Steven Mugglestone

The more I learn, the less I know

Archive for the ‘Funding’ Category

Bank lending for businesses – January Sale Ends Soon!

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Contact us to help with this offer, before they fly off the shelves

We have been contacted by a leading high street, commercial and corporate bank with information about the special lending fund that they currently offer for new lending to SME businesses.

The first tranche of this became available in November and December 2012 and that was fully (and quickly) taken up.  There is now a second tranche for growing SME business in need of finance, available until 31 March 2013 and we are sure that it will be of interest.

Headline Discount

The headline details are that that it is a 1% margin discount for 5 years (although the loan may be for a longer term).  The loan must be a minimum of £250k.  There are no catches, the standard fees and other conditions apply, but the loan must be drawn by the end of March 2013 and therefore this needs to be discussed with potential businesses sooner rather than later.

Headline Rates

As an example, for context, we have been provided with a few possible rates.  These rates reflect low risk (profitable and well secured) but are genuinely achievable:

  • A Manufacturing business borrowing £0.5m over 15 years – a rate of 1% over base would apply rising to 2% over base after 5 years.
  • A Haulage business, a rate of 1.56% over base would apply (1.26% if the loan was for just 5 years) rising by 1% after 5 years.
  • A Real Estate is a little more expensive, but a Property investment loan on a relatively low (loan to value) LTV could attract a rate as low as 2.4% over Base for a 15 year loan, rising to 3.4% if not repaid after 5 years.

We know that many banks state that they are open for business, but few appear to back that up with real new lending.  We know that the bank team that we are dealing with has increased its lending balances by 10% in 2012 and their Commercial Division (sub £15m Turnover) lending was up 4%, when the industry is generally perceived to be down by 4%.

This is achieved with a leading bank which does have exceptional Relationship Management support, as well as many other factors to help growing businesses.

Contact us for help

Please do contact us to help any SME in the Midlands regions with this.  For now, however, we just wanted to get these eye catching rates in front of you before they “fly off the shelf”.

Steven Mugglestone BA FCA
FD Services

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enquiries@mgch.co.uk

www.mgchayles.co.uk

Leicester                 0116 233 8500
Nottingham           0115 941 5193
Birmingham          0121 236 3317

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Written by Steven Mugglestone

January 8, 2013 at 9:43 am

75% of Accountants Do Not Claim Enough Tax Relief On Behalf Of Their Clients ..… And R&D Tax Credits Is One Such Area

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75% of Accountants Do Not Claim Enough Tax Relief On Behalf Of Their Clients
..… And R&D Tax Credits Is One Such Area

This statistic is quite remarkable, but is being quoted around at the moment.  Rightly or wrongly, it does highlight that many accountants, whatever the percentage is, do not claim all the relevant tax reliefs that are available for their clients.  One such tax relief is R&D tax credit and this is a relief that could result in an actual refund of cash from HMRC, which in the current climate is very welcome.

In essence, Research and Development (R&D) Relief is a Corporation Tax relief that may reduce your company or organisation’s tax bill by more than your actual expenditure on allowable R&D costs.

Alternatively, if your company or organisation is small or medium-sized, you may be able to choose to receive a tax credit instead, by way of a cash sum paid by HM Revenue & Customs (HMRC), but your company or organisation can only claim R&D Relief if it is liable for Corporation Tax. Full details are available on the BIS site below and we have highlighted some of the key points in this article:

http://www.bis.gov.uk/policies/innovation/business-support/rd-tax-credits

The key headline to bear in mind is that you may be able to claim an additional 100% of your costs against your tax and potentially receive a cash refund from HMRC.  Given the statistic above, there are clearly many businesses which do not claim this and so are missing out on potential substantial cash refunds.

Many companies are claiming R&D tax credits successfully, but despite the substantial financial benefits available, many others also do not realise that they have eligible projects or worry that the claim process is too onerous and costly or, most commonly, include the R&D claim as part of their broader tax and accounting affairs without a rigorous effort to optimise its scope.  Businesses need to take advice and consider what they do as they often miss the fact that they are already incurring R&D costs for commercial activities but do not include them as such and so miss out on the relief.

