ACCOUNTANCY and business restructuring practice Gildernew & Co says it is increasingly seeing early signs of financial distress in many businesses across the north.
The red flag issue was highlighted at the first in a series of business restructuring seminars, where experts from Gildernew – which has offices in Dungannon and Belfast – shared their advice and experiences with fellow professionals from across counties Tyrone, Armagh, Fermanagh and Monaghan.
More than 60 accountancy, legal and banking professionals attended the business events in Omagh and Dungannon.
Speaking at the first seminar in Omagh, the practice’s founder and managing partner Gerard Gildernew said: “This has been a particularly challenging year for many businesses, navigating fluctuating interest rates, soaring energy prices and supply chain problems.
“Adding to this, skills shortages, and wage inflation, therefore we are now starting to see businesses in real financial distress across many sectors.”
He added: “The vast majority of our insolvency work never hits the headlines.
“We work through debt issues with business owners and individuals day in, day out and where we are engaged over time, we very often find a work-out solution which allows us to exit the business and allow the business owners to get on with their lives.”
Established in Dungannon in 2016, Gildernew & Co (www.gildernewandco.com) specialises in delivering accountancy, tax, and business solutions to a broad client base.
Gary Bonner, who leads the firm’s restructuring & insolvency team and who heads the firm’s new Belfast office, shared details of options available to businesses facing financial pressure, as well as the red flags to watch out for, which indicate distress.
He said: “Clients rely hugely on their professional accountancy and legal partners. They need support from their funders now, more than ever. We work with the client’s existing, often long term, advisers, building out a viable restructuring plan and securing funder support where possible. And, in situations where business recovery is not an option – we assist the client and their advisor through the headwinds.”