FRP Advisory appointed administrators to Steadfast Television Limited (STL) and Steadfast International Limited (SIL)

Greater London, England -- (SBWIRE) -- 12/03/2010 -- Glyn Mummery and Paul Atkinson, partners at FRP Advisory LLP, the specialist restructuring, recovery and insolvency firm, were appointed Joint Administrators to Steadfast Television Limited (STL) and Steadfast International Limited (SIL) on 12 November 2010.

STL is an independent television production company that produces programmes for both UK and overseas broadcasters, including the BBC, ITV and Five. SIL manages the worldwide distribution, pre-sales and co-production activities of both STL's programmes and third party productions.

The two companies' financial difficulties stem from adverse market conditions, brought about by a significant reduction in the number of programmes being commissioned by broadcasters. Attempts to sell the businesses earlier this year were unsuccessful.

Commenting on the case, Glyn said: "Unfortunately, it was not viable to trade on the businesses and we have therefore been working directly with commissioning broadcasters, with regard to a small number of incomplete productions and exploring potential alternative arrangements for the completion of these programmes."

"Our strategy now is to focus upon the best means for maximising realisations for the general body of creditors, including the rights relating to STL's catalogue of productions, which consists of over 160 hours of content. This includes titles such as Sky Cops, Cops Cars & Criminals, Brit Cops, CCTV, UK Border Force and Send in the Dogs."

Interested parties regarding the sale of the business should contact Nigel Strike, FRP Advisory, on 01708 460 011

NOTES TO THE EDITORS:
Media contacts for FRP Advisory:
Annie Wilson, FRP Advisory, Tel: 020 3005 4000, Mobile: 07852 911179, Email: regionalpressoffice@frpadvisory.com
Georgina Swain, FRP Advisory, Tel: +44(0) 20 3301 7350, Mobile: +44 (0) 7881 523 345, Email: nationalpressoffice@frpadvisory.com

http://www.frpadvisory.com

About FRP Advisory
FRP Advisory LLP is focused on creating, preserving and recovering value for its clients.

The firm offers a comprehensive suite of services to the mid-market and financial community. These focus on enhancing the performance of businesses, as well as saving businesses in distress.

Services include: commercial & asset finance, corporate insolvency, restructuring, independent business reviews, interim management & placement services, personal insolvency & advisory, creditor services, insolvency investigation services and banking live-side support.

With 28 partners and 200 staff, FRP Advisory is one of the largest restructuring, recovery and insolvency firms in the UK, operating out of 9 regions including: East Midlands, Eastern Region, Kent, London, North West, St Albans, Sussex and West Midlands.

To find out more, visit http://www.frpadvisory.com

FRP Advisory LLP is focused on creating, preserving and recovering value for its clients.

The firm offers a comprehensive suite of services to the mid-market and financial community. These focus on enhancing the performance of businesses, as well as saving businesses in distress.

Services include: commercial & asset finance, corporate insolvency, restructuring, independent business reviews, interim management & placement services, personal insolvency & advisory, creditor services, insolvency investigation services and banking live-side support.

With 28 partners and 200 staff, FRP Advisory is one of the largest restructuring, recovery and insolvency firms in the UK, operating out of 9 locations including London, Bexleyheath, Hornchurch, Birmingham, Manchester, Leicester, North East, St Albans and Worthing.

To find out more, visit http://www.frpadvisory.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Greater London, England -- (SBWIRE) -- 12/03/2010 -- By Nick O'Reilly, Client Service Director at FRP Advisory, the specialist restructuring, recovery and insolvency firm.

As we wait for the full impact of the Government's Comprehensive Spending Review (CSR) to take effect, how can managers plan effectively in an environment still characterised by a slow recovery and uncertainty?

In his most recent address in November, the Governor of the Bank of England said the outlook for the UK economy remains "uncertain". For business owners and managers, short of hearing that we're plummeting back into recession, there is no worse economic diagnosis.

Unfortunately, this uncertainty means it is likely to be a long, slow crawl out of recession. Corporate insolvencies are down, which is unusual given that after previous recessions we have generally seen a spike, and they are expected to remain at low levels as we go into 2011. However, there are still few businesses expanding and few taking on new staff – we are seeing companies exist, rather than grow.

Lenders tend to be in the same "wait and see" mind-set. With little appetite for growth or capital expenditure, the demand for new funding is fairly low. Instead, companies are fighting to prove their viability to extend or renew existing loan or overdraft agreements. "Tried and tested" are the watch words of the banks at the moment; lenders are looking for stable management teams with proven track records and products or services with solid demand.
So in this environment of uncertainty, where the economy is bracing itself for the full impact of the CSR to take effect, how do managers minimise risk? How can managers take advantage of opportunities while preparing themselves for what lies ahead?

