Finance
Sector Focus
Business rescue needs more time
Struggling companies should be given up to six weeks free from creditor pressure to plan a recovery or rescue, according to the Midlands branch of insolvency trade body R3. The region’s insolvency
Go NatWest for support
Business is booming for two independent retailers in Sparkhill – thanks to help from NatWest. The High Street bank, which has a 30-year history of supporting retailers in Sparkhill, has helped drive growth at Poze Accessories and Dipyum Cakes/Deepalis restaurant. Poze Accessories, run by Daanish Ahmed and family,
provides affordable women’s luxury footwear, bridal and evening wear and has concession stands in shops across the UK. Last month Poze celebrated a decade of success
with the opening of a fourth store in the area and, with further NatWest support, is looking to open another city centre store shortly. Sparkhill is also home to Dipyum Cakes, run by
Deepali Kenth and family, which has for 18 years provided specialist dietary cakes to Midlands residents and events, including weddings and vegan festivals.
Since 2011, the family has also offered vegetarian Indian cuisine through Deepalis restaurant. Daanish said: “We have worked with NatWest since
day one – they have supported us for 10 years and have always been fantastic.” Manjit Kang (pictured), real estate finance manager
and diversity ambassador at NatWest, said: “It’s great to see Sparkhill receive its deserved recognition for offering Birmingham a predominantly independent, culturally rich dining and shopping experience. It’s been a pleasure to work with the Kenth and Ahmed families and we look forward to many more successful years together.” Deepali added: “Manjit and the team have shared
great knowledge and expertise with us for 18 years now. They have even helped with networking by setting up meetings with new customers as we look to grow. We couldn’t ask for more from the experience we’ve had with NatWest.”
professionals believe that the introduction of a ‘business rescue moratorium’ would help save more companies under severe financial strain, safeguarding more jobs and improving returns to creditors. R3 Midlands chairman Chris
Radford, who is a partner at Gateley in Birmingham, said: “The UK insolvency regime is flexible and effective but it needs a simple moratorium procedure to give companies time to plan when there is a chance of turning a business around. Currently, it is far too easy for anxious creditors to undermine potential rescues with a winding up petition. “The result is that rescue deals
may be arranged quickly and confidentially, which can leave unsecured creditors, in particular, feeling left out.”
June 2016 CHAMBERLINK 49
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