Finance directors 'not seeking advice'

News Article - 23 May 2012
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More than 30 per cent of finance directors (FD's) in the UK would not seek advice if their company experienced financial difficulty, a new survey has revealed.

BDO Stoy Hayward's management survey also found that 16 per cent of FD's claim they would never look for professional help and 35 per cent have not carried out a full financial check on their company during the last six months.

Mike Prangley, business restructuring partner at the firm, said that the issue was "cause for concern" as many management teams seem to be ignoring the looming unstable financial future.

"The safety net provided by the buoyancy of the markets in recent years is now starting to disappear and some organisations' financial security is far less assured than previous years," he added.

One-third of FD's were found to be worried that their business does not have adequate access to new sources of finance and capital.

A Business Trends report by the firm found that confidence levels for the next two quarters decreased by 0.4 points to 100.5 between October and November, the lowest figure in two years.

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