Phil MeekinView Profile
Wilson Field managing director Nick Wilson says people and relationships are key to the success of his business which is celebrating 15 years in business.
The company, headquartered in Sheffield, but with a network of nationwide offices, was started back in 2001 by Nick Wilson and his father Keith.
It has moved with the times and is now the largest independent insolvency practice in Yorkshire, boasting 10 insolvency practitioners and over 90 staff – a far cry from its humble beginnings when a handful of staff worked from a small rented office.
Nick reinforced that it is the experienced team around him which has helped make the company so strong and resilient in a declining insolvency market.
He said; “Over the last 15 years the company has seen turnover more than treble, staff numbers rise as has the volume of business. But the company has also seen terrible times for UK businesses and whole sectors suffer as a result of global recession, national and international competition, increasing energy costs and the banks’ declining ability to lend. Fortunately that is behind us.
“What has remained consistent though is the quality and experience of the staff we have here. Their contacts and relationships mean so much and that, in turn, brings respect and referrals.
“As the company has grown I have had to rely more on my team for the day to day work but I am still heavily involved in the strategy for the business and have a strong management board to bounce ideas off and take advice from.
“It certainly has not been dull over the last 15 years. Not only have we seen major changes in technology, new fee structures, and greater transparency and tightening of regulations, but we have invested heavily from a digital perspective.
“And to meet the changing needs of our clients we have had to diversify in order to compete and survive, especially when many other competitors have fallen by the wayside.
“We have grown both in experience and reputation meaning we have been able to take on bigger jobs. Our team here is young, developing and innovative enough to embrace a changing business world. Our next move is to become a paperless office.”
Wilson Field, which specialises in offering business support, turnaround and refinancing rather than general accountancy services, historically dealt with small and medium sized businesses.
Its reputation has grown to attract larger assignments in the SME sector and administrations of notable nationwide companies ranging from manufacturers to construction companies, hotels to hauliers and coach companies.
The number of personal and company insolvencies in England and Wales has been in decline for some years, but Wilson Field has diversified its financial offering to meet the changing needs of businesses seeking help when they face difficult times.
Nick added; “The market for personal and company insolvencies is shrinking, but I still anticipate growth going forward. We are in a good position to get a larger share of the local and regional market. Our strategy to open more regional offices is not rigid. We have learnt from experience that finding the right people is key to success rather than choosing a location first.
“Our people again are key to this for me. Our professional reputation amongst our business introducers is high and the corporate market continues to be our target, but we are eager to help sole traders and micro businesses with their problems.
“Historically Wilson Field has grown organically from retained profits which means we are well placed to take advantage of expansion opportunities as they arise.
“With recession behind us, our clients’ needs have changed. We are focussing more on business turnaround and work closely with intermediaries and specialist funders to help businesses to restructure and survive. Growth going forward is expected to come from the secondary finance market and financial reviews as we build our referral base.”
He added; “It is still going to be difficult in the economy in the next few years and global factors will continue to affect the rate of national recovery. It is too early to tell at the moment how Brexit will affect businesses.
“One underlying objective that Wilson Field has had for 15 years is to preserve business and produce the best results for all concerned – our clients and their creditors and employees.
“I look forward to seeing this objective continued and seeing what the next 15 years at Wilson Field will bring.”