For the last few years we have been working very closely with a professional firm in the construction industry which had many challenges coming together at once including a profits collapse, the discovery of a huge shortfall on a defined benefits pension scheme and several partners retiring in quick succession. Another firm of accountants had recommended a partnership voluntary arrangement.
We helped to guide the firm through the tax and accounting hurdles arising on the pension scheme and helped to come up with solutions for minimising the impact of the shortfall working closely with other professionals. We also guided the firm in re-engineering their business, helping them to focus on trading out of their predicament and finding more profitable work. We also advised them on streamlining their network of offices and group of subsidiary companies and on reducing costs.
The firm is now highly profitable and all its challenges are under control.
