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