The Steven family came to us looking for an exit
We were introduced to a lovely family business who were fortunate enough to have 20+ employees who had been very loyal – indeed several had been with the company since the 1960s. Unfortunately, due to both external market pressures and some personal family illness, the business could no longer keep trading. Faced with this, the directors took the step of speaking to use and we guided them through the process to ensure that the loyal employees were able to make use of the government scheme designed for such circumstances.
Under this scheme employees are paid wages, holiday pay, redundancy and notice pay almost immediately. This was a great relief to the directors who saw their employees as extended family. This process in conjunction with a solvent winding up of the family holding company which owned a building, allowed the two directors to retire whilst ensuring their affairs had been wound up in the most efficient manner. Both directors wished they had acted sooner to relieve months of distress.