As recently covered by Walsh Taylor on our blog, retailers across the UK have been struggling over the past year or so as a result of a drop in sales. With two new reports highlighting the sector’s bad performance in 2018, this trend unfortunately shows no signs of slowing down.

The first part of data, states that the number of FTSE-listed businesses issuing profit warnings increased by 13 to 58 in Q2, which represents a 29% growth from the same period of last year.

The second, on the other hand, came from the British Retail Consortium (BRC), who found that almost a fifth of retailers plan on making cuts to the number of staff they employ in the next three months. This comes despite the fact that the amount of people employed in the industry has already dropped by nearly 3% in the past three months. Redundancies also surged to three times the size of 2017’s levels.

Whilst the above is likely due to a myriad of reasons, rising costs and the continued shift to shoppers going digital have both been mooted as causes. Research by EmpathyBroker, for instance, suggests that over 55% are shopping online more this year compared to last. Additionally, 51% apparently prefer to buy via the Internet than in-store.

In assisting companies throughout Yorkshire and the North East, the Leeds, Harrogate, Bradford and Darlington-based teams at Walsh Taylor sympathise with anyone currently under financial pressure.

We always urge those needing help to seek advice as soon as issues are identified, as this way potential clients can be made aware of their available options and work towards the best possible outcome.

For more details on how we can assist, please feel free to call us on 03300 244 660.

Mary Taylor
Director

Mary began working in insolvency for a national accountancy practice in Glasgow thirty years ago and worked in most divisions of the insolvency department.

She then moved to a smaller firm so she could advance her knowledge on a more hands on basis. She moved back to Leeds in 1987 and commenced working with a small firm of accountants and subsequently made partner.

She left in 1999 to set up her own practice, McCann Taylor.
McCann Taylor became involved with the consumer market both in England and Scotland.

Mary sold McCann Taylor in March 2007 and formed Walsh Taylor to concentrate on helping businesses experiencing financial difficulties.

Meg Heath
Director

Meg has a background in supporting SMEs, including the raising of finance and advising on organisational change. She is a non-executive director of companies in the private and third sector, including Walsh Taylor.

Previously she was Deputy Fund Director of one of the largest CDFIs in the UK, and has experience of the social enterprise, charity and private sectors. Her experience of assisting companies to survive and thrive has been gained across a broad range of sectors and in companies of all sizes.

In addition to her work at Walsh Taylor she works for other private companies, including non-executive and trustee positions.

Emma Mifsud
Insolvency Practitioner

After graduating from Leeds University in 2005 with a BA Hons degree in Criminology, Emma worked for a regional law firm in both the property department and insolvency and banking department. Whilst doing so Emma gained a Graduate Diploma in Law at BPP University.

Emma then joined a national accountancy firm in 2009 gaining experience in personal insolvency before moving to a Leeds based firm. At this firm Emma specialised in bankruptcies, IVA’s and negotiating informal agreements with creditors. In 2013 Emma gained her CPI qualification.

Since joining the firm in December 2013, Emma has taken on a portfolio of personal and corporate insolvency cases to extend her knowledge and expertise in all areas of insolvency.

In December 2017 Emma become a licensed appointment taker under the Insolvency Practitioners Association, she is JIEB qualified.

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