Hi guys and gals.
Lookin for some advice and guidance on best way forward for my business
I'll outline my position
Sole trader in business over 5 years in retail
Through various different cash flow loans etc trying to make ends meet I owe around 120k to banks and 30 odd to suppliers.
We have a seasonal business half year quite busy other half not so much.
We turn around 200k ex vat a year gross around 86k
We have opened a side line business in store to help profit but it's a slow build.
Had an overdraft but a business credit card over drew it and the bank pulled the facility leaving me with nothing only day to day turnover to operate. I've been tryin to get them to reinstate the od and term out the overdrawn account but they just want to term it out no reinstatement. I've had many meetings telling them that I can't operate with out the od as we have fast moving and slow moving stock both due in 30 days so we actually had too small an od in the first place, always owing suppliers never being able to sit on stock and try to build up a good selection in store. They don't want to know and I've explained I can't pay them if I've no business!
Is the best option to dsa and get a job somewhere or try to struggle on with the business? If I BURN suppliers too I'll never get stock from anyone else, which I need to run the business, so any advice on what I could do? Maybe transfer whoever is willing to a company and then settle on my personal debt?
Very stressed at the moment and can't see a way out. My mortgage is up to date and probably only worth what I owe. Two small kids and wife too. Joint names in mortgage
Please help, it feels like I'm drowning and the business can survive with some tweaks and better online presence which I'm working on but with the bank making things impossible to pay suppliers and day to day stuff I'm afraid one of my suppliers will lose it and take action against me then I dunno what to do. Thanks
Lookin for some advice and guidance on best way forward for my business
I'll outline my position
Sole trader in business over 5 years in retail
Through various different cash flow loans etc trying to make ends meet I owe around 120k to banks and 30 odd to suppliers.
We have a seasonal business half year quite busy other half not so much.
We turn around 200k ex vat a year gross around 86k
We have opened a side line business in store to help profit but it's a slow build.
Had an overdraft but a business credit card over drew it and the bank pulled the facility leaving me with nothing only day to day turnover to operate. I've been tryin to get them to reinstate the od and term out the overdrawn account but they just want to term it out no reinstatement. I've had many meetings telling them that I can't operate with out the od as we have fast moving and slow moving stock both due in 30 days so we actually had too small an od in the first place, always owing suppliers never being able to sit on stock and try to build up a good selection in store. They don't want to know and I've explained I can't pay them if I've no business!
Is the best option to dsa and get a job somewhere or try to struggle on with the business? If I BURN suppliers too I'll never get stock from anyone else, which I need to run the business, so any advice on what I could do? Maybe transfer whoever is willing to a company and then settle on my personal debt?
Very stressed at the moment and can't see a way out. My mortgage is up to date and probably only worth what I owe. Two small kids and wife too. Joint names in mortgage
Please help, it feels like I'm drowning and the business can survive with some tweaks and better online presence which I'm working on but with the bank making things impossible to pay suppliers and day to day stuff I'm afraid one of my suppliers will lose it and take action against me then I dunno what to do. Thanks