Member Article

Tait Walker rebrand turnaround division to help preserve failing SMEs

Newcastle-based accountancy firm Tait Walker has rebranded its corporate recovery team to become Turnaround & Insolvency - reflecting a bigger emphasis on insolvency proceedings.

The move is designed to increase Tait Walker’s focus on protecting employment and reducing loss to creditors.

Tait Walker partner Gordon Goldie said: “The department was initially founded on advising companies and individuals on insolvency matters and undertaking formal appointments. While this remains our core offering, we try to look at preserving a business in the first instance.”

Tait Walker partner and member of the Institute for Turnaround Allan Kelly added: “Of the various businesses we advise across an average year, less than half enter a formal insolvency process, so a change of name seemed natural given we look at turnaround prior to insolvency.

“Tait Walker’s attitude towards restructuring businesses has become ingrained into our culture. Our turnaround offering has grown, and we assist businesses and their stakeholders in a number of areas including strategic planning, cash flow and financial forecasting, refinancing and interim management – together with acting as a sounding board and confidant for management.”

The region-wide firm has an experienced body of staff advising across a range of specialists sectors – from healthcare, charities and wealth management to manufacturing, research and development – and its 14-strong Turnaround and Insolvency team provide insolvency advice on all manner of formal and informal related matters.

Allan concluded: “We’re certainly looking forward to the year ahead where we hope to capitalise on our unique service offering as the only independent accountancy in the North East with full turnaround, corporate finance and business recovery capacity.”

This was posted in Bdaily's Members' News section by Tom Keighley .