Following a breakdown in rescue talks, British Steel has collapsed and been placed into insolvency, causing huge uncertainty for employees and suppliers right across the steel industry.
The devastating news not only affects the company’s 5,000 workforce, but also endangers the 20,000 strong network of businesses involved in the supply chain, who are very concerned about their future.
“The closure will cause a huge knock on impact across the communities surrounding the company’s plants. A raft of small firms like caterers, cafes, cleaners, shops and visitor attractions, all of which employ their own staff, rely heavily on British Steel,” Mike Cherry, National Chairman at the Federation of Small Businesses, says.
“Businesses throughout the supply chain will need guidance and support as the situation develops.”
If you have been affected by the collapse of British Steel, and you are concerned about your personal financial situation or that of your business, contact Andy Pear or Mike Solomons at BM Advisory to arrange an initial confidential consultation. The meeting will be free of charge and without obligation. Together we will discuss your individual situation and advise on the best course of action.
BM Group business BM Structured Finance is also available to assist with sourcing and restructuring debt finance for SME businesses.
In this volatile economic landscape, it is essential that UK SME business owners maintain effective management of their company’s working capital and put processes in place to survive and thrive in challenging times. It is also now more crucial than ever that SMEs put in place a business continuity plan that takes into consideration how their business will continue if one or more of your key clients or suppliers are hit by a major incident.