Morgan Davies
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.
“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!”
For more information about Prime Accountants Group, which has offices in Solihull, Birmingham and Coventry, visit: www.primeaccountants.co.uk or search for Prime Accountants Group on LinkedIn.
