The day I had to close down a £10m business. I was 22 and I never got over it
I remember the day so clearly - it was Friday afternoon and I was getting everyone’s payslips ready.
My bosses were over in Nottingham meeting with the accountant, and I was waiting for the phone call.
When it came, it was like my world had ended
My boss was in tears and told me I had to close down head office, make everybody redundant, and tell them they weren’t getting paid today.
Then I had to phone all of our shops, which were in flagship shopping centres all over the country, and tell them to close the doors immediately.
I was 22, and I was in charge of the finances of a £10 million business (which on its own is a completely insane statement!🤣)
In the weeks that followed I stayed on to help my bosses and the liquidator break apart the business we’d put our hearts and souls into building.
It really was a business like no other. I’d been there for 3 years and it was the kind of business where everyone deeply loved the business and we all did whatever it took. Working nights and weekends were common - just because we bloody loved it so much.
We’d taken it from half million to £10m turnover in 3 years. Which is truly bonkers... and the reason it all came crashing down.
I was heartbroken. It wasn’t my business, but it felt like it was. And I had to watch my bosses lose everything, including their home.
The worst part was that it was a genuinely brilliant business, with an amazing culture, inspirational bosses and incredible people.
It really didn’t deserve to fail.
This tragic business failure is where my mission was born.
Because the failure was inevitable,and entirely preventable.
The business grew FAR too fast
There were no qualified finance people in the business
There were no management accounts - we only measured cash
There was no financial planning or financial controls in place
We were massively over-trading and under- capitalised
We didn’t have our taxes set aside and there was definitely no buffer cash🤣
But if these things had been put in place when we were doing half a million, that business could still be trading now - just imagine!
So much tragic waste and it didn’t need to happen. And for really basic reasons that were so easily fixed.
So that’s what I do now - I help brilliant business owners make sure their business gives them the financial security they deserve.