BusinessBusiness RecoveryA Bridge too far

A Bridge too far

Bridge Business Recovery's collpase is a tragedy, and was avoidable

SOMETHING ‘IRREGULAR’ has happened at Bridge Business Recovery – that much is abundantly clear from its administrators’ statement.

The seven-partner firm (eight before co-founder James Bradney recently left) was ticking along quite nicely before the roof caved in.

As I’m not planning on getting sued, it’s therefore difficult to run through all the various rumours and hearsay around its collapse into administration.

But some issues can be aired.

Why did the courts reportedly decide that a pre-pack was not appropriate for Bridge? It certainly fitted the classic criteria for a pre-pack: A people business where any value would disappear if allowed to drag on through insolvency; insolvency professionals from KPMG reportedly backed the plan; as did the major creditor -believed to be HMRC. Answers on a postcard please.

As for the running of Bridge, there’s not much detail that we can go into. Suffice to say, its controls and corporate governance must be called into question.

Whether a business’ problems are cultural and endemic or very narrowly-focused, it seems that in the case of Bridge the seasoned business advisors were too busy helping others to kick their own tyres.

And that’s a great shame for an exciting business – and a salutary warning to other new and fast-growing firms.

Related Articles

Carillion CFO blew whistle over 'sloppy accounting' months before collapse

Business Recovery Carillion CFO blew whistle over 'sloppy accounting' months before collapse

3m Alia Shoaib, Reporter
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

10m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

1y Emma Smith, Managing Editor
SFP sells off Pixel Projects and saves all staff

Business Recovery SFP sells off Pixel Projects and saves all staff

2y Stephanie Wix, Writer
Administrators from KPMG appointed to City Motor Holdings

Business Recovery Administrators from KPMG appointed to City Motor Holdings

2y Richard Crump, Writer
Begbies Traynor appointed administrators of William Anelay

Accounting Firms Begbies Traynor appointed administrators of William Anelay

2y Richard Crump, Writer
Smith & Williamson appointed administrators of 4Children

Accounting Firms Smith & Williamson appointed administrators of 4Children

2y Richard Crump, Writer
Cowgill Holloway concludes sale of film distributor Metrodome

Accounting Firms Cowgill Holloway concludes sale of film distributor Metrodome

2y Richard Crump, Writer