Help for the High Street
18 March 2021: As the nation takes tentative first steps towards coming out of this most recent lockdown, questions are being asked. What will the high street of the future look like? Who will be left standing? How will those facing financial issues be able to best address them?
The fact is that before Covid even arrived the high street was already in turmoil. A number of big names were entering formal insolvency processes, such as CVAs, which caused many other retail outlets and suppliers financial hardship.
The insolvency world has been reviewing what can be done to help, within the confines of the legislation, and, on 1 April 2021, there will be a revision to Statement of Insolvency Practice 3.2 – Company Voluntary Arrangements. Chairing the working party responsible for this review, and representing accountancy body ACCA, was one of BRI’s Insolvency Practitioners.
Clearly, in the year since the start of the first lockdown, the high street has seen many changes and far fewer shoppers. Those working in, or supplying for, retail are going to have to re-think their working practices and relationships and hopefully they can move forward positively.
If in the event a CVA is necessary, hopefully the revision of SIP 3.2 will help all those affected as far as possible.
At BRI we always look for win:win solutions. We have our finger on the pulse and are happy to help with an initial diagnosis free of charge and without obligation. If you supply a retail client or you are a retailer wondering what the future might hold and you want to consider what would be best for you then we can help and we will steer you in the right direction whatever the outcome might be for us.