Not only is the tax legislation associated with the scheme a specialised area in its own right, it is unique in that a successful claim is based on its scientific or technological merits, meaning that the claim process cannot be fully handled by tax personnel alone and we certainly work with specialist in this area to assist and our clients with the relevant claims.

Qualifying criteria

  • Attempting to achieve an advance in science
  • Resolution of a scientific uncertainty
  • Technological advances
  • New knowledge – not just for their company

Typical R&D opportunity sectors (but not exhaustive)

  • Companies developing new products
  • Digital marketing – database software development
  • Games companies / Electronics / Instrumentation
  • Food manufacturers
  • Medical devices manufacturers
  • Technology industries e.g. aerospace
  • SMEs with a reasonable number of employees
  • Software – security, performance, packages together to make a system
  • Software development

So the question really, in respect of R&D Tax Relief – is your company claiming it’s full entitlement?

·         Do you employ scientists, engineers, software developers or technicians?

·         Have you developed a new or appreciably improved product or process?

·         Have you developed software in-house?

·         Are you a Small or Medium-sized Enterprise (SME) that has subcontracted out any of the above?

If the answer to any of these questions is ‘yes’, and you are a UK Corporation Tax payer then you could be eligible to claim R&D tax relief.

The benefit can be a cash credit to your business that is worth as much as 25% of your company’s expenditure on Research and Development. In short, if you employ only four engineers or software developers performing eligible  work at £25,000 each, under the UK R&D Tax Credit scheme you could be entitled to a cheque from HMRC for £25,000 each year.

We have been Finance Directors within business and involved in similar claims from the other side of the desk and we carry out this type of review for our clients on a regular basis to ensure that we understand what they are doing and picking up where eligible R&D is being carried out to ensure that the appropriate claims may be made and where we can, cash refunds obtained on behalf of our clients.  We are always endeavouring to ensure that we are firmly in the 25% of accountants that do claim all relevant tax reliefs for their current and future clients.

Steven Mugglestone BA FCA,
Finance Director Services
McGregors Corporate, Entrepreneurial Chartered Accountants and Business Advisers
…….Really good for your business

McGregors Corporate are a Member of Probiz Tax, providing Innovative Tax Solutions to Owner Managed Businesses.

http://uk.linkedin.com/in/stevenmugglestonefca/
http://twitter.com/McGsCorporate
http://www.youtube.com/watch?v=nhC0wlglePE
http://www.mcgregorscorporate.co.uk/

T: 0845 519 5659                T: 0121 236 3317
steven@mcgregorsbirmingham.co.uk

Connect, call, talk, email, contact us, send a messenger pigeon and arrange a discussion, review and free meeting.

Written by Steven Mugglestone

November 30, 2011 at 1:16 pm

SME Businesses Should Act Now To Secure This Major New Grant Funding Before It Is Too Late

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The New RGF Grant Scheme with Bank Lending

The government has announced details of the new Regional Growth Fund Grant Scheme which seeks to provide businesses with a grant amounting to 20% of the funding needed for a project, with the two major banks, RBS (including Lombard Lease Finance) and HSBC providing the remainder as lending.

Full details of £95m of the government’s banking RGF assistance can be found on the BIS site at: http://lnkd.in/8R4wJV

The Regional Growth Fund (RGF) scheme is a £1.4bn fund operating across England from 2011 to 2014.  It is administered by the Department of Business Innovation and Skills:  http://www.bis.gov.uk/

Given the discussions that we are having with banks and that the total grant fund has been capped at £95million, we believe that small and medium sized businesses should act now and secure this major new grant funding initiative before it runs out.

The Fund objective is to stimulate private sector investment by providing support for projects that offer significant potential for long term economic growth and the creation of additional sustainable private sector jobs – especially in areas which are currently dependent on the public sector.

RBS Group has secured £70m and HSBC has secured £25m of RGF to distribute to eligible customers.  This is open to customers acquiring eligible assets via a NatWest/RBS/HSBC loan and also through Lombard on a lease purchase (hire purchase) agreement.

