Terri Evans was widowed in 2008. Her husband, John, owned two public houses in Derby at the time which were run by an in house manager – locals may know them as the Smithfield and the Flowerpot.
Terri and John lived overseas for several years during which time the businesses were left to the manager on site. Whilst John had foresight and vision, he wasn’t always on site to develop the businesses to their full potential and sadly his early demise meant that the pubs were not left in the best state.
Terri had no experience at all of running a pub or indeed a small business. So it was a shock to find she’d inherited a business – and a poorly performing one at that.
Sibbalds came on board with advice and strategy for rationalizing and downsizing the business to something more manageable and with potential to do much better.
The Smithfield was eventually sold with Sibbalds advising throughout. Our step by step approach to the negotiations addressed the practicalities of the sale including tax issues and the wind up of the business.
Planning for the future
It is probably fair to say that the pub under previous management never reached its potential and took a severe nosedive once John Evans had died. Drastic measures were called for if the pub / business was to be saved and Sibbalds advised on choosing an appropriate firm of consultants as a short term measure to deal with day to day business. We also took over the role of overseeing monthly management accounts.
What then developed was a relationship of mutual trust. As the business blossomed into a healthy profitable concern, Sibbalds have been able to challenge, when necessary, Terri’s plans for expansion – and helped confirm the viability of her plans. The business now has the addition of Letting Rooms – a major refurbishment – which required bank funding as well as Terri’s investment.
The front of the building is now being upgraded and Terri continues to see us on a regular basis. Today our discussions are more focussed on the future and wider business strategy rather than rationalisation of the business with long term planning and business succession being the main areas of discussion. Terri understands the figures almost as well as accountants at Sibbalds – she has come along way in a few years and John would be proud to see his vision of the Flowerpot “blooming” come to fruition.
Sibbalds are pleased to have helped in some way with this story of strength, determination and vision.
- Provide you with FREE telephone and email support whenever you need it
- Communicate with you in plain English – jargon is banned in our client communications
- Listen to what you are saying at all times
- Help you find the advice and support you need from our large network of professional connections through our SignPosting service – one call to us is all it takes and we do the rest
- Never surprise you with unexpected bills
- Constantly review the services we can provide so we grow and prosper together
- Do everything we say we are going to do on or ahead of schedule
- Guarantee all of our work – we’ll never treat a piece of work as completed until you’ve confirmed you are happy with what we have done
Planning for the future
The role of the accountant is far broader these days than simply “doing the accounts” on an annual basis, and more of our clients maintain that regular relationship – to ensure that throughout the year, they have the clarity of understanding and assistance they require. This doesn’t mean effectively working the business, but more an understanding of opportunities and helping in some cases with hands on solutions.