The continuing uncertainty around Brexit and what might happen on 29 March 2019 can only add to retailers’ concerns and financial uncertainties. 2018 proved to be the worst year for retail trading since the recession hit in 2008.
According to the Centre for Retail Research, up to November 2018, the number of retail job losses was 56,065 with 1,826 retail stores closing. In January 2019, alone there has been a further 183 stores affected by financial crisis with 1,418 jobs put at risk.
The above figures are driven by greater competition from online retailers as well as problems caused by the UK’s debt crisis.
The collapse of major market retailers is sure to have an effect on smaller businesses who may find themselves in a position with their debtors, whereby they are in a queue for payment.
Recovering Business Debts – How Can Nelsons Help?
We understand that aged debt can severely affect your cash flow and unpaid bills take time to chase.
By instructing Nelsons’ Debt Recovery team, we work towards ensuring that any overdue invoices are prioritised and are put to the top of your debtor’s payment list.
In 2018 alone, we were instructed to collect more than £8 million of debt. Our focus is commercial; on the recovery of clients’ money with prompt, escalating action to maximise the chances of successful recovery.
Unlike other debt collection offerings, our service is not process driven, each matter is dealt with individually on its own circumstances.
As a firm of solicitors, we are able to offer to our clients an all-round debt recovery service dealing with the pre-action stage as well as the issue of Court proceedings and any subsequent enforcement action, should judgment be obtained.
The size and specialism of our team, working alongside the firm’s dispute resolution solicitors, also enables us to deal with any cases that become disputed. Our transparent fixed-fee service for uncontested debts gives you certainty over the costs you will incur when instructing us.
We are passionate about achieving results and empowering our clients, which is reflected in the excellent feedback and client recommendations we receive.
Please call our Debt Recovery team in Derby, Leicester and Nottingham on 0800 024 1976 or via our online form.