Following the sad demise of Thomas Cook many companies that formed part of its supply chain will undoubtedly be concerned about a range of factors ranging from; whether they will be paid their outstanding invoices to how to replace what, to some will be a significant component of their annual revenue.
The loss of a key customer such as Thomas Cook is likely to provide real challenges to its suppliers (certainly in the short to medium term) where their existing banking covenants have been calculated on a pre-Thomas Cook collapse set of trading projections. This means that a supplier’s ability to stay within its banking covenants is likely to become problematic.
I have a wealth of experience supporting many clients in situations where they face having a difficult conversation with their bank around covenant compliance, with a view to ultimately achieving a covenant reset based on a revised set of financial projections.
If you are facing such a situation following the collapse of Thomas Cook and wish to evaluate your options or explore how Quantuma LLP can potentially support your business please feel free to contact me (details below):
Frank Ofonagoro
Director – Advisory & Restructuring
Quantuma LLP
Mobile: +44 (0)7469859111
Frank.Ofonagoro@quantuma.com
I am Quantuma's Restructuring Director for the North West of England, delivering lead advisory and business restructuring mandates for SMEs. I have over 20 years experience delivering projects in the…
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