The scheme is designed to support the purchase of assets by providing a supplementary deposit contribution – this will take the form of a grant.

  • The minimum amount of RGF that can be applied for is £5,000
  • The maximum amount is £500,000 per customer group (i.e. including any group companies)
  • The RGF element cannot exceed 20% of eligible costs
  • This minimum amount to be funded after customer deposit and RGF is £25,001.

As the RGF element is a grant, no repayment is required unless the customer breaches any of the RGF criteria.

We are advising our current and future clients to contact us now to discuss how they can benefit from this valuable business initiative.

Steven Mugglestone BA FCA,
Finance Director Services
McGregors Corporate, Entrepreneurial Chartered Accountants and Business Advisers
…….Really good for your business

McGregors Corporate are a Member of Probiz Tax, providing Innovative Tax Solutions to Owner Managed Businesses.

http://uk.linkedin.com/in/stevenmugglestonefca/
http://twitter.com/McGsCorporate
http://www.youtube.com/watch?v=nhC0wlglePE
http://www.mcgregorscorporate.co.uk/

T: 0845 519 5659                T: 0121 236 3317
steven@mcgregorsbirmingham.co.uk

Connect, call, talk, email, contact us, send a messenger pigeon and arrange a discussion, review and free meeting.

Written by Steven Mugglestone

November 17, 2011 at 9:45 am

You Have Nothing to Fear but Fear Itself

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You Have Nothing to Fear but Fear Itself

“The only thing we have to fear, is fear itself!”  (To be precise and the actual famous statement)

These are very famous words, spoken by Franklin D Roosevelt at his inaugural presidential speech and talking about the US depression and the prospect of turning the economy around.   This is looking as relevant today as it was when the words were said back in the 1930s. To succeed and change, to build a business or an economy, to be a successful entrepreneur, we need to be fearless and we need to look to build success.  Successful entrepreneurs, the Steve Jobs’ (he seemed not to even fear death), the Sir Richard Bransons’, The Lord Sugars’ did not fear the task at hand.

Yet fear itself sells; fear underpins many sales strategies; fear is the bedrock of many legal, accountancy and other professional service business sales training.  I was part of a large brand accountancy business and I was trained to sell fear.

How do we sell fear?

It is relatively easy.  Identify and find an issue or problem or something that a person loses sleep at night about.  Discuss this further and make it worse, take the issue to its most extreme conclusion, anything, the lack of growth, lack of cash, no pension, no will, a large tax bill or undeclared income.  Ensure that we can all see and understand what “could” be the result of the continuation of this situation; fines, court action, bankruptcy, failure or even death.  Make them feel really bad about something that they have created themselves.  Then, after a short period of time…… offer the solution, the solution that you knew all along.  Add on to that, the famous approaches of “you can’t do that,” “ that, sounds wrong, you need ours,” “really need to stick with this, use ours, everything else is too small, too big, too risky, wrong, etc, etc.”  Fear sells by the bucket load.

I have never at all agreed with this as a sales strategy, it has never sat well with my own positive outlook on life and the wish for my own success, my business success and success for my clients businesses and any business that I am associated with.  We, as a business, do not adopt this approach, we wish to promote, ensure and share in the success of our clients and we want to do everything we can to help promote and ensure that success.  Yes, we acknowledge problems and pitfalls and look to plan for those, but underpinning this is a positive approach rather than the negative one of fear.

As well as selling fear, we sometimes see fear as a solution to our behaviour ……

Have you heard about the man who owned a parrot ……… that swore like a sailor? This parrot was so terrible, it could swear for five minutes straight without repeating itself. One day the man finally got tired of this parrot’s horrible speech, and decided to do something about it.

He grabbed the parrot by the throat, shook it really hard, and yelled, “QUIT IT!” every time the parrot said something ungodly. But this just made the parrot mad, and it swore more than ever. Next, the man tried locking the bird in a kitchen cabinet. This really aggravated the parrot, and it clawed and scratched furiously until the man finally let him out (upon which the bird released it’s fury in a torrent of language so horrible it could never be repeated).

