We are grateful to Shirley Winn, director and owner of 31-year established coach travel company Isle of Wight Tours, for this testimonial for our work as the Joint Administrators and now Joint Liquidators of her company. Very much a victim of the damage Covid-19 did to many thousands of companies, especially in the travel sector, Shirley explains how our team, having explored all the possible alternatives, were able to ensure a smooth process that was as pain-free as possible for our her and her company, through a Creditors Voluntary Liquidation.
Background to Isle of Wight Tours
The Company, a family run business, was founded by Shirley Winn 31 years ago, who had already been in the travel business for 11 years by then. It traded successfully until Covid-19 struck, which caused 90% of its business to be wiped out, almost overnight. Most of the 22 staff were furloughed and the directors did all they could to save the company, including investing their own money to help. With prospects not improving for 2021, Antony Batty & Co were appointed as Administrators on 12th October 2021, and subsequently as Liquidators on 13th May 2021, to complete the Creditors Voluntary Liquidation.
Shirley Winn takes up the story
“Never in my 42-year career in travel and tourism did I ever think I would need the services of an Insolvency Practitioner, but Covid-19 came along and after a battle to continue to trade it became apparent that the situation with Covid 19 was not going to improve anytime soon. We had no alternative but to cease trading. I had no idea what this would entail and having fought hard to save the Company I did not want to give up easily.
I discussed the matter with our accountant, and he agreed that we had no option to cease trading and put me in touch with Antony Batty & Co. That very first meeting with their representative was very emotional but soon I was put at ease and discovered that whilst devastated that we had to close the whole journey was made so much smoother and less painful by the caring nature of everyone involved.”
Antony Batty & Co took away the angst and stress
“I was insistent that I told all my loyal staff personally which they agreed to, but then they took away the angst of preparing all the redundancy payments and making sure the staff got what was due. I felt that they worked alongside me, they listened to my questions and queries. The directors and staff at Antony Batty are so supportive and understood the cold hard facts whilst dealing with everything with a human touch.
I will never forget their help and support through one of the hardest times in my life. It is never the road you want to take but sometimes it is the only one available and I would have no hesitation in recommending Antony Batty & Co to help and support anyone with their journey. They were knowledgeable, efficient, filled me with confidence and made the process as painless as possible. They were also approachable and supportive which is what you need when your world is falling around your ears.”
Shirley Winn, Isle of Wight Tours
The benefits of a Creditors Voluntary Liquidation
Sadly, many thousands of businesses, that were trading profitably prior to Covid-19 have been forced to close, despite their best efforts, due to the ravages of the pandemic on their business, and go through a Creditors Voluntary Liquidation.
Some of the advantages of the CVL process are that:
- Preparation of accounts are no longer be required
- It is immediate, meaning that the timetable is totally controlled by the director(s)
- Employee claims will be paid for by the Redundancy Payments Office (RPO)
- The whole process, including dealing with creditors is handled by the Liquidators
The latter two points were of particular importance to Shirley, as she wanted to do the best she could for her loyal employees whilst reducing her own levels of stress.
Talk to us if your company is in financial difficulty
Our advice is that if you know that the underlying position of your company is weak, then act now! The sooner you get in touch with an Insolvency Practitioner, such as Antony Batty & Company, the sooner we can recommend a solution. We will talk you through all the options available, so that you know exactly where you are, helping you to make the best possible decisions, even if that means a CVL. The first discussion is free.
