Meet Paul Buck

BurnBecks are a firm of Chartered Certified Accountants based in Greenwich and run by Paul Buck and Sean Brennan. They offer a full range of accountancy, audit and taxation services to SMEs and individuals. The firm’s ethos is to develop long-standing relationships with their clients, some of whom have been represented for over 15 years.

Find their website here: Chartered Accountants – London | BurnBecks (burnbecksaccountants.co.uk)

Q: How do you know Bailey Ahmad Business Recovery (BABR)?

I got to know Paul Bailey and Tom Ahmad through a mutual friend, Tony Connor, who is part of the team at BABR. What struck me was their expertise, enthusiasm and determination to find solutions to whatever issue was presented to them. We would only ever recommend our clients to a trusted and professional firm of corporate recovery specialists, of which BABR is top of our list.

Q: Can you give an example of a scenario where you called upon BABR’s assistance?

I was approached by a client in the fashion industry who, like so many in the retail sector, was experiencing a severe downturn in trade as a result of rising property rents and low-cost imports flooding the market. The directors, two true South Londoners, originally started operating from a market stall and ended up trading from units in three major shopping centres in the South East.

Q: What did the client hope to achieve?

They are the type of businessmen who have worked all of their lives and have known most of their suppliers for the duration. This made them very uneasy about the thought of, in their words, “knocking the suppliers”. Also at their respective ages, they had no desire or sufficient money to continue operating the business in the harsh trading environment they found themselves in. The directors realised that they had a responsibility to the suppliers and therefore sought an initial consultation with BABR to discuss the best way forward and explain the options available to them.

“The company directors are both a lot less stressed and have started to enjoy retirement, in no small part thanks to BABR’s sound advice.”

Q: What was BABR’s assessment of the situation?

BABR met with the directors and reviewed all of the available information in relation to their company. Unfortunately, it was clear that a recovery was unlikely and that continuing to trade for an extended period would likely make the situation worse. Therefore, to protect the company and its creditors the right solution was to cease to trade with BABR’s support, and take steps to place their companies into Creditor’s Voluntary Liquidation.

Q: What were the client’s first impressions of BABR?

The directors immediately related and understood BABR’s advice, which was to place the companies into Creditors Voluntary Liquidation. Whilst the right decision, given the time, money and effort invested by the directors, it was an extremely hard decision for them to take. We are still in contact with the directors and know that they are both a lot less stressed and have started to enjoy retirement, in no small part thanks to BABR’s sound advice.

Q: Was there any aspect of the service that you were particularly impressed by?

The directors were taken out of their comfort zone by these events as they had only been used to long term business success, however, the continued support of BABR carried them through the process. It’s the welcome mix of BABR’s friendly and professional approach that ensures that our clients can move forward from difficult challenges.