At that point, the man was so frustrated that he threw the parrot into the freezer. For the first few seconds the parrot made a terrible amount of noise in protest to this treatment, kicking, clawing, and thrashing about. But after a few moments it suddenly went very quiet. As the silence grew longer the man started to think that the parrot may be hurt. After a couple more minutes of silence, he became so worried that he opened up the freezer door. The parrot calmly climbed onto the man’s outstretched arm and said, “Awfully sorry about the trouble I gave you. I’ll do my best to improve my vocabulary from now on.”

Of course, the man was astounded. He could not understand the transformation that had come over his unruly parrot. Then the parrot asked, “By the way, what did the chicken do?”

Growth, the solution

Easy to say, and what do accountants know about this anyway.  Well some accountants think that they do, because they offer an associated marketing support system, but this really is only part of it.

Growth Strategy

Marketing and sales support is vital, and we have access to material and support, together with the creative expertise to help most businesses in this area, but that is really only part of the solution and a business needs to assess what it has to offer and what is its business strategy well before engage the creative juices.

Form our own business background and from working within businesses at board level, we ensure that our clients are equipped to grow their business successfully, and as our strategy we will also look to include this as a formal product and service area of our own.

Start with the sales strategy

This is addressed by identifying, promoting and assisting with the following:

  • An understanding of leadership with the vision and missions of the business, in order to effectively lead growth
  • An understand of the business theory (McKinsey) to effectively lead and evaluate growth
  • An understand of the key aspects of organic growth, the market, the business proposition, the people, the tools and the systems and processes, together with appropriate funding
  • An understanding of the key skills of account management, key client management and how to retain and expand existing relationships and value
  • An understanding of key marketing techniques and how to win new work and new clients and how to lead a sales strategy
  • An full understanding of how to create and fully utilise a business plan to set the agenda for a business and to use that plan as a road map and driver for success
  • After all of this we can then look at the creative marketing, sales and support services available through our associates to promote and accelerate this area

Build on to this, skills and approach of the Finance Director

I have touched up this before in detail as a former Finance Director, who will look to set areas for improvement covering support, operational and strategic areas and will look to structure the improvements in these areas, to be able to drive the business, with an article called “How an FD Drives a Business when sometimes Accountants are just catching up,” on http://wp.me/pQyUg-j.

The key points to this, in my opinion can be seen as funding, operational improvements and controlled delegation.

Funding is vital to any business, but the funding needs to be appropriate to the business and for appropriate uses.  One key area that we see time and time again is a business losing control of their working capital and short term cash flow.  This is in essence the life blood of any business.  We always ensure that our client consider and implement appropriate strategies for the control of working capital, be it stock, purchases, creditors, taxation and cash flow.  A key tool is a 13 week rolling cash flow, which seeks to ensure that a business has a full understanding of the peeks and troughs of cash requirements to ensure that it is able to deal with this area.  Another key positive outcome of this tool is that for many businesses, it also allows the business to look to channel cash to appropriate growth areas and growth strategies in the shorter term.

Without including another chapter, then there is the external funding and the growth by acquisition or sale, the banks, the grants, the business angels and the private equity investors.  As being part of a number of organisations supporting these areas in the midlands, as well as helping fund new start-up businesses, buying and selling private SME businesses and floating and managing public company share issues, as both finance directors and as advisers, we have access and a little bit of expertise in this area as well.

Operational improvements can be assisted with both key performance indicators, KPIS and benchmarking with other businesses.  This allows an understanding of what are the key areas of business performance that have the most significant impact on its success.  Benchmarking is not about either complacency or fear and worry that your business is either doing any better or worse than others, it is an understanding that if your performance ranks as low compare to many similar businesses operating within your industry, then it points to something that you doing wrong and helps to start to correct that performance.

Aligned to this is controlled delegation or internal controls.  These are not considered for the sake of it.  Controlled delegation is about identifying the skills and attributes of a business team and allowing individuals with the most appropriate skills to work in areas most suited for those skills, whilst doing this under a documented structure and system that everyone understands.  An example of this is a business that engaged a new part time finance director, adopting the same approach to business that we encourage and utilise.  That finance director looked at some numbers and KPIs etc and this included monthly sales patterns.  The patterns showed two months of good sales and one month of poor sales and this was consistent for quite a long period of time.  When looked into and queries further, the reason was that the main owner/director, who was also the key person for sales, re-wrote the company catalogue every three months and so was not engages in selling.  A relatively simple solution, with appropriate controls and checking ensure that another member of staff was engaged in this role and the business increased sales by 20% in the following year and profits and cash accordingly.