In our view, it is wise to firstly guard against the worst case scenario. Given the unpredictability of the economy, putting in place a plan that addresses the potential for one or more business critical event occurring in 2011 is a wise move. Business critical events could be a funding line being reduced or taken away, the loss of a key customer, a supplier getting into financial difficulty or simply pressure from customers to drastically reduce prices. If such an event occurs, there are a number of steps that should be immediately taken by the management team.

1. Consult your accountant: the worst thing any manager can do at the first sign of trouble is to look the other way. The problem will not go away, it will only get worse and, the longer it is left, the fewer options will be open to the business when management finally does face the music.

2. Get a tight control on cash management: if this is an area that has traditionally received little attention, make sure it becomes a key priority. Analyse the debtors, particularly late payers, and agree a plan of action with the finance team or credit controller to recoup outstanding debts as quickly as possible.

3. Communicate regularly and clearly: make sure internal lines of communication are clearly understood and regular reporting is maintained. If management fails to communicate with staff, then a version of the truth, usually inaccurate, will become the reality. This type of alarmist gossip will distract and demotivate staff and, at worst, will result in concerned team members hunting for a job elsewhere.

If these steps are taken quickly, it is very possible that the event will prove challenging, rather than fatal. Planning for these types of events will also reassure funders and senior members of staff, in itself helping to make the business more stable.

So what if the business finds itself in all together happier circumstances, faced with the "good problem" of how to take advantage of a growth opportunity? The biggest challenge for a business on a growth curve is resource and finance. How do you ramp up operations to satisfy a spike in demand, particularly when lenders are cautious and adding to the company's long-term staff cost-base is still risky?

There are flexible options available both in terms of resource and finance. From a resource perspective, clearly there are contract and temporary staffing models that can be employed, including the use of interim managers if the company requires particular expertise to break into a new market, for example. Similarly, if traditional bank funding doesn't allow for the business to take advantage of a new opportunity, asset finance can be a sensible alternative. Asset finance, whether leasing or hire purchase, invoice finance (via factoring and invoice discounting), or stock financing, offer businesses an opportunity to proactively utilise the full asset mix to secure finance. This type of finance, which alleviates cashflow pressures and allows for expansion, is a very sensible funding method during an economic recovery. It enables a company to be more flexible, grabbing opportunity while reducingthe potential risks of over-trading.

There is no simple answer when planning in an uncertain environment. But by recognising the challenges and opportunities uncertainty presents, and the solutions available to some of the problems created, management can put the business in the best possible position to survive and grow.

Contacts us to find out more about how FRP Advisory can help you and your business:
Georgina Swain, FRP Advisory, Tel: +44(0) 20 3301 7350, Mobile: +44 (0) 7881 523 345, Email: nationalpressoffice@frpadvisory.com

For all Press enquiries, please contact either Georgina Swain or:
Kate Macnamara, Tel: +44 (0)121 265 2761 Mobile: +44 (0)771 422 2793 Email: kate.macnamara@grayling.com

About FRP Advisory
FRP Advisory LLP is focused on creating, preserving and recovering value for its clients.

The firm offers a comprehensive suite of services to the mid-market and financial community. These focus on enhancing the performance of businesses, as well as saving businesses in distress.

Services include: commercial & asset finance, corporate insolvency, restructuring, independent business reviews, interim management & placement services, personal insolvency & advisory, creditor services, insolvency investigation services and banking live-side support.

With 28 partners and 200 staff, FRP Advisory is one of the largest restructuring, recovery and insolvency firms in the UK, operating out of 9 regions including: East Midlands, Eastern Region, Kent, London, North West, St Albans, Sussex and West Midlands.

To find out more, visit http://www.frpadvisory.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Joint Provisional Liquidators, Jason Baker and Jonathan Birth, partners at FRP Advisory LLP, the specialist restructuring, recovery and insolvency firm, facilitate acquisition of The Work Foundation by Lancaster University.

Greater London, England -- (SBWIRE) -- 10/30/2010 -- The Work Foundation, the UK's leading independent authority on work and its future, has been acquired by Lancaster University, following the appointment on 21 October 2010 of Joint Provisional Liquidators, Jason Baker and Jonathan Birch, partners at FRP Advisory LLP, the specialist restructuring, recovery and insolvency firm.

Both The Work Foundation and Lancaster University see substantial synergy in their activities, and anticipate being able to have increased influence on the change agenda, devoting expertise to research and best practice in areas crucial to the UK's recovery and ability to thrive.

Jason Baker and Jonathan Birch were appointed following a winding up petition filed in the High Court on Thursday 21 October, citing a pension deficit that rendered the charity insolvent.

