-On paper we were doing very well >
On paper we were doing very well and receiving many benefits of having a considerable turnover. But because we’d grown so much in such a short space of time, all of our cash was tied up. We started to run short of money as the cash flow was becoming too tight.
We tried various ways of raising money, but the bank said they weren’t going to extend our overdraft and then dropped a bombshell: they wanted repaid in forty eight hours.
It was all about recognising that the business had become insolvent and finding ways in which to deal with that head on and sort out the issues that arose.
It was important to me to maintain my personal integrity and not walk away from the situation. We tried to communicate properly and honestly to clients who we owed money to. In one instance, a gentleman called into reception, announcing that he was going to do all sorts of weird and wonderful things to me. I invited him into my office and explained what had happened and by the end of the meeting we shook hands and he wished me all the best.
The business also employed nearly a hundred people who potentially could be out of work. I think that was probably the biggest motivation for me to start again and I bought assets back from the administrator as soon as I could.
Jamie GreenwoodNJL Yorkline
