Ludgate steer vehicle repair firm in right direction

April 5, 2011 - PRLog -- Independent vehicle repairers VW Hicks and Sons, based in Curriers Close, Coventry, has been trading since 1970 but the tough economic climate resulted in a bumpy ride with many twists and turns for the firm which employs 25 people.
With the business facing the threat of insolvency, owners Vic and Rose Hicks decided to call in business finance experts Ludgate Finance to help steer the business in the right direction.
The organisation, which has offices in Coventry and Birmingham, was introduced to the vehicle company’s owners through a mutual contact at Lloyds TSB.
Ludgate then set about targeting cash flow issues, liaising with lenders, creditors and HM Revenue and Customs as well as agreeing time to pay arrangements where appropriate.
Richard Mason, director at Ludgate Finance, said: “By contacting us when they did we were able to turn the business around and return it to being a profit-making organisation.
“Sometimes asking for help can be seen as a weakness, but we could not disagree more.
“By having the strength of character to seek our guidance the owners have been able to preserve the jobs of their workforce and continue the family legacy.”
Ludgate helped the company refinance assets which enable directors to inject cash into business and secure loans to clear creditor issues. They also helped the business with key aspects of trading performance with focus on producing timely accounts, key performance indicators and maximising funding opportunities.
The firm is now looking at addressing medium term issues and making further improvements within the business.
Rose Hicks, from VW Hicks, said: “Without Ludgate’s help, the future was bleak and the performance of the business was affected by lack of cash and a never ending list of people wanting money.
“We now have a much stronger business and are seeing new work coming through the door.”
ENDS

Media enquiries:
Simon Gilbert
Advent Communications
2 Edison Building
Electric Wharf
Sandy Lane
Coventry CV1 4JA
Tel: 024 7663 3636
http://www.advent-communications.co.uk

# # #

Advent Communications is a well-established public relations consultancy based in Coventry.

In ten years it has built a reputation as a practical provider of news driven PR to a range of industry sectors.