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Advice for Floristry Businesses
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Rescue, Recovery, and Closure Options for Florists
With events postponed or cancelled altogether due to the restrictions placed on mass gatherings during the Covid-19 pandemic, the floral industry suffered a sharp decline in profits. While business may have bounced back, however, the hangover from this period of business disruption is lingering. Many are now faced with the financial burden of repaying loans taken out during the pandemic (such as CBILS and Bounce Back Loans), as they look to get their cash flow back in a healthy position. Florists and flower shop owners are also facing a number of additional challenges in an ever-changing marketplace.
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Despite an uncertain economic landscape, however, the circle of life will continue and there will always be a cause for celebration and commiseration, and Valentine’s Day and Mother’s Day will always roll around. This means the demand for florists, floral designers, and the products they offer will not disappear completely regardless of the financial position of consumers, however, changes may need to be made to the way a florist does business if they want to succeed in this challenging arena.
Local florists are now not the default option for those purchasing floral arrangements. As individuals gravitate towards cheaper supermarket bought bunches and stems, or switch to online subscription options, florists need to contend with this shifting landscape and ensuring their business is satisfying these changing consumer preferences.
If your florist shop is experiencing signs of financial decline, it is important that you take preventative steps at any early stage in order to maximise the chances of getting the business back on track. Contacting a business turnaround professional, such as a licensed insolvency practitioner, will allow you to explore the options available to you and your floristry company, including both rescue and closure options. A company can slide into a state of insolvency surprisingly quickly, a situation which calls for immediate action.
Depending on the level of financial and operational distress being felt, this may include coming to an informal arrangement with creditors to lower the monthly repayments on outstanding money owed, through to a full-scale restructuring process if the problems are more than just a temporary blip in cash flow.
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If all effects of rescue have been exhausted, or you have made the decision that you no longer wish to continue running your florist shop, we can also talk you through how the liquidation process works for an insolvent floristry business and what this closure option would mean for your company and its creditors.
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