Add on appropriate tax planning support and additional cash

As a business grows and becomes more complex, bigger and with more profits, so can the complexity of its tax planning and more complicated and expensive areas are available to support that business and its owners.

There are, however, still simple and legal ways to ensure that new and growing businesses do not give away profits or incur large tax bills.  We work with our clients to ensure that these areas are all considered and adopted accordingly.  Without going into detail, these are few:

  • Consider the need to incorporate at an early stage or the valuable tax breaks later if you choose not to,
  • The use of unincorporated businesses, such as partnerships and limited liability partnerships to grow a new area of a business, a new market, a new product a new geographical area etc, to share in the tax breaks of incorporation of these areas at a later stage,
  • A review of tax breaks available including the still over looked capital allowances within properties, as well as a business costs of research and development where even more tax incentives are available, including tax credits against other tax areas
  • The use of pensions such as SIPPS, SSAS and ORBS to increase wealth, lower a tax charge, finance and acquire properties and even provide cash for the business to utilised to grow further.

Our own view is that businesses need to be fearless to be successful and we embrace that approach.  We as a business always aim to be positive to ensure that our clients succeed and grow, which we adopt for ourselves.  This does not mean that we do not plan for the problems, the downsides, the tax issues, the cash shortages, the plan Bs, the risk registers.  It is just that share in our clients’ vision to want to aim for the stars.  I really like the saying that if you aim for the moon and miss, you will at least end up in the stars, and that it the philosophy that we encourage and promote.

Going forward, our own business is in its own way looking to help ensure that businesses can grow in the midlands region.  In the new-year we are aiming to create cost effective business groups in the Birmingham, Nottingham and Leicester area to share in the skills that we have touched upon in this article as well as introducing even more cost effective monthly accounting support to smaller businesses by use of new cloud technologies, after recently introducing our 33% reduction in audit and accounts costs to established businesses.

As Roosevelt famously said himself and we are embracing, “The only thing we have to fear, is fear itself!”

Steven Mugglestone BA FCA,
Finance Director Services
McGregors Corporate, Entrepreneurial Chartered Accountants and Business Advisers
…….Really good for your business

McGregors Corporate are a Member of Probiz Tax, providing Innovative Tax Solutions to Owner Managed Businesses.

http://uk.linkedin.com/in/stevenmugglestonefca/
http://twitter.com/McGsCorporate
http://www.youtube.com/watch?v=nhC0wlglePE
http://www.mcgregorscorporate.co.uk/

T: 0845 519 5659                T: 0121 236 3317
steven@mcgregorsbirmingham.co.uk

Connect, call, talk, email, contact us, send a messenger pigeon and arrange a discussion, review and free meeting.

Written by Steven Mugglestone

November 9, 2011 at 1:54 pm

When sources of finance remain tight, consider the power of the ORBS

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When sources of finance remain tight, consider the power of the ORBS

It is fair to say that business remains tough for all and we are still are not seeing a glimmer of light at the end of the tunnel that is this current recession, down-turn, economic slow-down or whatever you wish to call it.  In fact it is difficult to see where and how the UK economy will re-build itself and return to significant growth.

Having many years ago studied Economics as a degree, I returned to some research on the economy and found only the following.  “The Economy is so bad that . . .

  • I got a pre-declined credit card in the mail.
  • I ordered a burger at McDonald’s and the person behind the counter asked, “Can you afford fries with that?”
  • Chief Executives are now playing miniature golf.
  • If the bank bounces your cheque or direct debit because of “Insufficient Funds,” you can call them and ask if they meant you or them.

It is no doubt that things remain challenging.  From our experience, the availability of cash and funding remains to be tight and businesses looking to either start up new areas or expand are still find sourcing finance as a real challenge with lenders and investors remaining extremely cautious.  Many businesses cannot find either longer term investment or working capital to build or re-build their businesses.

