Business Advice Services was established by our Managing Partner Phil Allingan in April 2008. Phil started his working life in the early 1980’s and spent almost 7 years with Lloyds TSB Bank so knows exactly how banks operate and has many contacts in the banking and finance industry.
Then, almost 30 years ago at the age of 23 Phil started his first business in financial services. Since then Phil has owned and been involved in many businesses in many different sectors.
Most of the businesses Phil has been involved with have been extremely successful but some have encountered difficulties and even gone into administration or liquidation This is nothing we are ashamed of because by going through these situations and processes Phil realises what small businesses are up against and how things could have been very different if the people that were “advising and helping” him would have been acting in his best interests instead of their own best interests.
It is through these experiences (good and bad) that we are able to offer the help and assistance that we do. Everybody involved with Business Advice Services has many years first hand experience of the situation that they will assist you with.
Phil has personally been directly involved as a director and shareholder in the sale and purchase of businesses totalling over £100m ranging from as little as a few thousand pounds to over £40m.
All the businesses that Phil has been involved with are too numerous to put on here but we shall mention his biggest success and biggest failure.
His biggest success was at a telecoms company called Eurotel Ltd where he spent 12 years and was Sales Director and a shareholder. Here he helped to grow the company to one with over 20,000 customers, 400 employees and a turnover of £35m and achieving NET profits in excess of £3m per year. He was one of 4 directors who, along with some external investors, carried out a planned growth strategy involving acquisitions of smaller companies and organic growth which ultimately led to them selling the business for £44m in 2007. Since then he has been involved with many businesses of all types and sizes from one man bands to major plc’s.
Phil’s biggest failure occurred in 2010. He was asked to get involved in a business that claimed to have found a loophole in the law to help get individuals out of their credit card or loan debt. On the face of it the loophole seemed plausible and as another company had been offering this service for many years Phil got involved with the formation a company called Buy My Debt Ltd. However, after just 4 months trading the OFT questioned the validity of the loophole and within a matter of weeks the directors decided to cease trading until clarification was obtained. In 2011, more than one year after the business voluntarily ceased trading, the Insolvency Service applied to the High Court to request the company was wound up and liquidated. This was obviously not challenged by the directors as the business had already ceased to trade anyway. At the time of liquidation Buy My Debt Ltd. and it’s associated company The Trusted Partnership Ltd. had debts of around £30,000. These were split across 3 creditors, HMRC, Nat West bank and the directors (including Phil) who had put their personal money into the company. Following this, as is normal practice after any liquidation, an investigation was carried out by the Official Receiver and the Insolvency Service which Phil fully cooperated with at every stage. The Official Receiver and the Insolvency Service were not satisfied that before forming the company Phil, and the other director, had taken sufficient steps to ensure that the service offered was possible. Because of this the Insolvency Service informed Phil they were going to apply to the courts to request that he be disqualified from acting as a Director. (Apparently 20 years of being a Director of numerous successful companies with an unblemished record does not count for anything). However, after lengthy discussions lasting many months both Phil and the Insolvency Service agreed that a court case, potentially costly to both sides, was not necessary and instead Phil offered to give an undertaking to the Secretary of State that he would not act as a director. This offer of the undertaking was accepted by the Secretary of State and the court proceedings were withdrawn. This undertaking does not stop Phil from being in business as an owner or partner, as he is now and as he has been for many years. He can also invest and be a shareholder in other businesses.
These dealings with the Official Receiver and the Insolvency Service have given Phil valuable experience and insight into their methods and powers and this is something he can share with other Directors.
Obviously the successes by far outweigh the failures and although the failures were obviously regrettable they add to the experience and knowledge that can be shared with other business people.
At Business Advice Services we have a large network of many specialists in different areas of business so whatever your situation or problem if we can’t help you ourselves we can scour our contacts to find the best person to help you. We only offer services to you and your business where we have had in depth and personal experience of that exact situation ourselves. If we cannot help you or don’t have experience in what you require we will be honest enough to tell you that.
What do our services cost?
We are not a charity and we are in business to make a profit. However, how and what we get paid varies depending upon the type of service required. We are straight talking and will be honest and up front with you in all of our dealings with you. Our initial telephone discussion and our first face to face meeting with you is totally free of charge. At this point we will inform you of how (and if) we can help you, what fees will be payable and when they will become due. You can then either instruct us to continue, knowing exactly what our services will do for you and what they will cost or we can shake hands and go our separate ways. Two things we promise you are a fantastic service that is superb value for money and absolute and total confidentiality.
What area do we cover?
We cover the whole of the UK from Lands End to John O’Groats and everywhere in between so no matter where you are based we will quite happily come and see you and discuss your situation face to face and confidentially.
Ring us now for a free and confidential chat to see how we can help you and your business.