

A North Wales based family operation that at the time of referral had had all further lending frozen and was awaiting a Grant Thornton report to the Bank, prior to being referred to Special Situations. Not waiting for the Grant Thornton report, which we disagreed with in any event, Global Advisory Group set about raising cash quickly to both reduce creditors and provide working capital. Having successfully disposed of one park, plus two cottages and an unwanted piece of land, matters were stabilized and funds released to complete the development of a luxury lodge park and a High end holiday cottage.

The company is now trading profitably, all creditors have been paid and negotiations are under way to expand into a fifth park. All current bank loans are now being reduced annually and the group will be debt free in a maximum of fifteen years.

The above company has not been named, due to client confidentiality.

More are more recent cases from our portfolio of clients that shows the depth and impacy that we can offer with immeadiate effect:

Property Portfolios:

1 Property development company - complex inter-company guarantees/debentures:
Bank secured debt approx. £4.7m
Company struggling to pay mortgages and properties in negative equity

Bank agreed write-down to £2.3m
Total write-off = £2.4m
New lender sourced for re-finance
Company debentures agreed to be waived by new lender on re-finance
Potential IRSA claims ongoing

2 Landlord -several residential/commercial properties:
Bank owed £4.9m
Company struggling to pay mortgages and properties in negative equity

Bank agreed write-down to £3.35m
Total write-off = £1.55m
New lender sourced for re-finance

3 Personal Client:
Personal Guarantees to Bank of £630k

Debt reduced to £95k
Payable over 10 years
All interest frozen

4 Personal Client - secured debts on personal home – in severe negative equity:
Client in very poor health
Personal Guarantees from failed company
Total debts to bank approx £2m
Unsecured debts in excess of £200k

Bank recovery action stopped
Prevented client’s personal bankruptcy (and loss of marital home to Bank)
Referred IRSA claim to our preferred solicitors – initial direct redress agreed at over £365k
Potential further consequential loss claim yet to be quantified
Remaining IRSA monies for possible IVA to prevent bankruptcy (and to provide funds to purchase a new home for client and his wife) – still ongoing

Gobal Advisory Group on Business Turnaround:

1 Pharmacy Group – secured debts and directors’ personal guarantees:
Bank Debt approx £2.1m
Bank , and raft of previous advisors,  pushing company into Administration
Bank expecting to appoint the Administrators in Mid-December 2013

One ‘phone call to the right person at the Bank stopped all recovery action
Advised the directors to terminate contracts with all of their previous advisor's
Working with a newly-appointed external accountant
Met with the company’s major suppliers to agree new terms
Instead of breaching their overdraft facility by a forecast £170,000 over the Christmas period, the company remained well within the facility
Looking to attack the bank’s dealings to provide a way out for the company and directors - ongoing

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Global Advisory Group are specialists in Business Turnaround
2nd Floor, Victoria House, Victoria Road
Hale
Cheshire
WA15 9AF
United Kingdom
+44 (0)161-928-3403
 

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