The Work Foundation was the sponsoring employer for a defined benefit pension fund established in 1951 and closed to new members in October 2001. The Scheme has around 600 members, (approximately 400 deferred members, 200 current members and three active members). Following recent discussions with various interested parties, and having received an offer for the charity's business, after acting upon advice, the Board considered that the only mechanism available to the charity to affect a sale would be through an insolvency process. This was undertaken in consultation with all the relevant regulators and key creditors.

Jason Baker commented: "Unfortunately a pension deficit is becoming a critical issue for many organisations, both public and private, in particular, the third sector. Having met with representatives of most major creditors, of which the pension fund is the largest, it was agreed with them that the best possible outcome was to sell The Work Foundation as a going concern to an interested party where there were strong natural synergies.

"Following our engagement as advisers in early September, to facilitate the acquisition deal for The Work Foundation, we began discussions with various interested parties. Lancaster University expressed a strong interest in going into partnership with The Work Foundation and, as well as being an ideal fit, offered us the best opportunity to maximise the value of the organisation's assets. We were able to how about assist in acheiving a sale with the support of the Board of Trustees.

"Though, regrettably, there will be a shortfall to creditors as a consequence of the sale, this will be minimised. In achieving this outcome, all 43 jobs have been safeguarded and the strong heritage of The Work Foundation has been preserved."
- Ends -

Click on the following link to view the joint statement issued by Lancaster University and The Work Foundation on 22 October 2010: http://www.lums.lancs.ac.uk/news/20911/work-foundation-alliance/

NOTES TO THE EDITORS:
Media contacts for FRP Advisory:

Georgina Swain, FRP Advisory Press Office, Tel: +44(0) 20 3301 7350, Mobile: +44 (0) 7881 523 345, Email: nationalpressoffice@frpadvisory.com

Kate Macnamara, Grayling, Tel: +44 (0)121 265 2761, Mobile: +44 (0)771 422 2793, Email: kate.macnamara@grayling.com

About FRP Advisory
FRP Advisory LLP is focused on creating, preserving and recovering value for its clients.

The firm offers a comprehensive suite of services to the mid-market and financial community. These focus on enhancing the performance of businesses, as well as saving businesses in distress.

Services include: commercial & asset finance, corporate insolvency, restructuring, independent business reviews, interim management & placement services, personal insolvency & advisory, creditor services, insolvency investigation services and banking live-side support.

With 28 partners and 200 staff, FRP Advisory is one of the largest restructuring, recovery and insolvency firms in the UK, operating out of 9 regions including: East Midlands, Eastern Region, Kent, London, North East, North West, St Albans, Sussex and West Midlands.

To find out more, visit http://www.frpadvisory.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

London, Greater London -- (SBWIRE) -- 10/25/2010 -- By Nick O'Reilly, Partner at FRP Advisory LLP, the specialist restructuring, recovery and insolvency firm.

What do you do when you run a robust, healthy business with a strong sales pipeline and a highly competent management team, but for reasons beyond your control you have a serious debt problem? Is there a way out of a cashflow crisis or does it spell the end of the road?

As the UK moves slowly and tentatively out of recession, albeit under the cloud of a threatened double-dip, there is no shortage of businesses that are experiencing cashflow problems. For some, a cash crisis is down to poor financial controls or an unsustainable business model, but this can hit an otherwise healthy business through no fault of its management.

In PART 1 of our two part series, Nick O'Reilly looks at the signs that your business is in trouble and discusses what you should do immediately, once these signs have been identified:

There are a host of causes that can strike at the heart of a company's cashflow; a key customer going into administration, the loss of a primary supplier, the departure of a key member of staff or a company disaster such as a fire. All of these events are beyond the control of management, but will undoubtedly impact, often critically, on cashflow.

If your business falls victim to one of these events, there are a number of steps that should be taken immediately.

1. Consult your accountant: The worst thing any owner-manager can do at the first sign of trouble is to look the other way. The problem will not go away, it will only get worse and, the longer it is left, the fewer options will be open to the business when management finally does face the music.

2. Get a tight control on cash management: If this is an area that has traditionally received little attention, make sure it becomes a key priority. Analyse the debtors, particularly late payers, and agree a plan of action with the finance team or credit controller to recoup outstanding debts as quickly as possible.

3. Communicate regularly and clearly: Make sure internal lines of communication are clearly understood and regular reporting is maintained. If management fails to communicate with staff, then a version of the truth, usually inaccurate, will become the reality. This type of alarmist gossip will distract and demotivate staff and at worst, will result in concerned team members hunting for a job elsewhere.

In the second part of this series, published next week, Nick O'Reilly discusses the number of options management can consider, if the company is unable to steady itself financially by speeding up collection of other outstanding debts.

