Phil MeekinView Profile
2015 was a year of challenges, strategic appointments and diversification for insolvency and business turnaround specialist Wilson Field.
Celebrating its 15th anniversary, the Sheffield-headquartered company responded to a changing market which saw a general decline in personal and company insolvencies and has even seen major competitors exit the market.
Our professional reputation amongst our business introducers is high. Our relationships with the corporate market continues but we are keen to help sole traders and small businesses with their problems and find solutions
Historically dealing with small and medium sized businesses, the company’s reputation has grown to attract high profile employees and larger assignments in the SME sector. Plus, there has been administrations of notable companies from manufacturers to construction companies, hotels to hauliers.
Coups in 2015 included attracting well known insolvency practitioner Andy Wood and continuing to build its brand. They did this with the introduction of new division, Wilson Field Leeds Limited, to reinforce its presence in the city.
Nick Wilson, managing director of Wilson Field, said; “The current market presents both opportunities and challenges for the company.
“Nationally 2015 saw a further downward twist of the spiral of falling insolvency volumes and even fewer cases with any significant value of recoverable assets.
“High street lenders and HMRC, who traditionally have been instrumental in forcing struggling businesses to address their problems, were even less proactive, turning it into a far less orderly market.
“This left directors of businesses to reach out for specialist help which often leads to even fewer positive business rescue outcomes. But creditor pressure meant more businesses go the consensual workout route rather than taking the easy option of a formal insolvency. As insolvency practitioners we have had to adapt our skill sets to deal with this change of emphasis.
“With this shrinking traditional market for insolvency services as the economy gets stronger, we have focussed more on restructuring processes.
“This means working closely with all types of intermediaries and specialist funders to bring about survival for companies.
“Our professional reputation amongst our business introducers is high. Our relationships with the corporate market continues but we are keen to help sole traders and small businesses with their problems and find solutions.”
Nick added; “There has been some serious damage to the reputation of the insolvency and restructuring profession with the perception of gross over-charging by some major firms and the exploitation of slack compliance requirements by some practices. We have seen some firms waver, with one even going through a formal insolvency process, while smaller firms look to merge with larger practices to protect themselves.”
So, in 2016 Wilson Field’s thoughts now turn to how the company can continue to grow and attract business.
“I anticipate growth going forward, albeit at a gentler pace. The team here is young, developing and innovative enough to embrace a changing business world.
“Networking is always important. We do a decent job at engaging with both our introducers and clients.
“However we want to work more closely with them to make sure businesses are fully aware of the financial options open to them, so that they – and the economy – can continue to grow.”
Finding, and retaining, the right people has been key for Wilson Field, which now employs 90 staff.
Nick added; “Our people are our most important asset.
“We will have an announcement shortly about another key appointment and expansion into a new financial strand for the company.
“Growth going forward is expected to come from the secondary finance market and financial reviews as we build our referral base. Having grown the business organically we are in good shape and ideally placed to expand.
“This means we can never stand still and are always looking for the next opportunity. I am confident that 2016 will be a year of positive outcomes for our clients and the company.”