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Children’s charity turnaround complete

 

Posted on 13 September 2017

After entering Administration in December 2016, Lincolnshire based children’s charity Children’s Links, has now successfully exited administration, and is back in the hands of its Board of Trustees and Senior Management Team.

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The charity, which provides support services to children, young people and families, formally entered Administration in December 2016, appointing Midlands based accountancy and business advisory firm, Smith Cooper, as Administrators.

Smith Cooper has worked extensively with the Company over the past eight months to rescue the lifeline charity, ultimately delivering a strategy that allowed the Company to navigate its way through the distressing period, whilst continuing to provide its indispensable work in local and national communities.

Not only have over 200 jobs been saved, but the charitable service, which provides care and education to over 113,000 dependent people nationally, has been maintained, led by Chief Executive Officer Karen Parsons who commenced in the role from January this year.

Michael Roome, Director of Business Recovery and Insolvency at Smith Cooper who initially advised on, and subsequently led the process, comments: “We couldn’t have hoped for a better outcome for Children’s Links, everyone involved was absolutely desperate to achieve what has been a successful outcome for all concerned, it is difficult not to become emotionally invested when financial distress impacts the lives of so many people. It was naturally difficult to be appointed in the lead up to the Christmas period and some tough decisions had to be made, which has allowed us to put together a strategy that should allow the Company’s creditors to be ultimately paid off in full.”

Of the appointment, he remarks: “We are fortunate to have one of the largest insolvency teams in the East Midlands so dealing with an assignment of this size, spread over seven sites, from Hampshire to Horncastle was something we were able to undertake with ease, immediately assessing the Company’s working capital requirements in order to trade the business, whilst liaising with employees, funders and customers, to keep the business trading whilst the options were reviewed and ultimately implemented.”

Karen Parsons, CEO of Children’s Links added: “To finally be through this challenging period is a relief to us all. The team at Smith Cooper is made up of personable and consummate professionals, and their dedication and passion to achieve the best outcome is the reason why we are still able to provide the service that we do.”

Karen added “We are now in a position to focus on maintaining the amazing services, whilst looking to engage new strategic partners and funders to support our growth and the vital services that the charity provides.”

The Administrators were assisted by Nottingham law firm Browne Jacobson LLP. Chloe Poskitt, Associate at Browne Jacobson provided legal advice and commented: “We are delighted to have played a pivotal part in the rescue of Children’s Links, particularly in light of the crucial services that they provide.”

If you would like any advice or support in relation to your business and its options, please contact one of our specialists who can be located at http://www.smithcooper.co.uk/people

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