LOCAL NEWS & iMPACTS ON BUSINESSES: SUPPORT FOR floodED BUSINESSES

MORE FLOODING...MORE DEVASTATION FOR BUSINESSES
​& SUPPORT FOR FLOODED BUSINESSES

Flooding across Derbyshire continues, and with more rain is forecast the outcome of further damage and prolonged disruption to businesses being inevitable. Albeit many businesses have already been hit hard in recent days after deluge of a months rain in 24 hours

THE DAMAGE CAUSED
The level of flooding and damage caused over the past week has been unprecedented, with many people and businesses not experiencing flood levels this high for 40-50 years. In addition with flood plans working in some areas, with the use of flood gates etc, the problem has moved to others that have not previously experienced such flooding. The videos and images circulating across the news are leaving many people shocked, but the reality for those affected is much tougher.

Video above: Upwards of £250,000 of damage is estimated to have been caused at Browns' site just off the A52, in Chequers Road, Derby

THE UNSEEN DAMAGE

​The physical damage is obvious to most, but the damage and knock effects are far more wide reaching.The impact on moral, to deal with the clean up when further flooding is expected, the loss of stock, but also the potential loss of records and data used within businesses, the loss of trade; not only for those businesses directly effected but the knock-on effect to those in the surrounding areas due to less footfall, and the impact on cash flow from both reduced income and increased unforeseen costs.

​SUPPORT FOR BUSINESSES

​SUPPORT FROM THE EAST MIDLANDS CHAMBER

Businesses in Derbyshire which have - and continue to be - affected by recent flooding are being offered long-term support to help them get back on their feet again.

It is offering affected firms directly affected by flooding free chamber membership for a year. Those taking advantage of the complimentary membership will enjoy the same benefits available to paid-up standard members, including legal advice.

​SUPPORT FROM THE COUNCIL

Derbyshire County Council has made £100,000 available to help residents and businesses affected by the recent flooding.

The county council has set up the Derbyshire Floods Hardship Fund for Residents and the Derbyshire Floods Business Hardship Fund.

Residents who were evacuated or whose homes flooded will be eligible to apply for a one-off payment of £104.

Small or micro businesses whose premises were flooded will be eligible to apply for an emergency payment of £300 to help them cope with immediate, short-term loss of income.

To apply for either the residents fund or business fund people can ring the county council’s contact centre Call Derbyshire on 01629 533190.
Call centre staff will be available between 9.30am and 4pm tomorrow (Saturday 9 November) to take information and payments will be made to those who are eligible from 10am on Monday.

SUPPORT FROM lm iNSOLVENCY

IMMEDIATE CASH FLOW ADVICE

Whether affected directly or indirectly by the recent flooding, most businesses will see an impact on cash flow. Our Chartered Accountant and Licensed Insolvency Practitioner can help you manage your immediate cash flow problems to overcome any pressures, whether its simply managing and prioritising payments, or negotiating terms with creditors, banks and other funders. We can assist as much or as little as you need. We provide advice so you do not breach your fiduciary duties as a director in these difficult times.
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MEDIUM TERM FORECASTING AND CASH FLOW MANAGEMENT

Often there is not a quick fix, and whilst you may fix the immediate problems or pressures that the business faces, there can be knock on effects that are longer lasting. In these circumstances, we can provide support for a longer period of time, whether as a sounding board at monthly meetings or more involved providing support with cash flow forecasting and funding.
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LONG TERM SUPPORT IF UNABLE TO OVERCOME CASH FLOW PROBLEMS

Whether now, or in the future, if you are unable to overcome the cash flow pressures as a result of the knock on effects (and possibly other pressures) but wish to continue trading, we can provide support to help turn around your business, helping you identify and implement a number cost savings and performance improvements. 
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Formal procedures can also be adopted such as Company Voluntary Arrangements to formally allow time to pay creditors, and in many cases writing an element of debt off (subject to circumstances).
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If you are struggling, ensure you seek professional advice and know all you options. We provide a FREE CONSULTATION with a Chartered Accountant and Licensed Insolvency Practitioner in order for you to understand the options available to you.
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OTHER OPTIONS IF ITS ALL TOO DEVASTATING TO DEAL WITH

Often through difficult times, business owners reach the stage where enough is enough, (due to stress, impact on health and personal finances) and wish to exit their business.
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This is a personal choice, and you should do what is best for you and your creditors, and their is no shame in taking such action, it can be the best option sometimes.
You should however ensure you are professional advised by a Licensed Insolvency Practitioner, to ensure you do not breach your fiduciary duties and so that you know all the options and the implications of each.

We provide a FREE CONSULTATION with a Chartered Accountant and Licensed Insolvency Practitioner in order for you to understand the options available to you.
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Our thoughts are with all those effected, and we wish you all the best.

Contact LM Insolvency & Advisory on 07972928153 or email lucinda@lminsolvency.co.uk to arrange a free consultation or to discuss any of the above.