As a principal in a firm of Chartered Accountants and Business Advisers and working closely with FSA regulated colleagues and associates, one area, however, that we have seen to be proving as a possible solution is through the power of the ORBS, or an Occupational Retirement Benefit Scheme.

ORBS, what are they or what is it?
ORBS is basically a pension scheme that has been designed to provide shareholding directors of a company with the maximum amount of flexibility in their pension planning at the same time generating tax incentives either for the company or the individual and still providing valuable pension benefits for retirement.

Current UK legislation
The UK Government has recently introduced changes to current pension legislation, which has important consequences, in particular for entrepreneurs.

As of April 2011, the maximum contribution that may be made either corporately or personally is £50,000, but with the option to carry back up to 3 tax years.  This means that up to £200,000 could be contributed to a pension plan for each director, all of which should be deductible against corporation tax in the 2011/12 tax year (Corporation tax currently at 29.75%).  As from April 2012 it has also been announced that the maximum an individual can hold in pension funds is £1.5m.

So why consider ORBS for a pension?
In the past, most company directors and entrepreneurs have used either Self Invested Personal Pensions (SIPP) or a Small Self-Administered Scheme (SSAS) for their pension contributions.  Both of these structures, however, are restrictive.

A key restriction is in terms of re-investing back into either their own or a new business venture.  As a consequence, any pension contributions tend to be small as often company cash flow does not permit larger contributions as capital is effectively tied up.

ORBS help to resolve this problem in a number of unique ways, which allows for the larger contributions without necessarily affecting cash flow, while providing an effective low risk tax planning strategy.  We have found that many entrepreneurs and businesses are using and considering using ORBS to help provide the necessary cash for their business to help them with both longer term investment and working capital requirements.

A real help is the use of existing pensions in your business
The ORBS is a fully registered scheme with HMRC.  This means that ORBS can receive transfers from existing pension schemes that may be held.  These monies can then be used within the structure, to help the business grow or help with business acquisition and even commercial property purchase.  The ORBS pension structure has been designed to provide maximum flexibility whilst still adhering to current pension rules.

The ability to deal with business disposal and retirement
All of the funds in the ORBS belong to the members and will have been allocated according to members direction.  All members are free to make their own investment decisions and take retirement benefits when they wish to do so, subject of course to the minimum retirement age of 55 in the UK.

Tax incentives and cash on retirement
A member can access up to 25% of their fund, held through ORBS as tax free cash, whilst also providing access to, “income drawdown” or “scheme pension facility” to provide maximum flexibility for retirement planning.

We are now seeing the use of ORBS in many businesses and we are seeing that they are providing crucial funds to really help businesses expand and invest.  We work with FSA regulated and ORBS specialists providing real solutions to our clients in these most challenging times.

Maybe ORBS will provide the light or at least the spark at the end of the tunnel after all.

In summary the key features for ORBS are:
•    They are fully registered pension with HMRC
•    They are a highly flexible business planning opportunity
•    They provide tax relief on contributions
•    They accept transfers from existing pension plans
•    They provide total flexibility in retirement

Steven Mugglestone BA FCA,
McGregors Corporate, Entrepreneurial Chartered Accountants and Business Advisers
…….Really good for your business

McGregors Corporate are a Member of Probiz Tax, providing Innovative Tax Solutions to Owner Managed Businesses.

http://uk.linkedin.com/in/stevenmugglestonefca/
http://twitter.com/McGsCorporate
http://www.youtube.com/watch?v=nhC0wlglePE
http://www.mcgregorscorporate.co.uk/contact-us.html
http://www.mcgregorscorporate.co.uk/

T: 0845 519 5659
T: 0121 236 3317

steven@mcgregorsbirmingham.co.uk

Connect, call, talk, email, contact us, send a messenger pigeon and arrange a discussion, review and free meeting.

