As the saying goes, “cash is king” and there is little that frustrates business owners more than being unpaid following the satisfactory completion of a job.
BTG Advisory are experts in getting your business this money back. This will improve your cash flow and may mean you do not need to take out additional and unnecessary funding to improve your working capital.
The pricing structure is highly competitive and is contingent on the percentage of money recovered. Please speak to one of BTG’s national advisers who can explain how they can assist you.
Below are examples of assignments undertaken by the BTG Advisory team.
Manufacturing
BTG Advisory was approached to review a £1.3m debtor ledger for a local manufacturing company. The company needed assistance with creditors and the debts due needed to be verified.
The team worked with the company to assess the full sales ledger and collate daily and weekly invoice information required for the company funder to allow payments to be released. They could then complete the ongoing works and help with the transfer to a potential new funder.
The process faced some obstacles due to lack of information and structure within the company, which hindered the understanding of projects. There were also issues concerning invoices not being raised correctly and large unreferenced credit notes appearing. Despite these challenges, the funder was repaid in full and a new funding line for the company was sourced.
Food
BTG Advisory undertook a review of a £90k debt ledger for a food manufacturer who was entering into Administration.
Our team visited the site and provided a full potential recovery position. However, as the invoices were funded, they requested that a third party undertake collection of the ledger. After a period of months, BTG Advisory received information concerning the collection of the ledger showing that only a minimal number of receipts had been realised. They liaised with the Insolvency Practitioner to confirm whether further receipts could be realised and after communication with the funder, the remaining ledger was reassigned to BTG Advisory for collection.
A total of £22k was realised, of which £11k was passed back to the funder thus reducing their balance of funds due and assisting the personal guarantee position for the directors involved.
The bank were extremely pleased with the collections, commenting that if BTG Advisory’s specialists had taken on collection of the ledger from the appointment date they would have received more funds and in a shorter time.
Transport
BTG Advisory was asked to collect in a £52k funded ledger. A visit was arranged to site for a review of the ledger and collect all relevant debtor documents. An administration was imminent; therefore, our team would need to understand the ledger in detail.
After a two-month period, they had collected £56k of invoices, which was over and above the total ledger. This was due to older credit balances and unallocated payments reducing the amount shown as due and masking the true position. This assisted the funder in clearing all the debt due plus charges and produced a surplus for creditors.
The funders and the IP were completely satisfied with the works undertaken and the result this had achieved for all parties involved.
For further information, or to arrange a free initial meeting to discuss requirements, please contact Andrew Grundy at agrundy@btgadvisory or Richard House at rhouse@btgadvisory.com.
Photo by rupixen.com on Unsplash