Corporate Finance
Leonardcurtis
Full Credential Description
The Sheffield-based digital agency faced significant challenges due to the COVID-19 pandemic, which resulted in a drastic decline in demand and the loss of key accounts. By 2023, the agency was grappling with a turnover reduction of approximately £350,000 and an HMRC liability of £323,000. Despite attempts to recover major accounts, the agency remained in a precarious financial position. In February 2025, Leonard Curtis was engaged to address these issues. The team conducted a comprehensive assessment of the agencys financial situation, focusing on working capital challenges and overall viability. They identified a Time to Pay (TTP) arrangement with HMRC as a potential solution to alleviate cash constraints. Leonard Curtis successfully negotiated a 64-month TTP arrangement totaling £323,000, which commenced in April 2025. This agreement included a one-month deferral of the first payment, providing immediate relief to the agencys cash flow and allowing it to stabilize operations. The tailored solution not only provided the agency with essential breathing space but also demonstrated the commercial and fiscal viability of a longer-term recovery plan. This strategic intervention enabled the agency to focus on recovery and move forward with renewed purpose.