FDYL expands to help businesses survive the recession

Bradford based FDYL Ltd has launched a new service aimed at assisting local businesses to steer a route to survival through the recession.

The company was formed in 1986 by Managing Director John Holliss and its core business is the supply of Finance Director and Management Accounting services to small and medium sized enterprises (SMEs). By working with FDYL, businesses gain access to the skills of senior finance professionals without the costs or commitments of employing them full-time. FDYL’s senior team have had successful careers in board level positions with SME businesses

Many long standing clients have used part-time support from FDYL to manage their finance function, with the senior contact becoming a trusted adviser, often acting as a Non-Executive Director. In other cases, FDYL have supplied intensive short-term support through interim placements, for example, to manage a specific project; install a new finance system or to cover prolonged absences.

Their new service is aimed at supporting businesses facing financial pressure as a result of the credit crunch and the current recession. The first step is a diagnostic financial review to identify the underlying causes of the problems, followed up by an action plan to get performance back on track.

The service is based on identifying warning signals at a stage when there is still the opportunity and a willingness between the business, its bankers and FDYL to work in a three-way partnership to resolve trading problems. The action plan may involve difficult decisions on cost-cutting and tough negotiations with creditors. FDYL will provide expert ‘hands-on’ support and guidance throughout.

The FDYL team has expertise in banking and general management to augment the core team of finance professionals. The team includes seasoned executives who are able to draw on experience from the last recession in the early 1990s.

Early indications suggest that demand for the new service will be high. FDYL have found the high street banks to be open-minded and supportive when considering proposals from the new division. A key issue is the strong relationship that has been developed with banks over the past 22 years, as a result of FDYL’s reputation for top quality service.

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