Insolvency & Rescue Solutions for the Fish & Chip Sector
As many as 1 in 3 fish and chip shops face insolvency in 2022.
A range of economic pressures – inflation, soaring raw material prices, energy costs and tax – are pushing one of Britain’s best loved industries to the brink.
Company Debt offer rescue, recovery and closure options for fish and chip restaurants. Below, we explain what options lie available to you and the implications for you as business owners.
Fish and Chip Sector Pressure Points
Why are Fish and Chip Shops Struggling So Much?
Post COVID-19, a slew of new pressures have hit the fish and chip sector. Brexit has caused supply chain issues, inflation has made everything more expensive, and energy prices have doubled. As if this wasn’t enough, raw materials such as whitefish, sunflower oil and packaging have surged in cost, affected by the global shift in commodity prices due to Ukraine. For a sector already running on tight margins, it’s a worst case scenario and one which will push many over the tipping point.
Finding a way Forward
If you think your business may be close to insolvency, then don’t delay in seeking advice.
As a limited company director, responsibilties change once a company has crossed the tipping point into insolvency. At the moment you can’t pay your bills, your legal responsibility shifts towards creditors as opposed to shareholders, meaning you need to tread carefully to avoid charges of wrongful trading further down the line.
If you’re concerned about debt, simply reach out to one of our friendly advisors and talk the situation through. We’re here to help.
Options if Your Fish & Chip Shop Cannot Pay its Bills
We are fully licensed and accredited insolvency practitioners, with decades of experience helping businesses in difficulty.
If your fish and chip shop can’t pay it’s bills, calling us for some free advice is a recommended first step. Once we can understand the extent of your liabilities, we can make practical suggestions regarding your options.
These may include:
- Rescuing the business via a structured repayment plan with creditors known as a Company Voluntary Arrangement
- Closing the business and writing off any company debts via a Voluntary Liquidation process
We focus on practical advice, without jargon. We practice total transparency around costs and fee structures. Our wish is to support you as fully as possible so that you can emerge from this situation in the best possible situation.
Book My Consultation
If you need an experienced insolvency practitioner or business rescue specialist, seek advice now.
- Your free consultation will be led by one of our experienced London insolvency practitioners
- You can speak via phone, online meeting or in person so that we can listen carefully to the facts about your situation
- The team will provide a preliminary view of the likely best outcome, proposed strategy, and the likely cost
- We specialise in helping limited company directors needing immediate professional debt advice