Burnbecks are a firm of Chartered Certified Accountants based in Greenwich and run by Paul Buck and Sean Brennan they offer a full range of accountancy, audit and taxation services to SMEs and individuals.
The firms ethos is to develop long standing relationships with their clients, some of whom have been represented for over 15 years.
Q How do you know Bailey Ahmad?
I got to know Paul and Tom through a mutual friend, Tony Connor, who is now part of the team at Bailey Ahmad. What struck me was their expertise, enthusiasm and determination to find solutions to whatever issue was presented to them. We would only ever recommend our clients to a trusted and professional firm of corporate recovery specialists, of which Bailey Ahmad is top of our list.
Q Can you give an example of a scenario where you called upon Bailey Ahmads assistance?
I was recently approached by a client in the fashion industry who, like so many in the retail sector, was experiencing a severe downturn in trade as result of rising property rents and low cost imports flooding the market.
The directors, two true South Londoners, originally started operating from a market stall and ended up trading from units in three major shopping centres in the South East.
Q What did the client hope to achieve?
They are the type of businessmen who have worked all of their lives and have known most of their suppliers for the duration. This made them very uneasy about the thought of, in their words, knocking the suppliers. Also at their respective ages they had no desire or sufficient money to continue operating the business in the harsh trading environment they found themselves in.
The directors realised that they had a responsibility to the suppliers and therefore sought an initial consultation with Bailey Ahmad to discuss the best way forward and explain the options available to them.
Q What was Bailey Ahmads assessment of the situation?
Paul Bailey of Bailey Ahmad reviewed all of the available information and advised that under the circumstances the only viable option was to close and liquidate all three companies to avoid a worsening of the position.
Q What were the clients first impressions of Bailey Ahmad?
The directors immediately related and responded to Pauls advice, which was to place the companies into Creditors Voluntary Liquidation. Whilst the right decision, given the time, money and effort invested by the directors, it was an extremely hard decision for them to take.
We are still in contact with the directors and know that they are both a lot less stressed and have started to enjoy retirement, in no small part thanks to Bailey Ahmads sound advice.
Q Was there any aspect of the service that particularly impressed?
The directors were taken out of their comfort zone by these events as they had only been used to long term business success; however the continued support of Bailey Ahmad carried them through the process.
Its the welcome mix of Bailey Ahmad’s friendly and professional approach that ensures that our clients can move forward from difficult challenges.
Get in touch with Burnbecks
Tel: 020 8293 6006
To find out more about other companies that we have helped, take a look at our testimonials page.