A stark insight into the life of a hospitality business

Published: 14/07/2021 By Andrew Bailey

We are often contacted by many business owners in the hospitality industry desperately seeking insolvency advice. The majority of these businesses tell us that they are experiencing:
 
  •  Rent arrears despite discounts from landlords
  •  Accrued HMRC debt
  •  Government Covid loan with little likelihood of repayment
  •  No credit from suppliers
  •  Accrued debt with utility companies and debt collection underway
  •  Severe shortage of staff in the sector
  •  Ineffective business interruption cover
  •  Business propped up by money from owners
  •  Personal guarantees for the owners on certain debts
  •  Turnover remains low with absence of local office workers

Business owners are totally exhausted and tell us they are seriously worried what the future holds.  

This is not a nice place to be for these business owners, but they have made the first difficult step in contacting us. With the combined insolvency knowledge and expertise at turpin barker armstrong we will work with them to find a solution.

All solutions are tailored to you and your business. See our services on Company Restructuring

As always we offer any initial conversation or meeting completely free of charge, we will simply explain all the different options to you and then its up to you to decide which route you want to take.

Call us on 020 8661 7878 or email insolvency@turpinba.co.uk