A solvency review for domiciliary care provider

BTG Advisory was appointed by the lender to conduct a solvency review for a domiciliary care provider. The business provided over 600 care staff to vulnerable adults so it was, therefore, a sensitive matter. 

Prior to any formal appointment, BTG Advisory identified accounting issues and a need to refinance, as additional working capital was required given the growth the company was experiencing. Our specialist team recommended a new accountant and sought offers for refinance, primarily invoice finance facilities; however, this was complicated by accruing HMRC liabilities. 

Following the support and advice provided by BTG Advisory, the business has stabilised and they have obtained new local authority contracts and bank support. 

More recently, BTG Advisory was further engaged to conduct an independent business review and look at debt restructuring, engagement with HMRC and consideration of other viable options.