Typical situations
- Trading is continuing, but cash is tightening month by month.
- Management information is incomplete or too slow to support decisions.
- Overheads, contracts or the current operating model no longer fit the work being won.
- Lenders, suppliers or HMRC are asking more questions than usual.
What turnaround work involves
Turnaround is not a single procedure. It is a structured review of cash, contracts, costs, creditor pressure and the underlying commercial model, followed by a plan that directors can actually execute.
The emphasis is on the next 30, 90 and 180 days: what must be stabilised immediately, what can be renegotiated, and whether the business can trade through with the right changes.
Where the core operation remains viable, a turnaround plan can include cash-flow controls, overhead reduction, contract reviews, HMRC and creditor discussions and, if needed, a more formal restructuring process.
When a viability review is useful
Directors often know something is wrong before they have a complete picture. A viability review is designed to answer a practical question: can this business be restored to a stable footing, and if so, what has to change?
That review should be honest. Some companies need operational change and breathing room. Others need a restructuring of historic debt. In some cases, a managed closure is the better outcome for creditors and for the people involved.
Turnwell helps directors look at those options in commercial terms, including the implications for jobs, contracts, personal guarantees and ongoing director duties.
How we work
We start with the facts: cash, creditor position, current orders, overheads and the immediate pressures on the board. From there we set out the realistic options, the risks attached to each, and the sequence of work required.
If a formal insolvency process later becomes the right route, we help directors understand that decision and work alongside licensed insolvency practitioners where an appointment is needed. Turnwell's role is advisory. We do not present a formal procedure as the starting point when the business still has room to act.
Common questions
Is turnaround the same as insolvency?
No. Turnaround work is about restoring a viable business to a more stable position. Insolvency procedures are formal legal processes. They may become relevant, but they are not the automatic first step.
How quickly can a turnaround review start?
Most boards need a clear picture within days rather than weeks. An initial conversation can usually identify the immediate risks, the information required and whether there is a realistic basis for a plan.
What if the business is no longer viable?
Then the task changes. Directors still need clear advice on closure options, creditor outcomes, director duties and how to avoid making the position worse. A managed exit can still be a better result than continuing to trade without a plan.
Related services
Restructuring
Reshape historic debt, the operating model or the company structure where the underlying business remains viable.
Cash flow problems
Restore control of working capital, receipts and overheads before cash pressure becomes a wider solvency issue.
HMRC debt
Address VAT, PAYE and corporation tax arrears, including Time to Pay and the risk of HMRC enforcement.
Director support
Get a clear view of director duties, personal guarantees, loan accounts and the personal implications of the company's position.
Related insights
Director duties when a company is in financial difficulty
A clear explanation of how UK director duties shift as a company approaches insolvency, including creditor interests, continued trading and record-keeping.
Options when a company cannot pay HMRC
A practical guide for UK directors when VAT, PAYE or corporation tax cannot be paid on time, including Time to Pay and the limits of informal arrangements.
