Aggressive cost cutting and improved cash management by firms has meant the number of businesses falling into administration dropped in 2010. The number of businesses that went into administration in the first quarter of 2010 was 555, which is a significant improvement on the 1,028 businesses in the same period last year. However, there are many businesses that are finding themselves in a difficult position and it is expected that cuts in government spending will put further pressure on businesses.
However, the Business Sale Report, which has published lists of businesses that have just entered administration over the last thirteen 13 years, has recently seen a huge increase in enquiries from investors looking to buy businesses in distress. when questioned Entrepreneurs cited the fact that there are opportunities to increase market share where some competitors are struggling and businesses can thrive when a new buyer can inject much needed capital. Especially where the banks have been unwilling to extend further credit.
In response to this demand, the Business Sale Report has launched its winding-up petitions alerts service, which gives details of businesses that have had winding-up petitions lodged against them. This is an advance warning that a business may be forced by the court to be declared insolvent. These details are published prior to the pre-arranged court date, so there is a vital window of opportunity for an investor to step in. For anyone contemplating buying a business in difficulty they would be well advised to only buy a struggling business if they understand exactly why it is in trouble. It is also imperative that the buyer know hows to turn it around. A strong track record in the troubled business' sector is highly desirable, and the buyer should ensure they do a very thorough investigation, as struggling businesses have, in some cases, learnt to conceal the reality of their financial position.
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