Pictured above: (l-r) Caroline Kirby, from VW Hicks, with
Richard Mason, director at Ludgate, and Derek Hicks, also from VW
Hicks
Owners of a long-established family-run vehicle repair business
can look forward to many more years trading after it underwent a
service of its own.
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."