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Midlands accountants point the way to lifeline funds for covid-hit firm

An Oxfordshire-based business is flying high two years after securing lifeline tax relief funds courtesy of a leading Midlands accountancy firm.

 

Prime Accountants Group, which has offices in Birmingham, Solihull and Coventry, assisted the Covid-hit firm Biff Bang Pow with securing Research and Development (R&D) reliefs of up to £50,000; a cornerstone in saving the business from closure at the height of the pandemic.

 

The well-established design and development agency were struggling due to the domino effects of Covid-19, and with revenues plummeting, owner David Burke said the business was in need of financial support to ensure it would survive the unprecedented industry and economic downfall.

 

He said: “Covid had a huge impact on our business and we were massively bleeding cash, as we were losing business and still had to pay our lease despite not physically being in the office.

 

“Unfortunately, because our revenues were so low, we couldn’t apply for a Bounce Back Loan without the right amount of cashflow in the bank and the right documentation in place.

 

“We had worked with Prime previously securing R&D reliefs, so decided to get in touch to see if there was anything they could do to help us out of the sticky situation.

 

“Fortunately, the team was so proactive and immediately got their heads together to determine what needed to be done, including finalising our year-end accounts, all of which played a massive role in securing R&D reliefs, which was a lifeline in getting a Bounce Back Loan from the government.

 

“We were so grateful at how quickly the team at Prime came together to make sure we had all our documents in order and are grateful that they expedited it so quickly with all the relevant parties.

 

“This ultimately afforded us with the funds we needed to survive and some breathing space to get projects underway.”

Morgan Davies, director at Prime, said the firm was determined to help as many businesses as possible during the trying times of the pandemic and was ecstatic their efforts had been successful once again.

 

Morgan said: “There is no doubt the situation was incredibly stressful for David and his team and we wanted to do everything we could to ensure they secured that government-backed loan to keep them going.

 

“It’s important to work quickly in such instances and we are over the moon that we were able to pull it all together to become a part of another business success story.”

 

David concluded: “It’s been a huge pleasure to work with Prime through the years and I can honestly say we trust them implicitly to handle all our financial affairs.

 

“Morgan really acts as an extension of our team, which is so hard to come across today.

 

“He has always been very helpful to talk through and come up with solutions, all of which has made a massive difference to how we operate here and something we value here at Biff Bang Pow.

 

“Since securing the loan, we have gone from strength to strength as a business and are now growing our team across the country.

 

“The pandemic taught us many things and we are grateful for all the lessons learned and the people and businesses which helped us along the way to success!”

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Morgan Davies, director at Prime shares how they helped Covid-hit firm get back on track

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Prime Accountants Group is an independent firm of chartered accountants, forensic accountants, business and financial advisors based in offices in Solihull, Coventry and Birmingham. Prime simplifies business for its clients, allowing them to spend more time doing what they do best, and its staff are always available to simplify the complex, cut through the jargon and provide accurate, honest advice to help clients prosper over the long term. The team at Prime work to a core of brand values: Do the right thing; Build relationships; Simplify the complex; Keep the passion; Be an ambassador for Prime; Provide a personable service; Always be approachable; Embrace change. With these values, Prime Accountants Group takes its role within the wider community seriously and has been involved in a number of fundraising and charity projects throughout recent years. Prime recognises that, as a West Midlands business, it has a responsibility to the communities in which it operates. For more information, please visit www.primeaccountants.co.uk or call 0121 711 2468. For more information, please contact Rachel Harris at R&Co Communications on 01926 888308 or by emailing [email protected].

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