For more information about any of the topics discussed in this article, or to speak with Nick O'Reilly direct, please contact Georgina Swain at nationalpressoffice@frpadvisory.com or visit website at www.frpadvisory.com

Press contacts for FRP Advisory:

Kate Macnamara
Grayling
Tel: +44 (0)121 265 2761
Mobile: +44 (0)771 422 2793
Email: kate.macnamara@grayling.com

Rebecca Bannister
Grayling
Tel: +44 (0) 121 265 2763
Mobile: +44 (0) 7740 732 884
Email: rebecca.bannister@grayling.com

Georgina Swain
FRP Advisory Press Office
Tel: +44(0) 20 3301 7350
Mobile: +44 (0) 7881 523 345
Email: georgina.swain@frpadvisory.com

About FRP Advisory
FRP Advisory LLP is focused on creating, preserving and recovering value for its clients.

The firm offers a comprehensive suite of services to the mid-market and financial community. These focus on enhancing the performance of businesses, as well as saving businesses in distress.

Services include: commercial & asset finance, corporate insolvency, restructuring, independent business reviews, interim management & placement services, personal insolvency & advisory, creditor services, insolvency investigation services and banking live-side support.

With 28 partners and 200 staff, FRP Advisory is one of the largest restructuring, recovery and insolvency firms in the UK, operating out of 9 regions including: East Midlands, Eastern Region, Kent, London, North East, North West, St Albans, Sussex and West Midlands.

To find out more, visit http://www.frpadvisory.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm

Joint administrators, Jason Baker and Geoff Rowley of FRP Advisory, announce sale of Fusion Glass to Chelsea Artisans

Greater London, England -- (SBWIRE) -- 10/11/2010 -- Fusion Glass Limited, which entered into administration on 27 September with the appointment of Joint Administrators Jason Baker and Geoff Rowley, partners at FRP Advisory LLP, the specialist restructuring, recovery and insolvency firm, has been sold for an undisclosed sum to Chelsea Artisans (Contracting) Limited.

Fusion Glass, which designs decorative glass for large scale architectural projects and one-off commissions for clients including Berkeley Homes, Laing O'Rourke and Morgan Lovell, went into administration following the economic downturn in the construction sector.

Following their appointment, the Joint Administrators secured a refinance, enabling the business to be traded through administration while a buyer was sought.

Commenting on the deal, Jason Baker said: "The construction sector was one of the biggest casualties of the recession and Fusion Glass suffered the knock-on effects. Ultimately, trading losses led to severe cashflow difficulties which, in turn, led to the business' insolvency.

"To ensure the business could be traded as a going concern during administration, protecting goodwill while a buyer was sought, we sadly had to make 16 of the total 48 employees redundant. We were able to secure funding in Administration, so the remaining business could be traded while marketing it to potential buyers.

"Having successfully secured the sale of Fusion Glass, we are now working with the new management team to ensure all redundancy claims are processed as quickly as possible and that appropriate levels of support are provided."

The combined business will have an annual turnover of approximately £4.5m and operate from sites in Croydon and Esher, employing more than 45 design, sales, support, production and installation staff.

The new company, which will trade as both the Chelsea Artisans and Fusion Glass Design brands, will be headed by joint managing directors Jeremy John and Cliff McIntee. They added: "It has undoubtedly been a tough few years for the construction sector; however, we are now starting to see an increased appetite for both new and refurbishment contracts. This acquisition has greatly strengthened our architectural glass offering and we feel confident it will significantly fuel our continued growth."

For more information about FRP Advisory, please visit www.frpadvisory.com or contact Georgina Swain http://www.frpadvisory.com/aboutus_people_georgina_swain.html

Press contacts for FRP Advisory:

Kate Macnamara
Grayling
Tel: +44 (0)121 265 2761
Mobile: +44 (0)771 422 2793
Email: kate.macnamara@grayling.com

Rebecca Bannister
Grayling
Tel: +44 (0) 121 265 2763
Mobile: +44 (0) 7740 732 884
Email: rebecca.bannister@grayling.com

Georgina Swain
FRP Advisory Press Office
Tel: +44 (0) 207 467 4297
Mobile: +44 (0) 7881 523 345
Email: georgina.swain@frpadvisory.com

About FRP Advisory
FRP Advisory LLP is focused on creating, preserving and recovering value for its clients.

The firm offers a comprehensive suite of services to the mid-market and financial community. These focus on enhancing the performance of businesses, as well as saving businesses in distress.

Services include: commercial & asset finance, corporate insolvency, restructuring, independent business reviews, interim management & placement services, personal insolvency & advisory, creditor services, insolvency investigation services and banking live-side support.

With 28 partners and 200 staff, FRP Advisory is one of the largest restructuring, recovery and insolvency firms in the UK, operating out of 9 regions including: East Midlands, Eastern Region, Kent, London, North East, North West, St Albans, Sussex and West Midlands.

To find out more, visit http://www.frpadvisory.com

For more information on this press release visit: http://www.releasewire.com/press-releases/release-3.htm