Insolvency and Business Recovery experts, Wilson Field boss says, ‘the secret to 15 years in business is growing, but not changing, its culture.’
The company has headquarters in Sheffield and a network of nationwide offices. Wilson Field started back in 2001 by managing director, Nick Wilson, and his father, Keith.
We have followed a strategy of organic growth – using retained profits to fund expansion. The company doesn’t even have a trading overdraft which means we are not vulnerable to outside financial pressures
Tragedy struck in 2008 when Keith passed away suddenly, at which point Nick pledged to continue the family business. It is now the largest independent insolvency practice in Yorkshire, boasting ten insolvency practitioners and over 90 staff.
Nick Wilson, managing director of Wilson Field, said; “Life has never been dull during those 15 years. We have experienced boom periods amid turmoil in the economy.
“We have seen turnover treble, staff numbers have also risen as has the volume of business. But we have also seen terrible times for UK businesses and whole sectors suffer as a result of national and international competition, energy costs and the banks’ cessation of lending.
“However, throughout the years, we have tried to maintain the culture within the company. Although we have grown, it has not changed. I think the main prerequisite to growing a business is nurturing its culture. It is run like a family firm.
“We have followed a strategy of organic growth – using retained profits to fund expansion. The company doesn’t even have a trading overdraft which means we are not vulnerable to outside financial pressures and are in an excellent position to grow. Our plan is to continue on this path.”
Wilson Field, specialises in business turnaround and refinancing rather than general accountancy practice. Historically dealing with small and medium sized businesses. Its reputation has more recently attracted larger assignments in the SME sector. As well as, administrations of notable companies ranging from manufacturers to construction companies, hotels to hauliers.
Latest research shows, over the last year. Wilson Field helped save more than 2,100 jobs and 190 businesses across the UK. As well as returning in excess of £9.8m to creditors nationwide through its offices.
Nationally, the number of personal and company administrations has been in decline for several years. But Wilson Field has diversified its financial offering to companies as more businesses look to seek help in difficult times.
Nick added; “Although the traditional market for insolvency services is shrinking as the economy gets stronger, I still anticipate growth going forward, albeit at a gentler pace.” There is more focus on helping businesses turnaround, we work closely with intermediaries and specialist funders helping businesses restructure and survive. As we’re not competing for taxation or audit work, we’re able to work closely with the accountancy profession helping their clients.
“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.
“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 year and global factors will continue to affect the rate of national recovery.
“We have seen the biggest recession since the early part of the 20th century. Businesses have not just been bitten. This time it has not been limited to a few countries, but a global phenomenon, and it has been made all the worse because Britain has always been a strong trading nation.
“Recently we have seen turmoil on the Chinese stock market. Where once we saw major growth, there are now concerns that there could be a major slowdown.
“The main change in the last 15 years in business is that the world is a much smaller place. Communications and transport have made that possible.”
Looking ahead Nick believes the Government should send a consistent message to businesses in order to help them grow.
He added; “It’s all about confidence and promoting a business-friendly environment. We need less red tape, a better tax regime to encourage investment and ready availability of finance. Alongside better training addressing the skills shortage, prospects for young people and help fledgling businesses to thrive.
“Our team here is young, developing and innovative enough to embrace a changing business world. Wilson Field is about preserving business and producing the best results for all concerned. Whether that be the clients, creditors or employees.
“I look forward to seeing the next 15 years of ongoing business progression at Wilson Field.”