Leonard Curtis announces improved results
INSOLVENCY firm Leonard Curtis has announced a 15% increase in turnover to £14m and a 12% increase in operating profits to £4.6m in the year to April 30.
The company, which has its headquarters in Bury, said that trading had remained strong across the group, with its debt advisory arm Corporate Solutions and its finance-raising division Factoring Advisory Solutions putting in the strongest performance.
Finance director John Mercer, who joined the firm last November, said: “This year we have invested significantly in group infrastructure, made several key appointments nationally and also opened a Bristol office.
“The excellent results for the 12 months to April 2011 have been without a full year effect of this investment, so we anticipate there to be positive impact on this coming years’ performance.”
Business development director Paul Reeves added: “Businesses are increasingly looking for solutions that don’t involve insolvency procedures and our service lines have expanded to accommodate this.
“If we get involved with a stressed business early, there are more options and a greater chance of aiding their recovery.”
Leonard Curtis secured a £5m funding package with The Co-operative Bank earlier this year, which has allowed it to continue broadening its service offer. For instance, the firm has just announced the launch of a new short-term cashflow lending service branded as Oxygen.
The service has been launched alongside several mainstream asset finance providers. Reeves said that it could help thousands of businesses which, although trading well, have the legacy of debts and tax liabilities built during the past three years to contend with.
He said: “Many businesses have suffered because of the difficult trading conditions they have faced in recent years. For many it has resulted in a build-up up of uncomfortable levels of debt with HMRC, key suppliers or landlords.
“Oxygen is a cashflow finance product which directly focuses on this issue. Its primary function is to provide firms with a tailored and flexible solution which will help them deal with short-term financial issues.”
Leonard Curtis operates from eight UK offices and Reeves added that it is also looking to acquire practices which will allow for further geographic expansion.
