Group of companies that were expanding rapidly, but the Managing Director had no idea of by how much. Financial information was out of date and inaccurate. This caused difficulties in reporting to shareholders.
Losses were in excess of €0.5 million, turnover in excess of €10m and the cash flow was extremely tight. The lack of information meant that there were difficulties in securing funding from banks, leading to continuous pressure on the ability to pay creditors.
Davis Business Consultants were brought in on the case.
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