PROFILE Crowe Clark Whitehill
65
Powering manufacturing in 2016 Johnathan Dudley, National Head of Manufacturing of national audit, tax and advisory firm Crowe Clark Whitehill looks at the opportunities for growth
Johnathan Dudley Manufacturing in the Midlands is clearly on the up. Despite global issues such as oil prices and China’s perceived slowdown, this is a time of massive opportunity. Making the most of that opportunity is what will be the deciding factor between winners and losers in coming years. Crowe Clark Whitehill has been working for many years with Midlands manufacturers to ensure they not only understand the potential sources of finance but also appreciate the processes required to secure the funds they need. We have worked on detailed funding proposals for a whole host of different companies for a whole host of different reasons. Whether the requirement has been for working capital funding, acquisition finance, capital investment or development capital, we have the skills and expertise to ensure your application ticks
‘Across the region there are also many government incentives available and it is important to understand how you can tap into them to best advantage.
all the boxes. We have also been involved in raising funding for debt finance for acquisitions from local PLCs of non-core businesses. The facilities we have assisted our clients in accessing include invoice finance, plant finance and stock finance, which has provided them with initial acquisition finance and substantial working capital lines. A good example of the kind of assistance we have been able to provide is the case where we helped a client broaden its supply chain via acquisition and also helped to fund raise for a well known Midland precision engineering business that was looking to grow capacity. Across the region there are also many government incentives available and it is important to understand how you can tap into them to best advantage. We have benefited from seeing the process from both sides, with Crowe Clark Whitehill involved in Regional Growth Fund round 3 and 4, acting for the administrative body. We have recently been engaging with Business Secretary Sajid Javid and the British Business Bank on what will be in the next round of financial assistance and incentives, and we will continue to lobby directly and alongside the Institute of Chartered Accountants (ICAEW), on behalf of manufacturing businesses and through the Local
Enterprise Partnership (LEP) and Chamber. We suggested to the LEP that a simple “flowchart” of funds available would help businesses work through the web of agencies and funds and that led to the creation of the funding fact sheet on the Black Country LEP website. This initiative has proved extremely successful and helped substantial funds to be put to good use in businesses, particularly manufacturers, seeking help to buy the latest machinery. So successful, in fact, that it was copied by other LEPs around the country. The Funding Factsheet continues - for those seeking an insight into what is available, see http://www.blackcountrylep.co.uk/ business/access-to-finance Of course, we have ourselves been very successful in securing grants and financial assistance for clients in the last few years, and we are now frequently engaged to carry out the verification process as part of the grant application procedure. It is clear from the results in Q4 of the Black Country Chamber’s Quarterly Economic Survey that many manufacturers are finding that the availability of cash is tailing off and credit is becoming stretched. Crowe Clark Whitehill hosts the Manufacturing Business Network where some of the region’s leading business owners air their views, address issues and discuss growth and support opportunities. In anticipation of a continued stretch on credit in 2016, our next Manufacturing Business Network will be specifically focused on maximising your working capital. Please call 0121 543 1900 if you’d like to attend.
0121 543 1900 johnathan.dudley@crowecw.co.uk Crowe Clark Whitehill LLP, Black Country House, Rounds Green Road,
Oldbury, West Midlands, B69 2DG www.croweclarkwhitehill.co.uk