Ian Woodley of Now Financial

We spoke to Ian Woodley of Now Financial about how he helps companies in distress and why he thinks he spotted a niche in the market...

1) Firstly, what does Now Financial do?

The way to classify us is as a business rescue funder. We raise money for companies in distress and find financial solutions to help them through their perils. The majority of our work is introduced to us via banks who either want a reduction or repayment of facilities or who are unable to lend their customers further funds. We also work with insolvency practioners to fund the sale of businesses out of administration.

2) What inspired you to create the company?

We spotted a niche in the market – we don’t really have any direct competitors. It’s a very satisfying way to earn a living because we are helping those who need help.

3) What characteristics would mean that someone qualifies for help from your company?

We help a wide range of people – from those who feel as though in the near future they are likely to experience cash-flow problems to those who are in formal insolvency.

4) You recently received your third consecutive nomination for the Business Rescue Funder of the Year Award at the forthcoming Insolvency and Rescue Awards, could you tell me a little bit about what your job involves day to day?

At this stage, all of our work comes to us through referrals – which reflects the confidence other professionals have in what we do. A typical case will involve evaluation, identify the problem, come up with a solution and execute the plan all generally in a very tight timeframe.

5) What did you do prior to working at Now Financial?

I have been in the corporate finance market for almost 30 years. I used to be the Managing Director for ABN AMRO leasing business in the UK before I began my own company.

6) Why do you think that Solvency Practitioners are important?

I think that a lot of companies who are having financial difficulties are scared of speaking to IPs and we are much more approachable, a bit of a white knight. By working with us we can explore all of the positive options before deciding which way to go. Maybe the best route is a formal insolvency process which is easier for a director to come to terms with if he knows that other solutions have been ruled out.

7) Do you expect the country’s financial situation to improve in the coming months?

Honestly, no.

8) What do you see as the biggest issue within the debt sector at the moment?

It’s funny really, there has been so much focus from the government on banks not lending. I think the focus should perhaps be on companies not wanting to borrow. A lot of businesses have shelved their plans for expansion and are in hibernation so don’t need cash. Politicians should lay off the bank bashing – it’s not easy to lend to businesses that have had three very tough years.

9) How do you work with intermediaries or insolvency practitioners?

We work with them on a referral basis. We need to make them aware that we exist, and our client base needs to know what we do. The award has certainly helped that.

10) What are the best and worst parts of your job?

The best bit is the fact that it is incredibly satisfying to feel that you are helping companies through their troubles and out the other side. We have saved many businesses and many jobs in our five year history.

The worst thing, and I think this is an issue that is particularly relevant at the moment, is denial. Too many businesses fail to recognise that they have a problem. The company or person being ‘saved’ as it were often drags their feet which can leave us without the necessary time to do a good job. It can be hugely frustrating when people bury their heads in the sand.

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