Business advisory firm Quantuma has advised BCF Heating & Plumbing on its Company Voluntary Arrangement (CVA), saving the jobs of seven employees.
With headquarters in High Wycombe, BCF provides installed systems for new-build residential properties for local, regional and national builders and developers, servicing the commercial sector nationwide. The company was established in 2006 and achieved a turnover of £1.8 million in the year to March 2017.
The CVA will support BCF’s management team, allowing the company to continue to employ seven employees. This will enable the business to complete all ongoing contracts and continue to work on new assignments. The proposed CVA will see the heating and plumbing contractor pay back its creditors in full over the course of 13 months.
Quantuma partners Nick Simmonds and Chris Newell were appointed to advise the management team in formulating proposals for a CVA.
BCF is committed to preserving its business operations, and as part of the agreed CVA, will continue to trade in High Wycombe, retaining its entire employee cohort.
Nick Simmonds said: “Despite the growing number of customers seeking the specialist services of businesses across the plumbing and heating industry, small-to-medium sized enterprises are facing real pressures from escalating business rates and general market uncertainty. These factors contributed to BCF’s position, leading the business to seek our expertise. By entering a CVA, the company’s entire workforce has been preserved, operations can continue, and creditors will be paid back in full – a good outcome for all concerned.”
Chris Newell said: “It has been a pleasure to support BCF Heating & Plumbing on this complex CVA process. We continue to advise small-to-medium enterprises who find themselves facing unsurmountable challenges as a result of market unsteadiness. The first step businesses should take when faced with difficult circumstances is to consult the expertise of restructuring specialists. As a result of our swift consultation period and careful negotiations, we were able to retain all employee posts at BCF, providing security for both the staff and customers of the company.”