Written by Steven Mugglestone

August 30, 2011 at 9:35 am

Birmingham Chamber of Commerce Business Finance Surgery returns 6th September 2011

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Birmingham Chamber of Commerce Group in partnership with
NatWest and McGregor’s Corporate Chartered Accountants

Monthly Finance Surgery – Access the finance and advice you need for your business
.

Next Dates
: Tuesday 6th September 2011
Time: 9.00am – 3.00pm
Location: Birmingham Chamber of Commerce, 75 Harborne Road, Birmingham, B15 3DH

The Birmingham Chamber of Commerce Group in partnership with NatWest Commercial Bank and
McGregors Corporate Chartered Accountants is offering SMEs the opportunity to ‘ask the experts’ on a one to one bases about their business finance and funding needs.   Individual appointments are available for a one to one review and discussion with both a commercial and corporate bank funder and commercial chartered accountant/finance director.

Bank funding:
• Choosing the most appropriate funding solution for your business.
• The importance of having a clear rationale for the funding you need.
• Support regarding how a bank approaches the assessment of your funding application

Alternative methods of finance: 

  • How to work with your accountant to explore funding and growth options.
• What to expect from your appointed accountant
• How to get the most from venture capital and small private equity investment.
• How to improve your finance function and how your accountants can be your finance director

This is the opportunity for you to access free consultations and funding reviews and to question the experts on issues affecting your business.   If you are an SME business with T/O above £1m and you would like to register your interest for this event please contact:

Rachel Flanagan
T:         0121 607 1836 

E:        
r.flanagan@birmingham-chamber.com 

Steven Mugglestone BA FCA
www.mcgregorscorporate.co.uk

McGregors Corporate, Entrepreneurial Chartered Accountants and Business Advisers
…….Really good for your business

McGregors Corporate are a Member of Probiz Tax, providing Innovative Tax Solutions to Owner Managed Businesses.

http://uk.linkedin.com/in/stevenmugglestonefca/
http://twitter.com/McGsCorporate
http://www.youtube.com/watch?v=nhC0wlglePE
http://www.mcgregorscorporate.co.uk/

T: 0845 519 5659
T: 0121 236 3317

steven@mcgregorsbirmingham.co.uk

Connect, call, talk, email, contact us, send a messenger pigeon and arrange a discussion, review and free meeting.

Woods Coaches MBO and McGregors Corporate

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Woods Coaches and McGregors Corporate

McGregors Corporate, Steven and Damien have helped me through the successful management buy-out of Woods Coaches right from the initial ideas and offer to Mr Wood himself, through to the recent completion and throughout they have ensured that the whole process has been carried out as smoothly and as efficiently as possible.

They have kept me informed throughout, explaining the whole process and reasons for what they do, helping me with the best structures and finance as well as ensuring that the attention to detail has been second to none.

The deal to me is absolutely huge as I have made the massive step from being a Managing Director employee to owning the business and I have been thoroughly impressed by the understanding that they have shown and the time and trouble they have taken to fully understand my business and the unique position that we have been in.

At a time when bank lending is minimal and difficult to obtain, they have managed to help me transact a deal that also struck the right compromise with myself as the buyer, Mr Wood as the seller as well as a funder.  I could not have done this without them.

I am relishing and looking forward to the challenge of ensuring Woods Coaches continue to be even more successful and I am also looking forward to working with McGregors as partners in my business and our future success. 

I have no doubt in helping promote them and would recommend them to any owner managed business.

Kevin Brown
Managing Director and Owner, Woods Coaches – Leicester
www.woodscoaches.com
0116 2786374

Steven Mugglestone BA FCA, Director, McGregors Corporate,
Entrepreneurial Chartered Accountants and Business Advisers
…….Really good for your business

McGregors Corporate are a member of Probiz Tax, providing Innovative Tax Solutions to Owner Managed Businesses.

http://uk.linkedin.com/in/stevenmugglestonefca/
http://twitter.com/McGsCorporate
http://www.youtube.com/watch?v=nhC0wlglePE
http://www.mcgregorscorporate.co.uk/contact-us.html
http://www.mcgregorscorporate.co.uk/

T: 0845 519 5659
T: 0121 236 3317

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Written by Steven Mugglestone

June 3, 2011 at 7:35 am