Covid-19 Help For Scottish Business Owners2020-12-30T20:22:40+00:00

Covid-19 Help For Scottish Business Owners

Need to chat?

Contact us for FREE advice

CONTACT US

Find information below to help you make informed decisions about your Scottish business. Helpful articles, current Scottish legislation, links to local councils & Government support finder tools.

Covid-19 Help

Hospitality

  • A new way of operating is needed and most businesses are developing plans for dealing with social distancing, post lockdown.
  • But if your business had debt coming into Covid 19, how can the new operating model support that debt going forward?  Will it break even?
  • One thing looks likely, cover capacity / occupancy will be down; can your business support a significantly reduced cover / occupation model – rent/staff numbers/other fixed costs?  If so, for how long?
  • Restructuring the business may be a way of getting this mix right, with the ability to bounce back once conditions allow.
  • We have now had furlough and bounce back loans, if continued survival means more of your own money coming into the business, you should at least consider the restructure option.
  • Preserving free funds now and using these for a restructure could be the right plan versus supporting full costs/debt/staff in the hope of an uncertain recovery
  • If your business is a sole trader or a partnership (not a Limited Company) – you could consolidate all of your business and personal debt into an interest free repayment plan over 10 years, supported by the Scottish government.

Construction

  • As sites return the true fallout from Covid 19 will be revealed as contractors/sub contractors understand the new landscape.
  • Main contractors typically run tight margins and the lockdown will have rendered most sites/contracts that were live pre Covid-19, unprofitable.
  • How a main contractor exits these positions will depend on end-client variations, contract rescheduling, wider financial pressure (and possible insolvency) and sub contractor management.
  • With the inevitable pass the parcel scenario as sites open up, if one contractor decides to restructure, this will have a knock on impact across the supply chain
  • Its important to have a plan B prepared so you can react quickly.
  • If your business is a sole trader or a partnership (not a Limited Company) – you could consolidate all of your business and personal debt into an interest free repayment plan over 10 years, supported by the Scottish government.
CONTACT US

SCOTTISH GOVERNMENT PHASED UNLOCKING

Phase 1

READ MORE

Phase 2

READ MORE

Phase 3

READ MORE

Phase 4

READ MORE

Council Rates Relief Finder

Rates Finder

UK Gov. Support Finder Tool

SUPPORT FINDER

We’re keen to hear from you – get in touch with us on LinkedInFacebook or Twitter or chat directly with one of our support agents via WhatsApp.

Photos © Local Business Rescue

CONTACT US

OUR SOLUTIONS

Voluntary Arrangement

READ MORE

Administration

READ MORE

Receivership

READ MORE

Members Voluntary Liquidation

READ MORE

Creditors Voluntary Liquidation

READ MORE

Compulsory Liquidation (winding up)

READ MORE
Local Business Rescue logo

LOCAL BUSINESS RESCUE

We are a Scottish company who specialise in providing information and support to small and medium businesses throughout Scotland. We believe that your business is best served by a company that understands the local markets and has in depth knowledge of business recovery solutions and liquidation options.

TELEPHONE

0141 291 5040

BOOK PHONE APPOINTMENT

7 Days 9am – 9pm

OFFICE HOURS

Mon – Fri 9am – 5pm

TELEPHONE

0141 291 5040

BOOK PHONE APPOINTMENT

7 Days 9am – 9pm

OFFICE HOURS

Mon – Fri 9am – 5pm

Go to Top