Following its launch in June this year, the Midlands operation of Vantis Business Recovery Services (BRS) a division of Vantis, the AIM listed UK accounting, tax and business advisory group, is due to double in size before Christmas. The firm currently employs 10 staff across its Birmingham and Leicester offices, but due to a surge in demand for its services is on a recruitment drive to bolster its team.
Commenting on the reasons for the quick growth of the regional operation, Client Partner Beverley Marsh says: “The economy is moving at such a pace, that businesses are finding themselves caught out by circumstances beyond their control. Economic uncertainty tends to result in delayed buying-decisions and increasingly late payments, which means for every supplier the first thing to suffer is cash flow.”
The commercial landscape in the Midlands is characterised by family and entrepreneurial businesses with a turnover of between £1m - £30m. “It is these types of business that tend to suffer first when working capital gets tight,” continues Marsh. “As a result we’ve seen a significant rise in the number of requests for advice, which is actually a good thing. No company is immune to the current state of the economy, but those that seek advice early on have a far better chance of survival.”
The firm also operates a team dedicated to finding suitable lending opportunities for banks and alternative funders, led by Client Partner Peter Raybould. He comments: “Despite the doom and gloom rhetoric, there are still banks and alternative funders willing to lend; their biggest challenge is finding the right companies to lend to. Given our regular exposure to businesses in need of re-financing, it makes sense for me to work closely with Beverley’s team and independently, to help drive business for the lenders. The fact that we have a dedicated resource solely committed to this is quite rare for a recovery practice.”
Both Marsh and Raybould have worked in the region for the majority of their careers, having previously been with BDO Stoy Hayward in Birmingham. Raybould was also with Barclays for 14 years. Marsh concludes: “Because Peter and I have worked in the Midlands business community for some time, we are fortunate enough to be in a position where people are approaching us to join our team. This is ideal, as we are already building a highly skilled team that combines professionalism and experience with an empathetic approach, which is crucial in corporate recovery.”
For more information, please contact us using the online form below.