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Our business of 8 years is going down the drain because the bloody credit crunch.

(3 Posts)
Confuzzeled Mon 08-Jun-09 17:53:34

We have 2 shops and turn over three times what my house is worth every year. We have loads of great stock, we have equity in our house but nobody will help us.

Because of the credit crunch all our suppliers have reined in credit terms and we can't keep up. It's madness because our business is still making money, our profit has gone down a tiny bit but we would be fine if it weren't for our suppliers. I know the suppliers are having to deal with other shops going down and thats why their being so strict but they are killing us.

We went to our financial advisor who told us to cut spending and think of ways to save money. We reduced our orders and are moving premises to save on rent and get a better location at the same time.

We have worked so bloody hard and now we're going to loose everything.

queenrollo Mon 08-Jun-09 18:04:34

you have my sympathy. i ran a business for 10 years and closed it down just under 4 years ago now. Combination of factors, rising costs of premises and a Tesco opening just round the corner made it impossible for me to carry on.
10 years of my life, 10 years of long days, 7 days a week, and all gone in the matter of about 9 months sad

i guess we were lucky that it wasn't in the middle of a credit crunch and my then dp who i ran the business with walked into another job so we could cover the mortgage and bills, but we'd just had our son and it was very bad timing for us.

i hope you can find a way to keep your business going.

Confuzzeled Mon 08-Jun-09 18:51:08

I think my dh will find it hard to find another job just now. We have a 2yo dd and one due in August, not good timing for us either.

It feels like such a waste and I don't know why the government can't have some kind of provision to help small businesses survive. We are going to become one giant Tesco.

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