Advice please.

[Sideways Tim]

I'm throwing myself at the mercy of the PH IFA's here, as I don't know who's best to talk to out of my banks/accountant and have never used an IFA before. I don't really want to go into massive detail on a public forum, but I'm basically wondering about consolidation of existing borrowing and financing for business growth. I own a couple of un-mortgaged properties, about £50k of un-financed vehicles, own the business and on the surface everything is rosey. However, the last two years accounts haven't been even close to great.

Anyone care to talk me through the options?

[V8mate]

IFAs are just salesmen.

You need an accountant. Even better, if you can, take on a part-time, interim finance director.

[V8mate]

brokenfather said:

I would have thought your first port of call should be your current bank. They know your account history and conduct the best.

You can bet that in the current climate they will want everything you own, and your 'plums', as security though!!!!

I think I'd be more cautious about flagging trading concerns to a bank in the prevailing economy. They may describe themselves as 'Business Bankers' but they're bankers first!

I'd say that the OP needs some good independent business advice from a finance professional. If he doesn't feel that his own accountant is up to it (mine certainly isn't - I trust him to keep my accounts, no more) then he should look into my suggestion above.

OP: I can recommend a firm providing interim FDs, if you wish (no affiliation)

[Sideways Tim]

Thanks for the info. I'm wary of going straight to the bank, as you point out - they're in the business of taking as much money off me as they can. Plus it's some of their money that I'd like to repay.

[Eric Mc]

On the whole, accountants are not the best people to go to for investment advice.

[Tiggsy]

V8mate said:

IFAs are just salesmen.

You need an accountant. Even better, if you can, take on a part-time, interim finance director.

spot on. apart from the ones that arent.